Personal Finance for Lawyers

Think you're the only lawyer who struggles with your money? After coaching hundreds of lawyers, I can confidently say that's not the case. In this episode, I'm sharing some of the sticky scenarios my clients faced with setting goals and their money mindset over the years and how I coached them through. Head to rhothomas.com/317 for the full episode show notes.

It can feel really bad to find yourself in a position where you're bleeding money. Lawyers sometimes find themselves in this position for a variety of reasons, but it's not the end. It's completely possible to turn things around. In this rewind episode, let's talk about 4 steps to take if you find yourself bleeding money. Head to https://www.rhothomas.com/316 for the full episode show notes.

The way we feel about money is hugely important. Having negative feelings about your finances drains your energy and impacts your day-to-day experience of life. The value of feeling better about your money can't be overstated. In this rewind episode, let's talk about one of my clients' experiences with feeling better about her money and why feeling better about your money is so important. Head to rhothomas.com/315 for the full episode show notes.

Any lawyer who wants to have freedom and options in their life and career needs to learn about financial independence. Learning about this concept set my husband and me on a path that has changed our lives. In this episode, let's explore the concept of financial independence, including my best tips for any lawyer who's interested in getting started. Head to rhothomas.com/314 for the full episode show notes (including the books referenced at the end).

We know that annual expenses like summer camp and the holidays are coming every year, but somehow they catch most people off guard. The key in not allowing these expenses to stress you out is to plan for them. In this episode, let's talk about how to make big annual expenses feel more manageable and create a clear plan to handle them without stress. Head to rhothomas.com/313 for the full episode show notes. Need help with your finances? Apply for a strategy session at rhothomas.com/apply.

Building wealth is about way more than your income. It starts with the way you think about money. In this episode, I'm sharing a lesson from one of my group programs about the importance of changing the way you think about money to align with wealth-building. Head to rhothomas.com/312 for the full episode show notes. Need help with your finances? Apply for a strategy session at rhothomas.com/apply.

One of the most powerful skills you can learn is how to say "no" to yourself. Society is filled with opportunities for instant gratification, but learning to say "no" is a powerful tool in your wealth-building journey. In this episode, let's talk about why delayed gratification is so important, along with some tips to help you say "no" more often. Head to rhothomas.com/311 for the full episode show notes. Need help with your finances? Apply for a strategy session at rhothomas.com/apply.

If you want to be a wealthy lawyer, there's something you must know. Wealth isn't a pipe dream or just for the lucky few. Wealth is a habit that can be mastered by anyone. In this rewind episode, let's talk about the key switch you need to make to start building wealth today. Head to rhothomas.com/310 for the full episode show notes. Need help with your finances? Apply for a strategy session at rhothomas.com/apply.

No spend months are commonly used but don't work. In fact, they sometimes even make things worse. In this episode, let's talk about why no spend months don’t work and a better way to create positive change in your finances. Head to rhothomas.com/309 for the full episode show notes. Need help with your finances? Apply for a strategy session at rhothomas.com/apply.

Many lawyers can't take a vacation without going into debt and/or stressing about money the whole time. But a little planning on the front end could completely change that experience. In this episode, let's talk about practical strategies to pay for your summer vacation so you can enjoy your time away without stressing about money. Head to rhothomas.com/308 for the full episode show notes. Need help with your finances? Apply for a strategy session at rhothomas.com/apply.

Some of the most popular solutions for paying off credit card debt actually lead to a debt cycle that's tough to get out of. And too many lawyers are falling for it. In this episode, let's talk about why these common debt strategies don't work and what to do instead. Head to rhothomas.com/307 for the full episode show notes. Need help with your finances? Apply for a strategy session at rhothomas.com/apply.

How do you handle tax refunds and bonuses? Many lawyers look forward to these infusions of cash each year. But what you do with them says a lot about your ability to build wealth. In this episode, let's talk about the common ways people handle windfalls and how each impacts your ability to build wealth. Head to rhothomas.com/306 for the full episode show notes. Apply for a strategy session at rhothomas.com/apply.

What do you do when you've been trying to improve your finances but it feels like it's not working—it feels like you're not making progress with your finances? The answer depends on your situation. In this episode, we talk about 4 example situations in which someone may feel like they're not making progress on their finances and what to do in each. Head to https://www.rhothomas.com/305 for the full episode show notes. Apply for a strategy session at rhothomas.com/apply.

One of the biggest lies lawyers tell themselves is that making more money would solve all their financial problems. However, many make more now than in the past but still struggle. Because the real issue is not the amount they make; it's poor money management. In this episode, let's talk about why good money management is more crucial than income level and how to start thinking differently about your money. Head to rhothomas.com/304 for the full episode show notes.

Too many attorneys are stressed, overextended, and broke despite high incomes. For many, rationalizing bad spending habits is the main culprit. In this episode, let's talk about four common justifications for bad spending decisions that keep lawyers stuck and a new way to think about money, so you can build financial security. Head to rhothomas.com/303 for the full episode show notes.

When you make good money but your finances still feel tight, the problem usually isn’t your income. It’s how you’re using your money. In this episode, let's talk about why many lawyers feel stuck, even when they make good money, and a simple roadmap that will make your six-figure income feel like more than enough. Head to rhothomas.com/302 for the full episode show notes.

How many lawyers look like they have it all on the outside but are secretly living paycheck to paycheck and stressed about their finances? Unfortunately, it's probably a lot more than you think. In this episode, let's talk about the tendency of many lawyers to spend money to keep up appearances without thinking about the impact to their finances. Head to rhothomas.com/301 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

I left my multiple-six-figure job. My finances played a big part in my ability to do that. Money buys options. It creates freedom. In this 300th episode, we discuss why money is freedom, a concept that underlies all the work I do. Head to rhothomas.com/300 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

Have you ever considered the downsides to making more that can lead to you being in a worse position? There's a pervasive, false belief that making more is inherently better, but that's not the case. In this episode, let's talk about why making more is not better and what really matters when it comes to your finances. Head to rhothomas.com/299 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

Many lawyers struggle with their personal finances because they can't get over their perfectionism. They never make moves to get their finances in order because they don't know the perfect step to take and end up stuck in the same place. But rather than waiting for the perfect plan, it's much better to make progress toward the direction you want to go, even if it's imperfect. In this episode, let's talk about the importance of making progress with your finances and why taking action breeds clarity and confidence. Head to rhothomas.com/298 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

Learning about people making less than me who were better off financially was a critical turning point for my finances. Seeing the things they had achieved helped me to believe that my husband and I could do the same things. When you build your belief that your goals are possible, you take action and make progress toward achieving them. In this episode, let's talk about how your belief impacts your action and ultimate outcomes and how to build your belief to achieve your financial goals. Head to rhothomas.com/297 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

Your financial journey is about more than money. It's about freedom. Each step forward creates more breathing room and flexibility in your life. In this episode, let's talk about how taking charge of your personal finances creates more freedom and peace, long before you completely pay off your debt, build a seven-figure net worth, or fully retire. Head to rhothomas.com/296 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

As we settle into the new year, don't bring old money habits with you. Start the year with a fresh start for your finances so you can make real progress this year. In this episode, let's reflect on last year's efforts, set achievable goals for this year, and create a solid plan to achieve those goals by getting your cash flow in order. Head to rhothomas.com/295 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

Hope is a dangerous thing when it comes to your finances. Too many lawyers approach their finances with hope and nothing else. That’s not enough to achieve your financial goals. In this episode, let’s talk about why hope isn’t enough and a more productive approach to your finances. Head to rhothomas.com/294 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

One of the biggest reasons that many lawyers never achieve their financial goals is they get caught up in the things they want in the present. But by focusing on the things they want now, they ultimately sacrifice the things they want most. In this episode, let's talk about the balance between what you want now and what you want most and how to make sure you're still giving attention to your ultimate goals. Head to rhothomas.com/293 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

Whether you believe you can or believe you can't, you're right. Your belief makes all the difference in your ability to achieve your goals. The way you look at your goals and what other people have done dictates what you achieve. In this rewind episode, let's revisit a conversation I had with one of the first readers of my original blog a few years ago and talk about the importance of believing that you can achieve the things you want to achieve. Head to rhothomas.com/292 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

Are you using your money effectively? Or do you just view your money as a way to pay bills and buy stuff? In this episode, let's talk about changing your view of your money and how to make your money work for you. Head to rhothomas.com/291 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

If you've ever encountered difficulties or become frustrated during your personal finance journey, you're not alone. It's a common experience. But I want to offer some encouragement to you. In this episode, let's talk about what makes managing your personal finances well feel difficult and why you're the perfect person to take on the challenge. Head to rhothomas.com/290 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

There seems to be a collective view in society that not spending money is somehow better than spending money, but I believe there's a balance. Underspending is just as harmful as overspending. In this episode, let's talk about the balance between underspending and overspending and the importance of making room to spend on things you enjoy. Head to rhothomas.com/289 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

Often, we look at where we are in life and think about all the things in the past that we wish we had done differently or that we regret. But we rarely take the time to look at all the things we’ve done that have gone right and all the good things our previous actions—mistakes and all—have led to. In this episode, let’s talk about being grateful for the previous versions of you and making decisions in the present that future versions of you will thank you for. Head to rhothomas.com/288 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

What if you could pay off all of your credit card debt in the next year? How would that change the choices you make today? The thing is: short-term spending decisions can make or break that goal. One of my clients experienced this firsthand. In this episode, let's talk about why prioritizing the present over your future goals leads to regret and the importance of keeping your ultimate goals at the forefront. Head to rhothomas.com/287 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

I ate a whole bag of Almond Joy snack size candy bars by myself. I have a huge sweet tooth, and when I have chocolate in the house, I'm eating it. Many lawyers find themselves in similar situations with respect to their personal finances and the things they like to spend money on. The best solution for my sweet tooth and for my clients' wallets is to remove the temptation. In this episode, let's talk about tips to remove the temptation to spend and keep more money in your pocket. Head to rhothomas.com/286 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

It took us 3.5 years to go from negative $342k to positive $100k in net worth. They say the first $100k is the hardest, but we made it through a combination of paying down debt, investing, and a little luck. In this episode, let's talk about our journey from negative $342k to positive $100k, including our actual numbers year by year. Head to rhothomas.com/285 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

If you're a lawyer making six figures but living paycheck to paycheck, you're not alone. It also doesn't have to be this way. In my time working with lawyers on their finances over the years, I've noticed 4 budget categories that contribute to paycheck-to-paycheck living most often. In this rewind episode, let's talk about the 4 biggest culprits and how to fix them. Head to rhothomas.com/284 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

I have a confession: I have some credit card debt. Those of you who have been around for some time may not be surprised by this because I've been using debt strategically for years. Due to some circumstances in my business this year, I haven't paid this particular debt off as quickly as I'd like. In this episode, I'm pulling back the curtain on the credit card debt I have and the plan to pay it off. Head to rhothomas.com/283 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

Want to get out of debt faster? Here's the key: You need to focus. One of my clients recently cited this as the top thing she took away from working with me, and attendees of one of my recent presentations were mind-blown about the concept. In this episode, let's talk about how focusing your efforts with your finances leads to faster progress. Head to rhothomas.com/282 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call.

Many lawyers find themselves with no money left at the end of the month for their goals. It's all too common, but it doesn't have to be that way. In this episode, let's talk about the best way to prioritize your finances so you can achieve your goals. Head to rhothomas.com/281 for the full episode show notes.

My client Jeanne was skeptical about whether she and her husband would ever be able to get out of debt. During our time together, they ended up paying off much more than she ever imagined. In this episode, Jeanne and I chat about our work together, including how much debt she and her husband paid off, the trips they were able to take in the process, and the power of focus in your personal finances. Head to rhothomas.com/280 for the full episode show notes.

Don't give up on your goals in the 4th quarter. You still have plenty of time to finish the year strong. In this episode, let's talk about some questions to assess where you are with your goals and what needs to continue or change to ensure you finish the year where you want to be. Head to rhothomas.com/279 for the full episode show notes.

My clients Ashley and Tim make good money, but they could never seem to get ahead with their finances. They had no plan for their money and felt stressed and overwhelmed. All that changed when they reached out to me. In this episode, Ashley, Tim, and I chat about our work together, including how they've been able to pay off almost $8,000 of debt and save $10,000 while still going on vacation and seeing Beyoncé in concert. Head to rhothomas.com/278 for the full episode show notes.

I've had a few conversations recently with people who want to keep doing the same things and magically have more savings and no debt. The thing is, if you want to change your finances, something has to change. You can't change staying the same. In this rewind episode, let's talk about the requirement for change, including examples of two attorneys who are not making the changes they want to make in their finances and an example of a third attorney who did. Head to rhothomas.com/277 for the full episode show notes.

We’re trying a different investing strategy than the one we’ve used for the previous decade. It’s been an interesting experience so far, and I’m learning a lot. In this episode, let's talk about my husband's and my first rental property and how we're funding the purchase. Head to rhothomas.com/276 for the full episode show notes.

My husband and I stopped contributing to our retirement accounts. Personal Finance 101 says you should max out your retirement accounts or at least contribute enough to get the employer match. But we decided to cut our contributions altogether. Are we making a big mistake? In this episode, let’s talk about the reasons behind our decision and what we’re doing instead. Head to rhothomas.com/275 for the full episode show notes.

Sometimes following the path you're "supposed to" take leads to a life you don't actually want to live. That's exactly what happened to Lauren Klein, Biglaw attorney turned boutique firm owner and money and mindset coach. Through intentional planning and wise money decisions, Lauren has built a business and life she loves. In this episode, Lauren and I talk about her journey, the tools that have helped her create the life she now enjoys, and the exact steps you can take to create the same kind of life for yourself. Head to rhothomas.com/274 for the full episode show notes.

Do lawyers have an ethical duty to manage their money well? I’ve been thinking about this lately—specifically whether our duty to act with integrity is invoked in the way we handle our day-to-day personal finances. In this episode, let’s talk about this question and what to do if you think you’re acting out of integrity with your money. Head to rhothomas.com/273 for the full episode show notes.

The early stages of the money journey often feel the most difficult because you're learning a completely new way of doing things. Many lawyers give up at that point, and it's a mistake. In this episode, let's talk about the natural progression of learning and why it's important to push through the learning curve to achieve your goals. Head to rhothomas.com/272 for the full episode show notes.

If you want real success with your finances, you have to be consistent. Too often, lawyers start to see progress and then stop doing the things that created that progress. This leads to falling back into old patterns and sometimes ending up worse off than when they started. In this episode, let's talk about the importance of consistency and staying the course. Head to rhothomas.com/271 for the full episode show notes.

What do you do when you realize your practice isn't working for you, and you want to do something else or leave the law altogether? You turn to an expert like Jessica Medina, who can help you figure out the financial plan to make a transition possible. Jessica is a lawyer turned Accredited Financial Counselor whose specialty is helping lawyers in this exact scenario. In this episode, listen in as Jessica and I talk about her personal transitions from Biglaw to government and eventually out of the law altogether and how she helps her clients prepare for their own transitions. Head to rhothomas.com/270 for the full episode show notes.

Are you waiting for the right time to take control of your finances? It's a common mistake that costs a lot of lawyers a lot of money. In this episode, let's talk about why waiting for the right time can be so costly and why the right time is when you decide it is. Head to rhothomas.com/269 for the full episode show notes.

And just like that, half a decade has passed! Somehow I've been in business and recording this podcast for 5 years already. In this episode, celebrate with me as I share what's changed with the podcast, my business, and my life over the last 5 years. Head to rhothomas.com/268 for the full episode show notes.