355: Ramit Sethi - How To Live A Rich Life

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The Learning Leader Show With Ryan Hawk

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Episode #355: Ramit Sethi - How To Live A Rich Life

Notes:

• Ramit's book buying rule - If you are even thinking about buying the book, don't deliberate, just buy it.  You could invest $17 and it could change your life.  Even one idea makes it worth it.
• Excellence - "Consistently do the work."
  • Put it on the calendar
  • Seek out people who are successful and then ask them for advice
  • In motion - Refuse to be stuck or paralyzed -- Take action
• "Show me your spending and your calendar and I'll show you your priorities."
  • What are the 3-4 most important things in your life? Does your spending and your calendar reflect that?
• Ramit starting learning how money worked while he was in college at Stanford... "The basic, boring truth. Consistency..."
• Starting your blog can be your experimental laboratory
• What is the future of online courses?
  • Online learning will continue to grow -- "Great leaders are always learning."
  • You should join The Learning Leader Academy
• The trajectory of hiring as you're growing a business:
  • Part time assistant --> Researcher --> Full time
• What do you look for when choosing who to add to your team?
  • Excellent at the task of doing the work
  • Curious - They ask great questions
  • Likable - They are someone you want to spend time with
• Start your business on the side:
  • It's practical... Going from zero to 1 is very hard: Start this part while you have a job and don't need the money from your new endeavor
• The psychology of pricing:  There is a profound difference in customers who get it for free vs. those who pay for it
  • You need to create "skin in the game."  People value it more if they have a financial stake in it.
  • "In business, you're not looking for the most people, you're looking for the right people."
    • "If you're a cheapskate, you'll attract cheapskates."
• The power of mentors: They can be massively helpful, but you need to do the work to be a valuable mentee.  Show up to your meetings prepared and with a purpose.  Don't wander through life.
• Atul Gawande - A coach in the operating room -- EVERYONE needs a coach.
• Automate your finances - It's the crown jewel.  Set up your system so you don't need to think about it after it's created.
  • Create auto saving behaviors
• "People are so busy asking $3 questions instead of $30K questions."
  • "How do I use my money to live a rich life?"
  • "What does rich mean to you?"