1819: Raising Future Millionaires with Rachel Rodgers

Summary

Podcast Summary: So Money with Farnoosh Torabi Episode 1819: Raising Future Millionaires with Rachel Rodgers Release Date: April 28, 2025

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Introduction

In Episode 1819 of So Money with Farnoosh Torabi, host Farnoosh Torabi engages in an enlightening conversation with Rachel Rodgers, a powerhouse entrepreneur, bestselling author, and staunch advocate for strategic wealth building. Their discussion centers on empowering the next generation to achieve financial success, irrespective of their starting point. Drawing from Rachel's latest book, "Future: A Young Person's Step-by-Step Guide to Making Wealth Inevitable," the episode delves into fostering a millionaire mindset among young individuals aged 13 to 25.

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Guest Background: Rachel Rodgers

Rachel Rodgers is renowned for her groundbreaking work in financial strategy and wealth advocacy. Her previous book, "We Should All Be Millionaires," challenged traditional notions of wealth-building, making financial literacy accessible and inclusive. With "Future," she extends her mission to younger audiences, providing a comprehensive blueprint for young people to navigate the complexities of modern economics and personal finance.

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Key Discussion Topics

1. Encouraging Young Dreams and Aspirations

Rachel emphasizes the importance of nurturing children’s dreams without imposing practical constraints that may stifle their ambition.

• Notable Quote:
  "What was actually a lie is saying there's no opportunity or it can't happen or this is not going to happen for you. That's a lie, right? We don't know that."
  [01:39] – Rachel Rodgers

She advocates for allowing children to explore diverse interests, arguing that encouragement from parents can significantly impact their future success. Rachel shares personal anecdotes about her mother’s unwavering support, highlighting how such backing can be a catalyst for achieving greatness.

2. Distinguishing Wealth from Fame

The conversation explores the nuanced differences between being wealthy and being famous, stressing that wealth does not necessitate fame.

• Notable Quote:
  "I don't want them to think of wealth as synonymous with famous. There's a lot of ways to get wealthy, right, that don't require fame."
  [09:31] – Rachel Rodgers

Rachel warns against equating financial success with public recognition, pointing out that fame often comes with its own set of challenges. She underscores the importance of groundedness and personal fulfillment as integral components of true wealth.

3. Establishing New Financial Rules for Youth

Addressing the shifting economic landscape, Rachel outlines new rules essential for contemporary financial success, tailored for Gen Z and young adults.

• Notable Quote:
  "What are the rules? The new rules are one, like figuring out what you actually want. Learning how to dream and have a vision for yourself."
  [12:31] – Rachel Rodgers

Rachel introduces a three-part financial strategy:

1. Get a Job: Prioritize being useful at work to secure income and opportunities for raises.
2. Create a Side Hustle: Develop additional income streams without the need for excessive time investment.
3. Invest: Encourage young people to separate their labor from their earnings by investing in assets like real estate, businesses, or stocks to leverage compound interest.

4. The Role of Community and Healthy Inspiration

The discussion highlights the significance of surrounding oneself with ambitious and like-minded individuals to foster personal and financial growth.

• Notable Quote:
  "Having million dollar friends, you know, because we know that if you hang out with kids who are not doing anything, who are not ambitious, who don't get good grades, then the same is going to happen to you."
  [27:35] – Rachel Rodgers

Rachel advocates for building a supportive network, citing research that links the ambitions and habits of peers to individual success. She encourages young people to engage with peers who inspire and challenge them to achieve more.

5. Navigating Economic Uncertainty

Responding to concerns about potential recessions and economic downturns, Rachel advises maintaining focus on strategic actions rather than succumbing to fear.

• Notable Quote:
  "My advice is literally ignore the economy. Like, ignore whatever you think is going on... keep showing up, because I'm having a great year in business this year."
  [30:46] – Rachel Rodgers

Rachel emphasizes resilience and adaptability, asserting that economic cycles are inevitable but can be navigated successfully with consistent effort and smart decision-making. She shares personal experiences of overcoming challenges by pivoting strategies and staying committed to her goals.

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Practical Takeaways

• Strategic Wealth Building: Rachel provides a clear, actionable framework for young individuals to build wealth through employment, entrepreneurship, and investment.

• Mindset Matters: Emphasizing the importance of a millionaire mindset, the conversation underscores that belief in one’s potential is crucial for financial success.

• Inclusive Financial Education: Rachel’s approach is inclusive, aiming to equip those historically excluded from financial success with the tools and knowledge to thrive.

• Community and Support: Building a network of supportive, ambitious peers is essential for sustained personal and financial growth.

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Conclusion

Episode 1819 of So Money with Farnoosh Torabi offers invaluable insights into raising financially savvy and empowered future millionaires. Rachel Rodgers’ expertise and passion for inclusive wealth-building strategies provide listeners with both inspiration and practical tools to navigate their financial futures confidently. By fostering a positive mindset, strategic planning, and supportive communities, young individuals can transform their dreams into achievable realities.

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Additional Resources

• Rachel Rodgers’ Book: Future: A Young Person's Step-by-Step Guide to Making Wealth Inevitable
• Money Camp: Exclusive access for those who purchase two copies of Rachel’s book, offering in-depth financial lessons and Q&A sessions from May 12th through 16th.

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For more information and to join the So Money Members Club, visit SoMoneyMembers.com.

Transcript

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[Farnoosh Torabi]

So money episode 1819 how to raise a future millionaire. Rachel Rogers on strategic wealth building for the next generation.

You're listening to so Money with award winning money guru Farnoosh Torabi. Each day get a 30 minute dose of financial inspiration from the world's top business minds, authors, influencers and from Farnoosh yourself. Looking for ways to save on gas or double your double coupons. Sorry, you're in the wrong place. Seeking profound ways to live a richer, happier life. Welcome to SO Money.

[Rachel Rogers]

What's actually a lie is saying there's no opportunity or it can't happen or this is not going to happen for you. That's a lie, right? We don't know that like anything is possible. We didn't know the Internet was going to be created. We didn't know social media was going to be created. We didn't know AI and all of this crap. Like we didn't know the world that we're going to live in today. Just like we don't know the future. They get to decide what their future is by deciding what their approach is going to be and what they want and then marching towards it.

[Farnoosh Torabi]

Welcome to Sew Money, everybody.

I'm Farnoosh Tarabi.

You know, reflecting on my teenage years, it's not a coincidence.

I grew up to become someone who.

Cares deeply about building wealth. I lived in the affluent suburbs of Philadelphia known as the Main Line. And if you've read any of my books, you know that my family, while.

We lived there, we were more like.

Flies on the wall than part of the scene. We witnessed enormous wealth up close and for as a young person, that was life changing. To see what was possible and how different life could look.

But Most importantly, how people got there. You know, I had friends who would.

Talk about their parents and what they pursued and how they landed there. Being exposed to the inner workings of.

Money and understanding how people actually become.

Wealthy at a young age can truly.

Be a game changer.

And that's why I'm particularly excited about our guest today, Rachel Rogers. She's a powerhouse entrepreneur, bestselling author, a tireless advocate for wealth building, especially for those historically excluded from financial success.

And you might remember Rachel from her.

Groundbreaking book, We Should All Be Millionaires. Well, she's back now with another insightful and empowering book titled Future A Young Person's Step By Step Guide to Making Wealth Inevitable. It's a powerful message for young people, especially those age 13 to 25, designed to equip them not just with dreams.

Because, trust me, we do a lot of dreaming in my house, but with.

A strategic blueprint for achieving genuine wealth. And her mission is clear. We need to start teaching our kids that wealth is within their reach, no matter their starting point. And so she will discuss how we can foster a millionaire mindset in our kids and what steps parents and young.

Adults can take together to secure their financial futures. It's always a privilege to chat with Rachel.

Let's dive in.

Rachel Rogers, welcome back to SEW Money. I was saying before we were recording, you're kind of a publishing machine at this point. I feel like you, I've had you more times on so Money to talk about a new book than probably any author. Congrats.

[Rachel Rogers]

Wow. Yeah.

[Farnoosh Torabi]

Who else? Putting out a book every 18 months.

[Rachel Rogers]

I know.

[Farnoosh Torabi]

And sometimes too.

[Rachel Rogers]

It's like the timeline of things is weird. So like I could have written it two years ago, but then it just comes out and then they like all are on top of each other coming out around the same time. So it makes me look like I'm just prolific, you know?

[Farnoosh Torabi]

Well, you are prolific.

[Rachel Rogers]

Gosh.

[Farnoosh Torabi]

I mean, if you're not, where does that leave anybody else? You started this all with we should all be millionaires. And your, your new book is sort of a, a, a branch off of that tree, if you will, where you're now giving this millionaire mindset to the young generation, young people. It's called Future Millionaire. This book comes out later this spring and you say in the beginning of the book, you have this very powerful declaration that is simple. It's no matter how young you are or where you're starting from, you are a future millionaire. Can you even imagine being an 8 year old girl and being given that message in the 80s, literally, I would.

[Rachel Rogers]

Have been even more badass than I am now.

[Farnoosh Torabi]

Would you have believed it?

[Rachel Rogers]

You know, I think so, because my mom was very, like, even though we had a ton of financial struggles as a kid, my mom was very much, you can do anything you want. You could be anything you want to be. So if I was like, I'm going to be a professional ice skater, she's like, yes, you can. You know, if I was like, I'm going to be a doctor. Yes. An astronaut. Yes. Like, whatever I came up with, she just believed it. And so I believed her. Right. She just encouraged me with whatever I said I wanted to do. And I think that encouragement got me to, like, where I am now. So I think that's what we have to start with, is teach our kids how to dream, because what are we going to do otherwise? Like, tell them, oh, well, the world sucks?

[Farnoosh Torabi]

Yeah.

[Rachel Rogers]

Don't get too excited about anything. Right? Like, what is the alternative?

[Farnoosh Torabi]

But, like, my son, you know, God love him, he wants to be a professional soccer player.

[Rachel Rogers]

Yes.

[Farnoosh Torabi]

He's 10, and he's very good at soccer, but he just started playing rec soccer this spring. I'm like, great. That's wonderful. Also, you should study engineering, like, as a backup. You know, we talk about, like, even the soccer players need to retire to do something else with time because you can't play soccer for the rest of your life. Also, if you want to be a professional soccer player, you should have started 15 years ago. I'm that mom that I'm not crushing his dreams, but I'm like, this is what I really want to talk to you about. It's like, this is really transitioning to ask this bigger question, which is, Rachel, don't you think that sometimes kids, because of the Internet and because of all that they see, which on the one hand opens their eyes to the world, but on the other, it kind of makes it seem like anything's possible. Like, you can be a YouTube star with 300 million followers and become famous, and that should be the goal. I just wonder how much of that you're seeing and what your thoughts are on that. Like, how do we. How do we reconcile with that?

[Rachel Rogers]

You know what's funny is I. Because I think, yes, you can. You can be a YouTube star if that's what you want. You could be in movies if that's what you want. Right? Like, you could be the professor. Your son can be the professional soccer player if that's what he decides he's going to go for. And that's part of what I'm talking about in this book is not just, yes, have the dream without worrying about the. Have just, you know, what do you actually want? Get in touch with that. Create a vision for your life and go after it. And you know, going after it is of course going to require work. So I talk about that in the book and the mindset of believing in your dream and your vision and then taking action towards it. I don't believe that we should crush kids dreams and I don't think we should be practical because I mean, why I could have been practical or my mom could have been practical and I wouldn't be where I am today, you know, So I, I think encouraging them, I don't think it does any harm. I think it only does good for them to go after a dream either. Because even though process of going after a dream is enjoyable and maybe you won't get to a million dollars or being a professional soccer player, but maybe you get to play soccer in college and that's amazing or like take steps towards that dream and have an amazing journey that needs you potentially somewhere else. Right. My dream when I was 8 was to be a lawyer. I became a lawyer. I did that for a little while and then I was like, nope, don't want to do that anymore. Actually, I love business and wound up being a business coach, you know, so. But if I wouldn't have pursued my dream of becoming a lawyer, I would have never started a law practice. I would have never learned that I was good at business by running a law practice. Right. So like I think we just let kids have the path that they say they want. Right. And believe them when they say they want something and encourage them to go after it and learn what it looks like to do the hard work of going after something.

[Farnoosh Torabi]

Do you think though, kids are ready for the conversation that distinguishes being rich and famous versus wealthy and grounded? Yes, that's, I think what I'm trying to get at. Right. Too, like there is a difference and you can have your dreams, but how do we, as they're dreaming, instill in them the values around wealth and fulfillment? Right. Because they may go and become the dream soccer player, but they're like, this isn't actually what I want because I'm not happy. I thought I wanted because it was someone else's shiny object.

[Rachel Rogers]

Yeah, yeah. I think, you know, in this book I'm talking to them about how to build wealth, necessarily becoming famous. If that's something they want, they can for sure do it. But I don't want them to think of wealth as synonymous with famous. There's a lot of ways to get wealthy, right, that don't require fame. And in fact, famous is all in struggle.

[Farnoosh Torabi]

Let's see, maybe famous and broke too. Like hell.

[Rachel Rogers]

And that's actually the worst combo that I know of.

[Farnoosh Torabi]

Everyone's in your business and you can't pay them off. No. And you can't build a wall around.

[Rachel Rogers]

Your house or have bodyguards, car service or whatever it is. You need to protect yourself from the crowds. Right. So, yeah, that sounds like a terrible combo. But I think, I think it's. I think actually they're going to learn that groundedness from their parents and seeing examples of, you know, people being grounded and understanding what's important, which is your loved ones, you know, doing something meaningful, helping other people, enjoying your life. Right. And I talk about all of that in this book because I want them to have like a million dollar mindset. And that's not just about the dollars, but it's also about like, what do I want my life to look like? What boundaries do I need to have in place? How do I take care of myself? I'm talking about all of that in this book because it all impacts their wealth and it all impacts their approach to life as well, you know, So I don't want them to think I have to work 160 hours a week to be wealthy. No, you don't. Actually. There's a lot of ways to become wealthy so like have those boundaries, know what you want and then craft your life around that. So that's, that's part of what I'm teaching in this book.

[Farnoosh Torabi]

What do you want parents to know and show up for their kids so that as their children are reading this book that there can be some cooperation towards this goal. Right. Because as we've learned, there's things that I even need to learn about how to my son about his dreams.

[Rachel Rogers]

Yes. Well, what I want parents to know is in the economic climate we have right now for young adults, teens, Gen Z in general, these kids are pretty much right now based on how it's set up. They're never leaving your house. So buy them this book so that they can learn how to.

[Farnoosh Torabi]

Oh my God.

[Rachel Rogers]

Going Right. That's what it's looking like. The stat show. 50% of adult adults up to the age of 43.

[Farnoosh Torabi]

No. Yes. Up to the age of 43 are students. People. Who are these people? He may call us. We can help you.

[Rachel Rogers]

They are still relying on their parents for at least part of their finances. And in some cases, at least 50% of cases, they're living with them still, right? So this is a real issue if you think about it. Like, how is Gen X and even millennials, how are we ever going to retire for taking care of our children until they're 50, you know what I mean? So this is, I feel like an economic crisis waiting to happen. It's important. And kids need new rules because I mean, what we've taught is like, go to school, get a good job, buy a house. That is not a real thing anymore. So now what is the pathway now that's actually going to work for them?

[Farnoosh Torabi]

Kids need new rules. Okay, tell me the new rules.

[Rachel Rogers]

What are the rules? The new rules are one, like figuring out what you actually want. Learning how to dream and have a vision for yourself. Not just going the pathway of, I went to college, I did this, I did what I was supposed to do. No, do what you want to do, right? And create that pathway for yourself that you want. So that's part of it and the thinking behind it. Learn to protect your time. Hang out with the kinds of people that will help propel you forward rather than take you down. You know, so it's all of that part, but then the actual financial part is I, I really see it as three parts, right? And part one is get a job. Get a job and be useful. Be useful at work, right? If you're useful at work, you're always going to have a job. You're going to be up for raises. And I talk about how to go about getting a raise as well, how to prepare for it, how to negotiate, all of that stuff. So get a job. Use some of the money from your job to start a side hustle, okay? Create a side hustle. That, and that takes a limited amount of time. This is not another full time job. It's what can you do strategically then can make some money and it's not taking you 40 hours a week to do so. So have a side hustle. The profits from the side hustle. Use that to become an investor and invest. Because that's really what the goal is. How can we get them from, you know, not making much money and barely getting by to becoming an owner and investor because that's where compound interest happens. What we want to do is separate their labor from their ability to earn money. So I want them earning money when they're not working. And the only ways to do that, that I'm aware of is become an owner of real estate. Owner of a Business or own investments. Right. Stocks. And so that's the pathway that I lay out for them. And it's not going to be, you know, I know it's like, seems like a lot of work, but it's actually not that much work. It's just about being strategic, not necessarily, you know, heavy amounts of labor.

[Farnoosh Torabi]

Yeah. Which is the opposite of what we grew up with. The, the notion of, like, hard work will pay off. Right. Do you think we should just stop saying that?

[Rachel Rogers]

Yes, I do. Because there's plenty of hard working people in the world that are not millionaires.

[Farnoosh Torabi]

They'Re not wealthy, they're not even getting by.

[Rachel Rogers]

Exactly. So hard work alone is not going to do it. Like, we can't just work hard. We also have to be strategic and have a strategy that's going to get us to that good financial place. And this is that strategy. In this book, we also need access.

[Farnoosh Torabi]

And you wrote this book for young people age 13 to 25, especially those in historically excluded communities.

[Rachel Rogers]

Yeah.

[Farnoosh Torabi]

So what is your message around how they can, you know, get a seat at the table, get at the head of the table, start their own table?

[Rachel Rogers]

Yes. Well, this book assumes they have no network, that their parents aren't wealthy, that they don't have access to resources.

[Farnoosh Torabi]

Nepo babies are reading this book.

[Rachel Rogers]

Exactly. They don't need it.

[Farnoosh Torabi]

Right.

[Rachel Rogers]

Maybe they do, but hopefully they get cut off, then they can buy a.

[Farnoosh Torabi]

Copy, go to the library.

[Rachel Rogers]

Exactly. But, you know, that's where I started. Right. So I started with nothing. No resources, negative six figure net worth because I had student loans and I graduated in a recession, not so different from our times right now. And I was like, how am I going to make it? I'm so far behind. I've already got all this debt, I don't have a good paying job. Like, what is my strategy? And honestly, this was literally my strategy that I've laid out in this book. So I'm creating it with the kids in mind who think like, oh, this is not going to happen for me. Yes, it can. It absolutely can. And here's how you can do it. So I want kids to know that like, your, your skill, your intelligence, your natural talents, these are all things that are monetizable. You can make money with it. So it's just about what is the approach. I don't want them to think, oh, I have to have all these resources. No, you have it. You have talent, you have skills, you have abilities, you have experience, whatever those experiences are. Even if it's just like, I grew up in a certain type of neighborhood. And I know how to talk to a certain segment of the population. Great. That is a skill you can use in a business to market to that group of people. Right. So it's all monetizable. So part of this is I make them take an assessment of themselves. Because you are the. You're the asset that you're going to make money from. You're the first asset that you. You can make money from.

[Farnoosh Torabi]

You're a mom. I'm a mom. It never gets old when you say to one of your children, dead in the eyes, you can do whatever you want. You can become whoever you want. And they almost look at you like you can see their world expanding.

[Rachel Rogers]

Yes.

[Farnoosh Torabi]

It's very powerful. I recommend everyone, even if you don't have a child, if you see a child in your life. I actually said this to a child that wasn't mine recently. I don't know. Well, I'm actually trying to remember where and how and when, but I, I did.

I said this to him and he.

He just looked at me like he had never heard these words before.

[Rachel Rogers]

Yes, yes.

[Farnoosh Torabi]

It's very simple. It's a very simple statement and it's a true statement. That's the, that's the thing. We're not wax.

[Rachel Rogers]

We're not.

[Farnoosh Torabi]

You know, it's not hyperbole when we say this.

[Rachel Rogers]

Exactly. And what's actually a lie is saying there's no opportunity or it can't happen, or this is not going to happen for you. That's a lie. Right. We don't know that. Like, anything is possible. We didn't know the Internet was going to be created. We didn't know social media was going to be created. We didn't know AI and all of this crap. Like, we didn't know the world that we're going to live in today. Just like we don't know the future. They get to decide what their future is by deciding what their approach is going to be and what they want and then marching towards it strategically, you know, and so, you know, there's no reason to make them believe that they can't when clearly they can. Right. It's up to them.

[Farnoosh Torabi]

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[Rachel Rogers]

Race the Rudders, raise the sails. Race the sails. Captain, an unidentified ship is approaching. Over. Roger. Wait, Is that an enterprise sales solution?

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[Rachel Rogers]

My new puppy swallowed a bone. Still a good boy though. Lame. Boy was I glad that I had lemonade. I was paid back quickly and efficiently. Everyone was so nice. Get this pet insurance.

[Lemonade Advertiser]

And get a [e-mail] Pet.

[Farnoosh Torabi]

Jobs are scarce though, especially if you're a teen. But I will say it's the the There's a lot of room for creativity and entrepreneurship. I a little boy. Well, not so little you think. He was a freshman in high school, rang my doorbell the other day and asked if I wanted my windows cleaned. And you know, he was so shrewd. I loved it. He was like, okay, I'm going to do an estimate. He came back and he wrote me down on a piece of paper. I was on a phone call, so I said, can you please just do an assessment and then tell me your fee? Leave it on my front door and I'll call you. So that's exactly what he did. But it took me. I didn't respond to him right away. A couple days goes by, he shows up on my Front porch again. Hi, ma'am. I just want to make sure that my note didn't fly off your porch. It was pretty windy yesterday. Now I was like, I gotta reward this. I have to like I said, can you start immediately? And he finished the job. And then I said, oh, can you please wash my door too? Did you. I said, did you wash my door? Because it's a window to door. He goes, well, it's a big door. That would be, that would be considered an extra large window for that extra $10.

[Rachel Rogers]

He's like, that's called scope, creep, ma'am.

[Farnoosh Torabi]

I know, I know. But it really, it made me hopeful for this generation.

[Rachel Rogers]

Yes, exactly. Learning how to hustle. I actually think it's okay. And it's probably a good thing that things are a little tougher, right? Tough. Toughness, like tough times actually create that ingenuity, that creativity. It causes you to have a little bit more hustle. So I think it's good. Like, I don't want everything handed to my kids. I want them to work a little bit for what they're going to go after. So I met, I had a similar situation in New York. I was like walking by and some guy came up to me and started talking to me about animals. I don't care. Remember what his approach was? But it totally got me. And then by the end of it, I gave $500 to his organization. He was collecting donation for, I think cancer research for kid. And I was like, okay, of course. And because I liked him so much, I made it a bigger donation, you know, and then I was like, give me your number because I'm thinking about potentially hiring you, you know, because I just loved his approach. I'm like, I should hire you as a salesperson. You're. You're good, you know, because I was, I gave him a hard time and he still got that donation out of me. You know, he's cold and windy on this corner. I don't want to stand here, you know, but he still got my money.

[Farnoosh Torabi]

What I'm learning is that whether you were born in 1980 or 2008, salesmanship, sales womanship, very long way. How do you teach that to kids? Some kids just got it. Some kids are just born good at communicating and relating and negotiating. Others have to be taught that. How do you learn that as a 13 year old?

[Rachel Rogers]

Yeah, well, I think it's about what they want. If they're willing to work a little harder or make themselves uncomfortable, like willing to challenge themselves a little bit for what they want. But I also don't think salesmanship is the only monetizable skill. I think it's important that kids really take personality assessments, learn more about themselves, like take stock of what they like to do, what they're drawn to. Like my daughter, she's not a salesperson. She's never going to be a salesperson. My son, total salesperson, actually, both of my sons, you know, in different ways. But my daughter has other relational skills, relatable skills that she could easily get money out of people just with her personality and how she approached. She's very thoughtful, you know.

[Farnoosh Torabi]

Right, right.

[Rachel Rogers]

And you know, she wants to be a musician. She's 13 and just started playing the guitar and she's so good in a couple of months. I'm impressed.

[Farnoosh Torabi]

Wow.

[Rachel Rogers]

And I look at her playing the guitar, you know, she's got her locks falling and she's like so cute. And I'm like, oh my God, this kid's gonna be a star. Yeah.

[Farnoosh Torabi]

And then I'm like, her thought, I.

[Rachel Rogers]

Don'T want to put that on her because she doesn't want that. But she also plays the saxophone. I mean, she's doing all of this and she's like, she's like, how will I make money as an artist?

[Farnoosh Torabi]

I'm like, I'm your mother, of course.

[Rachel Rogers]

You'Re gonna make money.

[Farnoosh Torabi]

And PS skills like artistry, craft, you know, let's talk about the world evolving with AI and the skills that K now need to embrace. And I'm not even saying they have to embrace the technology, but back in the day, if I was going to tell my parents, and I did, oh, I want to pursue the arts, they would totally side eye me. But not because again, the immigrant, right? Like, it's like, how are you going to make money? It's so competitive. It's not rational, practical. And of course, you know, with the Internet, like all the jobs are going into tech. I just feel like now there's a resurgence of these industries that were disregarded or undermined that we need more of now and actually are going to be extremely valuable in a world where they are not replaceable.

[Rachel Rogers]

Yes, I totally agree. And that's, I think that's a beautiful thing that we're all not becoming like knowledge workers working in offices necessarily, and we can actually take stock of our skills and say, like, what are some fun ways that I could monetize this skill? That's why I think it's good for kids to understand like where their strengths lie using creativity. And I have always, always Been a fan of, like, get a degree in something that gives you a practical skill so that if there's no jobs available when you graduate, you can create your own job with that skill. Right. Like, I went to law school, I knew how to practice law. I could sell that. Like, my, my husband studied architecture. Right. Like you, if you know how to draft plans, that's a sellable skill. That, that alone you can sell. One of the people, the young people who was actually a former assistant of mine that I profiled in the book, she was, she bought her own house at 20 years old and she, she went to community college for photography. She studied that for two years and has been a very successful photographer, made a lot of money, bought her own home and travels and just lives very independently and very comfortably. And she's still, I think she's 30 now. Yeah.

[Farnoosh Torabi]

And.

[Rachel Rogers]

But she went to community college and got a marketable skill, which is photography. Right. So, like, I love the idea of going to school and learning a skill, whether it's writing or something artistic or just something you can actually sell rather than studying like 18th century French literature is like, what are you, are you going to write a play? Like, what's, I don't even say it's not monetizable, but just like, what's the plan? You know?

[Farnoosh Torabi]

Plan.

Yeah. Now you can use this to support yourself. Well, your assistant, who were her role models or what inspired her, that's what I want to understand too, is that up until now we've talked a lot about the things that we can do for ourselves to get ahead. But I think your community is also really important. Obviously you know, the home you grew up in, but how do you recommend young people going out there and finding healthy inspiration?

[Rachel Rogers]

Yes. Well, I have a whole chapter in here about their squads, like having million dollar friends, you know, because we know that if you hang out with kids who are not doing anything, who are not ambitious, who don't get good grades, then the same is going to happen to you. The chances of you getting good grades when you spend a lot of your time with people who aren't getting good grades is very slim. Right. So, like, if you get A's, right. And you hang out with a bunch of kids who also get A's, you're all going to continue to get A's. If you, if, you know, if somebody who is getting Cs, starts hanging out with the A kids, they're going to start getting aids. That's literally what, what the studies show, and vice versa. Right. So Getting around people who have some ambition, who have similar interests, who want to become investors or want to monetize their skills, like, that's what's important. I would love for young people to be like, reading this book together with their friends and coming up with like side hustles. One of the other people that I profile in the book is the daughter of a friend of mine from high school. And she started her own beauty brand, this clean makeup that is basically the makeup is so good for your skin that it's skin care. And so she was like, it's a new category that people told her she couldn't create. She did it anyway. And she teamed up with a childhood friend and they both had like, you know, just this idea and different skill sets. And so they got together and she similarly went to a school that wasn't a four year college learning about makeup formulation. And she used those skills, those very practical skills to create her own makeup. She has, you know, been featured in all of these magazines. It was like the beauty product of 2024. And she's now getting into these big retailers and she's literally, I don't even think she's 23.

[Farnoosh Torabi]

You know, I mean, I just saw, was it Jones Road, which is Bobby Brown's makeup company, they're coming out with a. Wait for it, tinted moisturizer, which I feel like your friend's daughter was like, I'm on top of that rose. Like, I've been doing that for that. That's my thing. You know, it's like we didn't care, but make it. I love that.

[Rachel Rogers]

Yeah. And she went to Korea to create it. Like she, that's where she gets the materials. And so it's just so cool. Like they have great ideas. But again, she had a childhood friend that they had a lemonade stand when they were kid, you know what I mean, together. And then she shared this idea and they're like, yes, let's do this. So getting around kids who are like, yes, and let's do this. Let's try things. Let's have fun and experiment. You know, I had some different hustles when I was a kid. I used to write other people's essays.

[Farnoosh Torabi]

I tell them, great in high school.

[Rachel Rogers]

Now, that was not a legal hustle technically because I definitely could have gotten kicked out of school for it, but I never got caught, luckily.

[Farnoosh Torabi]

Well, before you go, I gotta ask you, I'm sure, like I am, you're getting a lot of questions from your audience, from your community concerns, really, about where the economy is headed. And I think the biggest annoyance is that everything feels so uncertain. And this is not just on Main street, but on Wall Street. And we're seeing it reflected in the stock market. We're seeing it reflected in how consumers are spend. So what's your advice to someone right now who really does believe we're headed for a recession?

[Rachel Rogers]

My advice is literally ignore the economy. Like, ignore whatever you think is going on. Because I think our fear of what is going to happen actually helps to usher it in, and it certainly helps to usher it in personally, right? So, like, if I. So even last year, I think it impacted my business because I had these, like, negative feelings about the world and just like, I was also dealing with personal things, and it was not a great year in business. But when I look back, I'm like, oh, I actually wasn't really pushing anything, right? Like, there was. I didn't do my usual sales things that I do. I pulled back. And that's the result of that. It's really. I think sometimes we're like, it's the economy. Like, is it the economy or did you stop trying, right? You stopped putting effort in because people were talking about the economy, right? You know, so I'm like, no, no, keep showing up, because I'm having a great year in business this year, right? And I have friends who did great last year. I have clients who did great last year. So I think sometimes the fear of what's going to happen in the economy, we turn that into real life for us, you know, by like, internalizing that. No, show up and do the things you've been doing. Make the smart decisions you've been making, right? And then just trust that. The bottom line is, what we know for sure is even if there is a recession, there will be one. And then we'll bounce back. Because that's what always happens, right? There's always going to be ups and downs, and you got to be able to make money in any of those environments. So, like, either for my entrepreneur clients, you know, some of them are like, well, people are not buying the way they used to. I'm like, yeah, that's because you were running your business during the pandemic where everyone was at home. You had captured attention, right? Like, every people had money to spend because they weren't spending money outside. You know, they couldn't travel, they couldn't do all these other things. And so business was easy during those years. That's not the baseline. That was just a good year. Feel like, I'm glad you Enjoyed that. Right now it's going to take more touch points. So it's like doing the same things, but it might be a couple of more different marketing efforts that are required. So, like, you gotta, you know, create a little bit more content, launch a little bit longer, right. To get the same result, but the same result is still possible. So it's, it's honestly what I'm seeing. It's about the effort that's put in and less about what's happening in the economy. Because the bottom line is, even in a bad economy, people still spend money. They don't keep all of their money in their pocket, right? So some money is going to be spent. It can be spent with you as a business owner, right. Or even as a person looking for a job. Somebody's going to be hiring. I'm hiring right now in my business, right. So I think sometimes we take, like, what's happening in the world and just make it mean something in our world and it doesn't necessarily have to negatively impact us.

[Farnoosh Torabi]

Right. I, I feel that. I think sometimes we hear what's happening in the economy and we translate that as, I need to pull back or, yes, I got to give up or this isn't going to work for me now, this plan that I had, I should just stop while I'm ahead. Whereas I think if you really do consider yourself an entrepreneur, even when you do get scared and you hear these negative things, that it's an opportunity now, right, for you to show up as an entrepreneur and go, okay, how do we work around this? How do we pivot? Last year I arrived in 2024 for coming off of a book launch, terrified, actually, because I was like, oh, my God. I feel like, you know, when you're in book launch mode, you're in this bubble and you, you're like, oh, this is actually what's happening in the real world. Crickets. Like, no one's buying anything. No one, you know? And so I started to. I took that fear, took a page out of my own book, made it healthy. And I was like, how can I start to really quickly create more offerings for my community and get out there more? And I was at your Millionaire summit, and in the midst of all of that, I was launching a new digital workshop membership. And of course, being around all those other female badasses, I was like, this is obviously going to happen, you know, and that's the other takeaway is like, when you start to feel the fear, go towards the solution, which is sometimes people, right? Other people solving problems. You will learn so much and you'll take back to your own business. I did. After that weekend at. At your summit, I knew exactly how to price things. I knew how to show up for them. It was a tough year, but when I look back on the revenue, I was like, oh, that was actually a great year. And you know what the best part was? I produced that mostly myself. It wasn't like waiting by the phone hoping someone says, hey, come work for us. Fear led me to get moving.

[Rachel Rogers]

Yes, exactly. And that is a beautiful thing. I think constraints or challenges help us rise to the occasion and it gives us confidence because then we can see, oh, I can make it this year. I can make it anytime. Listen, bring it on.

[Farnoosh Torabi]

Exactly. Right, Right. Like this year I'm like, well, I haven't launched my membership. My. My, you know, my mentorship group. And I'm like, well, I'll do it when I feel like it, but I'm just sort of now, like, enjoying slower days.

[Rachel Rogers]

Yes.

[Farnoosh Torabi]

Getting back to my mental equilibrium. Because, yes, as you know, in our stage of life, that's really important. It is slowing down is not stepping backwards.

[Rachel Rogers]

And it's also, again, being more strategic. Right. Like, we don't even this book launch. Right. Like I for We Shall Be Millionaires. I mean, I was everywhere for six months for this one. It's really like a two month period where, you know, and I'm being more selective and strategic about how I go about promoting it because it's just you get smarter and wiser and you don't have to work as hard. Right. It's not about brute force. That's what I used to think. It was like, I'm gonna outwork everyone.

[Farnoosh Torabi]

Yeah. Yeah.

[Rachel Rogers]

And now I'm like, I don't want to outwork nobody. Actually be strategic and do the right work that actually moves the needle.

[Farnoosh Torabi]

I'm really honored that you chose so Money as a place to stop by on your book tour. Congratulations.

[Rachel Rogers]

Thank you. The book website is future millionairebook.com and if people buy two copies, they will get access to money camp. So I'm teaching a money camp for young adults and their parents. So if you buy two copies, you get two spots in Moneycamp. It's May 12th through the 16th in the evening, and every day I'm gonna be teaching a lesson from the book and doing Q and A.

[Farnoosh Torabi]

That's amazing. Such a gift. Thank you so much. Rachel Rogers. The book is called Future A Young Person Step by Step Guide to Making Wealth Inevitable.

[Rachel Rogers]

Yes. Yes.

[Farnoosh Torabi]

Thanks so much to Rachel Rogers. For joining us. Links to her book are in our show notes. The book again is called Future Million A Young Person Step by Step Guide to Making Wealth Inevitable. Thanks for tuning in and I hope your day is so money.

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