In a CNBC Make It interview, Rachel Rodgers, the founder of Hello Seven and author of" We Should All Be Millionaires: A Woman's Guide to Earning More, Building Wealth, and Gaining Economic Power," shared three things she's frugal about while being a 41-year old CEO and a mom.
Growing up, Rodgers shared that living on the brink of poverty was a frightening experience. Despite her parents working hard, it would take just one unforeseen expense like medical bills or car repairs to wipe out their savings. Hence, she was determined to break this cycle when she became a parent.
In 2010, Rodgers initiated a practice focused on intellectual property law for small business owners, which became a coaching business as clients sought additional advice on wealth building. This led the company to achieve seven-figure revenue for the first time in 2017.
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Today, Rodgers is a mother of four, a wife, a CEO, and a multimillionaire. Being a Black woman, she has successfully established generational wealth for her children and future generations. However, her objective extends beyond becoming a millionaire; she aims to stay one and shares three specific areas where she remains exceptionally frugal:
1. Time
Frugality, for Rodgers, means being intentional, especially in time management. After years of freely giving away time, a realization came while reviewing her calendar: "Who put all these pointless meetings here? Oh right. Me!" 99% of requests are declined unless they bring significant money, energy, time, or joy. Before her assistant, Bethany, schedules anything, she considers questions like:
- Can someone else handle it well?
- Will it help the company's mission?
- Will it bring more resources to me, my family, or my business?
- Will it benefit the community and impact lives?
2. Family Vacations
Rodgers enjoys flying business class for work-related travel, but when it comes to vacations, she has discovered that a higher price tag doesn't necessarily translate to more fun. In an experience, she booked an expensive house in Hawaii for a week, appreciating the stunning view but realizing it lacked a genuine connection to the local culture. Dissatisfied with the isolated resort experience, Rodgers and her family ventured an hour south to visit a farmers' market, where they enjoyed delicious food for only $10, explored handmade jewelry, and observed local families enjoying their weekend, making it her favorite day in Hawaii.
This year, Rodgers opted for a family whale-watching trip priced at $2,500. Despite being able to afford something more expensive, she chose to stay in a tent on the beach (paying an additional $300 for the toilet) and enjoy coffee from a thermos. Rodgers believes the memories created during the trip will be priceless, emphasizing the value of meaningful experiences over extravagant costs.
3. Casual Clothing
In a business setting, Rodgers prefers to look and feel like a million bucks and shop accordingly. However, when not engaged in meetings, speaking engagements, or media appearances at home, she opts for inexpensive and well-worn jeans and t-shirts. Regardless of the commas in her bank account, Rodgers remains frugal about her leisure wear, expressing a fondness for cozy sweats from Target. Rodgers embraces the comfort of affordable attire, putting on a pair of sweatpants, indulging in warm cookies, and watching an episode of "Virgin River" or "Bridgerton" on Netflix - a simple yet blissful reminder that a million-dollar moment doesn't have to come with a hefty price tag.
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