Financially Independent at 27yrs old! An Interview with Money Honey Rachel


Rachel Richards: Best-selling author. Former financial advisor. Real estate investor. Business owner. Finance guru. Professional speaker.


  • Money Honey: A simple 7-Step Guide for Getting your Financial $hit Together
  • Passive Income, Aggressive Retirement

Hi beautiful, welcome to today’s blog post! 

Today I am super excited to introduce to you a huge BADAAS woman who I admire very much and who I am sure we can all learn from: Rachel Richards !  

She is one of my favourite young authors as she shares her knowledge in the subject of personal finance, with lots of humor and a great badass attitude.  She is not only a great writer but has found a way to retire with a passive income stream of more than $10,000 a month. 

Like Frig! she is financially independent at 27 years old. You go Girl ! 

I had the opportunity to conduct an online interview with her and I am super excited to share her answers with you today. 

Let’s start, I will refer myself as T.F.B (aka The Female Billionaire)

T.F.B: Do you think is important for women to educate themselves financially?

Rachel: Unfortunately, we live in a society where women are still primarily responsible for child-rearing. That puts them at a distinct disadvantage when it comes to their career, and therefore their long-term earning potential. That’s why it’s more important now than ever for women to self-educate on money management.

T.F.B: When did you start planning your passive income streams? Do you think there is any progress or reduction in people sharing a similar train of thought?

Rachel: I was already invested in real estate when I first heard the term “passive income.” Once I learned what that was, I got really serious about early retirement. We bought our first duplex in 2017, I published my first book in 2017, and the in 2018 we got really serious about our passive income strategy. We bought more rentals and continued to think about how to grow our passive income. By 2018, we had replaced my full-time income, and by 2019 I quit my job and we retired, with over $10,000 per month in passive income. I think there are more people than ever that want to do something similar in terms of attaining financial independence at a young age.

T.F.B: What made you decide to write your first book? - Money Honey: A Simple 7-Step Guide for Getting Your Financial $hit Together

Rachel: I was always that go-to person that family and friends would come to for financial advice. I loved helping them and it was super fun! At some point, I began to wonder why they weren’t reading books or websites or blogs. Then I realized, not everyone is a major finance nerd like I am, so a lot of those resources felt dull, boring, and complex. I thought, “What if I can make a money management book that is fun, humorous, and simple?” And that’s where I got the idea for Money Honey. It has been wildly successful and has resonated especially with female millennials.

T.F.B: How did you come up with your latest book “Title” (Passive Income, Aggressive Retirement) and why did you choose the book cover that you did?

Rachel: I can’t take credit for the title; one of my readers came up with it! I formed a launch group and did contests where my followers could think of titles, subtitles, and hashtags. They also voted on the book cover. I hired the platform 99designs to create book covers, and I went with the one that was most popular in my launch group.

T.F.B: I know you talk about this in your book, Passive Income Aggressive Retirement, but for the readers in my blog, can you explain a little why is important for Millennial’s to starts looking into their retirement? Or to start looking into other ways to generate money other than relying on a pension plan?

Rachel: Traditionally in retirement, we have all subscribed to the Nest Egg Theory. This is the retirement strategy whereupon we save a large chunk of money, a “nest egg,” and that’s what we live on from age 65 and on. While that worked splendidly in the past, times have changed, and we have failed to recognize that and account for it. Houses are bigger and therefore more expensive, childcare is more expensive, Social Security is projected to be depleted by the year 2035, pensions are not common anymore, and college costs are crippling our generations with student loan debt. The probability for a Millennial or Gen Zer to successfully save a large enough Nest Egg is slim to none. 

Passive income, on the other hand, is much more attainable. Don’t get me wrong; it’s no get-rich-quick scheme. Passive income takes time and hard work to create. But it’s accessible to everyone, no matter their age or income. 

T.F.B: How long on average does it take you to write a book?

Rachel: I started writing Money Honey in January 2017 and I launched it in September 2017. The thing is, I did quit for about a four-month span during that time. The total writing was probably done within four months. Passive Income, Aggressive Retirement took me much longer, because I didn’t have as much time to devote to it, and because I had to do such extensive research. I started writing it in July 2018 and I published it in November 2019. If I had been more committed and not taken long breaks, I probably could have completed each book within a six-month span.

T.F.B: What kind of research do you do, and how long do you spend researching before beginning a book? 

Rachel: I’m a former financial advisor, so I already knew most of the information in my first book, Money Honey. I did minimal research to fact-check and I did have an insurance agent and CPA review those sections to ensure accuracy.

For my newest book, Passive Income, Aggressive Retirement, I did hundreds of hours of research. I first had to discover how many types of passive income models there were, then learn how to create each one. I have personal experience in three of those. I relied on diligent research for the rest. In addition to that, I interviewed and featured ten subject matter experts, including Hal Elrod, international bestselling author of The Miracle MorningTM; David Osborn, real estate mogul; and Bobby Hoyt, founder of The Millennial Money Man. This added an enormous level of credibility to the book.

T.F.B: Why do you think Millennial’s tend to not look into their retirement planning and have more the mentality of “live in the moment and worry about it later”? 

Rachel: I think this is an unfortunate Millennial stereotype. Sure, there will be people who lack responsibility when it comes to their finances, but you’ll find those in every generation. What I have seen from my millennial friends is something more like panic. We all want to learn and manage our money better; we just don’t know how. Many people I know are simply overwhelmed. 

T.F.B: If you could do it all over again, what is a common misconception that you would change? i.e. debt reduction methods, career choices/ work life balance, etc. 

Rachel: The common misconception I would change is that a college diploma guarantees you a high-paying job. I think that promise was stuffed down millennials’ throats as we were entering college, and it was a harsh reality check for many of us, myself included, when we actually got into the workforce. My first job paid $36,000 and my second paid $32,000. This was with a financial economics degree from a reputable college. I think my generation was misinformed about the value of a college degree, which led to unrealistic expectations, which led to student loan debt that was nearly impossible to pay off. The whole situation is super unfortunate. Luckily, Gen Zers are learning from this and I don’t think this is a large misconception anymore.

WOW! That was awesome wasn’t it? So much knowledge in very interesting topics. 

There you go, now you know why is important to take a look at your finances and what the heck, maybe you will decide to write a book as well!!!

Let’s thank Rachel for her time and I hope she continues sharing her knowledge and continue educating people in the importance of adulting and money management. 

You can buy her books on amazon, just click on the links below ! 

  • Money Honey: A simple 7-Step Guide for Getting your Financial $hit Together
  • Passive Income, Aggressive Retirement

Till next time, your friend, Ursula Keith


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