Listen, if you tried to access my webcast last night, you probably didn’t get in, and I am REALLY sorry.
I have literally never seen as much traffic as last night — not even when I was on the FRONT PAGE OF YAHOO.COM.
At 6:50pm, I logged onto my webcam and finalized everything
At 6:55pm, I logged into my blog to add a link to the webcast URL. By this point, my server had slowed to a crawl
At 6:56pm, over 1 person/second was trying to access iwillteachyoutoberich.com/blog
At 7:01pm, we had my webhost on the phone attempting to resolve the issue
It took until 7:21pm to completely fix the server problems, leaving me fuming and frustrated
If you’re interested, I recorded a video with more details of what happened.
Here are some pics from the carnage (look at the time stamps and note that this is OVER AN HOUR later past the webcast’s start)
When I first noticed the problem:
Couldn’t wait any longer…so I went live with what I had:
All right, so obviously this really sucked. Thousands and thousands of you were left out in the cold, and I feel terrible.
3 things:
I’m getting someone to help out on the server side so this never happens again. Stay tuned
I’ll do the webcast again as soon as that’s set up
I wanted to tell you more about the Boot Camp (registration is closing today), but just know that whether you go with my program or something else, make a plan to automate your finances before the end of the year. There’s nothing like starting the year off fresh.
Tonight (Thursday, 11/5), I’m doing a live webcast to show you 5 psychological techniques to change your financial behavior. You’re learn how to trick yourself to save and earn more using powerful techniques I haven’t mentioned anywhere else.
After showing you the new psychological models, I’ll do a Lightning Talk to answer YOUR questions. I’ll also answer questions about the Boot Camp.
I want to pack this full of information in 30 minutes, so here’s what I’m covering…
7:00pm – 7:10pm: 5 Psychological Techniques to Trick Yourself:
Forced Constraints, Accountability Partners (used the RIGHT way), Subscription Snafus, Better Than Cash, and Mental Accounting. These have saved me thousands of dollars since I started my blog in 2004
7:10pm – 7:20pm: LIGHTNING Round:
10 minutes of questions — ask me ANYTHING — and I’ll spend a maximum of 30 seconds per question. It’s going to get nutty
7:20 – 7:30pm Boot Camp questions:
I’ll share the Country Club Effect, details of the Boot Camp, tell you more about the guest speakers, and share some of the surprising things that have already happened inside
How to attend:
Go to http://www.iwillteachyoutoberich.com/blog and click refresh at 7pm Pacific TONIGHT (Thursday). A video feed will appear with me creepily staring at you and likely screaming at you. Greetings!
Q: Will this be recorded?
A: No
Q: Please, can you record it? I have to be in Guatemala building houses for poor quadriplegic children
A: No
Q: What if something is wrong and nothing is showing up at iwillteachyoutoberich.com/blog at 7pm tonight?
A: (1) 7pm PACIFIC, and (2) if something goes wrong, check twitter.com/ramit for updates
One last thing — if you plan to make it, leave your name and a question so I can keep an eye out for you.
See you tonight.
Not the same old savings tips. Proven strategies for saving on eating out, entertainment, credit cards, and everyday life.
The Manifest Destiny Problem: “More is Better”
Have you noticed how lots of people always want more and more information, but rarely implement what they already have? A couple years ago, I started realizing how lots of personal-finance readers were constantly asking for more and more information — more blog posts, more book reviews, more financial magazines — but would often just READ, not take action.
To put it bluntly, I have lots of friends who read blog post after blog post, but have STILL not automated their money, started investing, or even put together an aggressive plan to pay off debt.
I’ve done the same with fitness books and SAT books, so I know that the solution isn’t “more,” but actually using what you have.
And it takes acknowledging that there are profound barriers between reading and DOING. The Boot Camp is designed to crush those barriers and force you to take action on your finances in just 6 weeks.
For example, I have a very successful friend who’s been overpaying for health insurance by a few hundred dollars for months. Why? Because he has to fax in one form….and he doesn’t have a fax machine. It’s a barrier that’s costed him thousands of unnecessary dollars. And while it’s easy to dismiss him as lazy — which he’s not — look inwards: There are things we “know” you need to do, but we still don’t do them.
Hit the gym? Clean the garage. Automate finances.
Instead, we look for more and more information as if that’ll solve it. This is the Manifest Destiny problem that we all have. “What’s the newest tip? Did that blog update? What are the 21 Ways I Should ____???”
The truth is that while the strategies and tactics matter, the point is not reading — it’s getting off our asses and implementing them.
About the Boot Camp
The I Will Teach You To Be Rich Boot Camp is a 6-week program that will help you automate your finances, pick the right accounts, begin investing, create a bulletproof plan to crush debt, and let you automate the day-to-day so you can focus on the things you REALLY care about:
Traveling
Spending money, guilt-free, on the things you love
Hanging out with friends and family
Earning more
Focusing on getting out of the rat race
Each week, you’ll get material on credit cards, picking the right accounts, negotiation, investing, automation, and more. You’ll get lots of material from my book, so how is this Boot Camp different than simply reading my (or any) personal-finance book?
1. Live & personal Q&A from me each week. In addition to the weekly curriculum, I’ll be doing live webcasts each week, answering your SPECIFIC questions on money, debt, automation, and more.
2. Not just money — entrepreneurship and psychology. Each week, I’ll give a mini-talk on an entrepreneurial topic like “Managing Virtual Assistants” or “Productivity for Entrepreneurs.” I’ll cover psychological techniques and barriers and show how to apply them to YOUR situation.
3. Guest speakers on entrepreneurship. I’ve invited guest speakers like Charlie Hoehn (Recession Proof Graduate author), Pamela Slim, and Penelope Trunk to talk about topics like marketing, pricing, finding your dream job, and more. You’ll get 1 hour with each of them, live, on a webcast where you can ask questions and get specific answers.
4. A community of other people who are investing in themselves. We’ve put together a private community site where you’ll be able to exchange the best techniques you’ve used, which techniques to AVOID, and how you’ve paid off debt, earned more, automated, started side businesses, and more. Imagine a close-knit group of community members where you can ask personal questions and get meaningful answers. A group where everyone wants to be there — and support each other.
The most important difference in all of this is ACTION. Not only will you read, you’ll be surrounded by hundreds of other people who believe in paying for value and investing in themselves to automate their finances.
Here’s why the Boot Camp is worth it: Beyond forcing you to take action, if you optimize even one $20/month subscription, you’ll more than pay for the program. If you discover one leak in your financial system, you’ll probably get positive ROI that very day. And if you discover one psychological technique, automation tactic, or entrepreneurial idea to apply to your finances or life, it would be well worth it. Just ONE.
Now, obviously this isn’t right for everyone. If you’ve read my book, taken the advice, fully automated your finances, cut costs, began earning more, optimized spending, and handled day-to-day finances and relationship issues, then you can probably skip this. Or if you’ve done it on your own, that’s excellent — congratulations.
But if you could use some help to take action — to get a little nudge of help, to meet other people in your situation who have invested in themselves — then the Boot Camp will help you kickstart your finances in 6 weeks. If you think you could benefit from new psychological techniques and guest speakers on entrepreneurship, I’d love to have you.
That’s because this won’t be passive. It’s ACTIVE: I’ll email you each week with course material. I’ll be on your ass to get it done. And I’ll constantly show you how others are succeeding by taking strategic shortcuts, working smart, and leveraging others’ winning techniques.
6 weeks of work for a lifetime of automation.
Three questions to ask yourself
We spend money on movies, going out, subscriptions…when was the last time you invested in yourself?
If you knew you could try this out as a trial, would you? Good news: I offer a 30-day money-back guarantee
It’s OK if this Boot Camp isn’t the right fit for you, but I encourage you to make a plan to meaningfully take your finances to the next level before the end of the year. Whether it’s this or something else, please get it done and start 2010 off fresh. And you can’t just put it off: No decision is a decision
I’ve written up details, along with the specific curriculum, guest speakers, price, and an easy way to sign up here:
Do you ever wonder how people who read I Will Teach You To Be Rich actually implement the strategies for huge savings and earning increases?
Below are 7 stories, straight from readers just like you, who have saved and earned thousands of dollars using I Will Teach You To Be Rich techniques. The stories include details on how they got out of debt, saved more, and earned more so they could travel, buy a house, and live a richer life.
Remember — tomorrow I launch the I Will Teach You To Be Rich Boot Camp (early details), where I’ll unveil a 6-week course and curriculum to force you to take ACTION and automate, invest, and start thinking about entrepreneurship.
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Jason Demant saved $50,000 in 2 years and is now taking a 1-year vacation
“The reason I’m writing is to thank you for your help in automating my money, getting my 401K properly allocated, and pushing me to sell my crap to make some cash. Using your step-by-step instructions and advice, my girlfriend and I have been able to save over $50,000 the past couple of years and now, in a couple weeks, we will be quitting our Silicon Valley jobs and traveling around Asia on an extremely extended vacation (1-year minimum)! I’ve been reading your site for a few years now and I’ve never properly thanked you for the help, so I decided it was time. Thank you!”
* * *
Terry Martin got off his ass and paid off thousands in debt — and earned more
“I’m writing you to let you know how much your blog has helped my wife and I take charge of our finances. I’m actually embarrassed to say this, but we were some of the people you mentioned in tip #25 of the save $1000 in a month challenge. We would complain about our financial situation, but did nothing to change it.
After I realized this, I got to work. I read all your tips and made a game plan. I saved $100 a month on cable, $20 on our cell phone bill, created several ING savings accounts, my wife got serious about cutting coupons (she has a 3 ring binder!), I sold an old camcorder on craigslist, and cut off my Sirius account (but when I called to cancel it, they gave me 3 more months free with the option to cancel it for good afterwards—who would have thought?). We cut back on eating out except we each get twice a month at lunch time. My wife got overtime at work along with a raise, I started a side job, and I will start teaching night classes soon. Not only did we cut our spending drastically, we also have more money coming in. Our debt will be cut in half by the end of the year and eliminated by the end of the next!
Update: “Right now we are just over 18,500 in debt not counting my wife’s newly added student loan which would add about another $8000 . By the end of the year, we will have paid about $14,000 off while putting at least $500 a month in savings for a down payment on a house and 50 a month into another savings. This is, of course, things keep going as planned.
But not only are we saving money, we are increasing how much we make too! I have started a side business, while its not bringing in a lot of extra money now, things are starting to pick up. I also talked my company into paying for training classes for a certification that will greatly increase my value $15 to $20K a year in the workplace. Especially helpful during these tough times. My wife is also getting her company to pay for most of her classes to get her bachelor’s degree so she can move up to a new, higher paying position. During this whole process, we have been saving for a down payment on a house and I’m happy to say we are closing on our first home July 20th.
I would personally like to thank you for website and your book. The tips were inspiration to get up and do more than just complain about our financial situation. Although we are not rich money wise, we love where we are at and what the future holds. You have truly taught us how to be rich. Thank you.”
* * *
Christopher P. is saving hundreds of dollars and earning more
“I would say i have saved: $320 from cutting my cable bill by 40 dollars last 8 months (they raised it again 2 months ago. I just called right back and got it lowered . I put $30 a week into savings accounts (960 total saved 8/months)
8 months ago i decided that i would earn more money. First I asked for a 5% raise at work and got it. (This was scary because we had just had 3 rounds of firings.) Then i sat down and figured out what interested me and I could make money doing. I was in love with the iPhone but too poor to buy one. But I taught myself to program for the iPhone anyways and just 2 months ago finally purchased one. It was slow going at first and the amount i was putting away seemed pretty insignificant. But 8 months later looking back i am really seeing the transformation that took place.
Two weeks ago I finally finished and started selling my first app. It has been such a great experience and your website gave me the kick in the pants i needed. (Thank You) I haven’t done any advertising and on my first day i sold 17 copies! Not enough to quit my job but extra income. Since then the amount of units I have sold has been slowly but steadily increasing. (It’s been rated 5 stars)
People all over the wold have purchased my app now. (Japan, Canada, Great Britain, Australia, Netherlands and United States so far) In the first two weeks after Apple’s cut i made $200. October looks like it will be a much better month!”
* * *
Brian Drolet is saving $2,880/year
“Big wins =
Dropping cable $40/month
$1 raise at work = $240/month extra
Closed checkings account = $13/month extra
Automated my cell phone bill = $7/month
I’m saving $720/year just from those 3 things and earning $2880/year extra.”
* * *
Misha has turned her savings around
“I wanted to write to you and say thank you. After reading your book I was able to get a good handle on my finances. I think the most helpful was the chart you use to show the movement of the money and the automation. Check out a snapshot of my my mint NET INCOME.”
* * *
Josh G has saved $14,000 in a few months
“I have saved 14k so far since I started May 2008 and I’m on track for 20k by the end of the year!
Fear kept me from automating my savings previously. I had bills and it seems that was all I thought about every month.
There was a blog post that you did which you mentioned using ING Direct to create sub accounts. It was in that post I decided to try the full automated savings because I could do sub accounts for future purposes.”
* * *
Michael Hagan saved hundreds from March to July of this year
“I’ve saved: $900 in savings since March, $700 towards Roth IRA since March. I started the whole thing around February/March
I would say that the things that held me back the most was a) not knowing what to do in the first place b) getting out of college saddled with massive credit card and student loan debt (working a full-time, unpaid internship in LA was expensive!) c) messing around in high school just enough to where I couldn’t qualify for scholarships and being just too middle class to get gov’t $$ for college, and finally d) trying to keep up with all my friends that had good jobs and nice things. A fool’s game!”
* * *
The difference between these people and others is they took ACTION. It’s easy to read blog post after blog post, but when you decide to take action — and you have a clear plan of which Big Wins to attack — the results can come quickly.
The Boot Camp will include a step-by-step plan to take action on your finances, automate, create a plan to pay off debt, and more. I’m including psychological techniques to use against yourself to lock the behavioral changes in. Plus, live video webcasts from me each week (where I’ll answer your questions), as well as guest speakers to cover entrepreneurship topics like marketing, pricing, and critical business mistakes to avoid.
Check back tomorrow, when I’ll open up Boot Camp registration.
How can a mirror cause dramatic behavioral changes in kids?
First, I should acknowledge that the kids are not really dumb because of the psychological technique I’m going to describe below, but can’t we all agree that kids are pretty dumb in general? Come on. My parents just told me a story about how, when I was a kid, my Dad once cut a grapefruit for me and sprinkled sugar on it. I screamed and screamed for FIFTEEN MINUTES about how I didn’t want sugar on it. When my dad finally said, “Ok ok” and took the sugar off with a spoon, I still screamed because I didn’t want THAT grapefruit. I feel sorry for my dad, 24 years later, and I hope you see why I make fun of dumb kids now. So I’m delighted when I can trick them.
In 1979, researchers Beaman, Klentz, Diener, and Svanum wrote a terrific piece of research involving Cooley’s Looking Glass Self, which basically points out that we are not independent individuals as we like to think. Instead, we’re a product of our surroundings, including how we think others think of us, and we act accordingly. For example, if I believe other people think of me as an entrepreneur, I’m more likely to act entrepreneurially so I can continue developing that positive judgment.
They made this practical using an experiment with children and Halloween. Since I know many of you are illiterate and only read blogs for information, I took the trouble of going through the literature for you. Remember these from college?
The researchers decided to see how they could apply the looking-glass principle to change children’s behavior. To do that, they tested 349 children who were trick-or-treating by setting up a bowl full of candy and using the following manipulations:
They would ask the children their names and ages to evoke self-awareness, or “individuate” them (e.g., “I am Ramit Sethi” and the accompanying connotations of ‘I am a good person’).
In one condition, a woman told the children to only take one piece of candy.
In another condition, a mirror was placed conspicuously so children could see themselves as they reached into the candy bowl.
In a final condition, they combined the “warning” and “mirror” conditions.
There is a lot more to it, and while the methodology is interesting, I’ll just cut to the results.
What did they find?
Key results
BASELINE: With no mirror and no warning to take only one piece of candy from the bowl, 75% of children took more than 1 piece of candy. Ok, makes sense. It’s sitting there in front of you.
VERBAL WARNING ONLY: When the experimenters warned children to take only 1 candy, that number dropped to 34.2%. Good job kids, listen to your elders.
COMBINED EFFECT: When the researchers (1) warned the children to only take one candy, plus (2) put a mirror in front of them, that number dropped to 11.7%. Astonishing.
Why would a mirror produce such a big change in behavior?
What are some of the other ways you can apply this to yourself?
I’ll be covering this — plus more principles of social psychology — in the I Will Teach You To Be Rich boot camp, launching November 3rd.
Learn more…
Get additional bonuses and an early-bird discount by signing up for the free pre-list here.
I taught my friend how to negotiate an $8,000 increase in salary and a 50% boost in equity in 4 hours. And this was after she’s committed the cardinal sin of negotiating: revealing what her salary expectations were.
This is the kind of thing we all know we “should” do…but we don’t do it. Even though we can get the information for “free” online. Hmm….
In this video, learn how to:
Negotiate with an experienced recruiter
Rebound after you undercut yourself
Why reading a negotiation book is not enough
Know when to be adversarial and when to be cooperative
This video is probably worth $3,000 – $10,000 for my average reader IF YOU IMPLEMENT IT AND IMPLEMENT IT CORRECTLY.
Oh yeah…I have more videos on negotiation (thanks to Chris Whitmore for filming/editing).
Get more negotiation videos: For detailed videos of EXACT phrases, situations, and tactics for dealing with tough recruiters and intimidating executives, join the Boot Camp pre-launch list. Do it today because I’m closing it down soon.
