12 surprising insights about earning more money

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Candidate,

Today, I want to call out a toxic money belief that's very common but rarely discussed:

"Money changes people."

When most people say this, it comes with a derisive tone. It's an insult. How could you change?

Allow me to tell you the truth: Yes, money changes people. It will change you. And it should change you!

When you think about it, whoever came up with this idea that you should never change your views as you grow and develop?

I think it's people without money, people who've resigned themselves to being stuck and rationalize their fixed mindset by saying, "I may not have money, but at least I'm happy."

Translation: At least I'm not being changed by money.

What a helpless view of yourself. The idea that "money will change you," as if you're some boat adrift at sea, unable to control the elements. The people who worry about money "changing them" have very low confidence in their own abilities to weather the storm.

Don't worry about money turning you into an evil person. You're strong enough to retain your values as you grow.

I always looked forward to changing. I wanted to know all the things people could do with money that nobody had ever taught me. I wanted to buy my time back. I wanted to buy a round of drinks without thinking about it. I wanted to try new foods, travel to the best hotels, and bring my friends and family with me.

I wanted to dream bigger.

How has money changed you...and allowed you to dream bigger?

When I noticed this toxic money belief — "Money changes people" — I started to look deeper into the stories we've been told since childhood.

The usual advice goes something like this:

Study hard
↓
Get a good job
↓
Work hard
↓
Get a promotion
↓
Cut back on lattes!
↓
Keep your head down
↓
Repeat for 40 years and you can retire…
then you can live your life!

Who wants to wait 40 years to finally live life? I decided to create my own path. Even if I took a wrong turn, at least it was my path.

It's easy to look at someone you admire and think they had some grand strategy. Or that they're naturally gifted at something and you're not. That's all bullshit we tell ourselves instead of digging deeper and understanding the micro-decisions they made early on.

So, how do you do it? If you asked 100 people this question, 98 of them would say "work hard." As I've built my own Rich Life, I've realized there is a lot more to boosting your income than working harder.

Today, I want to share 12 surprising insights I discovered on the way to earning more.

Insight #1
True joy is using money to buy back your time

This is one of the best uses of money. You can use money to literally save HOURS every day. You can pay for convenience (live closer to work and cut your commute by 90%, hire a house cleaner or personal chef or personal assistant). You can pay to save time and get faster results (personal trainer, tutor, classes).

In short, you can spend more time doing the things you love, not the things you have to do. Here are a few of the things I don't have to worry about anymore:

Insight #2
Yes, you can become wealthy working at a 9-5

Don't let any of these Twitter experts tell you that 9-5 jobs are for losers. It would be really easy for me to agree with them (especially since I create programs to help you start a business). In reality, having a good job is the most predictable way to earn substantial amounts of money. But there's a catch: You have to save and turn your earnings into an asset.

Insight #3
But to build true flexibility, you have to control your time

A friend of mine works at Google and took me to lunch on a Wednesday in NYC. I was joking how I should quit my business and work there so I could eat all their amazing free food every day. She said, "Yeah, it's nice...but the ultimate luxury is having control of your time."

I don't mind working hard. But I want to know that I have the flexibility to visit a friend for lunch, or build in gym time, or even take a long trip.

Insight #4
Build an asset

I'll never forget what one of my mentors told me. He was looking back on his life — a life in which he had made and spent millions and lived very well. But he had one regret: not building an asset that would pay him forever. "If I had, I wouldn't still be working like this," he told me.

An asset can be an investment portfolio, a business, rental homes...whatever. This asset pays you when you travel, it pays you when you sleep, and it compounds over a lifetime into numbers that are unimaginably large. If you're going to put in work, direct it to building an asset.

(To grow an asset, read on.)

Insight #5
The more you earn, the less relevant
"mass market" advice is

Once you master the basics of money — saving, automation, etc. — you're going to run into thornier questions. But you'll discover there are few places to turn to for answers. For example, there's a reason everyone teaches us how to "save" money...but almost nobody teaches you how to spend it. These conversations happen behind closed doors, not on blog posts or public forums.

Insight #6
Most people spend their entire lives asking $3 questions
when they should really be asking $30,000 questions

When I was a kid, we would never buy pre-cut vegetables. Today, I don't think twice about anything in a grocery store because no lettuce — no matter how organic or expensive — can really affect my overall finances.

As you earn more, you choose where you want to go deeper: Maybe it's Chipotle to Chipotle with guac. Or Banana Republic to Nordstrom. Or even bigger! You choose the level you want to play at. But remember, you can spend your entire life worrying about lattes and get nowhere.

Or you can spend a weekend thinking about the bigger picture and never have to worry about $3 expenses (or $300, or $3,000) expenses again.

Insight #7
Ask "What if?"

Money is such a drag to most people. When you ask people about how they feel, their top answers include "overwhelmed," "anxious," and "guilty." It's no wonder we avoid it! If you always feel bad about it, of course you'll avoid it. To change that, reframe your question: Ask "What if?"

Ask "What if I quadrupled my income?"
Ask "What would I never think about again?" For me, it's ordering appetizers or dessert.
Ask "Who would I bring with me on my next trip?" Money is about relationships, not just accumulating more.
It's so easy to fixate on what you don't have. Society reinforces it with all its headlines about debt crises. But how many of us have really asked, "What if?" What if I earned 4x what I earn today? What would I do with it? This is a totally different conversation than most of us ever have. It allows us the possibility to dream.

Insight #8
Cynics and skeptics don't get rich

I have IWT readers who have been emailing me for 10 years, skeptical about this course, skeptical about that strategy, skeptical about everything.

One reader just wrote in last week saying he's seen my emails about starting a business, but "How do I find an idea?? I don't know where to start." I did a Gmail search for his name. This guy has been on my email list for 4 years and has sent 20+ emails like this! He's never joined our business program, which would show him how to find a profitable idea.

(In my email tomorrow, I'll tell you how to find your business idea and show you how my students have used this process to start 6-figure businesses.)

But some people will still be skeptical. Sometimes the struggle can become an addiction.

As you start to earn more, you'll naturally move beyond them.

In a year, the cynics and skeptics will be in the same place. Where will you be?

Insight #9
You can keep your old friends —
and you do add new people

One of the most insidious things I feared was that if I earned more, I'd have to abandon all the people around me. You know, the old "You are the average of the 5 people around you." Does that mean you have to get rid of the people you grew up with? No. I learned that you keep your old friends — but you add new ones, too.

Insight #10
You get to choose WHY you want to earn more

In the old days, these were the signs of wealth: Big house, country club membership, china cabinet. Today, lots of us want flexibility, zero commute, the ability to travel, and to spend on food and fitness classes we love. When you earn more, you get to decide. The more you craft your Rich Life, the more incomprehensible it should be to others. You decide.

Insight #11
You don't have to be a sleazy salesperson to earn more

I always wanted to honor my teachers when I created my business. That means creating free material that's better than others' paid stuff — and creating premium programs that are truly world class. The right people are always happy to pay for the best. And you don't have to compete on price or sleazy sales tactics to do it. Create your own path.

Insight #12
A second stream of income feels like magic

My first sale was for just $4.95. But it felt amazing because I knew if I could sell 1, I could sell 10. And if I could sell 10, I could sell 100. You could build a second income stream this month and completely change your life's trajectory.

Would a second stream of income "change" you? Yes, it would. Think of all the things you could do with an extra $1,000 a month...or $10,000 a month.

To show you how to get started, I'm hosting a free workshop on "How to Create a Second Income Stream" next Monday, March 23.

This is for people ready to build one of the most powerful and flexible types of assets — a business that PAYS YOU to live your Rich Life.

In this online workshop, I'll show you how to go from "no idea" to your first sale in less than a week. The specific steps, day by day, to launch a business within 5 days. Then how to scale up and automate your new income stream.

I'll also share a sneak peek of our brand new course: Earnable.

You can email me questions at ramit.sethi@iwillteachyoutoberich.com (subject: Workshop Question). I'll answer the best ones live, and I'll do some live Q&A.

This is a one-time-only event and there won't be a recording.

>> Click here to reserve your spot.