3 things to do with your money right now

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Candidate,

Here are the 3 things you need to do with your money right now:

Create a plan for your money. Calculate your minimum expenses — I mean minimum, like assume you lose your job or your partner loses his or her job. Goodbye cable, gym membership, etc. Multiply by 12 months. That's your new target for an emergency fund. In order to save that, cancel anything long term. Even vacations that might cost you later. Money in your pocket now is worth more than money later.

Once you make a plan, your money anxiety will go WAY DOWN. Even if you haven't hit these numbers yet, having a plan to hit 75% of the way there is better than ignoring this entirely.

In order to build your emergency fund, stop funding investments if you haven't reached your 1-year emergency fund level yet. Finally, call anyone you owe money to — student loan debt, credit cards, landlords — and see if they can pause your payments. Tell them you don't want to pay additional finance or interest charges.

BTW, I hear about people with plenty of savings who are still going to workplaces filled with people. They're afraid of using their emergency fund. Guys, if you have an emergency fund, USE IT! That's what it's for! Are you fucking kidding me?

Where to invest. If you already have a 1-year emergency fund, keep investing, just as I cover in my book.
Start thinking about earning more. If you're out of work, your boss doesn't know what's going to happen — stop delegating your decisions to them. Start thinking about how to find another job or create your own.

I covered these details in more depth on Tuesday's Fireside Chat.

Let's go deeper on #3: Earning more

A few months ago, I'd get questions like, "I want to start something on the side, but I don't have an idea."

"Finding an idea" was the #1 barrier.

"No time" was #2.

In the last week, things have changed. Here are the kinds of messages I've been getting:

Suddenly, the desire to create your own income — and control your future — has taken on a new level of urgency.

Let's talk about it, and let's start at the beginning. A little while ago, I sent out a survey to hundreds of thousands of readers. I asked if they wanted to start their own businesses. Can you guess how many said yes?

90%! Nearly everyone.

When I asked what was stopping them:

25% said "I don't have an idea."
30% said "I don't even know where to start."

Think about that. About HALF of the people who want to start a business and start living their own Rich Life...blocked before they even start.

Then I asked another question.

"How long have you been thinking about starting a business?" The answers: Many said 2 years, 3 years, even 5+ years.

How long have you wanted to start a business?

HOLY SHIT.

90% want to start a business, but over half have been "thinking about it" for years.

Guys, a month is OK to be stuck. 6 months is OK.

But years is too long to say:

"I don't have an idea."

Or:

"I don't have time to waste on something that doesn't work!"

Or:

"I don't want to invest months of work building something that flops."

Nobody is born knowing where to start. Or how to find a great business idea.

But now, we need to find an answer.

The only thing is, we don't want to spend months setting up a website, building social media profiles, writing posts...only to discover no one is interested. Or worse, to find out people claim they "love" your free stuff...but when it comes time to pay, they mysteriously disappear.

OK, how do they do it?

I've always wanted to study the best to see how they do it. Because I knew if they could do it, I could, too.

"NO IDEA": If you've wanted to start a business, and you don't have an idea, today I want to help you break through. I want to show you how, if you follow the right system, you can build a successful business — even if you don't have an idea yet.

And I'll demonstrate how this works using one of my verified 6-figure students.

How to find a business idea
(from "no idea" to 6-figure business)

"NO TIME": IWT staff writer Stephanie Lee spoke with several of our students who've started businesses on the side and grown them into 6-figure businesses — while juggling day jobs, families, friends, and social lives.

Learn the tricks and mindsets they used to start their business while strapped for time:

"I DON'T HAVE TIME FOR THAT":
THE TIME MANAGEMENT SECRETS
THAT LAUNCH 6-FIGURE BUSINESSES

Recap: What should you do with your money today?

I believe panic is bad, but overreaction is good. When it comes to your money and your career, it's time to acknowledge the situation and take control. The worst thing we can do is become paralyzed, waiting for someone else to tell us what to do. The best thing we can do is make a plan and take action.

Today, we have options:

Create a plan for your money. Cut expenses dramatically, even if it may cost us more to replace later. I advised someone to cancel their August wedding now. It sucks, and it may cost a lot...but money in your wallet is worth more now than later.

Call up your credit card companies, landlords, and student loan companies. Explain the situation and get extensions with no finance/interest charges.

Focus on earning more.

If you want to earn more, I can help. And if you're ready to start building a new income stream — for whatever reason — I want to show you how.

Start by focusing on the two most common objections — "no time" and "no idea." I'll write you again tomorrow with more material.

P.S. You have options right now, but the key is taking action, not waiting to see what happens. If you need rapid answers, join me on my Fireside Chats, every night at 8:30pm Eastern on my Instagram (click my profile picture to watch).