We Should All Be Millionaires with Rachel Rodgers of Hello Seven
Episode 535: Show Notes
In today’s episode, we welcome Rachel Rodgers, a woman of color, mother of four, and seven-figure business owner – in that order. Rachel started her career working on The Hill with nonprofits, federal judges, and Hillary Clinton. When she realized that changing the world is easier when you have some cash in your bank account, she decided to build a million-dollar business and then teach other women how to do the same. Her new book, We Should All Be Millionaires, from Harper’s Leadership is out now! (as of release, not recording)
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For this show, we break down our favorite parts of Rachel’s book, which not only addresses our ingrained mindsets around money issues but also provides activities you can do, from homework assignments to different mindset reframes to help you better your headspace, grow, and move forward, whether you have a business or you just want to be a literal millionaire!
Strategizing Your Way to Seven Figures
Listen to this: the majority of women entrepreneurs make $25,000 or less in total revenue. Given the amount of work they put into their businesses, Abagail and Emylee think this is a scary figure! Rachel took it upon herself to solve that statistic by helping and supporting women entrepreneurs to build successful and sustainable businesses. She believes it starts with a simple mindset shift: stop shooting for six figures, because it is not enough. While you can use six figures as your initial benchmark, once you get there, you will realize that it is a ton of work, you can’t hire a team yet, and you will be extremely busy! If you want to achieve beyond that, there are different moves you need to make and a total mindset shift that needs to occur. You can muscle your way to six figures, no problem, but if you want to get to seven figures, you have to incorporate more strategy. In writing this book, Rachel provides that strategy for women entrepreneurs and helps us see that having a seven-figure business is a totally achievable and realistic goal!
Breaking the Cycle of Poverty
Oftentimes, books about money are written by older, affluent white men. By sharing personal stories about her own family’s financial struggles and her subsequent success, Rachel hopes to show other little Black girls or anybody else that doesn’t come from a lot of money or look like the wealthy business people on the cover of financial magazines that, if she can break the cycle of poverty, then you can do it too! Luckily, Rachel had a few good examples she could model herself after growing up, including her aunts. The reason she wrote this book and put her face on the cover is to prove that it is possible to break the cycle of poverty and build a successful business when you look different or have a different story than the majority of those who share their financial advice with the world! We Should All Be Millionaires is not just about giving you hope; it’s about providing tangible strategies to work through your negative ingrained mindset around money and make the right decisions to move forward.
Visualizing What Your Millionaire Life Can Look Like
Women and people of color sometimes find it difficult to visualize what life will be like when they make more money, perhaps even struggling with feeling truly worthy of wealth. Rachel reminds us that, statistically, women are better investors and lead companies to bigger profits than men do, as well as investing in their communities at much higher rates. Creating your dream millionaire life starts with envisioning it, but that is just the first step! Take it all the way to the point that you are not only able to earn well for yourself, but you’re also able to give back in a meaningful way. For generations, women and marginalized groups have not had access to wealth, but that is no reason to stay small. Rachel explains that, when we make more, we can hire a diverse team and uplift ourselves and others, so get visualizing your millionaire life today!
Saving Your Way to Wealth Versus Making Your Way to Wealth
While there is a percentage of people who save their way to becoming millionaires, it can take up to 30 years to hit $1 million. Then there are those who build their wealth by investing in real estate or having their own businesses who are more likely to reach $1 million within seven years. What does this tell you about saving your way to wealth versus making your way to wealth? We don’t know about you, but we’d rather be millionaires in seven years than in 30! Rachel reminds us that, while we might not think making our way is available to us, it actually is. It’s just a matter of focusing on your earning potential instead of focusing on what you can save or what expenses you can cut. Living in the now, being responsible and disciplined, and living in abundance is the key to long-term financial success, not living in scarcity and counting every penny!
Start Thinking About How You Are Going to Earn More
After you have read We Should All Be Millionaires and visualized what your millionaire life can look like, Rachel wants you to start thinking about how you are going to earn more. Doing the exercises in the book and taking the actions Rachel recommends is a good place to start in building your plan toward a seven-figure life. What is your wealth move? There are so many different ways to make it happen. Only you can decide which route you are going to take based on your natural skill set and talents, but you have to get out of your own way and take action. It’s all about women and people from systemically and historically marginalized communities making million-dollar decisions and starting to own their right to wealth, buying assets, becoming economic powerhouses, investing in their futures, and being the change they want to see in the world.
Allowing Yourself to Dream
Once you have reached your seven-figure potential, you might be thinking, “Now what?” Well, there is always more future to be had if you allow yourself to dream. Rachel believes that getting to a million dollars is just the beginning. There are so many more moves you can make at that point. There are investments to be made and visions to be reassessed! Look at how you could approach projects more creatively or create resources to support other entrepreneurs in their journey; the opportunities are endless! The most important thing is that you dream big, because you should never allow yourself to stay small.
Quote This
You can muscle your way to six figures. To seven figures, you have to have more strategy.
Highlights
Strategizing Your Way to Seven Figures. [0:06:38]
Breaking the Cycle of Poverty. [0:12:06]
Visualizing What Your Millionaire Life Can Look Like. [0:17:20]
Saving Your Way to Wealth Versus Making Your Way to Wealth. [0:23:25]
Start Thinking About How You Are Going to Earn More. [0:31:39]
Allowing Yourself to Dream. [0:39:52]
ON TODAY’S SHOW
Rachel Rodgers
Hello Seven
Website | Podcast | Book | LinkedIn | Instagram | Facebook | Twitter
Rachel Rodgers is a woman of color, a mother of four, and a seven-figure business owner – in that order. Rachel started her career working on The Hill with nonprofits, federal judges, and Hillary Clinton. When she realized that changing the world is easier when you have some cash in your bank account, she decided to build a million-dollar business and then teach other women how to do the same. Rachel is the creator of the Hello Seven Podcast and the founder of We Should All Be Millionaires: The Club. Her forthcoming book, We Should All Be Millionaires, from Harper’s Leadership is due to publish in Spring 2021. Every week, her no-bullshit business and life advice gets delivered to over 30,000 fans and her visionary guidance for female entrepreneurs has been featured in Time, Forbes, Entrepreneur, Fast Company, and the Washington Post.
KEY TOPICS
Strategy, Mindset, Vision, Abundance versus scarcity, Taking action, Dreaming big
