EP 5: How Rachel Retired at 27 Years Old and Earns $15k Passively Every Month

Retiring at the age of 27 and making $15,000 of passive income sounds like a dream to most of us, and it’s an achievement today’s guest, Rachel Richards, does not take for granted. As a former financial advisor, real estate investor, and author, Rachel has helped thousands of millennials work their way out of financial despair by making the topic of money fun, entertaining, and simple. While it’s natural to envy someone in a position like this, Rachel does not sugarcoat what it took to get there. Being a highly ambitious and driven person, she would simply move from one goal to the next without slowing down, looking around her, and, soaking up the scenes. In this episode, Rachel shares more about her struggles with anxiety and depression. We discover the accessible strategies she used to get herself out of this difficult headspace, like gratitude journaling, lowering her expectations, and going to therapy. From this dark place she clawed her way out of, Rachel realized the importance of giving from a full cup and has learned to prioritize herself and make space for her needs. After delving into this inspiring story, we then move onto the second part of the show, where Chris and Rachel do a live coaching session. Rachel works through some doubts around a potential product offering and the seemingly high price point that it comes with. Bravely, Rachel vocalizes some of her fears and uncertainties, and we hear an audible shift in her energy over the course of the session. This was a great show for so many reasons, so be sure to tune in today!

Key Points From This Episode:

– Rapid-fire questions with Rachel: Where she’s from, where she lives, and a quote that’s meaningful to her.

– The importance of getting started and how Rachel moves past her perfectionism.

– Rachel’s journey with fiction writing and what she’s learning from this creative process.

– Hear about Rachel’s background and her passion for helping others with finances.

– How fear of financial insecurity drove Rachel to relentlessly pursue financial freedom.

– Rachel’s struggles with anxiety and depression and how she’s managed it.

– Why you should be careful about saying yes to every opportunity that comes your way.

– What Rachel’s life would have looked like if she didn’t make the change to slow down.

– Check on your strong friends — Cries for help come in many different forms.

– Why it was so hard for Rachel to vocalize and process her difficult feelings.

– The strategies that Rachel used to get her out of the difficult headspace she was in.

– How the simple practice of gratitude journaling can have a profound impact.

– First, take care of yourself before taking care of anyone else!

– The moral conflict Rachel experiences charging people who are struggling financially.

– Live-coaching with Rachel, looking at how she would charge $5,000 for a product or service.

– The first step Rachel would take in creating this mastermind she now has clarity on.

– Coaching is not a linear process; it’s curiosity-based exploration.

Tweetables:

“Done is better than perfect. And I have really been a lot more productive and have helped a lot more people by putting content out that’s not necessarily 100% perfect.” — @MoneyHoneyRach [0:03:39]

“I’ve learned to set boundaries; I’ve learned to protect my time; and I’ve learned that ‘no’ is the most powerful word you can say.” — @MoneyHoneyRach [0:20:32]

“One of the biggest things I learned over time is that the more you take care of yourself, and nurture your emotional and mental well-being, the better you will perform in all other areas of your life.” — @MoneyHoneyRach [0:31:41]

“There’s a theme that runs through coaching: Be, then do, then have the things. And everybody gets tripped up because they want to have the things without being the person or doing the things.” — Chris Goodman [0:48:11]