Jamila Souffrant 0:00
You're listening to the Journey to Launch Podcast How To Achieve A Million Dollar Mindset Life and Business with Rachael Rogers.
Welcome to the journey to launch podcast with your host Jamila Souffrant, as a money expert who walks her talk, she helps brave Journeyers like you get out of debt, save, invest and build real wealth. Join her on the journey to launch to financial freedom.
Jamila Souffrant 0:36
Hey, hey, hey, Journeyers. Welcome to the Journey to Launch Podcast. I am so excited you are back with me. Well, if you are returning journeyer meaning Have you listened to this episode of this podcast I should say before, and you've been following me for a while Welcome back, sit down. Let's take off together. If you are new brand new to the podcast, I hope you stick around I hope you really become a journeyer. And you embark on this adventure. It's truly an adventure by the way to financial freedom and independence. Every week, I bring you an episode to help you fuel your journey to freedom. This Week in the rocket seat, we have Rachael Rogers, an intellectual property attorney and business coach, founder of the company Hello, seven. She also just literally just released a book called "We Should All Be Millionaires." And I'm really proud to have Rachel on the podcast to have this discussion with her to bring this really important information to to the world. I mean, she's doing that all on her own with her own efforts on launching the book. But I knew that I wanted to have Rachel on this podcast to talk to you my journey is about the millionaire mindset in life. And to explore the question, should we all be millionaires? Should that be your aspiration. And so we go into why Rachel believes we should all want to be millionaires. And I'm really excited for you guys to hear this.
Now Rachel book is out right now. We should all be millionaires, I suggest you go pick up a copy yourself. Like actually buy the book. She has a bunch of great bonuses for buying the book, including if you buy it on her book to one of her book tour stops, which she's doing at black owned bookstores. Or if you just buy the book like she just has tons of great bonuses, I would advise you to go check that out at Helloseven.co and then you'll be able to find out about the book.
But I'm also doing a giveaway. So Rachel's publishers were so gracious enough to give me two books to give away to my journey to launch audience. Now you do have to be in the US to get the book delivered to you. So only us journeyers right now can enter to win. But here's what you have to do if you're interested in winning the book. So all you have to do is follow me at journey to launch on Instagram. And if you listen to this on Apple podcast, this podcast journeys launch on Apple podcast appropriate app on your phone, go in and leave me a review and make sure you're subscribed. That is how you can enter to win a book. And then last step, go to journeytolaunch.com/win journeytolaunch.com/win to win your book. So let me go over how you can win. You can enter to win by following me at journey to launch on Instagram and go ahead and follow Rachael Rodgers also to on Instagram. Then if you listen to this on Apple podcasts or purple app on your phone, leave a review of the podcast greatly appreciated. And then the last step just go to journeytolaunch.com/win. Enter your name and email and you will be on the list. We will be running this giveaway for about a week. So giveaway will end on May 11. And we'll make the announcement on my social media the following days so journeytolaunch.com/win to enter a chance to win one of Rachel's books, I'm giving away two copies and in the meantime, just go and buy it. It is a good book. I will actually be joining Rachel on one of her book tour stops meaning joining her as a participant. I actually bought a ticket to one of her book tour stops so I'm really excited to check her out and support her on her book launch journey.
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If you want the episode Show Notes for this episode, go to journeytolaunch.com or click the description of wherever you're listening to this episode. in the show notes, you'll get the transcribed version of the conversation, the links that we mentioned and so much more. Also, whether you are in OG journey or are brand new to the podcast, I've created a free jumpstart guide to help you on your financial freedom journey. It includes the top episodes, so listen to stages to go through to reach financial freedom, resources and so much more. You can go to journeytolaunch.com/jumpstart to get your guide right now. Okay, let's happen to the episode.
Hey journeyer. So I have someone really special in the rocket seat in the rocket chair today, this week, and it's Rachael Rogers, the millionaire, the millionaire, the legend, the person who's going to teach me how to earn a million dollars in my business. Rachael Rogers. And before we hit record, I was like, you know, Rachel, I feel like our our planets orbit around each other because we know a lot of the same people. And I feel like I have similar backstories you grew up in New York. Before we press record you talked about like, how many fights you got into. By the way, I did not get into many physical fights as a child, but I knew a lot of people who did so I was like one of those people on the sidelines. Yeah, but I just feel I don't know. I feel like I've known about your brand and you for a couple years now. But I feel like I've really seen it explode more especially since you like are releasing the book. And that your business you started the membership. I just feel like I've seen it more explode and like the projection now. And it's just amazing to watch. So congratulations in advance on I think what will be like a best seller for your book. "We should all be millionaires." That will be out. So welcome all that to say welcome to the podcast. Rachel,
Rachel Rodgers 7:54
thank you so much for having me. I'm so excited to talk to you. And I want to know what part of New York are you from?
Jamila Souffrant 8:00
So I'm in Brooklyn, Brooklyn all day BK all day.
Rachel Rodgers 8:03
Well what part of Brooklyn?
Jamila Souffrant 8:05
Okay, so I grew up in multiple areas I like to say like Brownsville, and most recently like Fort Greene. And then I bought I ended up buying property in Dumbo condo. So I spent some years there now I'm in another part of Brooklyn. Yes, yes.
Rachel Rodgers 8:21
Awesome. My husband grew up in Crown Heights. I lived in Bed Stuy before we moved to New Jersey, and then we moved to North Carolina. But yeah, so I spent some time in Brooklyn. I fell in love in Brooklyn, with a Brooklyn boy.
Jamila Souffrant 8:35
Rachel Rodgers 8:37
I'm from Queens, I'm
from Flushing, Queens. Oh, Queens, okay.
But I'm always excited when I meet other New Yorkers, because you know how people from upstate New York will be like, Oh, I'm from New York. And you're like, really? What bar and they're like Syracuse, and you're like, no, that's
Jamila Souffrant 8:51
not New York. And New York has changed so much Brooklyn, especially from when I'm sure you lived here. When I grew up here, the places to be the price of real estate. It's just a different type of place. But I feel like at the core of it, it's still Brooklyn. So I love talking like you said to people who are from the area. Yes. Now, Rachel, your book, we should all be millionaires now. First, I mean, you have a company a brand Hello. Seven. That helps people become millionaires. That helps business owners create million dollar businesses. And what I love about and what I feel like the synergy with what you're doing, what I'm doing Journey to Launch is is that like, taking economic power, gaining economic power is important. And however you decide that one of the first lines in your book, I wrote it down because I was like, Oh, she's coming out the gate. This is like really interesting. And you say I believe every woman should be a millionaire. If you agree with me, then this book is for you. And if you strongly disagree with me, then this book is definitely for you. And I was like, Okay, yeah, and I want to touch that because you know, in this space and personal finance, things are personal and like you know, you base what you need and want based on your goals, and your lifestyle, and I have a lot of people who don't want like all the money. And I don't know if it's because they don't want to put that expectation on themselves, or they really just don't want the burden or what they think is money. And you come from a perspective that everyone should want to have money and be a millionaire. So I'd love for you to touch upon that.
Rachel Rodgers 10:18
Yes, especially as black women, especially as people of color, people ask me all the time, like, at what point will it be enough, and I'm like, I'm black. So it'll never be enough, right? Like my people have needs. And so once I meet my own needs, and my children's needs, then I can meet the needs of my community, right. And so, to me, money is a valuable tool. And it's a tool that is mostly controlled by old white men. And so when we can get ours if we can get a piece, right, and if we can get access to this tool, and use it for the causes that we know are important that we care about, I think that is really powerful. Like, even if you look at what Stacey Abrams did in Georgia, right, and other amazing black women organizers, all of that takes money, right. And we are in a position, right, where we can build wealth, and we can write checks that change lives. And we need to put ourselves in that position, especially if we're good at it, especially if we have the opportunity to, I am good at making money. And I hear people you know, I was listening to an interview with a black man who's working on building a school in a black neighborhood for black kids. And he was talking about how they need $300,000, right to do all the electrical, whatever, they raise the money to buy the building. Now they need the money to like basically renovate the building, and then they can open the school. And it's $300,000. And basically like three weeks worth of work. And I was like, I could write that check. And I was like, let me go research that school, research that man, see what he's doing, make sure that it's aligned with my values and what I think is needed. And if it is that I might write him a check, you know what I mean? And I'm like, I can help to open a school and I don't give a crap, if my name is on it, I don't even want my name on it, I just want to provide the things that our children deserve, that our community deserves. And money enables you to do that. And so I'm about that life. And honestly, Hello seven, I've not said this anywhere else, but in my mind, this could be $100 million business, and I am looking to build it to that. And it is hard. And I may not be the CEO all the way there, right? Like there may be a point at which I tap out and bring somebody else in. But if I have the ability to vote in my business, I'm making an impact in helping people of color build wealth, and then with the cash that we are generating and the profits that we are generating, we can build schools and build infrastructure and make change in the world. Like that is a worthwhile cause. And so that's part of what I'm talking about in this book, I really want to connect people to like, let's not let's stop talking about money. Like it's a bad thing. Yes, there are bad people who do bad things with money. We are not bad people. Let's do good things with money.
Jamila Souffrant 13:00
Yeah, and I think it's important because sometimes people phrase money, like, Okay, if I do want to make money, I'm gonna say that it's for others like, and for the community, and which is great. Like, I think that's a byproduct of what happens when we have so much and have abundance of money we can give to others. But I also want us to come from a place especially as women, so that I just want money because I want money,
Rachel Rodgers 13:20
Jamila Souffrant 13:20
Like it doesn't have to be like this, I want to save the world. Because I think eventually, ultimately, you know, money reflects or amplifies who you are essentially
Rachel Rodgers 13:29
Jamila Souffrant 13:30
So I do want to talk about that. Because a lot of people have virtue signal about like, not wanting money, because they don't want to feel like a bad person. And that can be dangerous, too,
Rachel Rodgers 13:38
for sure. And I think it can be both. And we always want to live in these like black and white rules. And I'm like, first of all, the world is gray. Okay, there is so much nuance here. And trust me, I live in a beautiful house, I have a beautiful chandelier in my office that cost a lot of money that I flew in from South Africa, because I wanted it you know what I mean? So I am not afraid to spend money on myself. And it is a revolutionary act to be a black woman building her own wealth. publicly. Yeah. Right, visibly allowing other people even if you don't do it on Instagram, if you let your neighbor See you, and they have a little black girl, they're like, Oh, look at what our next door neighbor is doing. I could do it too, right. It's possible for me as well. So I think that in and of itself is revolutionary. And I know the truth of the matter, because especially because I studied it for this book. There are so many stats that show black people, women in particular of all races of all economic levels, contribute more to charity than any other demographic period. So it's just going to naturally happen when you have money, you are going to contribute to making the world a better place because it's just what we do. So it's not something you have to think hard about. It's not and I also I reject this whole idea of like, I don't want money because you know how people do it in a way that's like, I'm judging you because you care about money so much and I don't care about money, you know, and I'm like, um, yeah. Now I shut all that down. Sometimes it comes up in the club in my community, and I shut it down. And I'm like, Listen, there is no virtue and choosing to have less, if you want to have less for whatever reasons, like that's your choice. But recognize that this is a tool that can be used for any number of things. And if you just want Chanel bags, and you want to fly first class, honey, more power to you, I applaud you get out there, get your Chanel bag, why don't we deserve to have joy and have pleasures in life just like everybody else, right? Like, why do we think we have to deprive ourselves, and that's the thing around money. It's like, we have shame if we don't have enough. And then we have shame. If we think we have too much, you know, there's no winning, especially for women. And so I just reject all of that.
Jamila Souffrant 15:42
Yeah. And to play devil's advocate here. So for the people who say, like, capitalism itself is broken. And no, we're trying to win in a game that's broken. So even if we gain economic power, like ultimately, it doesn't help us as the people doesn't help, the more disadvantage. What do you say to that? Because sometimes, if I go down that rabbit hole of thinking, I'm like, wow, that kind of makes sense. Like, but then I'm like, I don't I actually like to be honest, I'm not going to then give up what I'm doing now in my family's security to be the one to do it first, because that's not working right now. And you can say that in your book. Yes. It's like, that's all good. If this is the way that things were, but they're not that way. So what do you say to those people who say like, we're trying to win in a fight that actually like is not meant for us to win. And even if we get the money, it does not solve? Really the deep rooted problems?
Rachel Rodgers 16:28
How do we know that we've never had it? Right, like, so how do we know that? Yes, capitalism, I agree, especially as it stands today is extremely harmful, because capitalism is built on exploitation. Right? I'm a company, I'm going to exploit these workers pay them as little as humanly possible, work them as hard as humanly possible, and reap all the benefits for myself. That is not what I do. In my company, Mike, every single employee gets profit sharing. Everybody has health insurance, everyone gets a 401k, we put money in there, regardless of whether or not they put money in there. Right. So you can have a team and you can have a company and you can be building wealth, and you can take everybody with you along for the ride, and it can be a win win. So I want us to reimagine a version of financial well, being an economic well being for us where everybody wins, we don't have to do it the way that old white men have done it, right, we can do it a different way we can have minimum, so I like so like, the federal minimum wage, I think, is it 725? or something so absurd like that, and they're trying to raise it to 15?
Jamila Souffrant 17:34
something ridiculous. Exactly.
Rachel Rodgers 17:37
And so like, you know, when I talk about hiring your first personal assistant, the lowest wage that you should be giving people, in my opinion, is $20 an hour minimum, right? We pay more than that, right? And when I can pay more I do, right. So like, everybody gets to win, like my house manager, who manages my household gets profit sharing, because guess what I would not be having the company that I have, without her support every day, in my household, you know, so there's a way to build wealth without exploiting people. And with making it so that you can create this basically, micro economy. You know, we have 25 employees on our team. They're all building wealth to their buying homes, right? They're, they're pouring into their 401k and building that asset. And we are teaching them about wealth as well. So I want everybody to be along for the journey. And it doesn't have to be, I'm winning, and everybody else loses. That is a model that sucks. And I'm not about that life. And I think we can create another model. I think we need to just get creative. And imagine how could we do this in a way where we're really serving others and other people get to win as well. Our customers win. Our employees win, and we win.
Jamila Souffrant 18:42
Yeah. I love that. And so how does one right like Rachel, like you had you know, you, you didn't grow up with money?
Rachel Rodgers 18:49
Jamila Souffrant 18:50
You struggled. You got your degree, as I saw you on in your book you talk about, you had your virtual law firm, and it was making hundreds of 1000s of dollars and you switch to business coaching. And then now you've grown Halo seven into like this multimillion dollar business. So how did like the Rachel from the point of not growing up with money and still like having a scarcity mindset, and you maybe still have some of that? Or you've grown out of that? But like, how did that Rachel from Queens become this Rachel now who owns a ranch? By the way, we didn't talk about that. Maybe we'll get into it. But like, how did you become this Rachel? Like, what mindset shifts did you have to make to get you here?
Rachel Rodgers 19:28
Yes, well, that entire journey is captured in the book. But what I will say too, is I think it starts with just courage, right? Like, first of all, it starts with a why and then courage. So for me, my why was we did struggle a lot financially. And money was scarce. And it was a constant struggle in my household and in the people around me too. And so from very young, I was like, Well, what can I do that would make money right? Like I was very aware of my the financial struggles in my household and we did have a period where Where, and it was a short period. But we did have a period of a couple years where my both of my parents had good jobs. We had amazing Christmases like things were great. There was much more peace in the household when we had money and could pay our bills. And my parents weren't constantly under like this financial duress, you know. And so I noticed the Stark, I had that sort of stark contrast of like having not a lot, and then having a lot and then having not a lot again, right. And so that really was like, oh, money is the key. Like, if we can have money, we can take care of ourselves. And so then I was always asking how do people get money and one of the most probably, formative experiences and I tell this story in the book in more detail, but I used to babysit for a little girl named Ilana, she lived in Douglaston queens, which is like closer to Long Island. Nice, really nice. Like, I remember I arrived there, and it's like all tree lined streets. It's all these big houses. So beautiful, right? And that's not where I lived. But I would take the bus over there, and I'd pick her up from school and walk her home. And then at home, you know, she lived in this big, beautiful house, it was just her and her two parents, and we'd open the pantry and they had like every snack under the sun. And then we'd open the freezer. And it was like pizza, bagels and all that crap that we used to love as kids that my mom always said no, because we couldn't afford it. Yeah. And so I was just like, what do her parents do? Right? Like, I was so curious, her father works from home. So he was there, but he was working. So I was like, it was my job to like, occupy her, keep her entertained, give her her snacks, or whatever. And so just being in that household and seeing their display of wealth and being like, how are they doing this? And just being able to witness it showed me like, this is a possibility. What do I have to do to make this and so I learned that like being a professional, going to school, get a degree, these are the things I learned. And this is what my father also told me to do, right? Like my parents instilled in me, you can be anything that you want to be, and I truly believed them, you know, so we didn't have money. But we definitely had a lot of encouragement and support, you know, especially as a young child. And so I think those were the things that made me start to think about like, okay, building wealth as a priority. And so I decided I was gonna go to law school, and that law school was going to be my way to like, I, you know, I remember when I was thinking about graduating from law school, I was really close. And I was like, I just want to be able to get a cleaning lady. So I never have to clean my own house again, because I hated my room used to be a mess. As a kid, I always got yelled out about it, like, I'm just not an organized, neat person. Like, I'd really love some help with that. And so I was like, I'm gonna get that, and I'm gonna buy my mom a nice car. Like, that was like my dream, you know? And, and, of course, I've been able to do so much more than that. But that's all I wanted. And that's what I wanted to go to law school for.
Jamila Souffrant 22:44
And so after law school, and figuring out and having us doing your legal work and having that profession, when did you realize there's more opportunity in going on your own in terms of your company and building your company?
Rachel Rodgers 22:59
Yeah. Well, I graduated in the midst of the 2008 recession. So there were not a lot of jobs available. A lot of the big law firm jobs were like, cut down, they were, you know, normally they'd hire 30 new associates, every year. Now they're hiring two, or five, and so became more competitive. And I also had worked at a lobbying firm, where the principal lobbyists used to throw staplers down the hallway. So it's like, I was not in a rush to put myself back in that kind of environment. And so I graduated, I had a couple of job opportunities. And none of them were that exciting, right? Like they all none of them paid particularly well. None of them were exactly what I wanted to do. I clerked for a judge for a year and after a year, you get kicked out because they have a new clerk coming in. It's like a year long experience. And during that clerkship, I was exposed to lots of like solo attorneys attorneys who had their own small law firms. And so I was like, how could I do this? And I remember solo practice University, like I used to, I joined that, like, it was like a membership, and it taught you how to build your own solo practice. And it was like, it was a big, hot topic, because of the recession. All these lawyers were graduating and needed a job because we had big law school loans, you know, yeah. And so, you know, I was just like, I'm going to try my hand to do my own thing. My judge was like, what, what are you going to do? You need to get a job. My mother was like, pardon. But I was like, I think I could do it now. And I felt like I should start this entrepreneurial journey now while I'm already broke, because once I get used to a nice salary, it's going to be much harder for me to go out on my own later. So I was like, let me just do it now. I already got a real shrunk down lifestyle. Let me try it and see what happens.
Jamila Souffrant 24:39
Okay, first of all, I love that thinking. So I know people listening like Well, I don't have any money either now to maybe, like maybe I should try like something new and it's kind of when you establish yourself more and have more to lose the fall. Yes, is greater and feels greater, you know, just the thought of losing it all feels more versus and I hate to sound so cliche, but if you're ready Don't have a lot like that you have, it's not much more you can lose. So why not just like, go for it? Like why not exactly. So I, I love that. And so I want to like fast forward just a little bit because I do love that eventually you now realize you have a skill set and helping other people earn money. So you started, you've created your own law firm, but then you realize that, okay, people ask me for business advice now how to grow a business. And to me like that's a whole new realm. Because it's almost like you use your tangental skills like you use what you were doing to grow your business, you saw a skill set in that and then use it to help other people grow their businesses. And I think for most people in where they're thinking about what they can do right now is they're listening, they have jobs, they have an expertise, and they're like, Alright, well, I have a cap, and it feels like I have a cap and how much I can make over this amount of time. How did you? or How can they start to think about using their skill sets in a way that can scale to make money? And did you think that you were going to make millions like at first like Was that your or was like, I'm just want to I just want to survive, like, I just want to like pay for my expenses and cleaning lady.
Rachel Rodgers 26:07
Exactly. When I first saw as a clerk as a as a clerk right out of law school, I was making $41,000 a year, and I had a really good health insurance from the state. And I was like, if I could make those two things happen while working from home, that would be a dream come true, I would be delighted right to have the freedom of not going to an office every day, and making $41,000 a year and being able to afford health insurance, right? Like, those are my goals. And that's kind of how it starts, you don't have to have the enormous goal on day one. Or you could just be like, Okay, what do I need in the next six months? Or in the next 12 months? And how can I work towards that? Great, hit that awesome Now, what's the next level, right, and just be motivated by your needs and wants, right and your Why? So that was it for me, I just wanted freedom and flexibility. That's what I was after. And that's what I started with. And then you know, I was running my law practice, I was doing intellectual property law, small business law. So I was working with entrepreneurs already. And of course, building my own business as a solo practitioner. And I found that I was really good at running the business, I really enjoyed it. And I was using those skills from law school. So like law school teaches you how to write really well, because every, like, you can only have so many words in a brief, and they will cut out like every extra word, they will cut it out, you have to be concise. And you have to tell a story to the judge, you know what I mean? So you really, I feel like you learn incredible writing skills in law school, and people don't realize that, you know, public speaking as well, like you have to get up there and represent your client, you're doing mock trials and all those kinds of things. And so I felt like I learned some really valuable skills that I was using to grow my business, and then grew my business to around 700,000 a year, it was like probably six to seven years of building my law practice. And then all these people who are my business clients were like, you're making a lot more money than I am in my business. Like, tell me more about this. And I would give them advice and tell them what to do. And someone told me, like a friend of mine was like, you should start charging for that. And so I started charging for it. And I really loved it. And I found that I was more motivated to do that. And honestly, I would have never known that I was good at business. Had I not had my own practice to run and try, you know,
Jamila Souffrant 28:14
yeah. And that is like, you know, I feel like we are we all are on this path. And we that we don't really know how we'll get to the end point. But there's these winding, sometimes detours, but they're not really detours, and crumbs if we follow them, and it sounds like and I always say like lawyers. So what I seen as a commonality between some guests, and their success is the profession they had as they were building their other thing or what they're using, and one teachers always had budgetnista to on I carried them on. And they came from the teaching profession. And they're like, I'm doing amazing in their business. And then I think about all the lawyers I've had on and even if they're just like working on the side, like doing something else or like blogging, or like they're using those skill sets to writing, speaking, to elevate, and do more. And so I think like you said you didn't know you wanted to do, ultimately business, but you had to do the law thing first to figure out this. And so I just want to give encouragement to anyone listening, maybe thinking well, that's not exactly what I want to do. But I know there is something you right now that you're doing as a skill set, you can either improve upon, or you're not even recognizing that it's a skill that you can leverage,
Rachel Rodgers 29:21
for sure. And there's a whole chapter in the book called million dollar value that is all about figuring out like, what is that thing for you that you could sell? And sometimes it's not, it doesn't have to be forever. I don't even know if I'll run Hello seven forever, right? However, right? It could be for right now. So what is a skill that you have and one of the ways that you could do that is taking assessments. You know, there's all these like personality and skills assessments that you can take to kind of get a sense and sometimes it just really reinforces what you already know. Like I've always known that I'm I used to get in trouble in school for talking too much. Now I get paid to talk. It sounds like I always knew that I was a talker but then I realized oh, that's public speaking and that's a skill you can get paid for that. Right? And so you can sort of assess what are my natural skill sets? What do people always ask me about? Like, what are people always complimenting me on? What are the things related to like, maybe even unrelated to my day job that I'm always asked to do in the office? Because I'm good at it, you know? So I think there are ways to look at the skills and expertise that you have from your job. But then also, what are your just natural talents and gifts? And from there come up with what is something that you could do for people that you could start charging for as a side hustle, right to begin the journey, and see where it takes you? And sometimes you realize, oh, wow, this skill is really in demand. I had no idea how valuable it was awesome. And the next thing you know, you're quitting your job? You know? Yeah, that's what happens.
Jamila Souffrant 30:44
And it almost seems like literally, like you can choose anything to make money, you just have to focus on that thing. Yes, right. away,
Rachel Rodgers 30:52
say that focus. Mercy.
Jamila Souffrant 30:56
What you have to just focus, like, you know, some people have like a lot of opportunities in front of them, it's like, I don't know which one is going to work. Any of them can work, if you just focus on one of them anything.
Rachel Rodgers 31:05
And this is why I say like, go to something that you feel drawn to, if you feel drawn to it and excited about it, if it is something that you get to use your natural skills, and it's fun for you, right? Even if you have no experience in it, just try it and try your hand at it and see what happens. Because I think when you are excited about it, and when you want to talk about it all day long, that's when it's actually easier to sell. And it's easier to start making money from it. You're trying to force yourself to do something that you hate, you're gonna have a hard time a lot of starts and stops, right? You're it's easier to commit to something that and focus on something that you love and are excited about.
Jamila Souffrant 31:39
Yeah. And so is it your belief that becoming a millionaire? And we should I want to? I know the answer to this. But what is your definition of Millionaire? First, let's start there.
Rachel Rodgers 31:47
Yes, so that means having a million dollars in assets, right, having a net worth of a million or more, it doesn't have to mean having a million dollars, that your salary doesn't need to be a million dollars every year. But trust me, if you get to a million dollars in net worth, you can definitely grow that and get to a place where you have a million dollars in salary. And honestly, I feel like this is a beginning point for people, I just want to get them there, like get to a million and then you are going to see all of the different moves and opportunities that there are out there for you to grow that wealth, you know, but let's get you to that first point, right. And so that's how I define it. So if you own you know, a million dollars house outright or a million dollars in real estate, you are a millionaire, right? If you have a million dollars of cash in the stock market, you are a millionaire if you have a million dollars in your 401k. Right. So that's kind of how I think about it. What are the assets that you have? and combine those together? Do you have a million dollar net worth? And what people tend to undervalue and forget about is their own businesses, right? Like, if you own a business that is generating a million dollars a year, you have a multi million dollar asset, you can sell that business for more than a million dollars. Right. So that is an asset that makes you a millionaire. And I think people undervalue these assets that they're creating, you know, in our own businesses. And of course, there's work to be done, you want to get it to a place where those processes and systems and it's something you could literally hand to somebody else, and they can make money from and that takes time, right? Like, doesn't happen overnight, but it is still an asset that generates millions, you know, or generates a million,
Jamila Souffrant 33:18
right? What do you think is not the fastest way but yeah, the fastest way that someone can get to that million dollars, because I people who listen to this podcast were at the very beginning of their financial independence journey. And so thinking of either earning a million or having a million is a like, feels like a stretch, then I have some people who are further along on their journey. I call them like aviators, commanders, in my levels of financial independence, where they are investing and saving, they may have a business and it's like they can they can see that it's in the horizon for them. So for you, what is the way or the fastest way that someone can approach that goal? Is it through their own business? Because I do have people who just they work at jobs that they they enjoy and love, and they don't want to start something on the side? Mm hmm.
Rachel Rodgers 34:04
Yes. So in terms of we're talking about strictly based on the fastest there, there is a study that I quote in the book about different pathways that people took to become a millionaire, and how much they acquired. And so it was a survey that was done research that was done to like, talk to these millionaires and figure out how they got there. And so there was the Savers, the folks who saved over a million dollars, and on average, it took them 32 years to save a million dollars in assets. And I'm like, Huh, No, thank you. I'd like it a little faster than that. So there's the Savers, right. And so yes, that is a conservative way. It's, you could call it a low risk way, but it also takes a long time, right. And usually they were sacrificing a lot, meaning that they were really cutting down their expenses for long periods of time. I cut down my expenses for a couple of years when I launched my business because I wanted to live off very little so that I could just get this business out the door, invest in it, blah, blah, blah. However, I don't want to do that for 30 years, and I don't want our people doing that for 30 years, we deserve happiness, you know, we deserve joy and pleasures, we don't have that kind of time.
Jamila Souffrant 35:09
Also, we don't have that luxury of time.
Rachel Rodgers 35:11
Exactly. Exactly. So that's one option. Another option is to build your own business. And for the Savers, they had like $3 million in assets after 32 years on average. For those who are business owners, it took them about seven years to become really successful, on average. And their net worth was 12 million, right. So significantly more in significantly less time. And then they also had those who worked at companies and sort of worked up to the corporate ladder where they got to the C suite or got to a place where they were getting profit sharing of some kind. And those folks took, so I can't remember exactly, but I want to say it was it was like 15 to 20 years, and they had a couple million as well. But by far, the business owners got there faster and made more. And what I teach, and what I have seen in my programs and working with people is I think it's three years, I think if you follow the advice that I give, and you are consistent and focused on this path, you can have a million dollar business in three years or less. And I've had clients who did it in six months. I've had clients who did it in like 18 months, there was a client of mine that I interviewed on my podcast, the hello seven podcast recently, Rosina Pierce, and she did it in two years, and her business is at 1.2, or at the time of doing that interview, her business was at 1.7 million. So you'd be surprised how quickly you can grow a business.
Jamila Souffrant 36:38
Yeah, yeah. And I'm smiling here. Because the way I think about it is because I'm such, I'm such a calculated risk taker. And when I first came upon this financial independence like world and movement, it was mostly people starting out in the saving realm. Yes, right. Like being very smart. They're working their jobs, and I had a job at the time. And so in my head, I'm like, Well, I might as well set myself on the path on the safest route. So the worst case scenario, in 30 years, I'll be fine. Now what I do in the meantime, after I've, you know, set myself up to earn and save what I earned, but more save and invest my way to, you know, 5060 to be a millionaire, but what can I do in the meantime, in the interim to
Rachel Rodgers 37:19
right speed that accelerate that growth?
Jamila Souffrant 37:21
Yeah, exactly. And so like, I feel like, just there's because I just know that sometimes the people who listen to this podcast, some of them are more of the saver investor. And I don't know, like, sometimes I wonder if I can, like, sit down and talk to everyone like, Is it because one you believe what you think a business is, is like, it's a lot of hassle like to become and to do it fast like that. You think it's a lot of work, which I imagine is work. And so for them, they're like, you know, I don't want that I just want to go to my job and come home clock out and live my life. Yeah. And be fine. I'll be average, like, I'm good with that. And I think that's fine, too. People want that, for sure. But I wonder too, like, if sometimes people really do want to go the faster route, but their limiting beliefs hold them back. Because there's like, Who am I to have a million dollar business?
Rachel Rodgers 38:03
Correct. And they also think it's some far off thing that is only for special types of people. And also to you know, if they're a parent, they might think I don't want to be working so much. And I know that is a big, you know, if you've ever grown a business to 100,000, you'll get that 100,000 to 200,000. Mark is where you are busiest. Because you are like you finally hit like you're getting enough clients, you're probably selling too many different types of things. And it's not streamlined enough, for sure. But then also, you're like, I could barely afford a team at this point. So you're doing mostly everything yourself still. And if you think that it's like that the rest of the way, you're gonna be like, Oh, no, I'm not trying to grow after this, like this is enough, I'm not doing no more right or, or you even quit. What I want people to understand is, you when you start hiring help, like you actually work less. So the bell curve is like its highest at like around 100 to 200,000. And then it drops down significantly, to where you get to like where I'm at. And the reason why I have to show up to work every day right now is because I'm launching a book. But if I was not launching a book, I would literally be working 15 hours a week, you know, at this point, because I have a team who's running it, I have a leadership team who's making the decisions every day in the business. And I'm not as much as much needed and and in fact, as an entrepreneur, and visionary, I actually disrupt the processes that are in our business. So it's like, they call me in when it's planning time and then they want me to go away. We love your ideas. We'll see them next quarter, right like we got enough to do. So you actually will not continue to hustle like that. And I really teach like have a team and get assistance get help as early as humanly possible because that's what pays dividends and you don't have to hustle that hard, you know, and listen, I'm about diversifying, like I own real estate, I have money in the stock market. So I basically was broken had nothing I had a negative net worth when I started my business and then paid off debt, gotten to a positive place and had this Amazing asset. And then once my business got to that million dollar mark, I started immediately pulling money out of the business. And not all of it obviously in a calculated strategic way, but moving money into real estate moving money into the stock market so that I'm diversified so that all of my wealth isn't in one thing. And I do strongly believe that that you should have it diversified. You should be hitting all of those different ways that your money can be making money, right? Yeah. But and here's the other thing to buy a laundry mat, right? Like, you can literally buy a laundry mat. And it's already generating income, build a website for it, put some branding on it, look for ways that you can improve it and get more customers. And like, you don't have to build a business from scratch, right? There's so many different ways to get into business. You don't you don't have to be the face of the personality. And it doesn't have to be the Rachael Rogers brand, right? Like it doesn't have to be your name .com, right?
Jamila Souffrant 40:53
Well, this is why exposure is so important. Because sometimes you even know that things like that, like businesses like that exist, that you can just buy one or step into one.
Rachel Rodgers 41:01
In this time, like during this pandemic. And when you have like economic upheaval like we have right now, there is an enormous amount of opportunity. So for those folks out there that are savers that I've saved money, you should be looking, there are opportunities to buy all kinds of local businesses that make a ton of money. Right, like whether it's a fast food place, whether it's a nail salon, whether it's a laundromat, right a dry cleaners, there's lots of businesses that are selling right now. And it could be that they're just ready to retire. It could be that those businesses are under duress. And so you can buy that business, relieve them of that stress and take it to the next level. Right. So there's an in homes to write real estate. I mean, the interest rates are ridiculous. I have picked up so much real estate in the last year, my financial planners like okay, we're done now. But there's so much opportunity, right? So like, you want to be in a position where you could take advantage of those opportunities, especially and in economic times like this, those are opportunities for people like us to get in the game that haven't been in the game.
Jamila Souffrant 42:03
Yeah, yeah, I'm glad you like added that because you have a section in your book about million dollar decisions. And some even even just the idea of like paying for someone to come into your business, when you feel like, you know, you're just making it, you want to keep it to yourself, like getting over that hump. Getting to that next level requires like a different type of mindset, like, you know, the person that is investing in that I just today, like I actually my sister called me because she, for the first time saw the benefit of investing in a Roth IRA, because she didn't want to do it at first. And then she called me and she's like, it's $900, more than last year. And I'm like, see, and we're in her head, like I knew she was sitting at this kitchen table, she was looking at me like, you really want me to put all my money in here. Like That was me like she was like, I don't understand, like what you're asking me to do. But I'm just doing this because you're my sister. And so the same like even though it's a different, it's different levels than buying like, you know, property or something else that maybe a more money, that same leap, it took her to put $3,000 of her hard earned money, she doesn't earn that much into that from savings to investing. It's to me the same leap that it's going to require for me to get from what I'm making now $2 million to do all these things. And so I just think I'm recognizing when you're coming to these decisions, and knowing when it's like, just a bad decision versus No, this is something you actually need to or should do if you want to get to that next level is important. Exactly.
Rachel Rodgers 43:27
And you know, something that I think really resonates with savers. Right is and first of all, my sister is a saver and I love this book is literally dedicated to her. And as I was writing it, I was writing it for her, right because I know what she needs to hear. And of course, she's my sister, she's watching me do all the things I'm doing and still doesn't listen to me or she does now. But like literally it that's a last year shift, right? Like it's been one year, right? So trust me, I get that. And I know everybody is not a leap taker in the same way that I am. And that doesn't mean you can't get in this game. You absolutely can. And when I talk about million dollar decisions I'm talking about as someone said to me the other day, they were like, well, what are this like point zero decisions I can make? Because I'm not at a place to make million dollar decisions. And I'm like, Oh, no, honey, you make million dollar decisions now that pay that million dollars later over time, right? So let's not pretend that discipline isn't a part of this journey. You know that delayed gratification that is also a part of this journey, right? I'm not saying have everything you want and have it right now. But what I am saying is can we make decisions from a place of abundance, so instead of saving every dollar that you possibly can and cutting down your lifestyle, and there's a time and a place to do that? There are ways to do that. However, if you are working on your business, like let's say you have a full time job and you have a side hustle that you work on on the weekends and some weekends you don't get to it because you're running all the errands and doing all the housework and doing the laundry. What have you spent $70 to outsource laundry so that you just drop it off somewhere or it gets picked up gets delivered. Back wash folded, and you got your weekend back to focus on your business that can pay you a lot more than $70. So I really want us to be thinking about how you're not just investing money, you are investing your time every day with every decision that you make. How can you use your time differently? Right, so that you can build wealth and increase your earning potential. So I want people thinking about all of those things, not just money. It's not just money decisions. It's every decision we make all day long.
Jamila Souffrant 45:26
Yeah, cuz oftentimes at that moment, we're only thinking about the money going out, like, so I sat down with my tax person, and he was telling me all the money that I owe, and I was like, so you told me, so you made because, you know, the business did really well in 2020 versus the previous year. And he's just like, I was like, so you mean to tell me I could have hired more help, then? Because then it would have been like, it would have lowered my profit. And he was like, yeah, so you need to hire more help. And I was like, Alright, Jamila, you gotta, you know, so I already recognized that in myself. It's like, and I think awareness is great. That's the first step. But it's also taking action on that awareness. Like, you see the gap is important. And so the other thing I want us to talk just a little bit about is like the pricing, because we, you know, we talked about that before we started to record and you said, it's like, one of the things you haven't talked about a lot yet. And I think for business owners, entrepreneurs, people doing things on the side, pricing is everything. Um, because it can, you know, it can make or break your business model. So can you talk a little bit about like pricing your business and what that looks like to get to that million dollars?
Rachel Rodgers 46:26
Yes, there's a whole chapter in my book, million dollar pricing, because it's so important. I think we especially as women tend to undervalue ourselves, we undervalue our skills, right. We're like, well, I'm good at that isn't everybody, anybody could talk, anybody could get up there and give a speech, or anybody could write that thing, or anybody could blah, blah, blah. And it's like, no, anybody can't write that is particular to you. So we undervalue our skills, because it's comes easy to us, but it doesn't come easy to everyone else, you know. And so I think that's really important. I mean, pricing is the game changer, right? Like the difference between the folks that are, if I would say the biggest decision that the folks in my programs make that gets them to that million dollar mark, it's two things, well, actually three, one is choosing one thing to sell, if they can just focus and just go all in on that one thing and sell that all day long, instead of creating 17 offers, that makes a huge difference. And they make more money, and they are able to streamline the business right? team. soon as they start hiring team, they realize like, Oh, now I have more time to think of ways to how to make more money, right? I can do more marketing, I can serve more people, I can reach more people. Also, there's all kinds of inquiries coming into my inbox every day, I have an assistant who is responding to them in a timely manner, instead of two weeks later be like, hey, you still want to hire me. And they're like, No, we I find somebody else because you took too long. So that immediately makes them more money. And then the other thing is pricing. And I actually recommend to most women, double your price, whatever your price is today, double it, and I guarantee you, you will still sell just as much. And you will vastly improve not only your revenue, but you're going to improve your customers experience because now you're not as stressed. You're not hustling from launch to launch, right? And you can focus on that customer, you can make the experience better, right? You can, you know, you know, deliver something that you're not stressed about delivering because you're not having to hustle all the time, right. So it really brings down the noise and elevates your profits as well. So I think almost every woman can afford to double her prices. And we'll see a huge return. And here's what happens, like people are always like, well, I'm going to double my price. And then all my clients are going to leave or whatever. And you might lose a client or two. But what's going to happen is you're going to raise the quality of your clients like people will, people are spending money on things that they really want and care about, right? And so when you make it really cheap, and it's a steal, and it's a deal, you're gonna have people saying yes, that maybe it's not the right fit for them, they don't really care about it, right? And so then they become problem customers and are difficult versus the customers really respect you. They respect your time, they're about that life. They're all in on the thing that you are providing to them, and they really want it and they're willing to pay a premium for it. And also we just undervalue ourselves. So we just need to the world needs to get used to like women being expensive, right? Especially black women get used to paying me Well, okay. I'm the discounted version. I am not okay. You don't have to pay for this expertise. Alright, well
Jamila Souffrant 49:28
blame Rachel for all the prices going up for my stuff.
Rachel Rodgers 49:34
Around the world, the prices is about to go up.
Jamila Souffrant 49:36
I definitely think this is something that I I hear a lot. And you know, especially in the space that I'm in, like the personal finance space, like because the messaging of what sometimes we're doing and then what other people are doing. were similar to what you're doing. Like even though it's different. I know what our offers different. I know my vibe is different. It can you know, bring in the limiting beliefs of how much can I or does this make me seem like I'm not good. person because this should all be free, right? There's so much that comes along with it.
Rachel Rodgers 50:04
And that's such garbage, right? And this is why we have to manage our thoughts and they're going to be people trust me, I get emails all the time that are like, first of all, some people are like, this is a steal, oh my god, this is amazing. And then I have other people who are like, this is too expensive. How are we ever supposed to afford this? And I'm like, great. I like being aspirational. And I'm not for everybody, you know. So if it's not for you right now. Cool, right. And I do have ways that we are serving others. And one of the ways is, we have a podcast, we do all of this education for free, right, there's so much that people can get just from our free stuff, you know, I have a book for 25 bucks, right, like, so there's a way to get that knowledge I need, get it from the library for free if you need to, right. So like, there are ways that we give back. But our businesses unless they are set up to be a charity, don't set it up to be a charity, right? Instead, make the money, do the good work. And then on the back end, you can contribute to things that matter to you, you can provide education in low income communities, right, you can do other all kinds of things that really matter to you. But you don't have to undervalue yourself in order to give back you can give back on the back end with the cash in your bank.
Jamila Souffrant 51:11
Right, like you might be in a certain like, there's some things that you know, at the end of the I was gonna try and justify, like, why something should be like lower price. But there is some things that are so high priced that it's like you're not even justifiable, but someone will still buy it. But at the end of the day, if the reason is only because you want you don't want to feel like a bad person, or your virtual signaling to people to be liked about something, then you're doing yourself a disservice, especially if you can't pay your own bills, or provide for your own family. Hello,
Rachel Rodgers 51:38
hello. This is what I used to say, like stop worrying about Oh, pp, other people's pockets were about your own. If you got to pay taxes, you have to pay a team, it costs money to run a business, and you need to pay yourself a living wage. So worry about your own pockets and let other people worry about their pockets. And if they can do it, they will do it. And if they can't, maybe they'll do it in the future, right? Maybe they'll benefit from your free stuff until they can afford your paid stuff. Or maybe there's somebody else that's offering it for cheaper and great. They can go there. But what you're offering does not have to be undervalued in order to care about others in order to help others. You know what I mean? Right,
Jamila Souffrant 52:11
right. Oh, my gosh. So Rachel, please let everyone know where they can find your book. I mentioned your ranch earlier, we didn't have time to talk about it. But share your ranch on Instagram. So everyone can like marvel at the property that you bought and where they can find your book and all the things.
Rachel Rodgers 52:27
Yes. So if you go to Helloseven.co/book, you can find out all the details about the book tour bonuses, we're doing all this stuff and all the places that you can buy it, the book will be available everywhere in stores after May 4. And then you can follow me at RachaelRodgersesq that's where I talk about business and money. And then you can follow us at the Rogders ranch Rodgers with a D in both places. And you can just see my horses and my kids being wild on the ranch and whatever other antics we're up to.
Jamila Souffrant 52:58
Queen/Brooklyn girl with a ranch now I love I love it. It's gold. It's amazing. So Rachel, thanks so much. Again, I will link all that in the show notes. And I can't wait for everyone to read your book, whether they think they want to be a millionaire or not, you'll get a chance, I think I think it's what I've read so far, which I'll be reading more of was amazing. So congratulations on everything.
Rachel Rodgers 53:19
Thank you. Thank you for having me. This was so much fun.
Jamila Souffrant 53:26
Okay, journeyers. I hope you enjoyed that conversation with Rachel, I know I did. And like I said, I know that in order for me to make it to that million dollar business goal. I mean, I'm on track in terms of assets to get there and investing. But to do it with my business, which will help accelerate things, I myself have to start making some million dollar decisions. And so I think that really between now and I don't know, the next few months, I'll be making some scary decisions, investing more in the business, investing more in myself to get me there. And so I just want to thank you in advance for being on this journey with me because I know while I'm making my own way and figuring out things myself that you are doing the same whether you have a business, whether you're figuring out investing, whatever that may be, you are on your own journey, and really to level up, you have to get outside your comfort zone, you have to invest the time, the energy, the money, in order to get to that next stage. And trust me, I get it. It's frightening. It's scary. Sometimes you don't know if the efforts you put in you'll see the reward or return. And sometimes it's not immediate, and we just have to trust the process and trust our own discernment in making these decisions, which is why it's so important to invest in ourselves and our mindset. And so trust me, I'm on this journey right with you. And I'm glad that you get to see me kind of in the beginning of my stages. I'm not a million dollar company just yet. It kind of, you know, I feel like it's definitely possible. But it's only going to happen if I continue to make the decisions, the million dollar decisions as Rachel would say, and invest in myself to get there. So I'm with you, I'm with you. journeyers I get it. I'm on the journey with you myself. Now again, if you want to win the book, we should all be millionaires by Rachael Rodgers. I'm giving away two copies to people in the US. You can find out how to win by going to journeytolaunch.com/win, or doing a giveaway from now. So when the podcast is released May 5 to about may 11. That's when you have time to enter journey to launch comm slash win. All you have to do is follow me at journey to launch and Rachel at Rachel's Rodgers esq then go to Apple podcasts if that's where you listen to this the purple app on your iPhone and leave a review of the podcast then go to journeytolaunch.com/win. Enter your name and email and you will be entered for a chance to win one of two books.
Jamila Souffrant 56:05
Don't forget you can get the episode Show Notes for this episode by going to journeytolaunch.com or click the description of wherever you're listening to this and you can still grab your jumpstart guide for free to help you on your journey to financial freedom by going to journeytolaunch.com/ jumpstart.
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