Sharon Lechter - Pay Your Family First

Summary

Alysse Asaro welcomed Sharon Lechter, who discussed her business philosophy centered on solving a problem or serving a need, the "Power of Association" through partnerships with trusted brands, and the necessity for leaders to hire younger team members to stay ahead of changing business tactics. Lechter emphasized the importance of data-driven, measurable marketing, delegating complex tasks, and focusing on platforms like Instagram, Facebook, and LinkedIn to promote her core mission of elevating financial well-being. Lechter shared that a critical financial issue is chasing salary instead of building income-producing assets, which will be discussed in her new book, Old Wealth, New Wealth, True Wealth, which redefines wealth as time freedom and quality of life.

Takeaways

• Introduction and Business Philosophy Alysse Asaro welcomed Sharon Lechter, a five-time New York Times bestselling author and advisor to two US presidents, known for building and exiting global brands like the Rich Dad Company. Sharon Lechter's business approach centers on solving a problem or serving a need, which has guided them across multiple industries, including starting a woman's magazine and building the Rich Dad Company before the internet. Lechter emphasized the "Power of Association" as a constant principle throughout their career, involving partnerships with trusted brands like Disney and Sesame Street to gain consumer trust.
• Adaptation and Core Competencies in Business Sharon Lechter noted that while business tactics have changed significantly with the rise of the internet, the core principle of the power of association remains strong. Lechter stressed the importance for CEOs and leaders to stay ahead of the curve by hiring younger team members to leverage the latest technology and to continuously test messaging across different platforms, acknowledging that success requires discipline and grit. Lechter highlighted the necessity of not getting comfortable and paying attention to evolving consumer preferences, such as the shift from long-form content to short videos, and the declining effectiveness of platforms like Facebook ads due to algorithm changes.
• Data-Driven Marketing and Delegation Sharon Lechter advised that any marketing method must be measurable, and companies need to understand their data and metrics, cautioning against throwing money at advertising without tracking results. Alysse Asaro agreed, noting the challenge of explaining to clients that marketing is no longer a "set it and forget it engine" and requires testing and attention to distinct buyer behaviors, such as the difference between clients like Saks Fifth Avenue and Airbnb. Lechter also supported the principle of delegation, where business owners focus on their zone of genius and hire experts to handle complex tasks like conversion rates and data analysis in a constantly changing marketing world.
• Platform Focus and Future Plans Sharon Lechter shared that they are currently strong on Instagram, Facebook, YouTube, and podcast platforms, and are looking to increase their brand's presence on LinkedIn, while their team is also exploring TikTok due to the current political environment. Lechter stated that their core mission is to elevate the financial well-being of humanity, requiring them to be present where people are seeking financial help and offering affordable tools and resources. Lechter revealed that their passion for financial education stemmed from their own son's credit card debt in 1992, leading them to dedicate their professional life to simplifying complex financial subjects.
• Financial Education Philosophy and New Book Sharon Lechter highlighted that a major financial issue is that most people are chasing salary and income instead of building, buying, and creating income-producing assets. Lechter's tagline is "Assets are sexy," advocating for investing in assets like real estate, paper assets, and intellectual property that become economic engines. Lechter announced a new book, Old Wealth, New Wealth, True Wealth, coming out in January, which redefines wealth, distinguishing between traditional "Old Wealth," fast-earning "New Wealth," and "True Wealth," defined as getting back one's time and having assets work for them. Lechter emphasized that True Wealth allows for quality of life and time with family, contrasting it with those who focus solely on money and lose their relationships.