Everyone loves shiny "tips."
So many of us focus on tactics -- "Ramit, do you know any tips for negotiating? What about tips for finding an idea? Do you have any tips for marketing???" -- because those shiny "tips" make us feel comfortable. Yet if we're honest with ourselves, the internet is FULL of tips -- you just don't use them! - Go search for "tips on exercise" -- yet why aren't you as fit as you could be?
- Search for tips on investing -- yet why haven't you fully invested/automated?
Indeed, I could throw 50 tactics at you, but if you don't honestly acknowledge the other reasons you're not taking action, all the tips in the world are pointless. The reason is that it's easier to talk about that next shiny "tip" than to talk about why we're REALLY not doing what we claim is important. I kicked off last year by challenging you to identify your assumptions and test them. I was really targeting those cloaked fears behind the assumption. Cloaked fears
You know how people say, "What are your fears?" I used to actually think that fears meant PHYSICAL FEAR, like sweating or that feeling in the pit of your stomach. It took me years to look back and realize that I had fears -- but in our modern world, fears aren't felt physiologically, they're felt mentally. My fears: - I was afraid of taking an ordinary job and ending up like everyone else.
- I was afraid of moving to another city and leaving all my friends behind
- I was afraid of spending time on the wrong things and regretting it
Your fears Here are some common fears of earning money: - "I don't have enough time"
- "I don't have an idea"
- "I'm not good enough to charge money"
- "I don't live in an area where people pay for this stuff"
- "I'm not confident enough to charge"
- "I don't know what to say to sell"
- "I think selling is sleazy"
Look at those fears carefully. Which of them do you feel?
Do you see how if I simply threw tactic after tactic at you, they would make no difference?
Our fears are a "filter" that comes before ANY tactics. That's one of the reasons you see the same people reading 50 personal-finance blogs...but their finances are STILL in shambles!
It's not just about the information. It's about acknowledging the psychological reasons we haven't ALREADY done it.
Case studies: Overcoming fears & invisible scripts
The solution is to (1) acknowledge your invisible scripts, and (2) systematically test your assumptions.
RAISED HER RATES
Assumption: "Although I have professional" skills, I can't charge "professional" prices because I advertise on Craigslist."
Test: "Raised my price quotes by 25% on the project inquiries I received after reading your challenge blog post."
Results: "ALL THREE BIDS, for the three projects, at the higher price, were accepted! The customers didn't even bat an eye! I now realize that people are happy to pay a higher price when you give them results they didn't even know they could get!" - Stephanie
$1,000 RAISE
Assumption: "I can't get a raise if my numbers were low for my first year as an attorney."
Test: "I prepared all of the positive points that I bring to the firm as well as the files that I was working on that were going to bring in money this coming year. Then presented them to the two managing partners"
Results: "I actually got a $1,000 raise. They completed agreed with all of my points!" - Angela
For me, the scariest fear of all is the idea of not doing something in the first place and wasting years wishing for a better life / job / savings just like everyone else.
As Seth Godin said, safe is risky. Nobody's asking you to quit your job -- in fact, with Earn1K, I encourage you to start something ON THE SIDE. But if you do nothing -- if you let your fears control you -- then you don't earn that money on the side. You don't get to invest it. Or spend it. Or pay off debt or start your own full-time business or....
1. The Earn1K student who quit
I offer some ridiculous guarantees for Earn1K (more on that later), but very few students take me up on it because the course quality is so high.
Occasionally, though, they do, and I refund them. But I always try to figure out why they asked for a refund, since it's a big investment up front.
Here's one that really stood out to me:
"Using some of the Earn1K techniques I've launched 4 iPhone apps that are generating approximately £800 a month in profits.
[RAMIT'S NOTE: Cool. He uses Earn1k to earn £800/month. Sounds good, right...?]
Now here's something that I'm not proud of, in fact I'm downright embarrassed. I signed up for Earn1K course and then bailed after a week. The idea of failing frightened me. I will be trying to take the course again when it is available next.Whilst my income is more than adequate, the majority comes from a single source. I want to take the Earn1K course to diversify my income sources." - Naoman
Wait a second. The guy is earning £800/month and he QUIT the course? What could make him do that? I asked him.
His reply:
I thought that I would fail and also thought it was going to be a lot harder to achieve a freelancing career here in the UK than the US. I could have been wrong but thought it best to save the money and use it elsewhere.
[...]
I think the time limitation was me trying to find an excuse: cloaking my fears.
There it is. Fear. He wouldn't acknowledge in in the first email, or second email...and in fact, he ACTUALLY LIED about why he was canceling! Here was how he canceled his account: "I'm finding it extremely difficult to devote any time to the course after just 2 lessons. Pathetic excuse, I know. But please can I have a refund."
So he used codewords -- "no time!" -- instead of admitting what was really going on: fear. What codewords have you used? 2. The guy who never even took a chance
Bobby M. writes:
I've had this business idea rattling around my head for a while now but haven't done anything about it yet. Yeah, I know its all in the execution! Part of my problem is I don't know if it will make me any money and that I'll have to dig into my savings to get the idea off the ground. [details...]
I don't know where to start. Should I quit my day job and work on this full time? Should I find a co-founder? Who should I be reaching out to for advice for this type of venture?
My response: dude. this is exactly what i spent all of last year writing about, including creating an end-to-end course (Earn1k.com). What stopped you from taking action?
Bobby's rejoinder: Damn, I missed out on your course. I wasn't reading your stuff consistently. I assume its still available on your site?
What stopped me from taking action were all the questions I was facing:
1) would this make any money? i would have to deal with funding the website, filling the classes, marketing them, facility costs, and obviously paying the teachers
2) should i quit my day job or attempt to get this running on the side?
3) how to start? build a website first or just start setting up classes?
4) should i find a biz partner first?
5) wondering if i had the skills to make my idea work. fear? yes, especially if i had to quit my job and starting funding it out of pocket
6) biggest question: how do i start?
Cut through all the BS and this guy is afraid. He might not say it out loud. He might not use the word "fear." But he is letting his fear of all these questions hold him back. I could give him FIFTY TACTICS RIGHT NOW and it still wouldn't change things -- because he is not ready to take action. One year later he's doing nothing. Still dreaming. Taking no action. For me, this is the worst possible situation I'd ever want to be in. Screw that.
3. "I'm overwhelmed"
One of my readers writes:
Yes, Ramit, I am overwhelmed with ideas for a freelance business. Especially since I downloaded this on my Kindle: 52 Highly Profitable Online Business Ideas by Jacob Smith. This is addition to the skills I already have which are wide-ranging such as brochure design & newsletters, database mgmt, voiceovers, conference coordination, how on earth do I stop spinning my wheels and get something started??
My answer? IT'S WORTHLESS TO DOWNLOAD LISTS OF IDEAS. Who wants to read an encyclopedia? Earn1K is not a pointless list of 50,000 ways you could earn money. That kind of crap enrages me because it's such a cheap/easy way to create a product that actually adds no value. We spent YEARS developing the antecedents and actual content of Earn1k to help you earn thousands. Want a simple example? Take my book. Unlike other PF books, nowhere in there will you see me defining "corporate bonds" or "treasury notes." You know why? BECAUSE NOBODY CARES ABOUT LEARNING THOSE TERMS. They just want their money to go where it needs to go. When it comes to earning money, we don't need lists. We simply want to know, step-by-step, how to earn more. That's precisely what Earn1K does. Lose the anchor around your neck -- Share your 3 invisible scripts
The anchor around your neck is fear. We all use codewords to shield what is ultimately fear. Codewords like "no time" and "no ideas." Let me make this brief: - You don't need to handle your fears before you join the course, but you do need to ACKNOWLEDGE at least ONE
- If you believe you just need tactics, this course is not for you
- That's because I add a deep level of psychology -- both to understanding other people, and understanding the psychology of motivation
- Earn1K is designed/optimized to force you to take action
TOMORROW, we'll get into tactics. Some really cool stuff. But TODAY, I want you to identify your top 3 invisible scripts. Be honest and admit that there are tons of tactics online for how to earn money...so why haven't you done it? To top it off, I want you to share 3 fears with everyone: What are the top three invisible scripts stopping you from earning more? CLICK HERE: http://earn1k.com/privatelist/invisible-scripts/ - Ramit P.S. - I'll continue sending you never-before-released material until Earn1k 2.0 opens next week.
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