More purchases you keep hidden

Last month I asked: “What purchases do you keep hidden from friends and family?" To view this email as a web page, [click here]() [IWT Header] More Money Confessions: What purchases do you keep hidden from friends and family? Last month, I asked: “What purchases do you keep hidden from friends and family because you’re scared of what they’d think?” Did that change how you behaved? Were you more open with what you spent money on when people asked you? I hope you were. Today, I wanted to share some more replies. [Expensive dinners] [A real leather couch] [Eating out] [Ramit's courses] NOOO! You have to tell everyone about my courses! [None.] Yes! Today I want to challenge you: Think about how you’ll answer the next time someone asks you how much you spent on something. Will you dodge the question, or will you give them the price without guilt? Let me know how it goes. --------------------------------------------------------------- Money Dial: Freedom For me, a Rich Life is about freedom. It’s about not having to think about money all the time and being able to travel and work on the things that interest me. It’s about being able to use money to do whatever I want, and not having to worry about taking a taxi or ordering what I want at a restaurant or how I’ll ever be able to afford a house. People with the freedom Money Dial value the ability to do what they want, when they want. Money is no longer a major constraint in their lives. In fact, cost is rarely the first thing they consider. More often, it’s time, quality, experience, relationships, or simply “I want it.” Here are some examples from readers: “Self-funding our own 1-year mat leave. A lot of our friends have full-time jobs that they hate but stick around because it ‘has benefits.’ People also believe that because we run our own business, that ‘Oh, it's too bad you don't have benefits or mat leave to fall back on.’ It makes me feel awesome that we have a profitable business that we love to work on and that pays us more than enough to self-fund our own mat leave. It's still a work in progress (we're planning to start a family 2 years from now) but it feels great to know that we'll be ready and can enjoy the early parenting experience without worrying about money.” “My wife is about to finish medical residency, and it doesn’t matter if she works, how many days she works, or how much money she makes for the days she does work. She can literally pick exactly the job and hours she wants without having to worry about our overall family financial health. Freedom!” “I set aside enough money to free up some of my time to focus on my writing and dream of becoming a screenwriter. After ‘dabbling’ in short fiction and documentaries for years, I gave myself a 5-year time limit to get my first feature in the movie theatres. Turns out I didn't need much money to get by without feeling like I was losing out on anything.” If freedom is your Money Dial, how have you dialed it up? Reply and let me know. I read every one. --------------------------------------------------------------- Funding your Rich Life Here's a core tenet for living a Rich Life: There's a limit to how much you can save, but no limit to how much you can earn. So many people try to save and cut and restrict themselves…hoping that if they skip enough lattes or cut enough coupons they'll reach their dream lives. But this doesn't work! The cold truth is that there's only so much you can save. Once you trim the low-hanging fruit (which is great), what are you left with? Painful cuts to things you actually care about. On the flip side, there's no limit to how much you can earn. Getting a $5K raise this year doesn't make it harder the next time. And once you earn $100 on the side, you can scale that up to $500 … $1,000 … $10,000 and more. There's no cap to your earning potential. This is why earning more is one of the not-so-secret secrets to funding your Rich Life. There are several ways to do this, but my favorites are investing, accelerating your career, and starting a side business. (Top performers often do all three.) Most people generally get this for investing and improving their career, but they have less visibility into the math behind a successful online business. Today, I want to show you what that can look like. Once you see how it works, you'll realize it can actually be pretty simple. And when you start playing around with the numbers (I'll share a calculator to do this next week), it gets exciting. The power of an online business is taking one sale, even a small one, and repeating it over and over again — automatically. Best of all, you don't have to be perfect when you start. My first product was a cheap ebook: [Ramit's 2007 Guide to Kicking Ass] A tiny product, but it snowballs from there. OK, let's talk numbers. Say you have just one product that costs $50. And you make just 5 sales a month. How much would you earn over the course of a year? One $50 product x 5 sales a month = extra $3,000 a year (What would you do with an extra $3,000 in 2022?) Now, let's see how fast this scales up. What if you keep that single $50 product but make 50 sales a month? One $50 product x 50 sales a month = extra $30,000 a year 50 sales a month is an extra $30,000. If your product was $100 instead of $50, your total earning jumps to $60,000! (What would you do with an extra $60,000 in 2022?) And we're still just talking about a single product. What happens if the following year you added a 2nd product? What if your 3rd product was a $1,000 product? This is the math behind online businesses that fund Rich Lives. My favorite part is that they can be scaled up or down to fit your needs. Some people prefer to focus on their day jobs and use their small side income just for guilt-free spending money. Others scale up as quickly as they can to quit their jobs and work for themselves. Both are great options! Which appeals to you more? [Signature] WHAT TO DO NEXT - EARNING MORE IN 2022: If you earned an extra $1,000/month in 2022, what would you do with that money? What if you earned an extra $5,000/month? --------------------------------------------------------------- What did you think of today's newsletter? 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