I Will Teach You To Be Rich: Recent Episodes
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Ramit Sethi of I Will Teach You To Be Rich speaks with Mary and Harry, 57 and 62, who are approaching retirement while spending more than they earn […]
The post 273. “We Spend 139% of our Income and still fund our adult kids” first appeared on I Will Teach You To Be Rich.
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Ramit Sethi of I Will Teach You To Be Rich speaks with Nicole and Drew, 39 and 40, who are expecting their first child in just two weeks. […]
The post 272. “We own two houses, but can’t afford dinner out” first appeared on I Will Teach You To Be Rich.
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Ramit Sethi of I Will Teach You To Be Rich speaks with Sana and Arhem, both 27 and newly married. One month before their wedding, Arhem revealed that […]
The post 271. “He hid $30K of debt a month before our wedding” first appeared on I Will Teach You To Be Rich.
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Ramit Sethi of I Will Teach You To Be Rich talks to Mia and Jake, a couple in their late 30s and early 40s in a blended family […]
The post 270. “We’re sacrificing our retirement to pay for our kids’ college” first appeared on I Will Teach You To Be Rich.
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Ramit Sethi of I Will Teach You To Be Rich talks to Meg and Jo, a married couple in their 60s with more than $6 million in net […]
The post 269. “I want to retire, but my wife is too scared” first appeared on I Will Teach You To Be Rich.
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The financial principles from The Richest Man in Babylon, by George Samuel Clason, might be nearly 100 years old, but they’ve stood the test of time. These lessons on consistent saving, smart investing, and building wealth still hold up in today’s complex financial market. In this article, I’ll break down these timeless principles and show […]Source
Most people spot an opportunity and eliminate themselves before trying. They assume they won’t win and give up before the competition starts. In this article, you’ll learn how to win any competition you enter by breaking through mental barriers and using strategies that set you apart. Step 1: Don’t Let The Fear of Rejection Stop […]Source
Learning a new skill doesn’t have to take years of practice. In fact, you can get surprisingly good at almost anything with just 20 hours of focused effort. After speaking with my friend Josh Kaufman about skill acquisition, I gathered five powerful techniques that can help you master any skill in less time than you […]Source
How many times have you told yourself you’ll start working out five times per week, eat less processed foods, or commit to finding a side hustle, only not to follow through when you get tired? I’ve worked with my mentor, BJ Fogg, Stanford professor and author of the bestselling book, Tiny Habits, where we developed […]Source
If you’re one of the world’s biggest YouTubers like Mr Beast, you can take home around $50 million a year. However, most content creators who are making money from their content take an average of anywhere between $10-$500 per post. In this post, I’ll walk you through some of the top earning content creators based […]Source
Living in a multigenerational household has its own unique challenges. In this post, I’ll walk you through some practical tips you can use to navigate your finances in your family (whether you’re living with grandparents, adult children, or both) and I’ll share stories from my podcast guests who faced similar struggles that you can learn […]Source
Have a blended family? With varying money management styles, individual obligations like child support or alimony, and the desire to treat all children equitably, creating a cohesive financial plan can feel daunting. In this post I’ll break down several strategies (covering setting financial priorities all the way to investing for the future) you can use […]Source
Managing family finances can feel overwhelming, especially when juggling bills, savings, and long-term goals. But what if you could turn that stress into confidence by mastering a few key strategies? In this post, I’ll walk you through 7 essential strategies to help you take control of your family’s financial future like saving for a big […]Source
Ever wondered why you tend to spend or save the way you do? Or how budgeting can feel easy for some for you, but a nightmare for others? The truth is, our financial behavior is mostly driven by our money scripts – the unconscious beliefs about money that influence every decision we make, without us […]Source
“Money scripts,” coined by Brad Klontz, describes our unconscious beliefs about money, often developed in early childhood. Without understanding your money scripts, you may simply label yourself as a spendthrift or an overspender, but learning to understand these scripts helps us to better manage our financial wellbeing and navigate situations involving money more wisely. In […]Source
For nearly two decades, we’ve helped thousands of students live their richest lives by mastering their money, business, and careers. In this post, I’ll share frugal habits to save money without sacrificing what truly matters to you. These habits will empower you to say “yes” to what brings you the most joy and fulfillment. Living […]Source
Smart money habits are the consistent financial behaviors that help you build and grow your wealth over time. You can set yourself up for long-term success by making a few intentional choices. This post will explore 8 key smart money habits, their impact on your savings, and practical ways to implement them in your daily […]Source
Old money families have preserved their wealth over generations through specific habits and values that ensure long-term financial success. By adopting these habits, anyone can build and maintain wealth for themselves and future generations. In this post, we’ll explore 7 key habits of old money families and how you can use them to achieve lasting […]Source
Bad money habits are behaviors that quietly drain your wealth and keep you from reaching your financial goals. In this post, we’ll uncover seven common habits that might sabotage your finances and show you how to break free from them. 1. Impulsive spending Impulsive spending is one of the most common habits that can wreck […]Source
Most money advice is all about cutting back, but true financial success is about making smart choices and shifting your mindset. Top financial performers focus on what matters, take bold steps, and optimize every part of their financial life. In this post, we’ll cover 8 powerful money habits to help you start living your Rich […]Source
Yes, financial infidelity is grounds for divorce (in the at-fault states where that matters). In this post, we’ll cover everything you need to know and even take an in-depth look at a real couple dealing with the aftershocks of financial infidelity. Just a heads-up: this post isn’t legal advice, so be sure to talk to […]Source
Financial infidelity is the act of hiding financial information, engaging in secret financial transactions, or lying about money-related matters within a relationship. In this post, we’ll cover everything you need to know and explore some real stories from real couples. What Financial Infidelity Looks Like Here are some common forms financial infidelity can take: Secret […]Source
Want to make money without leaving your house? I’ve worked my entire career at home, and it’s just as amazing as it sounds. Whether you need a full-time gig or just some extra spending money, here are some ideas to consider: 1. Turn Your Spare Room Into Cash Got a spare room or two? Put […]Source
Unsure how to request vacation days? This post provides easy-to-follow scripts to help you ask for time off and address any potential objections from your boss. As a bonus, I’ve also included scripts you can use to request to work from home, and to request for an early departure on a working day. Script: Vacation […]Source
Pricing breakdown and hiring checklists for when you decide to hire your first copywriter.Source
A copywriter uses their words to get inside the reader’s head and get them to buy. Here’s a breakdown of what exactly they do and the skills needed to become one.Source
Want to turbocharge your debt payoff? Let’s start by putting more money back in your pocket every single month. In this post, I’ll show how trimming your monthly bills can uncover an extra $1,000 or more per year – cash you can immediately throw at your credit card debt. Method #1: Negotiating Negotiation skills are […]Source
Looking for inspiration that could spark your million-dollar business idea? In this post, we’re diving into eight unique business ideas that grew into multi-million dollar enterprises that are still around today! Some of these successful businesses started with concepts you’d least expect to succeed, meaning regular people like us can identify other future million-dollar opportunities […]Source
While ‘low cost’ and ‘high profit’ are subjective, this post will show you businesses you can start with as little as $50 or less (and some with nothing at all). You’ll notice all the ideas are all internet-based, so you won’t need much more than a website, if even. That means as a bonus, you […]Source
Managing your money doesn’t have to be rocket science, but it is a prerequisite for building your rich life. In this post, I’ll walk you through how to manage your money in 10 simple steps. Don’t worry about being perfect right now, even if you just start with Step 1 today, you’ll be in a […]Source
Becoming an entrepreneur is not about printing business cards or working from a beach sipping mocktails. There’s a lot more that goes behind the scenes with becoming a successful entrepreneur. Today I’m going to show you how to get started building an actual business in 3 simple steps. Table of Contents Step 1: Picking a […]Source
Do you dream of being a small business owner one day? Well, your ‘one day’ is today. Small business ideas have never been so widely available as they are now. Not only are millions of people opting for starting their own business after suffering from job-loss, but people are leaving their jobs every day to go out […]Source
You can’t put a price on love. At least that’s how the saying goes. And while that may be true, you can still put a price on services that help others findlove. Many have tried it — from matchmakers to dating coaches. After all, as long as people have beating hearts and yearning souls, there’s a market […]Source
Here’s everything you need to know about how to self-publish a book – from marketing to building a team to launch.Source
This past June, I celebrated a very special anniversary: Three years. Three years since I walked into my boss’s office and told him, “No, I do not want to be on the fast track to VP.” Crazy, right? Well, not really… When I’d taken the position as HR manager for a subdivision of a Fortune […]Source
In 1975, the pet rock sold 1.5 million units at $3.95 a pop. And even though it was a fad that lasted only 6 months, it made the inventor, Gary Dahl, a millionaire overnight. It’s one of those ideas so simple you think, “Man, why couldn’t I have come up with that?!?!” Most people will chalk […]Source
This is a bulleted FAQ on how to start a business. No joke. If you can think of anything to add, please do so in the comments below. I might be missing things. If you want to argue with me, that’s cool, too. I might be wrong on any of the items below. There are many […]Source
About Matteo:A 35-year-old software developer from Amsterdam, Matteo is the founder of iOS Foundations. He wanted to learn how to start an online business because he was tired of spending months and months (and countless hours) developing products that nobody was buying. How he used Zero to Launch:Matteo’s background in computer science lead him to believe […]Source
In 2012, Joyce Akiko landed her dream job right out of college. At least, that’s what she thought. Almost immediately she found out the work wasn’t a good fit. “From the outside looking in, everything seemed to be going great. I was doing what everyone expected me to do, but I wanted more meaningful work and […]Source
The first product I sold from my site was a $4.95 ebook called Ramit’s 2007 Guide to Kicking Ass. It’s pretty embarrassing to look at now, but from those modest beginnings I’ve grown IWT into a multi-million dollar business. It’s not magic. It’s math. Now, I’m going to pull back the curtain on how websites make money, using […]Source
I fell down at a bowling alley. The best part of this video is that, seconds before I fell, I literally walked over to my friend, said, “Record this,” and handed them my phone, like I was some world-champion bowler. I wanted to get the video of me taking down this spare so I could […]Source
Struggling with family that isn’t supportive of your life or your goals? We asked our readers to provide their experience on the all too common question, “How do you deal with unsupportive family members?” Here are a handful of our favorite answers. Table of Contents 1. Understand That Being Unsupportive Is Their Issue. Not Yours. […]Source
A great service business idea unlocks the door to unlimited earning potential. This isn’t hyperbole. Here at the ‘Lab, we’ve helped thousands of students earn between five and seven figures more by finding good service business ideas using skills they already had, resulting in a perfect match for them. In this post, I’m going to […]Source
Want to start your own business but aren’t sure how to get started? Entrepreneurship is an incredible way to build wealth and contribute to the marketplace. A good business venture opens the doors for: An unlimited earning potential Opportunities to share your passion with the world Flexibility in when and even where you work The […]Source
Fact: Taxes are confusing — and it doesn’t help that there are so many myths that swirl around the subject. It makes sense though. The subject is LOADED with heated beliefs and emotions. However, knowing how to separate fact from fiction is crucial to avoiding an audit and penalties, and making sure taxes aren’t a […]Source
The inverted yield curve is a graph that shows that younger treasury bond yields are yielding more interest than older ones. And it’s TERRIFYING for financial pundits all over the world. It’s a graph that could mean the difference between a thriving bull market or the downswing of a bear market. AND it’s been known to […]Source
David Domzalski was just beginning to process the ultrasound images of his first son when his wife told him that she wanted to be a stay-at-home mom. This meant becoming a one-income house, and that meant their debts would take longer to pay off. It also meant the young family would soon be house poor. House poor […]Source
Studies made up by me have shown the average entrepreneur spends 90% of their lifetime writing emails; with so much time spent writing emails, entrepreneurs should know how to write good ones without overused words and phrases… right? crickets That’s fine, because in this post I’m going to show you the absolute worst, cliche things […]Source
Sometimes it’s worth it to spend money. For example, what if you could buy time? Think about it. If you had an extra hour in your day, what would you do with it? Pick up a new hobby? Learn a new language? Find new ways to make money? What if you had two extra hours, […]Source
Ray Dalio’s All Weather Portfolio is supposed to be able to weather any economic season. Find out how to build your own All Weather Portfolio and automate your investment so you can protect yourself against worst-case scenarios. Source
Below is another book review installment from Rachel Stephens. Rachel is a 20-something financial analyst. In the 1926 classic, The Richest Man in Babylon, author George Clason shares a timeless set of principles for “those who are ambitious for financial success.” Billed as “the Bible of financial freedom,” Clason’s book unfolds its lessons through a […]Source
Not all startup ideas have to involve blockchain and selfie drones. Here are four kinds of products you can start building right now — no tech background required. Source
A good freelance portfolio is a crucial tool to your success as a freelancer. Heres our 5-step system to building one thatll bag you more money and clients. Source
Having spent nearly two decades guiding over 60,000 individuals on the path to their richest lives, I understand that running a successful small business is one vital part of that journey. Today, I’m sharing a curated list of 30 tried and tested tools for small business owners, from productivity and project management to marketing and […]Source
In 2024, staying on top of your money matters is more important than ever. That’s why I’ve handpicked the top 5 personal finance software of 2024, each designed to cater to different aspects of your financial journey. From user-friendly budgeting tools to comprehensive investment trackers, these software options are more than just applications – they’ll […]Source
I’ll be the first to admit that budgeting isn’t exactly fun. But if your budgeting method fills you with guilt, dread, and a sinking feeling every time you buy something, that’s a clear sign it’s not working for you. There’s so much more to budgeting than numbers in a spreadsheet. In episode 105 of my […]Source
Ramit gives you the very best budget help with an automated system. This is the alternative to typical budgeting. This is a system thatll last. Source
So you want to know how to make money on Instagram. Instagram is hot and lots of folks are making tons of money off it. I used to think the whole “Instagram influencer” thing was silly. How much money can you possibly make doing workouts and promoting protein shakes? A lot. You can make a […]Source
You may not get rich doing surveys for money, but if you’ve got free time, you can make some extra cash. There are a lot of perks to doing surveys: they can be done by anyone with an internet connection, and you can start and stop whenever you want. When looking for a side hustle […]Source
Valentine’s Day is around the corner. If you have an entrepreneur in your life, forget sexy lingerie, chocolates, flowers, and diamond necklaces. Nothing says, “I love you,” like a gift that says, “I support your crazy business venture despite sleepless nights, too much takeout, and not enough coffee left over in the morning.” I’ve handpicked […]Source
An individual retirement account (IRA) is an investment account that gives you amazing tax advantages for retirement savings. The two common types: Traditional IRA. This account allows you to invest pre-tax income. You’ll roll over your 401k into a traditional IRA whenever you leave a job. Currently, anyone younger than 70 ½ years old is […]Source
Selling stuff online is a fantastic way to pad your wallet. I’ve put together a list of 15 things you can sell today to start raking in the profits. From collectibles and clothes to electronics and equipment, there’s a market for just about everything. The key is knowing where to sell and how to price […]Source
Are you a college student thinking about your transition into the “real world”? An internship is a great way to get job experience that looks great on a resume while learning more about your field. But, how do you get started with finding and securing an internship? In this article, we’ll break down how to […]Source
What are some of the greatest rivalries out there? A few that probably come to mind: Muhammad Ali vs Joe Frazier Coke vs Pepsi Tupac vs Biggie Let me add in one of my favorites from the financial world: bull versus bear. No, I’m not talking about some ancient feud between two deadly animals (though […]Source
Becoming a fiscally responsible adult is possible at any age and stage of life. Whether you’re in your 20s and worrying about paying off student loan debt or in your 40s and wondering how to ramp up your retirement savings, better money management can help you achieve your goals. Becoming fiscally responsible is largely about […]Source
Before you can define success, you should make a list of what success looks like to you. This list should include definitions, examples, goals (both tangible and non-tangible), and steps you can take to realize these goals. This article will break all of this down for you because it can become quite overwhelming. Remember that […]Source
Mutual funds can be an option if youre looking for actively managed funds that are low risk and fairly diversified. When compared to index funds, though, theres a clear winner. With mutual funds, you have to pay a higher expense fee. Thats because the fund is actively managed by fund managers. But with index funds, […]Source
Are you earning enough money? If you’re like most Americans, you probably feel like you’re not. You may also feel like you don’t have enough in the bank, that your cost of living is rising, and that it’s harder to make ends meet lately. Now more than ever, amid economic uncertainty and rising inflation, it’s […]Source
According to the US Department of Labor, the minimum age of employment is 14 years old (for non-agricultural jobs). There are certain hours restrictions for youth under the age of 16 and hazardous work restrictions for anyone under the age of 18. With that said, these refer to full-time and part-time employment positions at businesses. So […]Source
Buying a house is one of the biggest financial decisions most people ever make. So, it’s no surprise that there are a LOT of misconceptions around this major life milestone. A few common myths include: Renting is throwing money away because you don’t own a house! Houses are a good investment because they build equity. […]Source
You’ve probably had a parent or teacher ask you, “If your friends jumped off a cliff, would you do it too?” Of course not! That’s insane. You’re a strong and independent free-thinker. Why would you do that? …but what if your friends weren’t jumping off a cliff? Instead, what if they’re all buying the latest […]Source
Being put on a Performance Improvement Plan (PIP) can feel like a kick to the gut, especially if it feels like it came out of the blue. However, in most cases, it’s not a surprise. It usually comes after an employee has been struggling in their role or with some other issue at work. If […]Source
Many of us have dreamed of the potential of early retirement or FIRE, but it can be overwhelming to figure out how you might sustain yourself as you move into this new phase of your life. Luckily, there are many options. Aside from saving the amount you need to retire, you can also leverage several […]Source
Money should not rule our lives but be a tool to help us reach our long-term goals. Wouldn’t you agree? Many artists would. They’d rather spend their time honing their skills instead of wondering how to make money as an artist. But cash is king. It’s popular to assume that making money with art doesn’t always assure financial […]Source
It might sound outlandish, but it is possible for you to make money with nothing but your phone. Below, I’ve listed the best advice for how to make money on your phone. To be clear, you’re not likely to get rich (at least not quickly) with these methods. We did put together the options that […]Source
Learning how to make money blogging might be your first step to: Financial freedom Working from home Quitting your day job Escaping the 9-5 If you do it right, blogging is a fantastic way to make money to supplement your income or rely on it entirely. There are plenty of systems out there that allow […]Source
It’s Tuesday at 10 AM and you’ve already had your first cup of coffee. You’ve also finished some hairy morning tasks ahead of schedule and now you’re embracing that brief moment of chill. So what do you do? You shop. Online. Amiright? So if you’re doing it, there’s a good chance someone else is doing […]Source
Whether you’re tackling the bite of inflation, gunning for big financial milestones, or just aiming to upgrade your lifestyle, there are practical ways to ramp up what you earn. I’m Ramit Sethi, author of I Will Teach You To Be Rich and host of How to Get Rich on Netflix. I’ve tested a ton of […]Source
Business growth doesn’t just happen. It involves an intentional process laid out and executed strategically. If you’re unsure about how and where to start with your business growth, I’ve got you covered. I’m Ramit Sethi, New York Times bestselling author and entrepreneur, and I’ve helped thousands of businesses grow sustainably. In this guide, I’ll walk […]Source
You’ve been told that professional growth happens through endless grinding and incremental steps forward. But what if I told you there’s a better, faster way? I’m Ramit Sethi, and I’m here to share my philosophy on achieving meaningful career advancement—a philosophy rooted in going for big, bold wins rather than getting nickel-and-dimed with minor achievements. […]Source
Building strong website traffic isn’t easy—it takes effort over time. But the rewards make it worthwhile. As someone who started with nothing and built a successful multi-million dollar business, I know the value of this process. Having an online presence is critical these days, no matter what kind of business you run. More traffic equals […]Source
With the rise of remote work, more people than ever are ditching the daily commute to their 9-to-5 in favor of greater flexibility and work-life balance. If you’re looking to earn some extra cash on the side without being tied to an office, a part-time remote job could be the perfect solution. These days, you […]Source
Whether you're battling credit cards or student loans, I'll show you how to pay off your debt fast with the 5-step system from my NYT best-selling book.
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The post 4 Ways to Get Out of Debt Fast (+ mistakes to avoid) appeared first on I Will Teach You To Be Rich.
How to ask for a favor in 5 steps Consider how your favor impacts them Ask with the expectation that your favor will be granted Don’t lie Hold on to your power Be very specific about what you’re requesting New to IWT? Watch founder Ramit Sethi on Netflix Get the NYT-Bestselling book Check out the […]
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I know, I know. You’ve been told you’re “throwing money away on rent.” Someone in your life made you feel guilty for not buying a house and building equity. And let me guess: They said something like, “Ugh, I just hated paying someone else’s rent!” There’s just one problem: It’s not true. First, let me […]
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Email marketing remains a powerhouse for engagement and growth, a fact underscored by my over 800,000-strong subscriber base at I Will Teach You To Be Rich. The primary challenge in email marketing is ensuring your messages are compelling enough to stand out in crowded inboxes and prompt readers to take desired action. To achieve a […]
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Finding a budgeting system that fits your needs is a must for effective financial management. The right spreadsheet, including budget spreadsheets, and budgeting technology can help you create and track your financial budget, emphasizing their effectiveness in managing personal finances through tracking income, expenses, and spending habits. There’s no need to invest big bucks in […]
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Every year, my wife and I sit down for a few hours to review our past year and plan for the next. We talk about what went well, what we would change, and then we plan for the upcoming year. We get to share our favorite photos, we get to dream, and then later tailor […]
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It seems like everyone wants to be a YouTuber these days. And honestly, I can’t blame them. When you look at what some creators are making to tell people to “smash that like button”, it definitely can look like a promising path. But as someone who actually makes an income from YouTube (my channel has […]
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Buying a house has been sold as a major part of the American Dream, but for many people, it doesn’t make sense for financial or lifestyle reasons. While there are some good reasons to buy a house, it’s important to examine your particular reasons before you make one of the biggest financial decisions of your […]
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Will you become the next Steve Jobs, Bill Gates, or Jeff Bezos? When you think about Apple, Microsoft, or Amazon, you can’t help but feel that the ONLY way to have a successful online business is by starting the next mega software company. But, of course, it’s definitely not the easiest type of business to […]Source
As the world becomes more connected and digital opportunities appear everywhere, the dream of starting an online business has taken center stage. The digital landscape not only makes an online business super easy to start, it also allows you to reach a huge customer base and operate with reduced costs compared to traditional brick-and-mortar businesses […]Source
Even if you’re content with your day job, you’re likely to have a passion outside of work that brings you immense satisfaction and joy. You may have even thought about turning that passion into something that could make you money. Transforming your passion into a thriving business, however, isn’t just about making money; it’s about […]Source
We all know the myth of eCommerce moguls and software wizards: they all started with an idea, a garage, and then poof — overnight success! This gets you raring to get started on your online business journey because it probably makes you think, “It’s not that hard… right?” But let’s be real. Building an online […]Source
Whether you’re looking for a side hustle to supplement your income or dreaming of a full-fledged online empire, the Internet has opened doors to an almost unlimited choice of online businesses you can start right now. In this post, I’ll break down the various types of online businesses and present you with profitable examples of […]Source
This is part of our series on IWT’s 4-Day Workweek Challenge, where we take you behind the scenes to show what it’s like for us as we test out a compressed work schedule. The post you’re about to read is written by Tony Ho Tran, a professional journalist for The Daily Beast and a former […]Source
This is part of our series on IWT’s 4-Day Workweek Challenge, where we take you behind the scenes to show what it’s like for us as we test out a compressed work schedule. The post you’re about to read is written by Tony Ho Tran, a professional journalist for The Daily Beast and a former […] Source
This is part of our series on IWT’s 4-Day Workweek Challenge, where we take you behind the scenes to show what it’s like for us as we test out a compressed work schedule. The post you’re about to read is written by Tony Ho Tran, a professional journalist for The Daily Beast and a former […] Source
This is part of our series on IWT’s 4-Day Workweek Challenge, where we take you behind the scenes to show what it’s like for us as we test out a compressed work schedule. What you’re about to read is written by Tony Ho Tran, a professional journalist for The Daily Beast and a former copywriter […] Source
This is part of our series on IWT’s 4-Day Workweek Challenge, where we take you behind the scenes to show what it’s like for us as we test out a compressed work schedule. The post you’re about to read is written by Tony Ho Tran, a professional journalist for The Daily Beast and a former […] Source
Are you tired of online business ideas that fizzle out before they even get started? Well, you’re in luck because we’ve got the top 10 most successful businesses to start in 2023 — And we’re not just pulling these out of thin air! These recommendations are backed by statistical evidence from multiple reliable sources, including […] Source
Want to sell digital products but are currently spoilt for choice (and not in a good way) in terms of what you want to sell and where you’re selling it? We get it — sometimes, too many good options can confuse you even more. So, rather than drowning you in hundreds of best-selling digital products […] Source
You know what they say about daily pay — it’s usually tied to those mundane daily wage jobs. But what if I told you there’s a world of easy-to-start, legit online businesses that can put money in your pocket every single day? Yes, you heard that right! If you’re looking for a promising online business […] Source
Picture this: You wake up, check your email, and find a notification that you’ve made multiple sales overnight while you were peacefully sleeping. Sounds like an actual dream come true, right? Well, it’s not just a fantasy — it’s the reality of thousands of successful online entrepreneurs who have tapped into the goldmine of profitable […] Source
You’ve always dreamt of starting your own business, but, there’s just one problem – you have no business ideas! Don’t worry; you’re not alone. I get this problem all the time from aspiring entrepreneurs. And my response is usually, “The idea might be sitting right in front of you”. Stepping out of your comfort zone […] Source
Let me share a personal story. I remember when I first contemplated starting my online business. I was working in a regular nine-to-five job, while I dreamt of being my own boss, the thrill of bringing my ideas to life, and the opportunity to make a real impact. Yet, I felt stuck and overwhelmed by […] Source
Do you have a knack for helping others succeed? Have you spent years honing your expertise in a specific field or niche? If you answered yes to both questions, you should consider starting your own consulting business. Whether you are in between jobs or just looking for a change, there are plenty of reasons to […] Source
Do you want to know how to become an influencer and make money on social media? You’ve come to the right place! With the explosive rise of influencer marketing, there’s never been a better time to jump into the spotlight and turn your passion into a profitable career. So, if you’re ready to uncover the […] Source
This is part of our series on IWT’s 4-Day Workweek Challenge, where we take you behind the scenes to show what it’s like for us as we test out a compressed work schedule. The email you’re about to read is written by Tony Ho Tran, a professional journalist for The Daily Beast and a former […] Source
Some of you really believe that rich people have access to “secret” investments that get incredible returns. Look! 81.7% of people believe that. Well, I’m rich, and I have access to those investments, and unfortunately, 81.7% of people are wrong. Read on to learn why rich people DON’T have access to some secret investment that […] Source
This is part of our series on IWT’s 4-Day Workweek Challenge, where we take you behind the scenes to show what it’s like for us as we test out a compressed work schedule. The email you’re about to read is written by Tony Ho Tran, a professional journalist for The Daily Beast and a former […] Source
This is part of our series on IWT’s 4-Day Workweek Challenge, where we take you behind the scenes to show what it’s like for us as we test out a compressed work schedule. The blog post you’re about to read is written by Tony Ho Tran, a professional journalist for The Daily Beast and a […] Source
Podcasting can absolutely make you a ton of money–as long as you know which strategies to implement. In this post, I’ll guide you through some of the best ways to monetize your podcast effectively. I’ll also share my personal strategy for making a living off your podcast, and the best part is, it doesn’t require […] Source
These days, it seems like everyone wants to start a podcast. You put 100 people in a room and I guarantee at least 98 of them are selling their friends on recording their “amazing” conversations. Listen, rambling into a microphone is not a secret hack to riches. It takes a lot more work than people […] Source
Instagram can absolutely be a great tool to make money–if you know how to use it. Most people choose the route of being an influencer. You know, the wildly attractive people who get paid to pretend they like the product they’re pitching you. But this is only one way to make money off the platform. […] Source
Podcasting is more popular than ever. So much so that if you put 100 people in a room, 99 of them have at least thought about starting their own podcast. However, even though there are plenty of podcasts available now. A vast majority of them don’t make any money (some are even in the hole). […] Source
This is part of our series on IWT’s 4-Day Workweek Challenge, where we take you behind the scenes to show what it’s like for us as we test out a compressed work schedule. The email you’re about to read is written by Tony Ho Tran, a professional journalist for The Daily Beast and a former […] Source
This is part of our series on IWT’s 4-Day Workweek Challenge, where we take you behind the scenes to show what it’s like for us as we test out a compressed work schedule. The email you’re about to read is written by Tony Ho Tran, a professional journalist for The Daily Beast and a former […] Source
When I started IWT, I had a big goal: Build a company that lets me work with only people I respect and like. Doing so helped me build a workplace with some of the most creative and talented people I’ve ever met — and teach hundreds of thousands of students how to create their Rich […] Source
Being able to work a job that pays well and only requires you to press a few buttons sounds like a dream. But unfortunately, such a job doesn’t exist. While you might not be able to earn 6-figures as a professional napper, you can find a profession that matches your temperament and feels a lot […] Source
Whether you’re looking for your first job or switching careers, it’s possible to land that job you’re after no matter how sparse your resume is. You don’t have to offer free labor, go back to school, or rely on the generosity of others, either. If you’re willing to put in the effort, these methods can […] Source
If you have a job (like most people), you must have asked yourself at some point “When should I ask for a raise?” and “How much of a raise should I ask for?”. In this post, we’re going to show you how to find your exact asking number. We’ll even walk you through multiple scenarios […] Source
Finding a remote job doesn’t only have to be a dream – you can make it happen right now! In this article, we’ll be covering the three BEST remote job board sites along with 31 extra specialty sites that we’ve searched the web for which can take you closer to finding your dream remote job. […] Source
Your manager is either your greatest friend, or your biggest obstacle. No matter where your manager stands on this spectrum, getting feedback from them is going to be a valuable resource for your professional growth so this is something you should be doing consistently at work if you want to get more promotions and raises. […] Source
Internships provide valuable experience and can be an excellent way to get your foot in the door. In fact, internship experience is the key factor in tough hiring decisions. But before you can gain some internship experience, you first need to get the internship. Internship interviews can make or break your chance to secure an […]
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An exit interview should be conducted when an employee leaves a company or organization. Exit interviews are valuable for both employers and employees. As a business owner or team leader, you can gather useful information about employee experiences from an exit interview and ascertain why a staff member is leaving the business. Exit interviews also […]
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If you’re looking for some help and guidance in your career, then seeking a mentor can be an excellent way to do this. Mentorship provides a lot of benefits, helping you to develop both professionally and personally, allowing you to build your confidence and reach your full potential. We’re here to help you get the […]
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The executive summary is a critical part of any business plan, report or project. A summary of the main points, findings and recommendations of a longer business plan or proposal, the executive summary should be detailed but concise. It is crucial to write an effective, impactful, clear and convincing executive summary for your business plan […]
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There are close to 600 million people today who classify as an entrepreneur. This is a type of business where you’re responsible for keeping your own records and handling your business finances. If you use a vehicle to get around at any point in your line of work, you are eligible for being partially reimbursed. […]
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The prospect of exploring the world while still progressing your career has appealed for many years. However, thanks to the digital age and increased accessibility, travel jobs are more attractive than ever. Studies show that 55% of people want to travel more frequently. Travel jobs are the perfect way to facilitate this. However, anyone wanting […]
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Asking for a salary increase is something that many workers fear despite the clear signs that they deserve it. One of the main reasons is that they simply do not know when to ask for a raise or how to approach a potentially difficult subject. However, the average salary in the US currently stands at […]
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So, you have been invited to a job interview. That’s great news! Your potential employer has obviously seen something in your resume or application form that gives them cause to consider you for a job. Of course, that job you have applied for isn’t yours for the taking just yet. You still have to prepare […]
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Starting a new job is an immensely exciting time in your life, and you will naturally have high hopes that it will be the beginning of something truly special. Unfortunately, there is always a possibility that the dream job will quickly turn into a nightmare. If this has happened to you, quitting a job you […]
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I recently got an article published on The New York Times. That’s a pretty big deal for any writer, so you can bet your ass that I celebrated with confetti and a dance that looked kind of like this: Jealous of my moves? I would be too. “You’re killin’ it!” a friend later said […]
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In our research of over 5,000 people, we found that the #1 barrier to making more money was, by a huge margin, finding the right idea. In this post, I’ll show you the first step of identifying, testing, iterating, and validating your ideas to virtually guarantee that you’ll make more money to live a richer […]
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How Long Will it Take to Double Your Money? This is a very good question. It is probably one of the most important questions to ask yourself when you have some disposable income saved up. So don”t worry, we will answer this question right now! The Rule of 72 is a fast trick you […]
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Are you a stay-at-home mom that would like to earn an income? With 30% of mothers choosing to work inside the home, the availability of flexible and fast-earning freelance jobs has had to increase to meet demand. This article will advise how to prepare, search for and find the best legitimate freelance jobs as a […]
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In this comprehensive guide, I’m going to talk about the pros and cons of buying a house in a recession, so before you make any decisions, you’ll want to read this first. Hi, Ramit Sethi here, entrepreneur, personal finance adviser, and founder of IWT, and I’m here to talk to you about an important […]
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Let’s face it – who enjoys a job interview? Interviews can be daunting, but they’re usually a necessary part of getting a job. They’re a chance for potential employers to find out more about you and decide if you’re suitable for the job, but they also give you a chance to find out more about […]
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Being a solopreneur is a unique and rewarding experience, but it also comes with its own set of challenges. As a solopreneur, you’re responsible for everything from product development and marketing to customer service and accounting. To succeed, you need to be self-motivated, resourceful, and adaptable. In this blog, we’ll explore what it means to […]
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Hi, Ramit here. Thanks for signing up and taking the next step on your journey to launch a successful online business. This brainstorming checklist is different than most because it will help you create a list of highly profitable business ideas and teach you how to quickly filter out the ideas where there is no […]
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Headlines like “Oprah’s favorite things!” or “Tech gifts for gadget geeks!” have been popping up in your Amazon sidebar for weeks, all of America’s malls are playing “Jingle Bell Rock” on repeat, and your niece just sent you an email with the subject line “WISHLIST — ALL ITEMS HIGH PRIORITY.” That’s right. It’s the holiday […]
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I decided to start reviewing some books that I read, and the first one up is Rich Dad, Poor Dad. I’ll do books on personal finance, entrepreneurship, and whatever else I think is cool. (If you have books you like, let me know.) Speaking of books, you can download the first chapter of my New […]
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Deciding on a freelance hourly rate can be nerve-wracking — especially if you’re a beginner freelancer. You don’t want to charge too much and lose potential clients. On the other hand, you don’t want to undersell yourself and lose out on potential profits. So what’s a new freelancer to do? Luckily, there are three proven systems […]
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The Best Time of Year to Buy a Car: At A Glance
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If you’re looking for a new investment account, or you’re brand new to turning your money into more money, a hedge fund is no doubt an option you’ve come across. But what is a hedge fund, you ask? Can anyone invest in one or is it just for the bigshots on Wall Street? We’ll clear […]
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Independent contractor taxes can be a bit tricky if you’re used to filing a traditional 1040 form like most “regular” full-time employees. As with most taxation, there’s a lot of confusion (and even deception) around the topic. That’s because, when you’re a sole proprietorship, business owner, or self-employed individual you’re taxed differently than when you’re simply an […]
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Do you know what tax deductions you qualify for? Most people qualify for some kind of tax deduction, and every deduction is perfectly legal and encouraged by the IRS. Claiming tax deductions could increase your tax refund by hundreds or even thousands of dollars, simply by following the rules set out by the IRS when […]
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62% of respondents from our recent “Is your job toxic?” survey reported they dread going to work on Monday morning, a feeling Ramit has dubbed the “Sunday Scaries.” If you’re feeling underwhelmed, under-appreciated, and sick to your stomach every time you get up to go to work, you might be stuck in a toxic work […]
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Let’s be honest. Nobody really loves managing their money. I’d rather be using my money, like by taking a food tour in Tokyo or a weekend ski trip with friends. Basically, I’m always on the lookout for ways to spend less time and get better results. I’ve taken pains to research investments that don’t take […]
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It’s no secret that money talk is considered taboo, even in modern times. You’re more likely to bump into a neighbor and get into a heated discussion about the latest in politics. Or to a good friend, divulge some personal things you and your partner discovered on the romantic front. But money? Nope, no. Heck […]
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If you’ve ever asked yourself “How does a 401(k) work?”, this post is for you. But first, how would you like free money? That’s not a trick question. For millions of people, free money is up for grabs right now. But they leave it on the table with every paycheck because they don’t truly understand […]
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Are you the type of person who desperately wants to improve your social life and make new connections, but just can’t seem to break out of your shell? Let’s talk about how to not be shy. If you’re familiar with Ramit’s story, then you know he’s been in that exact same place. Although he may […]
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Key Takeaways: How to Start a Blog Find a niche and post consistently to see the best results. Get hosting and choose a blogging platform. Focus on quality, longer-length posts. Optimize your blog for things your readers search for. Use your content to build authority and monetize services. Promote your content on social media and […]
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For most teens, the COVID-19 pandemic has thrown a wrench in their part-time employment plans. Fortunately, just because you’re still in school doesn’t mean you can’t work remotely, and online jobs for teens are now more common than ever. There are many different online jobs that would work for teenagers, but we looked specifically for […]
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There’s really only one way to save money. You have to spend less than you earn. It’s a simple formula. What comes in must be less than what goes out. For most people that means cutting back on lattes and going out less, which is why people hate budgeting and struggle to stick with it. […]
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The Federal Reserve reports that the average college graduate has around $35,000 of student loans—and those of you carrying such debt may find it an impediment to achieving your Rich Life. But the surprisingly good news is that student loans were probably an excellent financial decision. We’ll look into the reasons why in this article.
Statistics clearly show that college graduates far outearn those with only a high school diploma. (That said, you should take responsibility for researching college majors and their average salaries.) Please don’t listen to the pundits who have jumped on the bandwagon of saying student loans are “evil” and you should skip college. God, if I hear this nonsense one more time, I’m going to jump up and beat someone with an onion. (That way it’s unclear why they’re crying.)
I used to have anxiety wondering how I would ever be able to pay off my student loans, have savings, and have a retirement plan. Now my student loans are almost entirely paid off, I have savings account (plural), have two retirement accounts, and have no stress around those things. I have all of it automated, and I know how much money comes in, where it goes, and how much goes out.
—DEANNA BEATON, 30
Investing vs. Paying Off Student LoansIt can be difficult to hear the drumbeat of “Invest early!” when you’re scrambling to pay $500 or $1,000 toward your student loans each month. But when it comes to paying down your loans or investing, you really have three choices:
■ Pay the minimum monthly payment on your student loans and invest the rest.
■ Pay as much as possible toward your student loans and then, once they are paid off, start investing.
■ Do a hybrid 50/50 approach, where you pay half toward your student loans (always paying at least the minimum) and send the other half into your investment accounts.
Technically, your decision comes down to interest rates. If your student loan has a super-low interest rate of, say, 2 percent, you’d want to pursue option one: Pay your student loans off as slowly as possible, because you can make an average of 8 percent by investing in low-cost funds.
However, notice I said “technically.” That’s because money management isn’t always rational. Some people aren’t comfortable with debt and want to get rid of it as quickly as possible. If having debt keeps you awake at night, follow option two and pay it off as soon as possible—but understand that you could be losing lots of growth potential just so you can be more comfortable.
My Ultimate Advice I recommend you take a close look at option three, and here’s why: The interest rate on most student loans these days is similar to what you’d get in the stock market, so frankly your decision will be a toss-up. All things being equal, the money you stand to make by investing is about the same amount that you’ll pay out in interest on your student loan, so basically it’s a wash. It won’t really matter whether you pay off your student loans or invest, because you’ll get roughly the same return. Except for two things: compound interest and tax-advantaged retirement accounts. When you invest in your twenties and early thirties, you get huge benefits from compound interest. If you wait until you’re older to invest, you’ll never be able to catch up on those earnings. Plus, if you’re investing in tax-advantaged accounts like 401(k)s and Roth IRAs, you’re getting gains from tax benefits. That’s why I would consider a hybrid split, paying off your debt with part of your money and investing with the rest. The exact split depends on your risk tolerance. You could choose a fifty-fifty split to keep things simple, but if you’re more aggressive, you’ll probably want to invest more.
Creating a bright financial future starts nowAs you start on the path toward becoming a fiscally responsible person, you’ll have a lot of learning to do. There are many resources to help, from our “I Will Teach You to Be Rich” book to spending tips, retirement guides, and more.
Continue to read up as your knowledge expands. The financial freedom and peace of mind that smart financial planning brings are great motivators. Your future self will love you for it.
Download the first chapter of I Will Teach You To Be Rich below and learn how to take control of your finances for good.
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Investing vs. Paying Off Student Loans is a post from: I Will Teach You To Be Rich.
Sometimes it feels like a never-ending cycle.
Pay for Facebook ads (or Instagram ads or sponsored tweets or YouTube ads), watch your traffic get a bump, close a few sales, repeat.
Or maybe you’re working hard at creating YouTube videos and posting perfect Instagram pictures. Maybe you’re getting a ton of traffic from Pinterest. You spend hours crafting content, picking the right descriptions, and filling in all the meta-data. And it works. Traffic is coming in — and so are the sales.
Then your third-party platform hits you with an algorithm update.
Whether you’re paying for ads or just smart about how you post your content, an algorithm change shakes up the entire game. And just like that, your traffic is gone and you have to figure out how to replace all those leads.
Whose platform are you building, anyway?While building your following on third-party platforms can be a way to drive traffic to your website and covert sales, the reality is that every time you put content elsewhere, you’re building someone else’s business.
If you’re spending time and energy on YouTube, for instance, and that’s where your best content lives, you’re interacting with your community and potential customers on someone else’s terms.
“You don’t have control over someone else’s platform,” says Ashley Patrick, a money coach and founder of Budgets Made Easy. Patrick sells a workbook and an e-book on her website, and she finds that selling from her own email list is more effective than just hoping for conversions from third parties.
“I have control over my sales and my content,” says Patrick. “I can set up automations and know my content will be reliably delivered.”
When you spend time on a third-party platform, you don’t know for sure that potential clients will see your posts. And, even worse, if an algorithm changes, or if your channel is demonetized for some reason, you could lose everything.
And never forget — what constitutes grounds for demonetization or banning or anything else is entirely in the hands of the platform owner. You can appeal or complain, but the bottom line is that you’re at their mercy when using their platform to grow your business and you rely on them for your sales leads.
Cut the middleman by using your email listRather than selling from a third-party platform, concentrate on leaning into your email list.
“Almost all my money comes from selling to my email list,” says Patrick. While she uses other platforms to help her grow her list, she’s working on moving away from them.
Patrick doesn’t rely too heavily on one platform, and she feels like even if there was an algorithm change with one of the social media platforms she uses, it wouldn’t make a huge impact on her bottom line. “I’m doing things beyond using other platforms to grow my community and my list, so I could weather algo changes,” she says.
Your email list is a more reliable way to reach people for three main reasons:
- You own the listIf you’re kicked off Facebook or some other platform, all of a sudden you don’t have access to your followers. You have to start from scratch.
Your email list, though, is yours. You always have access to the list, and you can always reach those on it. No one can take it away from you. When your business experiences setbacks, you can still turn to your list.
- You’re in control of how and when customers see your contentWe’ve all been there. Scrolling through Instagram, only to see a friend’s post for the first time several days after it was posted. When you rely on others’ platforms, you can’t control when your customers see your content, or even how it appears.
Through email marketing, you’re in control. You design the emails, approve the content the way you want it, and decide when your customers see it.
Sure, there are tools to help you schedule social media posts, but there’s no guarantee those tools won’t be banned by the platform, or that something in the presentation will change. Set up a funnel or schedule a promotion — it’s entirely up to you.
- Algorithm changes don’t affect your emailLiving at the mercy of an algorithm is the worst. You think you have the system down, it works like a charm, you’re making money and reaching the right customers. Then an algorithm change comes along and destroys all your hard work. You either have to pay more for different ads, or you start all over again learning the algorithm (and even then it isn’t an exact science).
With a solid email marketing strategy, though, you don’t have to worry about what the social media platforms are doing with their platforms. Because your email list is full of people who want to hear from you, there’s a better chance that your sales will be consistently high. You’re going directly to your customers, without the worry of a middleman who could change the game at any second.
Email marketing best practices: creating a funnel that works for youRather than wasting your precious time and energy trying to crack the latest social media platform’s code, says Steve Chou, a successful e-commerce business owner and marketer, and the founder of My Wife Quit Her Job, it makes more sense to develop a workable funnel.
“Most sales require at least eight touch points,” says Chou. “You can’t guarantee eight touches from someone on social media. You can’t even guarantee your followers will see one post.”
Chou makes use of a variety of tools as part of his email marketing strategy to encourage people to enter his funnel. He uses webinars to sign people up for his email list, and then provides good content that keeps them interested. His prospects are at a point where they are looking for what he has to offer — and they’re more willing to buy as a result.
“Random traffic from a social media platform just isn’t as high quality,” says Chou. “An effective sales funnel can increase your conversion rate well beyond what you’d get for cold traffic from a third-party platform.”
When creating your funnel, there are six essential questions you should ask yourself:
- Are you offering something compelling?
- Does your funnel fit your offer?
- What story does your funnel tell?
- Is your funnel persuasive?
- Can you bring your reader on an emotional journey?
- What content belongs in each email?
Trying to build a funnel like this on someone else’s social media platform just isn’t as effective. Some of the most effective emails are long and tell a compelling story that encourages the reader to take the next step.
Stop chasing algorithmsNow is the time to stop chasing algorithms and focus on building your email list. Rather than hoping that today’s hot platform will be here — and send quality leads — tomorrow, create something you know will still be around.
Your business is too important to leave up to third-party platforms. Take control of your business, grow your email list, and watch your revenue grow.
Sell from your own platform to algorithm-proof your business is a post from: I Will Teach You To Be Rich.
“To Whom It May Concern” has traditionally been used as a formal salutation in cover letters and other business correspondences.
It’s been around for decades, so odds are that you’ve seen it in one form or another. These days it’s overused (and sometimes misused) by people all over the world.
Salutations are your first impression with hiring managers or potential business leads. The wrong choice can make them feel like you haven’t researched the position, and a great one can set the tone for a great relationship.
By reading this article you’ll know exactly when to use “To Whom It May Concern” and when to avoid it like the plague. Plus, we’ll even throw in some handy alternatives you can use next time you’re on the fence.
Table of contents* Why people use “To Whom It May Concern.” * When to use “To Whom It May Concern.” * The correct way to use “To Whom It May Concern.” * When to avoid using “To Whom It May Concern.” * “To Whom It May Concern” alternatives.
Let’s get started!
Why people use “To Whom It May Concern”People use “To Whom It May Concern” in business letters when they don’t know who the recipient of the letter will be.
When we meet someone (especially for the first time), we say a greeting before anything else. Since a salutation is a greeting, it is highly recommended in business letters.
Letters without salutations may be perceived as too abrupt, creating a bad first impression.
However, saluting the would-be recipient of your letter is trickier when the person’s identity is unknown. For example, you won’t know whether to address your letter to the Hiring Manager or the Human Resource Manager. Or whether to address it to a Sir or a Madam.
Thus, when the recipient’s identity is unknown, there is the risk of addressing the letter to the wrong person.
The “To Whom It May Concern” salutation was created to solve this problem. “To Whom It May Concern” is a generic salutation that can be addressed to anybody reading the letter.
Is it outdated/ old-fashioned?“To Whom It May Concern” is now seen as an outdated salutation in professional correspondence. This is because it is now easier to find the identity of the person you are writing to.
Before the digital age, it wasn’t easy to know the names and roles of specific people at companies and organizations. “To Whom It May Concern” was developed at that time.
People generally had no issues with the “To Whom It May Concern” salutation in those days. They knew that, despite your best effort, finding people’s contact information was difficult.
However, computer technology now makes information readily available to anyone. Today, finding any information depends on how hard you are willing to search.
So, if you use the “To Whom It May Concern” salutation today, the recipient may reason that you did not make any effort to find the appropriate information.
That said, the “To Whom It May Concern” salutation is now outdated because it is easy to find information about the person you are writing to.
When to use “To Whom It May Concern”That “To Whom It May Concern” is outdated does not mean you should avoid it in all professional correspondence. The “To Whom It May Concern” salutation is not currently totally useless. It has only lost its appeal.
“To Whom It May Concern” remains the appropriate salutation in some professional situations. These include situations where you cannot get details of the contact person or where there are multiple potential readers.
The professional situations where using “To Whom It May Concern” is appropriate include:
- Cover letters
- Recommendation or referral letters
- Prospecting letter
- Company feedback/ suggestion letter
Cover lettersMany jobs require submitting a cover letter alongside your CV or Resume. The cover letter summarizes your professional background and explains why you’re a good fit for the job you are applying for.
More often than not, people in a hiring organization review applicants’ cover letters. These include the hiring manager, the direct supervisor of the position, etc.
In these situations, a generic salutation that addresses whoever is reviewing the letter should be fine.
However, even when there are many potential readers, the best practice is to address your cover letter to the primary point of contact.
Only use the “To Whom It May Concern” salutation if it is impossible to know who exactly will be reading your cover letter.
Recommendation and referral lettersA recommendation letter may also be known as a referral letter. It is a brief account of your experience with someone, extolling the person’s personality and performance in a work-type setting.
A former student or employee may ask you to write a recommendation (or referral) letter to support their application for a program or job. When recommending someone, you may not even know where the person will submit the letter.
Thus, it’s perfectly acceptable to use the generic “To Whom It May Concern” salutation, which will address whoever reads the letter.
Prospecting letterPeople in client-facing positions may have to write letters to organizations to see if they are interested in their products.
It is often difficult to tell who the decision-maker is in the prospective client organization.
To avoid addressing your letter to the wrong person, it is better to use the generic “To Whom It May Concern” salutation.
Company feedback/ suggestions letterTo identify areas for improvement, your organization may require you to provide feedback or suggestions.
When not sure who will review submitted feedback, the generic “To Whom It May Concern” salutation is appropriate.
Very often, submitted feedback is reviewed by multiple people in the organization. In such cases, it is acceptable to use the generic salutation as it addresses everyone that will read your submission.
The correct way to use “To Whom It May Concern”When using “To Whom It May Concern,” capitalize the first letter of each word, follow the phrase with a colon, and skip the next line before starting your letter.
When you must use the “To Whom It May Concern” salutation, format it properly. Do this by following relevant capitalization, punctuation, and spacing rules.
Capitalization rule when writing “To Whom It May Concern”The standard practice when writing “To Whom It May Concern” is to capitalize the first letter of each word in the phrase.
Since the phrase (To Whom It May Concern) replaces someone’s name, it is treated the same way you’ll treat someone’s name in writing.
A name is a proper noun, and proper nouns are written with their first letters capitalized.
Also, it is not polite to write someone’s name in small letters when addressing them, nor is it good to use all caps. That is, you’ll write “John Davids” rather than “john davids” or “JOHN DAVIDS.”
Punctuation rule when writing “To Whom It May Concern”The standard practice is to punctuate the phrase with a colon.
Following the “To Whom It May Concern” phrase with a comma (,) or period (.) will make it grammatically incorrect.
The spacing rule when writing “To Whom It May Concern”The standard practice is to let the salutation have a line to itself, then skip the next line.
The line following “To Whom It May Concern” should be empty, while your letter starts two lines after the salutation.
When to avoid using “To Whom It May Concern”You should avoid using the “To Whom It May Concern” salutation when the identity of your letter’s potential reader is easily discoverable.
The “To Whom It May Concern” salutation should be used as a last resort. You should use it only when all efforts to know the name and role of your letter’s recipient are unsuccessful.
Using “To Whom It May Concern” when the contact person’s identity is easy to get may portray you as lazy. It may mean you didn’t put in the time and effort to find pertinent application information.
Also, modern professional correspondence is expected to be addressed to a specific person.
So, using “To Whom It May Concern” when you shouldn’t may portray you as an archaic person who’s not attuned to the realities of the present professional landscape.
Steps to take before using “To Whom It May Concern”You can take steps to know the identity of your letter’s potential reader. You should use “To Whom It May Concern” only when these steps fail to produce your contact person’s details.
These steps include:
Check the job postingWhen your letter is job application material, carefully review the job posting. Some employers include the name (and position) of the person responsible for reviewing applications within the job posting.
Check the company’s websiteMany companies have a page on their website showing the name and position of staff. The page can go by “About Us,” “Meet the Team,” or “Staff.”
Simply look for the manager of the department you are applying to or the head of the HR department.
Check a professional networking platformMany companies and managers have professional profiles on professional networking. LinkedIn is the most widely used.
Do a simple LinkedIn search to find the manager in the department you are applying to or the hiring manager.
Ask the employerYou may also take the bull by the horns by reaching out to the company.
Contact the company’s customer service. Then ask if they can give you the required information to allow you to address your letter appropriately.
Ask another contactHaving a friend or acquaintance at the company you want to write to makes your job easy.
Simply ask the person if they can help you with the name and role of the point of contact so you can address your letter appropriately.
“To Whom It May Concern” alternativesThere are some alternatives to “To Whom It May Concern” in professional correspondence. These alternatives are:
Dear [Full Name]One of the best ways to personalize your letter and speak to the contact person directly is to use their full name.
Example: “Dear John Davids”
Using only a first name (e.g., Dear John) is inappropriate when writing someone you have not met before or do not have a close relationship with.
Dear [Title] [ Last name]An even better alternative to “To Whom It May Concern” is Dear [Title] [Last name]. It perfectly blends personalizing the letter and being formal.
Example: “Dear Dr. Davids” or “Dear Mr. Davids”
However, you should be careful with using pronouns in this salutation format. Ensure that you use the right pronouns.
For example, someone called “Sam Davids” could be a male (Samuel) or female (Samantha). It would be embarrassing to use “Dear Mr. Davids” when Sam Davids is a woman.
Even if you determine that “Sam Davids” is a female, another question would be whether she’s a Miss or Mrs.
When unsure of the right pronoun, use the “Dear [full name]” salutation format instead.
Dear [Role]When you cannot find the name of your letter’s recipient, you can use the person’s position.
Example: “Dear Recruitment Manager”
Unlike “To Whom It May Concern,” which is addressed to no one in particular, “Dear [role]” talks to a specific person.
Dear [Team or Department]Instead of the “To Whom It May Concern” salutation that addresses your letter to anyone, you can narrow it down to a specific team or department.
Example: “Dear Hiring Team” or “Dear Customer Support Team”
This works when you know the department your letter is going to but are unsure which team member is the primary point of contact.
GreetingsYou may use generic but more personalized salutations when sending less formal correspondence like office memos. One widely favored “generic but more personalized” salutation is “Greetings.”
Hello/ Hi“Greetings” may be widely favored. But there are friendlier ways to address your professional correspondence when using generic salutations. These include simple salutations like “Hello” or “Hi.”
However, these are very casual salutations that may not be suitable in many business situations.
For example, you definitely shouldn’t use them in job application materials. But you may use them when corresponding with a company’s customer support.
Good Day!“Good Day” is a polite greeting that can be used in different in-person meetings. It qualifies as a casual generic greeting that can be used in less formal correspondence.
“Good Day” is better than casual greetings like “Good Afternoon” or “Good Morning.” This is because you do not know what time of the day your letter will be received.
Frequently Asked QuestionsHere are some frequently asked questions:
What punctuation is used after “To Whom It May Concern”?The correct punctuation to use after “To Whom It May Concern” is a colon(:), and not a comma.
Grammatically, a colon introduces what is to follow. So, a colon is appropriate at the end of the salutation to point the unknown recipient to your letter’s body.
What is the best format for business letters?The best format for a business letter is the block format. In this format, the letter is left-justified, and the text is single-spaced, except for double spacing between paragraphs.
Takeaway“To Whom It May Concern” is a salutation traditionally used in professional correspondence when the identity of the contact person is unknown.
“To Whom It May Concern” is now considered outdated because it is easier to know the identity of a contact person.
However, “To Whom It May Concern” is not totally unusable. It can still be used when you cannot get the details of a contact person or when your correspondence has multiple readers (such as in cover letters, recommendation letters, and prospecting letters).
The standard formatting of the salutation is to capitalize the first letter of each word, follow the phrase with a colon, and skip the next line.
Excellent alternatives to “To Whom It May Concern” include “Dear [Full Name],” “Dear [Title] [Last Name],” and “Dear [Role].”
With these tips, you can avoid embarrassing gaffes when addressing your professional correspondence.
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To Whom It May Concern: What You Should Write Instead (+Tips) is a post from: I Will Teach You To Be Rich.
For most, 2022 was a year of record layoffs, economic uncertainty, and runaway inflation. Yet, 4,000+ people quit their job in October alone.
What might this mean? For starters, many “survivors” report feeling burnt out from having to pick up the slack of their ex-teammates. Like them, nobody knows how layoffs (and a looming recession) will affect the workplace.
Now, more than ever, it’s important to stay one step ahead of the game. Here’s to go how to quit a job, the right way.
Table of Contents1. Before Quitting a Job * Consider all your options * Make sure to give enough notice period 2. How to professionally quit a job 3. Quitting in a negative situation 4. What you need to do after quitting a job 5. Frequently Asked Questions * Will I get my paycheck if I quit my job? * Can I quit my job without warning? * Is it better to quit or be fired? 6. Conclusion
Before Quitting a JobWhether you’re seeking a healthier work environment, are ready to pursue your passion, or are generally wondering how to quit without burning bridges, you’re in the right place.
But first, let’s take a step back.
I can’t overstate the value of preparation. Before you commit to quitting your job, make sure you’ve carefully examined your options. The last thing you want is to find yourself in job limbo during an economic recession.
Consider All Your Options Before you quit your job, make sure you consider your options carefully.
Jot down your reasons for wanting to quit:
Maybe you’re unhappy with the work. Maybe your boss is your boss driving you crazy. Maybe your co-workers force you to do their work. Whatever the reasons, jot them all down.
Understanding your “why” gives clarity on whether quitting is really the best long-term move. It might even help you find ways to help you to be more successful at your current job, at least until you make the big leap.
If — on the other hand — you decide there is no alternative, taking an inventory of all your options allows you peace of mind. After all, leaving a job is almost always scary, especially if you’re moving into a new field that has nothing to do with your current position.
Understanding your motivations can help you decide whether quitting is the right move for you. You may want to look at different career resources to help you be more successful at your job rather than leaving your company entirely.
Reasons To Not Quit Your JobThe following “red flags” might indicate that you shouldn’t quit your job – at least not yet.
1) Your job offers a retirement savings plan, such as a 401(k). Taking full advantage of retirement benefits can be a good reason to postpone leaving a position. Make sure you take this into account when making your final decision.
2) Company Benefits: many company benefits, like health insurance end very shortly after you’ve quit your job. If this is the case, make sure you can afford health insurance (and other important benefits) while you’re in between jobs.
3) Experience: even if you’re not particularly happy in your current role, you might be gaining valuable experience and skills that will be useful in the future. Sometimes it pays off to “stick it out”.
4) Job Market: in today’s job market, it can be hard to find a new job. Make sure you have something lined up (at the very least a plan) before you jump ship. It may also be worthwhile to look for ways to supplement your income, like freelancing!
Think About The TimingAsk yourself if now is the best time to leave, both personally and professionally. Will waiting a few more months open more opportunities?
If you do decide that quitting is right for you, ensure that you have a plan in place before you start making moves. This could include finding a new job, transitioning your current responsibilities to someone else, or taking some time off to consider your next move.
Make Sure to Give Enough NoticeIt’s always important to give notice when you’re quitting a job. Once you have made the decision to quit, it is important to inform your employer as soon as possible and to follow the guidelines for notice in your company’s policies or your employment contract.
The notice period you need to give may differ depending on your situation. In some instances, you may need to stay on longer to help train your replacement.
How to Professionally Quit A Job You want to ensure you maintain a good relationship with your current employer before you move on. So, how do you do that?
Give NoticeYou’ll want to start the quitting process by giving the appropriate amount of notice to your company. You may begin by giving informal notice to your HR representative and your direct manager.
In some cases, you may be required to give two weeks’ notice, while in other cases, you may be asked to give one month’s notice or more. It is important to follow the guidelines set by your employer when giving notice, as failing to do so can damage your professional reputation and may even result in legal consequences.
Write a Letter of ResignationA resignation letter is a formal way to announce your departure from the company. In the letter, you should include the date of your last day of work, your reason for leaving, and your appreciation for the opportunity to work for the company.
Be PoliteQuitting your job isn’t an excuse to burn things to the ground. Continue behaving appropriately in the workplace. Let your soon-to-be-former colleagues know that you are leaving, and thank them for their support.
Stay PositiveNo matter what, don’t trash-talk your old company or any of your fellow employees at any point.
Of course, there are. a few exceptions to this rule, like if you’re escaping a toxic work environment or if there was a workplace power imbalance. However, you do still need to be diplomatic about what you talk about and who you talk to.
Get OrganizedBefore you leave, be sure to tie up any loose ends and complete any unfinished projects. You should also return any company property, such as keys or equipment. There may also be procedures you may need to go through, like filling out paperwork or going through an exit interview.
Keep Doing Your JobEven though you’re transitioning out of your job, you still need to keep fulfilling your responsibilities until you’ve completed your last day. Offer to help with the transition process and make sure all of your work is completed and handed off to the appropriate parties before you leave.
Leave on Good TermsEven if you are unhappy with your job, it is important to try to maintain a positive relationship with your employer and coworkers. You never know when you may need to ask for a referral or want to return to the company in the future.
Quitting in a Negative Situation If you’re in a negative situation, you may need to take a slightly different approach to quitting. That way, you can protect yourself while you remove yourself from the situation.
Figure Out the Root of the NegativityIdentify the root cause of your negative feelings. Are you feeling overwhelmed with your workload? Do you feel unsupported by your supervisor or coworkers? Is there a specific issue that is causing stress or frustration? This will help prevent you from acting out.
Look At Your OptionsCommunicate with your supervisor or HR. If you are feeling overwhelmed or unsupported, it is important to let your supervisor know. They may be able to help you find a solution or offer support.
Of course, you might just be struggling with a toxic work environment. In that case, you may just want to get out quickly.
Follow The Same ProceduresIf you do quit a toxic situation, it’s important to stick as closely to standard quitting procedure as possible. That way, you’ll avoid the possibility of retaliation.
However, this may not always be possible. Your mental and physical well-being should always come first.
What You Need to Do After Quitting a JobAfter you leave your job, you may want to take the time to reflect fully on your experience. Take some time to think thoroughly about what you learned from this job and how it has helped you grow as a professional. This can be helpful as you move on to your next job.
If you already have another job set up, it’s pretty easy to figure out what to do next – start your new career opportunity! Just do your best to let go of your old expectations before you start. You don’t want to bring your old baggage into your new work experience. That’s a good way to get started on the wrong foot.
And you’ll want to prepare just in case you end up wanting to change jobs once again. Make sure your resume and LinkedIn profile accurately reflect your experience at your previous job and add your new job as well. This will make it easier for recruiters to find you. Plus, if something goes wrong, you’ll already be set up to start making your next move.
Make sure you update your contact information with your previous employer, as well as any professional organizations or networking groups you belong to. Your old employer will be able to reach out if they have any new opportunities that work for you, and networking groups will be able to fine-tune their offers based on your new career.
Frequently Asked QuestionsYou may have other questions about the quitting process. These FAQs should help you out.
Will I Get My Paycheck if I Quit My Job?In general, if you quit your job, you will not be entitled to receive a paycheck until your next scheduled pay period. However, if you have unused vacation time or other paid time off, you may be entitled to receive payment for that time.
Additionally, if you have a contract with your employer that specifies a severance package or other compensation upon quitting, you may be entitled to receive payment.
Can I Quit My Job Without Warning?It is generally best to give your employer advance notice before quitting your job, as this can help you leave on good terms and maintain a positive relationship with your employer.
There are some situations in which it may be acceptable to quit without warning. If you’re in a dangerous situation at work, it may be necessary for you to leave your job immediately.
Is It Better to Quit or Be Fired?For those who already have another opportunity lined up, do your best to quit while staying on good terms with your employer, if possible.
The line is blurred for people who don’t know their next move. On one hand, most people who quit forfeit their unemployment benefits by default — granted they didn’t commit egregious acts like stealing from the company.
On the other hand, waiting to get fired might hurt your reputation — although how/whether this will affect future employment is on a case-by-case basis.
Quitting a Job: Now You KnowHopefully, this guide gives you the clarity to put together a game plan that’s best for you.
There’s so much to consider when leaving a job. With the current economy, jumping ship becomes that much more turbulent. This is one reason we’ve put together dozens of resources to help you get through this.
Our online courses are specifically designed to help you create and live your “rich life” — whether that’s jumping into a career you’re passionate about, negotiating a higher salary at your current position, or spending more time on the things you love.
Click here to learn more!
How to Quit a Job is a post from: I Will Teach You To Be Rich.
A parent’s financial problems can be a very difficult thing to deal with. This is one of the most difficult situations you may face in your financial life: realizing that your aging parents are in debt. Maybe they were caught off guard by rising medical expenses, or maybe they simply took too many years off from saving and investing. Whatever the cause, they’re going to need help getting their finances back on track, even if they don’t want to ask for it.
Discussing their situation may be among the most challenging conversations you’ll ever have—and one of the most necessary.
What to Ask ThemIf your parents are in debt, it can be very tough on your relationship with them. Your biggest challenge is not going to be coming up with a technical personal finance solution for their problem. Instead, it’s going to be asking lots of questions, listening carefully, and deciding if they actually want help, and if they’re ready to receive it.
If they do, great! You can help them. But if they don’t, one of the most difficult things you’ll ever do is respect their decision, even as their situation might become increasingly dire.
In my experience, if you approach the topic of money with your loved ones in a careful, compassionate way, they’ll open up to you.
Every situation is different, but here are some questions you can ask. (Remember: Tread gently. Nobody likes talking about money—especially if it means having to admit to their kids that they need help.)
■ Where did they learn about money? What did their parents teach them?
■ If they could wave a magic wand and be in any financial situation, what would it be? (Let them dream here. If they say “win the lottery,” encourage them. What would that mean? What would they do? Then get more realistic: “Okay, let’s assume you can’t win the lottery. What would your ideal situation look like five years from now?” Most parents have pragmatic dreams.)
■ How much do they make per month? How much do they spend?
■ What percentage of their income are they saving? (Almost nobody knows this. Be reassuring, not judgmental.)
■ Do they pay fees for their bank accounts and credit cards?
■ What’s their average monthly credit card balance? Out of curiosity (use that phrase), why isn’t it zero? How could they get it there?
■ Do they have any investments? If so, how did they choose them?
■ Do they own a mutual fund or funds? How much are they paying in fees?
■ Are they maximizing their 401(k)s, at least contributing as much as their company matches?
■ What about other retirement vehicles, like a Roth IRA? Do they have one?
■ Do they read iwillteachyoutoberich.com? NO? WHY NOT, DAD?!?! (Note: I highly recommend that you scream this really loudly at them.)
Your parents might not have answers to all these questions, but listen closely to what they do tell you. I’d encourage you to take the 85 Percent Solution approach and figure out one or two major actions they could take to improve their financial situation. Maybe it means setting up an automatic savings account, or focusing on paying off one credit card so they can feel a small sense of accomplishment. Think back to when you didn’t know anything about money and it was incredibly overwhelming. Now you can use what you’ve learned to help your parents make small changes that will have big results.
Bonus: Want to know how to make as much money as you want and live life on your terms? Download our FREE Ultimate Guide to Making MoneyShould You Tell Your Parents and Friends How Much Money You Have?Years ago, I started to feel that I should talk to my parents about money. My business had grown. I’d become more financially secure than I’d ever imagined. And when my parents asked how business was going, I’d answer in generalities—“Things are good!”—when in reality, I knew that sharing a single revenue number would be more specific than anything else I could say.
I called my friend Chris for advice.
“Should I tell my parents?”
Chris is an author who was raised in a household similar to mine. He instantly understood what I meant.
“Why do you want to tell them?” he asked. I told him it would answer a lot of questions I felt were beneath the surface. Am I doing fine, financially speaking? Did my parents do the right thing by moving to this country? Are they proud of me?
But I was nervous because I thought sharing specific details about my success might change my relationship with my parents. “It might get weird,” I said, using a loaded word that anyone with ethnic parents will understand.
Chris, more than almost anyone else, knew what it was like to grow up as an Asian kid with frugal parents, then earn more than you ever imagined.
Ultimately, I realized that I wanted my parents to know I was doing fine— that they’d prepared me for life, that I’d learned their lessons, and that they didn’t need to worry.
Chris pointed out that I’d been thinking a single number would communicate all of this, but in reality, I could assure my parents in lots of different ways. I could simply tell them my business was doing well. I could thank them for teaching me the discipline to grow a business. And I could do the thing that’s most meaningful to parents: spend time with them.
Chris was right. He taught me that my intention was right, but I didn’t have to get into exact dollar figures to communicate that I was secure. In reality, my parents don’t care about the number in my bank account—they just want to know that I’m happy (and of course that I’m married and having kids— these are Indian parents I’m talking about).
The next time I spoke to my parents and they asked how things were going, I took extra time to thank them for everything they’d taught me and told them that, thanks to them, I was fortunate enough to have a dream business that let me live an incredible life.
Key Takeaways: ■ As you become more financially successful, your relationships with others might change. Be aware of it. (For example, I’m hyperconscious about different people’s ability to spend on a dinner or vacation. If I’m meeting a group of friends for dinner, I’ll always pick a restaurant that we can all easily afford. My nightmare is choosing a place that makes them feel financially pressured.)
■ You might be tempted to share specific numbers. If it’s with your spouse or a very close friend or family member, okay. But beyond those people, ask yourself why: Is it to communicate that you’re doing well? Or is it to subtly show off? Are there other ways of communicating this? Remember, sharing numbers without context is a bad move. Your intention might be good, but to someone who earns $60,000, telling them you’re on track to have a $1 million portfolio (or much more) doesn’t communicate safety and security. It communicates arrogance.
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How to Help Parents Who Are in Debt is a post from: I Will Teach You To Be Rich.
It’s important to maintain your automated financial system. Every year, I spend a few hours re-reviewing my system and making any changes necessary. For example, have I added subscriptions that I don’t need anymore? Should I adjust my Conscious Spending Plan to account for new short-term goals? Set aside some time every year—I recommend December so you can start the next year off right—to go through each of the steps below.
Evaluate Your Conscious Spending PlanUse these as general guidelines, but take them seriously: If your money is following these suggested percentages, that’s a Big Win toward a Rich Life.
- Fixed costs (50–60%)
- Investments (10%)
- Savings (5–10%)
- Guilt-Free Spending (20–35%)
- Reassess current subscriptions (cut if necessary)
- Renegotiate cable and internet bills
- Revisit spending goals: Are they accurate? Are you actively saving for them?
- If your fixed costs are too high, it may be time to look at a cheaper rent (or AirBnB’ing a room out, or earning more)
- If you aren’t investing at least 10 percent, it’s worth finding the money from somewhere else—usually guilt-free spending—and reallocating it to investments
Negotiate Any Fees Many companies will offer you introductory rates or lower your monthly fees if you ask. You can use my word-for-word scripts.
- Cell phone bill
- Car insurance
- Cable and internet
- Bank fees
Investments* Confirm you’re contributing the max to your 401(k), that your money is being invested (not just sent over and sitting there—for a cautionary tale), and that it’s being invested in the right fund(s) * Confirm you’re contributing the max to your Roth IRA, that your money is being invested (not just sent over and sitting there), and that it’s being invested in the right fund(s) * Be sure you’re taking advantage of all the tax-advantaged accounts you can
Debt * Revisit your debt payoff plan: Are you on track? Can you pay any of your debt off sooner? * Check your credit report and credit score * Renegotiate your credit cards’ APRs
Credit Cards* Make a plan to use your credit card points! (Some might expire, some might not—but you earned them. Now have fun with them!) * Call to ask what other perks your credit card offers that you haven’t taken advantage of * Confirm you’re not paying any unnecessary fees. If you are, try to negotiate them down
Earn More * Negotiate a raise * Make money on the side
Other* Review your insurance needs, including renters insurance and life insurance. * If you have dependents, create a will
Selling Your Investments I’ve never sold a single one of my investments. Why would I? I’m investing for the long term. But I still get questions about selling investments. In general, anytime you sell your investments, you’ll be eligible to pay taxes when April 15 rolls around. The government has created incentives for long-term investing: If you sell an investment that you’ve held for less than a year, you’ll be subject to ordinary income tax, which is usually 25 to 35 percent. Most people who buy a stock and make $10,000 in nine months and stupidly decide to sell it really pocket only $7,500.
If, however, you hold your investment for more than a year, you’ll pay only a capital-gains tax, which is much lower than your usual tax rate. For example, take the same person who sold their stock in nine months and paid 25 percent in ordinary income taxes. If they’d held that stock over a year, then sold it, they would have only paid 15 percent in capital-gains taxes. Instead of only netting $7,500, they would have ended up with $8,500. (Now imagine that happening with $100,000, or $500,000, or millions of dollars. If you save and invest enough by following the IWT system, that’s extremely likely.) This is a small example of big tax savings from holding your investments for the long term.
Here’s the trick: If you’ve invested within a tax-advantaged retirement account, you don’t have to pay taxes in the year that you sell your investment. In a 401(k), which is tax deferred, you’ll pay taxes much later, when you withdraw your money. In a Roth IRA, by contrast, you’ve already paid taxes on the money you contribute, so when you withdraw, you won’t pay taxes at all.
ConclusionSince you presumably made a good investment, why not hold it for the long term?
Previously, I showed you how buy-and-hold investing produces dramatically higher returns than frequent trading. And once you’ve factored in taxes, the odds are stacked against you if you sell. This is yet another argument for not buying individual stocks and instead using target date funds or index funds to create a tax-efficient, simple portfolio. Remember, all of this assumes that you made a good investment.
Bottom line: Invest in retirement accounts and hold your investments for the long term.
Bonus: Ready to ditch debt, save money, and build real wealth? Download our FREE Ultimate Guide to Personal Finance. The Annual Financial Checklist is a post from: I Will Teach You To Be Rich.
Let’s assume you have already dealt with the most important parts of your finances: your credit cards, bank accounts, spending, and investments. You’ve consciously decided what your Rich Life is, and you’ve built a financial system that is essentially on autopilot, letting you spend your time pursuing the things you love. You’re doing great. Especially considering that most people are still struggling with paying their monthly bills. So congratulations. But—of course there’s a “but”—if you’re seriously nerdy and want to know more about enhancing your finances, this is for you. Remember, though: This is extra credit, so don’t feel the need to follow the advice here unless you really want to.
Get Honest About Why You Want More
I was raised to be the best—to study harder, work longer, and perform better than everyone else. In many ways, those lessons have paid off. But I also see the dark side of blindly following the idea of being the best without reflecting on why you’re working so hard. So before you read on, ask yourself what the point of all of this work is. Is it to earn an extra $10,000? Or to actually live a Rich Life?
Sometimes financial advice just blindly encourages people to do “more, more, more” without stopping to ask, “Is this enough?” The concept of winning becomes the goal instead of knowing why you’re playing in the first place. When do you get to stop and enjoy all the hard work you’ve done?
I’ve seen too many people decide to take control of their finances (good), then change their lives to save money (good), then continue saving and become increasingly aggressive (not so good), and finally end up “living in the spreadsheet,” where they spend each day counting how much their money has grown (very bad). They’ve become obsessed with the game without realizing why they’re playing.
You do not want to live in the spreadsheet. Life is more than tweaking your asset allocation and running Monte Carlo simulations on your investments.
Bonus: Ready to ditch debt, save money, and build real wealth? Download our FREE Ultimate Guide to Personal Finance. How To Keep Going Now it’s time to ask why you want to keep going. If the answer is, “I want to take a lavish vacation every year and splurge on first-class tickets,” great! If your answer is, “I’m saving aggressively for the next three years so we can afford to move into our dream neighborhood,” awesome. I can show you how to achieve both of those goals even faster.
To do that, let’s go through an exercise I call “Taking It From the Clouds to the Street.”When I ask you, “Why do you want more?” The common answers are “freedom” or “security.” Those are fine, but I want to challenge you to go deeper. The problem is that high-level, vague visions never motivate us as much as we’d hope. True motivation is often real, concrete—on the street. It’s something that affects our day-to-day life.
If you had to get extremely specific about why you want to earn your next $10,000 and you had to bring your answer from the clouds to the street, what would you say?
What’s your street-level motivation? You could create some lofty life purpose—or you could take a ten-minute walk and figure out what gets you excited at this exact moment. The answers are often a lot simpler than you think.
Your motivation could be taking a taxi to happy hour at five p.m. instead of sweating on the train, or paying for a friend to join you on a glamping trip. One of my early street-level motivations was being able to order appetizers when I ate out!
Why do you want to earn the next $1,000 or $10,000 or $25,000? Don’t worry about an answer that’s in the clouds. Get brutally honest and bring your answer down to the street.
If you’ve gotten clear about why you want more, let me show you a few things you can do to achieve it.
Two of my favorite things are concerts and coaching high school lacrosse. Thanks to my job and salary I am able to buy VIP tickets to concerts and have scheduling flexibility to hold a full-time job in addition to coaching high school lacrosse.
—DANIEL SNOW, 38
When I go grocery shopping, I don’t look at the prices of things. I get whatever I need and want. Before, I needed to figure out how to make $50 work for the week. Now, if a recipe calls for a pound of Gruyère, I’ll get it. I might be surprised at the register, but it’s all good. I don’t need to take anything back.
—ELZ JONES, 44
How to Accumulate More and Grow Faster: Feed Your SystemThe automatic system is great, but it’s fueled by only one thing: the money you feed it. That means that your system is only as strong as the amount you put in it.
This is where your purpose comes in handy. For example, if you want to FIRE (become Financially Independent and Retire Early) in fifteen years, you know to double down and save/invest aggressively. Alternatively, if you want to live large in Manhattan, you could give yourself a generous spending plan for cocktail bars and Seamless delivery (a decision I know well).
Of course, the very best way is to say “yes and yes”—yes, I want to save aggressively, and yes, I want to live an incredibly Rich Life. With enough planning (and, depending on your goals, a high enough income), you can often do both.
Remember: Because the rewards of investing as early as possible are so tremendous, one of your key drivers will be feeding as much as possible into your system.
I automated my savings so that I was saving a substantial amount while paying off credit card debt. This allowed me to pay for a wedding and also buy a house at the bottom of the market in San Diego. My home increased in value from $250,000 to $700,000, and the absurdly low mortgage payment allows us to live relatively stress free in a popular, beautiful area.
—ALISSA MCQUESTION, 34
To put it another way, if you found a magical money machine that took $1 in and spit $5 out, what would you do? You’d put as much as you could in it! The only catch is, it takes time: Every dollar you invest today will be worth many more tomorrow.
How Rich Will I Be In . . .How much will your monthly investment be worth, assuming an 8 percent return?
IF YOU INVEST . . .
| Amount | $100 A Month | $500 A Month | | After 5 Years | $7,347 | $36,738 | | After 10 Years | $18,294 | $91,473 | | After 25 Years | $95,102 | $475,513 |
Note: For simplicity, this calculation ignores taxes.Don’t just take it from me, though. Go to bankrate.com and open up one of their investment calculators. Enter in your monthly investment contribution, assuming an 8 percent return. You’ll likely see that your current contributions will grow more slowly than you thought. But by adding a small amount per month—even $100 or $200 more—the numbers will change dramatically.
I outlined a Conscious Spending Plan that suggested general percentages of income to allocate for savings and investing. Your first goal was to aim for those percentages. Now it’s time to move beyond those amounts so you can save and invest as much as possible. I know, I know. “Invest more? I can’t squeeze out another cent!”
This is not about me wanting to deprive you. Actually, quite the opposite: Because compounding works so effectively, the more you save now, the more you’ll have later (by a huge amount). You saw this in the Bankrate calculator. Now go in and play around with your Conscious Spending Plan to see how you can eke out a little more to put toward your investments every month.
Optimizing your plan might involve doing some serious bargaining when you make major purchases like a car or house. Or you might need to cut your expenses as ruthlessly as possible, which I cover here. You may even think about negotiating a higher salary or getting a higher-paying job. No matter how you go about it, be sure that you’re shoveling the maximum amount possible into your system every month. Remember, it’s never easier to do this than now—and the more you feed into your system now, the sooner you’ll reach your goals.
I went from manually paying my bills every month to automatically paying my bills, automating savings, and planning the whole years’ worth of expenses. Now I have even automated monthly donations to charity as well. I almost never worry about money now, and after growing up with the constant struggle of money being short, this really makes me feel a lot better.
—MICHAEL STEELE, 40
How Do I Invest More? is a post from: I Will Teach You To Be Rich.
“I started to realize that a lot of fashion designers didn’t have the computer skills they need to make it.” — Heidi“I got my start in the industry because of my computer skills”Heidi Marie wanted to work as a fashion designer since she was a little girl.
After graduating from college with honors and a double major, she quickly discovered the industry was cutthroat and highly competitive. So she settled for a boring administrative day job in a completely unrelated field.
Meanwhile, she spent her nights sewing and designing her own collections, slowly building a portfolio. After 3 years, she had her big break.
“I got my start in the industry because I had Adobe Illustrator on my resume along with the portfolio I created. I finally felt like my dreams had come true. I could say the words I’ve wanted to say since I was a little girl, ‘I’m a fashion designer.’”
Over the course of 10 years, Heidi worked her way from assistant designer to partner at a design firm. This experience made her come to a realization.
“I started to notice that a lot of designers coming out of fashion schools didn’t have the computer skills they need to make it.”
“I turned into a crazy person and poured hundreds of hours into creating a course”Heidi discovered that she could teach other aspiring designers Adobe Illustrator and earn a decent side income. So she started running live workshops.
One of Heidi’s live workshops.
“I had been teaching live workshops for 5 years, running them a few times a year. The feedback was always tremendous.”
However, she didn’t feel like she was making enough of an impact.
“There were a couple of challenges with the live workshops. While students loved the material, they felt it was too much content to absorb in the 10 hours. They said a recording that they could go over and over again would’ve been helpful.”
So Heidi doubled down on creating a self-paced course.
“Once I had the determination to do this, I turned into a crazy person. I put so much time into it. I poured hundreds of hours into creating a course.”
When everything was ready, she offered it to her email list of 1,200 — people who previously attended her workshops.
“I took my course and emailed it out to my list of 1,200, and I thought they were going to gobble it up.”
But that wasn’t the case.
“I made a little over $1,000. For an email list of 1,200 and a course with over 10 hours of instruction, I knew I could do so much better.”
“I frantically scoured the internet looking for resources”Heidi was hell-bent on making this work.
“I had a strong desire and determination. I frantically scoured the internet looking for resources to figure out how to package and sell an online course.”
That’s when she stumbled across a podcast interview with Ramit Sethi and discovered Zero to Launch.
“Everything he said resonated with me. I thought, ‘That’s what I need to do to make my course an amazing success.’”
So she signed up for his email list.
“I could relate to the stories he told me. His failures and his successes were all things I experienced to a degree.”
When the sales doors opened for Zero to Launch, it was an easy decision to buy.
“I figured if he could convince me to take out my credit card and buy this expensive course, he could teach me to do the same for my audience.”
“People started responding to me”Since Heidi already had an email list and a course, she was anxious to skip ahead to the advanced parts.
“The first thing I noticed was that the course was insanely thorough. But some of the lessons seemed too ‘beginner’ for me. I couldn’t figure out the point of them.”
Once she went through the exercises, though, her perspective changed.
“I kept having these lightbulb moments. I discovered things about me and my audience that I thought I already knew. I realized there’s still quite a bit I don’t know.”
“For example, I thought I was in touch with my audience, but I was far off. Once I started telling stories about my experiences in the fashion industry, something amazing happened: People started responding to me.”
“My first real launch made over 5 times what I did on my own”Learning how to resonate with her audience changed the way Heidi sold her course.
“I made just over $1,000 from my course without knowing what I was doing. After going through the Zero to Launch system, I made $5,500, even though my email list was roughly the same size. I followed the processes and guidelines, and they worked. It was like night and day.”
This changed the way Heidi thought about investing in herself and her business.
“I never want to look at something and think ‘I should’ve done that 3 months ago.’ There’s no reason to do that if you have a successful blueprint to follow.”
“I finally have the confidence to call myself a business owner”Today, Heidi looks at herself differently.
“Before this, I barely had the confidence to call myself a business owner. My live workshops made $20,000 in 5 years.”
Heidi’s earnings with Zero to Launch.
“Now, in just 5 months, I made $30,000. I finally consider this a real business.”
But besides being able to call herself a fashion designer, and now a business owner, she realized another dream.
“I was watching the first vault in Module 1 of Zero to Launch. There were case studies of others telling their success stories. I remember saying out loud to my husband, ‘I will sit in that chair one day. I will be one of those case studies.’”
8 months later, Heidi is finally a success storyWe were thrilled to bring Heidi into our studio. Watch the full interview where she reveals:
- How to find your first business idea. Heidi turned a single observation into side income and, later, an online business. You can use the same process to map out your next idea. (0:17)
- The #1 signal that it’s time to start an online business. After giving live workshops for 5 years, Heidi knew it was time to start an online business when participants kept giving her this one piece of feedback. (1:00)
- The power of telling stories. This tactic singlehandedly woke up a sleeping email list and got them to take out their credit cards in droves. (4:24)
Discover what it takes to go from selling a low-priced product to building a 7-figure businessMany people mistakenly believe that a successful business is about creating one product that becomes a runaway hit. The truth is, it’s more systematic than that.
~UPDATE~
We are no longer offering our flagship courses Zero to Launch or Earn1K. Both courses have been replaced with a new, comprehensive program that gives you everything you need to start and grow your own business. Introducing…EARNABLE. The only business program proven over 15+ years, 50+ industries and 42,000+ students. Learn more here.Meet Heidi is a post from: I Will Teach You To Be Rich.
“It’s been a year since I started Zero to launch and I can’t believe where I am now compared to where I was then.”— Amy Shah“I always had this passion, but I couldn’t express it”When Amy was in medical school, she was frequently ill. She visited doctor after doctor, trying to diagnose what was wrong. They all told her, “You’re fine. You’re just stressed.”
She knew they were missing something, so she did her own research. Eventually she decided to overhaul her diet, and within months, she felt better.
The entire experience made her want to help others go from tired and moody to energetic and happy, too.
“I had a lightbulb moment — I could help people with this same problem since they weren’t getting help from their doctors.”
Amy had always been passionate about nutrition (that’s why she became a doctor in the first place), so she was excited to share what she’d learned. Trouble was, nobody would listen.
While Western medicine focuses on helping you once you’re sick, Amy wanted to keep people from getting sick in the first place. Yet when she talked to her patients, they wanted pills, not advice on what to eat. She felt forced to keep what she learned to herself.
“I thought of this as my passion or side interest and didn’t pursue it in my medical practice.”
“I was afraid they’d call me a quack”Years later, Amy realized she could share what she’d learned with the world by writing a guest post on a popular blog, MindBodyGreen.
“I contributed an article. When they published it, I realized, ‘Oh my God, I can start to reach and influence people and do something bigger than what I ever thought was possible!’”
Amy’s first post on MindBodyGreen.comAmy saw this as a way to finally share her passion with the world. But there was still a massive barrier in her way.
As an MD, she had a reputation to protect. If she was connected to some “scammy blog” or “sleazy online business,” she’d be ruined financially and her career would be destroyed.
“I was afraid my colleagues would judge me. That they would say, ‘Oh she’s this quack doctor, she believes in essential oils for treating cancer.’ It was a big risk for me to put this out there.”
“I didn’t have the time or energy to do this myself”With no business background and a demanding career, Amy knew she’d need guidance. So she joined a popular program that teaches people how to turn their blog into a profitable business.
Unfortunately, it didn’t help.
“I really felt lost. The material was vague and general, and I didn’t want to post anything in the Facebook group because I didn’t feel I had anything in common with the people there. It was a waste.”
So Amy turned to another source for help. She joined a mastermind group run by Zero to Launch graduate Selena Soo.
When she told Selena her goal — to educate people on how proper nutrition can help them avoid illness and diseases — Selena suggested she build an online course and recommended joining Zero to Launch.
“There were so many people, including Selena, telling me Zero to Launch was a great way to build a course. They said it’d be a great foundation to get started since I didn’t know anything about the internet business world.”
“I needed to know I wasn’t wasting my time”When Zero to Launch opened, Amy followed Selena’s advice and joined.
She quickly discovered it was much more detailed than the other course. Zero to Launch went step by step and gave her specific benchmarks to hit before moving to the next step. She found this incredibly helpful.
“I needed some kind of structure to know I was on the right track and wasn’t wasting my time. So I loved how specific Ramit was about hitting benchmark measures.”
But it wasn’t just the information and structure she loved. What really made the difference was the support she got from the community.
“One of the best things about the Zero to Launch community is that we really got to know each other.”
“I knew someone in the group was coming out with a course 2 weeks before me, so I called her to ask a few questions. She was so warm and friendly and told me everything that went right or wrong so I could prepare myself a few weeks later. That was priceless.”
Amy’s website, AmyShahMD.com
“My revenue doubles every time I launch”In October 2015, 6 months after joining, Amy launched her first online course.
“My audience told me they really wanted to know about gut and hormone health. So I created my course around that.”
And she offered two versions of it: The lower-tier version sold for $600. The higher-tier version, which included one-on-one coaching — something her reader specifically asked for — sold for $1,500.
Her first launch made more than $10,000.
Since then, Amy’s continued to use Zero to Launch techniques to grow her email list to more than 12,000 subscribers — and sales have skyrocketed.
“Ever since my first launch, my revenue has doubled every time I launch a course or product.”
Amy’s made more than $30,000 from her online business in less than a year
Amy has appeared on the Dr. Oz Show“Because of the success of that first course, a lot of people approached me to work with them: I partnered with MindBodyGreen to create a 7-day gut reboot course. And I have books and other courses and collaboration projects in the works.”
“I can’t believe where I am now”Though she was originally afraid online business would hurt her reputation, it’s actually helped Amy’s career soar.
“It’s a year since I started Zero to launch, and I can’t believe where I am now compared to where I was then.”
She’s become so well-known that her colleagues, who used to tease her about her “little blog,” worry she might leave them.
“They say things like, ‘Are you going to leave our practice? This is getting bigger and bigger, is it going to be your main thing now?’”
Even better, thanks to her online business, Amy’s finally making the impact she’s dreamed of since starting medical school.
“People come up to me all the time with problems Western medicine can’t solve. I’m helping thousands, if not millions, of people take control of their health and prevent disease and the heartache that comes with that. I’m doing something that will change their lives forever.”
Hear more of Amy’s storyIn March 2016, we invited Amy into our studio to tell her full story. Click below to learn:
- Why the set-your-own-pace style of Zero to Launch helped her stay productive and on track to create top-shelf material (2:43)
- Exactly what she did to find out what course her audience was desperate for her to create (all it took was one automated email) (5:25)
Sell in a way that boosts your reputationAmy was afraid online business would hurt her reputation because there’s so much “scammy” online marketing out there. She didn’t want to be associated with that.
But through our course, Amy learned how to sell with integrity and confidence. Without that mindset shift, she may never have released her first product, and all the success that followed never would’ve never happened.
~UPDATE~
We are no longer offering our flagship courses Zero to Launch or Earn1K. Both courses have been replaced with a new, comprehensive program that gives you everything you need to start and grow your own business. Introducing…EARNABLE. The only business program proven over 15+ years, 50+ industries and 42,000+ students. Learn more here.Meet Amy is a post from: I Will Teach You To Be Rich.
“I help students kick ass in law school” — Larry Lee“I stayed sane and partied hard in law school”For Larry Lee, law school wasn’t about pulling all nighters and burying his nose deep in books.
“For a lot of students, law school is three years of torture. But I was lucky to have friends who went before me. They steered me in the right direction by showing how to work smarter.”
“Even though I edited the law journal, served as a teaching assistant, tutored first-year students, and worked as a researcher for a few professors, I stayed sane and partied hard. Law school was not a constant, angst-ridden process for me.”
Larry not only completed law school, he crushed it. He graduated magna cum laude and got offers from top firms.
Larry crushed law school.He was a successful lawyer for 9 years. That’s when the entrepreneurship bug bit him.
“I graduated law school and practiced for 9 years. One of the things I thought about doing was starting about my own business. It didn’t necessarily have to do with law, but I wanted to try something.”
“I settled on tutoring law students because that was something I did when I was in school, and something I was good at.”
“I tried building a website in the past, but that crashed and burned”Eventually, Larry wanted to try something online as a way to scale his tutoring.
“I found a business partner who had online businesses teaching LSAT and other law-related material. I thought this was a good way to get started. I had tried building a website in the past, but that just crashed and burned.”
“So I was working with this other guy to setup a business. We launched a beta product. It was growing, but very slowly. Everyone was frustrated.”
“Over the course of 2 years, we made $30,000. That works out to about $8,000 to $9,000 a year if we split the sales between the two of us.”
Larry would’ve killed to have any kind of roadmap that he could follow to get the business off the ground.
“I liked building model airplanes as a kid. The instruction out there on online business felt like someone had given me a model to build with all the scattered pieces, but no instructions. Not even a picture.”
“Zero to Launch made me realize it’s okay to be myself”Larry found out about Zero to Launch through Ramit Sethi’s email list.
“Earn1K helped give me the framework I needed to start my tutoring business. Ramit was so specific about everything from validating your idea, to the exact words you can use to pitch your first 3 paying clients. Everything worked for me. So it was easy to trust everything he was saying when he promoted Zero to Launch.”
Not only did Zero to Launch give Larry the roadmap he needed to finally piece his business together, it also made him realize it’s okay to be himself and have some fun.
“I learned that displaying my real personality is okay. I heard a Johnny Carson quote once, ‘This will only work if you’re yourself.’ That’s what I try to do with my online business. I curse, I make the kind of jokes I would with friends.”
You wouldn’t expect this kind of content on a site about law.“I like to tell the truth and be entertaining. My vigilante approach is similar to how I feel about with law school. If you do what professors tell you, you’re dead in the water. It’s better to find your own way. Focus on the few things that will get you top grades. And my students are all A+ students.”
Zero to Launch also has some vault material about dealing with haters online. This helped Larry deal with the fire that came with his over-the-top style.
“People email me and ask, ‘Why do you curse?’ I think these hater emails is proof that my site isn’t bland. If you’re not getting comments and feedback, that means you’re not interesting enough for someone to react.”
Larry also gets personal on his site:
Larry tells personal stories on top of his jokes.“I get lots of top performers who grew up with high expectations. So when I talk about pushy Asian parents and becoming a lawyer, people relate.”
“I’m also very brutally honest and not shy about telling people, ‘Don’t go to law school.’ People need to realize what they’re getting into.”
“It’s important to write for your audience. That was a big takeaway from Zero to Launch.”
“In the first 10 months, I made $86,800”Zero to Launch gave Larry the blueprint he needed to follow to build a successful online business.
“I focused on the few things that produced the biggest results. In the first 10 months of 2016, I made $86,800. That’s almost 5 times what I made with my first attempt at business. And I did it in less than half the time.”
“I look forward to my kids throwing cereal at me and punching me in the nuts”But the money isn’t even the best part.
“My wife is Brazilian so my kids spend the summer there. For the first time, I feel hopeful that I can join them and have more freedom in my life.”
“I look forward to my kids throwing cereal at me and punching me in the nuts every morning.”
Larry getting attacked by his kids.
“I had no site when I started, but now I have emails funnels and an entire course”We brought Larry into the studio to share his story. Watch the full, 9-minute interview where he reveals:
- Your first business idea isn’t always obvious. Discover how Larry stumbled on his first idea. It can remove the agony from your brainstorm sessions. (1:01)
- What model airplanes have to do with your business success. Larry had an insight from his childhood hobby that could help you avoid serious blunders with your business. (2:04)
- How to take the guesswork out of writing blog posts. Writing is agony for many people. But thanks to a framework Larry learned, creating blog posts that resonated with readers was a breeze. (4:52)
How to stand out in crowded marketsAs you just saw, Larry was able to stand out by showing his personality in an otherwise boring niche. This is called positioning. Getting your positioning right can singlehandedly determine whether you succeed or fail in online business.
~UPDATE~
We are no longer offering our flagship courses Zero to Launch or Earn1K. Both courses have been replaced with a new, comprehensive program that gives you everything you need to start and grow your own business. Introducing…EARNABLE. The only business program proven over 15+ years, 50+ industries and 42,000+ students. Learn more here.Meet Larry is a post from: I Will Teach You To Be Rich.
“For the first time ever, I see a path where both my living and my hobby can be one” — Karan Bajaj“I could never figure out how to do writing, a job, and a family”Karan is a bestselling novelist who loves to write. But his books don’t earn enough to pay the bills, so he has to work a full-time corporate job. With work and family taking up most of his time, it looked as though Karan would have to give up writing.
“I couldn’t write all weekend anymore, and with our family’s expenses increasing, I couldn’t quit my corporate day job either. I had a deep, sinking feeling that my writing was about to give.”
He needed a way to balance working full-time, writing, and being a dad. One day, listening to the Smart Passive Income podcast, he heard about our Zero to Launch course. Though he never saw himself as an entrepreneur and was skeptical about online business, he was determined to find a way to turn his passion for writing into income.
He joined our email list and 8 days later, invested in Zero to Launch.
“I’m a writer, an introvert, and I thought I was the exact opposite of someone who’d start any type of company.
…when I heard about Zero to Launch, I saw a lifeline and reached for it.”
One of Karan’s novels
“Everybody thought this was a completely bad idea”Karan was initially skeptical about online business. Everything he’d seen made it look either scammy (“Make $1 million overnight!”) or useless (“Be your best self!”)
But once he started Zero to Launch, he was relieved to see this course was different.
“I was struck by how logical it was. It was incredible because the way it was structured went from how to start, to how to implement, to how to execute.”
Even though he liked the program, he still had one glaring problem; the majority of his readers lived in India. His friends and family who lived there were adamant he’d never be able to sell anything to them.
“Everybody was saying, ‘Nobody buys online courses in India’… Everybody thought this was a completely bad idea.”
Finding his profitable business ideaTeaching people to write was the obvious choice for his business idea. But Zero to Launch helped Karan hone in on one that would be even more profitable.
The program taught him the importance of finding an idea that would solve a burning pain for people. While a course on how to write could work, he found there was something else he was passionate about and naturally good at that would be far more lucrative: helping aspiring authors get book deals.
“If you think of aspiring writers who have been trying to get book deals for years, it consumes their life… [realizing] that was extremely revelatory for me.”
Having gotten deals with Random House and HarperCollins himself, he went to work creating a course to help writers get book deals with top 5 publishers.
Karan’s website, karanbajaj.com
$3,100 in 3 days — with no email listKaran was anxious to start making money. Since he didn’t have an email list, he decided to simply email people he knew who might be interested in his program.
Within 3 days, Karan earned $3,100
“I launched the course 21 days after I first found Ramit. In the first 3 days, I made about $3,100 in sales from an Indian audience with no mailing list. [I just] emailed people who had ever expressed interest in my writing.”
This success motivated Karan to do more. He followed the steps in Zero to Launch to build a system that sold his product automatically. Then used our techniques to improve his website, drive traffic to it, and grow his email list.
Within 4 months he went from 0 subscribers to nearly 1,800.
From 0 to 1,800 subscribers in 4 months
“My friends and family who are in India right now are stunned. Nobody could ever believe you could sell 64 online courses in India.”
“Zero to Launch has given me hope for the future”After proving that he can sell online courses in India, Karan sees a bright future. One where he’s able to blend his passion for writing with his need to earn money and support his family.
“For the first time, I feel I can integrate my passion for writing with selling a course…That’s given me a lot of energy for my life.”
As an unexpected benefit, creating his online business forced Karan to interact more with his readers. They’ve inspired him, helped him come up with ideas, and made the writing process more rewarding.
“Now it’s a very regular 2-way interaction with my readers, which has opened my heart tremendously.”
Five months after purchasing the course, we flew Karan into our studio to share his whole story. Click below to learn:
- The one question he asks to find out if a business idea is profitable (4:50)
- How he overcame his skepticism about online business (even as friends and family doubted him) (2:43)
- Why teaching others was the best thing Karan’s ever done as a writer (7:25)
~UPDATE~
We are no longer offering our flagship courses Zero to Launch or Earn1K. Both courses have been replaced with a new, comprehensive program that gives you everything you need to start and grow your own business. Introducing…EARNABLE. The only business program proven over 15+ years, 50+ industries and 42,000+ students. Learn more here.Meet Karan is a post from: I Will Teach You To Be Rich.
“I get emails from my subscribers saying my copy resonates with them.” — Matteo Manferdini“I’ve always been a natural teacher”Matteo Manferdini is an experienced iOS developer. As a freelance consultant, he realized many people lack the knowledge he has about creating great apps.
“Most material online is about useless tactics like App Store optimization or running Facebook ads. It pained me. I’ve always been a natural teacher, so I saw this as a chance to show people the light.”
He founded Pure Creek to take newbies through the entire process of creating iOS apps. He goes over everything from market research and product creation to positioning and sales.
“I was confused about copywriting”While Matteo was a great teacher and knew a ton about iOS development, he had no idea how to get potential customers to take action. The other courses he took told him to build an email list and then start selling. But they didn’t give details on how to do those things.
“I’ve tried some other courses on how to start an online business. They were mostly ebooks about making other ebooks, and the results weren’t great. I made some money, but I had no idea what to do next.”
And copywriting was a complete mystery to him.
“I was confused. I didn’t know where to start. I had no confidence if I was on the right track or not. I was just sitting there writing different things without any structure.”
“I discovered how to tell compelling stories”When Matteo heard about Call to Action, he jumped on the opportunity.
“I love the way Ramit presents material. He goes the extra step and covers details that other courses glance over. And his philosophy is great. Instead of giving you a bunch of useless tactics, he shows you the 2-3 things that will give you the biggest wins.”
As someone with a technical background — and the logical mind that naturally goes with that — the modules on storytelling were a real eye-opener for Matteo.
“One of the things I didn’t know you could do was create stories with your emails. Instead of sending random tidbits of information, I discovered how to write messages that tell a compelling story from beginning to end.
“But what I loved most was that Call to Action was focused on results, too.”
“I got 1,800 subscribers in 5 months”As Matteo started sharing stories in his emails, his readers began to respond.
Subscribers loved Matteo’s stories.
“I started getting emails from my subscribers saying the stories I told really resonated with them. Plus, advanced iOS developers started to join my email list. Even though they know a lot, they signed up because they like the way I present my material.”
But the results didn’t stop there. When Matteo rewrote one of his landing pages, his subscriber count took off.
“Normally I would get about 150 new subscribers a month. But when I tried a new landing page in December 2015, I got 450 in the same time frame.”
Matteo’s email list has over 3,000 subscribers now.
“Before CTA, I had 1,300 subscribers, and it took me 15 months to reach that level. My new landing pages got me 1,800 in only 5 months.”
“I made more in one month than I did all of last year”In addition to his emails, Matteo revamped his sales page, too. And sales surged.
“My conversion rate on sales had been 1.8%. Just from changing a few words on my sales page — I didn’t do anything to the product — I bumped it up to 4.4%”
He also emailed people who hadn’t bought during previous launches. And this time, a lot of them purchased his product.
Matteo credits his new copywriting skills for the difference.
“This proves that the way you communicate with your audience through your copywriting is key to greater results in your business.”
In all of 2015, Matteo made $1,800 through product sales. But this year, in February alone, he made $5,000 thanks to changing the words in his emails and on his sales pages.
“The goal with my business has always been independence. Now I’m confident that I can do that much faster than I thought.”
“My entire approach to business is different now”We brought Matteo into the studio to share his story. Watch the full interview to hear:
- How to get business results, faster. Matteo compares his experience of chasing random tactics versus focusing on the 2-3 things that give you Big Wins (1:30)
- The storyboard technique for engaging content. You can use this on emails, blog posts, and sales pages for massive results (2:40)
- The one tweak that made him $5,000 in a month. It’s was all about changing a few words on his sales page (5:25)
Boost your sales without launching a new product or getting more trafficMatteo discovered that a great sales page can make people take out their credit cards in a frenzy. It can even turn people who weren’t interested before into buyers.
If you want to see the exact structure he used to create his sales page, we’ve put together a free bonus video, How to Outline a Successful Sales Page in 60 Seconds. Enter your email below for immediate access. ↓
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Meet Matteo is a post from: I Will Teach You To Be Rich.
“There were places where Ramit pushed me and I was like ‘You’re wrong!’ But he was right.” – Erin StutlandShe had a solid business, but it was stuckErin helps women lose weight and build confidence through a special fitness program she created.
“I’m passionate about helping women feel better in their bodies. A lot of time people say, ‘I hate working out. Working out sucks.’ I want to help these people move in a way that’s really fun.”
She had an online business for a year before joining Zero to Launch, looking to grow her email list of roughly 4,000 subscribers.
“My online course was doing well, but I knew that it could be so much bigger than it was. I just wasn’t sure how to do that, how to grow my list and tap into more people.”
Erin at work
Her big breakthroughErin didn’t want to talk about how her program helped women lose weight when she promoted her classes. The results her clients got went deeper than that; they loved the course because it gave them confidence and energy.
“I was resistant to talking about the physical changes that are part of the workout because, to me, my program is really about the internal changes.”
By following the Zero to Launch system, Erin learned the importance of talking with her audience and deeply understanding their pains and motivations.
“Ramit pushed me to talk to more people and find out what made them sign up for the workout, what they were really struggling with. And they told me they were struggling with their body, not their confidence.”
One Facebook conversation she had with a potential client completely changed the trajectory of her business. Hear her talk about the change in this video:
This insight overhauled the way she talked about and marketed her classes. The results?
- 366% subscriber growth
- 4X more sales
- She sold more online courses in one month than she did the previous year
Listen to Erin talk about her amazing results here:
This was just the beginningErin was so successful, she was able to hire two new full-time employees over the past two years. Now she’s free to focus on big-picture planning and only works on the parts of the business she loves.
“I really love doing most everything on my to-do list. It’s not always a walk in the park, but for the most part, I’m like, ‘This is awesome!’”
And she continues to use lessons from Zero to Launch.
“I keep applying the things I learned: interviewing and talking to people, digging deep and understanding their challenges and fears, creating a product based on their real needs. Just by talking to people you gain so much insight into what they’re struggling with and how you can help.”
Erin’s website
“I worked less this year but made more money”In January 2015, Erin’s life shifted dramatically. She got married, lost someone close to her, and wanted to step away from work — so that’s exactly what she did. Thanks to the business she set up, she was able to spend the year traveling with her husband — while earning more than ever.
“I didn’t feel ambitious this year. But because my business was set up in such a beautiful way and had been growing so nicely on it’s own, I was able to run things fairly easily and still make really great money.”
In 2015, Erin and her husband went to Thailand, France, and Napa, and took several trips to Florida to visit her family. She even tagged along on her husband’s work trips so he wouldn’t have to be alone.
“There were days I told my team, ‘I’m not working Thursday or Friday’. I varied my work based on what my husband and I were doing.”
How Erin spent 2015
Why she recommends Zero to LaunchThere are tons of programs out there that can help you build an online business. So why did Erin choose Zero to Launch?
For her, it was important to learn from someone who’s been successful and is invested in her success.
“Ramit may seem like a tough guy, who is ‘serious’ about success — and he is. But what I think what people may not see is that Ramit really cares deeply about each student’s success. I sense that he genuinely gets excited when someone has a win.”
“In addition to what you learn in Zero to Launch, you see first-hand what running a successful business looks like from him. He runs a super tight ship, but there is a lot of kindness, thoughtfulness, and transparency that is felt in everything he and the team does. I felt cared for while also experiencing a great model of success.”
~UPDATE~
We are no longer offering our flagship courses Zero to Launch or Earn1K. Both courses have been replaced with a new, comprehensive program that gives you everything you need to start and grow your own business. Introducing…EARNABLE. The only business program proven over 15+ years, 50+ industries and 42,000+ students. Learn more here.Meet Erin is a post from: I Will Teach You To Be Rich.
“I was never taught entrepreneurship.” — Kimberly Ramsawak“I wanted to travel more than two weeks out of the year”After college, Kimberly Ramsawak landed a job as a marketing promotions manager. But she immediately discovered it wasn’t for her.
“After about a month at my cubicle job, I knew it wasn’t the life for me. I wanted to travel more than the two weeks vacation I was given each year. So I applied to an international graduate program where I would spend a year between Italy and Japan. I thought it was my ticket to escaping the 9-5.”
The only problem was that she wasn’t accepted.
Kimberly never gave up on her dream of seeing this more often.
“After that, I took things into my own hands. I learned everything I could so I could make a living working and traveling at the same time. I read career development books, took dozens of personality assessment tests and workshops, and researched the travel, tourism, and hospitality industry relentlessly.”
However, none of the advice was specific to what she wanted.
“People rehashed the same tools and tactics over and over again. And nothing was specific to the travel industry.”
After 4 years of trial and error, Kimberly finally got a foot in the door. She went on to work for the Philadelphia Convention and Visitors Bureau, The Times Square Alliance in New York City, and eventually Macy’s, where she served as the director of tourism marketing and development.
“I got started in the travel industry without having any experience and built a successful career from there.”
Her career took her to over 80 cities around the world — all paid for by the companies Kimberly worked for.
This eventually led to her first business idea.
“I wanted to bridge the gap”Kimberly’s success in the travel industry led her to become an adjunct professor on tourism at various universities.
“I always had a side hustle going. I taught tourism as an adjunct professor at St. John’s, Strayer, NYU, and a few others places. After my lectures, students came up to me and asked, ‘How do I get paid to travel?’”
“I wanted to bridge the gap between not knowing and having a great career in the travel and hospitality industry.”
And that’s how the idea for Tourism Exposed was born. Kimberly started to devour any material she could find on entrepreneurship.
Tourism Exposed in the early days.
“I read books like Rich Dad Poor Dad and The 4-Hour Workweek. I was raised by immigrant parents from the Caribbean. They wanted me to get a job and work at that job until retirement. Entrepreneurship was rarely mentioned. But I wanted to learn more about this new world.”
“I loved having successful people show me the ropes”After starting Tourism Exposed, Kimberly ran into some struggles.
“When I was first building my business, I got stuck on two things. First, I was alone. I don’t live in a major city, so it’s hard to find people who can understand what you’re going through. I always wonder, ‘Who else can I talk about business and entrepreneurship with?’ Second, I had no mentor. Nobody was there to tell me if I was on the right track.”
“I had one friend who I talk about business and career success with. And he forwarded me one of Ramit’s blog posts. I loved the free material. But I especially loved how he said it was okay to want more. It was okay to break the mold of a traditional 9-to-5 job. That resonated with me.”
Because the free material was so good, and Kim was struggling with her business, it was an easy decision to get Zero to Launch.
“I had been stuck for so long — about 18 months — that I felt everything came at the right moment. So I joined.”
“If I felt alone, depressed, and frustrated, it was great knowing that I could hop on Skype with someone and talk through my struggles. It gave me the community I needed. I also loved having access to people who were already successful that could show me the ropes.”
“I have an email list of 1,200 and launched my first beta product”Thanks to Zero to Launch, Kimberly is having success with her business.
“With the community alone, you get your money back. But the workbook exercises and videos were amazing as well. Any questions or concerns — whether it was about building an email list or launching — were all addressed in that extra material.”
And this led to a major milestone for Tourism Exposed.
“I had my first launch to a list of 1,200 people and got 15 people to buy. While that might not be much, I successfully went from zero to launch. I want to take a break now and focus on delivering a world-class experience for my customers.”
Sales receipts from Kim’s first few customers.
Going from zero to launch has also made Kimberly optimistic about the future.
“I want to make sure my next version of the course is better than my first. I know if I can get 15 customers, I can get 50, and even 500 or more. It’s exciting to be able to do this.”
We brought Kimberly into the studio to share her story. Watch the full interview where she reveals:
- The single best investment you can make in yourself. Kimberly suffered a setback when she wasn’t accepted into a graduate program. See how she continued to invest in herself and become an entrepreneur (1:10)
- How a side hustle turned into the perfect online business idea. If people ask you the same questions over and over again, it could be a telltale sign that you’ve found your next big idea (2:20)
- Break your biggest barriers to success. Kimberly faced two obstacles that are common to new entrepreneurs — see how she overcame them (4:26)
~UPDATE~
We are no longer offering our flagship courses Zero to Launch or Earn1K. Both courses have been replaced with a new, comprehensive program that gives you everything you need to start and grow your own business. Introducing…EARNABLE. The only business program proven over 15+ years, 50+ industries and 42,000+ students. Learn more here.Meet Kimberly is a post from: I Will Teach You To Be Rich.
“I’m finally living the life that I’ve wanted to live for 5 or 6 years.” — John Fawkes“I’m not like these guys”John didn’t know what he wanted to do with his career. After getting a degree in criminal justice, he realized he had no desire to be a cop or lawyer. He then went to business school, only to realize he didn’t want to do anything with that degree, either.
“I was surrounded by people who were going to be bankers and consultants working 80 hours a week at a corporate job. I looked around and said, ‘I’m not really like these guys.’”
After stumbling across the world of online business, John began to feel that this was the right path for him.
“The sense of connection I felt with other business owners made me realize I wanted to run my own business.”
Early strugglesJohn wanted to be an entrepreneur, but he didn’t have a plan or support network. He relied on free blogs and forums to figure it out as he went.
The result? John jumped from one idea to the next, never creating a sustainable business with significant, predictable revenue.
“I created things people would want to buy, but I had no idea where to find my audience. I didn’t understand my market on a deep level the way I’ve learned to since joining Zero to Launch.”
The chance to “live the dream”Tired of spinning his wheels and getting nowhere, John decided it was time to invest in himself. He had been reading the I Will Teach blog for years, where he learned to save thousands and land a great job. He trusted our material and jumped at the chance to join Zero to Launch.
“I knew that Ramit’s blog is one of the most successful online businesses around and that he’s done exactly what I want to do. So when he first launched his Zero to Launch course in April 2014, I jumped at my chance to live the dream of running an online business.”
Finding the right business ideaJohn had no idea what kind of business he wanted to start. But the Zero to Launch system helped him come up with several ideas he was interested in. His first idea, to help people land great jobs, turned out to be a dead end.
“It was difficult to find communities that I could reach out to directly. And I got surprisingly low traffic from my guest posts. I realized that it’s very hard to get loyal, consistent, long-term readers in the career niche.”
Normally, John would have given up or wasted months working hard on an idea that was doomed to fail. But this time, he had the Zero to Launch system to fall back on. He went back to the beginning and decided to try again in the fitness market. He was even more excited for this than his original idea.
“This is an area where I have a ton of knowledge and passion. I’ll never run out of things to write.”
John’s website, Johnfawkes.com
An unexpected source of helpBefore Zero to Launch, John would look for knowledge and support on free blogs and forums. After a while, he became disillusioned with the amount of advice out there — most of which was bad or unhelpful for his situation.
He assumed the Zero to Launch online community would be just like all the others.
“In the Zero to Launch promotional materials, I saw there was going to be a Facebook group. I wrote that off as a little thing Ramit tacked on to add perceived value to the course.”
But he soon learned that having a support community was invaluable. He just needed the right group of people.
“Everyone [in the Zero to Launch community] is operating from the same playbook. So it’s not a mixed bag of people trying totally different business models and wildly different strategies. And you don’t have as many people talking out of their ass as you do on an unregulated public forum.
“It’s very integral to the experience that you participate in the Facebook group, get feedback, and learn from the success and failures of other students.”
John getting instant help in the Zero to Launch private community
“More meaningful than any work I’ve ever done”John was willing to put in the work, trust the Zero to Launch system, and now he’s reaping the rewards. He’s grown his list to 2,200 subscribers and has clients paying for his coaching.
John’s grew his list to over 2,000 using Zero to Launch techniques
He’s finally built a sustainable business with predictable income. This financial security, plus the fact that he can run this business from anywhere, means he can fulfill his dream of living in Thailand for months at a time.
“Since starting Zero to Launch, I feel a lot more confident and a lot happier with my life. Particularly now since I’m location-independent and get to live where I want. I feel like I’m finally living the life that I wanted to live for 5-6 years.”
A view from John’s gym in Thailand
Beyond the lifestyle change, he’s created the most fulfilling job he’s ever had.
“Some people have body image issues or they’re depressed, and they start to make progress on that with my help. That feels a lot more meaningful than any other work I’ve ever done.”
More on John’s Zero to Launch journeyWe recently invited John to talk with us about his experience. For a detailed look at the barriers he overcame and the lessons he learned with Zero to Launch, check out the full 16-minute interview below. In it you’ll learn:
- How Zero to Launch is unlike other online business courses (5:45)
- The exact strategy John used to deeply understand his market (and learn “the pain behind the pain”) (8:53)
- How to build a successful online business without taking risks or going “all-in” (15:45)
Need help finding your business idea?John’s journey started by learning how to find an idea. If you want help finding an idea of your own, check out the free report we created for you: 30 Successful Online Business Ideas.
Enter your email in the box below and you’ll get instant access.
~UPDATE~
We are no longer offering our flagship courses Zero to Launch or Earn1K. Both courses have been replaced with a new, comprehensive program that gives you everything you need to start and grow your own business. Introducing…EARNABLE. The only business program proven over 15+ years, 50+ industries and 42,000+ students. Learn more here.[optinform id=1]
Meet John is a post from: I Will Teach You To Be Rich.
Not just for 20-somethings. Look at James, a busy father with a successful online business.This story made me laugh. James’ wife was furious when she found out he had spend $1,000 on a course…that is, until he showed her the results. Check it out:
James made an extra $60,000 from my Earn1K course, bringing his total tutor revenue to $180,000.
But, living a Rich Life isn’t just about money.
James had a family and a son on the way. He knew that there was a limit to what he could make tutoring — and also a limit on the time he wanted to spend with clients instead of family.
What does a Rich Life mean for you? Here’s how James would answer that question:
The thing is, James isn’t a tech or sales expert, he’s a chemistry teacher.
When he first created an online product, he felt that he had the “haunting feeling he was missing something.” See how the tested system in Zero to Launch was able to fill the gaps that other experts couldn’t:
How do you find paying customers in a small, unique niche?
James knew that students were struggling with one of the toughest courses in college, but wasn’t sure how to connect on their level.
A massive shift happened when he was able to get into the heads of eager pre-med students:
James’ results with Zero to Launch†These insights were game-changing for James, but they didn’t come overnight.
And now that James has laid the groundwork, he knows it’s just the tip of the iceberg for his business.
An eager customer asking James for MORE products
He can continue to improve his business for massive results. For example, check out how James made one small tweak that increased conversions 30x:
Chemistry tutoring isn’t a niche people would think about as a lucrative online business. With the help of the Zero to Launch system, James was able to find his customers, understand them on a deep level, and build a business that will continue to grow over time.
Find your own business ideaIf you want the freedom and flexibility that comes with an online business but don’t have an idea, we have something for you.
Enter your email in the box below and you’ll get immediate access to my free guide: 30 Successful Online Business Ideas. This will show you what’s possible and help you come up with an idea of your own.
~UPDATE~
We are no longer offering our flagship courses Zero to Launch or Earn1K. Both courses have been replaced with a new, comprehensive program that gives you everything you need to start and grow your own business. Introducing…EARNABLE. The only business program proven over 15+ years, 50+ industries and 42,000+ students. Learn more here.[optinform id=1]
Meet James is a post from: I Will Teach You To Be Rich.
“My online business is fully built on the Zero to Launch system to this day.” — Tom MillerHis first online business failed miserablyBefore joining Zero to Launch, Tom toyed with the idea of starting an online business. He even cut his full-time engineering job down to part-time so he could spend more time blogging.
But with no system to follow, he quickly felt lost.
“I wasted a good amount of time looking for articles online about marketing strategies and tactics and reading what other people were doing.”
Without a roadmap, Tom’s business went nowhere. Hear him describe his struggle and how humiliating it was.
“I had all this stuff in my head that I knew would benefit other people”Back in college, Tom had developed study techniques to help him get good grades while spending less time studying. Combining those skills with the knowledge he learned from my Earn1K course, he made good side money as a tutor.
But he could only help so many students one-on-one. He wanted to reach more people, but didn’t know how.
See how Zero to Launch gave Tom a roadmap to develop his idea and find an audience desperate for the knowledge he had.
“It was completely different than my first attempt”Now that Tom had a system to follow, things changed completely.
Four months after launching his site, he had 500 subscribers. He then went deeper into the Zero to Launch framework and learned how to write posts that resonated strongly with his audience. These helped him build relationships with leaders in the industry and rapidly grow his email list.
“Growth is more of a steady grind than ‘Oh, I got featured in Lifehacker and got a million pageviews.’”
Tom has 4,000 email subscribers after 1.5 yearsAutomatic incomeIn April 2015, Tom created his first online product — a course that helped engineer students get better grades in less time. It brought in solid revenue to supplement his earnings as a tutor.
Tom’s online sales in July 2015Soon non-engineering students started emailing Tom, begging him to create something for them.
Following the Zero to Launch principles, he created a new product called Study Hero that helps math and science students as well.
“Study Hero has been very successful. It helps students with study habits, time management, and exam prep. It’s helpful no matter where they are in college or graduate school.”
He then followed the Zero to Launch system to build a sales funnel that would sell the program for him, day and night, 24/7. Now he’s able to make earn money even while he’s sleeping.
Tom makes sales automatically — even while he’s sleepingHow being goofy makes Tom salesWith Tom’s automatic sales machine set up, he started experimenting with fun new ways to get traffic. He saw a friend having success with YouTube videos and decided to try it himself.
“I’ve never expressed creativity in my work before. But now I record these videos where I’m goofy and answer questions, and it translates into making sales and getting hundreds of new subscribers.”
Tom makes sales off his goofy (but helpful) YouTube videosWhy he loves working 60-70 hours a weekYou’d think Tom would sit back, content with his “passive income.” But he’s grinding harder than he ever did as a full-time engineer. Why? Something shifted when he started working for himself.
“The reason people don’t enjoy working is they don’t feel connected to what they’re doing. When you work for a company, you could put in 80 hours and make them millions of dollars, but the impact that has on your paycheck is small.”
Now that Tom works for himself, the results are all his. And this has a huge impact on his motivation.
“Working for myself has unlocked more energy, focus, and motivation than I thought I had. I’ll sit down and crank away at one project for 10 hours straight. I’ve never experienced that before in my life. It’s pretty awesome.”
Tom’s website, which has 4,000 subscribersHe now spends each day with his daughterEven though he works a lot, Tom has freedom and complete control over his schedule. So after his baby was born, he got to spend every single day with her.
“Now that I have a baby girl, I can’t imagine going back to an office for 8 hours a day. Just the thought of being away from her makes me angry.”
If you’re serious about online business, Tom has some adviceYes, you can try to figure things out for yourself, but Tom says Zero to Launch has taken years and years out of his business timeline by compiling proven strategies and tactics to create a comprehensive system that works.
Tom’s business took-off when he invested in a proven systemWatch him explain why you should save time and let Zero to Launch provide the exact playbook for starting your successful online business too.
Free gift for youOne of the biggest hurdles to starting an online business is coming up with a profitable idea. Let me help. All you have to do is enter your email for my special report: 30 Successful Online Business Ideas.
~UPDATE~
We are no longer offering our flagship courses Zero to Launch or Earn1K. Both courses have been replaced with a new, comprehensive program that gives you everything you need to start and grow your own business. Introducing…EARNABLE. The only business program proven over 15+ years, 50+ industries and 42,000+ students. Learn more here.[optinform id=1]
Meet Tom is a post from: I Will Teach You To Be Rich.
We’ve all heard stories about investors who consistently beat the market. There are books about them, conferences dedicated to them, and YouTube videos made about them. It’s no secret that there are investors out there who have beaten the market consistently for years. But what we don’t know is how they do it: What stocks do they invest in? How much risk do they take?
The Legendary Investors Warren Buffett, for example, has produced a 20.9 percent annualized return over fifty-three years. Peter Lynch of Fidelity returned 29 percent over thirteen years. And Yale’s David Swensen has returned 13.5 percent over thirty-three years.`
They have phenomenal investing skills and have earned their titles as some of the best investors in the world. But just because these guys can consistently beat the market doesn’t mean you or I can.
Is It Possible To Beat The Market? Yes, theoretically, it is possible to consistently beat the market (which typically returns around 8 percent after you account for inflation), in the same way it is possible for me to become a heavyweight boxing champion. With millions of people around the globe trying to beat the market, statistically there are bound to be a few extreme outliers. Who knows whether their success is due to statistics or skill? But even the experts themselves agree that individual investors shouldn’t expect to equal their returns. Swensen, for example, has explained that he achieves outsize returns because of top-notch professional resources, but more important, access to investments that you and I will never have— such as the very best venture capital and hedge funds, which he uses to bolster his asset allocation. These professionals spend every waking hour studying investments and they have access to proprietary information and deals. Mom and pop investors have no chance of competing with them.
Survivorship Bias and Financial Ratings Financial companies know very well about survivorship bias, but they care more about having a page full of funds with great performance numbers than revealing the whole truth. As a result, they’ve consciously created several ways to test funds quickly and market only the best-performing ones, thus ensuring their reputation as the brand with the “best” funds.
These tricks are especially insidious because you’d never know to look out for them. When you see a page full of funds with 15 percent returns, you naturally assume they’ll keep giving you 15 percent returns in the future. And it’s even better if they have five-star ratings from a trusted company like Morningstar. But now that we know about survivorship bias and the fact that most ratings are meaningless, it’s easy to see that financial “experts” and companies are just looking to fatten their wallets, not ensure that you get the best return for your money.
How to live your Rich LifeWhile some people thrill at the idea of amassing a fortune, either via saving or investing, most of us pursue wealth-building strategies as a means to an end. Ultimately, our goal is to live a Rich Life, however we define it.
For some people, living a Rich Life means following certain conventions — you buy big houses, drive expensive sports cars, acquire a wardrobe to die for, and take regular five-star vacations — while to others, these Rich Life traps have nothing to do with living the Rich Life. Rather, to them, living a Rich Life means having enough financial security to maximize their enjoyment in the activities, things, and relationships they value most.
As you continue to build wealth and explore what living a Rich Life means to you, I Will Teach You to Be Rich offers plenty of free resources to give you the know-how you need to move forward in your journey.
Investors Who Beat The Market is a post from: I Will Teach You To Be Rich.
The fact of the matter is that you’re unlikely to find a better-performing fund or an investor who can consistently beat the market. Why, then, are some funds so alluringly compelling? It’s simple—some managers do beat the market (short-term), and many investors are lucky. However, they rarely, if ever, continue to do so consistently. In this article, you’ll learn how to beat financial experts, so you won’t have to hire one anymore.
No One Can Ever Predict The Market Let’s take a simple example of an unscrupulous scammer who wants to sell his financial services to some naive investors.
He emails ten thousand people, telling half that Stock A will go up and telling the other half Stock B will go up. “This is just a freebie email to demonstrate my insider knowledge,” he might say. After a couple of weeks, he notices that Stock A has indeed gone up by chance.
He eliminates the Stock B group and focuses on the Stock A group, emailing them an “I told you so” note. This time, he splits the mailing in half again. Twenty-five hundred people are told about Stock C and twenty-five hundred are told about Stock D. If either C or D goes up, on the next cycle, at least 1,250 people will have seen him pick two stocks successfully. And each cycle will make the recipients increasingly awed by his “ability.”
Because we like to create order where there is none, we will ascribe magical stock-picking abilities to the scammer—even though it was literally by chance—and buy whatever “investment success kit” he’s selling. The same is true of the pages of “five-star funds” you see. Moral of the story: Don’t trust purported financial expertise just because of a few impressive stats.
I Bet You Don’t Need a Financial AdviserIf you’re looking for an expert who can help you invest, you just have to keep this in mind: you’ll be better off self-managing than seeking out a financial adviser.
Some of you might say, “But, Ramit, I don’t have time to invest! Why can’t I just use a financial adviser?” Ah, yes, the old outsourcing argument. We outsource our car cleaning, laundry, and housekeeping. So why not the management of our money?
Most young people don’t need a financial adviser. We have such simple needs that with a little bit of time (a few hours a week over the course of, say, six weeks) we can get an automatic personal finance infrastructure working for us.
Plus, financial advisers don’t always look out for your interests. They’re supposed to help you make the right decisions about your money, but keep in mind that they’re actually not obligated to do what’s best for you. Some of them will give you very good advice, but many of them are pretty useless. If they’re paid on commission, they usually will direct you to expensive, bloated funds to earn their commissions.
At my first job, my company offered seminars hosted by a former employee who was now doing investments. He gave pretty standard advice (e.g., save in your 401(k), use a Roth IRA, etc.). I went for a consult and set up a Roth IRA with him. He also sold me on the investment advantages of whole life insurance policies. Then my wife looked at the details and said, “Ummm…nope.” She called them up to cancel everything and get our moneyback. We got everything back, which was good, because initial outlays were almost five figures. Around that time, I got your book and moved my Roth from him to Vanguard . . . Haven’t looked back since.
—TOM T., 35
Red Flags To Watch Out For Years ago, my friend Joe emailed me asking me to take a look at his investments. He suspected he was being taken for a ride by his financial adviser. Within five minutes of talking to him, I knew he was in a bad situation. Joe is a young entrepreneur with high earnings, so this adviser figured he was a meal ticket for the next four decades.
I told him the following:
- There are certain keywords that are major red flags when it comes to investing, including “whole life insurance,” “annuities,” and “primerica.” Any one of those words means, at best, you’re almost certainly overpaying and at worst, you’re being scammed.
- You’re being overcharged, and with your income, the fees you pay will be in the hundreds of thousands of dollars (or even $1,000,000+ over your lifetime).
- You should move everything to a low-cost broker. You’ll pay lower fees and get better performance. When you do this, your adviser will freak out and use every emotional tool in his arsenal to prevent you from doing this. Therefore, communicate in writing.
Why I Recommend a Fiduciary Financial Adviser If you’re currently working with a financial adviser, I encourage you to ask them if they are a fiduciary (i.e., if they’re required to put your financial interests first). Joe’s adviser was not a fiduciary; he was a salesman. That was instantly obvious by his recommendation that Joe (a single man in his twenties) “invest” in life insurance. The only reason for someone like Joe to have life insurance is if he has a dependent—not to fatten his adviser’s wallet.
If you discover that your adviser is not a fiduciary, you should switch. Don’t be worried about the variety of emotional tactics they’ll use to get you to stay. Keep your eye on the prize and put your financial returns first.
By contrast, fee-only financial advisers simply charge a flat fee and are much more reputable. (Neither is necessarily better at providing good investment returns, or your top line; they simply charge differently, affecting your bottom line.)
Oh jeez. I lucked into a one-time windfall and tried to do the “smart thing” by using a financial planner recommended by my bank (at that time Comerica—may they die a painful death). He put me in terrible funds that both underperformed the S&P 500 AND had insane fees. Lost about30 percent of my money. Eventually moved everything to Vanguard Index Funds (in a brokerage account I set up myself with Vanguard). No regrets about the move. Nothing but regrets about the wasted time and money “trusting a professional.”
—DAVE NELSON, 40
Key TakeawayThe key takeaway is that most people don’t actually need a financial adviser—you can do it all on your own and come out ahead. But if your choice is between hiring a financial adviser or not investing at all, then sure, hire one. People with really complex financial situations, those who have inherited or accumulated substantial amounts of money (i.e., over $2 million), and those who are truly too busy to learn about investing for themselves also should consider seeking an adviser’s help. It’s better to pay a little and get started investing than to not start at all. If you’re determined to get professional help, begin your search at the National Association of Personal Financial Advisors (napfa.org). These advisers are fee-based (they usually have an hourly rate), not commission-based, which means that they want to help you, not profit off their recommendations.
But remember, many people use financial advisers as a crutch and end up paying tens of thousands of dollars over their lifetime simply because they didn’t spend a few hours learning about investing. If you don’t learn to manage your money in your twenties, you’ll cost yourself a ton one way or another—whether you do nothing or pay someone exorbitant fees to “manage” your money.
How To Beat Financial Experts is a post from: I Will Teach You To Be Rich.
Credit cards can be a great asset if used properly, but they can also leave you in financial issues fast. Many people have credit card debt and don’t even realize it. Here’s how you can review your credit card bills to unearth opportunities for improving your finances.
- How I Checked My System In The Early Days
- How I Check My System Now
- Things To Remember For Freelancers
- Action Steps
- I Love This System For Three Reasons
- When Do I Get To Spend My Money?
How I Checked My System In The Early DaysI used to do a weekly five-minute review of all the charges on my card. If I took no action, my credit card reached into my checking account once a month and paid the full amount automatically. No late fees, no worries. If I did see an error, I just called my credit card company and got it fixed.
Let’s talk about those weekly reviews for a second. I liked to keep an eye on my credit card charges whenever there was tipping involved, so I would keep my receipts whenever I went to restaurants and store them in a paper folder on my desk. Every Sunday night, I’d check the folder and spend about five minutes comparing my receipts with what my credit card’s website says. I’d just do a “Ctrl + F” for the amount (for example, $43.35) and confirm that it’s correct. If I wrote $43.35 as the full amount after tip, but saw that the restaurant had charged me $50, I knew someone was trying to make a quick buck off me. And in that case, you need to ask yourself one question: WWAID? (What would an Indian do?)
Answer: A quick call to the credit card company will resolve this.
How I Check My System Now I don’t do those weekly reviews to catch a $6 added tip anymore. The more experienced you get, the more you can spot unusual deviations to your own spending—and even if someone adds $6 to a tip, it doesn’t matter.
Believe me, I know how weird that sounds. I built this system by being ultra-aware of every transaction that ran through it. But eventually you realize the system exists to help you focus on the big picture. In any meaningful system, there’s always a certain amount of waste. If someone adds $5 to my tip (and my credit card company doesn’t catch it), that’s life.
I’ve set up a system with the appropriate safeguards and reviews, but I know that there will inevitably be certain things that slip through the cracks. That’s okay as long as I’m keeping my eye on the big picture.
I automated my finances, and over seven years I have saved around $400,000. I also earned enough to max out my retirement accounts.
—DAN SHULTZ, 35
Things To Remember For Freelancers As a freelancer, you’re responsible for your self-employment tax, which your employer would normally handle if you were a traditional employee. Self-employed taxes can get very tricky very quickly, so I’m going to give you my rule of thumb, then encourage you to talk to a professional.
Since many freelancers don’t know the rules around self-employed taxes, they can get surprised when tax time comes around. I’ve known a lot of freelancers who were stunned to owe unexpectedly large amounts for taxes. As a rule of thumb, you should set aside 40 percent of your income for taxes. Some people save 30 percent, but I prefer to be conservative: It’s better to end up oversaving than owing money at the end of the year.
Your bookkeeper can advise you on exactly how much to set aside, and how to automate your quarterly payments, so see a professional. It’s worth it. I also recommend using You Need a Budget as a planning tool if you have an irregular income.
Action Steps 1. List all your accounts in one place (one hour)As you start linking accounts to one another, you’ll need to log in to all of them. Make your life easier by getting all the login information in one place that you can access from home and work.
2. Link your accounts together (three to five days)To set up your Automatic Money Flow, link your accounts together. Connecting them is free and quick, but allow three to five days for the accounts to verify the links.
3. Set up your Automatic Money Flow (five hours)Once your accounts are linked together, set up the core of your Automatic Money Flow: automatic payments. Your system will automatically send money to your investing accounts, your savings account, and your fixed costs, and leave you money for guilt-free spending. Remember, you’ll want to reset your billing cycles so you can create a well-timed Automatic Money Flow.
Your Money Is Now AutomaticCongratulations! Your money management is now on autopilot. Not only are your bills paid automatically and on time, but you’re actually saving and investing money each month. The beauty of this system is that it works without your involvement and it’s flexible enough to add or remove accounts anytime. You’re accumulating money by default.
I Love This System For Three Reasons:1.) Your automated money flow takes advantage of human psychology. Right now, you’re motivated to manage your money. Imagine life in three months— or three years. You’ll get busy, distracted, and focused on other things. That’s normal. But your system will continue growing your money for you. This system has worked for hundreds of thousands of people, and it will work for you too.
2.) Your system will grow with you. You can contribute $100/month and your system will just work. Now imagine getting a series of raises, and consistent returns from your investments, and other unexpected income (such as a tax refund). In fact, imagine you’re contributing $10,000 per month—or even $50,000 per month! Your system will still work beautifully.
3.) Your system lets you go from “hot” to “cool.” One thing I love about this system is it takes you out of the day-to-day, emotionally “hot” decisions and lets you focus on longer-term, “cool” ones. For example, think about the way most people describe their daily purchases: They “struggle” to “resist” dessert, or they feel “guilty” about buying coffee, or they admit to being “bad” if they splurge for a nice handbag.
I hate those words. Money should be about all the good things it can do, not the bad. To do that, you can’t agonize over thousands of micro-decisions per month—you have to focus on the bigger picture.
When Do I Get To Spend My Money? Now that you’ve got your automatic infrastructure set up, each month, you’ve got money flowing automatically to your investing accounts and savings accounts. You’ve even cut your spending by focusing on a couple of Big Wins. So when do you get to spend all this money?
What a great question. The only people who’ve ever asked me this are actually concerned about saving too much.
The answer is simple: Once you’ve gotten your money under control and you’re hitting your targets, you absolutely should spend your leftover money. Look to your savings goals. If you don’t have something in there for “vacation” or “new snowboard,” maybe you should. Otherwise, what is all this money for?
Money exists for a reason—to let you do what you want to do. Yes, it’s true, every dollar you spend now would be worth more later. But living only for tomorrow is no way to live. Consider one investment that most people overlook: yourself. Think about traveling—how much will that be worth to you later? Or attending that conference that will expose you to the top people in your field? My friend Paul has a specific “networking budget” that he uses to travel to meet interesting people each year. If you invest in yourself, the potential return is limitless.
If you’re meeting your goals, another route you could take is to start saving less and increase the amount you allocate to your guilt-free spending money.
One final thing: I hope this doesn’t sound too cheesy, but one of the best returns I’ve ever gotten has been with philanthropy. Whether it’s your time or your money, I can’t emphasize enough how important it is to give back, be it to your own community or to the global community. Volunteer your time at a local school or youth organization (in NYC, I volunteer through New York Cares) or donate to a charity that supports a cause you care about (I’ve donated to Pencils of Promise [pencilsofpromise.org]).
Saving too much is a good problem to have. Fortunately, there are great solutions too.
This system means you get to bring your vision of a Rich Life alive. I believe that you can tell a lot about your own values by where your money goes. As I always say, “Show me someone’s calendar and their spending, and I’ll show you their priorities.”
How To Review Your Credit Card Bills is a post from: I Will Teach You To Be Rich.
I was talking to an acquaintance in Toronto when she told me she had just moved from Sydney and was trying to find a job. She bemoaned how difficult it was to find work and I nodded along sympathetically. Then she said:
“It’s hard. I wish that something would just fall into my lap.”
Whoa, hold on.
I noticed that she specifically used “fall into my lap” to underline this wistful expectation or hope that things would “just happen” to her. That eventually good fortune will find her and give her exactly what she wants, without the requisite work. It changed my perception of how she was approaching her job hunt: There was probably more she could actively do. Fair? Maybe not, but it’s where my mind went when she said that.
This is the power of language.
The words we choose to include in our natural vocabulary carry certain meanings, hopes, and dreams that don’t need to be said outright. They open a window into our thought process and worldview. Dr. Jack Schafer, an assistant professor at Western Illinois University, wrote:
“Certain words reflect the behavioral characteristics of the person who spoke or wrote them. I labeled these words, Word Clues. Word Clues increase the probability of predicting the behavioral characteristics of people by analyzing the words they choose when they speak or write.”
Phrases like “fall into my lap” reveal a pervasive, underlying belief that things will somehow work themselves out with a little can-do attitude and luck; hard effort on your part optional.
And since that time, I’ve made it a point to pick up on these words, and I hear it in everyday conversations with friends:
- “Any luck finding what you’re looking for?”
- “When opportunity knocks on your door, you should open it, duh.”
- “Wow, you’ve really struck gold!”
- “Fingers crossed.”
- “I just got lucky.”
- “Everything will work out in the end.”
- “A good-paying job doesn’t fall from the sky.”
I call these “luck-oriented” words, and the twist is, most of the successful entrepreneurs I talk to have nearly banished these words from their daily conversations.
Because they know that luck plays an itty-bitty part.
Luck-oriented words can be toxic because they undermine the idea of concerted hard work and effort. They imply that you surrender agency and control over certain aspects of your life — like business — and whatever good that comes out is left up to a higher invisible power. We often don’t realize we’re saying these words. Worse, we don’t realize their impact on how we behave and how we’re perceived.
To use luck-oriented words, you’re admitting you’re waiting around for things to happen TO YOU, rather than recognizing that YOU have the power to make the decisions that’d actually benefit your goals. You’re telling the world and yourself you don’t need to drive the car. You’ll hang in the back, thanks.
If you want to eat healthier, you have to make the conscious decision to choose to eat healthier, like cooking food at home instead of ordering takeout. If you want to save for retirement, you have to make the conscious decision to open a 401k and contribute to it. These don’t happen by accident or because you “got lucky.”
Of course, no one actuallybelieves that good-paying jobs “fall from the sky” or that “opportunity knocks.” We just love using luck-oriented words to keep the hope alive for a few reasons:
We are disillusioned by “success porn”Incredible against-all-odds-themed success stories are endlessly paraded in the media. We hear from those who were “down on their luck” and somehow — with the vaguest of details — they turned things around. Now they’re more successful, richer, more fit, in a happy relationship, and so on.
Classic “rags to riches” sort of narrative.The common narrative paints an unrealistic picture of how success happens and what it takes. But the message that’s easily missed is this: These people aren’t just lucky, they’re persistent AF.
Wayne Gretzky’s famous saying, “You miss 100% of the shots you don’t take,” comes to mind. But what’s NOT said — but merely implied — is that you need to take a TON OF SHOTS first, and eventually, maybe you’ll get lucky. When you look under the hood of these success stories, you start to see a much more boring, more true theme: resilience, aka lots and lots of missed shots and the will to keep making them.
J.K. Rowling was rejected by 12 publishers before Harry Potter was finally published and went on to make her a bajillionaire. It took Tim Ferriss 26 swings before the 26th publisher accepted his manuscript for The 4-Hour Work Week. Babe Ruth had an amazing 714 career home runs, but also had 1,330 strikeouts.
As I’ve written in another GrowthLab post, luck is less “luck” and more about probability, where if you slap enough pucks at the goalie, even if your aim sucks, one will eventually go in. But you have to make sure to keep takin’ those shots. So make the decision to send those requests for coffee meetings, to come up with new business ideas after the last four failed, to write those blog posts that no one will probably read at first, to launch and relaunch those products — just keep on keeping on.
We don’t want to be personally responsible for not “making it”I like to take the IDEA of hard work to a nice steak and candlelit dinner, but in reality, I often want to take it out back and clobber it with a baseball bat.
Struggling to learn new skills, to understand an esoteric concept, to rack my brain for a solution when something isn’t working, to do these things most of the time is just no fun. Hard work is HARD, yo. But what sucks even more is working this hard and having zilch to show for it.
What would our friends and family think? Worse, what would we think of ourselves? (That we’re a sucka, that’s what.)
Depending on luck to take the wheel is never having to own up to things not happening in our favor. It allows us to offload responsibility and feelings of guilt to the Powers That Be, so we can shrug and say, “Well, them’s the breaks,” when just maybe we actually didn’t work hardenough. Or do everything we possibly could do to work toward that thing we always talk and dream about. And that’s hard to admit.
I touched on this idea in another article: we say we want one thing, but our actions and decisions don’t add up to that thing.
The quicker we can recognize that we are capable of making decisions and taking matters into our own hands, the faster we can actually get what we want.
We feel like we “deserve” thingsOn Facebook, I often come across updates from friends getting job promotions (or new jobs), breaking certain revenue goals, or generally doing AWESOME things, and I’m happy for them. Inevitably there’d be a congratulatory message along the lines of “Way to go! You deserve it!”
Barf. “Deserve” is such a misleadingword.
“Deserve” implies inevitability. “Universe, I did my part just enough, thanks. Now you have to do yours.”
Except it doesn’t work that way. There is no magic tipping point where the gods owe you something. There’s no work ethic bank account that you can draw from the moment it is in the positive. Life is more inexact than that.
Think of the most successful businesses of our time: They are successful because they provide so much value TO the world. Not “just enough.” But overwhelming amounts. Steve Jobs forever transformed smartphones (and pretty much all technology). Oprah inspires millions and offers a platform for others to be heard (and has for decades).
Chris Rock’s biting comedy tackles big, important issues like politics and race, and here he highlights this point about “deserving” things just because (warning: explicit language ahead):
Figure out what value YOU can offer to the world consistently and overwhelmingly, rather than what the world can give to you as if you deserved a trophy for showing up occasionally. It’s not how things really work. Good things happen only after you provide a staggering amount of value to the world — and you’d feel good doing so, too.
In a world where luck can play a small part, offering immense value to the world is one of the best ways to create your own luck.
“Often you will discover that the harder you work, and the more wisely you work, the luckier you get. But there is luck, and it helps.” — Neil Gaiman, author
“Good luck” and other everyday words that keep us from hitting our goals is a post from: I Will Teach You To Be Rich.
Here’s the exact system I use to spend only 90 minutes a month managing my money. If you haven’t already set up your Conscious Spending Plan, I recommend doing that first.
CATEGORIES OF SPENDING
Use these as guidelines for your spending and tweak as necessary.
| Fixed Costs: Rent, Utilities, Debt, etc. | 50/60% of take-home pay | | Investments: 401(k), Roth, IRA, etc. | 10% | | Savings Goals: Vacations, gifts, house down payment, cash for unexpected expenses, etc | 5-10% | | Guilt-free spending money: Dining out, drinking, movies, clothes, shoes, etc. | 20-35% |
Now let’s take your Conscious Spending Plan and make it automatic.
To do this, I use a concept called the Next $100.
This means, simply, where will the next $100 you make go? Will it all go to your investment account? Will you allocate 10 percent to your savings account?
Most people just shrug and don’t take any time to think about how their money will be allocated—which means it gets thoughtlessly spent and I sob uncontrollably.
But there’s a better way! It involves actually using the guidelines you established in your Conscious Spending Plan. If you did things right setting up your Conscious Spending Plan, you already know how much money you have to contribute to your fixed costs and how much is left over for investments, savings, and spending money.
So, if you made $100 and your plan resembled the example above, you might put $60 toward your fixed costs, $10 into your investment account, and $10 into savings, and then you’d spend the remaining $20 on whatever you felt like. Pretty cool, right? Well, it gets even better, because once everything is automated, that money will be shunted from your checking account right into the appropriate accounts without you even thinking about it.
To see how it works, let’s use my friend Michelle as an example:
Michelle gets paid once a month. Her employer automatically deducts 5 percent of her pay—an amount she set up by talking to her HR department— and puts it in her 401(k). The rest of Michelle’s paycheck goes to her checking account by direct deposit. (For simplicity, I’m not including taxes here, but you can control how much your employer withholds from each paycheck to pay taxes by speaking to your HR department.)
About a day later, her Automatic Money Flow begins transferring money out of her checking account. Her Roth IRA retirement account will pull 5 percent of her salary for itself. (That combines with the 401(k) contribution to complete the 10 percent of take-home pay for investing.)
One percent will go to a wedding sub-savings account, 2 percent to a house down-payment sub-savings account, and 2 percent is earmarked for her emergency fund. (That takes care of her monthly savings goals, with a total of 5 percent of take-home pay going into savings.)
I spend about an hour per month managing my money—paying bills, checking the balance on my credit card and my bank accounts, and watching a few holdings in my portfolio (but I’m not an active trader just maintaining situational awareness). Once a month, I might evaluate my savings plan to see if I can plan a vacation or make a larger purchase.
— JENNIFER CHANG, 32
Her system also automatically pays her fixed costs. She’s set it up so that most of her subscriptions and bills are automatically paid by her credit card. Some of her bills can’t be put on credit cards—for example, utilities and loans —so they’re automatically paid out of her checking account. Finally, her credit card company automatically emails her a copy of her bill for a 5-minute review. After she’s reviewed it, the bill is also automatically paid in full from her checking account.
The money that remains in her account is used for guilt-free spending money. She knows that no matter what, she’s already hit her savings and investing goals before she spends a cent of her guilt-free money—so she can truly enjoy buying what she wants.
To make sure she doesn’t overspend, she’s focused on two Big Wins: eating out and new clothes. She sets alerts in You Need a Budget (YNAB) to notify her if she goes over her spending goals, and she keeps a reserve of $500 in her checking account just in case. (The couple of times she went over her spending, she paid herself back using her “unexpected expenses” money from her savings account.) To track spending more easily, she uses her credit card to pay for all of her fun stuff as often as possible. She knows from her spending trend that she tends to spend $100 a month in cash on coffee and tips, so she includes that in her guilt-free spending. No tracking receipts or manually entering data.
In the middle of the month, Michelle’s calendar reminds her to check her financial software to make sure she’s within her limits for her spending money. If she’s doing fine, she gets on with her life. If she’s over her limit, she decides what she needs to cut back on to stay on track for the month. Luckily, she has fifteen days to get it right, and by politely passing on an invitation to eat out she gets back on track.
Using a tool like You Need a Budget gives me a more detailed view of my finances. In YNAB, it’s super easy to mark money that’s available for discretionary spending vs. needed for bills, and that really appeals to my analytical side.
—KYLE SLATTERY, 30
By the end of the month, she’s spent less than two hours monitoring her finances, yet she’s invested 10 percent, saved 5 percent (in sub-buckets for her wedding, house down payment, and emergency fund), paid all of her bills on time, paid off her credit card in full, and spent exactly what she wanted to spend. She had to say “no” only once, and it was no big deal. In fact, none of it was.
COMMON INVISIBLE SCRIPTS ON AUTOMATION
| When it comes to automation, it “sounds” really good—yet almost none of us do it. Here’s why. |
| Invisible script | What it means | | “It feels like I have more control when I know I can invest when the market is down.” | I can understand being nervous about automating your finances. The good news is you’re in control. You can always check on it and stop or change any setting you want. More important, be honest: Have you actually invested consistently every month? Does all your money go where it should? Do you automatically rebalance? If the answer is no, you’ve lost money. Let’s fix that. | | “I only have a little money to start with. It doesn’t seem worth it.” | Start now and build the habit. As your income increases, your habits will be aligned and your system will automatically grow with you. | | “I manually invest based on my variable income. It’s hard to automate when my income can vary widely.” | Irregular income is handled in this automation system. | | “The honest answer is because I don’t know how.” | Thank god, finally someone answers with a real answer, not some concocted bullshit about how they want “control” of their investments. We’re talking about investment returns, people! Nothing wrong with not knowing this stuff. Read on. | | “The fees are lower when I do it myself. I have more control of where my money is going (or, at least, it feels like it). It’s also a forced check-in on my goals and progress.” | Sigh. Feelings. Sometimes your feelings are finely tuned instincts that you should listen to. But other times, your feelings are capricious and misguided and lead you astray—and you should really follow the evidence. This is one of those cases. Bottom line: Automating your finances will give you more time, more money, and higher investment returns. |
How To Spend Only 90 Minutes A Month Managing Your Money is a post from: I Will Teach You To Be Rich.
As a working mom, I live by my to-do lists. From deadlines, appointments, and meetings to playdates, pediatrician follow-ups, and nanny pay days, nothing escapes my long-winded lists.
But it’s easy to get caught up in which fancy app or system you should use for your list. Lots of (very nerdy) internet arguments center around the right approach. Should you stick to pencil and paper? An iPhone app?
“I’m a firm believer in David Allen’s Getting Things Done philosophy — that ‘your mind is for having ideas, not holding them,’” said Liz Sumner, a productivity coach. In that case, getting to-dos out of your brain and into a system you trust is the best way to focus and perform your best work. But which one?
That’s why we asked Sumner and Tor Refsland, an award-winning time management blogger and SEO specialist, for advice on how to put together the “perfect” to-do list.
Step 1: Pre-draftingTo achieve the best to-do list results, take some time before drafting your next one to review your habits. Think about a few logistical details:
1. Consider your type of work. Look for repeatable rhythms in your work — tasks that happen at the same time every day, week, or month — so you can start with a standard checklist or template and add from there. For example, as an SEO strategist, Refsland says his daily core activities are divided into three categories:
- Rank own websites on top of Google
- Get new clients
- Rank clients’ websites on top of Google
From there he can insert other one-off to-dos as needed. If your job involves delegation and teamwork, be sure to include exactly who you need to collaborate with in your list. (ie. “Check in with Xander re. new launch platform progress” or “Discuss with Team Y new June objectives.”)
2. Do you prefer daily or weekly lists? Remember that weekly lists will be longer, which may be off-putting to some. If you prefer the feeling of starting each day with a fresh slate, you’ll probably benefit from daily to-do lists over weekly ones. If you prefer knowing what’s coming down the pipeline at all times, a weekly list might work better (but will need constant upkeep anyway as things change).
3. Will you combine areas of your life? According to Sumner, it’s fine to combine different areas (personal, work, etc.) of your life on one list. The real trick is to avoid adding items that you aren’t committed to completing, like “Finally clean hallway closet.”
4. Set up a system that ensures workflow capture. You’ll need some sort of an inbox to capture all your tasks, as well as regular review time to process the inbox items into the right bucket, says Sumner. It can be a pain to categorize items in the middle of a call or meeting, so having a “staging” area helps.
Some people like to use an online system like Insightly or GTDNext, while others find writing tasks on a plain old white board or in a notebook like the SELF journal gets the job done. After you know how you’ll keep track of your tasks, which process you decide to follow to organize and execute those tasks is entirely up to you. A few popular ones:
- Getting Things Done (GTD): This is the system Sumner prefers.The GTD system requires you to ask the following questions of each task: What is it? Is it actionable? What’s the next action? “If it takes less than two minutes, do it right then,” said Sumner. “If not, then delegate it or defer it.” (More here.)
- Action Method: Using the Action Method, you’ll place your projects (aka to-dos) into the following buckets: Action Steps (a list of specific tasks you need to get done on any given day), References (including any supplementary info you need to get your tasks done like videos, articles, links, etc.) and Backburners (things that don’t need to be done right now, like ideas, future pitches and goals). (More here.)
- Bullet Journal: The Bullet Journal system suggests that you keep a master list where you continuously add non-urgent tasks and you cross them off as you accomplish them. From that original list, you would create daily to-do lists that include any items that have become time-sensitive. These daily to-do lists should be as specific and actionable as possible, and may even include a section for the top tasks that need to be accomplished for the day. Figure these out by asking yourself: What tasks will have the most impact on my day? What tasks need to get done today? If I get nothing else done today, what tasks will make me feel the most accomplished? (More here.)
Step 2: Creating your listDrafting a to-do list might seem simple, but unless you’ve put some careful thought into it, the system could fail you. For example, Refsland recommends planning your to-do list about one week in advance (making updates as necessary), and taking a look at it each night when your work is done to make any necessary adjustments.
“If you already have things coming down the pipeline, then you will know what needs to be scheduled, or if you don’t have things on your next week to-do list, you can focus on the activities that best suit you, like bringing more money to your business,” he said. “If you follow the weekly and night before ritual regarding planning your to-do list, you shouldn’t spend more than 15-30 minutes completing it.”
Those 30 minutes can seem unnecessary but a simple planning session saves a ton of time during your day, so you never spend your valuable energy wondering what you should be doing next.
Then, when it comes to construction of your list, do the following:
1. Break big, vague projects into chunks. Sumner recommends taking large projects and breaking them into smaller, easier-to-manage chunks that you can tackle throughout the week. “We tend to think of projects as the top-level desired result,” she said. “Actually, each result is made up of multiple action steps. The more you break it down, the more doable they seem.”
2. Assign a priority level for each item. Sumner also recommends including information on time sensitivity or based on limited windows of opportunity. To take this one step further, Refsland prioritizes his own to-do list tasks using the ABCDE method:
- Tasks I must do — serious consequences if they don’t get done.
- Tasks I should do — mild consequences if they don’t get done.
- Tasks I could do — no consequences if they don’t get done.
- Tasks I delegate.
- Tasks I never do. (The kicker, says Refsland, is to never do a B task before you have done all the A tasks, to never do a C task before you have done all the B tasks, etc.)
3. Limit the items you include. You can’t always control how many meetings you have in a day, but try to be realistic about how much you can actually get done in a workday. “It’s important that the items you put on the to-do list for the next day are actually realistic for you to complete,” said Refsland. “If not, it’s not a to-do list, it’s a wish list.” Don’t make your to-dos paragraphs that will take you 10 minutes to get through — keep each one limited to two sentences max to eliminate time waste. One good rule of thumb: if all of your to-do list items don’t fit on a Post-It note, they won’t fit into your day.
4. Be specific. Separate the “good idea, maybe someday” items from those that you really intend to do. “Otherwise you have a multi-page list that will never get done and takes its toll on your mental energy,” Sumner said. If you need to, keep a separate “dream” list, but only look at it when you’ve crossed all the items off your actual to-do list.
5. Make your items actionable. Include a verb with each item on your list, and the more specific the better, says Sumner. For example, “don’t just say ‘garage,’” she suggested. “Instead, say ‘take old moving boxes and paint cans to recycling; organize garden tools.’ It’s easier to anticipate the time required and makes a huge task less daunting.”
6. Place your to-do list in a strategic location. If your to-do list is in a notebook or on a dry-erase board that could easily be seen — rather than hidden on your phone or computer somewhere — Refsland recommends looking to find out what your next task is, then hiding it away. “Staring at your to-do list all the time will be counterproductive and just make you lose focus,” he said.
7. Don’t make your list in an email. For Sumner, using your email inbox to keep track of your to-do list is a big mistake because you’ll likely waste more time and energy paging through dozens of other emails to get to what you need. Plus, you are allowing other people to dictate your to-do list every time they send an email.
8. Do include time for breaks in your list. Refsland suggests skipping breaks during to-do tasks and putting time aside to take breaks in between tasks, instead. “Don’t take a short break to check your email or social media accounts,” he said. “You will lose track and become very unproductive.” If you know that you have time for a break coming up you’ll be more likely to power through.
9. Cross items off as you go. Crossing items off as you go isn’t just satisfying, but it’ll also help you pay attention to what isn’t getting done and to evaluate why, says Sumner. Looking at the items that haven’t been crossed off your to-do list will help directly with Step 3.
Step 3: AssessmentCreating the perfect to-do list will take some time as you figure out what works for you, so weighing how it went after a couple tries is essential to getting it right. To do that, start by looking back at the items that weren’t crossed off your recent lists. Ask yourself why they remained undone.
Was the task unimportant after all?
Were you unclear how to proceed?
Was it something you’re simply avoiding?
“Most items on your list are going to fall under one of three categories: find out, decide, or do,” said Sumner. “You either need to gather information, make a decision, or take action. If you haven’t been making progress, it may be because you’re trying to take action before doing the research, or making an important choice. Whenever you’re stuck, ask yourself, ‘Is there something I need to find out, decide, or do to make this happen?’”
To do this, Sumner recommends thinking of your to-do list as separate from a personal goals list. “To-do is more granular,” she said. “Goals are more big picture. I do a quick review of my to-do list in the morning and at the end of the day. At the end of the week I look ahead to make sure I’m on track to meet deadlines. I like to review major goals at least twice a year — quarterly is better.”
If an item has stuck around on your to-do list for many iterations, ask yourself what makes it important. Are you doing it for someone else and it’s time to pass the responsibility back because you simply don’t have the time? Can you find the motivation by changing your attitude or finding an alternative solution? If you truly think an item is worth completing, move up its importance to get it done, or else remove it entirely after a month of hanging around.
Remember that setting up a perfect to-do list is great, but you should always allow yourself room for flexibility. “It’s always important to take a look at the big picture, and make sure that your to-do list is aligned with that,” said Refsland. “If your big strategy changes, then this will most likely impact the activities on your to-do list.” Be adaptable and you’ll find your to-do list will help you go far.
How top performers make their to-do lists is a post from: I Will Teach You To Be Rich.
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