Meet Rachel Richards | Bestselling Author & Real Estate Investor

We had the good fortune of connecting with Rachel Richards and we’ve shared our conversation below.

Hi Rachel, what is the most important factor behind your success?
The most important factor behind the success of my brand was twofold:

1. Solving a problem in a unique way. I’m a former financial advisor and I love helping people with money and investing. I geek out about this stuff! My family and friends used to come to me for financial advice, which I loved, and I also thought to myself, “I wonder why they don’t read books, listen to podcasts, and learn about this stuff, on their own?” And then I realized something: Personal finance is boring, overwhelming, and complex. No wonder people don’t like to learn about it. I thought to myself, “How can I make this topic sassy, fun, and simple?” That’s where the idea for Money Honey came from.

There are thousands of personal finance books. But mine was different than anything that had been written before. If you can’t articulate why your book, service, or brand is different than the thousands that are already out there, you will have a hard time selling it. What problem are you solving for people? What is your unique angle or take? How is your voice different from others?

2. Instead of trying to sell people something, I focused on adding value first. Before I ever came up with the idea of writing a book or launching a business, I genuinely loved helping people with finance. I was active in two large Facebook groups full of female millennials. Anytime someone asked a finance question, I would hop on, say “Hey, I’m Rachel, I’m a former financial advisor, here’s what I think…” and type out a helpful answer. After doing this enough, I became a “go-to” finance guru in these groups. People would tag me in posts or encourage other members to ask me questions. I earned respect and credibility. I did this for months, probably years before I ever thought of writing a book. I just loved to help people!

Even when I did eventually self-publish the book, It wasn’t to make money. It was a passion project, something I felt compelled to do. If my only or primary goal was to make money, I think people would have felt that and it wouldn’t have done as well. I genuinely wanted to create something that would help people, and I think that’s part of the reason the book took off.

Can you open up a bit about your work and career? We’re big fans and we’d love for our community to learn more about your work.
The hardest part about writing a book is the fact that you are putting your work out there for the entire world to see and judge. It is incredibly vulnerable and scary.

When I first started writing Money Honey, it was so exciting! I wrote half the book in the first couple weeks.

But about 4 months in, I did a complete mental 180. By then, I was telling myself things like: “Who do you think you are, Rachel, to write a book about finance?” “You’re a young woman, no one is going to listen to you.” “Your writing sucks!” “This will be an embarrassment if you go through with it.”

I quit writing the book. I had no intention of ever picking it back up again.

Luckily, I had lunch with a good friend, and confessed to her my book project. She said, “Rachel, you’re on to something here. You have to finish what you set out to do.” She gave me just enough encouragement to keep going.

The only reason I went through with publishing it is because I told myself, “If I can just help one person, it will be worth it.”

I didn’t even think I’d make back my initial investment. I didn’t want to lose money so I kept costs to a bare minimum. I spent under $600 to launch the book. I didn’t believe in myself at all. And it’s not like I had an email list or platform. No one knew who I was, I had zero following.

But I did it: In September 2017, I launched Money Honey. And to my utter shock, it took off. I made my initial investment back in the first month. Then I was making $1,000 per month. Then $1,500 per month.

Thousands of readers all over the country were buying my book. Within the first 6 months, I was getting emails from strangers telling me that I had changed their life. That they had paid off their credit cards and student loans and they weren’t living paycheck-to-paycheck anymore. And let me tell you: those emails mean more to me than any amount of money ever will.

So if you’re afraid to put your work out there, know this: I get you. I’ve been there before.

But instead of asking yourself: What if it’s embarrassing? What if it goes nowhere?
Ask yourself this: Who needs to hear my story? Who needs my unique gift? Who will continue to suffer because I was too afraid to put myself out there?

The world needs you. Don’t give in to your fear.

If you had a friend visiting you, what are some of the local spots you’d want to take them around to?
I’m a bit of a nomad now, but I recently lived in Colorado Springs for a year and it’s probably my favorite place I’ve ever lived. I’m an avid hiker and I love the outdoors, so if my bestie was visiting, I would take her to my favorite hikes: Catamount Reservoir, Cheeseman Canyon. We’d do the Incline in Manitou Reservoir because it’s torture but it’s also so satisfying. We would definitely listen to the David Goggins audiobook while climbing up those awful stairs because nothing motivates you like Goggins. We would also go see Garden of the Gods. I’d also take her to all the best food trucks and ice cream places. We would probably drive up to Denver and hit the Red Rocks amphitheater and listen to a concert.

And for any of my friends who geek out about real estate investing, I would take them to some BiggerPockets meetups as well. There is such a great community in Denver for real estate investors and entrepreneurs. Okay, who’s ready?! Come visit!

Shoutout is all about shouting out others who you feel deserve additional recognition and exposure. Who would you like to shoutout?
The authors of the world are my mentors! I’ve learned so much about business, entrepreneurship, and real estate investing from reading. Some of my favorites are The Millionaire Fastlane by MJ DeMarco, Rich Dad Poor Dad by Robert Kiyosaki, Hold by Steve Chader, The War of Art by Steven Pressfield, and the Compound Effect by Darren Hardy. I also have to thank Chandler Bolt who wrote the book Published, which is what inspired me to first start writing and self-publishing books.

Website: https://www.moneyhoneyrachel.com/

Instagram: https://www.instagram.com/moneyhoneyrachel/

Facebook: https://www.facebook.com/MoneyHoneyRachel

Other: Tiktok: https://www.tiktok.com/@moneyhoneyrachel?lang=en Download my free passive income starter kit: www.moneyhoneyrachel.com/starter

Image Credits
@amalfi_photographer
@savannahkaree