Rachel Rodgers - Plan Your Year Like a Millionaire

Summary

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.

Transcript

[Chrissy Teigen]

You're listening to Self Conscious with Chrissy Teigen, an Audible original podcast. Join me as we explore the cutting edge of health, wellness and personal growth with the world's leading experts and thinkers. From inspiring stories to actionable insights, our conversations aim to help you lead a healthier, happier and more productive life. In a world where money equals influence, gaining a controlling wealth becomes a powerful tool for social justice. My next guest, Rachel Rogers, is the best selling author of We Should All Be A Woman's Guide to Earning More. Her work goes beyond teaching individuals how to increase their income. She also tackles the systemic barriers that have historically hindered Black women and other marginalized groups from achieving financial success. Drawing on her personal journey from financial insecurity to becoming a millionaire, Rachel inspires others to dream bigger, set ambitious goals and create transformative wealth that can uplift lives and and communities. In her audible original Plan youn Year Like a Millionaire, Rachel presents a roadmap for anyone seeking to build wealth, whether starting from scratch or looking to elevate their financial game, and is a call to action for those who have been told to settle for less, urging them to break free from those limitations and reclaim their financial power. On today's episode, listeners will learn how to set goals, effectively manage time, build a strong support network and focus on increasing income. More importantly, Rachel will demonstrate how these strategies not only impact personal finances, but also contribute to a larger movement of economic empowerment and social progress. Rachel Rogers, welcome to Self Conscious. So Rachel, can you share your personal journey that led to the creation of Plan youn Year Like a Millionaire?

[Rachel Rogers]

I think that entrepreneurship is a path to social justice. Maya Angelou says, when you know better, you do better. Yes, I started out low income, with no resources, no network, whatever, and so I had to figure out how I was going to make it happen. All I had was my natural talent and my skills and whatever courage I could muster, right to go do the things. And I'm not the only one. There are many people that have done it. There is a pathway to do this. So I think this is such a great opportunity to equal and level the playing field when it comes to money. And so my company, hello7 our tagline is close the wealth gap one entrepreneur at a time. So, so we're teaching entrepreneurship to people to say the corporate job is not working for you. You're tired of the boss, maybe got laid off and you're looking for options. The options, as corny as it sounds, is within you. You have the skills, you have the talent and it's just being in the kitchen, Right? Okay. I need to go make dinner. And I got pasta, salt and basil. And I need to make that a meal. And that's what we have to do. We have to take stock of like what do we got? And how can we mix those ingredients up to make a better meal than the one we have right now? Because right now we're selling our skills to the man or a corporation. But how can we instead take those same skills? And we could still, like, this might be a slow process where you keep the full time job. That's what I did. Right? You can keep the full time job. I still was working at a law firm when I started my practice. I had a part time job, A part time, crappy job at a law firm. So I did that while also building my law practice. And I couldn't just quit cause I needed the money. And so we can keep the full time job, do this on the side until this scales up. And now you can quit the job. Right. So that's how so many people do it. And then now you've got an asset that you can do, build that you can grow, that you can sell. And what you have is true job security, true financial security, which comes from. I know how to take the skills I have and make money. I can take the skills and the talents that I have and turn it into money anytime I want. When you can do that, you have the ultimate job security and financial security. And that's what I want for people who are struggling, for people who are low income. And now all of a sudden they've got their own business and they're thriving. There's so many stories like this and it's amazing. We have a foundation and so we provide money for doulas for black women.

[Chrissy Teigen]

Oh, amazing. Birth Fund is a charity that we're very close with and they do incredible work.

[Rachel Rogers]

Yeah, truly. And so we're small scale, but there's the first mom that we ever funded. She came to my book tour in June and she stood up and she was like, you provided me with a doula, which was amazing. My son was born healthy. I. And we provided her with childcare afterwards because that's the other thing. Like, women have to go back to work so fast. So we do doulas and childcare, like in the early stages, right after you have a baby. And so she was at home and so she used some of that time at home to come up with a business. And so she was like, how can I turn the skill that I do at work? And Turn it into my own consulting company. So that's what she did. Now we're. Her son's not two years old yet. She now has a six figure business and is thriving. And now she's teaching other women in her community how to do the same thing. That is the ripple effect. And women are always going to support other women. Women are always going to give. There are studies that show that we are bigger philanthropists than men in general. And so if women are thriving and women are making more money, then the world's just gonna be better. That is the result of that. So that's like entrepreneurship or people starting a business. Seems like a small thing, but it actually has a huge ripple effect. That's the world that I want to see created.

[Chrissy Teigen]

When we win, we all win.

[Rachel Rogers]

Yes, exactly.

[Chrissy Teigen]

Especially when black women win.

[Rachel Rogers]

Yes, exactly. Because we're the last ones on the list. So if black women are winning, then that means everybody ahead of them. Right. Everybody that's also on the journey that has not experienced as much discrimination as them can also win as well.

[Chrissy Teigen]

So what were you challenging listeners to do in your Audible original where I.

[Rachel Rogers]

Challenged people to set bigger goals? Because I think people are like, let me set a small goal, because that's gonna feel safer and it's achievable. But the problem, and literally there's research and science behind this, that when you set a smaller goal, you're just not excited about it. So it's not motivational to you and therefore you don't do any of the work. Whereas when you set a goal that's uncomfortable, but you're also excited. Fear and excitement come from the same place. Right. It's just how our interpretation of it, we tell a story about what that feeling is. And that feeling, you could claim it's excitement or you can decide it's fear. But I think that excitement and research shows that excitement is actually what motivates people to get up every day and be like, wow, what if we were to achieve this enormous goal? Let's just see what happens. I actually do the things that I tell other people to do. I'm in my own test case. My business makes eight figures. And I just rolled out a plan to for the business to make a hundred million in the next four years. So by the end of 2028, we want to get to a hundred million in revenue with a coaching business, which is not a common thing. But I'm like, so what? What's common? Nothing. So why should I set common goals? So I created this plan and it's really just 10xing what we're already doing. We don't have to reinvent the wheel. Just keep doing what we're doing, but do it better and 10x it right. That's the plan. And I rolled out the plan to my team. My team is so hype. I've never seen them so excited, so motivated, so happy sharing ideas. Now there's all this creativity flowing and they are so hyped because we set an outrageous goal that feels almost impossible. Not quite impossible, but a stretch to hit. And now suddenly everyone's hype at work.

[Chrissy Teigen]

Well, it's not very motivating as a team to hear, let's just try to break even again next month.

[Rachel Rogers]

Let's not lose any more money. You know what I mean? That doesn't get them excited.

[Chrissy Teigen]

And the people that I know in any kind of industry, they set those goals, they do it and they hit them and they seem a little bit crazy. So I guess you gotta seem just a little bit crazy.

[Rachel Rogers]

Yes. The example is Serena. She did her 17th Grand Slam and then she was going for her 18th and she kept losing and she couldn't figure out what was going on. And her coach was talking to her about it, and then she was like, you know what? I'm gonna stop going for 18. I'm gonna go for 30.

[Chrissy Teigen]

Wow.

[Rachel Rogers]

And just do something outrageous. And then suddenly started winning again. Just hitting the next goal was no longer exciting to her. She needed something that felt out of reach for her to motivate her.

[Chrissy Teigen]

You mentioned that nobody climbs Mount Millionaire alone. What are the critical types of support that people really need to build wealth?

[Rachel Rogers]

Yes. I always tell people, have a million dollar squad and your squad is your cheerleaders. The people in your life that when you tell them your outrageous goal, they're like, hell, yes, let's go. They're not. Are you sure? Oh, I'm a little afraid for you. Ooh, don't quit your day job.

[Chrissy Teigen]

See, I always feel like I have some of those people because they make me not so crazy or bring me back down to earth a little bit.

[Rachel Rogers]

Yes.

[Chrissy Teigen]

Hey, maybe the balance is good. But you're right, it is disheartening all the time to have somebody around that's. I don't know about that. It's like a Eeyore.

[Rachel Rogers]

Exactly. Eeyore vibes. Exactly. Right. You can keep those friends. Just don't tell them your big dreams. But you know, the friends, the family members that when they hear your big dream that are like, of course you can do it what do you need for me to make it happen? Let's go. And they start coming up with ideas to help you make it happen. We need the group chat. It's all about the group chat these days. Because even social media is so much. Right. We're all sharing so much information in the group chat. My group chat is a bunch of other amazing black women that are making eight figures as well. And what lawyer are y' all using? You know, like, who do you use for this? How do you manage this part of your money or whatever? What do you do when a team member xyz. And so much information is getting shared there Resources. We're helping each other. You also need not only your cheerleaders, but you need people who are also ambitious and also pursuing their own ambitious goals. Because iron sharpens iron. And there is a study that says that if you have an accountability group, if you have people around you that are also ambitious, you are 95% more likely to achieve your goal. And they did studies with kids in schools, college students. They've done this study abroad and in the US and every time they do this study, if you take the kids that are getting Cs and they start hanging out with kids that are getting A's, suddenly they start getting A's and literally nothing else changes except their hangout group. And now just by osmosis, because they start doing what their peers are doing. Their peers are studying, okay, I'm gonna hang out with y' all. I'll study too. And then likewise is also true, if you hang out with the kids that are not getting good grades, then your grades can start slipping because of it.

[Chrissy Teigen]

How do you define the difference between wealth building and simply earning more money? Why is this distinction important?

[Rachel Rogers]

We all know people who earn lots of money and keep none of it. You know, they spend everything that they earn and therefore they have no wealth. And then you could take who maybe earns a lot less, but saves a lot and they have wealth. I want something more. Like in the middle, live your life, Enjoy your life. Spend. Your money is meant to be spent. So I do think people should spend on pleasure. So especially when we're talking about historically excluded people, the message is always save more of your money. Stop buying, Jordan. Stop buying this. Can we not have joy?

[Chrissy Teigen]

Yeah.

[Rachel Rogers]

Can we not have fun things? Why can't we have nice things?

[Chrissy Teigen]

You see that all the time on Instagram. You didn't buy avocado toast or you didn't buy iced coffee every day.

[Rachel Rogers]

Yeah, but avocado toast and iced coffee bring me so much joy. So why would I not buy that? What are you talking about? Buy the avocado toast, buy the iced coffee, and then make more money, you know? So I think the difference is we have to be talking about earning enough to cover our expenses. That's the bare minimum like we're getting. That's step one. That is not the goal. The personal finance world, they make that the whole goal. Like just be able to pay your bills and save a little bit or blah, blah, blah. No, that doesn't sound exciting. Again, boring goals, right? So I want the version where I get to thrive and where I get to have everything that I want. So let's actually focus on that and earning more. But they don't know how to earn more. So they just tell you how to divide up a paycheck. Cool. That's valuable. We need to know that. But we also need to know if that paycheck does not cover the expenses. Now we need something else. What else you got? Right? Like, we need something else. So I think people need to learn how to earn more money. And not just enough to cover the bills, but enough to cover their dream. I want people to earn enough to cover their dream. And it is possible because I've done it right, so I know it's possible. And not just me. So many of my clients have done this and shocked themselves with what they can accomplish when they set different goals and then decide that it's happening. And they just keep working towards it. And you give it some time and have some patience, be consistent and then it will happen.

[Chrissy Teigen]

You advocate for focusing on expansion rather than budgeting or cutting costs. Can you elaborate on why this mindset is more effective for wealth building?

[Rachel Rogers]

Personal finance all teaches just budgeting, and it's save, save, save. It's very like discipline focused and it's not very exciting. And you're not going to have a massive change anytime soon. I don't want to wait 25 years from now to live my best life. I want to live my best life today or as close to today as possible. So if we want to have a better life sooner rather than later, then all the research shows entrepreneurship is the way to go. And you can do that right now. I believe in budgeting. I have a budget. I believe in personal finance tools. I think they're important. But we overemphasize saving, cutting costs. Don't buy your latte, don't buy your avocado toast. Stop buying anything that brings you joy. You know, only spend on Necessities. It's like this austerity life. Who the hell wants that life? Nobody, you know? So why are we so focused on that? There's only so many ways that you can divide up a paycheck. Okay? We've talked about it. It's handled, right? We don't need 1,000 more books about how to divide up your too small paycheck to start with. Right? Let's talk about how to earn more. Right? And that's so much more empowering, recognizing that. And also, too, it's what motivates us, right? Knowing that you can get the house that you wanted to provide for your kids or for me. I was like, I wanted to be able to pay my mom's rent. I wanted to be able to take care of her. So there was a dollar amount on my goals list of, once I get here, I know I can start taking care of my mom. There were different things, and sometimes it was just, I really want that really cute Chanel bag, whatever it is, right? You just have the goals that you have, and then they motivate you to go earn more rather than saying, no. Having all those goals or wanting more is bad because I think we have shame about desiring more. And that desire, it's actually really amazing, the desires that we have. And it could be the most frivolous thing if a desire for something that I want motivates me to get up and go create a business. Right? Or go sell a service. And now that service is helping these people. So now I'm doing important work that's helping people because I'm motivated by my own desires. In that case, your desires are getting you to do the work of helping people. So it's not a bad thing. I actually think it's God's design. Our desires are leading us to the place we're supposed to be, of service in the ways that we need to be. So I think we have to stop thinking about desire as a bad thing and telling people to cut every cost and stop wanting stuff. We're not gonna stop wanting stuff because we're human, and humans are designed to want things. And that's what's motivating us to go build things so that we can have the things that we want. And now we're making the world a better place.

[Chrissy Teigen]

Hey, it's Chrissy. Dig deeper with today's guest and hear more from all our groundbreaking guests on Audible. From bestsellers and new releases to podcasts and Audible originals, discover the next step on your journey. Go to audible.com. chrisSyonAudible what do you think are some common barriers to wealth building for marginalized individuals?

[Rachel Rogers]

The biggest issue is access to capital, right? Because when we think of starting a business, we think, okay, I need investment, I need some startup money. And women, people of color are not getting any startup money, right? Billions of dollars in checks are being written every year, and it's less than 3% goes to women. And all people of color, all of them, category, right? Which is also scary because then it means the entire world is being built by white guys. So access to capital is an issue. Hiring is an issue. And I think especially for women, because we just are like, I'm going to be Superwoman and I could do everything myself. And you cannot grow a whole business by yourself. You absolutely need help. And so the thinking behind that, I think, is a barrier that Superwoman.

[Chrissy Teigen]

You're so right. Superwoman is such a thing.

[Rachel Rogers]

Superwoman is not good for business. Superwoman is a liability in a business. So I think that's one of the issues too. And then also just imposter syndrome, just blanket my ideas aren't good enough. It's good enough to make this company, I work for millions of dollars, but it's not good enough for me to make me millions of dollars. So that kind of thinking, you have no plan, you have no money, you have no network. And it's really just building them up to believe in their own ideas in the first place, to tap into them. Sometimes we just have stopped dreaming. So part of it is getting back in touch with what you want, back in touch with what your dreams are and your desires. And then it's about creating a plan and gathering the resources to go make that plan happen.

[Chrissy Teigen]

What advice would you give to someone who struggles with asking for help or building a support network?

[Rachel Rogers]

This is huge.

[Chrissy Teigen]

So many people have problems asking for help because it's an admittance that you don't know what you're doing.

[Rachel Rogers]

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. And then it becomes really easy to ask for help. And then people will throw themselves at you to help. So I did this sort of accidentally, not strategically. I just would say I'm figuring it out as I go. And I would tell clients, this part. I have figured out the services I'm selling you. Obviously, I'm an expert in that. But this next thing that I'm striving for, I don't know how to do that. But I know I'm gonna figure it out. Or maybe I won't figure it out. I'm just making it up as I go. I have said this so many times in front of my audience or in front of my clients, in front of my team especially. And I think it takes some of the scaries away of not knowing, and it makes you more relatable as a leader, as an entrepreneur. And then people are like, oh, I know how to do that, or, you know, who you need to talk to. Such and such. So suddenly people want to help when you show, when you act like a know it all. First of all, everyone finds you annoying. No one wants to be around a know it all. Yeah. No.

[Chrissy Teigen]

Yes. Yes.

[Rachel Rogers]

As I've gotten older, especially in my business journey, I've just been straight up. I don't know what I'm doing.

[Chrissy Teigen]

And.

[Rachel Rogers]

And it reduces this scary part of, they're gonna find out. How about you just tell them? Then you don't have to worry about them finding out. And then also it gives them permission to be like, you know what? I don't know what I'm doing either. Isn't this fun?

[Chrissy Teigen]

What are some key time management strategies that listeners can start implementing today?

[Rachel Rogers]

I think number one is boundaries. Because I think especially for women, but really anybody but women especially, we tend to allow other people to spend our time for us. Still, to this day, women are doing the majority of domestic labor. Even if they are the breadwinner in their family, they still wind up doing the majority of the domestic labor, which is nonsense. So get back some of your time. I'm not making dinner every night. I'll make it twice, and you make it the other three times. How about that? Right? Or you don't eat. Or even with, like, teenagers. I'm not doing your laundry. Do it yourself. I'm gonna teach you how to do it. And now you are empowered to do your own laundry. Having some boundaries in their household. Because I think women do this thing, especially parents, where we're just taking care of everybody, and then everything that we want, all of our dreams are at the bottom of the list, and we never get to them. I'm like, yeah, no. So, yes, I think boundaries are really key and just having some hard conversations. No, I'm not doing the PTA thing. Sorry, Jan be mad. You know what I mean? I'm not coming. You cannot have my time or telling your aunt or your mom. I'm not gonna do your taxes for you. So many ways in which we just run around doing things for other people and don't even realize, like, our time is not our own. So reclaiming your time is a really important part, so you can use part of it to make your dream happen.

[Chrissy Teigen]

How can someone who's used to playing it safe start setting bigger, more ambitious goals?

[Rachel Rogers]

I would start with what do you want? Not just what do you want? With a lowercase w, like, what do you want? All caps. If you could wave a magic wand and have something in particular or some things, what would they be? It starts with dreaming. And sometimes we don't even know what we want because we've gotten out of touch with what we want. And so what I tell people to do is when you wake up in the morning, the first thing you do when you wake up is just ask yourself, what do I want? Like, what do I want right now? Just so we can get back in touch with hearing that voice that's telling us what we want, right? Cause sometimes we dull it down to work a job we hate, or we dull it down because we think it's not possible. And so we have to bring that voice back out and make sure we can hear it. And so that's part of it is just waking up in the morning and before you're influenced by a thousand things, what do you want?

[Chrissy Teigen]

And now for the toolkit. Each episode, our guests distill their expertise into practical and actionable insights. Today, Rachel Rogers teaches us how to have a millionaire vision. So if somebody is ready to do all of this, ready to go out there and accumulate wealth, do it themselves. What are three actionable steps they can take?

[Rachel Rogers]

So the first step I call Million dollar vision. And in this exercise, this is where we figure out, like, what the hell are we doing here? And we run some numbers. I love numbers. I love math. Math is useful. Cause that's how you count your money. So Million Dollar Vision is all about listing out what is everything that I want, what are the upgrades that I want to my life? Whether it's I want to send my kid to a nicer school or the private school, or I want to be able to take care of these family members. I want them to literally write down every single thing that they want in every category of life. What do you want to learn, what do you want to experience, et cetera. Then once they list everything that they want, then next to it, I want them to write a dollar amount. What is the monthly cost of having that thing? I want them to actually run the numbers on what does it cost to have their dream life. So if you want the personal trainer, and it's $500 a month. Write in $500 if you want a nicer house. Figure out how much a mortgage is on a house like that. And then if it's $5,000 a month, plug in $5,000 a month. And the reason why I do it per month is because we think of things as, oh, I can't buy a $2 million house, but can you afford a $7,000 a month mortgage? Right, because that's what a $2 million house costs approximately. So it's just actually running the numbers instead of immediately saying to yourself, I can't do it, it's too expensive. Let's actually do the math. What does it actually cost? So they're going to add it all up, okay, I need to make $200,000 a year in order to have the dream life that I want right now. And maybe right now only make $65,000 a year. And so, okay, what is the gap? So the gap is $135,000 a year, okay? So that's our number. That's our target that we're working towards. So we don't need to create a $10 million plan. We only need $135,000. And if you break that down over a year, it's a little more than $10,000 a month, right? When you break these numbers down, they become a little less scary and a little more attainable. So then you're going to take that list and you have that number, and then you're going to go Brainstorm. What are 25 ways, at least 25 ways that I could make another $10,000 a month so that I could have the lifestyle that I want. And you just write down every idea that comes to you, even the terrible ones, right? Because you're going to get the terrible ones out, but there's going to wind up being something in there that is good, that is a good idea. And it could be starting a side hustle, right? It could be buying a piece of property and renting it out. What could you sell, right? And brainstorming that. And so brainstorm all of those ideas of how could you generate another $10,000 a month? And then you go start working that list. You choose three things off the list that you're gonna go take action on, and then you start doing it, and before you know it, maybe you're making a thousand dollars more a month, then you're making $2,000 more a month, and then slowly but surely, you're gonna make that $10,000 a month, you're gonna close that $135,000 gap, and then you're gonna do this exercise again for the next goal. So that's what I start with. That's the million dollar vision, where you just get the party started. If people are struggling with the brainstorming part, where they're coming up with ideas to make more money, maybe they're like, girl, I don't know what to do to make more money. That's why I'm listening to this podcast. Help a sister out. They can do step number two, which is. I call it million dollar value. And that's really taking stock of the value that we add. Right. And the value that we can be adding to the marketplace in exchange for money. What you do in this exercise is you're really just taking stock of where you're at. Do some assessments. Some of these assessments are free, and some of them cost money. Maybe $20 or $25. Probably can get them at the library for free. But the assessments are like, you can do strengths finders. You can do Colby, you can do disc. There's personality assessments that you can take. And really what you're doing is studying yourself. Who am I at my core? What are my natural talents? What did you know? So you're gonna take these assessments, and then the second thing is you're gonna do. You're gonna ask yourself, like, what did people always say to me as a kid? What did they always praise me for? What did they always ask me to do? And, like, remembering that childlike knowing that you are good at something and getting back to that, bringing that back forward. I've listened to Tiffany Haddish has talked about. She used to work for tsa. She worked in the airport, and she'd be like, cracking jokes over the loudspeaker, cracking jokes with customers. That's who she was. And so she just needed to tap into that and turn it into something that could make her money. And, of course, it was quite a journey, right? It always is.

[Chrissy Teigen]

Yep.

[Rachel Rogers]

But step one, take the assessments. Step two, look at your childhood and think about what are the things that people talk to your parents, talk to people in your life that knew you when you were young, and remember those natural talents that you had, what people were drawn to you for. And so that's another source of information. And then the third thing is, do a life and career audit. You're just going to write down, like, what are all the things that I've done? I was student body president in college. Right. I used to babysit all these people's kids or when I worked for, I was an assistant for this guy and I planned all these parties and I helped him write his speeches, right? And people don't know that I did that. Whatever it is. It's like taking stock of your skills that you have, things that you've done in your life experiences that you've had in various jobs. And then you're also going to look at your life like maybe you've been divorced and can help other people who are going through a divorce, right? Maybe you are really good at making furniture look beautiful and maybe that's something you can help people with. Maybe you're really organized and you can help other people get organized. Looking at those life experiences, looking at your childhood and looking at these assessments and like you're doing sort of a 360 view. Because here's what it is. You are the stock, right? And the price is about to go up, right? So you need to study the stock and, and figure out like what buttons do I need to press to get this stock to go up? And so that's why you're doing it. And then from there you might discover, oh, I used to get in trouble all the time for talking too much. Oh, what, what professions or businesses could I start where I talk for a living? Maybe I could be an emcee or a host for events or conferences. Maybe I could become a public speaker, right? Maybe I could join a radio show and be like a disc jockey, like any number of things. Use this as a way to brainstorm the value that you can add. And then from there you can start to come up with some offers that you could create in a side hustle. So that's million dollar value. So how you're going to make money from it is do step number three, which is million dollar offer. So creating a million dollar offer is how you build a million dollar business, right? What is the product or service or the thing that you're going to put out there and invite people to buy, right? You're offering something in exchange for money. And so there's four key elements of a million dollar offer. As people are taking their like million dollar value stock and their brainstorming list from step one and they're like, okay, I don't know what offer to put together from this. Look for an offer that has these four elements. First element is that it needs to be scalable. So we need an offer that we could turn into a real business eventually, right? So any, almost everything is scalable if you think about how to do it. I'll give you an example. One of my good friends in college was a babysitter and she was like the most sought after babysitter. Everybody loved her because she entertained the children and they loved her. But then she'd be like, oh, I'm already babysitting for the Collins. And they'd be like, oh, no, we wish you were available. Oh, I'll send my friends. So she'd go find her friend and send her. And this happened so often that she was, oh, wait a minute, this is a nanny agency.

[Chrissy Teigen]

I'm an agent.

[Rachel Rogers]

Exactly. So she created a nanny agency and that's how she funded her whole way through college, running a nanny agency, which she doesn't do anymore. But that was the skill that she figured out. So you could take something like babysitting and it's, and it is scalable. If you use, you can scale it with other people or you can scale it by selling a one to many things. So maybe you are good with finances and good with like budgeting, for example, and you want to help other people budget. Cool. And maybe you're starting at one, one on one. But eventually to make it scalable, you could turn it into a course where you film the whole thing and then you sell it to people all the time, right? So that's scalable. So just think about something that eventually could become scalable. And then step two, it needs to be enjoyable. And people are always surprised by this. It cannot be something that bores you to actual tears, because if it does, you're never going to do it. Right? So it has to be enjoyable on some level to you, the person who's doing it. That's why you take stock of what am I good at, what am I drawn to, what are my natural talents. Because you're trying to find something that will be enjoyable for you. So it needs to be scalable, it needs to be enjoyable. Then the third thing is, sadly, it needs to be in demand. Like it has to be something that people actually want to buy. And people want to buy anything that's going to make them happier, help them to feel better, help them to be more energized, help them to have better sex, have them, help them to have better relationships. People want, give them better snacks, right? Like people want all of those things. So make sure that it's something that's in demand and something people will actually want. And then the very last element is it has to provide a transformation and you have to know what that transformation is, that's really the crux of a business. If you buy a Chanel bag, you're buying it because you want to be more chic, right? Or look fancier, right? That's the transformation, right? Or if you go to like a fabulous hotel room, right? Maybe you feel like a celebrity or you feel really important when you are treated really well by the staff. Any product creates a transformation. If you create the best to become ever, you're like transforming mothers lives who are fucking annoyed by all the shit spilling all the time that they have to clean up. So like now you're, you know, changing, you're transforming this stressed out mom to like a happy mom that doesn't have to worry. So identify the transformation in your offer and that's the fourth element. So that's a million dollar offer. It just has to be something scalable, something enjoyable, something that's actually in demand and something that can create a transformation, however small, for people.

[Chrissy Teigen]

Rachel, thank you so much for being here today. This was a beautiful conversation. You're incredible.

[Rachel Rogers]

Thank you, thank you. You're incredible.

[Chrissy Teigen]

Thank you.

[Rachel Rogers]

Truly.

[Chrissy Teigen]

I'll get there. I'll be scalable someday. Rachel Rogers, I want to thank you for joining me today on Self Conscious. Rachel Rogers, plan your year like a millionaire can be found on Audible. Until then, tune in, turn on and feel better. This is Chrissy Teigen and you've been listening to Self Conscious, an Audible original podcast. This has been an Audible original produced by Audible and Huntley Productions, hosted by Chrissy Teigen, executive Executive producer for Huntley Productions Chrissy Teigen, Executive Producer for Audible Stacy Creamer Recorded and engineered by Alex Guy Mixed and mastered by Jeremiah Zimmerman Edited by Lisa Orkin Head of Creative Development at Audible Kate Navin Chief Content Officer Rachel Giazza Copyright 2024 by Audible Originals LLC Sound Recording Copyright 2024 by Audible Originals llc.