Sharon Lechter is a kick-ass female financial trailblazer who realized her entrepreneurial journey at age 25. Starting out her career as an accountant, she quickly realized that working for herself was a better lifestyle fit. Listen to find out how she created her entrepreneurial empire around talking to consumers about financial education.
Starting Her Entrepreneurial Journey at Age 25
Sharon started her entrepreneurial journey by launching and selling a woman’s magazine. She then met the inventor of the first talking children’s book and grew that industry worldwide.
Early on, she realized the importance of collaboration and partnered with Disney, Warner Brothers, and Sesame Street. “Then we sold that company in 1991. About that time, my husband and I relocated and our oldest son went off to college. He came home in December of 1992 in credit card debt, and we didn’t even know he had credit cards.”
At this point, Sharon decided to dedicate her career to financial and entrepreneurship education to help people take control of their financial lives. “It’s a real, simple thing to many people – the concept of exchanging time for money. I want people to change their minds.” Sharon is helping others create a mindset shift from exchanging time for money to investing time to buy, build and create assets.
Assets Are Sexy!
Her most recent tagline? “Assets are sexy.” She points out that assets are what we need to be focusing on, not income, but assets to generate revenue. Her initial push was to work with school systems. Then she met Robert Kiyosaki, who had gone to see her husband help them with patent work.
“I met him at the first beta test of the board game, Cashflow.” Sharon volunteered to help them bring the game to market. In that process, Robert wanted to charge $195 for the game, but Sharon thought that was too high a price point. That’s when he asked Sharon to become his partner. She and Robert were partners for ten years and wrote 15 books together. Their first book, Rich Dad, Poor Dad, is having its 25th anniversary.
Working for the President of the United States
A few months later, Sharon received a phone call from President Bush, who asked her about the first President’s Advisory Council for Financial Literacy! She then received a call from the Napoleon Hill Foundation, who asked Sharon to help reinvigorate the teachings of Napoleon Hill. Sharon then wrote Exit Rich in cooperation with INC magazine in 2021.
“My goal is as strong today as it was in December of 1992 and that is to provide people the tools, the resources, and the education, they need to take control of their financial life and create financial stability and freedom in their life.”
How to Dig Yourself Out of an Economic Hole
Sharon recommends if you’re in financial trouble, you want to stop digging the hole deeper because if you want something different in your life. You want more; you need to start making different choices. She recommends being careful about who you gather advice from because many so-called “experts” out there has no idea what they are doing and can lead you into a worse financial situation.
How to Level Up Your Personal Financial Freedom
The first step is to figure out where you are financially at this moment. Then, even if your financial picture is bleak, you’ll feel more confident because at least you know where you’re starting from financially.
You have to know where you are to create a road map of where you want to get to.
Beware of the Money Scarcity Mindset
Having a money scarcity mindset is going to hurt you your entire life. You’re afraid you’re never gonna have enough money – and then when you get money, you’re afraid you’re going to lose it.
I’m so on board with this reality! Remember, it’s essential to work on the mindset and your money habits.
It’s also imperative to make sure that you listen and learn from the right people.
Sharon’s Financial Superpower
“My superpower is helping people move from owning a job they think is a business into a business with systems using other people’s money, time, and resources.” This process creates the assets which will make your business work for you. At this point, you can get your time back. Taking cash flow and investing in investments and passive investments is key to building wealth.”
Her advice is to work towards the right side of the cash flow quadrant. When you do, you’re moving toward financial freedom. When the income from your assets exceeds your monthly expenses, you’ve reached a financial milestone.
Using Intellectual Property as a Financial Asset
Intellectual property includes books, online programs, and the value of your brand, with tangible assets including your logo, database, the number of people you have in your database.
“Every single day you can build intellectual property and level the playing field because you don’t need the big bricks and mortar businesses to build your business. You can do it online.”
She recommends building value, reputation, and platform through a book, online program, or another asset. In the vast majority of the world we live in right now, evaluation comes from intangible assets.
Using the Power of Association
Sharon understands the power of association. “You have the P plus T times a power of association. Who’s on your team? Who’s your mentor? Who do you align with? Who helps you take your business to the next level?”
Passion, association, action, plus F for faith – having faith in yourself and what you’re doing. The steps you are taking are necessary, and you will succeed.
“Having self-confidence and the right people around you go hand in hand.” Next, evaluate your life and decide what your next step is. What do you need to do to take yourself to the next level? Now take action to make that happen!
You are uniquely you with your own gifts to give. No matter who or what tries to stop you in your tracks, you’re still here for a reason. Sharon recommends taking the opportunity to make your business happen so that others can benefit from what you know.