Empowering Female Millennials To Be In Control of Their Financial future with Rachel Richards

Empowering Female Millennials To Be In Control of Their Financial future with Rachel Richards

Rachel Richards. At the age of 27, she quit her job and retired, and now living off over $15,000 per month in passive income. She is on a mission to empower female millennials to take control of their financial future.

Financial coach for millennials. Bestselling author of “Money Honey,” and “Passive Income, Aggressive Retirement.” Real estate investor with almost 40 rental units. A former financial advisor with a BS in Financial Economics from Centre College.

And she believes we are in a financial education crisis we’re going to talk about and so much more.

 

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Empowering Female Millennials To Be In Control of Their Financial Future with Rachel Richards

 

Brett:

I’m excited about our next guest. By age 27, she quit her job and retired and now is living all over $15,000 per month in passive income. And she’s on a mission to empower female millennials to take control of their financial future. And she believes we are in a financial education crisis we’re going to talk about and so much more. Please welcome the show with me. Rachel Richards. Rachel, how are you?

Rachel:

Hi Brett, I’m wonderful. How are you?

Brett:

Better than I deserve excited to have you on the show and to dive right into the secrets to retiring by age 27 so inspiring. But before we go there, because you were listening a little bit more about your background and your current focus.

Rachel:

Absolutely. My background I’m a former financial advisor. So that was my first job out of college. I majored in financial economics. I experienced a lot of verbal I would say like verbal abuse in one of my early jobs where I decided I did not want to ever be trapped in a job or tormented by an employer. And I really wanted to become financially independent. So I started looking for ways to build passive income. And in 2017, that’s kind of when things started happening for my husband and me. So that year, we invested in our first rental property. And later that year, I published my first best-selling book Money Honey. So we had these two Passive Income Streams, Rental Income, and Royalty Income, and we focused on growing those as much as we possibly could over the next few years. So fast forward to basically 2019 is when I was able to quit my job and retire. And I was living off over $15,000 a month in passive income. And now we’re traveling all over the US, I am continuing to help women learn about financial literacy, and create more books and courses and just try to have an impact.

 

Empowering Female Millennials To Be In Control of Their Financial future with Rachel Richards

 

Brett:

Amazing, we’re going to dive into those steps and some of those some of the secrets in the book. But before we go into that part of the episode, you know, I want to take a step back, I want you to pick your back, it could be the early college days, or the high school days, you know, when you’re younger, you know, I believe we’ve all been given certain gifts in this life. And these gifts have been given to us to be a blessing and help to others. I believe their God-given gifts, some people think their strengths are superpowers. But I’m curious, what are those one or two gifts that you believe you were given? And how does that help how you help and bless people today?

Rachel:

That’s a great question. I would say, early on I grew up in a household where money was always a stressor. And for example, and I grew up in a very wealthy county to give some context, some of the kids in my high school got brand new BMW is when they turned 16. So it was a very unrealistic bubble to grow up in and my family was not operating that way. You know, we were always on a strict budget, there was never enough money, it was always stressful. So I grew up with a lot of fears about money. And they say that fear can be paralyzing or motivating. Luckily, for me, it was motivating. And I do think one of my strengths is the ability to just be so motivated by something that I take action. And I really think that what sets people apart from being successful or being able to achieve financial freedom and those that that can’t quite get there. It’s just the ability to take action because we can consume knowledge all day, and we can learn all day. But it’s once you take that first step and start implementing that’s when you’re going to get somewhere. So that’s one of my strengths. And then I would say another strength of mine is my ability to make a boring topic into something that is fun and engaging. So when I first started writing money, honey, this was 2017. By that point, all my family and friends were coming to me for financial advice, which I loved. That is what I love to do. At the same time, I began to wonder, Well, why aren’t they learning or reading books on their own? And then I realized, that’s because personal finance is boring, right? It’s complex. It’s intimidating. It’s dry. No wonder people don’t like to learn about it. So I thought to myself, well, how can I make this topic sassy and fun and simple. And that’s where the idea for money honey came from. It did way better than I thought it really resonated with female millennials. And so that’s what I would say is my other strength is just being able to teach about finance in a way that people find fun and relatable.

Brett:

Phenomenal. So taking motivation and fear and allowing that to fuel you to action, right versus just complacency or non-action. And then the second one is taking something that might be boring to a lot of people or everybody, such as finance, and making that fun and engaging. Is that a fair summary? Yes, absolutely. Amazing. By the way, you can learn more about Rachel Richards at moneyhoneyrachel.com, it’s moneyhoneyrachel.com. Okay, great. So now let’s dive into the number one secret to being able to retire by age 27. So what’s the first step to or your journey to be able to achieve such a thing.

Rachel:

So I really had to look at the way that we approach retirement from a completely different lens. So I’ll kind of Mythbusters this whole retirement theory. Basically, the way we’ve traditionally approached retirement is that we work for 40 years and nine to five jobs we invest in the stock market. And then by age 65, we’ve built we’ve accumulated enough wealth that we can live off of that for the rest of our lives. That’s what I call the nest egg theory. Because you build, you accumulate this nest egg, and then you live off of that for the rest of your life. Here’s the thing that used to work really well. But times have changed. And the way we’ve approached retirement hasn’t changed at all. And that’s why people are in a lot of financial trouble right now. So this is where this concept of passive income comes into play passive income, the way I define it is that it is money that is earned with little to no ongoing work. Is that a get rich, quick scheme? No, absolutely not. It takes time and or money to create passive income. But the Epiphany I had is that once your passive income exceeds your living expenses, you’re retired, you’re financially independent. So my goal, instead of trying to save up $2 million, by age 65, became let’s try to generate five or six or $8,000 a month in passive income, I think passive income is a lot more attainable. So that’s what I would say is the number one step is to start changing the way that you’re approaching retirement. And with passive income, specifically, the first thing you want to do is to ask yourself, do I have more time? Or do I have more money? Because you will need one or the other or both to create passive income streams? Now, if you’re anything like I used to be, you would say, well, neither I don’t have time and I don’t have money. So the follow-up question is, which one’s going to be easier for you to create? Will it is easier for you to free up time or to create more money, that is the very first thing to do if you want to retire early?

Brett:

Excellent. So let me see if I encapsulate some of that. So number one secret is to change the way we approach the entire concept of retirement is no longer than easy theory, or for 40 years, develop a bunch of money and then just live off of the interest of that. And you to get truly get passive, and to be able to retire today would be to do something that’s gonna replace all of your income or all of your expenses, right? And be able to live off of that. And to have little to no ongoing work. I like the way you put that little to no ongoing work, right? Because that work, part of it is that energy that stress, that thing that ties you to the location, right? you’re traveling in Oregon this week, right? And you’ll be in Napa, maybe next week, I’m here in California, right? I was able to travel with my wife to Cabo and then I’m going to Dallas and all these different trips, part of it, because what I do with you know, on my work is a virtual right. So I love the idea of little to no ongoing work, but also that location, and that time that energy freedom. Is that a fair summary?

Rachel:

And I would add, a lot of people ask, well how passive is it? A lot of people think that passive income is just money coming in, and you don’t have to do a thing. And there are some Passive Income Streams like that, for example, if you have enough money to invest into the stock market, and live off the dividend income, that’s extremely passive, that’s as passive as it gets. The problem was that with that is normally you have to have a million or 2 million or 3 million invested in order to generate meaningful revenue. For the rest of the passive income streams I talked about, you can expect to work a couple of hours a week or a few hours a month to maintain those income streams. So it’s not entirely passive, but I do consider it way more passive than working a nine-to-five job.

Brett:

Excellent. So let’s dive into maybe some of those Passive Income Streams or even the second step if that’s going too far. If there’s another step in between that.

Rachel:

I would say so we can start talking about Passive Income Streams. One of the big ones that’s very popular is rental property income. So this is a traditional one. This gets discussed a lot. This is where you invest in a rental property. you rent it out for more than the mortgage and expenses and then you take home cash flow or Passive income per month. The reason I love rental property investing so much is that there are more benefits than just the passive income, you’re also building up equity in the house. So after 30 years, you have a house that’s fully been paid for by your tenants, and you’ve only invested a 20% down payment. So that’s a huge benefit. There’s also potential appreciation and really amazing tax benefits that go along with rental property investing. So that’s a popular one. That’s one of my favorites for all of those reasons. And another one that I talk a lot about is royalty income. royalty income can come from so many different things, books, online courses, there’s even something that I refer to as print on demand. But let’s take a book as an example, I have two best-selling books, I spent months and months on these books, writing them, marketing them launching them. So it was a lot of upfront work. But now that they’ve launched and they are successful, I’ve been able to maintain this income over time, and I make $7,000 plus per month in profits from my two best-selling books. I’m not having to do much ongoing work at this point. I do some you know podcasting and marketing to get my name out there. But it’s nothing like the months that it took me to write the book in the first place. So that’s another great example of passive income.

Brett:

Amazing. Okay, so real estate, which our listeners are very familiar with, right firstly cash flow producing real estate, you get the depreciation office the income. You hire the property management, you buy the deal, you add the value, forced appreciation, that’s I think, to me, it’s hands down the number one way to build wealth, right long term wealth, risk-adjusted, of course, something you control, get hands-on. So love that. Now the key for that obviously is buying, not overpaying, not taking on too much debt, make sure you’re underwriting the property properly. Right now, values are so crazy high as part of why we’re not a big fan of the 1031 exchange, because it forces you to we call it the 45-day engagement 180-day marriage, right, you’re typically selling high buying higher, which we’ll touch to touch on here in a minute. But I like to realty income because, by the way, I’m coming out with a book Rachel coming up here. And I’ve never This is like a brand new first book. And that would be cool to get some royalty income on that. So Excellent. So now once you’ve established the passive income, and you have that, what’s the next part of this transformation for you or how did it go for you? Because I imagine this your small steps. You maybe were working beforehand, and then working a little bit less? And then finally you’re like, rip the band-aid off like I’m going full, full retirement mode. Can you walk us through that little journey for you?

Rachel:

Yeah, absolutely. I think a lot of people who want to become entrepreneurs or want to retire early, sometimes they make the mistake of, there’s a lot of advice given out there where it’s like, take a leap of faith and quit your job. And then that will appear. And I hate that advice. And a lot of entrepreneurs fall into that trap. And so they’ll say, Okay, I’m going to do this thing, I’m going to become a real estate investor, I’m going to write a book. So I’m going to go ahead and quit my job so that I can pursue these other interests. Now, for some people, that can be a scary enough thing where again, it motivates them into action. And so they’re forced to do these things that they want to do. that I would say is the rare exception. For most people, I would not recommend quitting your job without having other income coming in. Because you don’t want to be operating from a place of panic or desperation as you’re starting to try to invest in real estate, or create an online course or invest in a laundromat or whatever it is, you don’t want to be operating from a place of desperation. So that’s kind of the first thing that I tell people is have, make sure your income streams are monetized in some way before you quit your job. My personal approach was very conservative, I wanted to fully replace my full-time job salary before I quit. So we were looking at that by then I was making almost 90 grand. So we were looking at, you know, making 8000 a month in passive income and before I could quit, and that’s what happened in 2019. Really 2018 is when we got to that point with our rental income and the royalties from my books. But it took me a full year to go through with quitting my job because it was so scary. I was feeling very unsure and uncertain, I was dealing with a lot of imposter syndrome. I kept worrying about what other people would think of me. I kept saying to myself, am I crazy? I’m here I am about to walk away from a lucrative corporate finance career. What if this is the worst mistake I ever make? But finally, in the end, when I went through with it, I realized this is the best thing I’ve ever done. And I’m so glad that I finally ended up quitting.

Brett:

So what does life feel like now to be able to travel and to have that freedom that time and energy? Can you kind of paint that picture? What what’s the average week for Rachel Richards look like these days.

Rachel:

Yes, it’s amazing. I feel so fortunate. I mean, I’ve worked hard for this for sure. There’s so much sacrifice and tears, that went into this for many, many years before I got to this point, but I feel very fortunate to be here. And what’s interesting is that I feel like the more money I make, or the larger my business grows, the less I have to work to sustain that level of income. This is really exciting because I feel like there’s no limit to how much you can make if you’re not trading your time for your money. And that’s the key. So a typical day, we’re traveling all around the US now we have travel plans for the rest of the year. I do, I probably work from 10 to three most days. And you know, I’ll do a couple of calls and a couple of appointments per week. Otherwise, I’m trying to create content and figure out what is the next program I want to offer for people. And I’m really working on creating TikTok content. So that’s been a big thing recently. And then normally, my husband and I go to the gym at three for an hour or two. And then we’ll do we’ll go on a walk or we’ll go hike or we’ll go to the beach since we’re at the coast now. But it’s a lot of fun. It’s I’m living a dream. Live in the dream love it.

Brett:

But you did say how the blood sweat and tears right to get to where you’re at and the sacrifice and the fear that you had to overcome. So help us right now. Someone could say, well, Rachel, it’s easy for you. You’re a financial advisor, or it’s easier for you, you’re able to write the best selling book or you know, so walk us through those the, say, the most challenging days, give us that so that people can really relate on that level as well.

Rachel:

Yes. And I’m smiling because I get that a lot. It’s easy for you, it was not easy for me. No part of this journey was easy. Did I have advantages in certain areas? Yes, of course, it was a big advantage to be a financial adviser. And then to write a finance book because I had the credibility, then again, I put myself into that career path for a reason. So yes, there were advantages. But the journey was not easy. And it is possible for anyone out there, there were days, there was a period of two years where I think that Andrew and I were both working 80 hour weeks. So we were working full-time jobs 40 to 50 hours a week. On the weekends, we were spending most of our time acquiring and managing rental properties. And then in the evenings, I was writing my books. So it was exhausting. I remember we didn’t have a life on the weekends for two years straight. All of our friends would be doing social events, family stuff, whatever, just relaxing, doing whatever they wanted to do laying around and doing nothing if that’s what they wanted to do. And we would be down at our rental properties every single weekend, there were days leading up to my book launch weeks leading up to my book launch, where my husband would wake up in the middle of the night at 2:30 am. And find me in the closet typing and working because I had so much anxiety that I couldn’t sleep and I figured if I can’t sleep, I might as well be productive. So it was very stressful. I did even deal with anxiety at one point where I started to go to see a therapist. So I don’t want to underscore the importance of mental health and all of this, because you don’t ever want to go so hard that your mental health is suffering. And unfortunately, that is what I did. So there are some really important learning lessons and things that I know now not to do. And really protecting your mindset and your emotions and your health. But yes, very, very challenging.

Brett:

Thank you so much for sharing, that that really helps I think a lot of people, similar story with myself at Marcus and Millichap as a real estate broker, trying to make it in the business, everything crashes falls apart. And I went from making a little bit of money to nothing overnight, and my wife and I, we move in with my brother into a small condo with our first baby daughter, right. And now I’m working sides and weeknights and weekends at Cheesecake Factory and working 60 7080 hour weeks, and did that for two years. And so while still trying to build the dream of commercial real estate brokerage, I think all of these things happen for a reason. My clients were going through a big challenge at that time as well. And we help them defer tax now and escape feeling trapped by these assets with too much debt nonliquid enough diversification. But the point is, if I hadn’t gone through those things, right, I wouldn’t be in the position to help people that have helped today. So I want you to connect that. What’s the one thing that you’ve learned in that challenging period that you most can give to you know, the students and the, you know, the folks that you have bought today? What’s that one thing that you really want to make sure, you can tell them or impart to them right now, what is it?

 

Empowering Female Millennials To Be In Control of Their Financial future with Rachel Richards

Empowering Female Millennials To Be In Control of Their Financial Future:

 

Rachel:

I appreciate this question so much. There are so many things, but one that I want to say is, is Don’t let your ego get in the way. One thing I love about your story, Brett is that you didn’t let your pride get in the way. And that’s what stops a lot of people from achieving financial freedom because they’re not willing to make the sacrifices that they need to make in order to get there. So for example, I worked with a client A while ago who was you know, asking you what are some ways I can make more income. And I was outlining all these different ways driving Uber driver, Lyft, mow lawns, whatever deliver pizza, I remember saying, and he was like, I’m not going to deliver pizza, basically implying that that was beneath him. And so my question back to him was, is your pride worth more than achieving financial freedom, which one’s more important to you, your pride, or achieving financial freedom, because you’re not better, you know, nothing’s too beneath you to do you have to be willing to make those kinds of sacrifices. And that’s why I love your story, Brett, because you were willing to work at Cheesecake Factory and you were willing to move into a condo when you didn’t have any income coming in. Whereas other people might turn their nose up at that. So the fact that you were able to make those sacrifices is why you’re where you are today. And I love that part of your story.

Brett:

Well, thanks so much. That means a lot. And it wasn’t just me. It was my wife who supported that, like she was she had veto power. So I was like, so we in order to make this thing work, because we’re in debt, and we’re running out, like, we need to move on Ryan. Okay, I’m over. Let me think about it. And I totally, of course, the vision, right, this is the vision, but it wasn’t without the struggle of, you know, let’s just say different voices saying, go get a real job, you know, what are you doing, you got a baby at home, like, all of those things. But inside, I felt like I’m getting amazing mentors, amazing coaching, I’m growing a ton. And I knew that’s where I was supposed to be. And I was gonna be willing to do whatever it takes. And so I always share that part. Because on this other side of success, people say, Oh, it seems like an overnight success. Like no, like, literally, like, it was the worst like it was, yeah, it was not just one year, two years, it was three, four years, five years. And finally, we started to get some momentum, caught some breaks, but we had tons of family support 10s of friends support my brother, let me move in with him too, which was cool. Well, that being said, That’s, I wanna encourage anyone who’s listening to this story and listen to Rachel’s story, that he might have to be willing to do what it takes right to cut your expenses to get your ego out of the way. So that if your vision is big enough, and you can come up with this ratio. When the Why is big enough to hug it’s easy, right? And I love the way you put that is your pride worth more than achieving your financial future? So is your why big enough? or bigger than the how what is it gonna take to get there?. And if it’s not, then maybe we’ll work back on your why work on your vision work on your, your purpose? Because when that fuels us when we’re getting fueled by things that are external, or let’s say eternal, versus being filled with stuff that’s temporary, right? Then it changes the game. Any thoughts on that?

Rachel:

Absolutely. I agree. 100%. You have to be so clear on your why and your motivation, and it’s going to change throughout life. I remember when I was entering college, I had a huge fear of going into student debt because I had seen how crippling it can be for people. My parents were not able to help me with my college tuition. So it’s kind of all on my own. And I was like, how am I going to pay for this? I don’t want to graduate with debt. I started selling Cutco Knives. I don’t know if you’ve heard of Cutco Cutlery Brett.

Brett:

That’s things are amazing.

Rachel:

Yeah, that you can’t cut your hand off for sure they’re the best. And that is what I did to pay my way through college. But it was this fear of graduating with debt. And that’s why I worked so hard. I don’t think I’ve ever worked harder than in my life than I did those summer selling Cutco. I set sales records, I paid my way through school, and it was an expensive private college. That was like 40 grand a year. I paid for all of that on my own. And it’s just because I had a big enough why I think one thing you can do is ask yourself, what is going to get me out of bed at 5 am in the morning, every day, what is motivating enough or inspiring enough to me that I’m gonna want to get out of bed at 5 am every day. So not only that, ask yourself that and put your why everywhere, put it on your mirror, put it on your somewhere on your dash in your car, or you’re going to see it consistently and be reminded of it. Because I promise there’s going to be times where you’re sitting in your car defeated, or you don’t want to get up in the morning or wherever you may be. You just want to give up and if you don’t have that y in front of you, it’ll be a lot easier to give up and to give in.

Brett:

Amazing Rachel Richards You can find more about Rachel at moneyhoneyrachel.com its moneyhoneyrachel.com. So we’ll do one question. We’re going to focus a little bit on capital gains tax 1031 exchange, like I said before, in the earlier show, I’m curious what you think on these things. And then we’ll dive into the lightning round. So here’s the next question. So what’s the biggest frustration ratio for yourself or your clients when it comes to Capital Gains Tax Deferral and the 1031 exchange?

Rachel:

You know, for me, I’m dealing with this right now. So I’ve sold two properties, both of which had enormous cash capital gains. I have another one on under contracts that I’m selling. I should be interviewing you for this part of the podcast. What do I do? I think the biggest frustration is, like you said, being pressured into finding another investment in this current market. I don’t have time to go out and do the things that I used to do to find off-market deals. So I’ve started trying to learn about syndications and 1031 exchange into syndication I’ve started to look for opportunities, own syndications, that the tax can be eliminated completely. I think the biggest frustration I personally have is the lack of time to be able to do the due diligence on these syndications and then feel comfortable investing. So that’s where I am right now. I’m just stuck because I don’t have time to do all the analysis.

Brett:

Yeah, we call it the shotgun wedding. You got 45 days to get engaged in 135 days left to get married. And we found that’s exactly what happened. For a lot of my clients in the 08 crash, you see an 04 or 05 06 07. They love to be sellers. But they hated to be buyers. Because they felt like they’re overpaying for properties. And they actually a lot of knew they were overpaying. But they felt trapped by that 30 to 50%. And capital gains tax depreciation recapture. By the way, Biden is proposing to increase the 20 to about 40. Federal, which will make it about 50 to 70% for some of our clients, right. And so it’s a big, big thing. And it’s a lot of your gain. And so if you can sell, diversify, pay off debt, get liquidity, right and then purchase property at any time, we call that optimal timing. That’s when you put the power back in your hands versus it putting into that seller that you’re trying to negotiate with and having to overpay for. So yeah, you can learn more about that capitalgainstaxsolutions.com everybody. That’s capitalgainstaxsolutions.com. All that being said, Rachel, are you ready for the lightning round?

Rachel:

I’m ready. Let’s do it.

Brett:

All right. So knowing what you know, now, if you can go back to your 25-year-old self, what’s the one Golden Nugget you’d make sure to tell yourself to do?

Rachel:

Let me go back to my 18-year-old self, I would tell her because I waited until I was 24 to start investing in real estate. I would tell my 18-year-old self to stop waiting. There’s no reason why you can’t start investing. Now I held myself back for many reasons, I need more money. I don’t have enough knowledge. I don’t have enough experience. And if I knew then what I know now, I totally could have started investing sooner with zero money. So there’s this quote by Zig Ziglar that I’ll share he says “You don’t have to be great to start. But you have to start to be great.

 

Empowering Female Millennials To Be In Control of Their Financial future with Rachel RichardsEmpowering Female Millennials To Be In Control of Their Financial future with Rachel RichardsBrett:

I love that quote. I love Zig Ziglar and I have felt like I’ve heard that that one now. Excellent. Second question number one book. And you can it can be yours or recommended the most in the past year.

Rachel:

I mean, I love my books. But I would say for somebody else’s book. One of my favorite business books is The Millionaire Fastlane by MJ DeMarco, it’s just so transformational from going to from a consumer mindset to a producer mindset. I love that one. And then on a more personal or self-help note, I would say The Miracle Morning by Hal Elrod absolutely changed my life. And I recommend it to everybody.

 

Brett:

I second that second one and I haven’t had a millionaire Fastlane sounds good too. Awesome. Third question number one leadership quote or theme that you strive to live by

Rachel:

The theme would be to give value first and ask for something later. If you can approach any connection or networking, or as a leader, always seek to give value. That is how you build a platform. That’s how you build trust and credibility. And that’s the only way you can sell in the long term. So I think a lot of people out there make the mistake of pushing their products or selling or thinking about themselves, instead of acting in a more selfless way and saying how can I give value today and it will come back to you and buy a multiplied factor of you know, five to 10 times if you can approach it that way.

Brett:

Beautiful. I absolutely love that second, the last question, what are you most curious about right now?

Rachel:

What am I the most curious about? I am the most This is totally random. But I’m the most curious about the Italian language. It has been on my bucket list for a long time to become fluent in Italian. And now that I’m enjoying a much more lifestyle with a lot more freedom. I’m starting to think of what are some of these other bucket list items that I want to check off. Like I love achieving business achievements and growing my business and making more money. But they’re all these other hobbies and passions that are falling to the wayside for so long that I can now do so I’m curious to start learning about its Italian language

Brett:

That is so cool. My wife and I and family might be traveling to France and she grew up taking French and loving the French language and now she’s inspired to start learning it again. So we have that time and the energy that freedom right to go learn another language or to travel do that stuff. So this is so inspiring about your story. So thank you so much for sharing that last question. After all your success Rachel is able to retire at 27 owning invest in real best-selling books, and helping so many people, you know, be inspired and try to do the same. I’m curious, how do you stay centered in your values? And how do you stay encouraged to reach forward for new heights?

Rachel:

I go back to advise that I heard from Hal Elrod at one of his conferences. He talked about living in complete alignment with your values. And it was so inspirational to hear from him and how he realized he wasn’t living in complete alignment with his values and doing things like prioritizing his health and his family. And once he committed to that single-mindedly, he just started canceling contracts, you start canceling engagements. And he realized I’m not you know, I’m not living in alignment with my values. And this is something my husband I talk about constantly. Our three values are number one, health number two-family and number three, freedom. Freedom doesn’t come first. So that means our passive income and our money doesn’t come first. Health comes first, then family, then freedom. So it’s just about keeping that in front of us and keeping focused on it in that order.

Brett:

That is so much was in there. That was worth another book that you could write a book on?

Rachel:

You know, I got to interview him for my second one. So he’s in my passive income, aggressive retirement.

Brett:

Amazing. And so our listeners, Rachel, who wants to get in touch with you? Would you remind them one last time where they can find you?

Rachel:

Yes, so my website’s moneyhoneyrachel.com and bright. What I would love to do for your listeners is if anyone wants to download my passive income starter kit, I am happy to give that for free today. So you can go to moneyhoneyrachel.com/bonus to download.

Brett:

Beautiful. Rachael Richards, I am better for having you on the show. I’m sure our listeners are better for having listened, listening to this podcast. I want to encourage you to keep using the gifts that you’re giving, which is taking fear and motivation until allowing that to fuel you to action, right to actually do something, taking some of those boring turnings into something fun and engaging. And then just continue on the mission that you’re on to help more people become financially free, including female entrepreneurs. Thank you so much for being on the show. And thanks. Maybe we’ll have you back again for sure. Because especially on your next book or anything else, I’d love to have you back on the show. And I also want to thank our listeners for listening to that episode of the Capital Gains Tax Solutions Podcast. As always, we believe most high net worth individuals and those who help them they struggle with clarifying their Capital Gains Tax Deferral Options, now have any clear playing easy enemy and using a proven tax deferral strategy, such as the deferred sales trust to save your failed 1031 exchange ratio even said right there are no inventory prices are through the roof. Time is not on your side with the 1031 forced marriage. Use the deferred sales trust to get your time and energy back to invest. By the way, this thing works for primary homes. It works for cryptocurrency it works your business sales oh my gosh right. And it works for just about anything that’s how we appreciate it public stock private stock got a capitalgainstaxsolutions.com to make sure you have a plan in place. We appreciate you listening to this. We’re also streaming on expertcresecrets.com for that as well. If you’re a real estate professional learning about the deferred sales trust wanting to grow your business, make sure you check that out. Appreciate everyone listening to the show and please rate review and subscribe.

 

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About Rachel Richards

Empowering Female Millennials To Be In Control of Their Financial future with Rachel Richards

Rachel Richards. At the age of 27, she quit her job and retired, and now living off over $15,000 per month in passive income. She is on a mission to empower female millennials to take control of their financial future.

Financial coach for millennials. Bestselling author of “Money Honey,” and “Passive Income, Aggressive Retirement.” Real estate investor with almost 40 rental units. A former financial advisor with a BS in Financial Economics from Centre College.

And she believes we are in a financial education crisis we’re going to talk about and so much more.

 

 

 

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By Brett

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