T W E N T Y — T H O U S A N D.
that is how many times my podcast has been listened to.
Seven months ago I surrendered what was next to Jesus. I quit trying to control the how and the when and I just whispered over and over “show me...”
God spoke to my heart and I woke up one morning and said out loud “I’m going to start a podcast”
I set out with the goal of helping one woman. One download. One heart shifted. One business better. One.
I decided to pair my passion for faith and Jesus with my zones of genius in marketing, sales, online business, and female empowerment.
it was a risk to pair spirituality with business and I wasn’t sure if it would ever take off. But I stayed true to this call and I leapt.
I made two promises to myself.
1. I would commit for one year, showing up twice a week, no matter what.
2. Never to compare my show’s growth or ratings to anyone else’s.
I often pray for my show that God will place his hand upon it and touch women that need spirituality paired with business mentor-ship and that the right women will find my message.
I pray that He fills my heart with the words he wishes for me to speak and the messages He wants me to share.
Again I will say out loud this is not my podcast, it’s His.
Grateful. Grateful. Grateful.
Thank you to everyone that has supported this journey and listened to my show.
I pray that you continue to learn, expand, and leap towards your biggest dreams.
Trust the process, let failure be your teacher, and know that if you have a passion on your heart, it’s there on purpose.
Cheers to your biggest goals. Claim them. Go, girl.
Onto today's episode:
WEALTH. What comes to mind when you hear that word? I think of financial peace, stability, money to gift and give. I think of FREEDOM.
In today's episode, special guest Hilary Hendershott from Hendershott Wealth Management walks us through wealth creation as a female entrepreneur. She does an amazing job of simplifying and offering us a step by step plan for creating stability and has me motivated to keep focused on long-term wealth!
Love and light,
Full transcription available at the bottom of this blog post.
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I launched my podcast in 2018 after searching for a way to scale my coaching business and grow my following in a faster, more authentic way. I decided on podcasting because I have kids (aka. video isn't my jam), and because audio is growing insanely fast and I saw an emerging trend. Last, because committing to a podcast was my way of showing up consistently and dedicating myself to my mission.
What has podcasting done for my business? Well, my podcast grew my revenue by over 98%! My community has grown by thousands and it has allowed me to touch more people than I ever could have imagined.
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Welcoming special guest Hilary Hendershott from Hendershott Wealth Management! Find out more about Hilary at https://www.hilaryhendershott.com. Find out how Hilary can help you grow your net worth by 50K: https://www.50kwealthmultiplier.com
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FULL EPISODE TRANSCRIPTION:
Welcome to episode 58 of The Mompreneur Mastermind Show. We are going to be talking about wealth. Don't click away this one's so good. Wealth is super important to not only the stability of where you are today, but the dreams and wishes and goals you have for tomorrow. I'm really, really pumped because we have an extra special guest she's super fancy. We've got Hillary shot and she's going to be taking us through the seven steps to wealth. The amazing Hillary Hendershott is the founder of Hendershott wealth management, which is a leading financial advisory firm for women. That's awesome. Right? And her mission is motivating women and their loved ones to be financially empowered. Hillary also hosts the best selling highly listened to podcast profit boss radio, where she offers her guests inspiration and actionable advice to support women in their financial journey to wealth. She's also a TEDx speaker and she's been featured in the wall street journal, NBC ABC Fox daily worth Forbes Investopedia. Hillary was recognized as a top 40 under 40 entrepreneur in Silicon Valley in 2018. And she's been named one of the top 100 most influential advisors in the U S Holy smokes need. I say more. Hillary is basically a wealth guru, and I'm so excited to have her on today's show. Let's dig in.
What's up. Mama boss. Welcome back to The Mompreneur Mastermind Show. I'm Stefanie Gass, success strategist, and passive income queen creator. If you're ready to step into your God, led potential, create profit from your passions and capture the success that is already yours. This podcast was made for you as always, and you can find out more and connect with me over at stefaniegass.com. So grab that cup of coffee or fill up that glass of wine. And let's dig in to today's show.
Let's dig into the review of the week. This is left by Stephanie Wise, and it's titled, can you relate five stars over on iTunes? I recently found Stephanie's podcast and was intrigued by her title. The mompreneur mastermind show, being a mom and entrepreneur can be daunting and exhausting at times. But listening to her podcast, let me know that other working moms are going through the same struggles, the tips and interviews she offers are amazing. Steph's realness is heartfelt in every episode. Thank you, Stephanie. I appreciate you. And you guys, these reviews mean the world to me. Thank you so much for taking a minute out of your day, heading over to iTunes and showing some love for the show because girlfriend, that's how I stay inspired to keep creating this awesome content for you. And, Oh my gosh.
I'm roll please. Oh, so excited. Right
Now, podcast pro university is officially live. This is your all in one course to go from idea to execution of your very own podcast. Since launching my show, I've had thousands of new people come into my community and revenue has increased by over 98% crazy. I don't have to sell, I don't have to network. And it's so much fun because I'm sitting behind my microphone in my PJ's. If you want to have that type of scalability and help to grow your business, your bank account. Well, just showing up for your own show. You've got to go check out podcast pro university and launch your own podcast today. Don't wait. It's been the most incredible thing I've ever done for my brand and my business. I will meet you inside. All the details are at podcastprouniversity.com.
Hey Hillary, I am so excited right now that you are sitting here and I'm interviewing you. This is so exciting. Welcome. Thank you so much. Thanks for the warm welcome. I'm I'm excited. Yes. I was joking on my Instagram stories, but I feel like I'm interviewing Oprah or something because you're like such a huge deal. So, wow. Like just excited for sure. You're sweet. Oprah's a billionaire. So I'm just going to step into those shoes. The first thing I want to ask you, and I think everybody's going to be curious about is your story, like, how did you become so passionate about wealth in particular wealth management? That's such like a fancy term. Talk to us about how did you get where you are. It is a fancy term, right? So, so first of all, money can sit in a storeroom and do nothing, right?
It isn't about money as an end. It's about what money does for women. And we haven't had that right. Money gives us choices, freedom, dignity, fun time with friends and family. And I think it's time for women to have more money in their names. So how I got clicked into my mission or my calling as it were kind of three steps, one, my dad mentored me into this business when I was my twenties. I thought it was pretty boring. And I looked around me and all my colleagues, my competition, they're all old white men, right? So I'm like, I'm the wrong gender? I'm the wrong age. This is not going to work out for me. Step two, I was working for him and doing a good job, advising multimillionaires on their investment portfolios. And I was an over spender. I had like tens of thousands of dollars in credit card debt.
I have one of the worst kind of mortgages. You know, those mortgages that went up every month, they were called naked neg negative amortization. Oh yeah. And so I was kind of a mess financially and I have my sort of rock bottom moment and decided that things weren't going to go that way for me. So on my journey. And by the way, I've successfully paid off the debt. My credit score is like in the eight hundreds, I've got a really profitable business. Like I was able to really turn the tide in terms of my own personal financial life. And then I joined a and the mastermind was all women. It was like 10 other women for the first time in my life. I had the experience of what it is to be a woman who's supported and supported by other women. And I was like, Holy cow, this is my jam, right?
This is me. And so I just really got that. There are women who are looking for a woman to guide and support them as it regards, building their wealth and making sure that they achieve financial freedom. And so I was like, that is me. Sign me up. I'm all in. So I don't work for my dad anymore. I went out on my own so that I could launch a brand and a business. That's all about women supporting women and, you know, truth be told about two thirds of the people who hire me are couples married couples. Right? So now I'm going to change my website. Cause it says wealth management for the empowered women woman. And now it's going to say,uI think a destination for women and couples. It's like, I don't want to ostracize people.
That's so funny. You say that. Cause mine's called the mom from her mastermind show, you know? And I've had all these messages from dad preneurs recently and I'm like, okay, apparently this is not just like I get you. I get you.
Well, I think it's how much you're talking about your boobs. I'm not sure
I love it. That's probably exactly what's happening.
Thanks for loving me. Thank you for allowing me to make a little joke.
Yes, of course. That's why we're here. And so, and then of course, so that brings us to profit. Boss was born and then, you know, your wealth management company, which is what you're doing today. So why don't you define for us? How do you define wealth, Hilary? Like what does that mean?
Well, the Greek origin of wealth means wellbeing. So we live in a society where we created money. We use money to get around. We trade it in order. Like if in the past, if you wanted my chickens, I had to want your cattle. Like if you have cattle and I have chickens and you want my chickens, you have to trade cattle. Cause that's all you got. Right? So we created money. So you could give me money instead of cows, if I don't want your cows. And then we forgot that we made it up, like we just made money up. It doesn't exist. It doesn't have, it's like not a thing. Right? So wealth is value. Yes. It's, it's what you create. Like for example, I'm talking to you on an iMac. This iMac has tremendous value to me. Right. And money just represents that value. So literally the definition of wealth is wellbeing, but wealth is what we create as human beings when we interact with one another. And don't
You feel like it's so much more than, I think people think of wealth as money, but in, but in reality, I mean wealth can encompass so many things that it can encompass the financial freedom. You set up for yourself later. It can encompass, you know, your assets. It can encompass leaving a legacy for your family. Like, do you feel like all of those things are inside of that?
Oh yeah. I mean, you just talked about just a few of the things that I'm in constant conversation with my clients about. Yeah, absolutely. And we keep an eye on all of that. So you have your wellbeing today and you'll need to pay for that. Have to have a life that you enjoy so that you don't feel like you're doing without, you know, if you can do without a latte. Great. But if you need a latte to be happy by freaking latte, and then we have to make sure that you're storing up enough of that money so that you can be financially free, you can stop working or work when you want to later. And then if you want to leave something, set your kids up in life, you can do that too. Or you can leave it all to your university, whatever it is that you want to leave the planet with.
Amen. Let me ask you, why do you think that wealth, that word people hide from that? Why do you think it's so overwhelming or it's a term that's avoided by entrepreneurs specifically?
Hmm. So say a little bit more about that because that's not my necessarily
Totally like, well, I mean the fear or the, it's almost like it's such a scary idea. Like it's an intimidating topic. Yeah. Why do you think it is that way?
So a couple things, I think entrepreneurs are many of us are money motivated and you have a lot of business coaches and events that focus on earning more money, but nobody talks about what do you do with that money once it's in your business bank account. Cause it ain't yours, your money in your business bank account doesn't belong to you. It belongs to that business. And then like kind of one, two punch. There is just that women haven't necessarily been empowered about money in the past. You know, it's been a male dominated world. There was a strongly held belief that, but that girls weren't as good at math as boys are, but that's been disproven. Um,
I think I still fit into that statistic.
Well look good. Personal financial management is simple arithmetic. It's adding and subtracting it. You don't have to be, you don't have to be good at calculus to build, you know, your own nest egg, to hear that and hear that I can do this. And then I think wall street really was created for men. And I mean, this is, I mean, I don't think you're going to challenge me, but anyway, I think wall street has a language about it. You know, there's a lot of polysyllabic words, the word equities, debits mortgage backed securities, right? These terms are designed in this very egoic context and women are like, Hmm, not really my thing. Right? So it's not that we can't figure it out. I mean, you learn some really technical terms when you were in college. I promise you, but we don't love it. We don't resonate with it. We don't want to really be around it. And so we just go, not for me. And I think we're coming out of that now, but I think there's been a lot of forces that have been holding us back.
You know, it's so interesting. I worked at a financial firm for four years. Did you? What'd you do? So I was a financial research assistant, so I helped them pick the stocks and ETFs and mutual funds and all the things and create the portfolios for these same as you million-dollar clients. And I think that little experience for me was so invaluable because I learned how to set up retirement plans, how to rebalance portfolios, stuff that I think so many people hide from. But in reality, it's not rocket science, but you just have to kind of just as with anything else say, is this important to my future? And take the time to either hire someone to figure those things out. Or for me it was like just learning those things and yes, you were right. It was run by three white, older men. But just being in that environment for me, it wasn't as intimidating as people make it out to be. I guess
I think that was exactly my experience that it took me six to eight years in this industry before I felt super comfortable saying I'm a stock market expert. I can engage with you in any conversation about the stock market simply because I know what I know, like the back of my hand, cause I've talked through it so many times and I've lived through so many economic cycles and like that, but it can be very intimidating and it it's like any skill set, right? I mean, I'm terrible at SEO. I'm just terrible at it. And I feel like such a I'm like, I don't, can you just repeat that word for me please? I don't where, where is Google analytics? Where is that?
We all have our strengths, you know? Right. So here is these women that are listening to us and you guys, if you haven't glazed over and you're like, wait, help me. Like, I need to know what is step one here for the new-ish entrepreneur to begin their journey to wealth? Like what do you think one is Hillary for those ladies that are listening, going like, yeah, I want to get there and I want to understand wealth. And I want to feel really confident, but I don't know how to start.
Yeah. It's perfect that you asked because as I was having my own financial turnaround and I was like really honest with myself and other people around me, I'm like, I'm not doing this right. I thought to myself, if I can figure this out, I bet I can give this away. Like I bet I can teach it. And I bet it's actually fundamentally simple. I, when I look back on said, okay, how am I going to make this a framework for women that they can really internalize? I saw that the first thing that I did was decide, I decided that things weren't going to go the way that they were going. I decided I was not going to be a person who carried credit card debt for the rest of my life. I decided to no longer have financial emergencies. Right? And so what I noticed is that when you decide and the root word of decide is the same as homicide genocide, it means to kill off.
Okay. So when you decide you cut off the other alternative and when you truly decide, I use this example, let's say your boyfriend invites you to, and I know you're married, but we can all relate to a girl, a lady whose boyfriend invites her to move in with him in a faraway city. Right. And the invitation is made. She's like, Hmm, I'm considering this. Am I really that into you? Do I want to live in that city? It's warm here in Los Angeles and you want me to move to Boston? And I'm not sure I like the snow. And so she's considering right. Let's see, she decides in the affirmative, she's like, I'm going to take him up on this opportunity. Well, all of a sudden, once you've decided your view alters and your actions follow suit, right? You call your mom and you say, I'm moving to Boston. You go to the store and you start buying warm clothes. You start looking at job ads so you can get a job Boston. Right? So a decision comes before actions that are in line with following that path. So the decision really is critical.
I love that so much. So now they've decided like wealth is going to be kind of an integral piece of my future. What are the seven steps to wealth? You talk about this on your podcast, profit boss radio. When you guys, if you really want to dig more into wealth and finances, you've got to go check out her show. It's amazing. Walk us through this. Like the seven steps to wealth Hillary let's let's hear them.
Yeah. Perfect. So the first step, as I said, is, decide, and now the second step is speak. And when I say speak, I mean, what are you saying about money to yourself and to other people? And so we have to start with your mindset because what you think about money exists in language. So what's true for you about money. And what I saw is that in the past, so money is really conceptual. It's like, it's hard to explain what money is. Most adults can't even explain what money is. Paper. Money is not money. Checks are not money, credit cards, not money. What is money? Right? So little kids are listened to these grownups, talk about money. And it's like, what is this money thing? And then they hear someone say something and they go up. That's what money is for most kids. It's something like money doesn't grow on trees. There's never enough money. We can't afford that. Right? It's these things that they hear adults saying about money and we get imprinted with this. Okay. So the speak step is really your opportunity to acknowledge perhaps for the first time, what I call your money operating system is you hear a lot of people talk about money, mindset, things like that
Operating system. That's really good.
Yeah. Like the operating system runs the computer and I'm not a super big fan of affirmations. If you're listening and affirmations work for you, you could just stand in the mirror and say money flows to me easily and frequently, then that works great, more power to you. But for me, it was a little bit like icing on a mud pie. It was like, I can stand in the mirror and say affirmations all day long. But this, this nonsense is still not working. So what I discovered is that when you combine being honest about what you're saying to yourself and others about money with actually digging into your finances, like forcefully. If you have to making the cashflow work, you have to spend less than you make. You have to pay attention to what you're saving, right? Like if you've got property taxes to pay, you need to set that up. So you're saving for it every month. It ain't a surprise. Property taxes should not be an emergency. Neither should a new roof. If you own a house, you know, you're going to need a new roof. You just don't necessarily know when you got to have the money.
Yeah. And you're going to pay taxes at the end of the year as an entrepreneur, right? Like, hello, are you here?
Like clockwork? Yeah. Yes.
That's a win. If you're paying the taxes, you are winning at your business. PS.
Yeah. Yes, exactly. By the way, side tip, have a taxes, savings account, have a separate account for taxes. Okay. So that was speak. And we also need to address the destructive things that people are saying about money. So if you're listening to this and you say to yourself or other people, I can't afford that. What you're saying is that money is more powerful than you. Yeah. And it's like, I have a, a female friend who said, when she says to me, when, when my friends say to me, I can't afford that. I say, if you say so, so you're either going to buy it or you're not. And if you don't have the money in a savings account right now and you want it, how about, Hey, that's a great opportunity. Let me figure out how I'm going to get the money for that. Or if you don't want to buy it and it's not aligned with your values, say I'm not going to put that in my spending plan. Like just say it straight. Don't say to your kids, we can't afford that
1000000% on this. You know? And so, and sometimes we'll say to like, if, if that's really something that you really truly desire, we can work hard and save for that. Instead of saying, simply we can't afford it. It's how important to us is it? And then of course you can find a way there's always a way.
Yes, exactly. And that's just, it's a very close to what I said, which is let's let me see how I can figure out how to get the money for that. Right. And so that's the most obvious one, you know, there are other things like it shouldn't be about the money. You hear people say that. And the truth is like in any area of life, like finances is one of the six or seven most critical areas of life in the area of finances. It is about the money. I promise you it's about the money. Right? And so when you say it isn't about the money, it comes from an underlying belief. That money is the want of money is greedy or money's the root of all evil. Well, money has no nature. And if you're a good person and money's in your life, money is not going to be the root of all evil.
I know it's like this dollar bill it's like punching them in the face. It's like,
It comes with all these forms and spikes. Right. They don't arrive that way. No, actually
Money is soft and kind, and we love it. Right?
Yeah. And it, you know, it doesn't have to be the focus of your life, but you do need to pay enough attention to it so that it's there when you need it for today and tomorrow. Okay. So that's speak. And once you've figured out your library of what you're saying about money, what you're no longer saying about money, what you want to be true about money. Now we need to move into plan. So this is where you actually dig into your finances. You've got three areas of your financial life. You have your obligations, which I call yesterday's promises. That's your rent, your mortgage, your property taxes, your subscriptions, your memberships, anything that you already know, you're going to owe. Most people call that overhead. Okay. So you've got to set it up so that your paycheck comes into your personal account and it pays those bills that money's gone.
Now, the second area is tomorrow's dreams going to save for your next car, save for your property taxes, save for your retirement. No, Casey, you set up that savings automatically and what's remaining is your spending. Okay? And that's where most people wrong is that they configure their savings by subtracting their spending from their income. I invite you to win the money game by configuring your spending based on what you want to save. Okay? If you do that, that one little step will absolutely transform your financial life. So now you have your flow's going. Most people like I don't like I never, I don't teach budgets. I have budgets. Ah, most people budget. Yeah. Because nobody does it. It's arduous. It takes too much time. If you get behind, you have to go back to January so that you can come to the starting line in April. It's like very difficult. The only people I've ever met, who really follow budgets in that really detailed where engineers. Yeah.
That's funny. We have a budget and we'll, and we'll put it in, you know? And, and like mainly it's cashflow that we're looking at
To see how much business money needs to come over to the personal and all of those do we need to pay and all these things, but really,
So what happens is I just end up going backwards and filling in all the buckets.
Whoops. We went over in all of these spending areas. So I'm seeing exactly what you're saying. Exactly. What's the point of setting up a budget if it's difficult to follow, right? So in the beginning you take your overhead spending, you just pay those bills. You send the money off to the savings accounts that needs to go. And what's remaining in the checking account is what you get to spend. Period. It's, it's super simple. And that is literally the plan. I call it profit boss automation. It's like a machine. Once you set it up, it takes some time to set it up, right? Cause you have to tell the bank how much money goes to your utilities and your mortgage and your insurance. But once you set it up, it works forever. And it totally scales. I used it to pay off like $75,000 in debt. And I have multimillionaire clients who swear by this system. They absolutely love it. So it totally works. I love that.
And then do you have a rule of thumb for people getting started? What percentage should go into savings as like a base?
There really are no functional rules of thumb. Reason being your savings rate has everything to do with how many years there are until you want to stop working or want to be able to stop working. So it has to be calculated for each individual person. So, sorry, I can't be more specific about that, but you know, let's say you're 55 and you want to retire at 60. Well, you've got a pretty hefty savings bill
In dollars into the 401k narrow back to Oprah's billions. I'm just creating that. What did you call it? Your, the future plan for you?
What did you say? I call it tomorrow's dreams. Tomorrow's
Dream over issues. Billion in the 401k.
Unfortunately Just happy with just one. All right. Just remember me. When this happens. Be like Stephanie gas, foreshadowed this In my life. I'm pretty excited right now. I'll send you a check. Thanks. I like that. I'll put it in my savings account. Okay. Where are we?
Okay. We're on number four. So we've talked about the plan, the plan. Okay. I love it.
So decide, speak plan. And number four is ask. Okay. So once you've got your, your money machine is working, that's your profit boss, automation. While now you want to expand the size of that money machine by asking for more money to come into it. And there's a million ways to ask and I invite you to make it part of your daily routine, part of your thought process, but asking can include asking for a discount, asking for a business partner, asking for a joint venture, asking for an employee or an employer. So asking for a job, I ask for clients every day, right? Like I've sit in front of people and say, Hey, can I manage your nest egg? Can we be, can we be pals? Can you pay me to be your financial advisor? That's an ask. Yeah. And, and so you want to just expand the size of that money machine. And I tell you, I hired a new a new client services director. And she, every time she gets on the phone with one of my vendors, she asks for a discount and I've never, I was like, you blow me away,
Get me some of those girls. Yeah.
And then she comes to my office on Fridays for our team meeting. And she says, and she tells me how many discounts she asks for and how much money she saved me. I'm like, yeah, this totally resonates with my whole, my whole jam.
She's like, and then can you add that to my check? So then I can put that extra in my savings account so far she hasn't asked for them, we'll see in her review. Right. I like that too, because I think people get freaked out with making a sale. But if you term it as just ask like that almost takes a lot of the pressure off. Yeah.
I invite the folks that I coach to go make it a game, to get a hundred nos, go play a game called I get a hundred nos. And I said, I've never had anyone actually get to a hundred. But I said, I promise you, like, I can almost guarantee you, you will absolutely transform your life before you get to a hundred nos. Like you'll have an unrecognizable life. Right. They did. I heard Tim Ferriss podcast. One time I could be wrong. UI, my memory is not very detailed, but anyway, he and a couple of his buddies played this game to ask for a discount at Starbucks. Yeah. And he said, people were petrified to do it. Like, can I have a $3 cup of coffee? And can I have a discount on that? It's like,
It's a big deal. But she goes, you got to warm up your chops somehow. Right? Yeah. That's really fun. I think that's really fun. Y'all go do that. We dare you Hillary and Steph challenge. You should lead the way. Yeah. I might actually do it.
There's video. If you search on YouTube, I think it's called the Starbucks challenge or the, I think it's the Noah Kagan Starbucks challenge. You can see videos. There are people who recorded themselves asking for discounts at Starbucks. It was like a thing. Some of them did some of them. Didn't cool. Yeah. By the way, little tip, there is research that says the human brain wants to make sense of things. So you'll get a yes. More often. If you give a reason, can I a discount? It's my birthday. Oh yeah. Can I have a national brunette day? I did not say
No. No, I know you didn't, but I'm just telling the girls. Cause they're like, Ooh, it could be my birthday today.
It's national short girls day. Right? Because I'm smart.
I'm good at math and you feel bad for me discount.
And it's like, it doesn't matter what the reason is. The human brain just wants a reason, a reason. Give them a reason to give you what you want. Okay. So now you're asking in your life, your money machine, your income and your savings are all getting bigger. And we have to focus on the obvious step five is earned. You obviously have to earn high income, right? And there are a million ways to do this. As an entrepreneur, the world is your oyster. Like entrepreneurship can be the golden road to an amazing lifestyle. Right? I find that too many people get stuck in the thinking, what skill do I already have that I can sell instead of what are people willing to pay a lot of money for? Right? Like you don't have to sell yourself, right? You never want to be in a business where you're convincing people that they need your product.
You want to be in a business where people already want your product. You just have to convince them. They want you. Right. And also, I mean, I've had folks who listened to my podcast actually make a massive change in their financial life. There was a nurse, she got stuck into thinking that our income was capped out. And she heard me say like, Hey, there's a million people out there making a quarter million dollars a year. Why can't you? And she went back to school. I think she either went for her NP or her physician's assistant PA anyway, she doubled her income. Right. And so she wrote, and she's like, thanks. It was just that one thing you said.
I think beyond the lid, like the law of the lid is always imminent. But if you just think, just take a step away from it, right? Like how can I make this bigger? How can I become more, more schooling or grow this or add something that's passive on top of it,
Technical skill set, whatever that is that can help you raise your prices or create a more profitable revenue stream or get a higher paying job. Yeah. And you know, I had someone in my coaching program last year when she came in, she was on track to earn $400,000 in. She has a real estate agent and I know that's a lot of money, but she was here in Silicon Valley. So like real estate, it's funny money around here. And she took on her financial life. She took on these seven steps. And by the end of the program, she earned almost $900,000. And she did that just through these first. And we haven't even really done anything, technical, nothing I've said, have you ever heard on wall street? Right. Like become a venture capitalist. The secrets to money are not complex.
I like it. So good. Okay. Let's keep going couple more times.
Right? Right. Okay. The next one is invest. And I do know this is an area that can be very intimidating. I want you to know if you are listening that at point, there are very simple, very, evidence-based very low cost ways to invest that there's a million bad investments out there, but there's like the Mediterranean diet of investing, right? Not scary. You can do it. Yes. And there are ways to get in touch with that. And there are ways to pay other people to do very little, to do it there, like lots of digital investment platforms. If you don't need a financial advisor, you can give your money to some very smart people. They will invest it. And as long as you're willing to stay invested in the down markets, you can count on enjoying the up markets. So that's all I'll say about that topic. The national financial news media has no interest in accurately educating you about investing. So if you turn on the news, someone is always screaming. The chicken, the chicken is falling. The sky is falling. Chicken. Little, the sky is falling. The sky is falling. Right. And so just turn them off, just turn them off. I've been doing this 19 years, turn them off. It's nonsense.
I love that. And if you want more on investing, go listen to the two Hillary's podcasts. Thanks. Lots of episodes on that.
It's a huge topic and hard to talk about. It's better on YouTube, right? Cause I need the, the slides to back it up, but it's a fun topic and you can either do it yourself. Or you can just pay someone a little bit to do it for you. And in my opinion, that's the best option. I agree. Okay. So once you're investing, you're earning compound returns, you're growing your wealth. You're on your way to financial freedom. Well, now you have to, now you have this, this castle, this kingdom you've built and you have to protect it. You have to build a moat around it. So, and that's two things. First of all, once you have money, you have to not give it up, not put it at risk. Don't do stupid stuff with your money. Don't loan it out to people. If you can't afford the amount and don't invest in your brothers, uncles, cousins, restaurant, right? Yeah. Like protective of your money and you need insurance. You know, you need renters, insurance, homeowners, insurance, you need health insurance, stuff like that. Auto insurance, you got it. You just have to have those insurances around you. So that way, if you get yourself in trouble, the insurance company will pay. And not you,
The legal protection to, of your business. That's true. I think a lot of times as new entrepreneurs, people just jump in and like woo rocking. And then before they know it, they're actually earning money and go, whoops, was I supposed to do something here? Is there a business that I should set up? And it's they get lost in that? So that's another one that I just, sorry, if you were going to say
No, I, I never want it to seem like I'm speaking only to business owners because I talk a lot to other people who have jobs. So sometimes I just, I just forget and take that language out of my speaking. So people don't feel ostracized, but you're right. I have compliance folks on retainer. I have a lawyer on retainer, you know? Yes. You absolutely have to protect and lawyers are not cheap, but you have to protect your business. You know? So
It'd be, it'd be better to spend the money on the hour or two of consulting that you need to set things up. Right. Versus getting sued or something like that down the road. Absolutely. Absolutely.
Yeah. Are you good? Did we do seven? We did seven. Seven. Yeah. That's amazing. Well, I hope that you guys learned, because I know I learned so much there and I think thank you for just breaking that down to seven, like tangible steps. Yeah. Clear so much up. I think that overwhelm that hard to visualize piece for me. Right? And so when you hear it, like we've all heard the stories of lottery winners or NFL players who get tens of millions of dollars and they go broke. And the reason they went broke is because they were failing to execute on one or another of these seven steps. You have to have all of them in place at all times in order for money to come into your life and stay in your life. Okay. So it's not just earning money that protecting your money as a separate skill set, but it's learnable like anything.
I mean, you learn to speak English at some point, so you can learn these seven steps to wealth. And you know, we Y I worked with nine women last year and we promised them a $50,000 difference in their net worth. So we promise, okay, if you come within 24 months, you'll have $50,000 more in your net worth on your balance sheet than you do now. And the minimum we produced was 77,000 to produced was $530,000. That's incredible. So this works like, wow, there's some case studies for y'all. Yeah. And that's not like an investment product. No, none of that is investment returns at all. That's just learning how to organize your money, how to talk about money, how to ask for money, how to earn money and how to protect it. That's it amazing? Yeah. Well, wow. Hillary, you have taught us so much today.
I think you're just such an amazing example for women and all the mamas listening and just stepping into your calling and doing something so unique and cool. So really blessed about that. Thank you so much. You're welcome. Well, everybody's going to want to know where can they find you? How can they learn more about your podcast and tell us all the things okay. Perfect. So if you have room in your podcast lineup, I check out profit boss radio. Okay. I am going to be actually starting to take applications for this year as only cohort of the program, the coaching program I've mentioned that's on April 11th, 2019. If you're interested in considering that check out 50 K wealth multiplier.com, that's the number five zero. Okay. Wealth multiplier.com. And you can find everything I do at hilaryhendershott.com and I'll, I'll link all that in the show notes for you guys as well, in case you didn't catch that. So thank you again, Hillary, this has been a blast. Thank you.
Just wow. How much did you learn about wealth in this amazing interview? Woo. I know I'm ready to head on over there and the best some Moolah and get all those finances totally in order. So thanks to Hillary. That episode was great. And I just want to leave you with a prayer of abundance, for sure. Right? I want to pray over each of you listening that you take the time to take a look into your finances and to ask the questions. What do I need to change? And to go through the seven steps mentioned to creating wealth in your own life. I pray that you find patients and that you find all of the tools that you need to become successful in your wealth journey. I pray over each of you, that abundance will flow into your life and that you will take action on creating the life of your dreams because you deserve it as always love and light staff. Hey mama, real quick, before you go, if you found value in today's podcast and you learn something new, if you'll head over to iTunes, the mompreneur mastermind show and leave a review and subscribe to the channel, that would be awesome. And I love to connect with you over on social media. My handle is @stefaniegass. I'll see you soon, praying, light, love and abundance until next time.
Lots of fancy unused education. Podcast Coach, Clarity Coach, & Top #25 Ranked Podcast Host for Christian Entrepreneurs.