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In We Should All Be Millionaires, self-made millionaire Rachel Rodgers argues that all women, especially women of color, can and should strive to become millionaires. According to Rodgers, women succumb to myths and stereotypes that prevent them from earning more. Rather than simply work harder or live more frugally, women must change how they think and feel about money, reclaim their time and energy, and stop underselling themselves. By following Rodgers’s advice, you can become more financially confident, grow your wealth, and live with more freedom and autonomy.

In this guide, we’ll discuss ways to develop a positive money mindset, manage your time and energy, and increase your wealth by recognizing the worth of your work. We’ll also compare Rodgers’s advice with that of other entrepreneurs and financial experts and provide practical tips on how to implement her strategies.

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While Rodgers makes the concrete argument that upgrading your life will improve your mood, environment, and ability to make money, Jen Sincero makes a more spiritual argument for spending on yourself. In You Are A Badass, she writes that spending money to make upgrades to your life lifts you to a higher frequency of living. By being at a higher frequency, you can tap into more of the universal energy source all humans are linked to, allowing more money to flow into your life.

And while Rodgers suggests you set a deadline and find ways to make money, Sincero writes that the money will come naturally: Take leaps of faith, spend the money you have, and trust that the universe will help you find ways to pay for it.

Part 2: Maximize Your Time and Energy To Make More Money

We discussed how shifting your mindset and attitude about money can help you overcome self-imposed barriers, but Rodgers believes that’s not enough to make you a millionaire. To build your wealth, you must also make decisions that free up your time and energy, things women tend to give away too easily. In the following sections, we’ll explore Rodgers’s advice on how to reclaim your time and energy.

(Shortform note: To better make decisions that free up your time and energy, it may help to get clear about what you value. In The Subtle Art of Not Giving a F*ck, Mark Manson argues that most people feel compelled to care about too many things and that, to be happy, you must reject anything that doesn’t align with your goals or values or bring you joy. To identify your values, Manson suggests you recognize when you’re experiencing a negative emotion and ask yourself why you may be experiencing it. This can often clue you in to what matters to you.)

Set Healthy Boundaries

Rodgers writes that the first step to reclaiming your time and energy is to honor your own needs by setting boundaries: Know and communicate to people what you will and will not do. There’s a widespread belief that women should always put others, such as their children or the household, first. As a result, women usually handle the majority of domestic work and parenting on top of their jobs, leaving them with no time to advance their careers or pursue other goals.

To combat this imbalance, you must refuse to let people exploit you and use up your time, whether at home or at your workplace. When deciding on what you will and won’t do, Rodgers suggests you make decisions that add to your life rather than detract from it—decisions that make you happier, healthier, and more energized. Stop accepting demands that leave you exhausted and overextended (for instance, agreeing to look over a coworker’s project when you’re on vacation). Rodgers argues that you don’t need to feel guilty for setting boundaries and declining others’ requests. You’re simply saying “yes” to yourself after sidelining your own needs for so long.

Additional Suggestions on Setting Boundaries

In Girl, Stop Apologizing, Rachel Hollis agrees with Rodgers on the importance of women setting boundaries and honoring their personal needs. She explains that women are taught even as girls to put other people first and that, if they focus on themselves, they aren’t being a “good woman.” Not only can this belief hinder women’s ability to advance their careers and build wealth, but it can also lead to mental and physical illnesses. Hollis additionally notes another reason why you shouldn’t feel guilty for setting boundaries: You have only one life to live, and it would be a shame to give over any of your time to pointless feelings of guilt.

Like Rodgers, Hollis argues that women must communicate their limits to avoid overextending themselves. She provides additional suggestions on how to say “no” to other people’s demands.

  • Decline requests that don’t fit your priorities. Hollis recommends you make a list of what you prioritize in your life (such as your family, your creative time, or your career) to know what requests to decline. Like Rodgers, she suggests you accept requests if they bring you joy. However, she adds that you should occasionally help someone who’s struggling (as long as you don’t do it excessively).

  • Say “no” as soon as possible. If you wait, you’ll either cave in and comply with the demand or you’ll say no too late and put the other person in a bind.

  • Be polite but honest. Tell people directly that you can’t meet their request. If you make up an excuse, they will likely try to find a solution that enables you to help them.

  • Be firm. Avoid saying “maybe” or offering to check your schedule. Hollis writes that it’s easier for everyone if you give an honest answer.

Recruit Help and Delegate Tasks

Even after setting boundaries, you may still face many tasks that take up your time and energy. Rodgers suggests you hire people to do household or administrative tasks that are necessary but not enjoyable. She recommends you outsource anything that drains your energy, that you hate doing, or that you find difficult to do. For example, if you have a messy household and spend a lot of time cleaning, consider hiring a cleaning service. Rodgers advises you start by hiring a personal assistant who can handle a variety of tasks, like sorting through your emails, doing errands, and managing your schedule.

(Shortform note: In The 4-Hour Workweek, Tim Ferriss agrees that you should outsource but suggests you hire a virtual assistant. Unlike a personal assistant, a virtual assistant works remotely, and you can hire them from anywhere in the world. This gives you more options and teaches you how to manage people, which is an important skill to acquire if you’re trying to build a lucrative business. Like Rodgers, Ferriss recommends you delegate tasks that you dislike, but he adds that you should also consider delegating items that have been on your to-do list the longest and tasks that interrupt you.)

You might be reluctant to spend money when you’re trying to grow your wealth, but Rodgers argues that you can build your skills and career with more focus and energy and spend more time generating income this way. Further, when you learn to delegate, you can lower your stress and free up time to do what you want, which can improve your health and happiness.

(Shortform note: An alternative to hiring people to shoulder some of your load is to simply learn to ask for help from people around you, such as your friends, family members, or partner. In Girl, Stop Apologizing, Rachel Hollis argues that women often feel guilty asking for help because they’re afraid of inconveniencing others. However, Hollis states that many people are happy to help if you show appreciation and reciprocate in kind. To have more energy and time to build your wealth, consider, for instance, speaking up about your needs to your partner and asking them to take over some household duties.)

Build a Close Network of Successful Women

Now that you’ve cut out unreasonable demands and delegated tedious tasks, Rodgers proposes a way to use your time and energy: Build a network of successful women who can support you and your financial goals. A close cohort of women can provide you with gender-specific support, a sense of belonging, and more opportunities. Rodgers explains that the majority of highly-successful women have a close group of women.

Why Women Must Network Differently Than Men

Research supports Rodgers’s suggestion to form a close network of women and reveals why this is: Women benefit from receiving “private” information, which includes insider tips and gender-specific recommendations—for example, how to navigate social dynamics or work in an all-male team. Men, on the other hand, only need “public information” to succeed. Public information is more surface-level and includes knowledge of new job opportunities or salaries.

Some experts argue that private information is crucial for women because they face different societal standards and obstacles than men. By forming a close network of women, you can receive and share more private information that well-connected male contacts may not have.

Rodgers offers tips on how to cultivate a small, close network of women:

Tip #1: Join new communities. You don’t have to limit yourself to professional groups. Rodgers recommends you simply find a community that shares your beliefs, values, and interests and focus on building sincere relationships with other women.

(Shortform note: In Your Money or Your Life, Joseph R. Dominguez and Vicki Robin write that beyond providing you with support and opportunities, joining communities and forming sincere relationships also helps save you money. They write that loneliness is expensive because you have to rely on things (which cost money) to fulfill your needs. On the other hand, members of communities share freely with one another, which allows you to fulfill your needs and other people’s needs without spending money.)

Tip #2: Reach out to friends and colleagues you’ve lost touch with. One way to reconnect is to do something for them. For example, you could reach out and tell them that you voted on their entry in a photography contest.

(Shortform note: In Never Eat Alone, Keith Ferrazzi provides tips for identifying what you can do for others as a way to reconnect: Check their social media posts for clues and remind yourself of their goals. If you still can’t figure out what you can do for the other person but want to get back in touch, consider doing something to support their health, wealth, or children. Ferazzi writes that these are things that everyone consistently values.)

Tip #3: If you can’t find the community you’re looking for, Rodgers suggests you create your own group based on your interests.

(Shortform note: How do you go about creating your own group? Rodgers doesn't provide specific advice, but others suggest you first define the purpose of your group: Consider what long-term aspirations you have for your group and what value you'd like to provide to your members.)

Part 3: Recognize Your Value and Increase Your Wealth

Now that you’ve learned how to adopt a better mindset about money and make time and energy to build your wealth, how can you actually make more money? Rodgers writes that women often underestimate the worth of their work and do more work for less pay than men. So to become wealthier, you must overcome imposter syndrome and start charging what you’re really worth. In the following sections, we’ll look at Rodgers’s insights on how to do so.

Exploring Factors Behind the Gender Wage Gap

Research shows that the gender wage gap has been relatively unchanged over the past 20 years—women still earn about 82% of what men earn. While Rodgers argues that women work for less pay because they tend to undervalue their work, others write that parenthood norms are behind the pay imbalance. Fathers receive a “fatherhood wage premium,” participating more in the labor force and earning higher pay than men without children.

On the other hand, women who become mothers encounter more disadvantages in the workplace and often work fewer hours. While overcoming imposter syndrome may help many women advocate for themselves, this research suggests we must also shift underlying societal norms and gender roles.

Overcome Imposter Syndrome

First, to be able to recognize your value, you must overcome imposter syndrome—the tendency to doubt your skills and abilities and feel undeserving of your accomplishments. If you have impostor syndrome, instead of owning your successes, you might credit them to luck or the efforts of others and feel afraid of being discovered as a fraud.

(Shortform note: While, like Rodgers, many experts encourage women to overcome their imposter syndrome, others argue that it’s more important to address the environments in which women work. They argue that feeling doubtful at work is normal, but workplace environments tend to perpetuate these feelings for women. They add that the label “imposter syndrome” gives the impression that it’s an issue individuals bear the responsibility for solving rather than something leaders and organizations should seek to solve. Therefore, while it’s important for women to find ways to recognize their worth, the lack of support and validation for women in the typical workplace must be also addressed for more widespread and meaningful change.)

According to Rodgers, imposter syndrome is a major reason why many women aren’t as wealthy as they should be: It stops them from pursuing more wealth by making them afraid to apply for a promotion, take on tough projects, or start their own business, for instance. Imposter syndrome can also cause stress, anxiety, depression, and low self-esteem, thereby negatively affecting your overall well-being.

(Shortform note: We might conceptualize imposter syndrome as reaching your happiness threshold. In The Big Leap, psychologist Gay Hendricks writes that we all have a maximum level of success that we're comfortable with—our "happiness threshold"—which is based on the false, limiting beliefs we develop from our early life experiences. This self-imposed limit prevents us from achieving greater success and wealth: As we succeed and approach this threshold, our imposter syndrome kicks in, causing us to feel unworthy and sabotage our own success. Hendricks argues that keeping yourself from pursuing your highest potential for success and wealth can, like impostor syndrome, cause harm to your physical and mental health.)

To increase your wealth and get the pay and recognition you deserve, you must overcome imposter syndrome. Rodgers provides a few tips on how to do this:

Tip #1: Don’t be hard on yourself for having impostor syndrome. Many successful women have struggled with it, so you’re not alone in feeling doubtful about yourself. Acknowledge your insecurities around your worth and commit to overcoming them.

Tip #2: Write down your achievements, both big and small, as proof of your value. Reviewing your list of accomplishments can remind you that you’re skilled and competent when you feel doubtful.

Tip #3: Seek support. This can mean getting help for your imposter syndrome, like by seeing a therapist or finding a space where you can express yourself and feel understood, like a friend group.

Tip #4: Challenge yourself physically—run a marathon, go scuba diving, learn to ice skate. Doing physical activities that push you beyond your comfort zone can boost your confidence, which can spill over to other areas of your life, like your career.

(Shortform note: In The Confidence Code, Katty Kay and Claire Shipman write that women who play team sports are more likely to graduate college, land jobs, and work in male-dominated industries than those who don’t. This is because sports familiarize them with failure and setbacks, which helps them overcome them in other areas of life.)

Tip #5: Reflect on your natural strengths and talents. Think about the skills that came naturally to you as a child or that contributed to your past successes. You can also consider taking a strengths test. Once you’ve identified your strengths, Rodgers suggests you commit to one and focus on creating related products or services that can make you money.

(Shortform note: Others argue that you should build your entire life around your strengths so you can manage your time more productively and live a more meaningful life. In 168 Hours, Laura Vanderkam suggests you identify your natural strengths and schedule your time around them. Block off tasks that involve your strengths and delegate tasks you’re not good at. She also adds a layer of specificity on how to monetize your strengths: Start your own company or talk with your employer about adjusting your job duties to better align to your strengths.)

Rethinking Imposter Syndrome: Additional Insights and Strategies

Overcoming your imposter syndrome can be a difficult ongoing journey. Thankfully, many psychologists have studied this phenomenon and have additional insights that can help you make the most of Rodgers’s advice:

1. Consider a different label. Instead of “imposter syndrome,” some experts suggest you use the terms “imposter phenomenon” or “imposter experience” instead. Despite its name, imposter syndrome isn't a diagnosable condition, and many argue that the term is needlessly pathologizing. By opting to use an alternative label, you can help normalize imposter feelings among women and prevent them from feeling like there’s something abnormal or “wrong” with them.

2. Celebrate your achievements. While Rodgers suggests you write down your achievements to remind yourself of them when you’re experiencing self-doubt, other experts advise you to practice celebrating successes when they happen. This will make it easier overall to internalize and own your successes. You can celebrate your achievements by taking time to appreciate when someone congratulates you rather than brushing it off. Additionally, collect physical reminders of your successes, like a positive client email.

3. Get support from outside your professional or academic group. According to some psychologists, it may be more beneficial to seek support from family members, friends, or significant others about your imposter syndrome rather than colleagues or classmates. They argue that these individuals can be more validating because they support you unconditionally and help you view your accomplishments and values within the context of your life rather than in a professional or academic context. Conversely, seeking support from your peers may trigger comparison and worsen imposter feelings.

Charge What Your Work is Worth

Next, Rodgers argues that you must raise your prices to match the value you produce rather than the hours you work. So, for instance, instead of charging $1,000 because your rate is $50 per hour and you estimate that a project will take 20 hours, think about how much value you’ll bring to the final project and charge that—perhaps $5000.

If you’re an employee with a fixed salary, Rodgers suggests negotiating for a higher salary by explaining how much value you contribute to your company. Determine the value you provide by considering the results of your work—the clients you acquired, the time you saved, and the money you helped your company make.

Learn to Promote Your Value

While determining the value you produce is important, you must also be able to promote your value to others. In Secrets of the Millionaire Mind, T. Harv Eker writes that how well you promote yourself significantly affects how much money you can make and argues that you should educate yourself on marketing and sales techniques.

To determine the value of your work, consider rating your product or service from one to 10 according to how much value you think it offers. If it’s less than 10, Eker suggests you figure out how to improve your product to increase its value. According to Eker, this can help you promote yourself and raise your prices with integrity.

Rodgers recommends value-based charging because if you charge by the hour, you actually make less money the more experienced you become at your work. This is because as you gain experience, you’ll be able to complete the work more quickly, thereby reducing your income from the project. For example, you might be a freelance artist who charges $20 an hour. As you gain experience and improve your skills, you might finish a project in 10 rather than 20 hours. Despite producing work of higher value, you’ll earn only $200 instead of $400 from the finished piece.

You might realize that your work is worth more than you’re charging for it, but how should you adjust your rates? Rodgers suggests you simply double your price, whether it’s your salary, hourly rate, or the price of your product. She argues that many people produce the same work you produce, but they charge much more. To increase your wealth, simply demand what you deserve and provide high-end results to match. When you increase your rate, your work becomes more valuable. As a result, you make more money and people become more eager to work with you.

How to Change Your Rates

Experts provide recommendations on how to change your rates: Do it gradually. Start implementing your new pricing system with new clients and clearly communicate to your existing clients why you’re making this change and how much value you’re providing.

Rodgers suggests you double your price, but if you’re offering a service or a product you can also consider creating multiple packages, or versions of your service or product that have different features and prices. For instance, you might have a cheaper package with basic features and more expensive packages with premium features. When you create multiple packages, you’re still charging what you’re worth, but more customers will be able to work with you. As you implement new features and upgrade what you have to offer, you can then raise your prices accordingly, allowing you to make more money as you gain experience rather than less.

When you increase your price according to your value, you’ll not only attract more customers, but more of the right type of customers. When you charge a higher price, you draw in people who are more interested in acquiring something of high value than saving money. Such customers encourage you to make more expensive, higher-value products, thereby empowering you to charge what you’re worth.

Challenge Yourself to Make $10,000 in Ten Days

Now that you’ve learned to overcome imposter syndrome and charge what you’re worth, kickstart your wealth-building journey by tackling Rodgers’s challenge to make $10,000 in ten days. This challenge helps you prove to yourself that you’re capable of making more money than you think you can and empowers you to start increasing your wealth now.

Let’s look at Rodgers’s steps for completing the ten-day challenge:

Step 1: Decide how much money you want to make. While Rodgers suggests you aim for $10,000, you can choose a different target you feel comfortable with. She recommends you estimate how much money you think you can make in ten days and then add 30%.

(Shortform note: For many people, making $10,000 in a ten-day period is an intimidating goal. Some experts argue, however, that setting big goals is critical to success. In fact, in The 10X Rule, Grant Cardone argues that you should set your goal to be 10 times greater than average. Cardone argues that setting low goals makes you feel dissatisfied and unaccomplished when you meet them.)

Step 2: Decide how you’ll reward yourself for reaching your goal. This will help motivate you to go through with your challenge. For example, you might reward yourself with a dream piece of furniture or a vacation.

(Shortform note: Setting a reward for yourself not only increases your motivation, but it can also reinforce your behaviors so that you continue doing them after your challenge is over. For example, if you sold handmade crafts during your challenge and rewarded yourself with a massage upon its completion, you’ll feel more motivated to continue selling your crafts and making money. This is because when you receive rewards, your brain releases a pleasurable chemical called dopamine, which motivates you to repeat the behaviors that make you feel good.)

Step 3: Figure out what you’ll do to make money. Rodgers recommends you choose short-term projects instead of long-term commitments—consider offering a service, selling a product, flipping old furniture, charging for your expertise and advice, or hosting a yard sale.

(Shortform note: In The Success Principles, Jack Canfield gives some suggestions on how to brainstorm ways to make money: Think about a problem you want to solve and create a product or service that can help solve it. More specifically, you might ask yourself what you or others need or want, or if there’s a good or service that could make an activity more enjoyable.)

Step 4: Spread the word to your friends, family, and coworkers about your challenge so that they can encourage you and support your efforts.

(Shortform note: When thinking about who to share your 10-day challenge with, consider reaching out to someone who has a higher status than you. According to some psychologists, we tend to be more motivated to achieve our goals and perform better after sharing our goals with people we look up to. This is because we value the opinions of higher-status people more and care about how they might evaluate us. With this in mind, you could perhaps prioritize sharing your $10,000 challenge with someone you admire, like a mentor or a supervisor, to boost your chances of success.)

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