Are you trapped?

The way we think about economic class in America makes no sense. To view this email as a web page, [click here]() Today in The Rich Life newsletter: - [Why does everyone think they’re middle class?](#module1) - [How Earnable student Julia Menez is diversifying her revenue streams](#module2) - [You don’t actually need an idea to get started building your own business](#module3) []“Are you middle class?” The way we think about economic class in America makes no sense. We divide society up into the poor, the middle class, and the rich, with one big problem... Everyone thinks they're middle class! Nobody wants to say "I'm poor" or "I'm rich" — but people routinely say, "I'm middle class,” even when they earn multiple six figures. And God forbid you actually tell someone who earns $300,000 that they’re not part of the middle class anymore. Suddenly, you’re going to hear them ranting about their HCOL city, taxes, cost of kids’ activities, etc. They may be right about all those high expenses … but according to the poor/middle class/rich framework, they’re still rich. Yet to them, it genuinely doesn’t feel like it. This is why we need another way to look at economic class. Rich isn’t simply about money. There are people earning $500,000 a year and drowning in bills. There are also people making $50K who feel happy and free. What's really important is LIFESTYLE. A Rich Life is about FREEDOM and FLEXIBILITY. You can be rich on $50,000/year if you’ve created a life where you can do the things you love — whether it’s spending time with family, eating sushi every week, or teaching drawing. Yes, of course, more money makes it easier. But what's important isn't the money alone — it's the freedom and flexibility. That's why I proposed this new framework for thinking about class, one built on lifestyle, which you can intentionally design for yourself. Note: These classes don’t justify massive inequality and systemic problems, which are extremely real problems. But I believe you can simultaneously acknowledge personal responsibility AND the need for structural changes. See if you can spot yourself in the framework below... TRAPPED CLASS: In the Trapped Class, you’re stuck working paycheck to paycheck, one accident away from financial disaster. There is no “buffer,” no time to think ahead and plan for the long term. TREADMILL CLASS: People on the treadmill have a decent job and a small bit of savings. If you live in America, the treadmill isn’t bad — The Treadmill Class has a roof, a car, internet, pizza delivery anytime, and they can take a vacation once a year. But they’re stuck, and getting off the treadmill is more of a dream, not a plan. They usually have some credit card debt. They aren’t saving enough for retirement. They’re likely to spend most of their lives working their job just to stay afloat. FREEDOM CLASS: These are the people who have 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.” I’m not just talking about billionaires and trust fund babies, even though they get all the spotlight. There’s actually a growing wave of people who are living this life by building small, automated businesses that support their lives. The key insight here: It’s not simply about how much money you have. It’s how much FLEXIBILITY and FREEDOM you have. I’ve been sharing an example of how one of my Earnable students has been able to develop freedom and flexibility. Here’s the next part of her story… []$60k in her first year in business I introduced you earlier this week to Julia Menez, a former actuary now travel business owner and Earnable student. Today, we’re going to look at how Julia has diversified her business’s income streams and why that’s important. [Julia Menez] Last year was Julia’s first year in business with [Geobreeze Travel](). The business brought in close to $60,000 in revenue. “This year,” Julia said, “my goal is about $8,000 total revenue each month. So that'll get me close to $100k in total revenue. If somebody built out a business like this, that's more than enough to live on for most people.” When Julia was studying the celebrity points-and-miles travel bloggers a few years ago, she decided to buy Earnable: “I thought, ‘Well, if they can do it, I bet I can do it too…How are they doing this? Let's figure out if I'm able to do something similar without having to spend all of my free time writing blog articles, optimizing for SEO, hoping somebody reads it and then clicks some links.’ So I purchased Earnable and came up with a lot of different ideas that don't just depend on people applying for credit cards through my site.” Geobreeze Travel has five total revenue streams: - Private coaching calls - Credit card affiliates - Sponsored content for [Instagram]() - [Podcast]() ads - [Patreon master classes]() The largest piece of revenue for Geobreeze Travel comes from credit card affiliate sales. “It’s enough to cover rent every month in this New Jersey apartment, where I have a view of Manhattan,” Julia said. But she doesn’t want to be dependent on one stream. “It’s nice that if I have a low month [in credit card affiliate sales], because it is the most variable, that it’s not completely going to wreck the business,” Julia said. “Earnable also gave me ideas for how to launch a coaching business and how to automate a lot of things like scheduling,” Julia said. “So you're not trying to email people back and forth, ‘OK, are you free on Thursday at 7pm?’ You can make an automated calendar so that people can sign up for coaching whenever there's an open spot.” [Julia Menez] Another reason why diversifying is so important is that you never know when Facebook or Instagram or whatever service will change their algorithms and affect your business. That’s why an email list is important. And it’s something Julia is focusing on. Here’s what I love about Julia’s way of doing that: As a bonus for signing up for her newsletter, she shares a simple email script that got her $1k of upgrades at the Grand Wailea in Maui! Yes! I love scripts. (In fact, Earnable is full of word-for-word scripts you can borrow or adapt for your own business.) The hotel upgrade email template Julia shares is phenomenal. She booked the $500 room at the hotel and asked for an upgrade to the $650 room. The hotel ended up upgrading her to the $900 room in the gated community part of the hotel, with views of multiple Hawaiian islands, a balcony, free breakfast, free dinner with cocktail hour, complimentary champagne and local Hawaiian snacks, and more. Not bad for a simple email! Julia now gives out a free 15-minute coaching call each week to the first person who clicks the link in her weekly newsletter. “I think I got that idea out of Earnable too,” she said. I love that Julia took what she learned from Earnable and applied it to her own unique situation. She found something she liked and was good at, found a hole in the market, and then worked to provide a profitable solution. []How to start a business without an idea Many people want to start a business but immediately get stuck: "I don't have an idea!" Then their brain short-circuits: - How are you supposed to come up with an idea that hasn't already been done a thousand times before? - And even if you do come up with an idea, how do you know it will work? - Who wants to spend a ton of time on an idea that might fail — leaving you worse off than when you started? Many people want to start a second income stream but spend YEARS stuck in this "I don't have an idea" vortex. This is a shame, because you don't actually need an idea to get started. I talk about this on [my Instagram story today]() (click my profile photo to watch). There is actually a fast, easy process for finding lots of potential ideas — and then testing them so you don't end up wasting months (or years) on a bad idea. I'm walking people through this process in my free workshop tomorrow: "How to create a second income stream." This is a free event, but you do need to register to attend. The event is on Friday 3/25 at 8pm Eastern ([see your time zone]()). One time only. No recordings. [You can register here](). [Signature] WHAT TO DO NEXT FREE WORKSHOP TOMORROW: I'm hosting a free, online workshop on Friday 3/25 at 8pm Eastern. In the class, I'll show you how to find a profitable business idea. We will walk through exercises pulled from my Earnable system. The event is free, but you do need to register. [Click here to get your free invitation](). [SIGN UP]() How did you feel about today’s email? [insta]() [Twitter]() [twitter]() [youtube]() [Linkedin]() [podcast]() This email was sent to {EMAIL}. 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