Wealthyesque: Mindset Strategies and Personal Finance Tips for Lawyers Seeking Financial Independence and Lifestyle Freedom

Is there any hope for your finances when you love to spend money? I spoke recently with a friend who told me that her biggest struggle with managing her money has always been her spending habits. During our conversation, I shared a few tips that I teach my clients that I thought would help her. In this episode, listen in as I share those same tips with you. If you love to spend but also want to manage your money better, this is the episode for you. Head to rhothomas.com/265 for the full episode show notes.

What do you do when you realize that you don't want to practice law anymore? Or that you want to change practice areas? These are both situations that Heather Moulder found herself in. Heather is a lawyer-turned-business coach who built a career and life on her own terms and teaches other lawyers how to do the same. In this episode, Heather and I discuss the personal and professional challenges she's overcome and how she now helps her clients design fulfilling practices that fit their lives. Head to rhothomas.com/264 for the full episode show notes.

Many of my clients believed they'd never be able to purchase a home, but it turned out they were closer than they thought. Summer is prime homebuying season. Whether you're buying your first or your next home, you want to make sure you're prepared. In this episode, let's talk about some things to consider as you prepare to buy your home, including how much to spend and how to fund your purchase. Head to rhothomas.com/263 for the full episode show notes.

Many lawyers get stuck in the cycle of learning about personal finance but not making real changes. But taking action—one step at a time—is the key to transforming your finances. In this episode, let's talk about why taking the next step is important and how each step forward builds momentum for your eventual financial success. Head to rhothomas.com/262 for the full episode show notes.

Let's talk about glorifying money and putting it on a pedestal vs. neglecting money and not caring about it. Both extremes can be detrimental to your finances and your experience of life. In this episode, let's talk about these views of money and how to put money in its proper place. Head to rhothomas.com/261 for the full episode show notes.

Have you ever felt like you just don't want to manage your money? It's something that has come up with multiple attorneys I've talked with. But whether you want to manage your money is the wrong question. In this episode, let's talk about what the correct question is and what to focus on to stay motivated on your money journey. Head to rhothomas.com/260 for the full episode show notes.

Protecting yourself financially encompasses more than your typical emergency fund. I help my clients implement three layers of protection. Having multiple layers of protection provides multiple safety nets in case of emergencies or unexpected expenses. In this episode, let's talk about the multiple layers of protection you can implement in your finances. Head to rhothomas.com/259 for the full episode show notes.

What if you're wrong? If you believe there's nothing you can do to change your finances, you'll never even try to do anything to change your finances. Sometimes that kind of thinking is the only thing holding us back from the results we want. In this episode, let's talk about how a willingness to be wrong can be the key to unlocking new possibilities and achieving your goals. Head to rhothomas.com/258 for the full episode show notes.

Davina Frederick is a sought-after business coach for women law firm owners, who is very clear on how to use her money to create the life she wants. Because of her personal experiences, she has a lot of financial wisdom. In this episode, Davina talks about how she and her husband have thought through the financial impact of some of their life decisions, the importance of being clear about what you want in life, and the financial pitfalls she's seen her clients and others encounter. This is part two of a two-part conversation. Head to rhothomas.com/257 for the full episode show notes.

From building a thriving firm, giving it up, and building an even more successful one to empowering women law firm owners to create wealth and fulfillment on their own terms, Davina Frederick is a force to be reckoned with. The personal and professional challenges she's faced along her journey have helped her hone in on exactly what's important to her. In this episode, Davina opens up about building her businesses, the personal crises that caused her to reassess the path she was on, and why she will never not manage her own money again. This is part one of a two-part conversation. Head to rhothomas.com/256 for the full episode show notes.

Building wealth is painfully simple. But many lawyers are not making the right moves to get there. If you want to build wealth, there are only two things you need to do. In this episode, let's talk about exactly what they are so you can get started on your wealth journey today. Head to rhothomas.com/255 for the full episode show notes.

There's a business that's being mismanaged and directly impacts everything that happens with your money. If you don't take the right action, you'll inevitably suffer some negative financial consequences. In this episode, let's talk about what that business is and what you need to do now to protect your money. Head to rhothomas.com/254 for the full episode show notes.

It sucks to feel trapped in a situation you no longer want to be in. But too many lawyers find themselves in exactly this place because of golden handcuffs—they make a lot of money and need all of it to maintain their lifestyle. There's a simple solution to break free if you value your freedom, and it's all in how you use your money. In this episode, let's talk about how to use your money more strategically to break the golden handcuffs. Head to rhothomas.com/253 for the full episode show notes. Sign up for the next Money Moves Masterclass at rhothomas.com/moneymoves.

Rushing to get out of debt leads many lawyers straight into an even worse financial position. It's one of the most common mistakes I see lawyers make, and it's completely avoidable. In this episode, let's talk about why rushing to get out of debt causes financial problems and what to do instead. Head to rhothomas.com/252 for the full episode show notes.

The ideas that we have about what wealth looks like are wrong. The truth is a lot of the "wealth" that we think we see is all an illusion. We've been taught to look for certain markers of wealth, but those markers don't always show what we think they do. In this episode, let's explore the concept of wealth and how to think about the typical markers of wealth. Head to rhothomas.com/251 for the full episode show notes.

How much freedom are you giving up simply because you're not viewing your money in the right way? Most people think of their money as a way to pay bills and buy stuff, but what if instead you looked at your money as a way to buy freedom? In this episode, we discuss a different way of looking at money than you may be used to and the practical impacts that changing the way you view your money can have on the amount of freedom you're able to enjoy. Head to rhothomas.com/250 for the full episode show notes.

As a financial behaviorist and coach who focuses on the emotional side of money, Jacquette Timmons has some interesting views on personal finance. In this episode, listen in to the second half of my conversation with Jacquette, as we discuss enjoying your money, using debt strategically, and personal lessons from entrepreneurship. Head to rhothomas.com/249 for the full episode show notes.

Working in finance on Black Monday (the largest single-day stock market decline in U.S. history) will definitely shape the way you think about money. That's the story of Jacquette Timmons, a financial behaviorist and coach who helps her clients navigate their finances with a focus on the emotional side of money. In this episode, listen in to the first half of my conversation with Jacquette, as we discuss financial independence, entrepreneurship, and how to think about your money and your goals. Head to rhothomas.com/248 for the full episode show notes.

My client Charity was making good money but felt like she should have more. She thought the answer was to get a higher-paying, more stressful job. But during our work together, she found that she just needed to manage the money she already makes differently. In this episode, listen in as Charity and I chat about our work together, what she's been able to accomplish, and how she's feeling about her finances now. Head to https://www.rhothomas.com/247 for the full episode show notes.

Too many lawyers struggle with their personal finances. But lawyers are in the perfect position to create financial stability and build wealth. It just takes the right steps. In this episode, let's talk about the keys to financial success for lawyers with actionable insights that will transform the way you approach your money. Head to rhothomas.com/246 for the full episode show notes.

How do you make almost $200,000 but only have $100 left each month? In my husband's and my situation and in what I've seen with the lawyers I work with, it all comes down to managing money ineffectively. In this episode, let's talk about how to flip the way you typically manage your money on its head so you can actually have something to show for all the money you make. Head to rhothomas.com/245 for the full episode show notes. Sign up for the Less Debt, More Money Masterclass at rhothomas.com/lessdebt.

Having access to the right information can add multiple zeroes to your net worth. In this episode, I'm pulling back the curtain on the 5 transformative books that propelled me to millionaire status. Head to rhothomas.com/244 for the full episode show notes. Sign up for the next Less Debt, More Money Masterclass at rhothomas.com/lessdebt.

Your cash flow is one of the most important aspects of your personal finances. Too many lawyers have very little or even negative cash flow, and it's keeping them living on the edge and not achieving their goals. In this episode, let's talk about why your cash flow is crucial to your financial progress, along with tips to increase your cash flow this year. Head to rhothomas.com/243 for the full episode show notes. Join the next Less Debt, More Money Masterclass at rhothomas.com/lessdebt.

Are your money habits keeping you broke? I've personally had habits that kept me stuck financially in the past, and I've seen other lawyers experience the same over the years in my time as a money coach. In this episode, let's talk about 6 habits that will keep you broke and prevent you from building wealth. Get the full episode show notes at rhothomas.com/242. Join the Less Debt, More Money Masterclass at rhothomas.com/lessdebt.

Do you believe that you're bad with money? It's a common belief among lawyers, but it doesn't have to be. There's no switch where you're either good with money or bad with money. As with every situation, there are nuances. In this episode, let's talk about how viewing yourself as bad with money affects the way you handle your money. Plus, let's explore some ways you're already good with money. Head to rhothomas.com/241 for the full episode show notes. Join the Less Debt, More Money Masterclass at rhothomas.com/lessdebt.

As we close out 2024 and head into 2025, let's make sure your money strategy is on point. It's easy to think that you're doing okay with your money if you're able to cover your bills and buy things you want. But this line of thinking leads many lawyers to stay stuck in the same place financially because they're not strategically thinking about how to move themselves forward. In this episode, let's talk about winning with your finances and growing your net worth, rather than just getting by and staying stuck. Head to rhothomas.com/240 for the full episode show notes. Join the Less Debt, More Money Masterclass at rhothomas.com/lessdebt.

Don't make the same financial mistake that a lot of lawyers make by not reviewing or evaluating your finances. It's a sure fire way to keep repeating the same mistakes and the same bad money habits year after year. Whatever happened with your finances in 2024 will give you important clues about what your money plan needs to be for 2025. Don't miss it. In this episode, let's talk about reviewing your 2024 finances to prepare for 2025. Get the full episode show notes at rhothomas.com/239.

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 episode, let's talk about the key switch you need to make to start building wealth today. Head to rhothomas.com/238 for the full episode show notes.

Have you ever found yourself getting bored with budgeting or whatever system you're using to manage your money? There are 3 primary reasons this happens, and if you don't address them, it will be that much harder to achieve your financial goals and build wealth. In this episode, let's discuss the 3 reasons lawyers get tired of their money management systems and what to do about them. Head to rhothomas.com/237 for the full episode show notes.

An obsession with comparison is a major contributor to many lawyers being broke. Striving to keep up with what you see other people doing typically only leads to financial mess. In this episode, let's talk about the comparison trap and what to do instead. Head to rhothomas.com/236 for the full episode show notes.

What if improving your finances doesn't always have to take big changes? Yes, the big changes make the most difference, but there are small things you can do that will also make a big impact. In this episode, let's talk about 3 small changes you can make that will improve your finances today. Head to rhothomas.com/235 for the full episode show notes.

Spending 50% or more of your income on housing alone isn't sustainable (even if you live in California or New York). Yet, I've talked to so many lawyers in this exact situation. And often, it's the result of a change in their circumstances that caused a drop in their household income, but there was no corresponding change in their housing situation. In this episode, let's talk about my thoughts and suggestions for any lawyers who find themselves in this place. Head to rhothomas.com/234 for the full episode show notes.

Don't approach your finances in the same ineffective way many people approach losing weight—depriving yourself to get to your goals as quickly as possible. That approach often ends up setting people further back and keeping them from achieving their goals. In this rewind episode, let's talk about why the crash money diet approach isn't sustainable and what to do instead. Head to rhothomas.com/233 for the full episode show notes.

Numerous lawyers make six figures a year and live paycheck to paycheck. In my time working with lawyers on their finances over the years, I've noticed 4 budget categories that tend to contribute to paycheck-to-paycheck living most often. In this episode, let's talk about the 4 biggest culprits and how to address them. Head to rhothomas.com/232 for the full episode show notes. Grab my free guide to get out of debt at rhothomas.com/guide.

Is it better to focus on paying off debt or saving first? It's a common question lawyers ask me, and there are a few important things to consider in making the decision. In this episode, we talk about how to determine whether to focus on saving or paying off debt, including some situations when it's best to focus on one or the other. Head to rhothomas.com/231 for the full episode show notes.

What did you do with your bonus last year? Can you remember? Are you happy with how you used it? If you're looking to use your bonus more effectively this year, I have a few tips that will help. In this episode, we're talking about 4 things my husband and I do with our bonuses that you can implement, too. Head to rhothomas.com/230 for the full episode show notes. Get out of debt with my free guide: rhothomas.com/mistakes.

Feeling afraid to look at your finances? You're not alone. Many people are in the same boat. The good news is there are a few things you can do to reduce and even overcome that fear. In this episode, let's talk about a few tips to help you get past your fear so you can get your finances where you want them to be. Head to rhothomas.com/229 for the full episode show notes. Get help to get out of debt at rhothomas.com/guide.

Tired of going deeper in debt year after year around the holidays? Start planning now so you can break that cycle. In this episode, let's talk about strategies you can implement to stop going into each new year with new debt from the holidays. Head to rhothomas.com/228 for the full episode show notes. Get out of debt with my free ebook: rhothomas.com/mistakes.

Here's one of the biggest reasons you may not be making progress on your financial goals: you're lying to yourself about how much room you actually have for your goals in your finances. This comes up especially around lifestyle choices, where we sometimes mistakenly identify wants as needs. In this episode, let's talk about one of my clients' experience with this and my advice to her and anyone else struggling to achieve their goals. Head to rhothomas.com/227 for the full episode show notes. Get out of debt with my free ebook: rhothomas.com/mistakes.

Managing your money well doesn't mean never using credit cards. There are actually some pretty good reasons to use credit cards over cash. It's all in HOW you use them. In this episode, let's talk about the trap of using your credit cards incorrectly and how to use them more wisely. Head to rhothomas.com/226 for the full episode show notes. Get out of debt with my free ebook: rhothomas.com/mistakes.

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/225 for the full episode show notes. Get a free copy of my ebook, 5 Mistakes That Keep Lawyers in Debt, at rhothomas.com/mistakes.

You might think that having more money would make everything better. But what I have found is often lawyers don't know how to handle having more money at first. It feels uncomfortable, and they find ways to get rid of it and sabotage their progress. In this episode, let's talk about why it feels uncomfortable to have money and how to fix it. Head to rhothomas.com/224 for the full episode show notes. Get a free copy of my ebook, 5 Mistakes That Keep Lawyers in Debt, at rhothomas.com/mistakes.

Most people take the wrong approach when they want to get their partner on board with managing their money better. There's a lot of talk about what we have to do and how much we need to cut back. And it typically backfires. Rather than telling your partner what you need to do and all the cuts that need to be made, let's try a different approach. In this episode, let's talk about the approach I recommend for getting your partner on board with managing your money better. Head to rhothomas.com/223 for the full episode show notes. Get a free copy of my ebook, 5 Mistakes That Keep Lawyers in Debt, at rhothomas.com/mistakes.

It can be hard to navigate a situation where one person makes more money in the relationship. And it's a pretty common situation for lawyers. The trick when you're managing your finances with a partner, especially in this situation, is to manage them in a way that feels fair to both people. In this episode, let's talk about three approaches to consider if you're in a relationship where one partner makes more than the other. Head to rhothomas.com/222 for the full episode show notes. Download your free copy of my ebook, 5 Mistakes That Keep Lawyers in Debt, at rhothomas.com/mistakes.

Is it better to focus on paying off debt or investing? Are there times when it doesn't make sense to pay down your debt quickly? Can investing hurt your finances? In this episode, we talk about how to determine whether you should pay off your debt or invest, including some questions to ask yourself in making your decision. Head to rhothomas.com/221 for the full episode show notes. Get a free copy of my ebook, 5 Mistakes That Keep Lawyers in Debt, at rhothomas.com/mistakes.

When you create a budget, is it bad to change it? Do you have to stick with it? These kinds of concerns come up often with my clients when we create their budget (or spending plan if you like that term better). In this episode, let's talk about whether it's okay to change your budget and how to approach the topic of changing your budget. Head to rhothomas.com/220 for the full episode show notes. Get my free ebook, 5 Mistakes That Keep Lawyers in Debt. It lays out the 5 most common mistakes I see and how to correct them. Get your copy at rhothomas.com/mistakes. Join the waitlist for my group program, The Wealthyesq Group, at rhothomas.com/coaching.

Impulse spending is a struggle for a lot of lawyers. It can lead to overspending, increased debt balances, and lack of savings. But there are ways to curb your impulse spending and keep it from ruining your finances. In this episode, let's talk about 5 tips to keep your impulse spending in check. Head to rhothomas.com/219 for the full episode show notes. Get on the waitlist for The Wealthyesq Group at rhothomas.com/coaching.

Friendly reminder that money has no inherent meaning. Whether it's your salary, how much debt you have, the balance in your checking or savings account, or something else, they're all just numbers. Different people will think about those numbers differently, and ultimately, the way you think about them shapes your financial results. In this episode, we explore a few real-life examples that illustrate this point and go through an exercise to help you uncover some of your thoughts about money. Head to rhothomas.com/218 for the full episode show notes. Get on the waitlist for The Wealthyesq Group at rhothomas.com/coaching.

Being hopeful may seem like a good thing. But too many lawyers approach their finances with hope and nothing else. Hope is 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/217 for the full episode show notes. Join the waitlist for The Wealthyesq Group at rhothomas.com/coaching.

Ever feel like you're the only lawyer who's dealing with money issues? In my line of work, I talk with a lot of lawyers who aren't doing as well as they'd like with their finances. I'm here to tell you, you're not the only one. In this episode, let's talk about some of the common feelings and issues around money I've heard from the 100+ lawyers I've talked to over the years. Head to rhothomas.com/216 for the full episode show notes. Schedule a call to talk about private 1:1 coaching by emailing me at hello@rhothomas.com.

Making money decisions without intention is not a good strategy. Businesses use company values as a filter for the decisions they make. We can take the same approach with our money decisions. In this episode, let's talk about an example of a well-known company making business decisions based on their values, along with some examples of my clients making money decisions based on the same. Head to rhothomas.com/215 for the full episode show notes. Join the waitlist for The Wealthyesq Group at rhothomas.com/coaching.