Unlocking 7-Figure Earnings: Strategies for Women in Business
Rachel Rogers shares strategies to increase income and achieve financial freedom.
Are you ready to transform your career? Whether it's pursuing a new job, negotiating with your current employer, or seeking a raise, it's crucial to advocate for your worth.
Despite advancements, the gender pay gap persists. Women earn an average of 81 cents for every dollar a man makes, and for women of color, the disparity is even greater. Nationwide, only 6% of women make over $100,000 annually compared to 13% of men. Among billionaires, a staggering 89% are men, and only 2% of female-led businesses reach 7 figures. This disheartening reality drives our conversation today. Rachel Rogers, an attorney, mother of four, business coach, and CEO of "Hello Seven," is on a mission to empower women to earn more without compromising their health or family life.
In this episode, Rachel reveals how to effectively request higher pay and what influences her decisions when employees ask for raises. She emphasizes the importance of highlighting additional responsibilities and the value they bring to the company rather than relying solely on labor department statistics.
Rachel also discusses maximizing earning potential, moving beyond traditional financial discussions about savings and retirement. "How do we get more money?" she asks, encouraging women to seek roles that offer profit sharing, equity, and commissions. She shares her journey of building her business from an initial email to securing clients, balancing it with raising four children, and advocating for women to delegate and outsource responsibilities.
Leaning into personal strengths is key, according to Rachel. Many women have innate skills in organization, marketing, and nurturing. She encourages women to explore their options and leverage these talents, whether through side hustles or entrepreneurial ventures.
Rachel and I also discuss the significance of supporting Black wealth and creating tangible change within communities. We touch on actionable steps like hiring more Black employees and supporting Black-owned businesses.
Transcript
Rachel Rogers: (00:01)
I believe many discussions around personal finance focus too much on managing existing resources rather than increasing our income. Let's prioritize earning potential.
Jean Chatzky: (00:28)
This podcast is supported by Fidelity Investments, offering tailored investment advice to help you reach your financial goals.
Jean Chatzky: (00:53)
Hi everyone, I'm Jean Chatzky. As we enter a new year, many of us are looking to improve our work lives, whether through a new boss, job, or salary increase. Advocating for better pay is essential, especially with the ongoing gender pay gap. The pandemic has hit women hardest, with many taking significant pay cuts. Currently, only 6% of women earn over $100,000, while men fare considerably better.
Rachel Rogers: (03:30)
I'm thrilled to be here and share my insights.
Jean Chatzky: (03:33)
Tell us more about Hello Seven and your mission.
Rachel Rogers: (03:51)
I founded Hello Seven because I noticed that much of the guidance offered to women was focused on reaching six figures, which isn't enough. We need to aim for seven figures to achieve true financial freedom.
Jean Chatzky: (04:39)
Absolutely. Women tend to use their earnings to uplift families and communities. More money in women's hands can lead to greater social change.
Rachel Rogers: (05:27)
I'm a woman who once thought making 7 figures was impossible. I started with significant student debt but built my business to $5 million. It's achievable—dream bigger!
Jean Chatzky: (06:45)
Let's explore how to get back on track after the pandemic, including actionable steps to increase income.
Rachel Rogers: (07:25)
Women must focus on earning potential, even during challenging economic times. Seek new opportunities or create your own businesses.
Jean Chatzky: (08:50)
Let's break down your thoughts on earning potential and actionable steps.
Rachel Rogers: (09:08)
We need to focus on how to increase our earnings rather than purely managing what we already have. Let's strive for higher income.
Jean Chatzky: (11:07)
Many women have side hustles that become significant income sources. What advice do you have for those contemplating starting their own business?
Rachel Rogers: (12:09)
Identify what you love and consider how to monetize it. I began my practice by reaching out to my network and offering my services.
Jean Chatzky: (13:59)
What specific challenges did you face in hiring as your business grew?
Rachel Rogers: (14:21)
Successful businesses focus on solving one key problem efficiently instead of spreading efforts thin across multiple offerings.
Jean Chatzky: (16:06)
Let's discuss how to advocate for raises while working for someone else.
Rachel Rogers: (18:07)
Asking for a raise is crucial. Performance must justify the request, so demonstrate how your increased pay contributes to the company's success.
Jean Chatzky: (19:58)
Many workers hesitate to ask for raises. What strategies can empower them?
Rachel Rogers: (20:16)
Present data on how your work benefits the business to make a compelling case for higher pay.
Jean Chatzky: (21:11)
What initiatives are you pursuing to promote Black wealth?
Rachel Rogers: (21:27)
Statistics reveal a stark wealth gap. We must actively support the Black community by hiring and sourcing from Black-owned businesses.
Jean Chatzky: (23:00)
Can you provide tips for finding diverse candidates in hiring?
Rachel Rogers: (23:26)
Engage with diverse networks, attend events, and actively recruit from HBCUs to find talent.
Jean Chatzky: (25:21)
Being a mother of four, how do you balance work and family?
Rachel Rogers: (25:31)
I rely on a strong support system. Delegating tasks is essential for managing both work and family effectively.
Jean Chatzky: (26:37)
Outsourcing tasks can indeed lead to greater productivity and income potential.
Rachel Rogers: (26:45)
Consider hiring help for small tasks; it can be transformative.
Jean Chatzky: (26:59)
When is your book launching?
Rachel Rogers: (27:02)
It's scheduled for May 4th, 2021.
Jean Chatzky: (27:06)
Can we expect to see you again soon?
Rachel Rogers: (27:16)
I'd love to return and continue this conversation.
Jean Chatzky: (27:19)
Thank you for your insights, Rachel. Now let's dive into the mailbag.
Jean Chatzky: (27:32)
Today's first question comes from Kelly, who appreciates our insights and has a query about 401(k) contributions.
Jean Chatzky: (34:09)
Thank you for your thoughtful question, Kelly. Evaluating your 401(k) options is crucial, especially in determining your tax implications.
Kathryn Tuggle: (36:09)
Great insights on tax strategies, Jean.
Jean Chatzky: (36:12)
Diversifying income sources for retirement can be beneficial.
Kathryn Tuggle: (41:50)
Another listener seeks advice on supporting aging parents financially.
Jean Chatzky: (41:52)
Consider helping with specific expenses rather than direct financial support to ease discomfort.
Kathryn Tuggle: (41:54)
Great advice, Jean.
Jean Chatzky: (41:55)
Thanks for listening. In today's Thrive, we discuss email phrases that can undermine professionalism.
Jean Chatzky: (45:09)
Thank you for joining us today. We appreciate Rachel Rogers for sharing her insights on earning potential and financial empowerment. If you enjoyed this episode, please subscribe and leave a review. Our podcast is produced by CDM Sound Studios, with music by Video Helper.