We Should All Be Millionaires

Sharing my learnings from the book, We Should All Be Millionaires by Rachel Rodgers.

We Should All Be Millionaires by Rachel Rodgers

We Should All Be Millionaires will forever change the way you think about money and your ability to earn it.

In this book, Rachel Rodgers— a Black woman, mother of four, attorney, business owner, and self-made millionaire— shares the lessons she’s learned both in her own journey to wealth and in coaching hundreds of women through their own journeys to seven figures.

• only 10 percent of the world’s millionaires are women. And money, by and large, means power in society – whether we like it or not. With such a disparity, women are less able to exert influence that could lead to real equality. 
• women often feel like impostors when it comes to finance. There are real, structural reasons for this, which are the result of centuries of disempowerment and patriarchy. In this book, we learn how to cast off that impostor syndrome.
• Women often tell themselves stories that prevent them from becoming wealthy.
  • most common stories women tell themselves is that they need to work really hard in order to make a lot of money. working yourself to death isn’t necessary if you want to build wealth. In fact, the very rich let their money work for them instead.
  • Another dangerous story women tell themselves is that they aren’t good with money. The truth is, nobody is born good with money – it’s a skill that’s learned.
  • The last pernicious myth is that you don’t need money. Believing this is like being in denial, as capitalist societies do require money for things like food, shelter, and clothing.
• Now that you’ve identified these obstacles, learn to remove them by paying close attention to your thoughts. The next time you think to yourself, for instance, “I’m no good with money,” be sure to follow that up by telling yourself, “I’m perfectly capable of becoming the smartest investor in the world!”
• Women have been oppressed for centuries – so be kind to yourself. don’t be too hard on yourself if you feel powerless. While men have had the power to accumulate wealth for thousands of years, women have had only a half a century or so to catch up. But in that time, women have already become millionaires, billionaires, and presidential candidates. With that happy thought in mind, start on the path to enriching yourself and setting yourself free.
• To become wealthy, you need to prioritize your goals and your time. It’s only when women carve out space for themselves like this that they can achieve their full potential and begin to accrue real wealth.
• In the workplace, it’s often assumed that women will be the ones that provide all the emotional support, give up their free time, and arrange celebrations for any office birthdays and special occasions. It’s a raw deal. To guard against this, you need to set clear boundaries.
• many women find it difficult to enforce boundaries. To do so, you have to stop being nice. As women are often socialized to be compliant and helpful, this can be extra hard. But being nice isn’t your job, and it’s impossible to become the economic powerhouse you want to be and please everyone at the same time. So don’t fret if you upset some people as you set your red lines. That’s just going to happen. It means you’re prioritizing your time, well-being, and financial goals.
• To be financially successful, you need to build a network of like-minded, successful women. Your success or failure is largely determined by the people you spend your time with.
  • Being part of a successful network means that you’ll have access to information you can’t get through a Google search. This is where the best investment tips, sharpest business knowledge, and most useful personal philosophies are shared. 
  • you don’t need powerful white men in your circle. In fact, much of the time, white men only open doors for other white men.
  • join or build a network of women who share similar interests and goals. These will be the people who let you in on trade secrets, pass on clients and opportunities, and generally have your back.
• Impostor syndrome affects many professional women. Those little voice in your head like “you’re not smart enough”, “you’re not decisive enough”
  • If you don’t believe in yourself, you’re likely to sell yourself short when it comes to sending off that invoice or asking for a raise. That’s something you need to change.
  • you need to quantify the full result of your labor. 
  • When you’re asking for a raise, point out the value you bring your employer.
  • Whatever you do, don’t settle!
• When women become wealthy, it tends to benefit the whole world.
  • Women making money can help the communities they’re part of.
  • Compared to men, women give to charity more often, put in longer hours at work, do more housework, and spend more time caring for children – all while spending less time relaxing, socializing, and sleeping. All across the board, women give far more of themselves than men.
• when you do achieve financial independence, put your feet up! You’ve earned it.