How to Retire Early with Rachel Richards | The Better Than Rich Show Ep. 38

Sep 6, 2022

Rachel Richards, a bestselling author and financial coach, achieved early retirement at 27 through real estate and passive income strategies. In the discussion, she reveals her journey to financial independence, emphasizing the importance of creating sustainable income streams. Rachel highlights common financial mistakes and offers insights on investing wisely, particularly in real estate syndications. She shares practical tips for beginners looking to enter the market and redefines what it means to be truly 'better than rich' by prioritizing wealth in happiness and fulfillment.

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Episode notes

Intro

00:00 • 3min

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Pursuing Financial Independence

02:57 • 10min

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The Savings Buckets Framework for Financial Planning

12:51 • 4min

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Financial Missteps and Real Estate Insights

17:00 • 23min

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Redefining Wealth: Happiness Beyond Material Possessions

40:27 • 3min

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Empowering Financial Growth and Community Engagement

43:28 • 3min

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The Millionaire Fast Lane

MJ DeMarco

Can't Hurt Me

Master Your Mind and Defy the Odds

David Goggins

In 'Can't Hurt Me,' David Goggins shares his astonishing life story, from a childhood marred by poverty, prejudice, and physical abuse to becoming a U.S. Armed Forces icon and one of the world's top endurance athletes. The book reveals Goggins' philosophy, known as the '40% Rule,' which suggests that most people only tap into 40% of their capabilities. He provides a wealth of practical strategies and principles for personal development, emphasizing self-discipline, accountability, and the necessity of embracing discomfort to unlock personal transformation. Goggins' story and advice serve as a blueprint for readers to push past their perceived limits, confront their fears, and unleash their full potential.

Rich Dad Poor Dad

What the Rich Teach Their Kids about Money - That the Poor and the Middle Class Do Not

C.P.A. Sharon L. Lechter

Robert Kiyosaki

The book tells the story of Robert Kiyosaki's two fathers: his 'poor dad,' a highly educated but fiscally poor man, and his 'rich dad,' the father of his best friend who was a successful entrepreneur. It emphasizes the importance of financial education, distinguishing between assets and liabilities, and building wealth through investing in assets such as real estate and businesses. Kiyosaki argues that a good education and a secure job are not guarantees for financial success and provides practical lessons on how to make money work for you rather than working for money.

Passive Income, Aggressive Retirement

Rachel Richards

In 'Passive Income, Aggressive Retirement,' Rachel Richards provides a realistic and actionable guide for achieving financial independence. The book outlines 28 tried and true passive income models, including real estate investments, rental properties, and other forms of residual income. Richards emphasizes the importance of creating self-sustaining income streams that can exceed monthly expenses, allowing for early retirement and a more flexible lifestyle. The book also includes insights from various subject matter experts and stresses the need for goal setting, time management, and overcoming personal limitations to build a sustainable passive income portfolio.

The Miracle Morning

The Not-So-Obvious Secret Guaranteed to Transform Your Life (Before 8AM)

Hal Elrod

The Miracle Morning by Hal Elrod provides a step-by-step process to transform your life by starting your day with six powerful practices: Silence (meditation), Affirmations, Visualization, Exercise, Reading, and Scribing (journaling). This updated and expanded edition includes new content such as The Miracle Evening and The Miracle Life, helping readers optimize their bedtime and sleep, and begin their path to inner freedom. The book has helped millions of people become the person they need to be to create the life they’ve always wanted.

Money Honey

A Simple 7-Step Guide for Getting Your Financial $hit Together

Rachel Richards

In 'Money Honey,' Rachel Richards provides straightforward strategies for managing income, cutting unnecessary expenses, and saving for the future. The book outlines a 7-step guide that includes knowing your current financial situation, setting financial goals, growing your savings, establishing emergency and retirement funds, and investing wisely. Richards also covers topics such as handling debt, understanding investment options like stocks and bonds, minimizing taxes, and securing proper insurance coverage. She emphasizes the importance of financial education and making personal finance fun and understandable.

We’re lying to ourselves when we say that money doesn’t matter. The truth is, it does and it matters a great deal. This is why financial independence is key to a world of comfort and convenience. Sadly, we are often faced with many false financial misconceptions that halt our road to the pursuit of successful financial gain. In today’s episode, Rachel Richards, a financial coach and a bestselling author, shares common financial mistakes, passive incomes, and above all, how she found her way to financial independence that made her fulfilled and ultimately better than rich.

Topics Covered

1:41 - What inspired Rachel to kickstart her career and push for an early retirement
4:27 - Rachel shares how and why she decided to leave her job and began the journey of passive income.
8:40 - Her ways & strategies to financial independence.
14:50 - When you should begin to start your passive income.
15:43 - The typical financial mistakes made by people.
20:33 - Where to put your cash to work for you.
23:29 - Rachel talk about syndications and how they work.
29:28 - The great benefits of investing in real estate.
31:56 - How to get started in real estate and the factors to consider.
37:15 - Rachel shares tips on how to get good market deals.
39:10 - What it means to Rachel to be better than rich.

Resources Mentioned

Rich Dad Poor Dad
Money Honey
Can't Hurt Me: Master Your Mind and Defy the Odds
The Miracle Morning: The Not-So-Obvious Secret Guaranteed to Transform Your Life
The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime
Passive Income, Aggressive Retirement: The Secret to Freedom, Flexibility, and Financial Independence
Instagram/@MoneyHoneyRachel

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