The Breakfast Club - Rachel Rodgers, Stacey Tisdale and Nicole Barham Give You Money Moves That Will Change Your Business & Life
Episode Date: November 30, 2022Rachel Rodgers, Stacey Tisdale and Nicole Barham Give You Money Moves That Will Change Your Business & LifeSee omnystudio.com/listener for privacy information....
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What's up? It is The Breakfast Club.
This is Angela Yee's Last Wealth Wednesday, so we wanted to make sure we go out with a bang and have a special one.
But don't worry because there'll be more on Way Up with Angela Yee.
But I'm here with my partner Stacey Tisdale.
Hi everybody. We're very excited about this.
And Rachel Rogers.
Thank you so much for having me.
And I got a present too. We should all be millionaires.
This is her amazing book.
It's A Woman's Guide to Earning More, Building gaining economic power and Nicole Barham yeah we're to be
here all right so you guys let's you know get started on what this whole
journey is that you were on because I think you went to law school right yes
yes all right and then a lot of people we hear this from people they graduate
from law school they graduate from law school, they graduate from college, they graduate from whatever higher degree they decided to earn. And it's hard to get the money that you anticipated getting.
Exactly. I actually heard a study recently that said 60% of black wealth is tied up in student loans, like it goes to student loans. So that's where a lot of our money is in our community. But yes, I went to law school and I graduated during the 2008 recession. So there was not a lot of jobs. I was like, great,
perfect timing. And so I was like, either I take one of these jobs that I don't really want,
or I could start my own practice. I have skills, right? I know how to I know how to practice law.
I've been trained. And so let me just go do that. My mother hated the idea. She was like,
please go get a six figure job that I thought you were going to go get, you know? And I was like,
you know what? I'm already used to being broke, right? I was a broke student. Like,
why don't I do it now instead of waiting until I have a big salary and a more expensive lifestyle?
So I just went for it, even though everybody around me was like, you're bugging. And I started
my own law practice and grew that significantly over six or seven years.
So made a lot of money doing that. And then people started coming to me, my own clients,
because I mostly served women entrepreneurs. So many people were quitting their jobs because,
you know, it was a recession as well. And so they they use their their severance packages
to start their own businesses. So all of those folks, they were just people that I knew became
my clients. And we all need a lawyer at some point. Exactly. Exactly.
And honestly, selling legal services was the best training because you don't want to pay a lawyer
like nobody ever wants to actually hire a lawyer. You need a lawyer. Right. So I had to sell
services and it was all transactional work. So people weren't hiring me for litigation. They
were hiring me because they needed to take care of their business stuff. Right. And, you know,
it's the kind of things that like trademarks, copyrights, contracts, they want to put it off. And so having to learn how to
sell that and get people to say yes to that, it was like the best sales skills, you know,
selling something people don't want. And as an entrepreneur, that is an important investment
that we make in our business. Even for myself, you know, just hiring somebody to handle all of
these legal, like you said, trademarking, all of those things, contracts, MOUs, all of those things, contracts with vendors to get taken care of early on.
And it might not be an expense that you'll have monthly throughout.
But in the beginning, it definitely is something that you have to put some money into.
That's right.
Exactly.
And working with all those people, Rachel, I know give you a really unique, you know, bird's eye view.
Oh, this is what works in a business.
This is what doesn't work in a business.
And it was that.
Yes.
Which actually was your aha.
Oh, I can make money telling people what works and what doesn't work.
Exactly.
Because I saw the behind the scenes, like the real deal with people's businesses, you
know?
And so people like I had clients who were influencers who had a million followers, but
were not making any money.
They didn't know how to monetize it.
And they weren't they were broke.
And so...
You never know based on what they put on the gram.
I know, exactly, right?
Like, they're taking pictures with all these rented things.
Listen, I'm not about that life.
So I got to see the real, real, like, what actually grows a business,
who's actually doing well and who's not,
because people don't lie to their lawyer.
You got to tell your lawyer the truth.
Oh, no, some people do.
Some people do, but they shouldn't. Don't lie to your lawyer. Don't lie
to your doctor. Exactly. Don't lie to your accountant. Exactly. You don't lie to those
three. I agree 100 percent. And so I got to really see what grows a business and also had my own
experience growing my practice because I started building a team, hiring other lawyers. And I just
found that I was really good at sales and marketing, getting clients in the door. And so I just grew that over time.
And people, my clients would say, how are you getting so many clients?
How are you growing this business so quickly?
And so I started telling them for free.
And one of my mentors was like, no, you actually need to pay for that business advice.
I told you that you just, when I was talking to her a couple of weeks ago,
someone was asking me for advice on launching a podcast and making it into a business.
And I just had a conversation with her.
I'm like, all the hours that I'm putting in talking to this person and giving them advice,
I'm just going to ask them, do you mind paying me for it?
And they didn't at all.
And I know that's one of the ways you help people find wealth.
We work for free too much.
Leaving money on the table.
That would be a perfect example where it's like, oh, I stay on the phone like I'm getting paid for this.
Like, I need to be paid money we need to
say exactly stop giving our labor away for free we do it so much and we really
need to do a time study audit our lives and see because I was doing the same
thing giving away business advice to my clients that only paid for a contract so
I started charging for that and that that changed the game now Nicole let's
talk about what it is that you do because we're talking about people you
don't lie to.
And when it comes to your bookkeeping and everything, you have to be very honest about that, too.
Yes, absolutely.
And so I created Five Minute Bookkeeper based on Rachel's coaching.
And it has been, you know, helping women entrepreneurs to manage their finances so't they know exactly what's coming in,
what's going on. Yes. And also when it's tax time, they're not scrambling to get it all together.
Right. To take to their account. And feeling empowered around your numbers is so important
because we think that men know money better than us. But there are actually studies that show that
women are better with money than men are. Right. And so we need to have more confidence around our
money and our financial decisions. So I love that you empower women.
And it goes back to what Angela was saying.
Time is money.
Most entrepreneurs spend an average of like four hours a week on their books and on their numbers.
And they still don't.
Right.
I'd rather be doing what I do well.
Making money.
Getting paid for that and let somebody else do that.
Absolutely.
That's what they do.
Right.
Absolutely.
And I feel like a lot of entrepreneurs, especially the ones that I work with, they are not paying attention to the finances the way that they really should.
And so I wanted to change that because there were just so many overwhelming platforms.
Yes. And, you know, I tried to use one or two.
I know because some of them are really popular. Yes, they are.
And it was just not working for me because they were created for professionals, not for an entrepreneur to just quickly see what's happening with their money.
Yes.
And so I wanted to create a simple solution to that.
Right.
And, you know, met Rachel, got into the club, got the idea. I famously say that I got the idea in the shower.
That's where, you know, the best ideas are born.
Well, DJ Catlesson on his toilet is where he got the ideas.
Not to name rooms.
Same room.
Exactly.
And so, yeah, I wanted to really make it easy and simple.
And the byproduct of that is having empowered entrepreneurs So, yeah, I wanted to really make it easy and simple.
And the byproduct of that is having empowered entrepreneurs who have literally transformed their businesses and their lives.
Yeah, it's interesting because I was just talking to Pinky Cole.
She owns Slutty Vegan.
Yes, she's going to actually, she's speaking at my event that I'm doing in Puerto Rico in January. Yeah, she's a great example of somebody who will talk to you about how she started her business
and financially, she didn't have like the knowledge to be able to know how to keep her
own books.
And she was making a lot of money, but she was not paying the sales tech.
Like there was just certain things that you're running a business, you're being creative,
you're being an entrepreneur, but there's so many things that can end up not being a
priority for you and you don't know. Yes. Until until. Right.
And so you get hit with like you have your first good year and then you get hit with an enormous tax bill and you're like, oh, I wasn't expecting that.
I didn't plan for that. There's so many places where you're just not ready and not prepared.
I think that's why coaching is so valuable. Right. Like, why don't we hire people who know what to do? Right.
Like, show me the way,
make it easier,
make it faster for me.
And that's something
that I did along the way.
I hired coaches, too,
to help me so that I didn't have
to make all the mistakes myself, right?
Like, I made 12 years worth
of business mistakes
so other people can learn from them.
And, like, that's a perfect example.
Nicole is a client of mine
who has reached half a million
in revenue way faster than I did
when I was growing my business, right?
And that's the whole point.
Does she keep your books too now?
Not yet.
She's always, listen, by the end of this trip, she probably will be.
Coaching is the thing.
We've been focusing a lot on Wealth Wednesdays over the last year
of introducing people to different coaches,
and it's just been meeting the moment.
You saw blacks really embrace entrepreneurship,
COVID and post-COVID,
and kind of really see, you know,
the economy doesn't work for us
and move into this entrepreneurship, digital economy.
And all of a sudden these coaches started coming up
because we are so hungry for this knowledge.
And I kept noticing these coaches,
they're creating millionaires and they're really good at it.
And what are some of the things,
the things that they're telling people,
it's more just like a support system.
Nicole,
you were telling me it was,
you know,
you were making like $2,500 a month,
right?
You started working Rachel for the year.
Rachel brought you this like $60,000 a month.
Within six months,
you quit your day job.
But it's the things that you're telling people that it's like hire somebody when you don't want to invest in yourself when you don't feel like it.
And the mindset shift is really what's so critical.
You got to leading into the fear.
Right.
And the uncertainty of it all.
And it's also sometimes inconvenient as well.
It's like you have to be willing to make those investments. I think so many of us can't see ourselves paying for a coach or paying to go to a
business retreat to learn. It's like, well, I just don't do things like that. We'll start doing things
like that. Like if you want to become a millionaire, you got to start making these kinds of decisions.
I agree with that because sometimes you have to look at the people around you too.
Yes. Right. Are the people around you, do they have that entrepreneurial spirit?
Are they pushing you? Are we hyping each other up? Like you say, am I hyping you up? Are you
hyping me up? Are we bringing each other deals? Are we having those conversations? Yes. And
sometimes you have to create that network for yourself. Absolutely. And most of us,
if you didn't go to an Ivy League school, if you didn't grow up in an affluent neighborhood,
right, if your parents weren't wealthy, you do not have a network, right? And that's most of us,
especially as black people.
I had no network when I started.
I didn't know anything
about starting a business.
I just went and did it and read books
and there was much less available
than there is now.
So we have to manufacture
that network for ourselves.
We have to like find a way to create it.
And the way that we do that,
I just went to events, right?
I went to business events.
I joined business communities.
And that's where I met some of my closest friends that I have today that we do events together. We
partner on certain things, right? And that network around you is so crucial. And I always say, like,
you got a friend who keeps you on the phone every night with all her drama, like, okay, we love her.
We can talk to her once a month, but we can't be on the phone with her every night.
With the same drama.
Exactly.
Because she's doing the same thing the same way.
Exactly.
You got to be around people.
Listen, iron sharpens iron.
As soon as you get around a community of people who are out there doing it
and they're talking about their wins and they're talking about who they're meeting
and they're like, oh, come with me to this event, right?
Come with me to this experience.
It makes it so much easier for you to reach your goal.
When you try to do it alone, it is so much harder.
What about people who feel like they're not social?
They go to these events and there's thousands of people networking.
But I have heard people are like, how do I even approach anyone?
How do I keep those relationships going?
How do I follow up?
How do I make sure I know there's a million people trying to talk to Rachel?
How do I make sure that she can make the time?
And because it's hard to do that.
Yeah.
So how does that work?
I agree.
And I think it can be challenging.
What I would say is if you don't if you feel uncomfortable, first of all, uncomfortable is a part of growth.
So that's just what you got to do.
Right.
You got to be willing to be uncomfortable.
But I also think like what I used to do is try to make online connections first before I got there. So I would try to like message people or if there's a Facebook
group for the event, I would try to connect with people there and just try to find one or two
people that I know. So I have a game plan when I walk in, because believe it or not, I mean,
I'm a loud mouth, but I don't really love talking to strangers. I love talking to people I know.
It's awkward at events sometimes.
Yeah, it can be so awkward.
You don't want to bother the people.
Yes, yes.
And what I used to do too
is I would just find something
that I like, like,
oh, I love those earrings.
Where'd you get those?
You know, just like
start a conversation that way,
like compliment them,
something genuine.
And that's like sort of a way
in to start a conversation.
And like being there
and being helpful,
like having the goal of
how can
I be useful? How can I help people? What skills do I have or talents do I have that I can bring
to the table here instead of trying to get something? Because I think people I know you
feel that energy, right? We all do. Right. When people are trying to get something from us,
you just you repel that you don't want to be around somebody who's trying to take something
from you. Right. And so I think if you just show up and say, like, how can I be helpful and useful
and like enter into conversations where, oh, you talking about a legal issue? Let me
tell you about, you know, how to solve that problem. I'm a lawyer. Right. So like just using
whatever you've got as a way in. Is that what have you done, Nicole? So I am a an attraction
marketing person. I attract people to me because I don't like I don't walk up to people and have to start conversations
So what I've done is I've done like gone into people's communities and become like an expert in there Yeah, everybody knows me. So when I go to the actual events are like Nicole and that's how I start the conversation
Yeah, it's kind of like backing into it, right?
Because I'm not and you know, I network, but I find that it's easier to just have conversations with people.
But it's easier for me if I connect with them, as Rachel said, connect with them like online, on social media, have a conversation.
So when you get there, you're like, OK, this is the person I want to talk to.
Yes, you have a point of reference.
Yeah, exactly.
And so that's how I do.
And I've become a little bit of a celebrity in some communities.
Yes, it's so true.
Everybody knows the five-minute bookkeeper.
In my community, she's famous.
I am.
But I don't know half the people.
I love talking to people.
But they know you.
But I love talking to people.
I just don't like starting conversations.
And I guess when you go to certain things, like you said, investing in yourself and going to these
events, getting a coach, even
when they cost money to go to an event, everybody's there
for that reason.
I was thinking, Stacy
you hooked me up with Cassandra Cummings for her stocks
and stilettos when I went out there.
I was talking about getting investors in my
coffee company and people were coming up to me
afterward like, well how can we talk about
because everybody's there for that.
I'm meeting angel investors.
All different kinds of people and everybody's
there for their reason. They're a
business owner. They're an investor.
They're looking to have those conversations.
And I like building community better than
networking because people get that
oh I have to network. I have to meet that.
Just be real. This is what I'm
about. What are you about?
You'll find your natural connection points.
And just the science of it,
when you're in community with someone
and trying to achieve a goal together,
they'll hold you accountable.
You have an 80% higher chance of achieving that goal.
Exactly.
We were talking about sometimes women have difficulty doing this.
A lot of it is because we don't have time.
Right.
It was interesting.
You were telling me about some of the pigeonholes
that women get into.
For sure.
Because we, well, we were just talking about it, right?
Working for free.
Nowhere does that happen more than in our own homes, right?
With our partners who get home from work
and sit on the couch and ask us,
when is dinner going to be made?
That's still the truth for 80% of women.
And even when they are the breadwinner, they are still doing the work, making the money and still making
dinner, doing laundry, doing all of the emotional labor with children, reading all the school emails,
making sure they have pajamas for pajama day. Like there is so much invisible labor that we
are doing and we have to say no. Right. They bring that to their businesses, too. Women try to do
everything themselves. Exactly. Not hiring help. Right.
Like saying, well, I can do my own books. Right. Like I will. I'll just figure it out.
I don't need to hire a coach. Right. Or I don't need an assistant. Right.
Yes, you do. And this is the thing. Like men's businesses grow so much faster and they make so much money so much faster because they are quick to hire help.
Right. Because they're sort of in society. they're trained to like get help. Other people are here to help me. The society is created for
their benefit, right? And we're here to be their helpers, right? That's what that's how our society
truly is built. And that's how we're all socialized. And so we have to fight against that and say, no,
I'm not here to do everything. I start my day with, look, I look at my to do this. I'm like,
who could do this? And I just give out instructions here. and I just give out instructions here I need you to do this I need you to do that whether it's family members people on my team I'm like I'm not here to be to do everything like y'all ain't gonna make me your workhorse okay so but yes there's a whole and the thing is the beautiful thing about that is there's a whole economy right like I have all of these team members and they're making money right and there so there's like all this you know there's a whole economy that's built on my business right so like the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the more money I make the you know, there's a whole economy that's built on my business. Right. So like the more money I make, the more everybody in my community wins. And it's a beautiful thing. So we need to ask for help. We need to ask our partners to do more. We need to make these kids do their own laundry and wash these dishes like these 15 year olds. Like what? I wish I would wash a 15 year old's clothes are you out
your mind absolutely not like listen everybody needs to be have a little bit more autonomy and
stop putting it all on on us as women now what about investing in your business right we hear
a lot of stories of people who put their all into their business you might feel like okay you know
and I feel like I hear a lot of stories
about people going broke just starting their businesses,
knowing when to walk away from a nine to five,
to dip into their savings.
Sometimes you're borrowing against your retirement
and all of those things.
And so what are your thoughts about people saying,
I have an idea, I'm gonna go with my gut
and put everything into this?
Yes, okay, so I love the idea.
Listen, I think going with your
gut, right? Like instincts is a point of data. It's a valuable point of data that we should use
to make decisions, right? Like, oh, my instincts say this, it's pointing me in a certain direction.
Great. Now validate that with other outside data, right? Third party data to say, okay,
is there a market for this business that I want to start, right? What information do I have out there? Right. Like some people say, well, my gut says this, even though
everything else is saying that maybe this won't work, we go with it anyway. Right. And so I think
instincts are important, but we also need to validate our instincts with other data and make
sure that we have a plan. Right. Because, you know, I've heard of I've had friends or heard of
people who are like, well, this is my dream. So I'm just going to quit my business and start it.
And I'm like, no, no, no, no, no, no, no.
Can we be a little bit more strategic about this?
That's what I did.
I had my business on the side while I was working a full time job.
Yes, that's how you do it.
You know, a full day driving three hour round trip to Miami, coming home, working with clients in the evening.
So that's a 13 hour day.
Yeah.
Absolutely.
Three hours of commuting, an hour and a half there and back, and then an eight hour day,
then coming home and working with some clients with your side hustle.
That's what I had to do because I wanted to really stop doing the nine to five.
And you know, it's a temporary thing for me to do these 13 hour days so that I can get to the point where I can leave.
But you are so willing to do things differently. that's I think what you're all about.
Yes.
Like your gut and the way you've done things is great but it's got you to where you are.
Right.
So if you want to go something further, okay I have to change up everything I'm doing.
I have to change up how I think of things.
I have to be willing to give up what I believe in.
Right.
You have to take on a new identity.
You have to take on a new identity.
Exactly. And I think we think like how is, you have to take on a new identity. You have to take on a new identity.
Exactly, and I think we think,
like, how is my gut going to tell me how to build?
Like, for example, I have a business that will probably do about $15 million this year.
How is my gut going to tell me how to get to $100 million?
My gut don't know.
It doesn't know yet.
She don't know yet, okay?
I have to hire coaches and get advice
and read up and learn.
And be willing to do that.
Yes, like, you don't have
the knowledge yet to be able to do that. Right. So like let it point you in the right direction,
but validate it with advisors. It drives me nuts, too, when people hire coaches,
they hire advisors and they don't listen. Right. Stop hiring experts and then you pay them and
then don't take their advice. What is the point? Keep your money then if you're not going to take
their advice. Learn from their mistakes. Right. Like so it took me probably four years to get to five hundred thousand in my business and my first business in my law practice.
Nicole got there in what?
A year and a half.
Yeah.
Yeah.
Two and a half years to get to five hundred thousand.
So much faster.
Right.
Why?
Because she's learning from my mistakes.
So like that's the whole point.
Right.
So that it can go faster for us.
And you know, and this is very important for our for our community. It's not just about us.
Like, yes, I want to make money. Yes, I like nice things. Right.
And I also want to give back to my community. But it's about like, what does that mean?
Right. My neighbors who see me. Right. They believe it's possible.
Somebody listening to this episode. Right. They're like, oh, you have a $15 million business and you're a black woman?
I can have that, right?
Like they need to see us doing it.
So it's not just for us.
It's for our greater community.
But what do you tell people?
Because you are correct.
You're both, I mean, you're living examples.
Some people will be like, yeah, she's saying that,
but I'm barely getting my bills paid.
I have to do everything myself in my business.
And I have to. And I was, I mean, I was there. I'm an entrepreneur. bills paid. I have to do everything myself in my business, and I have to.
I mean, I was there.
I'm an entrepreneur.
You have those ups and downs.
And when I just said to heck with it,
and I went and I brought on someone for marketing,
and I figured out a model.
Okay, so I don't have the cash to pay you what your salary is,
but I can write you into what I ask,
just being creative about it.
But some people hear you,
but they don't think it's applicable to them
because they simply don't think
they have the money to do that.
Yes.
I honestly think one of the biggest mistakes
that we make is we're always trying to figure out how.
Right?
We don't even know what yet,
but we're trying to figure out how.
Right?
Like, we know we have this dream,
we have this desire,
and we say, well, that's not possible
the moment we have that vision or that dream.
And we just cut it off.
Right?
We cut off the possibility.
And so what I want to challenge people to do is stop. Stop doing that. Right. If you have this vision
or dream, I don't know how I'm going to get there yet, but I'm going to I'm going to figure it out.
Right. And be creative. Right. Like brainstorm. Talk to other people. Connect. Learn from coaches.
You don't like we have this dream, but we're like, oh, I don't have the money. So it's not possible.
I don't have the money, but let me brainstorm 10 ways that I could still bring in some help.
Could I do a trade, right?
Could I write them into a contract?
Could I hire them for two hours a week if I stop doing,
you know, I'm gonna cancel this other thing that I have
and use the money for that, right?
Like get creative, right?
Use your ideas.
I think people are just very like,
oh, it's not possible for me and they just shut it.
You don't want it then, right?
Like I need you to work a little harder, right? For your vision. And for your dream. I need you to
be more creative about how you're going to make it happen, right? Instead of just saying, well,
it's not possible for me. So forget it. What about bad partnerships? Oh, God.
I know this is an issue for a lot of people in business. You're like, I'm gonna go into
business with this person. Yes. We have, you know,
this person does this.
We're best friends.
We've known each other for such a long time.
I trust them.
We have this vision together.
We're going to sit down.
We're both going to grind.
And then one person's
not holding their weight.
Yep.
One person's putting up
all the money
while the other person
doesn't have anything to lose.
Because I do feel like
if you start a business
with somebody,
everybody should be
putting up some money.
That's right.
But what are your thoughts on having to end, exit a partnership or even walk away from
a company?
How do you know when it's time?
Yes, I think.
Well, I think we often know, but we're just afraid, right?
Like we're afraid to speak the truth that like, yeah, this is over.
We know it's over, but we're avoiding it because of whatever the fallout might be or the emotional
parts of it,
or we're scared of what's going to be on the other side.
I think it's salvageable.
Yes, exactly.
And so, but it usually isn't right.
Cause if, if, if you're mentally already gone, you're gone, right?
You ain't coming back.
So we need to accept that.
And I've seen, trust me, I've seen so many bad partnerships and like the lawyers who you call,
right when the partnership goes bad.
And so I saw lots of examples of those.
And still, I entered into my own bad partnership, you know, and I had ended in federal court. I had to take her to court to get my IP back, which I did.
But it was a very unpleasant experience.
That was a huge distraction from growing the business.
And so here's what I think.
I think that people should have separate businesses, right?
If you want to partner with somebody, partner with them on an event, partner with them on a small project that's finite.
Test it out. Like, don't say, oh, this person, we're going to do great because we know each other and we're besties.
How you know their work ethic as their bestie? You ain't I work with them? Right.
You hanging out with them and partying with them. That ain't the same thing.
And so test it out. Right. By doing something, doing something small together, do a workshop together, do some sort of small thing that you can do together where you really get to see what they bring to the table
and then decide whether to turn it into a full-blown thing I think most of us take on partners
because we're scared right because we're scared of being rejected we're scared of doing it alone
and so we just we it's a safety net it's like release the safety net right and allow your
opportunities to come because I mean think about like think about like, you know, all of us. Right. Where we started. Right.
Can we imagine that we would be here today? Probably not.
And so you just have to be willing to believe in yourself and go for it.
Plus, especially there's so few people, especially black people in so many different industries, like our creativity, our different way of seeing things like that is valuable.
And there's less of that in the marketplace.
So we need to put ourselves out there and go for it.
And I think another thing, and I know you've said this, is people are scared to talk about money.
Yes.
But if you do do a partnership with somebody, finances are a really important thing.
Oh, absolutely.
To discuss your credit.
How much money do you have?
Are you in debt?
Yes.
You know, what do you have saved up?
I would treat it like a marriage.
And like marriages, we've been talking about this a lot lately.
Relationships are better if you're financially independent.
Yes. You can just come to them from a totally, totally different perspective.
Yes.
You and I had a great conversation about most of us have the mentality, my wealth is how many ways I split up my paycheck.
Oh, yes.
And it's really about your earning potential.
Yes.
This conversation isn't about, okay, here's how to manage money to start a business.
It's about you have the capability inside of you to earn a million dollars.
You have the capability to earn more money to get to your goals.
We had an amazing experience with someone who's working with us on this campaign.
Yes.
Rachel was saying one of the first
things she has people do is look for unclaimed assets. Yes. And one of the people we were
talking to while we were talking just went on one of those websites and found $4,000.
You just found $2,000 yesterday. Exactly. People don't use all their resources to build.
It's so true. All the money they have. And that's what you're about. I agree. I think we don't even realize
all that we're bringing to the table.
That's why we get into those partnerships
that don't make sense for us
because we're not even really taking a stock
of all of our talent and skills.
And that's how we do it, right?
With real estate, you have to have good credit.
You've got to have a deposit to put down, right?
If you want to become an investor,
you've got to have some capital to invest
in either in the stock market,
even day trading, right?
There's a big barrier to entry in terms of learning. Entrepreneurship is, to me, a social justice imperative
because it's an opportunity for us as black people to close the wealth gap. Right. To start something
from literally nothing because I had nothing. I had three hundred thousand dollars in student loans.
I had a four hundred credit score. I had no network. Nobody wanted to give me any money. I had a
job where I was making forty41,000 a year.
That's what I started with.
So I had nothing.
And from there, I was just like, what kind of business can I start?
What skills do I have?
Let me use those skills.
So like if you do marketing at your day job, you could do marketing on the side, right?
Do marketing for other people's businesses, right?
Like whatever, if you are super organized
and are a great executive assistant,
could you be a personal assistant
for somebody on the side on the weekends
or in the evenings, right?
Like whatever skills you have,
you can use those skills and make money.
And that's the thing.
We need to take stock of us.
We are our biggest asset.
This is your million dollar asset right here.
You have it.
Do you remember your first time negotiating
for actually getting a fee for coaching? Because I know you said people were coming to you. You have it. Do you remember your first time negotiating for actually getting
a fee for coaching? Because I know you said people were coming to you. They needed help.
Yes. You were giving away all this advice for free. But then it was like you should charge
for this. So what was that like that transition? Yeah. And it was scary. It's always scary when
you're like, you know, telling somebody the price and you feel like it's a lot. Right. And so I
agreed to do I think it was like six months of coaching for
six grand, which is not enough. Let's be clear. So I said six thousand dollars, which I thought
was a lot at the time. And so I was like, I'm just going to try it. So I had like a friend of a friend
who was looking for help with her business. And so I was like, OK, I will help you and I will coach
you for six months for six grand. And I just sent the email and I was just like,
screaming.
Yeah.
And that's the thing.
Listen,
when you state your price,
you state your price and then you just shut up.
Don't say anything.
Silence.
Right.
Just let them think about it.
Right.
Cause then we start being like,
well,
I could discount it or I can work with you.
I can do a payment plan.
Stop talking.
Say the price is 15,000.
And I let that awkward silence just sit.
Just be like, you know, I'll wait, right?
And just see what the response is. Because oftentimes the response is, okay, great.
But then we start talking.
There are literal studies that show that women entrepreneurs in particular,
like 80% of them discount their price when clients aren't even asking for it.
We're just out here playing ourselves and cutting off our own money.
I do it for this, but for you, I'll do it for it. We're just out here playing ourselves and cutting off our own money.
I do it for this, but for you, I'll do it for that. Exactly. Stop that.
Normally, I would charge this.
Exactly. Don't do any of that.
Stay with the price.
Literally, if you have to write it down,
I have my clients write it down on a post-it note,
put it on your desk, read the post-it note,
and then stop talking.
And people will say yes.
And that's exactly what happened for me with that first client.
She was like, I'm in.
And so I was like, awesome.
Like I was so surprised, but also really excited.
And then her business went from, she was making like $90,000 in her business and having to travel.
And so I took it online and she was able to make like half a million dollars within literally less than a year.
Her business was making 5X what she.
So I was like, oh,, 6,000 was not enough.
I need to be charging a lot more for this. You know what I mean? And that's what happens. You
get that first client, you see the results they get and you're like, oh, hell no, I need to be
charging more for this. But I do understand we're pricing it fairly in the beginning as you're
trying to build your clientele. Yes. You know, and you're, you're also learning because it's a
different space to be in. Yes. And so you want to also have some great clients that can recommend you and that can actually
say, I worked with Rachel.
She was amazing.
Yes.
Exactly.
And the problem is when people start talking about your price, like how much she charged
you?
Well, this is that is the exact problem.
And so here's the thing that I say, even if you're not experienced, you are qualified.
Even if you are not experienced, you are qualified.
You have the skills to do the
job. Right. And so charge as if you are qualified, even if you're not experienced. Right. You don't
have to have all the experience in the world. You're still going to get people a result. When
I was a brand new lawyer, I didn't have a ton of experience handling all these different legal
transactions, but I was qualified. And so I charged accordingly. And then, you know, over time,
I got more and more confident. And the thing is, here's the thing. Here's what I charged accordingly. And then, you know, over time, I got more and more confident.
And the thing is, here's the thing. Here's what I tell people. If you're really scared, charge, charge the higher price.
And if you screw something up, just give them a refund or you could always give money back. Right. Like you could always make it right on the back end if you have to.
But don't lowball yourself on the front end, because what happens is you keep lowballing yourself.
People tell everybody about the about the price. You get used to saying that prize
and you're scared to say the higher prize, you know?
And then it just becomes a barrier for us.
None of this works without community.
Yes.
Like what Angela's talking about,
getting to that point where you have the confidence to do that,
that's really the strength of Hello7
and these challenges and these groups that we try to start
because it's hard to do it by themselves.
Yes, for sure.
There's a study that was done.
It was like the American Work Study or whatever.
And it shows that when you have accountability and you have community, you are 95 percent more likely to achieve your goals.
If you try to go alone, 12 percent.
That's like your chances of accomplishing a goal alone is 12%. Right. But
if you do it with a friend or if you do it with an accountability group, right, like where somebody
is going to check in with you and be like, how are you doing towards that thing we talked about last
week? Right. Like when somebody is checking in with you weekly and you're you're supporting each
other and you're sharing resources, 95%. So it's like if you want to be successful, get into a
community. That's why my business is built the way that it is
because I know
what's going to make us successful
is not just my coaching,
but the whole community.
It's just like all these people,
you find your business bestie,
right?
And you support each other
and you're not on the phone
where Brenda's talking about
her boy problems every night anymore.
Instead we're like,
you know,
there's a grant that I saw.
Exactly.
Yeah.
Oh, I met somebody
and I told them about your services. So such and such is going to call you like they're a potential client. Right. Those are the conversations we need to be having. Right. That's that's the conversation.
We started Wealth Wednesdays for Entrepreneurs. It's just called that Wealth Wednesdays for Entrepreneurs on Facebook. It's a community and like Rachel's featured in it this month. We have conversations about it. But we want everybody to sign up for that as well.
Yes, exactly.
Can I say something about the pricing, though?
Because when I started 5-Minute Bookkeeper,
you don't want to know how much I priced it.
And I gave a discount.
If I was not in Hello7,
I don't think I would have, you know,
changed my pricing as fast as I did.
And now it's definitely not the original price.
And people are still buying it because they see the value in it.
And I think sometimes we undercharge as women.
We undercharge because we're like, oh, people are not going to pay me this money.
But then when you start, you know, increasing your pricing, and that's what I learned from Richelle.
He's like, double your prices.
I'm like, oh, my gosh.
Nobody's going to buy from me.
And I've doubled my prices like three or four times in the past two and a half years, and people are still buying. I'm on a plane coming here, and people are buying.
Now, people will tell you that you get what you pay for, because sometimes people also think if something is cheap, it's not good.
Yeah, exactly.
Right.
Do you want to be?
Listen, when people are like your
prices are kind of high I'm like listen I'm premium okay I'm not the cheapy
cheap option you're gonna get the results that my price suggests you know
yeah and so I'm gonna charge accordingly and the thing is is like how can I how
can I be an entrepreneur and charge low prices and when I'm supposed to be
modeling for my clients right like I need to be saying taking the same advice right I'm giving. But when you think about the times that we're into,
yeah, make sure that coaching is accessible for people. Yes. So I know you kind of change
your motto for that, too. Exactly. Yes. We have we have a community and then we also do a challenge.
And these are all things that make it easy for people to have an entry point in because I'm here like in the challenge literally by the end of the five day challenge people are making thousands of dollars. It's bananas. I mean literally everybody's crying by the end of my whole team is crying because they're just like we're changing people's lives. You know like I love my job and it's so great right to watch the transformation like somebody comes in not believing in themselves being fearful and they're like, I'm gonna spend ninety seven dollars and see what happens. And they just show up and being surrounded with community,
getting the advice. And I make them do act, take action every day. So every day you got to make a
money move. And by the end of the week, people are making money and starting to see the results of
just in a couple of days. And so like in that you make you make some money. Right. And then you can
join the community. Right. which is our membership community.
And that's not so expensive, right?
That's something that you can get into and most people can afford it.
And then from there, there are other ways that you can work with us as your business continues to grow.
But you have to just figure out a business model that makes sense.
But even for a community, we're still premium, right?
Like we're not – there are communities that are $19 a month.
We charge $2.95 a month, right?
So we're not the cheapest cheapest but you do get results
We're so honored for our last wealth Wednesdays with the Breakfast Club wealth Wednesdays will move on to wonderful things as well
You did a special challenge. Yes. Tell us. Oh, yes, so it's called the make money moves challenge
It's a five-day challenge where when you join you come in and you're gonna make a money move every day
Are you get coached by me every day. And I teach you like where you're leaving money on the table. I
teach you about pricing. I teach you how to sell. Right. I teach you how to have make a million
dollar offer. Right. So like Nicole had a one on one offer that she was doing. Right. And so that
was the thing she was doing after work, making a little bit of money, taking up a lot of time.
And I taught her how to do it in a more scalable way.
And now she's making a lot more money.
And how many hours you work a day?
Two to four hours a day.
Because I spent.
What are you doing the rest of the day?
Chilling.
Taking naps.
That's for the next episode.
So what I do is, you know, we talked about those 13 hours that I used to work.
Right. And I really wanted to take my son.
My son, Brandon, is 10 years old.
He's on the autism spectrum.
And I wanted to drop him to school.
I wanted to pick him up, take him home so he could have his therapies at a regular time during the day.
Right. And I could not do that working those long hours. and I really said before I and you have to have a why yes like if you don't have this big
why that you're you're you have in the forefront of your mind you will give up yes it's not easy
so um I wanted to drop him to school pick him up and so I'm like okay I want to you know schedule
my day this way yes and this is exactly what I'm doing I get to work out, OK, I want to, you know, schedule my day this way. Yes. And this is exactly what I'm doing.
I get to work out in the morning.
I get to chill.
You are having a life.
I love it.
I'm making, you know.
I'm making like 30, at least between 20 and 30,000 a month.
In two and a half years, 500K cash.
Like, I'm like, I would have had to work like eight years at my day job to make that kind of money.
Yeah, because that's the worst when people are like, you know, I work 15 hours a day, but then it's still a struggle.
Yes.
Right.
You know, and there's a lot of people that, I mean, I feel like early on that was my life.
Yes.
But it is also a why if you know what kind of goal you're working toward.
And Rachel, I know one thing you also stress is don't feel bad about making money because sometimes you feel like, man, it's tough times for people.
Here I am feeling like a selfish person
making all this money.
Listen, you're doing the world a favor,
especially if you black making money.
If you're of any marginalized identity
and you're making money,
we need to see those examples.
So even if you spend all your money on Chanel
or you spend all your money on taking care of yourself.
I feel attacked.
First of all, listen, me too. But listen, even if you spend all your money on taking care of yourself? I feel attacked. First of all, listen, me too.
But listen, even if you spend all your money on yourself, right?
Like I'm not one of those people that judges and I'm not one of those people that's like
the black community should stop spending money on blah, blah, blah.
Listen, the black community needs some pleasure in their life.
OK, the black community needs to enjoy themselves, right?
Like it's not about hustle and work so hard and sacrifice everything.
I don't resonate with that message. I need to enjoy my life and i need to make good money and i need to be planning for
the future and i need to be giving back all of those are possible i want to imagine possibility
all of those things i need it all i don't want just one or some i don't want to live off of
peanuts like no and there's a there's a way to do it right we don't have to do that and i think
that message is just i don't know it anno annoys me. I'm like, listen, black people been through enough. If we want to buy some nice things, we're going to buy nice things. Leave us alone.
But we're going to buy them responsibly. Responsibly. Right. And we can't do that. And also, like you said, still be able to give back. Exactly. Tapping into our creativity and our skill set to make more money. right? So that we can both have nice things,
invest in our future, right? And invest in our community. I'm doing all three, right? I put save money every month in my stock account. And I am also I have a nonprofit where we are helping
black mothers with doulas and childcare and night nurses, right? And I also have nice clothes,
right? Like so you can have all of those things. You just have those buckets and you you decide
how you're going to divvy it up. But denying yourself all pleasure does not actually help you
grow, right? Like, discipline is only going to get us so far. And that's why I teach people how to
build a business based on your natural talents, your natural skills, because it doesn't rely on
discipline. It relies on, like, you actually enjoy your work, right? That's why you show up and do it
every day consistently. It's not going to be discipline and turning ourselves into a puzzle and making ourselves miserable. And honestly, some of these men, I'm going to just
attack these male coaches real quick. Because some of these men, right, like they're talking
about all this work 15 hours or put in all this effort. And it's like, well, that's because you
have a wife at home taking care of figs, right? Like, listen, let's be real. Let's have advice
that actually resonates with women who are doing the majority of the work.
And so that's why I teach people how to make money and not be hustling all the time.
Right. Like how to have a short work day and still make good money.
You can still have a fulfilled life.
Yes. Yes. And we need to reject these ideas.
We take them as law.
Like, oh, I just have to work long hours if I want to make money or I just have to.
No, that's not actually true.
We need to challenge that thinking.
We are committed to but we have to remember who we are because if you look at all of the challenges since the beginning of the
beginning black people have the entire financial system set up against yes we
have money you know just stolen from us exactly different points in history yet
we still have all this buying power.
We're still the biggest group of entrepreneurs.
We always say we are a study in resilience.
Just don't forget.
Yes.
And we're still out here winning.
And I want us to not just be resilient, but to actually enjoy our lives.
And that's why I wanted to bring Nicole, because I want people to see examples.
Don't just take my word for it.
This is real.
It does work. It is possible. I want people to know that, not for just take my word for it. OK, like this is real. It does work. It is
possible. I want people to know that not for my benefit, for their benefit. Right. So we can
change the game. Right. Just think about how the world is going to look for my daughter, who's 11
right now. If all of us start taking action, building these businesses, really, you know,
building these empires and being able to give back in big ways as well, like we're going to change
the world. And that's what I'm here to do. I don't want to just make money i don't want to just fly in private
planes and and floss right like i want to change the world and that's what i'm here to do that's
why i wrote this book that's why i share this message like i could be chilling on my couch right
i go out and share this message because i want people to know i want the receptionist to know
right or the woman working at the doctor's office right right? Or like, whatever, if you work at McDonald's, like this message is for you. It's not just for people who already
have money. Cause I think that's what we do is like, okay, you already have, you're already
professional. You're already making money. Let me tell you how to rework it. I will do that too.
But I also want the person who used to be me when I was 20 something and feeling hopeless
and feeling broke as hell. And like, how am I going to dig myself out of a $300,000 negative net worth? And I did that. My net worth
is a lot more than that right now. Right. And with no, nobody helped me. I had to figure it out. And
so exactly what I did, I share that. I share it in the challenge. Y'all need to get up in here
and I'm going to show you how to make more money and tap into the skills that you already have.
So how can people sign up for the challenge? Yes. So you go to makemoneymoves.co
put in your email,
put in your cell phone too so we can text you
reminders and get up in this challenge
because it's going to change your life.
So this runs December 5th through December 9th.
Yes. This challenge. I feel like
we can do it. Yes.
Because I never feel like I've learned everything.
Yes. Exactly.
And that's why you keep growing because you never feel like you know everything everything. Yes, exactly. And that's why you keep growing.
That's right.
You never feel like you know everything.
You're still open to learning and doing things differently.
And you're not committed to the struggle and the challenge.
Yes, exactly.
Change your thinking, right?
So it's from 6 to 8 p.m. Eastern Standard Time because I wanted to accommodate working people.
So it's in the evenings.
Everything is recorded.
So even if you can't be there live, you can listen to the recordings.
Show up every day and do the work. And listen, it's going to be real talk. OK, I'm not here to coddle you and say like, oh, it's so easy. No, you're going to end the hard work is not sitting at your desk for eight hours. Right. The hard work is pitching yourself. Right. It's sending the email. It's making the ask. It's putting yourself out there. That's the stuff that scares us. But if we're willing to do that, we can see amazing results really quickly. So, yeah, let's get together.
It's like a party.
It feels like a family, right?
Everybody is so supportive and loving.
It's a great environment and it'll change your life.
All right.
And so makemoneymoves.co.
Yes.
And we have a special offer for the Breakfast Club, too.
So you actually get $100 off.
So I'm actually making this challenge free for general admission.
So general admission is usually $97, but you're going to get it for free.
And just use the Breakfast Club code, which is BC100 when you check out.
And you can get it for free if you do the VIP.
It's $2.95 normally, but you could get $100 off.
That's $1.95.
And the VIPs get an extra hour of coaching with me every day.
And listen, listen, I'm going to get in your, listen, you already know.
You always have gifts up here for Book Wednesday.
And Hello7, that's the coaching platform.
So people can go on there too, right?
What's the website for?
The website is hello7.co.
And listen, we never do this challenge for free.
It costs six figures for coaching with me.
The reason I do this is to give back and to help people.
So that's why we're doing it.
So get up in here. Even if it's inconvenient, cancel whatever plans you had. Because trust me, this is to give back and to help people. So that's why we're doing it. So get up in here.
Even if it's inconvenient,
cancel whatever plans you had
because trust me,
this is going to be better than that.
And even as a marketing genius,
you know,
you do have to admit
that this gets the word out
even more.
Absolutely.
We're always refreshing
and doing that over and over.
Exactly.
And I'm all for that too.
Yes.
More people seeing the message,
more people, you know.
More success stories.
Exactly.
More people getting help.
Exactly.
That's the whole goal.
So there's a win-win here.
And Nicole, before you double your price again, how can people...
Because you know it's coming.
So is there a Wealth Wednesdays discount?
Yes.
I'm going to tell you right now.
So you can go to 5minutebookkeeper.com.
So that's the number, 5minutebookkeeper.com.
And your discount code for The Breakfast Club is BeFastClub.
And you will get $1,000 off the yearly subscription.
Wow.
That's very generous.
This is awesome for our Last Wealth Wednesdays here.
Yes.
And all of their resources you can also find in our Wealth Wednesdays for Entrepreneurs Facebook group.
And here's the thing, right?
That's the beautiful thing.
When you make more money, you can be more generous, right?
And to me, that's fun, right?
Where you can be helpful without hurting.
Don't try to be generous when you ain't got nothing yet.
Like, let's wait.
Let's wait until we have something.
You make money within the community.
Yes.
Let's not be generous and pour from an empty well, right?
But when we have the ability to, let's do that. And for everybody, support other, you know, black-owned businesses,
women-owned businesses, black woman-owned businesses. When you see somebody really
trying to do something and they have a great product or you want to try it out, support it,
post about it, pay for it. Yes. Because that's important. We can't always be asking for discounts
and always trying to get something for free. If you're friends with somebody who has a business, this is a great time for you to go and support them.
Yes.
You know, it's not an easy road to travel down.
So every little thing helps.
And it means a lot when people can actually support your business.
And that could even just be doing a nice post about it.
Exactly.
Exactly.
Word of mouth makes such a difference.
And that's what grows businesses, right? You do the marketing just to get people listening and doing it. But once people experience it and they share it with their friends, that's what actually blows businesses up. Even Fortune 500 companies, that's how they get theirs through word of mouth. That's how you get product market fit. So the more you can share about those those black owned businesses that resonate with you, the more you're helping them grow. All right. Well, this is a great last Wealth Wednesday on The Breakfast Club.
But, you know, the platform continues, right, Stacey?
It continues. And it started about five years ago.
And we used to do this for free.
Yes.
Wealth Wednesdays.
We just got so passionate about giving people financial knowledge from Angela's Juice Bar.
Yes.
And just by us staying focused on our mission,
it's just grown around us.
And the Breakfast Club has been a tremendous part of that journey.
And I'm always grateful for that.
And now Wealth Wednesday is going way up.
It's going to take you all to the next level.
And we're going to take you from,
we've got you this far to six figures.
Now we're going to seven figures.
That's right.
And beyond, y'all.
Sky's the limit.
Eight figures, nine figures.
It's all possible.
And with Stacey even saying that, when we first started Wealth Wednesdays for free at the juice bar, you know, in person,
I always knew that it would turn into something bigger.
But I also knew, like, let's just get it started.
Yes.
And sometimes we do have to just go and do it.
We think too hard.
We talk ourselves out of it. Just do it. have to just go and do it. We think too hard. We talk ourselves out of it.
Yes.
Just do it.
Just get started.
Just do it.
You don't know what opportunities will come your way.
You'll also learn how to tweak things.
You'll learn how to do a lot of different things just by putting your feet in the water.
It's like an education.
It's a class at first.
That's right.
But then you surround yourself with the best piece of entrepreneurial advice.
Before I was an entrepreneur, I was a journalist, and we were building this.
Angela said to me, don't give it away yes and a lot of us tend to build something and we it's like oh somebody else could do it better or I have to give it away just don't
give it away yes and believe in yourself and next thing you know you're sitting with people like
this I'm helping we've helped millions and millions of people make millions and millions of dollars.
Yes.
And we're going to keep doing that.
That's right.
I mean, to me, like, that's what gets me out of bed.
Because at this point, my life is comfortable.
I could just live off of what I have already and be done with it.
But I just show up every day because we're nowhere near done, right?
Like, there's so many more people to help and support.
And when I hear stories like Nicole's from my community, it's like that's that's what gets me hype.
I'm like, yes. OK, let's go. We got to make more Nicole's. Right.
Like we have to create more opportunities for people who think it's not possible.
I want them to know that it is. All right. Well, thank you so much for joining us.
You're from Queens, right? Queens, New York. All right.
See, we feel like, I don't know if Queens has any really intelligent people.
No, I'm kidding, I'm kidding.
Oh, no, no, no, no, no.
Here's proof.
Yes, here's evidence.
All right, well, it's the Breakfast Club, Wealth Wednesday.
Had enough of this country?
Ever dreamt about starting your own?
I planted the flag.
This is mine.
I own this.
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Bullets.
Listen to Escape from Zakistan.
That's Escape from Z-A-Q-istan on the iHeartRadio app, Apple Podcasts, or wherever
you get your podcasts. Hey guys, I'm Kate Max. You might know me from my popular online series,
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Let's dive into the eerie unknown
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Listen to Haunting on the
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or wherever you get your podcasts.
Hi, I'm Marie.
And I'm Sydney.
And we're Mess.
Well, not a mess, but on our podcast called Mess, we celebrate all things messy.
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Live, love, mess.
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Hey, I'm Jana Kramer.
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