Avoid these 8 Rich Life traps

Look out for these traps so you can avoid the most common mistakes people make. To view this email as a web page, [click here]() Avoid these 8 Rich Life traps The world wants you to be vanilla. It has a funny way of trying to make you conform, though. Nobody will come right out and say it. Instead, they’ll say things like: - “Are you really wearing THAT?” - “Start a business? You should just be happy to have a job.” - “You need to buy a house. Why would you throw money away renting?” [Tweet: The world wants you to be vanilla] If you’re an IWT reader, you’re probably going to make some unconventional choices in your life. Maybe you’ll rent instead of buying. Maybe you’ll start a business. Maybe you’ll spend an extravagant amount on a personal trainer. As you build your [Rich Life vision](), there will be a number of obstacles that can delay, detour, and even dead-end it — like how other people think you should live your life. Look out for these 8 Rich Life traps so you can avoid the most common mistakes people make. Rich Life trap #1: Thinking "rich" has to mean "luxurious"Rich doesn’t have to mean “fancy.” It can mean a lot of things: - More time with family - Greater safety and security - More fun and freedom - Less stress You should decide what “Rich” means to you. Don’t fall into the trap of society’s loaded cliches about money. Rich Life trap #2: It’s a tragedy to live a smaller life than you have toWhat a tragedy to get to the later years of your life and realize that you lived a smaller life than you actually had to. - You scrimped and pinched on your Target bill … but it made no difference. - You worried about ordering a second appetizer … but you could have bought every appetizer you ever wanted. Do you want to end up 70 years old with $6 million in the bank, having agonized over your spending all along the way? Would you even know what to do with that kind of money at 70? Too many of my readers end up in a situation where they saved and saved … but never learned the skill of spending. Rich Life trap #3: Most life advice begins with “no”A Rich Life should begin with YES. Yet most life advice is based on restriction: - “No, you can’t buy lattes” - “No, you can’t go on vacation” - “No, you shouldn’t want a new job (just be happy you have one)” I believe that a Rich Life begins from saying YES: Yes, this is what I want to experience in my life. Yes, with some help, I can earn and invest enough to achieve it. Yes, I can be grateful for what I have now and work hard to achieve my Rich Life. Rich Life trap #4: Watch out for the “negativity vortex”In my book, I ask new readers to send me an email telling me what their Rich Life looks like. Check out this email I got from one of those new readers: [The rich life doesn't need to be anything special for me] What do you notice? - “Doesn’t need to be anything special” - “By no means do I want / need to live as lavish as them” I get dozens of emails like this each day. When I ask someone what their Rich Life is, they’ll usually start off with a few general things like freedom or travel. And then, they quickly start talking about all the things they don’t want. “It’s not like I need to drive a Porsche” or “I don’t want to have to become a slave to my desk.” That becomes an addictive vortex because talking about what we don’t want is much easier than figuring out what we actually do want. It gives us a feeling of being in control but actually just shuts down our progress. Rich Life trap #5: Beware of the endless search for “advanced” tipsSo many people seek out high-level answers to avoid the real, hard work of improving step by step. It’s easier to dream about winning the Boston Marathon than to go out for a ten-minute jog every morning. Sometimes the most advanced thing you can do is get the basics right, consistently. Rich Life trap #6: Over-focusing on one area of your lifeMany people get stuck “heads down” on one area of their life — often work or saving — and ignore other areas of life. This misalignment can go on for years, even decades. The risk is that years later, after you’ve achieved success in that area, you won’t be able to shift your focus to other areas of your life. You won’t have developed the skills to be effective at other things. And the cognitive dissonance of realizing you missed so many opportunities will be too great for you to see and admit your mistake. Rich Life trap #7: Not turning the pageYour Rich Life vision SHOULD change over time. As you grow, age, excel, and accomplish your goals, does your Rich Life vision evolve? For example, when I was in my 20s my idea of a Rich Life was being able to order a round of drinks guilt-free. Now it’s about more than that, like staying in beautiful hotels and tipping generously. [Me back then] [Me now] Me, then and now. Rich Life trap #8: Surrounding yourself with the wrong peopleNobody achieves their Rich Life all alone. As Jim Rohn says, you’re the average of the five people you are closest to. - Who do you spend the most time with? - Do they complain all the time? - Do they brag about saving and frugality? - Do they have a vision for their Rich Lives — and a plan to achieve it? * * * Build your own Rich Life vision To avoid these common Rich Life traps and live your unique Rich Life, you need to start with a vision. What does it look like? Where will you go? Who will you take with you? I’ve designed a brand new free mini-course to help you do just that: [How to Design Your Rich Life](). In 1 hour, you’ll create a vivid picture of your personal Rich Life so you can start living intentionally, focusing on the things you love, and ignoring the things you don’t. Along the way, you’ll learn: - What is and is not a Rich Life - How to map your Rich Life - How to dial up your happiness When you’re done, your vision will be yours to guide you through the rest of your life. [Click here]() to read more about these Rich Life traps, including how to avoid them. “Luxury” does not mean “excess” Most people think of luxury as “excess.” It’s someone paying more than they “should” for something that you can get for a lot less. Or it’s something that’s “totally unnecessary.” Who needs a $20,000 watch? A $15 Timex has the same, or even better, functionality. But luxury is about the emotion, the feeling, the packaging. It’s about the identity you create by indulging in a luxury product. YOU choose what luxury means to you. Notice our first reaction: “LOL, stupid people. Don’t they know they’re getting ripped off?” But it’s not stupid. I might think it’s insane, your college friend might think it’s insane, but if you’re getting superlative value from it, that’s luxury. Why do you think Mercedes-Benz chose “The best or nothing” as their slogan? Can’t a Honda Civic get you from place to place without premium sound or a 577 horsepower engine? Of course. But Mercedes owners want more than functional transportation. They want an experience. Here are a few examples of luxury from readers: “A well-designed high-quality backpack. I spend a lot of time commuting on public transit, so having a bag where everything is easily accessible when you’re in a cramped space is crucial. I recently got a Peak Design backpack and I love it.” “I spend $300 a pop on Allen Edmonds shoes (I own two now). People freak out when I tell them what I paid. It’s such a luxury purchase that most of my friends and family can’t conceive of having $300 extra to spend on something as ‘frivolous’ as shoes. However, everyone comments on how nice they are and what it does for my overall appearance.” “Paid thousands for an Eames lounge chair. Haven’t regretted it for a moment, and it automatically improves my day every time I sit in it. Worth every penny.” “I spent $700 on a pair of boots over 7 years ago and at the time it was an insane luxury. I almost hyperventilated when I bought them, I felt irresponsible, I was anxious, and I LOVED THEM! … 7 years later I still have them and I still wear them and they’re still hot!! I still get compliments.” Do you have any “luxury” items that others think are a waste of money? Reply and let me know — I read every reply. If you’re not in the Earnable community, you’re missing out One of the perks of joining Earnable is the thriving community, where other entrepreneurs at every stage of the journey help one another out. Look at these discussions — students are helping each other out and cheering one another on. I love it! [Community] [22.01.20 RL 6.PNG]   [22.01.20 RL 7.PNG] If you’re an Earnable student but not part of the community, [click here to join the community](). If you’re not yet an Earnable student, [click here to join the program](). [Signature] WHAT TO DO NEXT JOIN TODAY: If you're an Earnable student but not part of the community, [click here to join the community](). If you're not yet an Earnable student [click here to join the program](). [SIGN UP]() READ MORE: [Click here]() to read more about the 8 Rich Life traps, including how to avoid them. And if you haven't already, check out my [brand new free mini-course]() to help you create a vivid picture of your Rich Life. 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