Ramit Sethi is the founder of IWillTeachYouToBeRich.com, which has more than 1 million monthly readers. He speaks regularly to the media on the topic of personal finance and business. He has appeared on CNBC, Business Insider, The New York Times, and more to share his take on money and success. Ramit was #2 on the list of Tim Ferriss’ top 25 podcast interviews for 2019.
Subscribe
Resources
IWillTeachYouToBeReach – What if you could start a business that PAYS YOU to live the life of your dreams? (Sorry! This link was active when this episode was first published in 2022. This resource is no longer available.)
Ramit’s Instagram – Follow and connect with Ramit!
Ramit’s YouTube Channel – Subscribe and check out Ramit’s videos!
3 Value Bombs
1) Status symbols differ depending on which generation you are in. Embrace that you are motivated by status.
2) If you have an area of your life that you want to make a priority, you have to put it on your calendar and make the money to be able to afford it.
3) Bet on yourself – have the confidence to know that you can start a business and you can earn more.
Sponsors
HubSpot: Learn how to grow better by connecting your people, your customers, and your business at HubSpot.com!
Zapier: Connect all your apps, automate routine tasks, and streamline your processes! Try Zapier for free today at Zapier.com/fire!
Thinkific: Download your free report that reveals what the top 20% of course creators are doing right now to be so darn successful at Thinkific.com/firetrends!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: The Freedom Class – Why Our Rich Life is Different Than Our Parents’ with Ramit Sethi
[1:44] – Ramit shares something interesting about himself that most people do not know.
- One of the hardest jobs he ever had – and that was one of his favorites – was being a soccer referee as a teenager.
[3:04] – What were the signs of a Rich Life in our parents’ generation?
- Back in the day having a big house, big car, country club membership, and a china cabinet are some huge status symbols
- Nowadays, the signs of having a rich life are different: you want to have freedom, flexibility, control, a personal trainer, and to travel for a month every year – guilt-free.
[6:40] – Ramit shares a personal story about status symbols.
- He talks about how his father got an 8” tall grandfather clock from attending a time-share seminar.
- Status symbols differ depending on which generation you are in. Embrace that you are motivated by status.
- Your parents will be confused to hear about what you value, just the same as you’re confused by what they value.
[10:39] – Ramit shares one thing that Fire Nation can do to connect with their life and something to work towards.
- Over 95% of people said they “want to travel” as one of their top 3 answers when asked for some favorite things to do.
- When was the last time you traveled, and how did you travel?
- Seeing the dichotomy between what you claim is important versus what your behavior shows is important.
- If you have an area of your life that you want to make a priority, then you have to put it on your calendar and make the money to be able to afford it.
- As you make more, you can dream bigger.
[16:00] – JLD talks about the difference between his parents’ generation and the current generation.
- His mother prefers the cheapest flight going to Puerto Rico, while he prefers convenience and duration.
[17:26] – A timeout to thank our sponsors, HubSpot, Zapier, and Thinkific!
[20:22] – Ramit talks about the Freedom Class.
- 3 Different Classes:
- The Trap Class
- The Threadmill Class
- The Freedom Class
- Sample story of students in The Freedom Class:
- A student started a business and paid off $77,000 of student loan debt in just 2 years.
- A student started a business with the goal to pick up and drop off kids at school every single day.
- A student got the entire family to come on an all-expense-paid vacation while business continued to earn while they were gone.
- The Freedom Class
- You choose what freedom is for you.
- The Trap Class
- You are stuck working paycheck to check, and you do not have time to stop and plan.
- You can be in this class, making $30,000 a year or $300,000 a year, depending on your lifestyle.
- “I will never be able to afford that.”
- “Once I do X, Y, Z…I will be rich.”
- “I will be working for the rest of my life, so I might as well buy X.”
- “Things will never change, and money is the root of all evil.”
- The Threadmill Class
- Most Americans are in this class.
- You have a decent job, you are not aggressively saving for retirement, and you spend most of your life working a job to pay for the day to day.
- “If I just keep going, one day I will be able to do that, one day I will be able to afford that, one day I will be happy.”
- “That is for rich people.”
- “I really want X, but I cannot afford it right now.”
- “I feel stuck.”
[27:33] – Being your own boss, doing what you love, and still earning more on your own terms – that’s what it’s all about!
- The Freedom Class
- It consists of people who can do what they want, when they want – money is not the primary constraint.
- The more successful you get, the bigger you can dream.
- “My money works for me, I don’t work for it.”
- “So what if I pay a little more? it makes my life easier.”
- “I can afford to be generous.”
- You can do it by being your own boss and starting your own business. You take the additional risks, but you will have the potential for massive rewards.
[30:30] – Ramit’s parting piece of guidance.
- Bet on yourself – have the confidence to know that you can start a business, and you can earn more.
- IWillTeachYouToBeReach – What if you could start a business that PAYS YOU to live the life of your dreams? (Sorry! This link was active when this episode was first published in 2022. This resource is no longer available.)
- Ramit’s Instagram – Follow and connect with Ramit!
- Ramit’s YouTube Channel – Subscribe and check out Ramit’s videos!
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!
Subscribe
