008 How to Make Financial Decisions like a 7-Figure CEO

Hello Seven Podcast

Rachel Rodgers

Education, Self-improvement, Careers, Business, Entrepreneurship

4.8 • 614 Ratings

🗓️ 28 February 2019

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, I'm talking about the concept of loss aversion and how it keeps so many people stuck in a scarcity mindset when it comes to making money. I'll share some of the lessons I've learned about loss aversion in my own business. And I'll tell you about how I shift my mindset to focus on how to earn what I need to in order to do what I want, rather than worrying about saving what I already have. Get full show notes and more information here: https://helloseven.co/8 🌐 Stay ...

Transcript

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0:00.0	Dave Ramsey says never ever go into debt and never use credit cards.
0:04.6	He says people who use credit cards are idiots.
0:07.9	Well, let me tell you something.
0:08.9	If I put $5,000 on a credit card and turn that $5,000 investment into $250,000 in revenue
0:17.3	because I've learned how to build a business that makes me $250,000 in a year.
0:21.7	Well, then I'm a very wealthy idiot, Dave.
0:29.1	Welcome to the Million Dollar Badass Podcast.
0:31.9	I'm your host, Rachel Rogers, wife, mother to four children, lover of Beyonce, coffee drinker, and Afro-Werer.
0:39.6	And I just happen to be the CEO of a seven-figure business.
0:43.1	I am on a mission to help every woman I meet become a millionaire.
0:47.4	If you want to make more money, you are in the right place.
0:50.9	Let's get it going.
0:53.3	Hey, y'all. It's your girl, Rachel, and the million dollar
0:58.2	badass podcast is back. And I'm so excited to be back with you. And today we're going to talk
1:04.4	about a really important topic, which is how to make better financial decisions. As women
1:10.2	entrepreneurs, we need to really focus on our money,
1:13.0	pay attention to it, track it, love it, okay, rub it all over ourselves, whatever you need to do
1:18.4	to feel excited and focused on your funds, okay? Hashtag, focus on your funds. So today I want
1:26.5	to start by talking about this concept of loss aversion because I think
1:31.5	this is a concept that really trips us up when we're making financial decisions. So in cognitive
1:37.7	psychology and decision theory, there is this concept called loss aversion, which refers to
1:43.6	people's tendency to prefer avoiding losses
	...

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