Ramit Sethi, author of the New York Times bestseller I Will Teach You To Be Rich and has become a financial guru to millions of readers in their twenties, thirties, and forties. He started his website, iwillteachyoutoberich.com as a Stanford undergraduate in 2004, and he now hosts over a million readers per month on his blog, newsletter, and social media.
I Will Teach You To Be Rich – Ramit’s book, I Will Teach You to Be Rich, Second Edition: No Guilt. No Excuses. No B.S. Just a 6-Week Program That Works.
3 Value Bombs
1) Use psychology against yourself. There are so many areas in life where we think we should do something, yet if you’ll look at your behavior, you’re probably not doing it.
2) The key is to stop waiting for the perfect idea and just look around at what’s going on. People who are successful entrepreneurs know how to seize opportunities.
3) Money is typically a thing of guilt and anxiety. Reframe the way you think about money.
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Today’s Audio MASTERCLASS: I Will Teach You to Be Rich, Second Edition: No Guilt. No Excuses. No B.S. with Ramit Sethi
[01:07] – Ramit shares something interesting about himself that most people don’t know.
- He placed last in the sit and reach competition in his class.
[02:21] – Why did Ramit decide to update his New York Time’s best-selling book?
- There are some things that do change. People like freshness.
[05:12] – Ramit talks about automating your personal finances.
- Use psychology against yourself. There are so many areas in life where we think we should do something, yet if you’ll look at your behavior, you’re probably not doing it.
- Most of us have been taught that money is a negative thing.
[09:29] – How do wealthy people treat their money versus everyone else?
- The way that we think about money in the United States is at best, confusing, and at worst, filled with lots of myths and lies.
- We idolize when people have become very wealthy, but they still spend like they have no money.
- The wealthy use money as a tool to solve their problems.
[12:45] – Start asking the $30k questions: How do I invest? How do I automate? How do I make money compound?
[14:44] – Why is today the time to create an online business?
- A lot of us have something that the world needs to hear.
- The most powerful thing now is that there’s a framework for how quickly you can start a business.
[17:30] – Ramit talks about using the demand matrix to come up with different business ideas.
- The demand matrix is basically a way to take an idea and plot it out to see how likely it is to succeed.
[22:07] – Ramit shares a story about an idea that he recently had that surprised even himself.
- He posted some videos from his parent’s house on Instagram, and a lot of people DM’d him asking if his mom is going to teach an Indian food cooking class.
- He posted an Instagram story where he asked people to send him an email if they’re interested.
- If he wanted to turn that cooking class into a 6-figure business, that could happen in about 6-12 months.
- The key is, stop waiting for the perfect idea and just look around at what’s going on. People who are successful entrepreneurs know how to seize opportunities.
[26:33] – What does Ramit have to say to those who think they don’t have a passion?
- Stop looking for passion. It’s not falling down from the sky.
- Once you start growing your business and helping people, you will become passionate.
- When you are waiting for passion, you are being self-centered.
[29:26] – Why is passive income not so passive?
- The key challenge here is going through the initial phase where you might not be making passive income upfront.
- Sometimes, people are better off making active income than passive income.
[32:59] – How can someone negotiate a raise in their salary?
- The correct way to do it is to send an email to your boss that you want to talk about how you can be a top performer.
- Lots of new tools are out there: financial tools, updated bank accounts and credit cards that Ramit uses, and he put together the playbook to help others see which credit cards and which perks he benefits from.
- There are tons of new insights on psychology and money.
[38:25] – Ramit’s parting piece of guidance
- Money is typically a thing of guilt and anxiety. So reframe the way you think about money.
- Get Ramit’s book I Will Teach You To Be Rich, Second Edition: No Guilt. No Excuses. No B.S. Just a 6-Week Program That Works.
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