#97
Top Insights to Build and Sustain a Global Brand with Sharon Lechter
On this special episode we have Johnny Cooper as the guest host, who is the Director of Leadership and Talent Development at Steering Point Advisory. He is joined by Sharon Lechter, an entrepreneur, international speaker, mentor, best-selling author, philanthropist, licensed CPA for the last 35 years and a chartered global management accountant.
Sharon coauthored the international best-seller ‘Rich Dad Poor Dad’, which developed into a leading personal finance brand in the world. Sharon was then asked by the Napoleon Hill Foundation to help re-energise the powerful teachings of Napoleon Hill, releasing 3 best-selling books in cooperation with the foundation.
Sharon was appointed as the 1st president of the United States Advisory Council on Financial Literacy. The council served under both President Bush and Obama, advising them on financial literacy and education. In this episode, we talk about her journey including the mantra her dad taught her many years ago, business decisions versus life decisions, visiting the White House, her personal success equation, and working with the likes of Disney, Warner Brothers, and Sesame Street.
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Summary
03:11 Sharon Lechter’s background and career journey
- Raised in Florida in a modest household with parents running a beauty shop, a used car lot, and rental properties. Sharon was exposed to money discussions early, with oranges from family groves being a significant income source.
- Sharon was a first-generation college student who pursued accounting – and became one of the few women in public accounting in the 1970s.
- She transitioned to entrepreneurship at 25 despite success in accounting, she co-founded a business in talking children’s books to address a need for technology-free entertainment for kids.
- Shifted focus to financial education after her son faced credit card debt in college, leading to a dedication to financial literacy.
- Co-authored “Rich Dad Poor Dad” with Robert Kiyosaki, building a massive personal finance brand.
- Served on presidential advisory committees for financial literacy under the Bush and Obama administrations.
- Authored multiple books, including “Exit Rich” and “How Money Works for Women.”
07:53 What influenced Sharon’s work ethic
- Her dad would ask her every evening when she was a child: “have you added value to someone’s life today?”
- “My parents were mentors, not enablers”
- It drove Sharon to be the CEO of her life
09:48 The book writing and co-authoring process
- It encourages people to view books as assets
- The importance of intellectual property, particularly books, as a means to impact others and generate passive income.
- It’s powerful how books can reach people globally even when the author isn’t physically present
12:33 The secret to a long-term marriage
- Respect your partner as much or more than you love them – love may waver, but respect endures.
- The key ingredients for adding value to people are Self-determination, accountability and responsibility, the power of choice
15:02 What it means “to be in control” and the Personal Success Equation
- Many successful individuals have taken the initiative and didn’t wait for permission to change the world.
- Fear often holds people back; overcoming it involves understanding purpose, learning from mistakes, being disciplined, and controlling the environment and time.
- The Personal Success Equation comprises passion, talent, association, action, and faith.
- Fear can be converted into fuel for motivation, enabling progress towards success.
19:43 The power of reflecting
- View ourselves as CEOs of our lives, with control over our direction and choices.
- Focus on the vast windshield symbolizing future possibilities, rather than the small rearview mirror of the past.
- Reflection should focus on gratitude and learning from past experiences, rather than dwelling on them.
- Embrace action in the present to propel oneself forward, rather than getting stuck in guilt or dwelling on the past.
21:19 Leadership: what does it all come down to?
- Leadership originates from within and involves leading by example.
- Effective leadership inspires and brings out the best in others rather than dictating.
- Recognizing and acknowledging the talents of those around you can amplify their potential.
- Leadership involves both encouragement and accountability, balancing support with the responsibility to steer towards the mission’s goals.
24:41 Being a trailblazer
- Trailblazers are dedicated to making a difference, driven by passion rather than seeking recognition.
- Making a difference isn’t about personal glory but about having a genuine desire to impact the world positively.
- Every individual has the potential to make a difference and should embrace their uniqueness and story.
- Focus on adding value every day and making decisions that move everyone forward, living with grace and purpose.
27:12 What resets Sharon’s energy
- Finding solutions to challenges energizes Sharon – she is inherently a problem solver.
- Positive feedback from people whose lives she has impacted lifts her spirits and breaks any frustration.
- Spending time with her grandchildren reminds her of life’s true essence and brings immense joy.
- Surrounding herself with the right team who uplifts me is crucial, as they prevent bad days from lingering and help keep me motivated.
30:17 On mentorship
- Mentoring clients range from startup founders to those scaling $100 million businesses.
- The initial process involves understanding the client’s current situation, goals, and how she can best support them.
- Select clients based on readiness and alignment with your ability to genuinely assist them.
- Mentoring focuses on leveraging one’s experience to guide clients on the quickest path to success, whilst coaching emphasizes accountability and progress from point A to point B.
- Clients often need both mentoring for strategy and coaching for accountability.
- Some potential clients may not be ready if they lack foundational work or willingness to take action.
- Prior to engagement, clients are given homework tasks to gauge their commitment and readiness.
32:42 Women and finance
- When mentoring individuals, Sharon emphasizes holistic development, addressing both business and personal growth.
- Women often struggle with self-confidence and asking for help.
- Sharon encourages women to view seeking mentorship as a sign of respect and to focus on reciprocity.
- The power of mindset in achieving success, noting that women may need additional support to build self-confidence.
35:11 Having more women on boards
- We need more women’s representation on corporate boards and in leadership positions.
- Significant progress has been made, with more women CEOs and board members now than in 2000.
- The importance of qualifications over gender for board positions.
- Optimal results are achieved when men and women collaborate.
- Overcome barriers, such as the lack of traditional connections for women, to ensure equal opportunities for success.
38:15 Making big decisions
- Advises on making decisions amid strong emotions: avoid “high emotion, low intelligence.”
- Mentors provide a non-emotional perspective based on seasoned experience.
- Recommends taking time to sleep on big decisions and ensuring continued clarity and passion before finalizing them.
- Withhold sharing decisions with others until after the reflection period to avoid premature communication.
40:20 Being appointed as the 1st president of the United States Advisory Council on Financial Literacy
- Sharon Lechter decided to leave Rich Dad despite its success due to misalignment with her partner.
- Initially felt unsure about her decision but received a surprising call from the White House (she thought it was a call from a local florist named White House, but it was actually from the White House in Washington, DC.)
- The call was an honour and led to new opportunities that wouldn’t have been possible if she hadn’t left Rich Dad.
- Sometimes letting go of the past opens doors to a brighter future.
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