186 | The Most Important Thing to Do With Your Money in 2024

When 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.

• • the key to financial success in 2024
  • the importance of the way you think about how to use your money
  • how most people view their money
  • how to shift your view of your money for financial success
  • poor vs. wealthy mindset
  • using your money to your advantage

You’re listening to Wealthyesque. 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 most important thing you can do with your money in 2024. So often when we’re thinking about what to do with our money, we think about strategies, right? We think about things like, should we pay off debt or should we invest or how much should we save and that kind of stuff, and strategies are important. Don’t get me wrong. But the most important thing you can do with your money this year, is to change the way that you think about how you use your money. The way the majority of people look at their money is it’s a means to buy stuff, right? We get paid and we think about the next thing we’re gonna buy and we’re going to go out to eat and the next trip we’re going to take and spending is the primary action that we’re taking with our money, right? We think about how to spend it above anything else. And I believe that money is meant to be spent there is no harm in spending money. However, the way most people have their money set up, they make money and then give it all away to these different companies and they line their pockets and make them richer. So basically, they’re working to pay Amazon or target or Panera, or whoever else. Some of us might as well just sign our paychecks over to Jeff Bezos or whoever because the money is already spent before it even hits the checking account. People who only see their money as a way to buy stuff will perpetually spend their money to buy stuff and wish they had more when you spend it all on stuff is gone. You don’t have that money anymore. And you may or may not even like this stuff after a while. What I want you to do this year is to shift that to seeing your money as the means to build wealth. It’s the most important thing you can do especially if you want to have control of your time and more options in your life. Make sure that when you get paid, you benefit that your money, the money that you’re making, the time that you’re spending, the energy that you are putting in network is going to benefit you, your finances, that you’re not making money just to give it to all these different companies that you shop with. Make sure that you are using your money to move yourself forward with your finances, whether that’s paying off debt or saving or investing shift that focus because when you shift the primary way that you view your money to seeing it as a way to build wealth, the things that you do with your money will inevitably change. Yes, you will still buy stuff but the primary focus will be on improving your finances rather than how do I buy more stuff, you’ll start looking at how to use more of the money that you’re making to pay down your debt and save and invest these things that are moving you forward financially. Those things that lead to you having more money. When you pay down your debt. You don’t have to pay out as much the next month. When you save you have more money in the bank. When you invest your money can make more money for you. I heard somebody say poor people view money as a way to pay their bills and buy stuff. Wealthy people view their money as a way to make money. So let’s not operate in the poor mindset anymore. Let’s shift to the wealthy mindset. Let’s open up more options for our lives. And as you build your money in the bank and grow your net worth you literally buy back your time because you don’t need to make as much money. So I want you to look at your view of the primary purpose of your money. What are you working for? It’s not just to pay bills and buy stuff, if that’s the reason that you’re working and that’s gonna be that’s gonna keep you working forever. Instead, let’s look at how do we use this money to benefit us right how do we use it to our advantage? How do we benefit from the work the time we’re putting in the money that we’re making? Because if the primary purpose of your money is to buy stuff, and every dollar you make get snapped right back out again, and you basically put in all that time, all that effort, all those hours for nothing. It all went to somebody else and you might as well just have your paycheck deposited to them because it’s not for you. Let’s shift the primary purpose of your money to improving your finances and building wealth for your family, keeping more of the money that you’re working so hard for so that is the most important thing that you can do with your finances in 2024. And as you make that shift as you see your money differently, you will start doing different things with it. You will start improving your finances and keeping more of that money for yourself. And if you want help with shifting the way you view your money, come join us at Money Mastery you can get started at rho thomas.com/join. Alright, that is it for this week’s episode. If you haven’t done so already, please take a second to leave a review for the show and let other lawyers know what you think of it. That will help more lawyers get access to this information. And as always, I appreciate your support. 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.