How to earn an extra $1K a month with Ramit Sethi…or not

How to earn an extra $1K a month with Ramit Sethi…or not

Many of you may have heard of him already. Ramit Sethi, author of the best-selling book and website “I Will Teach You to Be Rich.” I heard of him when researching my recent blog article about internet marketing blogs but didn’t include him since his focus is a little broader than internet marketing. His advice, drawn from his rearing from Asian Indian parents, Harvard education, and life experience as a well-paid business consultant, is more focused on your general financial well being.

Unlike many financial consultants he doesn’t bother with advice on how to pinch pennies or live within your budget. He knows you are going to buy that $4.50 cappuccino anyway, so why pretend? To make better use of your income you need to look at big ticket items—your home, car, etc. Everything is negotiable, including your credit card interest rate. And your salary. He guides people on how to find a dream job, how to determine your true worth to your employer, and how to negotiate a higher salary.

In his view, the best way to live within your budget is to have a bigger budget.  There is another $1000 dollars a month out there for you if you can take the skills you already have, generate ideas for what services you can sell,  and find out who actually needs and can pay for it. And then start a little freelance work on the side.

I was already sold by the idea that I could still keep buying my cappuccinos. And though I am already a freelancer, who doesn’t want to earn some extra income on the side? Maybe I should check this out. So I downloaded his free Idea Generator Tool which outlines his philosophy on finding the idea that will earn  your first $1K and gives you homework to do to get you started. Great, something I can actually do! More would be revealed, it was promised, with his Earn 1K Course. Would that be right for me?

A few days later I started get emails from Ramit. The first one was titled  “(Day 1/7 ) Save 1 hour/day using this guide”. So already I am excited. The Earn 1K course was a week away! And each email came with homework! I’m actually doing this.

With the first emails, I found that the problem most people make when thinking about ways to make extra money is that they think about what they want to do but the forget about looking at the other side of the equation. Are there people who actually need your service? Will they pay?

I was no different. As many of you know I paint and draw in my free time. And though I have had shows, won a few award, and sold my work sporadically,  my avocation has never paid for itself.  Maybe I could, with Ramit’s expert advice and guidance, make some money with my hobby and passion?

I was quickly disabused of the notion. When the homework asked me to complete a detailed summary of who would want my art and whether they had the discretionary income to do so, it just didn’t seem that the specifics were there.

Maybe I could walk dogs? Children's birthday parties? Wedding portraitist?
Maybe I could walk dogs? Children’s birthday parties? Wedding portraitist?

But helping you find the right idea, and putting it into action, is what the course is all about. Maybe I need to keep looking?

So I continued with the emails and homework assignments….

  • [Day 2/7] The Rumpelstiltskin Effect: Turning art into money
  • [Day 3/7] Overcoming fears & invisible scripts
  • [Day 4/7] The two qualifier method
  • [Day 5/7] Finding a profitable idea — here’s how
  • [Day 6/7] Getting inside their head — the briefcase technique

And finally the moment I had been waiting for “[Day 7/7] 6pm PST tonight the “Psychology of Mind Reading” private webcast event”. So far Ramit hadn’t mentioned any specifics about the course or how much it cost. 200? $2000? Tonight would be the big reveal.

I knew by now that this long build up is part of his approach; the same one he wants you to use during a job interview or client visit. This is part of his “briefcase technique” where he teaches you, when the topic of payment comes up, to hold off by saying “Before we talk about that, I would like to go over a few things,” and pull a prepared list of the specific value you will provide out of your briefcase, with a flourish. If you do the research, know your employers/clients needs, and can explain how you are going to address their problems, price will then be “off the table”.

So I was getting used to the build up and eagerly signed up for the webcast. It took a while to log in, but as I got on, I could see why, literally hundreds of other people were trying to log in at the same time. 512 to be exact. Wow, that is a lot of fellow travelers who may be my future classmates. For the next hour, Ramit explained what the course could do for you and challenged the audience to tell him what they were hoping from the course and what was holding them back.

And finally, the link to sign up for the course. In usual fashion, it was a very long email with more testimonies and more information on the value of the course. And at the very end, a link to register. If you want to know, the 8-week course of live webinars, homework, and additional resources are about $1000 (with optional items at additional cost). But by then spending that kind of money seemed like a reasonable investment in something that could provide income for years to come.

So here comes the big decision. Should I do it, should I not? Whatever I do, I will know that I have learned a lot just from the process. There was tons of free information that was valuable in its own right. I am a lot clearer now about the direction I want to go in. His marketing efforts are admirable. He did his research. I often felt he was reading my mind, so accurate his emails were in matching what I was thinking. And, whether I take the course or not, he has a lot to offer, from his books, his website, and more.

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Editors note: I finally decided not to do the course. It was not the best fit for me. The focus seemed to be geared towards a younger person just starting out. I have been freelancing for over ten years. Do I really need to start another side job? Maybe I should just fine tune what I already do. So I sent Ramit a nice note, thanking him for what I had learned, and telling his why I wasn’t taking the course.

And then, wouldn’t you know it, I get a response. Another program is starting up, possibly just right for me, The 6 Figure Consulting System…. I am hooked all over again…

 

Anything on your mind?