How You Can Become A Millionaire w/Rachel Rodgers EP 1183

This is episode number 1183 with Rachel Rogers. Welcome to the school of greatness. My name is Lewis Howes, a former pro athlete turned lifestyle entrepreneur. And each week we bring you an inspiring person or message to help you discover how to unlock your inner greatness. Thanks for spending some time with me today. Now, let the class begin.

Welcome back, everyone.

Today's guest is Rachel Rogers. She is the founder of hello 7, a multi-million dollar company that teaches you how to earn more money and build wealth. And as a business coach, attorney, CEO, black woman, working mother and self-made millionaire, she's known for her blunt, sensible advice and for calling out the elephant in the room, whether it's racism, misogyny, or centuries of unfair legal practices that have stripped Financial power away from women. She's written a new book called we should all be millionaires where she teaches how to succeed financially in spite of the very real obstacles along the path. And this is part one of our conversation, so make sure to check out for part two coming later this week. In this episode, we discuss how to feel worthy if you're going through a difficult financial situation, how everyone can become a millionaire and the fastest way to do it. This was really cool, what she shares why it's so difficult for people to be transparent about money and having money conversations. Do you ever struggle with talking about money, how much you make, what things cost with your friends and family? If so, we'll talk about that there. The most important conversations to have around money and so much more. And if you're enjoying this at any moment, make sure to share this with a friend or two that you think would be inspired by this. Someone you think just wants to learn more about money, making more, earning more, and believing in themselves that they have the capacity to do so. And if this is your first time here and someone sent you this episode, just subscribe over on Apple Podcast right now and leave a review at the end, sharing the part about this that inspired you the most. And again, text a friend that sent you this and thank them for spreading the message of greatness. And I am so excited about this episode. So in just a moment, I bring you the one and only Rachel Rogers. Welcome back, everyone, to the School of Greatness. Very excited about our guest, Rachel Rogers, is in the house. Good to see you.

Let's do this.

Very pumped about this. You've got a book. called We Should All Be Millionaires, and I believe that. But according to the Credit Suisse Wealth Global Report, only 1% or 56 million people are millionaires.

Interesting.

Now, I'm curious, that's in the world, right? 56 million people in the world are millionaires or 1%. Is it possible for anyone listening to become a millionaire in your mind? Is it possible for anyone to become a millionaire? And if so, what would they need to have the first three things in mind in order to work towards becoming that?

Yes. So first of all, yes, I do think that it's possible for anyone. And if there really truly is somebody because of their environment or systemic conditions that they're living in that they can't, then that's our responsibility for the rest of us to do it so that we can help lift that person up, right?

Okay.

So that's kind of how I see it. So I think we should just assume that we can.

What if all the excuses in the world though of like, My parents will let me do this, where I grew up or this, or that, I don't have the education. You still think it's possible?

Yes, and you can find examples of millionaires in every circumstance. I myself grew up low income. My parents were drug addicts and alcoholics at different points in their lives. On paper, I was not a potential success story, right? And I could let that stop me, or I could just say, that's just part of my story. It doesn't mean any, in fact, I think it's actually propelled me. I think sometimes when you are at a disadvantage, in a better position. And if you think about people who are systemically and historically marginalized, right? Like there's not as many black people, for example, who are teaching on a certain subject or who are experts in a certain field, right? You have an opportunity and a perspective to serve a segment of the market that's probably underserved right now if you are a marginalized person, you know? So I think that there is a wealth of opportunity and we have tools now. Like it's a miracle that we have the internet, right? that's how I was able to do it. So I think it is within reach. And I think we have to believe it. I mean, that's the first thing is you have to believe it's possible. And I think the way that you get to start believing that as possible is surround yourself with other people who also believe, right? Like be in an environment like listening to a podcast like this or reading books or joining communities where you could be surrounded with people who believe, because there's any number of naysayers in the world who will tell you it's not practical, it's not possible. So you have to surround yourself with people who believe and who are doing it, who are working towards it. I think that's the first thing. Okay. I think the second thing is we have to really get clear on the way that we add value. I think we are so talented and we think that we're not. Forget about what the world says. Forget about what your last boss said about you. Forget about what degrees you do or don't have. Right? Like, really think about your natural talents. Like, every single one of us is born with natural talents. and skill sets and a perspective that other people don't have. And the problem is we undervalue it. We think everybody can do what we do. Everybody can't do what I do. Right. Right? Like everybody can't rock this hair, you know what I mean? You know, so we have to get in touch with what are our talents. And the way that we do that is look back at like when you were a kid, right? Like what were the things that people came to you for or you were just naturally did? Like I used to get in trouble all the time for talking too much. And now I get paid to talk. Yes. You know? So I think that there's, we can look back and see, and it doesn't even have to be like sometimes people think, oh, you gotta be a big personality. No, you don't. Like there are people that I know who make millions just being someone who thinks like an engineer who knows how to systematize things and create process, and they use that as a way to like invent strategies or processes that make them millions, right? So we all have talent. So we have to tap into that and really think about what is the value that I have to bring? I think personality tests can help with that just to start to give you an inkling towards, you know, become a student of yourself. Who am I? Right? What do I have to bring to the world? What is my perspective? How does my growing up with a parent who struggled with alcoholism at one point in their lives, how does that benefit me?

Yes.

And make me relate to more people and make, you know, me more able to become a millionaire rather than less. So I think recognizing our value is also a big piece of it. So we had mindset, we have value. I talked a little bit about environment. And then you know what? I think for the last one, I'm gonna just say charge accordingly. Just start asking for more money, right? Just be audacious with your requests. Just ask. So I think it's one of the simplest things we can do is like, oh, you wanna pick my brain? Let me charge for that. Or put an offer out, offer to tutor your neighbors, or offer to whatever that skill is that you feel that you have, try to sell it and see what happens. See if anybody wants to buy it.

Absolutely. You know, and the more valuable you become and the more people want your talent, your skills, you can start to charge more accordingly. Maybe when you start out, you need to charge in a certain way, but as you grow, you can really start to charge premium levels. Yes.

And honestly, here's the thing. I think we could charge premium on day one. Yeah, I just think that we're too afraid to do it as long as you can back it up. There's no way. You gotta get results. You gotta get results. Exactly. If you can get results, Then why do you have to, you don't have to charge lower because everybody else does. I think we do that because we're scared. So we're like, oh, this very valuable thing that I have to give, I'm going to give it for $100 instead of $1,000 because $100 scares me less. And it's like, okay, fine, put it out for $100 and then see the results that you get for people. They get mad about it and then raise the price.

Exactly.

Which is what I did.

You mean you charge less. They got incredible results and you're like.

I should have charged $10,000.

I'm blaming myself, yes. I think it's okay when you're first starting out, the first six months of a venture or something, it's like, you know, I've done things for free for friends to say, oh, totally. Can I actually get the results? Let me try.

I got it for myself.

Can I do it for one person? Yes. Oh, I did. Okay, let me charge the next person. Yes.

Man, they made a lot of money for my help. Let me charge more for the next time. Exactly. And then keep going up. Yes. I think that's the best way to do it. I think so. And you can do market research as well. But the key thing that I want people to understand, especially like everybody in my audience is basically everybody except straight white guys, right? So like everybody except you. So that's who- why is that? That's why because the world is created for straight white guys, right? Like literally. So I really try to focus on those and I also think there's a different pathway, right? Like I think there are issues that we experience as people of color, as queer people, as people living with a disability or chronic illness. that other people don't have to deal with. And so we might get advice that's like, oh, just do these steps. It's so easy, right? When it's like, oh, but we're dealing with, I gotta take care of my mother as well. When I make it, I also have to take care of all the family members who didn't make it, right? Who need help now that they're approaching retirement, right? Like there's issues that we have that typically straight white guys don't have, right? And so that's why I focus on this audience. And it's also just who is attracted to my work as well. Right, right. So, I don't even know where I was going with that.

We were saying the third thing is to charge accordingly. And I think that's, I think it's to know your worth in general. Yes. And that's applied to everything in life. Like know your worth with your friends, with your family, in your partnership, in your relationship.

Exactly.

Don't sell yourself short in any area of your life. And you've got to learn to believe in yourself to do that, which goes back to step one for you. Exactly. Surround yourself with people who've done it.

And then learn to believe in yourself. Exactly. And that's what I was getting at, is the worthiness and the confidence. I think sometimes when You know, when like, there is probably not a black woman in America that hasn't worked in a workplace where she felt undervalued. And when you do that for a couple of years, you start to believe that your value is less. And so I think that it's important that we have confidence, it's important that we ask for the money, right? When we put ourselves out there, when we create work that we charge for it, right? And demand that people recognize our value.

What if someone doesn't wanna pay it? They say, okay, I recognize the value, but that's not the value I'm willing to pay for. 'cause I don't want that value or it's not a need in my business or whatever it might be.

So goodbye to that person and find on to the next. Exactly, find who your audience is. And I think you gotta put it out there to get those no's to be like, oh, these aren't my people. Let me actually write my copy or present my offer in a way that makes them go away. Exactly. And only attracts the people that are.

Really my people, right? That makes sense. Yes. And how does someone learn to feel worthy when they're broke?

Yes. Well, you have to recognize that you are inherently worthy. I was just as valuable as I am today, you know, 15 years ago.

How do you believe that?

20 years ago.

When in the bank account and the relationship accounts don't show that value.

Yes. Well, I think, again, it's environment, right? Like the way that I became a bad woman was surrounding myself with other bad women, right? Like starting to spend time with people who had confidence and believed in themselves and starting to and what they they saw in me, right? Like realizing what other people see in me that I don't see in myself. And you need that reflection back. And that's why you gotta surround yourself. I mean, I have to tell you, like, I've been spending time in LA this week with, you know, black women entrepreneurs that I talk to on Twitter all the time. And like, listen, the way that they will hype you up, you know?

You got this, girl.

Exactly. We hype each other up. And that's so important. You need that. And I've had that since I was a kid. Like, I had friends who would hype me up, you know? So I think we need that in our and we ought to put ourselves out there, be a friend first, right? And then you'll find that squad and you'll start to create that community around yourself. And then there's no way you can't believe it when you're surrounded by people who are constantly reflecting it back to you.

I love that approach of surrounding yourself with people that will hype you up or that inspire you that have already done that. And I've also heard people say when I'm in those rooms, I feel like an imposter.

Yes.

I feel like all these incredible women, you know, if I was a woman in these rooms of women, for this example. But these women have done incredible things. How am I going to, why should I, I shouldn't be in this room because they're all amazing, you know, starting to downplay my talents because they're all at a different level or have more experience or have their careers or financially successful. How does someone get over the imposter syndrome of being in the room when they are the whatever label they want to call it, the least successful financially, the least intelligent, the least experienced, Whatever they want to say to themselves, I shouldn't be here. Yeah. Because I don't have X. How can they overcome the imposter syndrome?

Well, I think it's a process, right? It doesn't happen overnight. I think sometimes we think like, just think better thoughts. And it's like, that's lovely, but that's not working for me. You know, I think, first of all, challenge that belief when it comes into your head. When you have that thought, oh, I'm going into this room and I'm excited about it, but I'm intimidated because I don't know that I belong there. and really just check the receipts. Are you sure you don't belong there? Think about who you are as a person. What do you have to offer the world? What is the value that you bring? What do people ask you to do that is valuable? What do they ask you advice on? You really just start to check your own receipts to see, really, is that true? Because usually the people who have imposter syndrome are people who have a very long and impressive resume. And I wrote about it in my book, How Maya Angelou and Michelle Obama, these are people who have imposter syndrome way far into into their career, they felt like they didn't belong in certain rooms, right? Really? Exactly. It's like, what? That makes no sense. And it's true for us as well. We'll think that we're not valuable or we'll have that same imposter syndrome and other people are like, are you crazy? You're amazing. You know, you're bugging. So I think, if someone's in the.

Room and they're gonna remember this conversation that you share here, and they're about to be in a room with a bunch of Powerhouse, Whatever individuals.

Yes.

That they want to be around. And they're like, this is the first time I've been around this group of people. I'm terrified. I'm nervous.

Yes.

What can they remind themselves in that moment when the Oprah of their industry is talking to them and they are potentially a nobody in that space?

Yeah.

They're on their way up or whatever. What can they remind themselves?

I would say, like, ask. They should ask themselves, what do I love about myself?

Right?

Like, I'm funny. You know, I'm smart, I'm strategic, you know, I have great fashion sense, right? Like, whatever it is, what is something that you love about yourself? And think about how you're bringing that energy to that room, right? And just recognize that that is a lie. And it is a practice. I used to be such a mean girl to myself in my head every single day. Really? What did you say? I said that I was not smart, stupid, you know? I said that, like, I can't figure this out. I'm bad at business. I'm not good at making money. I'm not good at practicing law, which is what I did before, you know, my current business. Like, I would, I'm a bad mother. Like, I mean, I said every cruel thing that I could possibly say.

What did that do for you?

I mean, it made me feel bad, right? Like, it made me feel bad and it made me want to go get under the covers for three days. And sometimes I did, right? And then I would get my up and go back to work because I had to because I had kids to support. But I would do that, too. And what helped? is meeting women who believe in themselves and just being around that energy. It's just like that energy is gonna bring you along. Because I think sometimes we think like, oh, I have to do all of this in my head. And once I fix it in my head, then I can go be around people. No, no, no. You need to go be around people because that's what's gonna fix it. You know, being in that environment, our community, our environment, it affects us so much. It does. So it's so crucially important to be surrounded by positive people who believe in possibility, you know? So that's what I would say. And when I'm going to enter rooms, like, I go into intimidating rooms all the time. And I think now I just think, like, I'm just gonna be myself. And if myself isn't good enough in this room, then I don't want to be in this room.

Right.

Next, you know, next room.

What if someone's listening and they're, or watching and they're in their, their mid to late 20s and they haven't really figured out what they want to do with their career or their business aspect of their life yet.

Yes.

What would you suggest in terms of the fastest path to making millions? The fastest path to being a millionaire based on their skills, how can they assess their skills? What would that industry be? What would that lane be? Is that a career? Is that investing in something? Is that earning as a solo entrepreneur to an entrepreneur? What lane should they take or think of? What are kind of these three different lanes you would suggest?

So I don't believe that we should choose our path based on, like, what industry is hot right now. You know, I think what's going to make you the most money the fastest is the thing that you're willing to consistently do. And that's usually connected to something that we actually care about and are interested enough in. Right. So I think sometimes we're like, oh, this is hot, or this is a hot idea. We should jump on that. And it's like, you could. And I'm not saying that that won't work. But I think the way that I've been most consistent is if I'm doing the kind of work that I enjoy, that I believe in, where I feel like I'm making a difference, and where I'm having fun. If it's a drag, I'm not gonna stop showing up.

It's gonna be tiring after a year or two years. Exactly.

It's exhausting. Right, so finding that thing that you're willing to do for 10 years. And sometimes you don't know, right? Like, when I graduated from law school, I started a law practice 'cause I knew I didn't want any of these other jobs that I was being offered at these firms or at non-profits. And I was just like, you know what? I'm gonna go do my own thing. And I started my own practice. And law wasn't it for me. That wasn't my thing. But through doing that, I discovered that I really love running a business and I'm actually good at it. And so that, I would have never gotten to that. So I think there's advice by Denzel Washington. They asked him, what would you advise young actors? And he says, act. Just get out there and do it. And so I think that's what you have to do, is just pick something and do it. and through that, you're gonna learn what you do like, what you don't like, what you're drawn to. You're also gonna get a perspective that's gonna show you opportunity. Like, I figured out small business bodyguard is a digital product that I created while I was running my law practice, right, in 2013. But when I was a law clerk in 2009 and working in the courts every day, I identified that like there's people who, you know, can get legal aid and get a free attorney, and then there are people who can afford attorneys, and there's a whole lot of people in between that. Yes. Where they don't qualify for legal aid, but they also can't afford 50 an hour for an attorney.

Right?

And so I was like, wow, wouldn't it be amazing if there was some DIY DIY option? Like they could do it themselves if they just had a little bit of guidance.

Yes.

And so, like, that idea was planted then. Right. And then years later, you executed on it. Exactly. Exactly. So I think sometimes we just have to get out there, get into something. Right. Start doing something and just getting information from that and seeing. And go where you're drawn. I think we have our instincts are so powerful. We collect too much information, too many advisors, too much content. Right? So I think sometimes we just have to follow our instincts. Where do we feel led?

Do it.

Do it and see what happens. Nothing is, it doesn't have to be permanent.

Right.

Just gather some information from it and see what's next.

Why do you think it's so hard for people to be transparent about their money and talk about money? Why is it such a taboo topic in general?

Yes.

I think for All classes, all individuals.

I totally agree. It's like you have, it's so funny because, and I wrote about this in my book, like for women, we have shame if we don't have enough money, but we also have shame if we have quote unquote too much.

Really?

Yes.

Why?

Because it's like, you know, oh, I have more than them and let me hide it because people are gonna think I'm showing off or they have imposter syndrome, right? Am I worthy of having this much money? I've experienced that myself at different times, right? Like, you've worked hard for it, but you think that you don't deserve it for some reason. And I think that we just have, I think society was sort of designed so that we wouldn't talk about money.

Why?

Because I think it's designed so that we have a few people at the top and a lot of people at the bottom. And so now, you know, then of course the middle class emerged and we've gone through different things as a middle class, as a collective, right? But I think that's part of the reason why it's like, don't tell, you know, employers saying, don't tell your coworkers how much you're making because I'm paying you more than I'm paying this one and I don't want y'all to know. Right? So it's like, it comes from those places, but it's reinforced everywhere, you know? Right. Everyone's reinforcing it.

Exactly.

And I think- Not just corporations or- Yes. And because there's so much mystery, it's like, I don't know how much you make, right? You don't know, maybe you know how much I make 'cause I talk about it all the time. But I don't, you know what I mean? We're like, we don't know and we're scared to make assumptions and we're sort of guessing and we're like, well, if I put mine out there, I might be embarrassed because I discovered that I'm actually either making too much related to my peers or too little. And I think it goes back to belonging. We just want to belong to a community, to a group. You know what I mean? And so because of that, it's like we don't want to do anything that's going to make us not belong. It's such an inherent human need to belong. And so I think that we don't talk about money because we think it's going to affect our ability to belong, whether it means we're too broke or we have too much, or somewhere in the middle.

So what conversations should we be having around money? How consistently should we be having them and with who?

Yes, okay. So in terms of the conversations I'm having, I'm telling people like, if I get a speaking gig, here's how much they paid me, right? And I asked for more and they gave it to me. So make sure you do that too, right? Or I negotiated for higher pay, or I negotiated for profit sharing, or I ask for more vacation days, right? Like we need to share our money earning strategies with each other, especially with women and people of color, right? Like putting more money, like that's what allyship is in my opinion, is putting money in the pockets of the groups who need them, right? And who, we have this huge wealth chasm in this country. So like how can we start to change that? And so that's why I share how much I got paid for a book deal, like all these things that you're not supposed to share. I'm like, I'm gonna tell y'all. This is how much I got, this is how I got it, you know? And I think it's important. So I think sharing money making strategies is very important. I also think one of the things that has been so valuable to me with some of my peers, especially, I will say, my white guy peers in particular, have showed me, like they have taught me things about like, you know, investing strategies or, you know, like, oh, here's a strategy that I'm doing with my money or I'm investing in real estate or I'm doing these different things. what are people doing with money once you have some, right? Like once you have a little bit more than you need to live off of, what do you do with the excess and sharing those things, right? Sharing that information, 'cause it's usually hidden and it's like there's a small group of people that know and you don't know until you have peers who have done it and then you find out, right? In those quiet conversations that aren't on, you know, on Facebook, right? Sure, sure, sure.

Should people be talking with their friends, their family members, their spouses about money. What if someone's really uncomfortable and says, you know what? I don't want to talk about the money I make and what we should be doing. What conversation can you have to try to break the wall down?

Well, I think you could say, here's why I want to talk about money and here's why, like we have to be, I think if we're willing to be transparent, people will be transparent with us. That's what I found in the conversations that I've had. And that's how I've learned a lot about money is by having conversations. you know, like the friend that I was spending time with last night, she's an investor and a financial advisor. And so I was asking her like, okay, well what are you investing in and how are you thinking about it? And what is an investment thesis? Like, I don't even know what that means, right? Like, you know, we were having conversations and she was teaching me all of this stuff because I was willing to tell her like, okay, here's how much money I want to invest, but I don't know where to, where best to put it, you know, that kind of thing. So I think you just gotta be willing to put yourself out there first. And I find that people want to talk about it. So when I bring it up and I start sharing, they immediately start sharing because it's like they were like waiting for an opportunity to talk about this is what I find. So I think we just gotta start doing it and create more transparency around it. And then yeah, it creates opportunity for all. And that's the other piece of it is like I recognize that But even someone who would be considered a direct competitor, maybe they sell the same thing I sell, I don't believe in competition in that way. I think there's more than enough money to go around. I think there's more than enough opportunity to go around. And I choose to be friendly with and support my competitors, quote unquote, and vice versa. And that just means that we all get better at what we're doing. We all can serve our clients better, right? can make more money. So I just choose to believe that. And sometimes, like, there are times where I'm too trusting and someone, you know, I don't know, I guess you could, for lack of a better phrase, steals from me, right? Or takes an opportunity or says one thing but does another behind my back or whatever. And that's going to happen, too. But I'm like, but I don't want to be a person who's closed, so I'm just gonna. I just got to be me. And it is what it is, right? Like, there's going to be some occupational hazards when you're being transparent.

Absolutely.

And you just got to navigate that as best you can. But I just choose to be who I want to be in the world instead of who I feel like I need to protect myself, you know?

What was harder for you? Making your first $100,000 in a year or making your first $1,000,000 in a year?

$100,000 for sure.

Why is making $100,000 harder than making a million in a year?

Because it's like, I think we're just figuring it out. I also think we're charging too little for our work at that point.

Is this when you were working as a career or when you had your own business?

Or freelancing. I never made a hundred grand prior to starting my business. Got it. You know, I went from college to like, I had a job in between college and law school, and then I went to law school, and then I started my own practice.

So you didn't work at a law firm after law school. So you started pretty much right away being an entrepreneur.

Right.

Which is really hard to do.

Yes. My last salary before I became an entrepreneur was $41,000 a year. Gotcha. And like really good health insurance. Yeah, yeah.

And I was thrilled. That was in between law school or in between school and law schools. Yes.

No, in between, this was after law school because this was my clerkship. Okay, gotcha. Yeah.

So, you know, you kind of sign.

On for a year, your paycheck is not that big, but like, and you're a lawyer, right? You're learning the ropes, you're getting reps, you're, yeah.

Exactly.

You're getting experience. And that's kind of why I decided to start my business at that time, because I'm like, I already don't have a lot, right? Like, I already know how to live off of this amount of money. Yeah, yeah. Yeah. So I'm like, if I can live off of this now, Let me keep my expenses this way or lower them even more. Like I sold my car and we owned a house and we rented it out, moved into a smaller place.

How many kids do you have at this time?

I had none, yeah.

Okay.

Oh, well actually, that's not true. I had my stepdaughter, but she didn't live with us full time. Okay. And so that's what I did at that stage is like I cut down my expenses as much as I could so that I could build this business.

How old were you then?

I was 27, I'm gonna say 2009. Or yeah, 2009 to 2010. Okay, cool. This was that year. And then I clerked for the judge and I started my practice and I was like, you know, I made like there were months where I made 500 bucks and months that I made $2,000. And that's why I like the linking together, you know, I was doing my friend bought a salon. She was a style, a hairstylist. She wanted to buy her first salon. I did the transaction. She was purchasing an existing business. I charged her 500 bucks for that. I don't think I've actually ever told anybody that. That's cheap. And I, 'cause I was ashamed. I was ashamed that I didn't know what to charge for that. And that I undervalued my services so much that I like literally have never told anyone. I charged 500 bucks for that. And she's still a good friend of mine.

That's not her fault.

No, it's not her fault. She may bank with that salon and she's since now sold it.

But you also got, experience doing that, you know, doing that transaction, that deal, which you've probably never done at that level. Yes. Seems like. So you gain confidence from that.

Yes.

So there was a win there for you as well.

It was a win. And. But when I saw how many hours of Labor were involved, you put, like, weeks probably. Yes. I'm negotiating with the other side, dealing with, like, a difficult lawyer. 500 is a steal. I mean, for the whole thing. Can I hire you for that? I should. I should have charged five thousand dollars minimum, you. But it was like, but I learned from that. Oh, I add value. Of course. I can figure it out and I have a skill in that I'm trained in knowing how to figure it out. Yeah. You know what I mean?

And that was kind of like working on the job experience. Like you weren't fully probably experienced for that yet, it sounds like when you learned, okay, I didn't need to do these 10 hours of calls that I did here. I could have done this in an email or whatever. I don't know how this works, but whatever it was, you learned your process.

To simplify it, to maximize it. Exactly. And back to that 100 grand question, I think that's why it's like, We're figuring it out. Usually we don't know exactly what we sell in those early stages of the business, so we're selling everything. Everything. Whatever people come to us with, we're.

Like, yeah, we could do that.

We just create a custom offer for that. Whatever money we can bring in, we'll do it. We will take it. And so you're very busy. I call this stage busy bee, because you're very busy at this stage, but nothing's refined, nothing's efficient. Everything is just sort of like your massive labor towards whatever you can make happen. that first hundred grand, I think you are hustling for that. But in order to get to a million, or at least to do it in a way that feels sustainable, you need systems, you need process, you need team, right? And so now you're starting to build a sustainable business. You're not just, you know, by brute force making money.

And you need to clarify your offering and your audience and your niche and what your specialty is.

Exactly.

I'm not just a lawyer that can do anything you want me to do, but here's what I really specialize in.

Exactly.

Here are my three packages at these different levels.

Yes.

And you go all in on marketing that.

Yes, and there's money that you're saying no to. Absolutely. You learn that lesson that not all.

Money is good money. Isn't that crazy? Yes. I say this a lot to people. I go, it's weird that I'll turn down massive checks all the time. Yep. But I'm just like, that's not what I want to do and it doesn't serve my mission.

Yes.

If it's not serving the mission and I don't need the money, then I shouldn't do something just to bring in more money. Exactly. For me. It's a distraction. At different stages of my life, a different season, now that said yes to everything, you know, Now when I'm broke.

You say yes to all these things.

Yes. But then when you're like, okay, I'm here for a mission and to serve the highest level of my skills and abilities that brings me the most joy and brings others the most joy and benefits the most number of people, then you start saying no to money, which is crazy.

Yes. It sounds crazy, doesn't it? It's delightful. It is. I love it. I feel, I feel like to me it lets me know that I'm not, it's like I've not made money my master. Yes. Right? Like it's very important, but it is a tool. That's good. You know what I mean? And I'm not beholden to it and I won't trade anything for it. There is plenty of things that I will not do and I don't care how much you pay me, you know? So I think that it's good to remember that and so when you're turning down opportunities, it's just an example of like, okay, I'm doing things right.

I think you got to understand that just because you turn down money over here doesn't mean it's not going to keep coming to you. Just because you turn down something that's not right for you doesn't mean abundance of something that is right will keep coming to you.

There's so much opportunity. There's always more where that came from. from. Absolutely.

You know, absolutely. That's powerful. Okay, so the first 100,000, how long did it take you? How many years until you made 100,000 in one year?

Can you remember roughly? Yeah. So my first year in business, and it was like, I started September 1st, 2010. And so from that year till like September 2011, I made like 60 grand that first year. That's right. But I think the first full 12-month calendar year was like year two. So it wasn't, it didn't take too long.

And then how long until you made seven figures in one year?

Yeah, that took me seven years after that.

Yeah. From starting business.

From, from September 2010. I think it was. Maybe it was six. It was like 2016, 2017. Yeah. I think 2017 was my first seven figure year. And I had gotten close, but not, you know, like, almost there, but not quite. And twice. And you know what? It was interesting. What happened is like I had my business, my revenue was doubling in the beginning. It was like I made 100 grand, then I made two or 250. And then, you know, then I made 500. Then I was like, I plateaued.

It's like, okay, 560 and 620.

I know, it started making me mad, like from 500 to 700,000. I think I was there for like three years. And there was all kinds of stuff going on in my life. One, there was a lawsuit that one of my business partners, so like this is one of the things where too trusting too quickly, caused some issues. So that was a huge distraction for me at that time. I had had two babies back to back.

Wow.

So, you know, I was busy with them, and then there were just a lot of lessons I needed to learn. Like, I had all these people working for me, but I didn't have good boundaries, and I didn't. I just kind of let them do whatever they wanted and didn't have, you know, like, I was learning how to become a boss. I was learning how to become a leader and a manager.

So much more challenging than Doing your skill. Like, let me just be good at the law thing, which is what people wanted me for.

Yes.

Now they want my business for that and me, but I've got to train the team and-- To deliver.

Right, exactly.

It's a different skill.

It's totally different and it can be challenging. I think that's why a lot of times we're like, well, I'm just going to go back to doing it myself. And it's like, you can, but it's going to keep you small. You have to say yes to those challenges and learn that new skill, right? And I think leadership skills are so valuable for everybody. So I had to learn that and it took me a couple of years to like figure out how to have stronger boundaries, figure out how to stop letting people waste my time, figure out how to charge for what my services are worth, right? All of those things, those were lessons that I was learning in that time.

Who was wasting your time? Like clients or employees?

Clients were wasting my time, team were wasting my time, Even family members, right? Like, my desk was like right in the front door. So like, it's like the door is here, my desk is right here. My husband would like be coming in and out. He's a stay-at-home dad at the time, taking care of the kids. And he just ran a tight ship with our household. It was amazing. Like, I had so much support in that way. But he would like, every time he came through the door, wanted to talk to me.

I gotta focus.

Yes, exactly. Was like, I didn't know how to create boundaries around my work. work time. And I did eventually learn it. I started getting up at 4 a.m. because I was like, I'd get up at six and these kids would, it's like they could tell, like they had a radar the moment I woke up. So then I would get up at six, like I would be like, okay, I'm gonna beat them. I'm gonna get up at 5:30. Nope. Still get up with me. Five. Nope. 4:30. Nope. 4 a.m. and they stayed in their beds. So I was like, fine, I'm getting up at 4 a.m. every day then. So that's what I did for a while, just to find that quiet time so I could focus. so those were like, I had to learn those lessons, you know, and now with my clients, I try to teach them those lessons as early as possible. I wrote this book because it has some of those lessons in there so that people don't have to spend three years figuring it out.

You know, you know, I'm a big believer that going through the process is the best way to learn, but there are also some things that we could learn from mentors or teachers ahead of time that could hopefully save us some time. in some of our decisions that we waste time on. I still feel like even with that, we're still gonna learn things the hard way in certain ways. But if you can go back to that 27 and say, you know what? These are the three skills you need to learn in your first year of business or before you launch that first year, only three skills. Obviously, it'd be many, but what would be the three most important things to develop a millionaire mindset faster?

Yes. One, learn how to say no. Learn how to say no and learn how to not feel responsible for other people's feelings, number one. Because I think especially as women, we are socialized to be nice. And that niceness is frittering away our dollars, you know? And so we have to stop being so nice all the time. And you know what? You're mad that I can't spend this extra time doing this extra thing for no money? Oh, well, be mad. That's okay. You can feel your feelings. And I'm gonna go over here and protect my time. So, I think learning how to say no is a top priority. I think the second thing is get a personal assistant, like from day one, as soon as you possibly can. If you can afford to pay somebody 20 hours a week for five hours a week, like as soon as that you can eke out a part of your budget for that, absolutely do it. Because as soon as you start learning how to delegate to somebody else, how to explain something to somebody else, you're going to learn those leadership skills and then you'll be able to run a team later.

That's right.

You know, so the sooner you can start learning those skills of how to lead others, how to delegate to others, how to communicate, how to support the person that is working, you know, for your company, I think that is so crucial. So saying no, getting a personal assistant and let's see, what is number three? God, there's so many. I think raise double your prices would be my number three. Like whatever you think your price should be, double it. because especially women, we so undervalue our services that we can afford to double it and we'd probably still be undercharging.

And what if you're saying, this is my price, say it's 5,000 for whatever you're doing, and I've doubled it to 5,000, and then for a few months, no one's saying yes to this price. Do you then make concessions and discounts? Because you're like, well, I gotta pay rent now.

I gotta figure out how to- Never.

Never discount.

Never.

So, if you're broke, no one's saying yes, you've got all these different audiences of people, you're knocking on doors, you're making calls, you're following up, you're doing.

All these things and people are like.

Nah, I don't need it, or it's too much. What do you say when somebody says, I'm not dropping the price. I gotta feed my babies, I gotta pay rent, I gotta do all these things.

I got family that need help. They're relying on me. I think what happens, you gotta solve the real problem, right? So if it's not selling, then either you don't believe in it or you're not describing it clearly so people can know what it is.

Or you're not showing the results you could get for someone.

Exactly. Maybe you're not good at these sales calls and you're like, a lot of people will do this. They'll get on a sales call, they'll have the whole conversation, explain, here are the person out, match the person's problem to a solution they have, and then choke at the end and not ask for the business. So it's like, get comfortable asking for the business. Usually when that's the case, there's a problem there with the entrepreneur that they are afraid of, and so they avoid solving that problem by dropping the price. And so I'm like, no, no, no. Keep the price right where it is and actually deal with whatever that challenge is that you are struggling to overcome. What is that challenge usually for people? I think it's being afraid to ask for the business, not marketing themselves, not putting themselves out there. Right.

What is the inner feeling, though?

What is the inner of fear of asking for the business? Somebody's gonna say no, I guess. Rejection. Nobody likes rejection. Right. But the sooner you can get comfortable with rejection, like you are free. that creates so much confidence when you can be rejected a ton. And I feel like one of the best things that happened to me is when I was applying for a clerkship at the end of law school and I just got rejection after, I mean, I applied to like 90 different judges. And then I also applied to a whole lot of law firms, got a lot of rejections there, right? It was super competitive. It was like the 2008 recession, right? They were hiring less people. I was not at the top of my class. So it was like, I just kept getting rejected. I mean, literally every day I would open my mailbox for like two months, and it was like three rejection letters a day. And I'm like, awesome, right? Because I just got, at first, it was, it hurt my feelings, but by the second month, I was like, oh, well, keep it moving, right? And just figure it out. So I think that being rejected, learning how to get rejected and be okay with it, and it not make you fall apart, is one of the best skills in the world.

What's the process of learning that skill? of is it just facing rejection over and over and putting yourself out there and then learning, okay, I'm still alive. I'm still here.

And exactly. It's like Denzel said, act, right? Get rejected. And there was, like, this thing going around that was, like, a hundred nos, like, collecting a hundred nos. So, like, the person was like, you know what? My goal is to be rejected a hundred times, collect a hundred no. So I'm gonna put myself out there enough, ask for something enough that I could be. denied, right? Have that many people say no. What you will learn along the journey is that there's gonna be people who say yes. And so for every 20 or 25 rejections, you're gonna get a yes, right? And there's so many stories about this, like the Alchemist by Paulo Coelho. You know that story of how it was rejected, it was a complete failure in Brazil, and then it got translated into English and it's one of the best selling books of all time. And it is an amazing book. Can you imagine us not having that book? Incredible book. Credible. And it's like he just believed in it and he kept pitching it. And when his publisher was like, I'm not gonna print this anymore, he took it to another publisher and just believed, right? So there's something to be said about learning how to be rejected, continuing to have that tenacity, not letting it shake your belief in what you're here to do.

If someone wasn't raised around the language of money and they weren't, in an environment or a household that spoke about it in a good way. Maybe they said money, you know, rich people are mean or bad people, or their parents always got angry when they saw someone who had money on TV and associated wealth with a bad person.

Yes.

How do they break that mindset that not all wealthy people are bad people?

Yeah. Well, challenge that belief, right? The way that we change our thinking is to challenge those so like literally write down the thing that you believe and then, you know, write down all the evidence that you can collect that tells you the opposite. Like that's how we change our mindset, right? You know, so if I'm telling myself I'm not smart, I can collect all the evidence. Well, I graduated from law school. I graduated from undergrad summa cum laude, right? Like actually there's evidence that I am smart, you know? Let me point that out. so I think it's that.

So it's being a lawyer of your life.

Yeah. Of that belief system.

Exactly.

Which is something you understand. Collect evidence to prove what you want to believe. Right. And see if you can find out that it's true. Maybe it won't be, but you probably will find that it is. Because a lot of our thinking, it's just like, it's just something. It's a thought that was planted there in childhood or from whatever interactions we had that are memorable moment that. That are. That are kind of stuck. Right. And it's creating this. this neural pathway that we just keep walking every day, we just keep saying that to ourselves. And so the way we create a new pathway is we got to start digging that path, right, to go a different direction. And the way you dig that path is start collecting evidence of the opposite. So look for examples of wealthy people who aren't, you know, trash humans, right? I hope that I'm an example, right? Yeah. And that there are plenty of others out there. So, you know, try to challenge those, you know, just, and I think it's just societal views. It's things that we tell ourselves, I don't know why, maybe to make ourselves feel better for not trying to go after what we want. I don't know why we do it, but we do it. And I think we can change it.

Yeah. And do you think money buys us happiness?

No, I think, but I think it buys a roof over your head, which is happiness. Right? Like, so, you know, sometimes people, when people talk about, like, money doesn't matter or. whatever. I'm not beholden to money. Or they think it's a moral high ground to act like, I don't care about money. Right? So, like, you feel better about yourself because you don't care about money and your nose is in there because you don't care about money. I'm just like, this is a person who has never been poor, you know? Like, this is a person who is not aware of the real economic situation for so many people. And I think if you are aware of that, then you recognize that money is a powerful tool that enables you to take care of and feed your children that enables you to house yourself, right? Like, just like the baseline, I have been in a place for many years, my family was, and then I was as a young adult where, like, I, you know, my, like, electric went out, right? And we didn't have lights for a week until my mom got paid again. Or where, you know, we didn't have food or we were on food stamps and I'd be embarrassed to use it and there's only certain things we could buy with it, right? I've had that real financial insecurity and I think anybody who has had that understands that money is very important. The idea that it's not important is complete nonsense, you know? And it's like, that's the reason you're telling yourself that I would love to coach that person and dig into why are you telling yourself, why do you have that story? What is it doing for you? Right? Because the reality is, is that money is an important tool in the way that our society is organized today. And so we need it and, you know, we need to learn how to get it. And that's exactly why I do what I do to teach people how to get it and show them that it is possible for you to create it on your own, you know? But yes, this idea that, like, you know, money's not important or whatever, money is for bad people. I'm like, look, money pays the bills. Okay? Like, let's get back to basics here. All right? I think y'all are forgetting something. And then once you have that baseline level of security, you can decide, do I want more? And if I do, how much more? And here's what I say all the time, you know, when people are like, well, how much is enough, right? You're a millionaire or your business is making X like, isn't that enough? Why do you still strive for more? And I tell them, because I am Black, because there is a huge wealth chasm in this country. And as long as my people need money, I'm going, and I'm good at earning it, I'm gonna keep earning it, and then put it where I think it belongs, right? So there's a certain amount of security I want for myself and my children. And frankly, I feel like I have that at this stage. So I've done that part. So it's like, check. And so now the next thing to do is how can I spread it around? You know, like how can I have it be making change for people and change people's lives? Because I recognize money changes lives. And so I think it's important to just recognize money is neutral. It's not positive or negative. It's a tool. And it's how we use that tool that determines whether something bad happens or something evil happens or if you have a positive goal with it. Yeah.

Have you met a lot of millionaires who are unhappy?

I've met millionaires who are unhappy, and I know plenty of happy ones. You know what I mean? I think there's both. And I think it's like, I mean, here's the benefit, right? If you're a millionaire and you're unhappy, you could probably go purchase some therapy. You can maybe go to a retreat, right? Like, you can spend some money.

Take some time off.

Right. You can spend some money on figuring out how to solve that problem. I don't think it's money in itself that's making them miserable.

Really?

You know, maybe it could be, but maybe it's just because they're choosing to make it their master instead of really leading their own lives and directing their own lives. Like you were saying, right? Like living in LA, right?

Everybody's got a Ferrari or a Lamborghini or something, and you got a scooter. I'm driving a scooter. Scoot down the street with a smile.

On my face, waving at the guys in the Ferrari. Like, I want what that guy has, you know? It's like... Yes, but see, that's where we get.

Into trouble, is if we're like, oh, because somebody else has it, I have to have it.

To have it. It's like, do you want it? Is that something that you even care about?

I think one something because you want it, not because you're trying to impress someone else or show off, or you.

Think you should want it.

Yeah, or because your friends have it, you're supposed to buy it.

Yes.

Dude, because I was with a friend recently and he bought this like, I don't know, $40,000 or $50,000 souped up like ATV type of thing, like a four wheeler thing with like, The music they're trying, but it's like $40,000 ATV thing. He's like, I got it because a friend had one and I thought it'd be cool. I was doing it to like celebrate a big launch I had. So I wanted to buy myself something. I bought this and I've used it three times in a year. It wore off after the first couple times and I just sits in my garage. So I think, so we're gonna celebrate and buy something, that's one thing, but if you're gonna buy things to try to impress or keep up with your friends, just know what you're doing it for. You may not use that thing. Yeah. Money could have been invested in something else or-- Someone else.

Someone else or whatever.

Yes.

And I think we're gonna have starts and stops like that where we think we want something and then you get it and you're like, actually, I've learned that I don't care about this. My husband loves cars. I don't really care about cars. I just want to be comfortable and get where I'm going. Me too. But my husband loves cars and he lights up and he gets so excited. He loves to tinker with them and all of that. And so I'm like, awesome. Have cars, because you love cars, right? And like, what I love is, you know, we have horses, which, you know, if you wanna lose a lot of money, buy a horse.

Man, the upkeep every month on that is probably five grand a month just to maintain a horse.

Yes, I mean, we have a full-time person who takes care of our horses. But when I see, like, my Black children in an equestrian world where, like, it's literally 98% white, wealthy white people, white. Yes. You know? And so, like, watching my black children ride their horses on their ranch, I'm like, I will pay. It's cool. I'm happy to pay it. Yeah. It brings me great joy, and it brings them joy, you know? And they also are learning, one of my favorite things about it is that they have to groom them. That's good. The barn manager, they makes them go up there twice a week, and they've got to muck the stalls and take care of the horses. And I feel like it's hopefully teaching them not to be spoiled. I didn't have that problem when I.

Was a kid, 'cause we had money. My parents couldn't spoil me.

Yeah, yeah. But I do have that problem with them.

Yeah, well, any kids with horses are spoiled already. Exactly. So you have to teach them hard.

Work in that process.

Yes, exactly. And so I like them doing manual labor.

And I like when they're like, I don't want to do it today. I'm like, guess what? That horse still needs to get taken care of today. So you got to get up there and go do it, whether you want to or not. That's good. So it's good. It teaches them good lessons. It brings a lot of joy to us, and it's an It's the horses provide an experience to us every day that is so valuable. So I, you know, but it's also possible I could have bought a horse 'cause I thought I wanted one and then realized I don't. And then that's okay. Sell it and figure out what you do want, you know? Don't just build a big house 'cause other people have a big house. Like build a house.

'Cause you want it. Right.

Like I do have a large house and I have it because I love having people over. So we invite people all the time and have big parties and it's amazing. And it's like that being Living together is how I celebrate, you know?

Yeah, I think you'll regret decisions more often than not when you do something because you think you're supposed to do it. Oh, yeah. Like, I live in an apartment still. I've never bought a home. I've invested in real estate, but I've never bought a home because for me, that doesn't excite me. Yes. Having a property and then spending 1500 a month on the pool and the landscaping and the management and the taxes and all these things and the roof leaking, I'm like, that doesn't excite me.

That idea.

Investing in real estate. where someone else manages it excites me. 'Cause I'm not doing that work. I'd rather put my effort on serving humanity and doing the things that I'm skilled at and not 10 hours a week on a house that, you know, obviously I'd hire someone to manage it, but it's still I'm thinking about it.

Yes.

And I'm 38 and I don't have a house and most people might be.

Thinking, what are you doing?

What are you doing with your life, Louis? You should be owning a house. Like, why are you not doing this? And I just see it differently. And maybe in the next year or two, I'll say, you, know what? I want a yard, I want a space, I'm down for this, for this season of my life, but I haven't been up until now. And I don't want to make decisions because other people are telling me to do it. Unless I feel called to do something.

Exactly.

And so, you know, I may be right or wrong, but at least I feel at peace.

Totally.

You know what I mean?

You got to be willing to like separate from the pack and figure out what your path is. And it's cool because when you do that too, you inspire other people to be themselves. you know? Like, I was talking earlier about Arlen Hamilton, and, you know, she's like this amazing VC, obviously a millionaire, and she wears, like, hoodies and, like, everywhere she goes. And she's like, I refuse to get dressed 'cause she doesn't want to. And, like, just being around her in her hoodie frees me to be like, I do want to get dressed up. So, like, I am. I'm not gonna ask what's the dress code. I'm just gonna wear what I wanna wear, right? Like, so I think, I think it's so important when you are living the way that you wanna live and doing things differently, it frees other people. Yeah. You know, to do the same. What about you have four kids, right? Yes.

Four kids. What are the age ranges? I have a 21-year-old. Okay.

And then a nine-year-old, she's gonna be 10 later this week. So she's about to be 10. Right. Eight-year-old and a three-year-old. Get a new horse for their birthday.

10-Year-Old get a new horse.

She is having an equestrian birthday party. She's not getting a new horse.

What are the main themes that you teach your kids about money from all these different age ranges? If you could share three things that you teach them consistently at home. Whether it be a simple or profound principle, what are those three things that you talk about on a consistent basis with all of them?

Well, I like to teach them about consistency. which I think is about money. It's huge. Yeah, like you gotta show up and you gotta do this every day. And it's like you did it for five days and they're like, well, I did it for five days. Why can't I get credit for that? And it's like, that's great, but this is the kind of thing where you gotta show up. So teaching them really about habits and about like having a work ethic. If you want something, are you willing to put some sweat equity into it so you can have it? And so teaching them that, I think, is a core money principle. And then I also teach them about business. I teach them about entrepreneurship that you can create a business and sell anything and, you know, make money from your own creative ideas. So I want them to learn that. So my daughter is always like making books or she's making like little gifts for people for their birthdays and she's an artist and I want to teach her to value her art. This beautiful thing that you created, we can hang it on the wall and that adds value to people's lives. So you can charge for that. So just having those conversations and showing them even things that they're creating now have value. Absolutely. Or things that they're willing to do. Like my son is very techie, so I'm like, oh, the remote's not working. My eight-year-old, and he's been doing this since he was six, he's like, Mom, just give it to me. He fixes it all. So he has that natural skill. It's obviously a natural skill. Who taught him? I didn't teach him nothing. I don't even know how to do it. Maybe he learned by watching my husband. I don't know, but I want him to see that, oh, your ability to come in and fix that for somebody who doesn't know how, that adds value. That's something you could charge for if you wanted to in the future. So like teaching them that and asking them to do things and telling them like, you know, if you do XYZ, I will pay you. So I negotiate a lot with them. So, you know, it's like we did this family photo shoot recently and my son absolutely hates taking photos. He hates getting dressed up. He hates the whole production of it. And so I'm like, okay, so you did this for mommy and you make sure you smile in all of the pictures and you have to not like untuck your shirt and do all those things. And if you do all of that, then I'm going to allow you to play video games tonight for two hours on a weekday. Wow. So like, that's big time.

And then we shake hands.

And then there are times where he tries to go back on the deal, you know, and he makes deals with his sister too. And like, he'll try to go back on it. I'm like, no, no, no, no, no. If you make a deal, you have to stick to it, you know? So making sure that he understands if you say, if you give your word on something, you have to back that up.

Yes.

So teaching them that, I guess, is another part of the money story. And I like them to just, it's so funny. My husband and I will go for walks or whatever, and we'll be talking about business. My husband's a CFO. And so we're having business conversations and my daughter's hanging out with us listening in. And my husband's like, yep, you stay right there and listen to all of this, you know, soak it in. So teaching her just about like the different strategies that we try and, you know, marketing moves are making or whatever, different investments that we're making and why we're doing it and explaining that to her, willing to have that conversation, you know, like we bought a beach house. Let's talk about how, you know, we're only going to use it for the summer, but we're going to rent it out during the other parts of the year. And that's going to cover the cost of what we're paying for the summer or like what we're paying for it all year long. So this is the strategy and explaining it to her so she can start to see. And it's like it's repetition, right? It's us having those conversations over and over again over time. And there's something about the eldest daughter. I don't know what it is, but she's gonna be running this whole empire. That's great. You can already tell. That's fun.

Thank you so much for listening. I hope you enjoyed today's episode and inspired you on your journey towards greatness. Make sure to check out the show notes in the description for a full rundown of today's show with all the important links. And also, make sure to share this with a friend. Leave us a review over on Apple podcast and subscribe over on Apple podcast as well. I really love hearing feedback from you guys, so share a review over on Apple and let me know what part of this episode resonated with you the most. And if no one's told you lately, I want to remind you that you are loved, you are worthy, and you matter. And now it's time to go out there and do something great.