Why are most self-made millionaires men? Why do women find it more difficult to become millionaires? What can you do to become one?<\/p>\n\n\n\n
In We Should All Be Millionaires<\/em>, Rachel Rodgers discusses ways to develop a positive money mindset<\/a>, manage your time<\/a> and energy, and increase your wealth by recognizing the worth of your work. These steps are crucial for women who want to feel empowered about making more money.<\/p>\n\n\n\n Read below for a brief overview of Rachel Rodgers’ We Should All Be Millionaires<\/em>.<\/p>\n\n\n\n\n\n\n\n Self-made millionaire Rachel Rodgers’ We Should All Be Millionaires<\/em><\/a> argues that all women, especially women of color, can and should strive to become millionaires. According to Rodgers, society and media perpetuate disempowering stereotypes about women and money that keep them from earning more. She rejects common advice to simply work harder or to live more frugally and argues that women must instead change how they think and feel about money, reclaim their time and energy, and stop underselling themselves. By following Rodgers\u2019s advice, you\u2019ll learn to be financially confident, grow your wealth, and live with more freedom and autonomy.<\/p>\n\n\n\n Rodgers is a business coach, intellectual property attorney, and the founder and CEO of HelloSeven<\/a>, a multi-million dollar coaching company that aims to teach women and people from marginalized communities how to build wealth<\/a>. <\/p>\n\n\n\n In this article, we\u2019ll explore Rodgers\u2019s strategies for how to increase your wealth in three parts:<\/p>\n\n\n\n According to Rodgers, the first step to becoming a millionaire is to transform the beliefs you have about money that hold you back from earning more and building wealth.<\/strong><\/p>\n\n\n\n Rodgers writes that for most of American history, the government has prevented women from gaining economic power. In the United States, women have only been financially independent for half a century. Before the mid-1970s, women couldn\u2019t own their own bank account, pursue higher education, start a business, or make use of other financial resources without having a man involved.<\/p>\n\n\n\n Today, even though legal barriers are gone, society and the media continue to teach women disempowering beliefs about wealth that many women have internalized. From a young age, men are encouraged to be bold with money and to take financial risks. Women, on the other hand, are taught to be cautious about money and that building and managing wealth is difficult. Because of this conditioning, women frequently undersell themselves and doubt their financial skills.<\/p>\n\n\n\n While we can\u2019t easily dismantle stereotypes or rewrite history, we can<\/em> alter our beliefs and our strategy for making money. In the following sections, we\u2019ll cover Rodgers\u2019s advice on how to quash the limiting beliefs many women have about money and discuss how to adopt a new, money-positive mindset.<\/p>\n\n\n\n Rodgers writes that your thoughts inform your actions, so to take positive steps toward earning more, you must think more positive, empowering thoughts about money.<\/strong> According to Rodgers, women’s limiting beliefs are one major obstacle that keeps them financially disempowered. Many simply don\u2019t think<\/em> they can make more money<\/a>, and they justify this belief by convincing themselves that money isn\u2019t important to them, that making money requires a grueling grind, or that they\u2019re simply not skilled with money. This, in turn, prevents women from making changes or trying new strategies to increase their wealth.<\/p>\n\n\n\n Rodgers suggests you practice thought work<\/em>\u2014reflecting on and transforming your negative thoughts into more helpful ones. By reframing negative thoughts, you\u2019ll have fewer self-imposed obstacles to your financial success. Rodgers provides steps on how to change your thoughts<\/a>:<\/p>\n\n\n\n Step #1: <\/strong>Be more mindful of your thoughts. Notice when a new thought pops into your head so that you can reflect on it. For example, you might pay attention to what thoughts pop into your mind as you apply for a new job.<\/p>\n\n\n\n Step #2:<\/strong> Identify whether your thoughts are helpful, empowering you to believe in yourself and make positive changes to your life, or if they trigger negative emotions that leave you feeling stuck. For example, if you don\u2019t have some skills listed in a job posting, you might think you\u2019re not good enough to get the jobs you want. This unhelpful thought makes you feel inadequate and discouraged, which prevents you from taking positive action.<\/p>\n\n\n\n Step #3: <\/strong>Challenge your negative thoughts<\/a> and replace them with more empowering ones. This way, you can focus on moving forward and taking action rather than feeling stuck and powerless. For example, you might tell yourself that skills can be built and you simply need to make time to develop them.<\/p>\n\n\n\n In addition to reframing your thoughts, Rodgers writes that you must take responsibility<\/a> for properly managing your finances. <\/strong>Being able to manage your own money will give you confidence in your financial knowledge<\/a> and help you spend your money wisely. When you know what\u2019s happening with your finances, you won\u2019t live in uncertainty and doubt your spending decisions. To gain control over your money, you must record and organize your finances with accounting systems so that you can make informed decisions and meet your financial goals<\/a>. <\/p>\n\n\n\n Rodgers provides three tips on how to manage your finances<\/a>:<\/p>\n\n\n\n Tip #1: <\/strong>Check your bank accounts daily. Rodgers recommends getting a bookkeeping software or hiring a bookkeeper to help you keep track of your finances. This allows you to monitor your progress toward your financial goals and detect potential challenges early on.<\/p>\n\n\n\n Tip #2: <\/strong>Schedule a regular time each week to review your net worth, credit score, and recent spending habits. This helps you better understand how your spending affects your wealth, enabling you to make decisions that save you money. Additionally, when you see positive changes, you\u2019ll be more motivated to continue tracking your wealth.<\/p>\n\n\n\n Tip #3: <\/strong>If you have debt, stop feeling ashamed<\/a> about it. Rodgers argues that shame is counterproductive and makes it harder for you to confront your debt, which you must do if you want to erase it. Reframe your debt in a positive light. Doing this helps you accept your financial situation and take action to resolve your debt. For example, if you have mortgage debt, you might reframe it by recognizing that you want your family to live in a nice home and be well provided for. When you see it this way, you\u2019ll feel empowered to work toward eliminating it.<\/p>\n\n\n\n Rodgers proposes another change you must make to your approach to money: Rather than obsess over how to save <\/em>money, focus on how you can make more <\/em>money.<\/strong> Rodgers argues that it\u2019s hard to build wealth if you have a substandard lifestyle due to penny-pinching. For example, if you sleep on an old, broken mattress because you\u2019re afraid to spend money on a new one, you can\u2019t get the quality sleep needed to pursue a promotion at your job or study for a higher degree that will increase your income<\/a>.<\/p>\n\n\n\n In many cases, you must spend money to make more money. Rodgers describes steps that let you upgrade your lifestyle so you can better build the future life you want:<\/p>\n\n\n\n Step #1:<\/strong> Imagine your dream life<\/a> in detail: your ideal home, the experiences you want to have, and the things you want to own. Calculate how much that lifestyle would cost you each month. This provides you with a clear goal to aim for and inspires you to pursue it. <\/p>\n\n\n\n Step #2:<\/strong> Picture the person living that dream life\u2014your ideal self. Think of how they treat themselves and others, how they spend their time, what they eat, and how they dress. Now, think about what changes you can make right now to be more like your ideal self. For example, you might devote more time to making home-cooked meals instead of eating fast food on the drive home from work.<\/p>\n\n\n\n Step #3: <\/strong>Brainstorm new ways to meet your financial goals and take your first step toward your dream life. Rodgers suggests you set a deadline for making one positive change to your life\u2014like getting a new mattress before your birthday\u2014and come up with ways you can make extra money. By making an upgrade to your life, you\u2019ll improve your mood, environment, and ability to make money.<\/p>\n\n\n\n We discussed how shifting your mindset<\/a> and attitude about money can help you overcome self-imposed barriers, but Rodgers believes that\u2019s not enough to make you a millionaire. To build your wealth,<\/strong> you must also make decisions that free up your time and energy<\/strong>, things women tend to give away too easily. In the following sections, we\u2019ll explore Rodgers\u2019s advice on how to reclaim your time and energy.<\/p>\n\n\n\n Rodgers writes that the first step to reclaiming your time and energy is to honor your own needs by setting boundaries<\/a>: Know and communicate to people what you will and will not do. <\/strong>There\u2019s a widespread belief that women should always put others, such as their children or the household, first. As a result, women usually handle the majority of domestic work and parenting on top of their jobs, leaving them with no time to advance their careers or pursue other goals. <\/p>\n\n\n\n To combat this imbalance, you must refuse to let people exploit you and use up your time, whether at home or at your workplace. When deciding on what you will and won\u2019t do, Rodgers suggests you make decisions that add to your life rather than detract from it\u2014decisions that make you happier, healthier, and more energized. Stop accepting demands that leave you exhausted and overextended (for instance, agreeing to look over a coworker\u2019s project when you\u2019re on vacation). Rodgers argues that you don\u2019t need to feel guilty for setting boundaries and declining others\u2019 requests. You\u2019re simply saying \u201cyes\u201d to yourself after sidelining your own needs for so long.<\/p>\n\n\n\n Even after setting boundaries, you may still face many tasks that take up your time and energy. Rodgers suggests you hire people to do household or administrative tasks that are necessary but not enjoyable. <\/strong>She recommends you outsource anything that drains your energy, that you hate doing, or that you find difficult to do. For example, if you have a messy household and spend a lot of time cleaning, consider hiring a cleaning service. Rodgers advises you start by hiring a personal assistant who can handle a variety of tasks, like sorting through your emails, doing errands, and managing your schedule.<\/p>\n\n\n\n You might be reluctant to spend money when you\u2019re trying to grow your wealth, but Rodgers argues that you can build your skills and career with more focus and energy and spend more time generating income this way. Further, when you learn to delegate, you can lower your stress and free up time to do what you want, which can improve your health and happiness<\/a>.<\/p>\n\n\n\n Now that you\u2019ve cut out unreasonable demands and delegated tedious tasks<\/a>, Rodgers proposes a way to use your time and energy: Build a network of successful women who can support you and your financial goals. <\/strong>A close cohort of women can provide you with gender-specific support, a sense of belonging, and more opportunities. Rodgers explains that the majority of highly-successful women have a close group of women.<\/p>\n\n\n\n Rodgers offers tips on how to cultivate a small, close network of women:<\/p>\n\n\n\n Tip #1:<\/strong> Join new communities. You don\u2019t have to limit yourself to professional groups. Rodgers recommends you simply find a community that shares your beliefs, values, and interests and focus on building sincere relationships with other women.<\/p>\n\n\n\n Tip #2:<\/strong> Reach out to friends and colleagues you\u2019ve lost touch with. One way to reconnect is to do something for them. For example, you could reach out and tell them that you voted on their entry in a photography contest.<\/p>\n\n\n\n Tip #3: <\/strong>If you can\u2019t find the community you\u2019re looking for, Rodgers suggests you create your own group based on your interests.<\/p>\n\n\n\n Now that you\u2019ve learned how to adopt a better mindset about money and make time and energy to build your wealth, how can you actually make<\/em> more money? Rodgers writes that women often underestimate the worth of their work and do more work for less pay than men. So to become wealthier, you must overcome impostor syndrome and start charging what you\u2019re really worth. <\/strong>In the following sections, we\u2019ll look at Rodgers\u2019s insights on how to do so.<\/p>\n\n\n\n First, to be able to recognize your value, you must overcome impostor syndrome<\/strong><\/a>\u2014the tendency to doubt your skills and abilities and feel undeserving of your accomplishments.<\/strong> If you have impostor syndrome, instead of owning your successes, you might credit them to luck or the efforts of others and feel afraid of being discovered as a fraud.\u00a0<\/p>\n\n\n\n According to Rodgers, impostor syndrome is a major reason why many women aren\u2019t as wealthy as they should be: It stops them from pursuing more wealth by making them afraid to apply for a promotion, take on tough projects, or start their own business, for instance. Impostor syndrome can also cause stress, anxiety, depression, and low self-esteem<\/a>, thereby negatively affecting your overall well-being.<\/p>\n\n\n\n To increase your wealth and get the pay and recognition you deserve, you must overcome impostor syndrome. Rodgers provides a few tips on how to do this:<\/p>\n\n\n\n Tip #1: <\/strong>Don\u2019t be hard on yourself for having impostor syndrome. Many successful women have struggled with it, so you\u2019re not alone in feeling doubtful about yourself. Acknowledge your insecurities around your worth and commit to overcoming them.<\/p>\n\n\n\n Tip #2: <\/strong>Write down your achievements, both big and small, as proof of your value. Reviewing your list of accomplishments can remind you that you\u2019re skilled and competent when you feel doubtful.<\/p>\n\n\n\nWe Should All Be Millionaires<\/em> by Rachel Rodgers<\/strong><\/h2>\n\n\n\n
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Part 1: Transform Your Mindset About Money<\/strong><\/h3>\n\n\n\n
Reframe Your Limiting Thoughts<\/strong><\/h4>\n\n\n\n
Take Responsibility for Your Finances<\/strong><\/h4>\n\n\n\n
Focus on Growing Your Wealth, Not Shrinking Your Lifestyle<\/strong><\/h4>\n\n\n\n
Part 2: Maximize Your Time and Energy To Make More Money<\/strong><\/h3>\n\n\n\n
Set Healthy Boundaries<\/strong><\/h4>\n\n\n\n
Recruit Help and Delegate Tasks<\/strong><\/h4>\n\n\n\n
Build a Close Network of Successful Women<\/strong><\/h4>\n\n\n\n
Part 3: Recognize Your Value and Increase Your Wealth<\/strong><\/h3>\n\n\n\n
Overcome Impostor Syndrome<\/strong><\/h4>\n\n\n\n