"Plan for the financial life you want, not the one you have." - Rachel Rodgers
This book just maybe our favorite book of the year so far. We Should All Be Millionaires is the ultimate boss babe book. I loved this book because it's all about finances and getting the life you want. However, this book is different from your typical money book because it doesn't teach you to get you there by budgeting and cutting corners, it gets you there by bringing in more money!
Rodgers combines data, personal stories, and easy-to-implement ideas for freeing your time and bringing in the bucks. I found it to be an easy read and am excited to implement some of her strategies!
OUR FAVORITE TAKEAWAYS FROM WE SHOULD ALL BE MILLIONAIRES
Shoot for a million and not six figures - Six figures sounds like a lot, but in reality, life is expensive and you don't want to make enough to just cover your bills. You want to make enough to ENJOY life in the way that you want. According to Rachel, 61% of Americans can’t cover a $400 surprise expense, and 53% don’t have an emergency fund. Add mortgage rates, childcare, and increasing cost of living, and that six-figure income is basically gone.
2. It's never too late to start - It's never too late to start from scratch to build the life you dream of. If you already have a retirement, savings account, real estate, and/or investments you're well on your way.
3. Women can change the future - The boys club days are over, ladies! But to change our future we need to make money as women. Money is power. This power will allow us to take care of our families, back who we believe in politically, and donate to important causes. In 2018, only 1.7% of female-owned businesses made more than a million in revenue, let's change that!
4. You can make big financial decisions - Historically women have been taught to second-guess financial decisions, but you are smart, worthy, and experienced enough to take power of your financial situation.
5. Million Dollar Decisions - Rodgers talks about what it means to make million-dollar decisions. These decisions create time and positive energy, free mental space, and allow you to feel strong and secure.
6. Million Dollar Boundaries - Rachel also talks about Million Dollar Boundaries, which has been a running theme in all the books we've read. It's time to stop letting other people's desires take precedence over your own. Boundaries are power. "Boundaries aren't about saying no to other people. Boundaries are about saying yes to yourself."
7. It's time to detox - Time is money, baby! Your time does not need to go to things that take your energy and bring you down. It's time to detox your friends (review the ones who don't give you the support you need), your environment (stop following people on social media that bring you down), your home (fix those things in your house that don't give you joy), and fix you (get that manicure and wear the clothes that make you feel powerful!).
8. Change the word but to and - The word "but" makes excuses, the word "and" is empowering. For example, changing "I want to go on vacation but I don't have the money" to "I want to go on vacation and I don't have the money yet." Changing but to and leaves you open to getting to your goal without closing the door.
10. Imposter syndrome is blocking you from wealth - "Due to imposter syndrome, 55% of self-employed women automatically discount their prices before the client even asks for a lower price."
9. Go to money church - Rachel recommends facing your finances once a week and becoming comfortable with your assets. She also recommends knowing your credit score and financial net worth. The number might not be great today but when you see the scores/numbers rise over time it will be so rewarding.
10. Plan for your dream life - How much does your (realistic) dream life cost? Write down your monthly mortgage, utilities, daycare, house cleaners, Gardners, subscriptions, entertainment, and more for your dream life. Multiply that cost by 12 and add a little more and that's your yearly goal income. Now, work backward to get there.
GETTING TO THE MILLION DOLLAR MARK
I don't want to give away too much because truly every female entrepreneur should take the time to read this book and implement some of Rodger's money moves. However, my favorite piece of advice was to charge more. You are worth it and provide a value others don't. There's no reason to compete with others' pricing, you charge what you want and you set the bar. It's always easier to discount your rate than it is to raise it. If you increased your rates today how much more revenue would you be bringing in?
PURCHASE WE SHOULD ALL BE MILLIONAIRES
Run and don't walk to Purchase the book today!
Keep STAKing,
Michelle Johnson
Owner & Founder, STAK Marketing
Michelle Johnson is the owner, founder, and Chief Marketing Guru at STAK Marketing. Our passion at STAK Marketing is to create beautiful STAKs of marketing strategies that help small and mid-sized businesses grow and reach their goals. STAK Marketing's expertise ranges from SEO to branding, e-mail marketing to website design, PR to advertising, and much more - making STAK Marketing a one-stop-shop for all your small business marketing needs.