197 | Don’t Be a Victim of Your Finances

Sometimes 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.

• • thinking your finances are outside of your control
  • what happens when you don’t recognize the authority you have over your finances
  • the impact of external factors on your finances
  • things you control in your finances
  • deciding to make a change to your finances

Submit a question for Episode 200!

You’re listening to Wealthyesq. We are a community of lawyers who believe that true wealth is having control of our time. I’m Rho Thomas, and as a busy wife, mom, and former Biglaw associate, I know all too well the tension between the culture of the legal profession and pretty much everything else you want to do in life. That’s why each week, I’m bringing you the information and tools you need to improve your money mindset and manage your money to create true wealth. Because ultimately, it’s not about the money. It’s about the freedom and flexibility the money affords.

Hey friend. Welcome back to the show. I hope you’re doing well and having an amazing day so far. Today we are talking about the authority you have over your finances. I got the idea for this episode from a comment on one of my social media posts. The post was basically about how we all make choices with spending our money and Heather Moulder who hosts the life and law podcast, definitely go check her out. I have actually had the pleasure of being a guest over there. But she commented on the post sharing how many people tell her that they want to leave the practice of law like she did, but they say they can’t because of certain expenses that they have and things like that. And the way that they speak about those expenses is as if they don’t have any control over them. And her comment got me to thinking about how often I hear similar things from the lawyers I work with, where when they first come to me they talk about their mortgage or their car payment or how much they spend on food or whatever other expense as if it’s just set in stone and there’s nothing they can do about it right like this is just how much it costs. So often we forget that we have authority over our finances we are in control and when we forget that it can feel like our finances are happening to us like the car payment and the mortgage and the other bills are just coming in and I’m powerless to do anything about it. Right? I’m at their mercy. We make excuses for why we can’t do things by pointing to our finances, but our finances are within our power. It’s all within our control. And when we don’t recognize that we miss out on opportunities that are available to us because we can’t see those opportunities. It’s like we can’t see past our current financial circumstances. If you believe that your financial circumstances are unchangeable. You’re not going to see those opportunities as something that’s possible for you. Just like the people that had to talk to who want to leave the profession and do something else that’s completely available to them, but they are so focused on the current state of their finances, and whatever expenses that they have right now and all of that, that they’re not looking at how they can change the current state of their finances. Yes, the current state of your finances might keep you from making a particular decision right now, like in this moment, but it can’t stop you forever. Because you have control over your finances. You can make different decisions starting to day that put you in place to make whatever decision you want to make down the line. But if you just throw up your hands and say I can’t do that and you don’t ever look at how you can do that, that you never get there. Here’s the thing. External factors may impact your finances. That is a thing right? Like there are things outside of us that do have an impact on the way that we medicate with money that we have or whatever but you still have agency and authority to make decisions that can change your financial situation. You’re in control of your finances, you make the rules, you have choices, you have authority. So rather than feeling like the victim of your financial circumstances, own that authority, there are so many things that we have control of in our finances. We control how much we make, right we could always choose to go to a different job or learn how to make more. We control how much we spend and what things we spend on. We control whether we save and how much we save. We control how we use our credit cards. We control whether we take steps to pay off our debt, we control whether we invest our money, and I’m sure that there are many other things that are coming to mind. And yes, there are outside factors that can impact each of those things. But those factors are not the end all be all and whether we make the decision to do that in the first place. Ultimately, we have the power to take intentional steps to manage our money better regardless of what’s happening externally. So where are you advocating authority in your finances? Where are you telling yourself that you can’t do something or you can’t make some decision because of your finances? And what are you doing to change that because your financial situation is not immutable. You have the authority to make different decisions with your finances, that will completely change the situation. Own that. Don’t be a victim of your financial circumstances and keep believing that they’re just happening to you and they’re outside of your control. There’s nothing you can do. Acknowledge the choices that you’re making with your money and if you don’t like what’s happening, make different choices. All right, so that is it for this week’s episode. We are coming up on episode 200 in just a few weeks, and in celebration, I’m answering any questions you have. You can ask me anything from things about your finances, things about my personal life, whatever it is. Just head to rhothomas.com/question and submit your question. As we close out friend I pray that you take the information you learn here, apply it in your life and open up to the realization that wealth is available to you. As you do that consistently. Week after week. You’ll continue to take steps to regain control of your time, build wealth and live a life of freedom and choice you deserve. Talk to you later.