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
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.