Transcript for Rachel Rodgers shares tips to achieve financial success
- There have been nearly 10 million new business applications since the pandemic began. Many of them, entrepreneurs launching companies for the first time. Well, now they're looking to take their businesses to the next level. And a business coach is helping three entrepreneurs do just that.
REPORTER: These small business owners are on a mission to transform their passion into profit.
- I was told my whole life that there's no way you could make money as a writer. There are ways to make money as a writer, but you have to think of yourself as an entrepreneur.
- My dream for my business was to help a lot of women stay on top of their finances. I also wanted to move from having a side hustle to making this my main business.
REPORTER: By their side, business coach Rachel Rogers helping these entrepreneurs level up and turn their dreams into reality.
- Making money is within reach. And everything that we need to build wealth we have within us.
REPORTER: One strategy-- a challenge Rachel coined 10K in 10 days. Writing coach Lauren taking it to task to boost business.
- So every day, I would ask eight people if they were interested in working with me to write their book. Now, the whole point of this was that the ask was the win.
REPORTER: That strategy, Lauren says, leading to more connections and, in turn, more business.
- I went from making about $1,500 a month to $15,000 a month.
REPORTER: Floral designer Dorina, who pivoted during the pandemic to focus on home deliveries, says setting boundaries and outsourcing is key.
- An example of how I've done this in my business is not doing everything. By the end of 2021, I reached $50,000.
REPORTER: And for Nicole, she found value in selling her skill set to quickly grow her financial planning business.
- When I joined Rachel's program and created Five-Minute Bookkeeper, I made $60,000 in revenue that year. Then in 2021, I made over $270,000 in my business.
- All right. It is time to level up. Rachel Rogers author of We Should All Be Millionaires-- A Woman's Guide to Earning More, Building Wealth, and Gaining Economic Power is with us right now. Rachel, good morning.
- Good morning. Thank you so much for having me.
- We're glad you're here with us. So this is your world. You're advising entrepreneurs. One of your favorite things to say to them is what you like to call the million dollar decision. Tell us what you mean by that.
- Yes. Million dollar decisions are all about inviting abundance into your life, right? I think there's a lot of personal finance experts out there who teach us, cut your lattes. How sick are we of this advice? We're not going to become millionaires by cutting lattes. We're going to become millionaires by making million dollar decisions.
What are the decisions that create more time and energy in your life, that free up your mental space, that make you feel abundant, that make you feel more joyful? Those are the kinds of decisions that pave the way to wealth.
- You've got a lot of great tips. One of the first ones you want to talk about is what you call retrain your brain. Tell us what you mean.
- Yes. Again, right, we learned when it comes to personal finance that it's all about, I've got a finite paycheck, that's all I've got. What can I do with it? How do I break it up? How do I cut my costs as much as possible? And I want us to retrain our brains and start thinking about, how can I add more?
Ask yourself, what do I have, what do I want and need, and how do I get there? And start thinking about, what are the skills and abilities that I naturally have? What are the experiences that I have that I can start to cash in on, where I can start a side hustle or find another way to make additional money?
And if you're not sure what your expertise is or what your personal genius is, we all have it. We all have natural talents. So if you're not sure what it is, take some online assessments like strengths finder or disk. They can sort of point you to where your natural skills and abilities lie, and then you can find ways to capitalize on them.
- And you say one of the best investments is in yourself. I've got to say, sometimes that feels easier said than done.
- Oh, absolutely, especially as women, right? We are absolutely trained not to invest in ourselves. When we tell a friend, oh, I'm going to invest in this new course, or I'm going to go to grad school, or I'm going to do this thing for myself, we're told, cut costs. Don't get the haircut, right? And so I say, let's invest in ourselves.
Let's get that new training that you want for yourself. Get that haircut that makes you feel good, right? Do the things that are going to make you feel good, because when you feel good, you're going to be able to show up the way that you want to. And then you need to buy back your time, right?
One of the best things that we can do is invest in increasing our free time so that we have more time to invest in our wealth-building activities, right? So for example, one of the things I love to tell my clients to do is to stop doing laundry, right? You can outsource laundry and take it to a drop-off service for $35 and get back your whole weekend, right, instead of spending the whole weekend doing laundry. And then you spend that time working on your side hustle or even getting some rest so that you can show up to work on Monday ready to go.
- Great tips, Rachel. Thank you so much. Everybody, you can get more tips from Rachel on our website, of course-- GoodMorningAmerica.com.
This transcript has been automatically generated and may not be 100% accurate.