Live presentation — How to build multiple streams of income

Ramit Sethi

You know how I do contests every so often, where I give away $1,001 or 2 round-trip tickets?

Did you notice anything weird about the comments?

I always ask people to tell me what they would use the prize for. And the comments always strike me as a little odd.

For example, I recently gave away “Dinner for Two” for a year as well as $1,001, and I asked people what they would use the money for. Most people had good responses, but a number caught my eye.

Here’s some examples of the ones that stood out:

What do you notice?

  1. Cheesecake Factory? A notepad? That’s it?
  2. They could do this on their OWN if they really wanted to simply using the free material on my site
  3. Notice how the $1,001 goal relates to a one-time gift. What if they had $1,000 more each month? What would they do differently?

I love doing these contests because they let me give back to the community and grow IWT readership. But I want to challenge you to think bigger.

Notice that everyone in the comments always talks about what they would do with a 1-time winning. Nobody ever says, “Hmm…what would I do if I could make that much every month?”

And indeed, it’s very possible for you to make an extra $1,000 — not just once, but every month, with a small amount of work.

But most people would rather “dream” about it being given to them than work for 10x the results.

They get tunnel vision and assume their income is a fixed amount set by their employer. Guys, your salary is just ONE income stream. You can easily create multiple income streams. Not scammy “sell knives to your friends,” but real multiple streams of income.

I know, since I have over 15 sources of income. And I can systematically earn more or less from any income stream. In other words, I control it.

Do you know your actual earning potential?

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  1. James

    I am in the UK so I won’t be able to watch it. I suppose if it was really worth watching, you would probably record it – maybe even upload it to youTube and have adverts on it making yet another revenue steam…

    • Alexander

      Advertising would (literally) be pennies compared with he earns somewhat passively in 30 minutes.

  2. Live presentation — How to build multiple streams of income

    […] Live presentation — How to build multiple streams of income is a post from: I Will Teach You To Be Rich. […]

  3. Ville Tuominen

    Why are you keeping live presentations?

  4. Jac

    Haha ramit, I totally used to sell knives to my friends *cough* vector marketing *cough*

    • Ed

      Is Vector Marketing “Cutco”? I did that for about 4 weeks one summer. I still have the knives, which are sharp after almost 20 years, so it wasn’t totally scammy, at least as far as the quality of the product. And I did actually learn a thing or two about selling (mostly that I hate pitching my friends’ parents), so it wasn’t a total loss.

  5. Vincent

    Just signed up. See you there, Ramit!

  6. Becky

    It is easy to get excited about winning once, and answers for contests can be pretty short-term or limited as a result.

    Last year, Audi asked people to tweet what they would do if they won an Audi R8 to drive for a day. They had tens thousands of responses.

    Nobody thought (or tweeted) about what it would be like to actually earn enough to buy and own an Audi R8, and have it every single day, insure it, maintain it, and keep it safe. Or even if they could drive the car without crashing instantly.

    So, yes, contests can give a taste of what you can do/earn on your own without being lucky. It’s good that you are motivating readers to think more long-term, or just plain bigger.

  7. Jeff

    If you are not motivated enough to watch it live, you will probably never put in the effort to make the extra money. It’s a waste of Ramit’s time and resources.

    • Ramit Sethi

      Ding ding ding

  8. Kenneth Westgaard

    My exact same thought too Jeff! Laugh a bit to myself when I read Ramit’s answer!

  9. Michael @ The Student Loan Sherpa

    Great thoughts! $1,000 at one time is much different than each and every month.

  10. Mitch

    Committing your time and resources to watch the webcast at a certain time also makes compliance much more likely. It’s ridiculously sophisticated for compliance tricks, and probably the one thing most directly responsible for TVs actually having been popular when the technology was still new, despite how bad the shows were at the time.

    In short, the live webcasts are still around because they work to persuade, and they probably do so better than most other things Ramit does to get us to follow his advice (especially the mug shot)

  11. Sabrina

    Totally worth your time if you like making money.

    I’ve watched a few of his live webcasts, one being on this very topic, and I’m currently making an extra $840/month.

    Looking forward to this again.

  12. Donovan

    Awesome content Ramit, keep it up!
    Would love to see this one, however I’m in Australia, and this presentation happens during mid-morning while I’m at the 9-5 job I’m wanting to leave hehe 😉
    Any chance of a recording, or an alternate timeslot outside of Australian business hours?

  13. Sumit Chhikara@ Money With Sumit

    Great article. Looking for your webcast.

  14. Des Adams

    Hi, I too am in Australia and won’t be able to watch it. But I love the idea of contests and webinars, as I have gleaned so much valuable information from them over the past few years. You just have to remember to start applying some of the strategies and not sitting on them!

  15. Carlos Garbiras

    Ramit, how come you didn’t send an email about this? I’d have love to check it out. I’ll try to catch the next great webcast. Thank you for all your work. It’s inspiring.

    • Ramit Sethi

      I did. I always do.

  16. Prabhjyot

    this is my blog. created recently. but i have no idea how to work with it. can u just suggest anything for it and also what should i do to get it better and earnable.

  17. Jason

    Hi Ramit,
    I have to agree with another commenter who mentioned they did NOT receive an email or text message reminder for this session. Because I too missed it too.

  18. Cat

    Hello, All-
    I have to commend Ramit for his persistence and great content. Because my McJob has made me miss many of the webinars, sure, recordings would be helpful, but I get it. It’s valuable information… Valuable, as in, worth lots of money! These webinars are free. If you can’t make the time, or can’t “afford” the time, like I sometimes can’t, tough!

  19. Mike

    I am currently working towards this at this particular goal. After I hit this goal, I want to take the earnings that I am getting towards build up another $1000/month income.