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Podcast 67: The Importance of Earning More, Ramit Sethi

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On today’s episode of the Consumerism Commentary Podcast, Tom Dziubek and Flexo talk to Ramit Sethi, author of the bestselling book I Will Teach You To Be Rich. Ramit discusses the importance of earning more money and talks about topics such as why people don’t earn as much as they can, the use of systems to assist them and whether or not being an entrepreneur is for everyone.

Consumerism Commentary Podcast #67
The Importance of Earning More, Ramit Sethi: S03E15 / 88

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Table of contents

[00:00] Introduction from Tom Dziubek
[00:33] Interview with Ramit Sethi
[00:51] Why earning more is more critical than spending less
[02:32] What stops people from earning more money
[08:43] Taking action on your desire to earn more money
[10:08] How an entrepreneur finds their first few clients
[12:19] Becoming an entrepreneur: is it for everyone?
[14:54] Using “systems” to earn more money
[18:20] Systems success stories
[21:06] Ramit’s history with earning money
[23:04] Ramit’s failures
[24:33] The “Earn 1K On the Side” course
[27:31] More on what stops people from earning money
[33:16] End

We always welcome feedback from listeners. If you have any comments for this episode or for any other, or if you have suggestions for future episodes, please leave us comments here or email us at podcast at this domain name.

Updated May 5, 2014 and originally published August 1, 2010. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about Luke Landes and follow him on Twitter. View all articles by .

{ 6 comments… read them below or add one }

avatar Financial Samurai

Good interview guys.

Tom, you asked Ramit about his lifestage, and I think I know where you’re getting at.

So, I’m curious to ask Ramit, how were you able to convince people to listen to you and buy your book without making any money or have any experience yourself as a recent college grad? Would love to hear your tips because I think it is extraordinary what you’ve done.

I think if you can write something insightful on how to convince others to do something without having done it yourself yet, you can make even more money, b/c it becomes that much more scalable! In fact, I think I’m going to work on this business model right now. Any insights appreciated.

Cheers,

Sam

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avatar Ramit Sethi

Hey Sam, I had pretty good experience in entrepreneurship before, during, and after college. Also during college, I spent years researching and understanding how real behavior change with money happens, and testing my systems on myself (including earning money, negotiation, optimizing credit cards and accounts, investing, etc).

The other thing to mention is that I’ve always said “rich” isn’t a number — it’s a different goal for everyone.

I think the reason people listened is that they could see the practicality of the tips, since I’d done it myself.

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avatar Financial Samurai

Sounds good mate. You have a good, no non-sense voice about things which I enjoy, and I’m sure others appreciate.

Best, Sam

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avatar Tom Dziubek

My point was that since Ramit doesn’t have a wife or kids, he probably has more time on his hands than the average family man to pursue different ventures, make more money, etc.

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avatar Financial Samurai

Yep, but I’m leveling here, and thinking about what you’re thinking about different points!

I think Ramit’s business will take off further once he hits 30 and then the 10 yr mark. It’s funny how step functions and perceptions occur and are in America. He found the secret to change perceptions, which is great.

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avatar MD

Allow me to jump into this discussion.

@Ramit & Sam Would it be fair to say that people often just care about results? Being a student in the business program, I find myself surrounded by all kinds of business “know-it-alls.” Yet none of these people have earned much money on their own. Sure, a 4.0 in a 4th year business class is impressive, but I care about results.

I applied your $20 networking theory the other night. I asked a 30 year old Indian dude from the gym if he wanted to go out for drinks. He doesn’t have a business education, but he runs two successful restaurants in Toronto, and has his whole family working for him. After a few hours and few too many beers, I learned more practical advice on running a business than I ever could from school.

@Tom Just because someone doesn’t have a family, it doesn’t mean that they have all of the free time in the world.

As for earning more money, I agree with your comments you made about most of us pf bloggers:
1. They don’t know how to make more money.
2. Making money is a taboo subject.

I wanted to bring up another point– comfort. Some people (including myself at times) are not comfortable with discussing this topic.

P.S. I took the Earn1k course and fully endorse it. Unfortunately, none of my friends could be bothered to even entertain the thought of freeing up time for such a task.

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