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Rating ? Qualities ?
Bold
Engaging
Inspiring
Buy book or audiobook
We Should All Be Millionaires
A Woman’s Guide to Earning More, Building Wealth, and Gaining Economic Power
Rachel Rodgers • HarperCollins Leadership © 2021 • 288 pages
Women in Business / Women’s Careers
Society / Women’s Economic Empowerment
Society / Gender Equality / Gender Pay Gap
Take-Aways
• Building wealth requires that you overcome self-limiting money narratives.
• Systemic discrimination and gender bias disempower women.
• Prioritize your own needs and evaluate your decisions carefully.
• Protect your time and energy by establishing healthy boundaries.
• Surround yourself with successful people who prompt you to push yourself to new heights.
• Find ways to treat yourself well, even before you achieve your financial goals.
• Resist imposter syndrome, and charge clients based on the value you create.
• Create better money systems to overcome your scarcity mind-set.
• Earn $10,000 in just 10 days, then reward yourself.
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Recommendation
All women, not just those born into privilege, can become millionaires, says Rachel Rodgers. When Rodgers
experienced the fear of not knowing whether she could pay her bills, she launched Hello Seven, which
eventually grew into a multimillion-dollar company that helps women build wealth. She argues that
achieving millionaire status starts with reframing your narratives about money and adopting a new strategy.
Combining motivational prose, her own experiences and socioeconomic research, Rodgers acknowledges
the systemic barriers to building wealth, then encourages you to topple them.
Summary
Building wealth requires that you overcome self-limiting money narratives.
If you believe that you could never become a millionaire because you didn’t grow up rich, or because
your government isn’t fair, you’re wrong. Anyone can become a millionaire with the right mind-set and
strategy. Start by acknowledging that self-limiting beliefs – such as, “making money is hard” – aren’t
actually true. You likely developed these limiting money narratives during childhood, or society has
conditioned you to doubt your wealth-generating potential. Try reflecting on the adversity you’ve overcome,
and treat it as evidence of your resilience and ability to improve your life.
“I became a millionaire, because I knew what it was like to live without economic well-
being. I knew the shame of being poor and the vulnerability of being broke.”
You’re in control of your thoughts, and you can change your cognitive patterns, just as you might create
new habits. For instance, when you catch yourself thinking that you’ll never pay off your debt, replace this
thought with a “Million-Dollar Thought,” such as “I am capable of changing my situation.” Reframe your
financial narratives by questioning yourself regarding their origins and truth, and assessing the effects of
these thoughts. Determine whether you could look at the situation differently. Embracing more positive
money narratives will encourage you to make better financial choices and boost your confidence.
Systemic discrimination and gender bias disempower women.
The media perpetuate false stereotypes that women are inept with money, which erodes women’s confidence
in their ability to build wealth. A Starling Bank study found that the media depict women as excessive
spenders, and men as more financially savvy. Some 65% of articles about money in women’s magazines
speak to their target readers as though they lack financial responsibility – urging them, for example, to avoid
shopping “splurges.” By contrast, men’s magazines speak to their readership as though they’re financially
adept and encourage them to spend, invest and take strategic risks in order to raise their financial profiles.
Women often internalize social biases surrounding money and gender, and 58% of women relinquish
financial decision-making power to men when in domestic partnerships. Believing that you lack financial
sense can trigger feelings of shame, which can affect you even if you’re a high earner.
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“The media wants you to think you’re a shopaholic with a bankruptcy-inducing coffee
habit.”
The US government systemically limited American women’s earning power for centuries. Women lacked
the right to control their economic lives until 1848, when New York State passed the Married Women’s
Property Act. This law enabled women to own and manage their property and enter contracts without a
man’s approval (though at this time, the law still viewed white women as their husbands’ property, and
Black women as slave owners’ property).
Until the introduction of the Equal Credit Opportunity Act in 1974, women lacked the power to start
businesses or make large purchases on their own. They were denied equal access to financial tools, such
as loans and credit cards. The government passed the Equal Pay Act in 1963, yet widespread gender-based
income disparities still exist: Native American women, Latina women, Black women and white women earn
54 cents, 57 cents, 62 cents and 79 cents, respectively, for every $1 a white man earns.
Systemic discrimination manifests in a myriad of forms: Employers often pay women less if they’re obese,
have children or embrace marginalized identities. Forgive yourself if you’re underearning: You likely face
challenges that men do not. Then, make the choice to start earning millions.
Prioritize your own needs and evaluate your decisions carefully.
A “Broke-Ass Decision” is one that exhausts your time and energy, and leaves you feeling more insecure,
weak and optionless. For example, you might tell a friend they can stay with you for a week, despite the fact
that having an extended house guest will disrupt your sense of calm and ability to work.
By contrast, a “Million-Dollar Decision” leaves you feeling energized and replete with options. It helps you
invest your time doing things you love and gives you a sense of freedom, strength and possibility. A Million-
Dollar Decision might entail telling your prospective house guest that you have the capacity to host only for
two nights, while offering to share a list of local hotels with them.
Stop sacrificing your happiness and time – and shortchanging your talents and abilities – to seem more
likable. Moreover, stop surrounding yourself with unsupportive people who are making their own Broke-Ass
Decisions. Resolve to fix things in your environment that make you feel poor or drained.
“Making million-dollar decisions means choosing yourself, betting on yourself, and
declaring that you are worth it.”
Use the WSABM formula (apply the mnemonic aid “We Should All Be Millionaires” to help you recall the
steps) to differentiate between a Broke-Ass Decision and a Million-Dollar Decision for any given situation:
• “Want” – Be honest with yourself about your desires. What would you choose to do if you weren’t afraid
of a negative outcome?
• “Shoulds” – Reflect on what you feel you ought to do. Why do you hold that belief? How well do your
shoulds match your truest desires?
• “Action” – Identify the specific steps you need to take to achieve your desired outcome.
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• “Body” – Can you imagine how it would feel in your body to make this choice? Does it trigger a feeling
of anxiety or excitement?
• “More” – Does this decision create more of what you want in your life?
Protect your time and energy by establishing healthy boundaries.
Research shows that women perform more domestic labor than men. They often face a lack of respect and
proper remuneration in the workplace, too. Because rampant exploitation of women’s labor exists, women
must protect themselves from depression and exhaustion by setting clear and firm boundaries.
“If you are being nice when you don’t want to be, you’re really just lying.”
Calculate your “effective hourly rate,” or your time’s monetary value: Total the money you make every month
from all sources, and divide it by the hours you spend performing paid labor. Reflect on any unpaid labor
you perform when you could be earning income: If, say, you spend five hours each week babysitting for your
sister, you can now place a monetary figure on how much the favor costs you. If you’re generous with your
time, make sure it comes from a place of authenticity and enjoyment. Consider establishing a boundary if
you’re not comfortable with that investment of your time.
Protecting your time and energy often requires hiring people to help you, which can provide an empowering
opportunity to create jobs. Even if your budget is small, you should still consider hiring a personal assistant
for a handful of hours per week. Learning to delegate is a vital skill, and buying yourself the time to increase
your income and happiness is money well spent.
Surround yourself with successful people who prompt you to push yourself to new
heights.
The people with whom you spend your time dramatically affect your wealth-generating potential. Research
by Harvard professor and sociologist David McClelland reveals that the people with whom you regularly
associate determine some 95% of your failure or success in life.
“If you literally do nothing but join a success squad, you will make more money by
osmosis.”
Build a network of powerful people – which should include other success-oriented women – who will
encourage you to set ambitious goals. Look beyond formal networking opportunities when forming your
team. You might find great connections through hobbies or social media groups. Don’t rely on white male
allies to open doors for you. Given the choice, most white men will choose to help other white men get
ahead, often at the expense of women and people of color.
Find ways to treat yourself well, even before you achieve your financial goals.
How you feel affects what you do. Finding ways to make your life better today can, therefore, help you build
the financial future you desire more quickly. Begin realizing your “Million-Dollar Vision” by transforming
your life in four steps:
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1. Identify areas to upgrade – Your daily life affects your mood which, in turn, affects your money-
making capabilities. Reflect on all the aspects of your life – including your home environment, self-care
routine, wardrobe and savings accounts – that, if improved, could help you feel more energized, peaceful,
joyful and powerful? Don’t go into debt: Search for affordable ways to improve your lifestyle. Maybe you
can’t afford to hire a personal assistant yet, but how about using grocery-delivery app Instacart to save
time on grocery shopping, for example?
2. Set new financial goals – How much will making the required changes to live your dream life cost?
Calculate your targeted monthly income by adding your current monthly income to the total monthly
cost of your desired upgrades. Be mindful of the tone and words you use, internally, when formulating
your goals. Use positive, rather than defeatist, language.
3. Discover new ways to make money – Reflect on ways you can make extra money now, including
starting a side business.
4. Set your first deadline – Identify the first area of your life you’re committing to transform. Select an
area that would have a large positive effect on your life. Then, create a deadline for making that change.
Resist imposter syndrome and charge clients based on the value you create.
Discover the value you can offer others by reflecting on the strengths and abilities you’ve possessed since
childhood. Consider these things your “zone of genius” – that is, activities that you don’t struggle to perform,
and tasks that engross you to the point that you find yourself losing track of time as you complete them. Take
some talent assessment tests – companies such as DiSC, Kolbe and Clifton Strengths offer useful ones – to
identify your skills. Perform a career audit: List your accomplishments to help you better conceptualize the
value you offer.
“Once you identify what makes you valuable, believe it, own it and charge accordingly,
your life will change forever.”
Note every career idea that both aligns with your unique strengths and excites you. Then, select one to invest
your energy into bringing to fruition. Think like an entrepreneur: Identify a specific problem you can help
people solve, and sell a solution you believe creates value.
When setting your rates, use “value-based pricing,” which means you charge clients for the value you create,
as opposed to charging based on an hourly rate. Raising your prices requires overcoming your imposter
syndrome – the belief that you are a fraud or that you don’t deserve the success you’ve achieved. This lack of
confidence will lead to decisions that keep you poor. Consider simply charging double your current prices.
Create better money systems to overcome your scarcity mind-set.
Abandon your scarcity mind-set by learning how to trust in your own resourcefulness and ability to make
good financial choices. Build trust in yourself by setting up “Million-Dollar Systems” – that is, planning your
financial choices in advance and finding ways to make them automatic.
Track your financial health, including your credit score, daily spending and net worth. Take 90 minutes
each week to tackle your bookkeeping, noting any recurring spending patterns and setting new financial
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goals. Reflect on any “Broke-Ass Thoughts” – negative notions that prevent you from building wealth – and
how you might reframe them.
“Debt is nothing to be ashamed of. Having debt does not mean you are stupid, reckless,
careless, lazy or ‘bad with money’.”
Try to think about any debts you owe in a more positive light. For example, are you in debt because of college
tuition fees? Education is a wonderful investment. Perhaps you’re in debt because you love treating your
family and friends to wonderful experiences and meals – generosity is a laudable trait. People often lecture
women about spending less in order to pay off debt; but instead of depriving yourself of things you enjoy, try
thinking more expansively and focusing on ways to grow your income.
Earn $10,000 in just 10 days, then reward yourself.
Challenge yourself to earn $10,000 in just 10 days. With $10,000, you could change your life and fulfill an
unmet desire – for example, moving to a better apartment or buying a new car. If choosing another target
figure makes you feel more comfortable, that’s OK, too. Just add 30% to the maximum amount you think
you can generate in 10 days.
Choose a money-making project that doesn’t commit you to long-term obligations, has potential to create
significant capital quickly, and feels exciting, rather than exhausting. You can earn a large sum of money
by offering your services in the following ways: selling clients a “VIP Day,” which entails dedicating your
workday to helping them solve a specific problem; charging people for the advice you’re already giving them
freely by positioning yourself as a strategist or consultant; or hosting an event and selling tickets.
“The ‘impossible’ is only impossible until you do it.”
Communicate your offering on your desired communication channel – that is, social media, flyers, and so
on – detailing the specific results people will see. Set clear prices and ensure you have the tools you need to
accept payments, such as PayPal or Stripe. Finding the energy and focus to complete this challenge requires
tapping into your own intrinsic motivation. Once you’re self-motivated and self-confident, nobody will be
able to stop you from earning millions.
About the Author
Attorney and business coach Rachel Rodgers is the founder of Hello Seven, a multimillion-dollar
company that aims to empower women to build more wealth.
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