Ramit Sethi is an American personal finance advisor, the CEO of www.iwillteachyoutoberich.com and the owner and co-founder of PBworks (a commercial wiki website). Today he celebrates his 34th birthday and on this occasion I would like to share 34 really smart lessons from Ramit Sethi.
Happy Birthday Ramit!
In 2009 he wrote the book on personal finance “I Will Teach You To Be Rich”, which became a New York Times Bestseller. In 2004, he graduated from Stanford University with a BA (Information & Society) in Science, Technology and Society with a minor in Psychology and in 2005 with a Master of Arts in Sociology (Social Psychology and Interpersonal Processes).
He also released several online courses on: Earn 1K, Find your dream job, Ramit’s Brain Trust, Zero to Launch, Call to Action, Accellerator. In 2015 Ramit Sethi also launched GrowthLab.com, an end-to-end online marketing resource. In the last 12 years he and his company helped millions of people to pay off debts, save money, get huge pay raises and start amazing businesses. Recently he started a new course called “Fitelligent Food”, a healthy cooking program built for real life. You will learn to cook delicious food and become more energetic, productive, lose weight and look better. If you want to learn more lessons from Ramit Sethi, I would like to invite you to follow him on Twitter @Ramit and visit his website at: www.Iwillteachyoutoberich.com
34 Lessons from Ramit Sethi
# 1 – You don’t need to be the greatest expert on a particular topic. If you are able to help people achieve their goals, that’s all you need. Don’t be focused too much on credentials, instead focus on RESULTS!
# 2 – If you offer a course and people don’t sign up for it, you need to ask your clients what their reservations and concerns are. Do your research and collect data points and let them find the reasons for it:
- Does it cost too much?
- Do I not have the money (even if I think it’s worth it)?
- I don’t think I would succeed.
- I don’t trust the instructor.
- I don’t want to spend every hour working.
- I’m not sure what the course contains. Is it right for me?
# 3 – Speak in the clients’ language and avoid an encyclopedic approach which will only put people off.
# 4 – If you give people the tools, you need to address also their fears, hopes and dreams head on! Tell them how they can overcome them. Tell them what they need. Craft is important but other factors do also matter.
# 5 – Before you assume that something is not monetizable, do your research to be absolutely sure.
# 6 – Even if the market is saturated in a particular industry, try to find a new way of talking about the topic. Target a particular group of people, e.g. the elderly or college students etc.
# 7 – Apply to companies (even if you don’t’ want to work for them) just to polish your interviewing skills.
# 8 – No competition, can often mean no demand. If you are the first one in having a specific idea, don’t assume that it is automatically a good idea!
# 9 – If you want to find out which idea you can turn into a business, write down the following three things:
- The skills you have developed
- The knowledge you have acquired
- The challenges you have overcome
Ramit Sethi puts them into 4 sections: 1) High end (high price with few clients), 2) Golden Goose (high price with many clients), Labor of love (cheap and few clients) and mass market (cheap and many clients). Find out in what section your product/service falls into.
# 10 – When it comes to testimonials, Ramit Sethi has a unique approach. I loved it! He basically interviews his students/clients and presents their findings as a case study as well as a testimonial at the same time. Real people talking about their real stories when starting their businesses after attending Ramit Sethi’s courses. It’s not a monologue but an interesting interview in which you get great insights on how they struggled, what they enjoyed, what strategies they applied and so much more. I found this strategy excellent because in a world where you start questioning whether testimonials and reviews are fake or not, his approach comes across as much more credible, memorable, trustworthy and interesting. Furthermore, you can do your own research on those featured people and you will realise that their success is provable!
# 11 – Before starting your business, talk to potential clients and see what they want. Create then a product that meets their needs. Don’t make the mistake to just create something because you feel very strongly about and then hoping that it will be bought.
# 12 – Use self-talk strategies to achieve your goals.
# 13 – In order to get started you can do some idea mapping. Ask yourself the following questions: What are people struggling with? How do others introduce you? What do other people say about you? If you would have three hours free, what would you do? This approach will help you to find out what your strength is and might help you to find your specific niche.
# 14 – If you want to share your expertise and teach other people something that they consider as valuable, nowadays you don’t need to be physically present. Provide them with the information at the moment they need it!
# 15 – What you find easy to do, could be something very valuable for others.
# 16 – Another way of promoting your expertise is to make videos by answering peoples’ dilemmas.
# 17 – If you change the food you put in your body, you can change the way you feel. Healthy eating is the secret weapon that give you more productivity and energy. Food plays a main part of a rich life. The food that you eat can have a direct impact on your life in terms of money, work, health, dating, etc.
# 18 – If there is any skill in your life that you do repetitively (whatever that is) try to master it. Fundamental skills provide leverage for the years to come.
# 19 – Don’t underestimate the importance and impact that a delicious, nourishing breakfast can have. It can set you up for the rest of the day.
# 20 – Starting your day one or two hours earlier than other people, can give you an incredible edge over others.
# 21 – Don’t just rely on one income! Have multiple income streams that allow you to diversify your risks, have no limit to growth and gives you options (e.g. books royalties, consulting, products, Amazon commissions etc.)
# 22 – Even if you think you don’t have any idea, no money and no time, embrace the uncomfortable world.
# 23 – There are 3 easy ways to earn more money:
a) Raise your salary (by getting better at your job and make your boss’s life easier)
b) Productize (create and sell a product. Generate income while you sleep, scale your knowledge to a greater audience than freelancing. Products allow you to dynamically test pricing and offers to find your sweet spot).
c) Freelancing (it’s easy to get started, standard rates for most jobs make it easy to price your work).
# 24 – Follow a simple 1-2 punch formula: Generate and then validate. List all services you can potentially offer (marketing, video editing, social media, research, event planning). Start with 10 ideas and then validate them.
# 25 – Make a “Pay Certainty Test”. Ask yourself: Is your prospect ABLE to pay? Is your prospect WILLING to pay?
# 26 – Test your idea before you invest lots of time and money.
# 27 – If you work only 5 hours a week by charging your clients 50 Dollars per hour, you can earn $1,000 a month.
# 28 – If you have very good credit, you should give your credit card company a call once a year and ask them what other benefits you might be entitled to. You might be surprised as to what they might offer you, e.g. extend your credit, give private promotions to a selected group only, waive fees etc. When you call them you could say something like this “Hello. I just checked my credit and found out that my credit score is pretty good with 750. I have been your client for the last 5 years. I’m wondering which special offers and promotions you can offer me. For example, fee waivers or special promotions that you use for loyal customers.”
# 29 – The best people focus on value, not cost. Don’t hesitate to charge premium prices for premium material.
# 30 – Avoid losers in your personal as well as professional life. Instead, surround yourself with people who challenge you to be better.
# 31 – If you are holding a conversation with someone and you feel that the other person is talking a lot of B.S., look at it from a different perspective. For the other person B.S. might be perceived as “building a relationship”.
# 32 – Flatter your friends by studying their behaviour.
# 33 – You can double your productivity at work by: testing different approaches, being brutally honest with yourself and have clear guidelines what is important (eg. time saved, number of clients, revenue generated, etc.). Think strategically, not just tactically.
# 34 – Learn the “Briefcase Technique”: When meeting a person that you want to work for, do business with etc., write a thank you note afterwards. Make a specific reference to something you were talking or discussing about. Wait for one week and then write another message keeping your focus fully on the other person. Remember to not ask for anything at that stage. Let another week go by and then mention that you followed their advice and share with them what the result for you has been. Express again your gratitude for the advice you received from them. Then mention by the way that you are looking for a job. People love to hear that others are listening to them, that they follow their advice and let them know about their outcome. You will be at the top of their mind when it comes to finding a suitable person for a specific role in the future. This is one of the lessons from Ramit Sethi that you should really test. This powerful technique worked for Ramit Sethi on various occasions. Give it a try too!
Don’t miss the opportunity to learn some more lessons from Ramit Sethi by watching his speech. A very good one!
What was your biggest takeaway today? Which lessons from Ramit Sethi are you most excited to use in your own career? I would appreciate it if you could leave a comment and vote how useful the article was for you. If you know anyone who could benefit from this article, make sure you share it. You’ll be helping them out and me too! Thanks!
Author: Karin Schroeck-Singh
Karin Schroeck-Singh is a trilingual Career Optimizer at www.Careerheads.com. She has an MBA from the University of Leicester (UK) and gained 20 years of international work experience in various industries in Italy, the UK and India. Her passion lies in creating multilingual, high-quality content in career matters, giving highly engaging public speeches and helping job seekers to optimize their career by providing professional coaching. She is the author of several ebooks, among them “44 Tips for a successful Video Interview” (http://careerheads.com/product/ebook-44-tips-for-a-successful-video-interview/). She has written several career and business articles for international HR and Marketing companies. Her favourite motto is “Learn from anyone, anywhere, anytime!” Follow her on Twitter @CareerHeads.