Wealthyesq: Money Talk for Lawyers
227 episodes - English - Latest episode: 4 days ago -In 2016, I was a wife, new mom, and junior Biglaw associate with over $670,000 of debt and a negative $342,000 net worth.
By the end of 2021, my husband and I had paid off almost $500,000 of that debt (the total of our student loans) and now only have our mortgage remaining.
I’ve since left the law to focus on helping lawyers master their mindset and their personal finances and unlock the power that comes with having complete control of their money.
In this podcast, I’m giving you the knowledge you need to create more freedom in your life by improving your mindset and managing your money better.
Learn more about my work at www.rhothomas.com.
Homepage Google Podcasts Overcast Castro Pocket Casts RSS feed
Episodes
204 | Why Lawyers Don't Know How to Manage Money (and What to Do About It)
May 17, 2024 07:00 - 9 minutes - 10.7 MBIf you're a lawyer who beats yourself up for the state of your finances, this episode is for you. There's one key reason why lawyers don't know how to manage money, and it's not entirely our fault. But there's a simple solution to fix it. In this episode, let's talk about why lawyers don't know how to manage money and what to do about it. Head to https://www.rhothomas.com/204 for the full episode show notes.
203 | How Much You Should Be Saving
May 10, 2024 07:00 - 10 minutes - 11.7 MBHow much should you be saving? What's the right amount? With so many rules about what we should be doing with our finances, it's hard to know what to follow. In this episode, let's talk about navigating the savings rules and how to determine how much you should be saving. Head to https://www.rhothomas.com/203 for the full episode show notes.
202 | Rewind: Overconsumption and Emotional Spending
May 03, 2024 07:00 - 10 minutes - 11.8 MBSpending money is not a remedy for negative emotions. Although spending may provide some immediate relief from the negative emotion, it only leads to more negative emotion in the long term when you end up overspending and creating a financial mess. In this episode, let's talk about overconsumption and emotional spending, including how to handle those negative emotions we so desperately want to avoid. Head to https://www.rhothomas.com/202 for the full episode show notes.
201 | Celebrating 200 Episodes! Q&A Part 2: Personal Questions
April 26, 2024 07:00 - 20 minutes - 14.2 MBIn celebration of reaching 200 episodes, I'm answering more of your burning questions! Last week was all about money. This week is all of your questions about me. In this episode, we're talking about things like my money journey and strategy, advice I would give my younger self, and my weird habits. Head to https://www.rhothomas.com/201 for the full episode show notes.
200 | Celebrating 200 Episodes! Q&A Part 1: Money Questions
April 19, 2024 07:00 - 16 minutes - 11.5 MBYou asked; I answered! In celebration of reaching 200 episodes, I'm answering all of your questions about money. In this episode, we're talking about retirement, making money moves when you don't have a Biglaw salary, debt strategies, and the best way to use a Biglaw salary to reach financial freedom. Head to https://www.rhothomas.com/200 for the full episode show notes.
199 | Fashion, Fun, and Consumer Debt Freedom with Laurel
April 12, 2024 07:00 - 26 minutes - 18.2 MBLaurel is a fashion-loving lawyer who had been struggling with credit card debt for years. She wanted to pay it off but didn't want to completely deprive herself of the things she loves. In just 6 months, she paid off all her credit cards and increased her net worth by 5 figures. Plus, she was still able to shop and have fun with her friends. In this episode, listen in as Laurel and I chat about our work together, what she's accomplished, and how she's feeling about her finances now. Head to...
198 | The Purpose of Your Money Goals
April 05, 2024 07:00 - 8 minutes - 9.56 MBWhat if the purpose of your money goal isn't to achieve it? Most lawyers view their goals as finish lines to reach, with anything short of full achievement being deemed failure. But that perspective overlooks the immense value in the journey toward the goal and the progress you make simply because you dare to attempt it. In this episode, let's explore a new perspective on money goals that places less emphasis on the goal itself and more on the personal growth and progress in working toward t...
197 | Don't Be a Victim of Your Finances
March 29, 2024 07:00 - 6 minutes - 7.36 MBSometimes it can feel like your finances are just happening to you. But they're not. You have authority over your finances, and you can change your financial circumstances. All it takes is a decision to do so. In this episode, let's talk about how not recognizing your authority over your finances can hold you back and what to do about it. Head to https://www.rhothomas.com/197 for the full episode show notes. Submit a question for the upcoming 200th episode at https://www.rhothomas.com/questi...
196 | Thoughts About the Future
March 22, 2024 07:00 - 6 minutes - 7.53 MBThe way you think about your future is critical to achieving the goals you have for your future. The issue is many of us go to the negative and believe our goals are impossible or that things won't work out for us. You have to believe that the things you want can and will happen before you'll ever achieve them. In this episode, let's talk about the danger of negative thoughts about the future and the best way to get to the future you want. Head to https://www.rhothomas.com/196 for the full e...
195 | Growing Your Capacity to Have Money
March 15, 2024 07:00 - 10 minutes - 11.6 MBLearning to have money is critical to making progress on your financial goals. Many lawyers are used to not having money, so keeping money feels hard at first. But when you get this down, you can create stability in your finances, pay down debt, and save more. In this episode, let's talk about why it's so hard for many lawyers to HAVE money, some real-life examples of how this shows up, and some suggestions for how to fix it. Head to https://www.rhothomas.com/195 for the full episode show no...
194 | The Key to Financial Breakthrough
March 08, 2024 08:00 - 9 minutes - 10.9 MBEverything we do with our money stems from what we believe about money and the best use for it. That means to experience a breakthrough with your finances, you need to shift your beliefs about your finances. In this episode, I share the belief shift and subsequent breakthrough that led to me paying off almost $500,000 of debt and building wealth. Head to https://www.rhothomas.com/194 for the full episode show notes.
193 | How to Get Better Results with Your Finances
March 01, 2024 08:00 - 7 minutes - 8.29 MBYou're not getting better results with your finances because you're not spending time on the things that would yield better results. We often put a lot of time and attention toward things that don't move the needle in our finances. When you put more time and attention to the things that do, your results will follow. In this episode, let's talk about the things we tend to focus on in our finances and where to focus instead to get better results. Head to https://www.rhothomas.com/193 for the f...
192 | Why Making More Isn't the Answer
February 23, 2024 08:00 - 7 minutes - 8.92 MBMaking more money isn't the quick fix solution to your money problems that you think it's going to be. You may even make more now than you did at another point in life when you told yourself things would be better once you made more money. It's because the amount you make is only one factor in what's going on with your finances—and it's not the most important one. In this episode, let's talk about the key to solving your money problems, whether you make more or not. Head to https://www.rhoth...
191 | Tracking Toward Wealth
February 16, 2024 08:00 - 6 minutes - 7.76 MBMany lawyers don't make the progress they want to make with their finances simply because they don't pay attention to their finances. You can't not look at your numbers and expect them to magically get better. What gets measured gets improved. In this episode, let's talk about the importance of tracking your finances on your journey to wealth. Head to https://www.rhothomas.com/191 for the full episode show notes.
190 | Mindset Mixed with Debt Freedom with Gabe and Olisi
February 09, 2024 08:00 - 27 minutes - 18.7 MBMy clients Gabe and Olisi found themselves struggling with their debt balances and feeling stressed. But they were so focused on the negatives of their finances that they missed the positive things they were doing with their money. Although we worked on paying down their debt, a bigger part of our work together was improving their money mindset. In this episode, listen in as Gabe, Olisi, and I chat about our work together, what they've accomplished, and how they're feeling about their financ...
189 | Why You're Not Achieving Your Goals
February 02, 2024 08:00 - 8 minutes - 9.82 MBYou're not uncomfortable enough with your current financial situation to achieve your financial goals. Often our goals are just things we think sound good or would be nice to have, but that's not enough to actually achieve them. If you want to achieve your goals, you need to view them differently. In this episode, let's talk about why you're not achieving your goals and the changes you need to make to achieve them. Head to https://www.rhothomas.com/189 for the full episode show notes.
188 | Rewind: The X Factor
January 26, 2024 08:00 - 9 minutes - 10.6 MB"I'm just not good with money." So many lawyers believe this or similar statements about their abilities with money. But all of them stem from the mistaken belief that some people are inherently good with money. That some people have the "X factor" and others don't. It's not true, and if you keep believing that, it will keep you from taking the necessary steps to make the progress you want to make with your money. In this episode, let's talk about the truth about people who are good with mon...
187 | Generosity at Every Level
January 19, 2024 08:00 - 9 minutes - 11 MBOne of the biggest drivers of my financial journey has been the opportunity to be more generous. Improving your finances will increase your capacity for generosity, but it's possible to make room for generosity at each stage of your financial journey. In this episode, let's talk about the importance of generosity and some of my personal experiences with it. Head to https://www.rhothomas.com/187 for the full episode show notes. Join us in Money Mastery for Lawyers at https://www.rhothomas.com...
186 | The Most Important Thing to Do With Your Money in 2024
January 12, 2024 08:00 - 6 minutes - 7.67 MBWhen we're thinking about managing our money, we often think about the strategies like paying off debt vs. investing or how much we should save. But there's one piece of the money management puzzle that makes a much bigger difference in your financial situation than any of the strategies. In this episode, let's talk about what that piece is and why it has such a big impact on your finances. Head to https://www.rhothomas.com/186 for the full episode show notes. Join us in Money Mastery for La...
185 | Small Steps in the Right Direction
January 05, 2024 08:00 - 8 minutes - 10.1 MBLet's talk about the best way to achieve your big money goals. Lawyers often want to go after the biggest goal from the outset, but that's typically a recipe for failure. A better approach is to identify the small steps that lead to that big goal and go after those instead. In this episode, let's talk about the importance of taking those small steps in the right direction and why this approach leads to more success. Head to https://www.rhothomas.com/185 for the full episode show notes. Join ...
184 | Out with the Old
December 29, 2023 08:00 - 9 minutes - 11.4 MBWhat's not moving you to where you want to be with your finances? The start of a new year is a great time to reflect on those things so you can let them go and implement new things as we come into 2024. In this episode, let's talk about a few things to leave in 2023 and a few new things to implement to move forward with your finances in 2024. Head to https://www.rhothomas.com/184 for the full episode show notes. Join Money Mastery for Lawyers at https://www.rhothomas.com/join.
183 | The Source of Your Advice
December 22, 2023 08:00 - 7 minutes - 9.4 MBEvery piece of financial advice isn't meant for you. Often people have opinions about what we should do and how we should handle our money, but they don't have the same goals or vision that we have. That makes their advice largely inapplicable. In this episode, let's talk about the importance of being mindful of who we take advice from and filtering the advice we receive through our vision for our lives. Head to https://www.rhothomas.com/183 for the full episode show notes. Join us in Money ...
182 | Money in Moderation
December 15, 2023 08:00 - 6 minutes - 8.09 MBClosing your eyes and hoping for the best is not a good money management strategy. At the same time, you don't want to be obsessing over every penny. I've been on both ends of the spectrum, and both sucked in different ways. In this episode, let's talk about a better way to approach your finances that doesn't suck and keeps you moving toward your goals. Head to https://www.rhothomas.com/182 for the full episode show notes. Join us in Money Mastery for Lawyers at https://www.rhothomas.com/joi...
181 | Harmful 401(k) Contributions
December 08, 2023 08:00 - 9 minutes - 11.4 MBSometimes good financial advice can actually hurt your finances. That's exactly what happened to some of my clients and to me when we followed the common advice to maximize our contributions to our retirement accounts. In this episode, let's talk about our stories of saving for retirement to the detriment of our finances, why that advice wasn't the best for us, and the importance of considering your personal financial situation in applying any financial advice you receive. Head to https://ww...
180 | The Difference Maker
December 01, 2023 08:00 - 9 minutes - 10.5 MBWhether 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 episode, let's talk about a recent conversation I had with one of the first readers of my original blog and the importance of believing that you can achieve the things you want to achieve. Head to https://www.rhothomas.com/180 for the full episode show notes...
179 | Wishing You Were Further Along
November 24, 2023 08:00 - 6 minutes - 7.02 MBWe spend a lot of time wishing we could be further along. But we often miss all the good things we already have going on and overlook the fact that someone else is wishing they could be where we are now. In this episode, let's talk about being grateful for our present circumstances, even as we work toward our goals. Head to https://www.rhothomas.com/179 for the full episode show notes. Join Money Mastery for Lawyers: https://www.rhothomas.com/join.
178 | The Facts of Your Finances
November 17, 2023 08:00 - 7 minutes - 8.44 MBYour brain is lying to you about what's going on with your finances. If you're managing your money based off estimates and ideas in your head, we need to talk. In this episode, let's talk about the importance of knowing the actual facts of your finances and a few examples of how going off estimates can steer you wrong. Head to https://www.rhothomas.com/178. Join Money Mastery at https://www.rhothomas.com/join.
177 | The Hardest Part of Managing Your Finances
November 10, 2023 08:00 - 8 minutes - 9.77 MBWhat's the hardest part of managing your money well? If you're like most lawyers, it's sticking to the plans you make for your finances. By and large, lawyers find this step more challenging than any other aspect of managing their finances. The good thing, though, is that this is completely within your control. In this episode, let's talk about a few strategies you can implement to start sticking to your plans. Head to https://www.rhothomas.com/177 for the full episode show notes. Join us in...
176 | What to Do When You’re Bleeding Money
November 03, 2023 07:00 - 11 minutes - 12.9 MBIt 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 episode, let's talk about 4 steps to take if you find yourself bleeding money. Head to https://www.rhothomas.com/176 for the full episode show notes. Join Money Mastery for Lawyers: https://www.rhothomas.com/join.
175 | Better Money, Better Marriage with Vanessa and Joe
October 27, 2023 07:00 - 32 minutes - 21.7 MBMy clients Vanessa and Joe were overspending—sometimes to the point that they had to put off paying bills—and it was causing tension at times in their marriage. They came to me wanting to get a handle on their money to put their family in a better position. They achieved that and then some. In this episode, I sit down with Vanessa and Joe to talk about our work together, some of the things they've been able to accomplish, and the impact that their new perspectives on money have had on their ...
174 | Rewind: Preparing for the Holidays and Other Expected Expenses
October 20, 2023 07:00 - 12 minutes - 13.9 MBAs we head into the holiday season, let's revisit how to prepare for expected expenses. If you're like many other attorneys, the holidays catch you off-guard every year. The same may be true for other big expenses or financial changes you know are coming up. So often people don't financially prepare for things that are completely expected and end up feeling stressed out and anxious when those things pop up—as expected. In this episode, let's talk about how to prepare for expected expenses an...
173 | Dealing with Financial Stress from Loved Ones
October 13, 2023 07:00 - 8 minutes - 9.23 MBSometimes our loved ones think they know best about what we should be doing with our finances—and they have no problem making it known. Although they mean well, their thoughts, tips, and advice can lead to feelings of stress. In this episode, let's talk about three things to do if you have loved ones who are stressing you about what you should be doing with your money. Head to https://www.rhothomas.com/173 for the full episode show notes. Join Money Mastery for Lawyers at https://www.rhothom...
172 | The Point of It All
October 06, 2023 07:00 - 7 minutes - 8.47 MBSometimes we get so focused on the numbers and the mechanics of personal finance that we forget what we're doing it for. It's important to take a step back and think about the point of our money journey. In this episode, I share the point of my money journey and invite you to explore yours. Get the full episode show notes at https://www.rhothomas.com/172. Join the Money Mastery for Lawyers membership at https://www.rhothomas.com/join.
171 | The Gap and the Gain
September 29, 2023 07:00 - 7 minutes - 9.4 MBAs lawyers, it's common for us to focus on what we haven't achieved (the gap) rather than looking at all the progress we've made (the gain). This concept was discussed in the popular book, The Gap and the Gain. In this episode, let's talk about how the gap and the gain show up in our personal finances and the importance of focusing on the gain more often. Get the full episode show notes at https://www.rhothomas.com/171. Join the Money Mastery for Lawyers membership at https://www.rhothomas.c...
170 | Taking Care of Home First
September 22, 2023 07:00 - 5 minutes - 6.6 MBOften the way we manage our money results in us taking care of companies before we take care of ourselves and our goals. This is very common and can happen in extreme and more subtle ways. In this episode, let's talk about how we take care of companies before ourselves and what to do about it. Head to https://www.rhothomas.com/170 for the episode show notes. Join the Money Mastery for Lawyers membership: https://www.rhothomas.com/join.
169 | How Rachael Learned to Manage Her Money Intentionally to Achieve Her Goals
September 15, 2023 07:00 - 32 minutes - 21.3 MBMy client Rachael was already doing some good things here and there with her finances. She had a financial planner helping her with her investments, but she didn't have plan, and she didn't know how to manage her money from day to day. That's when she came to me. In this episode, we talk about our work together, some of the things she's been able to accomplish with her money, and her perspectives on money now. Head to https://www.rhothomas.com/169 for the full episode show notes. Join the Mo...
168 | 4 Tips to Stop Overspending
September 08, 2023 07:00 - 8 minutes - 9.82 MBOverspending is a common concern for the lawyers I speak with. Getting on top of overspending is key to managing your money better and ultimately achieving your financial goals. In this episode, let's talk about 4 tips to help you stop overspending. Head to https://www.rhothomas.com/168 for the full episode show notes. Join the waitlist for my money membership at https://www.rhothomas.com/waitlist.
167 | Rewind: The Math and the Drama
September 01, 2023 07:00 - 9 minutes - 11.1 MBMoney can be an emotional topic for many people. This can sometimes make it difficult to access the logical side of your brain to make strategic decisions. The good thing is it’s easy to objectively measure specific monetary goals, which helps to take some of the emotion out of it. In this episode, we talk about separating the math of your goals from your thoughts and feelings about them and the benefits of this approach. Head to https://www.rhothomas.com/167 for the full episode show notes....
166 | How to Stop Feeling Like a Broke Lawyer
August 25, 2023 07:00 - 8 minutes - 9.96 MBMany lawyers who make six-figure incomes and higher feel broke. This often has more to do with their money mindset and money habits than anything else. In this episode, let's talk about key takeaways from a recent Bloomberg article about six-figure earners in America titled "Are You Rich?" and some action steps that lawyers who feel broke can take. Get the full episode show notes at https://www.rhothomas.com/166. Join the waitlist for my money membership at https://www.rhothomas.com/waitlist.
165 | Fun Money
August 18, 2023 07:00 - 7 minutes - 8.95 MBManaging your money isn't all about cutting back and being responsible. It's important to make room for spending on fun, as well. In this episode, let's talk about including fun in your finances and how to integrate fun money into your money plan without taking yourself off-track from your goals. Head to https://www.rhothomas.com/165 for the full episode show notes. Join the waitlist for my money membership at https://www.rhothomas.com/waitlist.
164 | Buying Things You Can’t Afford
August 11, 2023 07:00 - 7 minutes - 8.44 MBOne of the biggest money mistakes lawyers make is taking on purchases they can't afford. Don't fall into the trap of buying status symbols just because you're a lawyer when your finances aren't ready to handle them. That will only hold you back from achieving your financial goals. In this episode, let's talk about two examples of people buying things they can't afford and how to know when you can afford the things you want to buy. Head to https://www.rhothomas.com/164 for the full episode sh...
163 | Luxury Living on a Budget
August 04, 2023 07:00 - 10 minutes - 11.4 MBThere's a common perspective that spending on luxury and being financially responsible are mutually exclusive. But that's not the case at all. It's possible to spend on luxury in a financially responsible way to make sure you're still able to achieve your goals. In this episode, let's talk about spending on luxury, including some ways that I have incorporated luxury spending throughout my financial journey. Head to https://www.rhothomas.com/163 for the full episode show notes. Join the waitl...
162 | Simple Money Systems
July 28, 2023 07:00 - 11 minutes - 12.3 MBMany lawyers have complicated systems to manage their money. Having a bunch of different bank accounts and credit cards makes it a lot harder to manage your money and often leads to avoiding it altogether. In this episode, let's talk about how to simplify your money system. Head to https://www.rhothomas.com/162 for the full episode show notes. Let's talk about how we can work together: https://www.rhothomas.com/call.
161 | 3 Reasons Lawyers Don’t Stick to Their Budget
July 21, 2023 07:00 - 6 minutes - 7.25 MBMany lawyers have trouble sticking to a budget. Typically, it's for one of only three reasons. In this episode, let's talk about the top three reasons lawyers don't stick to their budget and how to fix them. Head to https://www.rhothomas.com/161 for the full episode show notes. Let's talk about how we can work together: https://www.rhothomas.com.
160 | The Game of Money
July 14, 2023 07:00 - 6 minutes - 6.58 MBHave you ever played a game where you sit for turn after turn not able to move forward on the board? The same thing is happening with many people with their finances. In this episode, let's talk about how your finances are like playing a game and how you can make sure you're moving forward with each turn you get. Head to rhothomas.com/160 for the full episode show notes. Schedule your consultation at rhothomas.com/call.
159 | Quick Fix Debt Solutions
July 07, 2023 07:00 - 7 minutes - 8.62 MBHave you ever considered a consolidation loan? Or used a bonus or refund to pay off your debt? So many lawyers look to these solutions as the answer to their debt problem. But often the results don't last, and the lawyers end up right back where they started—with the same debt or more. In this episode, let's talk about why these quick fixes don't work and what you need to do to ensure that once you get out of debt, you stay out. Head to https://www.rhothomas.com/159 for the full episode show...
158 | Change Is Required
June 30, 2023 07:00 - 7 minutes - 8.54 MBIf you want to change your finances, something has to change. You can't change staying the same. In this episode, let's talk about the requirement for change, including two examples from attorneys with things keeping them from the changes they want to make in their finances and one example from an attorney who changed her finances. Head to https://www.rhothomas.com/158 for the full episode show notes. Schedule your consultation at https://www.rhothomas.com/call.
157 | Crash Money Dieting
June 23, 2023 07:00 - 7 minutes - 8.63 MBMany lawyers approach achieving their money goals in the same way people approach losing weight—depriving themselves to get to the goal as quickly as possible. But that approach often ends up setting them further back and keeping them from achieving their goals. In this episode, let’s talk about why the crash money diet approach isn’t sustainable and what to do instead. Head to https://www.rhothomas.com/157 for the full episode show notes. Let's talk about how we can work together at https:/...
156 | Paying Off $50k of Debt in a Year
June 16, 2023 07:00 - 15 minutes - 15.7 MBLawyers tend to be familiar with debt—myself included. About 95% of law students take out student loans, and many lawyers delay life events like getting married or buying a home because of their debt. In this episode, I'm sharing the first year of my journey out of debt. We'll talk about the loans my husband and I paid off and the things that happened in our lives that year that impacted our debt journey. Head to https://www.rhothomas.com/156 for the full episode show notes. Let's talk about...
155 | Rewind: Thoughts About Money
June 09, 2023 07:00 - 17 minutes - 19.7 MBThe way you think about money and the way you think about your ability to manage it play a huge part in whether you're able to achieve your money goals. You're always able to choose what you think. In this episode, I'm sharing some of my top thoughts about myself and about money. As you listen, I invite you to explore your own thoughts and adopt any of mine that feel good to you. Head to https://www.rhothomas.com/155 for the full episode show notes. Schedule your consultation at https://www....