Retired at 27 with $15k/mo in Passive Income with Rachel Richards | Micro Empires

Millennials, known as the stereotyped generation, are actually the ones suffering the backlash of today’s economic crises. Get out of this trap with today’s episode with Rachel Richards. Rachel is a full-time real estate investor who “retired”  27. As a millennial, she will share with us the pressures of her childhood and how she overcame society’s imposition towards her and her generation. Let’s jump right in and learn how to become financially independent at such a young age—without a trust fund!

[00:01 – 9:27] Opening Segment

  • I introduce today’s guest, Rachel Richards
    • Passive rental income
    • Best selling book ‘Money Honey’
  • Rachel’s money culture growing up
    • Being poor and surrounded by Wealth
    • Sparked by the feeling of not fitting in
  • Fear as a motivator and a mindset change
    • Fear of not having enough money
  • Abusive boss as a turning point to take action
  • Women should not be abused anywhere in any form!

[9:28 – 22:37] Getting Started as a Millennial Female or Older

  • Two levels to establish before venturing out
    • Tracking your expenses
    • Creating a budget plan
  • Having financial education crisis while being expected to know how to survive
  • Being a full-time investor
    • Being retired and financially independent as an interchangeable term
  • Rachel talks about her other passive incomes
  • Lessons learned from COVID-19
  • Income diversification to safeguard your finances
  • Rachel talks about her other income streams that contribute to Diversification
  • Shoutout to my Podcast Producers: Streamlined Podcasts
    • Use promo code: MICROEMPIRES and get a discount

[22:38 – 39:22] Keeping it Cool During the Pandemic and the Foreseeable Future

  • Rachel talks about the effects of the pandemic on her investments
  • Having multiple properties with multiple tenants
  • “Live below your means” attitude
  • Real estate as a means to an end
  • Rachel talks about how the economy is dying and how passive income could serve as an alternative
  • Getting started in real estate investing
    • House hacking
    • Wholesaling
  • Getting comfortable with being uncomfortable: Sacrificing time, money, or comfort

[39:23 – 49:25] Social Media and Millennials

  • Rachel shares her insights on social media and its effects
    • Glamourous life’s pressure
  • People’s prejudice especially on women when it comes to finances
  • Hard work and determination
  • Having wealth as an opportunity to create impact
    • Spreading knowledge and helping others

[49:26 – 51:07] Closing Segment

  • How to connect with Rachel
    • See links below
    • Download a free passive income starter kit

Tweetable Quotes:

“We are truly in a financial education crisis. At no point in our lives are we taught how to manage our money, and then we are left as young adults to figure it out all on our own.” – Rachel Richards

“Having a salary in a full-time position does not equate to income and job security.” – Rachel Richards

“When you become wealthy, you are giving yourself the opportunity to make a difference in the world.” – Rachel Richards

Resources Mentioned:

You can connect with Rachel through Instagram and you can find her books Money Honey and Passive Income, Aggressive Retirement on Amazon. You can also get a free passive income starter kit by visiting www.moneyhoneyrachel.com/bonus.

You can connect with me on LinkedIn, Twitter, Instagram, and Facebook. I’m excited to hear more about you. I’m excited to know more about you. Also, feel free to shoot me an email at jennifer@micro-empires.com. You can call or text 213-973-7206

TELL US WHAT YOU THINK! LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes.

This podcast is about YOU.  We all have a story, whether your story is a lot like mine or totally different. Maybe you have a good job, but you know in your heart that you want more.

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Subscribe to download my FREE eBook, “3 Steps to Pivot and Thrive: Using Micro-Risks to Build Your Micro Empire.” Click https://micro-empires.com/coaching and I’ll see you there!

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