We Should All Be Millionaires With Rachel Rodgers
I recently read We Should All Be Millionaires by Rachel Rodgers. I wanted to share some of the profound takeaways from the book, including excerpts directly from the book.
“The data is daunting”
Rachel opens the book by sharing a few stats:
“Women are afraid that having a career means not meeting their family’s needs. White women make 79 cents compared to a dollar made by a white man and Black women make 62 cents. Women are also:
paying more for their debt than men
less likely to invest than men
80 percent more likely to be impoverished in retirement
raising less money than men
less likely (as in only 12 percent of us) to hit the seven-figure business mark
All of this despite the fact that research shows that women are better investors and better leaders than men.” Most personal finance books teach us how to contract spending rather than expand your income. Rachel rejects that. Here’s why:
“Whether we like it or not, money is the source of real power in society.”
Money is power
Money gives us autonomy.
“When we have money, we can make decisions that improve our quality of life and the lives of others without needing anyone else to weigh in. When we have wealth, we can be independent and make our own decisions.”
“If we as women are truly passionate about improving our lives, making the world a better place for our children, and getting equity for all marginalized people, then we need to step up and make bank.”
The Boy’s club
“Our rules for playing and winning the game of success aren’t the same as a man’s. And that’s a good thing, because the rules that work for men don’t work for us.”
“The old boy’s club that ensures a white man’s success is not available to us. And if we think about it, we’ll realize we don’t even want that version of success. Women need to define success, on our own terms, and go after our goals in our own ways, even if it seems crazy or risky or unusual at the time.”
“I’ve seen over and over again that doing things our own way as women works.”
“Most of us aren’t even on the game board”
“We’ve learned a metric ton of excuses about why we can’t earn as much money as men. We’ve been taught—by our well-meaning parents, role models, and systemic racism and sexism—to give away key resources. Strong women like us routinely forfeit our independence, our time, our power, our money, and ultimately our success. We tolerate bullshit and feel guilty advocating for our own needs in our homes, at work, and in our politics.”
What happens when women have more money
“The potential of women entrepreneurs to spur economic growth has not been fully realized. Imagine what the world would look like if thousands of femme bosses and businesses were hiring, donating, giving back, and creating products that support women and families.”
In her book, Rachel talks about the way in which men and women use money differently. Women are more likely to re-invest their money in their communities, families, homes, education, and so on. When women have more money, not only is there gender equality and economic growth, but there’s also stronger and healthier communities for our children and generations to come.
Plus, female entrepreneurs understand the female experience. They build products and experiences that cater to women in a way that male entrepreneurs might not think of. When women start building things for other women, all women win by getting access to better products and experiences. This is true in all industries. When women started making films, suddenly as young girls we saw female characters we could actually relate to. Our stories started being told. Across the board, when women are involved in the economic industries of the world, the world becomes a better place for everyone.
What is the key to freedom, power, and wealth?
Refusal to accept the station to which society has relegated us
Belief in our vision, ideas, creativity, and intelligence
Taking action to grow our wealth
“Wealthy women open doors for other women.”
Money stories
What keeps women out of the workforce?
“If you are a woman, I would venture to guess that you have a whole lot of money stories in your head that aren’t making you feel excited and motivated to go out into the world and get paid.”
Here are some examples from Rachel’s book about the stories society tells us:
If I choose to become an “ambitious career woman,” I will be a bad mom, my house will be in shambles, I won’t sleep, and I’ll never have another minute to take care of myself again.
I can’t be a breadwinner and be a good mom.
If I’m employed and working in an office, I will be subjected to unfair treatment and/or harassment. When I speak up about that harassment, I’ll be belittled or blamed. If I want to be paid in that environment, I have to silence my voice and accept mistreatment.
If I’m a breadwinner, my husband will feel threatened by my independence and won’t love me the same way.
I’m more attractive to men when I earn less than them.
If the patriarchy is trying to keep us small, how do we go big?
“My chosen form of protest is to make money.”
To build wealth, we have to buy stocks, real estate, and build our own businesses. Up until very recently, women weren’t allowed to do these things.
Our history as women
“It wasn’t until the 1960s that it was common for a woman to have her own bank account without her husband, father, or brother.”
“Women weren’t able to get a credit card without a male cosigner and when applying for mortgages, banks would discount a married woman’s income especially when she was of childbearing age.”
Before 1974 (when the Equal Credit Opportunity Act was passed), women couldn’t do things like start their own businesses, access higher education, or make large purchases like a car or a house without the approval and cosign of a man.
"Think about how little control women had over their own lives during this time.”
Birthing the next generation of our species
“Something that has always affected women’s ability to build wealth is the job of birthing the next generation. Up until 1978, women could be legally fired from their jobs for becoming pregnant and routinely were, thus causing significant interruption to a woman’s ability to generate wealth. Even today, women are still denied promotions and even illegally fired when they become pregnant in the midst of building their careers. Mothers are less likely to be invited for an interview when applying for jobs and are given lower starting salaries than childless women.”
Why are women under-earning?
Accepting less money for our work
Give away our skills for free
Don’t believe we are worth more
Fearing the discomfort of disappointing people, saying no, and putting up boundaries
The second shift and invisible workload
“Women have been taught that we exist on this planet for the benefit of others.”
“Women do the bulk of domestic work in 93% of heterosexual couples. When both parties work full-time, women were 5x more likely to spend at least 20 hours per week doing household chores. Even in the case of women breadwinners, things do not improve.”
“Women take on the intellectual, mental, and emotional work of childcare and household maintenance. Women do more of the learning and information processing (like researching pediatricians). Women do more worrying (like wondering if their child is hitting developmental milestones). And they do more organizing and delegating (like deciding when the mattress needs to be flipped or what to cook for dinner). Even when their male partners ‘helped out’ by doing their fair share of chores and errands, it was the women who noticed what needed to be done. In other words, women do all the thinking about the household and its management.”
“90% of women feel solely responsible for the management of the household. A job that routinely pays $100,000 or more for people who do it professionally. When you serve as de facto house manager for your household, you’re performing a second full-time job in which people who do this professionally are paid six figures. And we’re not done.”
“Are you tired yet? I’m exhausted and frankly pissed, just thinking about all the work and responsibility women take on nowadays.”
“Women not only manage their households but most are also solely responsible for the emotional well-being of their children. Mothers are often the first responders to their children’s distress. It’s no wonder that so many women are under-earning. We are burned out and exhausted from all the multitasking, context-switching (which costs you 20 minutes every time you’re interrupted) and sheer volume of responsibility our society expects us to accomplish every day. And this isn’t limited to domestic life. It happens in the workplace, too.”
The reality? We’re not treated as equals yet
“Women are treated as a dumping ground for all the work that men are taught not to do. And yet, women are complicit. We are participating in our own oppression. We allow others to fritter away our time, to make their priorities more important than our priorities, to access our unending labor without proper remuneration or respect. This is excellent news for you. Because if you have been a willing participant in the constant gender inequality that gets in the way of your goals and dreams, then you also have the power to stop doing that.”
“You have the power to stop participating. You have the power to reclaim your time, attention, and labor for your own benefit. First, you have to be okay with disappointing others.”
If you like these excerpts, I recommend reading We Should All Be Millionaires. Rachel provides tips for building a seven-figure business that supports your life, family, home, and well-being.
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