Podcast Summary: Rachel Rodgers - Plan Your Year Like a Millionaire Self-Conscious with Chrissy Teigen | Release Date: May 8, 2025

Introduction

In the episode titled "Rachel Rodgers - Plan Your Year Like a Millionaire," Chrissy Teigen welcomes Rachel Rodgers, a bestselling author known for her book "We Should All Be A Woman's Guide to Earning More." Rachel shares her insights on wealth-building, goal setting, and overcoming systemic barriers, drawing from her personal journey from financial insecurity to becoming a millionaire. The conversation is a deep dive into strategies for personal growth, financial empowerment, and creating a ripple effect of economic progress within communities.

Rachel Rodgers' Personal Journey to Financial Success

Rachel Rodgers begins by highlighting the connection between entrepreneurship and social justice. She quotes Maya Angelou, stating, "when you know better, you do better" (01:58). Rachel reflects on her early days of financial struggle, emphasizing the importance of leveraging natural talents and courage to overcome systemic barriers. She established her company, Hello7, with the mission to "close the wealth gap one entrepreneur at a time." Rachel's approach involved maintaining a full-time job while gradually building her law practice, demonstrating the viability of balancing employment with entrepreneurial pursuits.

Defining and Setting Ambitious Goals

Rachel challenges conventional goal-setting practices, advocating for larger, more ambitious goals. She explains, "When you set a goal that's uncomfortable, but you're also excited, fear and excitement come from the same place" (05:44). Rachel shares her personal example of setting an audacious target for her business to reach $100 million in revenue by 2028. This bold approach has revitalized her team's creativity and motivation, contrasting sharply with mundane targets like "let's just try to break even again next month" (07:21).

Importance of Support Networks

A key theme in Rachel's discussion is the significance of building a strong support network. She introduces the concept of a "million dollar squad," a group of cheerleaders who encourage and assist in achieving ambitious goals (08:13). Rachel emphasizes the transformative power of surrounding oneself with like-minded, ambitious individuals, citing studies that show accountability groups increase the likelihood of goal achievement by 95% (08:28). She contrasts this with the negative influence of detractors, advising listeners to seek out supportive and resourceful peers.

Wealth Building vs. Earning More Money

Rachel delineates the difference between simply earning more money and building sustainable wealth. She critiques the traditional personal finance focus on budgeting and cutting costs, advocating instead for strategies that allow individuals to earn beyond their expenses and achieve their dreams (10:22). Rachel asserts, "Can we not have joy?" when discussing the importance of spending on things that bring personal happiness, such as avocado toast or iced coffee (10:48). She encourages listeners to aim for financial goals that enable them to thrive, not just survive.

Critical Barriers for Marginalized Individuals in Wealth Building

Addressing systemic issues, Rachel identifies access to capital as the primary barrier for marginalized groups seeking wealth (15:06). She points out that less than 3% of startup funding goes to women and people of color, leading to a predominantly white, male-controlled business landscape. Additionally, Rachel discusses the "Superwoman" syndrome, where women feel compelled to handle everything alone, hindering business growth and sustainability (15:50). She also touches on imposter syndrome and the erosion of self-belief as significant obstacles.

Strategies for Overcoming These Barriers

Rachel offers practical advice for overcoming financial and psychological barriers. She encourages declaring uncertainty as a strength, which can open doors to assistance and collaboration (16:40). By being transparent about not knowing everything, individuals can invite support and expertise from their networks. Rachel also stresses the importance of regaining the ability to dream and planning strategically to bridge the gap between current financial status and desired goals.

Time Management and Setting Boundaries

Effective time management is another critical area Rachel explores. She underscores the necessity of setting boundaries to reclaim personal time, especially for women who often shoulder the majority of domestic responsibilities (17:58). Rachel advises having hard conversations to delegate tasks, thereby freeing up time to focus on personal and professional growth. She emphasizes that "reclaiming your time is a really important part, so you can use part of it to make your dream happen" (17:58).

Actionable Steps: Plan Your Year Like a Millionaire

Rachel introduces a three-step framework for financial planning, titled "Plan Your Year Like a Millionaire," which serves as a practical toolkit for listeners:

1. Million Dollar Vision (20:45)

   • Exercise: List all desired life upgrades across various categories, assigning a dollar amount to each.
   • Objective: Calculate the total monthly cost of achieving the dream life, identifying the financial gap between current income and desired income.
   • Example: If the desired income is $200,000 annually and current income is $65,000, the gap is $135,000 per year or approximately $10,000 per month.

2. Million Dollar Value (25:06)

   • Self-Assessment: Utilize personality and strengths assessments to identify natural talents and skills.
   • Reflective Analysis: Recall childhood strengths and skills recognized by others to uncover potential business ideas.
   • Life and Career Audit: Document past experiences and skills to identify marketable services or products.

3. Million Dollar Offer (30:19)

   • Scalable: Ensure the offer can grow beyond one-on-one services, such as developing a course or expanding a service-based business.
   • Enjoyable: Choose a business idea that is personally satisfying to maintain motivation.
   • In Demand: Select products or services that address existing market needs and desires.
   • Transformation: Clearly define the transformation or value the product/service provides to customers.

Rachel's structured approach provides a clear roadmap for listeners to transition from financial uncertainty to wealth creation, emphasizing actionable steps and strategic planning.

Conclusion

The episode concludes with Rachel Rodgers affirming the power of ambitious goal-setting and strategic planning in achieving financial success and fostering economic empowerment within marginalized communities. Chrissy Teigen and Rachel celebrate the transformative potential of entrepreneurship and supportive networks, reinforcing the message that "when black women win, we all win." Rachel's insights offer a comprehensive guide for listeners seeking to elevate their financial status and contribute to broader social progress.

Notable Quotes

• Rachel Rodgers (01:58):

  "Entrepreneurship is a path to social justice."

• Rachel Rodgers (05:44):

  "When you set a goal that's uncomfortable, but you're also excited, fear and excitement come from the same place."

• Rachel Rodgers (07:21):

  "That's how so many people do it. And now you've got an asset that you can build, that you can grow, that you can sell."

• Rachel Rodgers (08:13):

  "Have a million dollar squad and your squad is your cheerleaders."

• Rachel Rodgers (10:22):

  "We need to know that you can get the house that you wanted to provide for your kids or for me."

• Rachel Rodgers (10:48):

  "Can we not have joy?"

• Rachel Rodgers (15:06):

  "Access to capital is the biggest issue."

• Rachel Rodgers (16:40):

  "Sometimes I think people should just declare to the world, I don't know what I'm doing because it'll just take all the power away."

• Rachel Rodgers (17:58):

  "Reclaiming your time is a really important part, so you can use part of it to make your dream happen."

• Rachel Rodgers (20:45):

  "What am I doing here? And we run some numbers."

• Rachel Rodgers (30:19):

  "There are four key elements of a million dollar offer: scalable, enjoyable, in demand, and provides a transformation."

Timestamp References

1. Personal Journey Introduction – 01:58
2. Setting Ambitious Goals – 05:44
3. Balancing Jobs and Entrepreneurship – 07:21
4. Building a Support Network – 08:13
5. Impact of Accountability Groups – 08:28
6. Earning vs. Wealth Building – 10:22
7. Spending for Joy – 10:48
8. Barriers for Marginalized Groups – 15:06
9. Superwoman Syndrome – 15:50
10. Declaring Uncertainty – 16:40
11. Time Management and Boundaries – 17:58
12. Reclaiming Personal Time – 17:58
13. Million Dollar Vision Exercise – 20:45
14. Self-Assessment and Strengths – 25:06
15. Creating a Scalable Offer – 30:19

Listen to the full episode here to gain comprehensive insights and actionable strategies from Rachel Rodgers on planning your year like a millionaire.