How To Shift The Narrative Around Making Money | Rachel Rodgers EP 750

0:00Hi, my name is Lewis Howes and welcome to the Daily Motivation Show.

0:11I think society was sort of designed so that we wouldn't talk about money. Why? Because I think it's designed so that we have a few people at the top and a lot of people at the bottom. Then, of course, the middle class emerged. And we've gone through different things as a middle class, as a collective, right? I think that's part of the reason why it's like, don't tell, you know, employers saying, don't tell your coworkers how much you're making. because I'm paying you more than I'm paying this one, and I don't want y 'all to know. Right? So it's like, it comes from those places, but it's reinforced everywhere, you know?

0:44Right. Everyone's reinforcing it. Exactly. And I think... Not just corporations or... Yes. And because there's so much mystery, it's like, I don't know how much you make. We don't know, and we're scared to make assumptions, and we're sort of guessing, and we're like, well, if I put mine out there, I might be embarrassed, because I discovered that, like, I'm actually either making too much related to my peers or too little. And I think it goes back to belonging. We just want to belong to a community, to a group. Because of that, it's like we don't want to do anything that's going to make us not belong.

1:14It's such an inherent human need to belong. And so I think that we don't talk about money because we think it's going to affect our ability to belong, whether it means we're too broke or we have too much, you know, or somewhere in the middle. I'm telling people, like, if I get a speaking gig, here's how much they paid me. right and i asked them more and they gave it to me so make sure you do that too right like or i negotiated for higher pay or i negotiated for profit sharing or i asked for more vacation days right like we need to share our money earning strategies with each other especially with you know women and people of color right like putting more money like that's what allyship is in my opinion is putting money in the pockets of the groups who need them right we have this huge wealth chasm in this country.

1:59So like, how can we start to change that? And so that's why I share how much I got paid for a book deal. Like all these things you're not supposed to share. I'm like, I'm gonna tell you this is how much I got. This is how I got it. I think if we're willing to be transparent, people will be transparent with us. That's what I found in the conversations that I've had. And that's how I've learned a lot about money is by having conversations. You know, like the friend that I was spending time with last night, she's an investor and a financial advisor. And so I was asking her like, okay, well, what are you investing in and how are you thinking about it?

2:31And what is an investment thesis? Like, I don't even know what that means. Right. Like, you know, we were having conversations and she was teaching me all of this stuff because I was willing to tell her like, okay, here's how much money I want to invest, but I don't know where to where best to put it, you know, that kind of thing. So I think you just got to be willing to put yourself out there first. And I find that people want to talk about it. So when I bring it up and I start sharing, they immediately start sharing because it's like they were like waiting for an opportunity to talk about this.

2:59Yes. Is what I find. So I think we've just got to start doing it and create more transparency around it. Even someone who would be considered a direct competitor, maybe they sell the same thing I sell. I don't I don't believe in competition in that way. I think there's more than enough money to go around. I think there's more than enough opportunity to go around. And I choose to be friendly with and support my competitors, quote unquote, and vice versa. And that just means that we all get better at what we're doing. We all can serve our clients better, right? We all can make more money. My revenue was doubling in the beginning.

3:36It was like I made$100 ,000, then I made$2 ,000 or$250 ,000. And then I made$500 ,000. Then I plateaued. It's like, okay,$560 ,000. Right. $620 ,000. I know. It started making me mad. Like from 500 to 700 ,000, I think I was there for like three years. And there was all kinds of stuff going on in my life. One, there was a lawsuit that one of my business partners. So like this is one of the things where too trusting too quickly caused some issues. So that was a huge distraction for me at that time. I had two babies back to back. And then there were just a lot of lessons I needed to learn. Like I had all these people working for me, but I didn't have good boundaries.

4:14And I didn't, I just kind of let them do whatever they wanted and didn't have, you know, like I was learning how to become a boss. I was learning how to become a leader and a manager. So much more challenging than just doing your skill. Like, let me just be good at the law thing, which is what people wanted me for. Yes. Now they want my business for that and me, but I've got to train the team. To deliver. Right. Exactly. It's a different skill. It's totally different. And it's, it can be challenging. I think that's why a lot of times we're like, well, I'm just going to go back to doing it myself.

4:44And it's like, you can, but it's going to keep you small. You have to say yes to those challenges and learn that new skill. Right. And I think leadership skills are so valuable for everybody. I had to learn that. And it took me a couple of years to, like, figure out how to have stronger boundaries, figure out how to stop letting people waste my time, figure out how to charge for what my services are worth. Right. All of those things. Those were lessons that I was learning in that time.

5:19I am so excited for you to finish the rest of your day strong. If you enjoyed this episode, make sure to click the link in the description and it'll take you to the full episode of my other show, The School of Greatness. Make sure to come back tomorrow for another episode of The Daily Motivation Show.

5:42Thank you.