Into The Wild 31. Retiring on Passive Income: How to make money while you sleep with Rachel Richards
Hey you wild women!
At only 27 years old, as a former financial advisor, Rachel Richards has made a name for herself in the personal finance realm. In 2019, she quit her job and retired, with over $10,000 per month in passive income! She is the bestselling author of "Money Honey" and "Passive Income, Aggressive Retirement." She has been featured on the Penny Hoarder and the New York Times and has been contracted to speak at colleges. Rachel is also a real estate investor with 35 rental units.
Her valuable money lessons have helped thousands of millennials work their way out of financial despair. She has successfully done what no one has done before: made the topic of money management fun, entertaining, and simple!
In This Episode, You Will Learn About:
- How Rachel made her mark in a male dominated industry
- Creating relatable, fun content to cater to the female audience
- "You don't have to be great to start, but you have to start to be great." -Zig Ziggler: The importance of executing ideas to make progress with action
- Overcoming imposter syndrome
- Acknowledging your fears as a sign that you care
- Learning to be selective and proactive with your time
- Why you need to take your email list seriously and build it from the beginning
- How Rachel found her love of the financial world from an early age
- Why she quit her job: Creating independence and flexibility
- Overcoming societal expectations of women in the workforce
- Stepping out of your comfort zone
- Creating a business using consistency and dedication
- The definition of passive income
- How Rachel created her monthly passive income using multiple revenue streams
- The most common financial mistakes women make
- Where to start with managing your finances: How to decrease expenses and increase income
- Utilizing daily affirmations to change your mindset
- How societal expectations and imposter syndrome impact women's relationship with finance
- Bucking the trend of undervaluing yourself: Showing up with confidence and learning not to fear rejection
- The necessity of creating projections for your business to prevent initial over spending
- How Rachel maintains a work/life balance by staying true to her core values
- Anyone at any age can achieve financial freedom
Resources:
- Website: Money Honey Rachel
- Instagram: @moneyhoneyrachel
- Facebook: Money Honey Rachel
- Books: Money Honey and Passive Income, Aggressive Retirement
- Course: Get Your Financial $hit Together
- Freebie: Passive Income Starter Kit
Public Shout Outs:
- The Motley Fool Investment Guide for Teens: 8 Steps to Having More Money Than Your Parents Ever Dreamed of by David Gardner and Tom Gardner
- Mint
- YNAB
- Buffer
- Later
- Tailwind
What it means to be a WILD woman:
Being non-apologetic, independent and figuring out how to do things yourself. ~ Rachel Richards
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Renée Warren is an award-winning entrepreneur, a 7-figure business starter, and the founder of We Wild Women, a business dedicated to helping women launch their dream business. She previously founded an industry-recognized PR agency that worked with funded technology startups from South Africa to San Diego.
She's a mom to Irish Twins (not planned), a published author, and a drummer.
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