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iwillteachyoutoberich.com
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ramit.sethi@iwillteachyoutoberich.com
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Mon, Mar 1, 2021 05:44 PM
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Running IWT for more than a decade, I’ve seen every conceivable financial situation. I’ve
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Running IWT for more than a decade, Iâve seen every conceivable financial situation. Iâve gone from a middle-class kid raised in Sacramento to the CEO of a company, so Iâve seen my own story change, too.
To view this email as a web page, [click here]() {NAME}, Running IWT for over 16 years, Iâve learned that thereâs a limit to how much you can cut, but no limit to how much you can earn. Yes, even after two recessions. Yes, even during a global pandemic. Letâs assume that as your career progresses (which it will because youâre one of my readers), you'll make more than you did at 21. Many of you will make considerably more. Thereâs this concept in America we love that you should keep spending the same way you did in your early 20s. Thatâs why we love billionaires who fly economy and we love the fact that Warren Buffett has lived in the same house for 60 years. But the truth is, as you grow your income, your opportunities and choices change. This is an uncomfortable topic that few want to talk about, but itâs important. Once you earn more, you get the opportunity to align your behaviors with your values. For example, I love convenience â so I pay for a trainer to create workouts for me. Warren Buffett likes living in his old house ⦠but he also flies private. Take a look at other ways Top Performers invest and spend their money: - LeBron James wasn't training at his local YMCA. He leverages his earnings [to spend millions on his body]() and is setting new standards for longevity - Elon Musk isnât tinkering with positioning and pricing. Heâs leveraging his knowledge and capital, [spending millions to send freakinâ cars to Mars]() - One of my readers, Andy, wrote: âMy wife and I donate over $2k a month. Biggest line item in our budgetâ There comes a time where your success opens up more doors, more opportunities, and more fun things to add to your life. But you have to change the identity you grew up with to accommodate those possibilities. Itâs shortsighted to think you should keep spending the same as you did in your 20s. Youâre not the same. And the puritanical belief that your spending choices should stay the same â even when youâve clearly grown â makes no sense. Think about it: If youâve paid off your debts, maxed out your savings account, youâre earning more than ever ⦠what do you want to do? How can you leverage your gains for an even richer life? If youâre past [the basics of personal finance](), what do you do? This question is, by definition, not for everyone. If youâre trying to [pay off debt]() or [get a raise](), itâs easy to dismiss it. I get that, because I spent my childhood avoiding appetizers at restaurants. Our family lived a simple, middle-class life. I paid my way through college with scholarships. And after I graduated, there was a period of life where I ate at Google with friends (3x/week) because I was making so little money! But as I made more, saved more, and learned more, I changed my behavior to unlock new doors. Thatâs why I donât judge how you want to spend your money. In fact, I encourage you to really consider how you want to use money to live your values. Frugality is a great approach â for the right situation and time in your life. But there are other values too: abundance, convenience, luxury, charity, leverage, etc. Imagine the joy you would feel by being able to send your friend a bottle of champagne for their birthday. Or springing for [takeout from a Michelin Star restaurant]() for an anniversary with your significant other. Or not thinking twice to cut a check for your friendâs charity. I know it can be downright inconceivable to spend that much money in the best of times â let alone a global pandemic. But if youâre not in debt and have the basics of your personal finance nailed down, you should shamelessly dial up spending in the areas that make you happy. So hereâs my challenge to you: Take $500 and spend it on something extravagant that you previously thought would have been unimaginable. There are some caveats to this: Donât do this if youâre in debt and donât have an emergency fund (I recommend at least 12 months). If thatâs the case, take your $500 and put it towards nailing the basics. [My book has a 6-week program to help you do just that.]() For everyone else, get ready to spend lavishly on something you thought would have been crazy. And after you do it, shoot me an email and let me know the results. Signature P.S. Lots more good stuff planned for this week. I want to pull back the curtain on how high earners manage and spend their money. Keep an eye on your inbox. [I Will Teach You To Be Rich]() X [Growthlab]() This email was sent to {EMAIL}. If you no longer wish to receive these emails you may [unsubscribe]( at any time. I Will Teach You To Be Rich
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