The course is aimed at getting you to earn your first $1,000/month by starting a new site/business or doing freelance work on the side. Right now I’m all about finding bigger and badder ways to make money (Adsense does NOT count), so I was very interested in his program.

And even though Ramit hates to hear this question, I want to know if it’s worth the money.

There are three packages:

1. One includes private coaching and office hours, and it sold out at $3,000.
2. Another is a step down and doesn’t include the private coaching. That one goes for $1,500.
3. The most basic course includes a lot of great stuff—it goes for $500.

A couple things: Ramit is trustworthy—he’s proved this over the years and with his other programs (Scrooge Strategy). Also, he’s got a 30-day money-back guarantee. Not happy? He’ll send you your money back.

And I’m struggling with the following: is it worth it or can I pull it off without paying $500?

Obviously, if it works and I can make $1k in a month, the $500 will pay for itself pretty quickly. But there is a fear of failure built in there.

What if I fail? What if the program is fantastic but it’s me that can’t pull it off?

I’ll feel like a sucker with $500 less than I had before.

I’ll give Ramit credit, he’s done everything beautifully on the promotion of this program. He’s addressed all the questions and issues that might keep people from buying the program. That’s why he sold out of the expensive tier so quickly.

Would you buy into Ramit’s program and take a shot at making $1k per month with a money-back guarantee? It sounds like a slam dunk but something continues to keep me from pulling the trigger, and I think it’s the fear of failure.

I’m curious what other people think about this.

Other Posts You May Like:

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• Ramit’s New Book is Out Today!
• Alternative Income Streams — July
• Alternative Income Streams — April
• Blogroll Spotlight: Iwillteachyoutoberich.com

I’ve tried this before, but I wasn’t thinking big enough—so I figured I would share my previous attempts at generating some alternative income.

Freelancing

I found someone looking for a person to translate a medical book about something I knew nothing about to Spanish: IBS. I estimated the job at a month or so and asked for $250. And honestly, I had no idea what I was doing. The estimate was way off and the money was probably too low.

In the end, it took me about two months and a lot of back and forth with the client. But I did manage to turn it into a regular, monthly gig to translate the doctor’s newsletter. I was happy that it turned into regular work, but I again made the mistake of underpricing. I charged him $30/month for around three to fours hours of work.

Not good—that’s around $8/work.

Month after month, I did the work and got paid my $30. And every time I dreaded it—it was boring, monotonous work. Maybe if I was getting paid more it wouldn’t have bothered me, but when I realized what I was making on a per hour basis, I knew I had made a mistake.

So I asked for more money and the client balked. Then we went our separate ways. I learned a lot about freelancing and set myself up for a better experience if I decide to freelance in the future.

Online Tutoring

This was a while ago and I don’t know how I found them, but a Canadian site called Brainmass was out there that provided help for high school and college kids for their schoolwork. You had to be accepted into the program by proving your credentials in whatever field you had experience in (I did English and Writing).

Here’s how it worked: students posted their problems or questions and you “claimed” the problem by logging in and taking it. Once you did, you posted your solution for the student. Not bad. Every job, on average, was probably worth $10–$15.

You could also contribute to a “library” of solutions. This compiled common problems that students could “check out” like a book whenever they needed it. The best part was, more than one student could check it out at any given time and you’d get paid every time.

It was rewarding and matched my schedule. Because I was in grad school I had time to sit around and claim a bunch of work. But eventually all the “problems” students had were “do my homework” or “write my paper,” which I was not about to do.

Turns out I do have morals, and I quit the program. Total income: probably around $100.

Miscellaneous

• I’ve made $10 a pop on Usertesting.com
• I’ve made around $70 referring people to ING Direct
• Adsense has made me less than $250 since I started this site
• I make some money writing for Wisebread depending on how many pageviews my articles get
• Some ads on this site make me a monthly income, but not much
• I’m an Amazon Associate, so if someone buys something via a link on my site, I get paid a minute referral fee (last year I made $70).

What I’ve Learned

I’ve been thinking too small. Everything I’ve tried so far is too much work for too little a payoff. It’s just not worth it.

It’s time to start thinking big and put a lot of energy and thought behind it instead of getting nickel and dimed. Sure, my alternative income is diversified, but the income is so minute that it doesn’t really register.

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• Alternative Income

It’s not a trick questions: the answer is yes.

The tenets of personal finance are pretty simple: spend less than you earn, contribute to a retirement account or two, pay down your debt as fast as you can, and pay your credit card in full every month.

The rest is just details. And sure, there are a lot of details. I would know—I’ve been writing about them for three years. But once you have a grasp on the basics, you’re good to go.

So what happens after you’re done mastering the basics?

Three years ago, I had a lot to say about personal finance. It was exciting and empowering to take control over my finances and try to make them as efficient as possible. And I have.

Now I’m bored. I don’t care about extracting any more out of my budget. I’m all extracted out.

I’ve spent all my time on the spending side of my balance sheet and now it’s time to focus on the income.

That’s why I like Ramit’s IWillTeachYoutobeRich—that’s where his focus is and it’s a subject I think is really lacking on personal-finance sites. Growing your income gets mentioned every so often, but typically doesn’t go beyond diversifying your income.

It’s been said a thousand times: you can only squeeze so much out of what you’re making until it’s time to make more. And right now, that sounds a whole lot more exciting than finding more ways to cut my budget.

I’m eating sandwiches for lunch, using my library card for books, and using a straight razor to shave. I feel like I’ve squeezed enough.

From now on, look for more about making more money on The Writer’s Coin. I’m done squeezing.

Image by Andrew Mason

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I was guilty of this when I wrote about MagicJack a few weeks ago for Wisebread. So the lesson behind the post may be a little cheesy and cliché, but there’s a reason why things are cliché.

I was also interviewed by the good folks over at MoneyHackers a couple of weeks ago. So if you want to know a little bit more about my blogging philosophy and where I see myself in two years, check it out.

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Here are some factoids about the book, which I’m currently reading:

• It was first published in 1999.
• It’s about Continental Airlines and their new (back in 1994) CEO, Gordon Bethune
• It’s a case study of how Bethune transformed Continental Airlines from one of the most pathetic businesses around into a respected, first-class organization.

Sounds mildly interesting, doesn’t it? But it also sounds woefully out of date—so why the hell am I reading it?

Passion.

My cousin’s husband went on and on about the book like it was the greatest thing he ever read. I mean he wouldn’t shut up about it. It stuck in my head and I made a note to myself to check it out. I went on Amazon and read the first few pages, decided it was worth a shot, and then I checked it out of the library.

He was so passionate about this book that it rubbed off on me—I wanted to know why it got him all riled up.

And so far so good—it’s got some great stories and some great advice that anyone at any level should keep in mind in their work and life.

This is not the first time I’ve gotten interested in something random I’ve never heard of. It happened with wine and Gary Vaynerchuk. And it also happened with my friend Andrew—he got me into Sir Ernest Shackleton, Coldplay, and Jobim.

I love discovering new things that other people are so passionate about. When you see that obsessed with something, regardless of what it is, I immediately want to check it out. Part of me is curious but part of me just wants to be as passionate as this person is.

And if that means being passionate about a book about Continental Airlines, then so be it.

Sometimes you will feel let down, but hopefully letting yourself get infected with someone else’s passion will expose you to new things that will enrich your life. You may even find them useful and practical.

Like this book. More on the book when I finish it, but so far I highly recommend it.

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Among my favorites (along with my gut answer):

1.  What was your best McGuyver moment? At my publishing job, the way we exported data into our layout software was all messed up. Because I had no access to the back end that fixed the output data, I set up a series of find and replace searches that cleaned up all the issues and only took a minute to run. It worked and it made the process infinitely more efficient. Setting them up took a long time, but once I had them we all finished our work faster.

4.  How would you move Mount Fuji? TNT or C-4, take your pick.

6.  Are your parents disappointed with your career aspirations? Maybe, but they would never let on and never let me find out if they were. I like the arrangement.

7.  Tell me how you would determine how many house painters there are in the United States? I would look at sales of those massive overalls they’re always wearing on those renovation shows on TV.

9.  If I put you in a sealed room with a phone that had no dial tone, how would you fix it? Cut and peel the wire, then start pretending I was starting a car or diffusing a bomb, whichever works first. If it worked, it would immediately become my top MacGuyver moment ever.

10. If you could be any animal, what would you be and why? Bird. One word: flight.

12.  If both a taxi and a limo were priced the exact same, which one would you choose? Taxi: I would feel too self conscious getting into and out of a limo. Plus I’m frugal, even with other people’s money.

21.  How would you sell me eggnog in Florida in the summer? In a Santa outfit.

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I’ve done the math a million different ways, but it just doesn’t add up. M and I would have to move to a different apartment (forget about buying), save less than half of what we’re currently saving every month, and contribute a lot less to our retirement accounts.

And that still might not be enough.

Is it because we live a lifestyle that’s too extravagant? Is it because we aren’t responsible with our money?

No. You’re talking to a guy that eats the same sandwich every day, year in and year out. Boring? Sure, but it saves me a lot of money.

The reason I bring it up is that Steve over at Brip Blap recently wrote a post titled The Two-Income Myth. In the post, he hints at something that really got to me: the main reason why couples can’t live off one income is because they refuse to sacrifice “luxury vacations or idle purchases of gadgets and jewelry and so on.”

I respectfully, vehemently disagree.

I know the people Steve is talking about: we’re surrounded by them. They spend more than they make, they use their credit cards irresponsibly, they buy things on a whim because they “need” them, etc.

But sometimes it’s just as simple as not making enough money.

I’d love to live off one income and save the rest (and will have to eventually), but the math just doesn’t add up.

We would need to either drastically alter our lifestyle or we need to make more money.

I’m curious to hear other people’s thoughts on this. Is it just a matter of revamping one’s finances or is there more to it? Because right now I just don’t see how we could do it other than going ultrafrugal, which I don’t think either one of us would be happy with.

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But I still like to research and pick individual stocks, especially now that I’m dabbling in the options market. It’s fun and it keeps me in the loop with what’s happening in the world of business.

So anytime there is a tool or site out there that can help me learn more about a company’s business, I’m all for it.

A few weeks ago I discovered Trefis and so far I’ve been impressed with what they’re doing.

What is Trefis? It’s a site that allows you to fiddle with certain assumptions and forecasts about a company to see how those assumptions could influence the stock price.

The site can be broken down into three basic parts.

Trefis: The Tool

Instead of focusing on what a company has already done, Trefis focuses on the future. What if this or that happened? How would that affect the stock price? At the core of the Trefis experience is their tool, which lets you explore the future of a company via their different parts.

Let’s take Amazon (AMZN) for example, since they are my stock pick for 2010 and I have an options position in the company. Here is what Trefis analysts think the stock price should be based on their forecasts:

You can see that the stock is priced at $127 but the Trefis model as shown above values it at $113.

Here’s what’s cool about Trefis: they’re showing you how much each division affects the stock price. Some of my Amazon analysis focused on the continuing success of the Kindle, but it only comprises 5% of the business Amazon brings in.

Trefis allows us to go into the Kindle “branch” and toy around with the forecasts:

If I think the Kindle’s price is going to be any different from the model, I can change it by dragging those circles up or down for the next six years. Any movement there affects the “Trefis stock price” for Amazon. You can do this for Kindle Units Sold and Kindle Operating Margin.

How does Trefis know how much the price of the Kindle in 2016 will affect the stock price? They don’t. It’s all based on models, estimates, and forecasts. Nothing is exact here, but it’s still very useful to see how one part of a business could affect the overall price of its stock.

Sloshing through financial documents is pretty boring, but playing with the tool can give you a sense of the business without putting you to sleep.

Trefis: The Research

Trefis also has a pretty detailed overview of the companies it covers. Taking Amazon as an example, they have a business summary, key trends, and sources of value. It’s concise, but it gives a nice explanation of the assumptions behind the analysis and the numbers punched into the tool.

Trefis only has a few companies in their system right now, but they’re looking to add a lot more. This is one of the downsides to the site—you may not find the stock you’re looking for right away.

Trefis: Social Media

Along the right side of a company page you’ll see comments by other Trefis members on what they think about the stock. It isn’t mindless screaming and yelling that a lot of sites have, it’s actually smart, insightful commentary that gets you thinking about the different problems surrounding a company.

Not only that, you can also save and share your own models you’ve built using the tool so others can scrutinize and discuss. Maybe you agree and maybe you disagree, but either way the more you discuss the pros and cons of a model, the more you’ll wind up knowing about a given company.

Trefis: Wrap Up

I’ve been using Trefis for a few weeks and I’m impressed: they’ve managed to create something that makes investing fun without dumbing it down. Not an easy task. It’s great for beginners looking to get into stock picking and good for seasoned investors looking for another point of view on their valuation or opinion of a stock.

They also send you emails whenever something significant happens in the news and how it might affect the model and the stock price. Usually these emails are thoughtful and well written. For more on Trefis, check out this comprehensive article on Forbes.

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My sister has been talking about starting her own business for a long time. But she never talked about strategy or timelines or planning—she was focused on how awesome it would be to be her own boss.

Perfectly understandable, right? Sure, but starting a business is all about planning and thinking aghead. After talking about it for months and not nailing down any of the details, an opportunity came up to rent some space at a new mall.

My sister and her partner had to make a very quick decision: take advantage of a great opportunity to get into a mall that’s new and promising at a good price or wait until they actually had something to sell?

They thought about it and decided that now was the time to take action. Without having a product or service—not even an idea!—they signed their names on the dotted line and made a down payment on the space.

When I heard this, I was floored: how could she do something so risky?

She was basically putting money towards a business but she had nothing to sell. Not even an idea—nothing!

This did two things: it got them started and it put some pressure on them.

Getting Started

Talk is cheap, and my sister realized that the months of talking and thinking of starting a business weren’t leading anywhere. She needed to take a first step, some kind of action, to get started.

So she did. Sure, it was risky, but you have to start somewhere.

Pressure

Think about it: my sister would have a space at a mall in a month or so with nothing to put inside. Nothing to sell!

I’d be nervous and scared out of my mind. And she was, but the pressure set a deadline and forced her and her partner to nail down the details—they had to.

Without this pressure, they might’ve kept talking about starting a business for six more months without doing anything about it.

The End Result

In the end, they decided to open a toy store. During my end-of-year vacation I went to check it out and I was very impressed.

She’s a designer, so the place was imbued with her aesthetic—it was clean, organized, and had personality. Not only that, they opened just in time for the holidays and they made a killing.

She’s learning on the go but is making good decisions and so far it’s paying off.

What does everyone think of this strategy of putting money down and taking that first, risky step without even having a plan or an idea? I don’t know if I could do it, but I give her credit for taking action and getting started.

So far, it has been a wise decision. Oh, and she’s her own boss now too—mission accomplished.

Image by Magic Madzik

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I’ve never seen this many sites contribute to a promotion, so make sure to check it out. There are tons of ways to enter and you can add a bunch of entries into the pool in different ways, so make sure to check it out.

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