In this conversation, Rho Thomas, a money coach for lawyers, discusses the financial struggles faced by legal professionals, particularly focusing on student loans, lifestyle expectations, and the impact of debt. Rho emphasizes the importance of intentional spending, budgeting, and making significant financial decisions, such as housing choices. The discussion also covers the balance between investing and paying off debt, strategies for increasing income, and the importance of communication and shared vision in financial planning. Rho shares her personal journey of overcoming debt and offers insights into building net worth through effective financial management.
Links from the episode:
The guide to mistakes that keep lawyers from making money
Lawyerist Alternative Fee Structures Webinar (March 12)
00:00 Financial Struggles of Lawyers
06:05 Lifestyle Creep: Hidden Costs
11:52 Big Financial Decisions: Housing & Lifestyle
18:01 Investing vs. Paying Off Debt
24:02 Building Net Worth Beyond Debt
