#31. Retiring on Passive Income: How to make money while you sleep with Rachel Richards

Aug 15

SUBSCRIBE: iTunes | Stitcher | Spotify | Download | Duration: 46:59

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