In this episode of the Millionaire Mindcast, we have a magnificent guest, Rachel Richards who shares amazing tips and insights about passive income and how to retire early, what are the two (2) stages of passive income, the framework of passive income streams and what are the different types of it, how to maintain the right mindset and motivate yourself, and how to manage anxiety and impostor syndrome!
Rachel is an entrepreneur, real estate investor and analyst, former financial advisor, finance guru, professional speaker, and business owner, and bestselling author of "Money Honey," and "Passive Income, Aggressive Retirement." With over 35 rental units, Rachel has made a name for herself in the personal finance realm. She has been featured on the Penny Hoarder and the New York Times and contracted to speak at colleges. She has inspired and helped thousands of female millennials work their way out of financial despair. She has made the topic of money management fun, entertaining, and simple.
This young lady was in 6th grade when she became obsessed with finance. Instead of playing with her friends in summer camp, she was sitting in the pool reading The Motley Fool Investment Guide for Teens book. Rachel loves reading about the magic of compounding interest and as many as finance books as possible. She grew up witnessing her parents’ struggle in money matters. At a young age, she definitely knows what she wanted in life. Rachel wants something different out of life like freedom, flexibility, and financial independence.
Rachel has always tried to save 50% of her income. She lives frugally and gives importance to save money at a young age. She believes that if you can save money and start investing in the stock market or create a passive income at a young age then you’ll get much further than anybody else that waits 10 years to start investing. Consequently, Rachel maintains her discipline in finances, made some sacrifices, and is responsible for managing her money.
Besides, Rachel has learned the essence of learning the value of time. She ingrained in her mind that if she can start earlier, it’s a big advantage for her. Therefore, Rachel and Andrew started in real estate investing in 2017. That summer they started the Print on Demand business. As an entrepreneur, Rachel is very ambitious and driven. Later that year, she turned her passion for writing into a passive income stream. She wrote her first book Money Honey.
The couple is so intentional that they’ve worked full time and worked their passive income in the night time. They were grinding so hard when they started their income streams. Later, Rachel at the age of 27, quit her job and retired, living off $10,000+ per month in passive income.
Rachel insists that you don’t need to start a multiple passive income at the same time. It only takes one passive income stream to make it work, so find the one that works for you. Likewise, don’t hesitate to render your money or your time or both in starting your passive income stream. Remember, there’s no getting rich quick scheme in creating passive income or an automated income stream without putting any effort. Make an effort to step closer to your goal. Utilize the resources out there that will surely help you like books, blogs, podcasts, Google, and more.
At the moment, passive income provides some incredible lifestyle benefits for Rachel and her husband (freedom, flexibility, financial independence). It allows them to work anywhere and anytime. They have total control over their time and location. She relies on the passive income of $10,000-$15,000 a month. Rachel continues to grow her book business because it’s her passion and it’s not about the money. She wanted to make an impact and change as many people’s lives as possible for the better.
Some Questions I Ask:
In This Episode, You Will Learn:
The Motley Fool Investment Guide for Teens book by David Gardner, Tom Gardner
The 12 Week Year book by Brian P. Moran, Michael Lennington
The Miracle Morning book Hal Elrod
Connect with Rachel Richards on:
Passive Income, Aggressive Retirement book by Rachel Richards
Money Honey book by Rachel Richards