Lawyerist Podcast #545: Overcoming Personal Financial Struggles as a Lawyer, with Rho Thomas
Feb 13, 2025
Rho Thomas, a money coach specializing in aiding legal professionals, tackles the pressing financial struggles lawyers face, from student loans to lifestyle expectations. She shares strategies to combat debt and emphasizes the importance of intentional spending and budgeting. Rho discusses balancing investing with debt repayment, and highlights the need for open communication in financial planning. With insights from her personal journey, she illustrates effective approaches to building net worth and achieving financial stability.
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Rho's Debt Journey
- Rho Thomas, a lawyer, struggled with student loan debt, hindering her desire to go part-time after having a child.
- This personal experience led her to explore personal finance and eventually become a money coach for lawyers.
Lifestyle Creep and Financial Strain
- Lawyers often face a "lifestyle creep" after graduating, leading to increased spending and financial strain.
- Despite earning more, many lawyers find themselves living paycheck to paycheck due to accumulating minimum payments.
Intentional Spending
- Create a gap between income and expenses, focusing on intentional spending rather than solely increasing income.
- Allocate money for valued expenses to avoid guilt and create a sense of permission within a spending plan.