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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.
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.
299 Episodes
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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.
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