Sharon L. Lechter is an American entrepreneur, International speaker, best-selling author, mentor, philanthropist, licensed CPA for 35 years and a Chartered Global Management Accountant. She is the co-author of Rich Dad Poor Dad, and the founder and CEO of Pay Your Family First, a financial education organization. She talks to Stellar Woman Magazine about success, failure and finding her true calling in this 3000-word article, tapping into her decades long experience of making things happen.
Who is Sharon Lechter?
I am your mentor, your guide, your shoulder to cry on, your celebration partner, and your proudest cheerleader.
What is your purpose in life?
My life is dedicated to providing the tools and guidance for anyone wanting to elevate his or her financial well-being and to share the message that You are the CEO of Your Life!
My teachings focus on buying, building or creating ASSETS that generate income…instead of focusing on exchanging your time for income. And your Assets become economic engines that work for you 24 hours a day, 7 days a week. Assets are Sexy!
I have always known that I would be dedicated to helping others. When I left public accounting, I knew I thought differently than most people about money. And then when my son got into credit card debt in 1992, I knew my purpose. I dedicated my life to financial literacy, financial education, and entrepreneurial education. My passion is as strong today as it was in 1992.
How do you define success?
Success is how you feel about yourself when you look in a mirror…and it has nothing to do with your reflection but everything to do with how proud you feel of yourself.
In ‘Think and Grow Rich for women’, you noted that women define success differently from men, could you please state that difference?
I believe the steps to success are the same for men and women, but I also believe that women approach those steps differently. Men tend to be strategic and decisive in their decision-making process whereas women tend to be better problem solvers and they can analyze the pros and cons of a situation. The greatest outcome is obtained when men and women work together drawing on the strengths of everyone involved.
In your work with successful women, you have found that men are more linear in how they think and women use both sides of the brain. What are the implications of this to women’s approach to life and success?
Overall, women tend to be more empathetic and can analyze a situation from both an emotional perspective and an objective one. This can sometimes lead to a case of analysis paralysis which is why having someone who is more decisive on your team is important. However, it also allows women to be better managers as well as collaborators because they are open to seeing more possibilities for success.
Your entrepreneurship journey started early. What made you start this journey at such an early age?
I grew up in a very entrepreneurial home. We lived in a small house between my mother’s beauty shop and my dad’s used car lot. We owned rental properties that I had to help scrub out the bathrooms between tenants at the age of 10. I was embarrassed by how we lived because my friends’ parents were CEOs or military officers. I swore I would never be an entrepreneur, so I went to college and earned my degree in accounting and became one of the first women in public accounting in the mid 70’s. I loved my new life until at the ripe old age of 25 I realized I was working very long hours…for someone else. All of a sudden, my parents looked a lot smarter. I was invited to join one of my clients in purchasing a company and I struggled with the decision. I still remember writing the Pro’s and Con’s down on a yellow legal pad, but it didn’t help me a bit because I could argue both sides. My hand took over and wrote across the top of the page “Why Not?” That became my personal mantra, and it still is today. Why not do something different? Why not take the path less traveled? Why not solve a problem or serve a need?
How did the ‘Rich dad Poor Dad’ book project start?
I have been dedicated to financial education and empowerment since December 1992 when our oldest son came home from his first semester in college in credit card debt. We didn’t even know he had credit cards. I was angry with him…but more angry with myself as I thought I had taught him about money. I dedicated the rest of my career to financial education and empowerment for others. I started working with the schools to bring financial education into the educational instruction.
Fast forward a few years and my husband called me and said he had met a man who had an idea for a board game about money. My husband, Michael Lechter is a well known intellectual property attorney and Robert Kiyosaki had come to him for his advice on protecting his idea for the board game. Shortly thereafter, I met Robert at a beta test for the game. I was the only one who got out of the rat race and I loved the messaging as it was aligned with what I was teaching. I volunteered to assist Robert in the commercialization of the game. During that process he told me he wanted to charge close to $200 for the board game and I suggested he might want to write a brochure about his philosophy as a marketing tool to sell the game. That was when he asked me to be his partner and help write the brochure. The brochure was called Rich Dad Poor Dad. We never expected it to become a New York Times bestseller for over 7 years or for our company to become known as a book company. Over our 10 years working together we co-authored 15 books that were translated in over 50 languages and distributed in well over 100 countries.
Financial mastery is key in life. Where do you think women stand with this notion?
Women have come a long way in taking control of their finances but there is much more that needs to be done. Too often they still rely on an employer or spouse to oversee their finances. Women tend to lack self-confidence around the topic of money. I wrote Think and Grow Rich for Women to help women better understand money as well as to build their confidence around their financial decisions.
Rich Dad Poor Dad, and Think and Grow Rich are some of the books that many people will say have changed their lives? How does this make you feel to be associated with these life changing books?
It is beyond humbling to know that I am involved in both. While I helped build the world’s largest personal finance brand with Rich Dad, I was then asked to step into the world’s largest personal development brand, Think and Grow Rich to help reinvigorate Napoleon Hill’s teachings after the financial collapse in 2008. It was an incredible honor and a tremendous responsibility. One that I cherish.
As a thriving stellar businesswoman, what book have you read that has had the most significant impact on your life?
I read Think and Grow Rich when I was 19. I didn’t realize the impact it had on me until my mid-thirties. I still read it at least once a year. The book doesn’t change but I do …so each time I read it I find something that is exactly what I need to learn at that point in my life.
You have celebrated 24 years since the launch of Rich Dad Poor Dad. You did this at the same table where it all started, which is amazing! What is your view of time as a dimension in our thinking and success?
Time is our only precious resource. You can make money, lose it and then make it back. But when time is gone, it is gone. So make the most of each and every day. My dad would ask me each night, Sharon, have you added value to someone’s life today? He has been gone 15 years, but I still ask myself that question each night. Wouldn’t the world be a better place if we all concentrated on adding value to others’ lives? I believe true success comes from contribution to others.
Why did you decide to produce Think and Grow Rich for women? Wasn’t the original Think and Grow Rich enough?
The original Think and Grow Rich is as pertinent today as when it was released in 1937. However, there were no women in business at that time. Writing Think and Grow Rich for Women allowed me to examine Napoleon Hill’s steps to success through the eyes of successful women. So when women read it, they will find more relevant examples of how they can apply those steps to success in their lives.
Many women struggle with imposter syndrome. Do you ever struggle with it? If you do, how do you get out of it?
Imposter syndrome comes from a lack of self-confidence. Women too often judge themselves through the roles they play like mother, wife, friend etc. This means they judge themselves through the eyes of others. When we learn to be the best person we can be, we will see the rewards through becoming better in all those roles as well. The fear of criticism is pervasive in our society today…which is based on lack of self confidence or imposter syndrome.
Surround yourself with people who believe in you. They will hold you up on those days when your self confidence is lacking.
I still have those times when my confidence is not very strong, but I am surrounded by people who believe in me and rely on me and it helps me find my power and then stand tall in it.
Can you elaborate on your quote “Everything we do today creates our tomorrow.”
We are all where we are today based on the choices we made before today. If we want something different, something better in life, we simply need to start making different choices TODAY! The choices you make today will determine your tomorrow.
How do you mentally prepare for a big business venture or negotiation, which may include powerful men?
I do my research. I know who will be in the room and what roles they play (men or women) but more importantly I determine who is NOT in the room and what power they have in the decision. I will often go into town the night before and host them for dinner so I can better understand the individuals. It is amazing what you can learn in a less formal social environment.
In addition, I maintain my focus on what the benefits are for the other side instead of what is in it for me. And above all, I remind myself of my husband’s philosophy, “No deal is better than a bad deal!”
Do you have a morning routine that the Stellar Woman readers can learn from?
I remind myself every morning of my mission, what problem I am solving and what need am I serving. This takes the focus off of me and focuses it on the mission. It is so much bigger than I am and it gives me the inspiration to get the day going. I start by drinking a large glass of water, I read for 30 minutes to an hour and then I move onto my priorities for the day.
There’s a mindset revolution today that is creating a new energy for women. What is the future like for women?
Women are already dominating the majority of management positions in corporate America. They are already more than half the college graduates. Women are gaining confidence and will continue to make progress. We must stand in our own power but also recognize that when we work together with other men and women we will achieve the greatest success.
Could women supporting women or collaborations be the new approach to women’s business growth?
Absolutely! The power of association is vital to all success. When I first started my career, some women were not very helpful to other women who aspired to advance themselves professionally. But today I see a major shift in women supporting each other. Collaboration is the key to business growth whether you are male or female.
Finding a mentor will help you place yourself in the position of greatest potential.
Given all your years of experience, what are the key life success principles that you believe will take our readers to the next stellar level.
- Add value to someone’s life each and every day.
- Show gratitude to others.
- Find a problem to solve or a need to serve.
- Find a mentor.
- Buy, build or create income producing assets to create financial freedom in your life.
- Push yourself out of your comfort zone. When was the last time you did something for the first time?
Your personal success formula [(P+T) * A * A]+F = [(passion + talent) * Association *Action] + Faith. What does the multiplication mean and why do we have to multiply some aspects and just add others?
Your passion and talent are all about you as an individual. Your individual contribution can be multiplied and scaled through the power of association and taking the right actions to propel yourself forward. All of which is better when you have Faith in yourself, in what you are doing and that it will be successful. Having the right people around you will help fortify your faith in yourself and what you are doing.
You have attracted incredible opportunities like being part of the presidential financial advisory council and now producing books for the Napoleon Hill Foundation. How do you attract such amazing opportunities?
I have definiteness of purpose as described by Napoleon Hill and have maintained my passion as well as built my authority in the field. When you are fearful you tend to look down and miss opportunities. When you know your purpose and move forward with faith you are looking up and can more readily recognize opportunities waiting for you.
I launched the private group on Facebook, The Play Big Movement with Sharon Lechter to help people learn how to spot those opportunities and how you can position yourself to become the authority in your field, live your legacy and make maximum impact.
In your view, what has held women back and stopped them from achieving the Stellar Woman life they desire?
I believe women have not achieved the success they deserve because of lack of self-confidence, fear, and an attempt to do everything themselves.
It is vital to have the right people around you from having people on your team who are strong where you are weak as well as having a mentor who can open doors for you and help you conquer those fears and build your self-confidence.
How do you define failure?
A failure is a learning opportunity. Too many women allow a failure to define themselves. They carry the failure like a heavy sack of potatoes over their shoulders. I want them to see that a failure is an occurrence, not a definition.
Learn from it and move forward with your head held high.
Is it possible for women to have it all? If so, is there a formula to achieve this?
The last chapter of Think and Grow Rich for Women is called One Big Life. I do not believe in work-life balance because we are never balanced. But we spend precious time today worrying about what happened yesterday or what might happen tomorrow that we create drama in our lives. When we worry, we are praying for what we do NOT want…so instead, let’s adjust our mindset. Instead of focusing on what you do NOT want, focus on what you DO want. It is magical.
One Big Life is a philosophy that we all have multi-facets to our lives; our physical life, our spiritual life, our financial life, our family life, our community life etc. If we feel that one part of our life was neglected today, instead of feeling guilty, just make a different choice tomorrow.
“Realignment and feeling good are fundamental for progress.” Are you able to elaborate on this for the Stellar Woman readers?
There will be things that knock us off our course. If you have definiteness of purpose, it does not change. Many people today talk about pivoting, but if our definiteness of purpose does not change we simply need to recalibrate, readjust and then refire to continue moving toward our definiteness of purpose. Much like a sail boat knocked off course from its destination. The destination does not change but the captain recalibrates where they are, re adjusts the sails, and refires towards the intended destination.
Do you have a life Mantra?
“Why Not?” Why not do something different? Why not take the path less traveled? Why not solve a problem or serve a need? Why not you?
The play Big Movement – What is this about? What do the Stellar Woman readers have to do to join it?
I always played big during my career, aligning and associating with major players to help scale my messages. Almost 9 years ago, I tragically lost my youngest son and my life shifted into a world of numbness, living in neutral. I was still working but was definitely playing small. About 5 years ago I started thinking about retiring but got a lot of push back from my friends, family and fans. I could hear my son in my ear saying, “Get over it mom…there is more for you to do!”
So I decided to play big again… but to also share what I was doing to help others also play a bigger game. I launched the Facebook group, The Play Big Movement with Sharon Lechter and my podcast The Play Big Movement with Sharon Lechter. Both are free to join and listen to.
When I made the decision to play big again, a whole new world of possibilities opened up to me. I was featured in Think and Grow Rich the Legacy movie, as well as the World’s Greatest Motivators television series. I want that same world of opportunities and possibilities to open up for you.
As a role model for Stellar Women readers, what is your aspiration?
With the mission to add value to people’s lives every day, my cup of gratitude is filled each and every day. My wish is simply to continue providing hope and inspiration to others so that they can see and seek the success they deserve.
In your opinion, what are the key Stellar Woman attributes our readers should master?
Live with grace and confidence. Remember to surround yourself with people who want you to succeed and then lend a hand up to others seeking success as well.
Where do we see Sharon Lechter in the next 5 years?
I see myself continuing to write and providing tools for people to elevate their financial well-being. I have several new chapters about to launch…stay tuned!