LRS 102: How Self-Made Millionaire Ramit Sethi Teaches People to Be Rich 56

How Self-Made Millionaire Ramith Sethi Teaches People to Be Rich

This episode of the Let’s Reach Success Podcast will be a success story again, of someone who started from nothing, made it big, and helps others do the same with his website, books, courses, and everything else that he does. That’s Ramit Sethi from I Will Teach You To Be Rich.

A great guy and a guru in the financial sector, who’s changing lives by sharing all that he knows about making, saving and managing money.

He’s the author of the bestseller I Will Teach You To Be Rich, which together with his website with the same name, has now turned into a multimillion-dollar brand.

There’s great content that I believe can help us all understand how money works. But what matters here most is he’s not the average financial guru that tells you to save on lattes. Instead, he’s doing it a bit differently.

I’ll discuss that, together with how he started and built his business, and what lessons we can learn not just about money. But also about living a good life, making more money and having purpose behind the work we do, and never worrying about bills or not making ends meet again.

How Ramit Sethi Makes People Rich

Show Notes:

  • Ramit’s 10-Year Principle [1:39]
  • What’s different about Ramit’s approach to teaching finance [4:53]
  • What I learned after watching a video of his on automating money [5:53]
  • How and why he started I Will Teach You To Be Rich [7:51]
  • Debunking one of the biggest myths in finance [9:32]
  • Examples of the I Will Teach You To Be Rich philosophy [11:57]

Mentioned:

Check out Ramit Sethi’s success story on YouTube:

Listening options:

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Thanks for listening.

Glad you joined me on the podcast today. If you want to hear a particular topic on it, leave a comment below and I’ll make sure I cover it in the future.
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Should You Buy an Ecommerce Business? 21

Should You Buy an Ecommerce Business?

If you have the funds to make an investment, but you are not sure which is the best option, a good idea would be investing in an ecommerce business. They represent the businesses of the future, and it is already a known fact that they are very profitable.

With an online business you can choose to build it yourself, but that is not what we are recommending. In our opinion, buying an ecommerce business comes with more advantages and in this article we will talk about some of them.

You won’t have to deal with the tough work.

The first days are the hardest when you decide to start a business by yourself.

First of all, you have to decide exactly what kind of products you want to sell and then find the suppliers for them. You need to create a quality customer service, come up with marketing strategies, develop the site, SEO, and many other things.

But when you buy an online business you won’t have to deal with any of these. A business that has been around for a while already has all these things and this means that you won’t have to deal with them. However, you should make sure that you do a little bit the research before you buy the site. You need to make sure that everything matches your requirements.

Successful business model.

Quitting While You're Ahead! Understanding the Limits of Natural Business Growth

When you are just getting started it is hard to tell whether your business will make it or not.

In some cases, it might even be complicated to come up with a strategy that will sell your products. Nevertheless, this problem does not occur when you are buying an online business.

In this situation, you already know that the business existed for a few years, which means that it generates enough revenue. It also means that the traffic and customers are established already so there is almost no risk.

However, before you buy a website you will need to make sure that the financials are accurate.

You can choose to buy a business from an online marketplace such as Exchange by Shopify. This way, data such as traffic and financial reports will be delivered by the platform, not the seller, so you will know for sure that they are 100% real.

Cross-sell potential.

If you already own an ecommerce business it might be a good move to buy another one. By getting another one you will gain access to additional customers, email addresses and traffic, which could be really helpful for you.

If you analyze the metrics of the business a bit you will be able to tell how to cross-sell existing products. Tools like shopping cart data and Google Analytics should help you determine customer behavior, including the returning rate and how many items per order are there.

Cross promotion between email lists could be a great marketing tool if it is used correctly, and even using “competitive” discount could be a way to make customers move between the two businesses.