Why do you manage your money like you're 20?

To view this email as a web page, click here

                                                           

Reader,

Running IWT for over 16 years, I’ve learned that there’s a limit to how much you can cut, but no limit to how much you can earn.

Yes, even after two recessions.

Yes, even after a global pandemic. 

Let’s assume that as your career progresses (which it will because you’re one of my readers), you'll make more than you did at 21. Many of you will make considerably more. 

There’s this concept in America we love that you should keep spending the same way you did in your early 20s. That’s why we love billionaires who fly economy and we love the fact that Warren Buffett has lived in the same house for 60 years.

But the truth is, as you grow your income, your opportunities and choices change. This is an uncomfortable topic that few want to talk about, but it’s important.

Once you earn more, you get the opportunity to align your behaviors with your values. For example, I love convenience — so I pay for a trainer to create workouts for me. Warren Buffett likes living in his old house … but he also flies private. Take a look at other ways Top Performers invest and spend their money:

  • LeBron James wasn't training at his local YMCA. He leverages his earnings to spend millions on his body and is setting new standards for longevity
  • One of my readers, Andy, wrote: “My wife and I donate over $2k a month. Biggest line item in our budget”

There comes a time where your success opens up more doors, more opportunities, and more fun things to add to your life. But you have to change the identity you grew up with to accommodate those possibilities.

It’s shortsighted to think you should keep spending the same as you did in your 20s. You’re not the same. And the puritanical belief that your spending choices should stay the same — even when you’ve clearly grown — makes no sense.

Think about it: If you’ve paid off your debts, maxed out your savings account, you’re earning more than ever … what do you want to do? How can you leverage your gains for an even richer life? If you’re past the basics of personal finance, what do you do? 

This question is, by definition, not for everyone. 

If you’re trying to pay off debt or get a raise, it’s easy to dismiss it. I get that, because I spent my childhood avoiding appetizers at restaurants. Our family lived a simple, middle-class life. I paid my way through college with scholarships. And after I graduated, there was a period of life where I ate at Google with friends (3x/week) because I was making so little money!

But as I made more, saved more, and learned more, I changed my behavior to unlock new doors. That’s why I don’t judge how you want to spend your money. In fact, I encourage you to really consider how you want to use money to live your values.

Frugality is a great approach — for the right situation and time in your life. But there are other values too: abundance, convenience, luxury, charity, leverage, etc. 

Imagine the joy you would feel by being able to send your friend a bottle of champagne for their birthday. Or springing for takeout from a Michelin Star restaurant for an anniversary with your significant other. Or not thinking twice to cut a check for your friend’s charity. 

I know it can be downright inconceivable to spend that much money in the best of times — let alone a global pandemic. But if you’re not in debt and have the basics of your personal finance nailed down, you should shamelessly dial up spending in the areas that make you happy. 

So here’s my challenge to you: Take $500 and spend it on something extravagant that you previously thought would have been unimaginable.

There are some caveats to this: Don’t do this if you’re in debt and don’t have an emergency fund (I recommend at least 12 months). If that’s the case, take your $500 and put it towards nailing the basics. My book has a 6-week program to help you do just that.

For everyone else, get ready to spend lavishly on something you thought would have been crazy. And after you do it, shoot me an email and let me know the results.

P.S. Lots more good stuff planned for next week. I want to pull back the curtain on how high earners manage and spend their money. Keep an eye on your inbox.


Older messages

What Americans spend their money on during COVID-19

Tuesday, July 7, 2020

Financially, people are reacting exactly how you'd expect them to during a global pandemic—saving more for emergencies and spending more on areas like food and in-home entertainment. To view this

20 lessons on how to sell the right way

Friday, July 3, 2020

I believe sales emails can be totally amazing and unlike anything you've ever read To view this email as a web page, click here Hi Reader, I believe sales emails can be totally amazing and unlike

Today is my birthday

Tuesday, June 30, 2020

Reader, Today is my birthday. On my birthday, I always ask my friends to share their birthday wisdom. Everyone has something interesting to share after a full year. So this year, my advice is: LIVE TO

Watch as I write 3 sales emails worth $379,643

Tuesday, June 30, 2020

We're launching a course that shows you — behind the scenes, step by step — how To view this email as a web page, click here Hi Reader, We're launching a course that shows you — behind the

When you’re stuck in your business ¯\_(ツ)_/¯

Thursday, June 25, 2020

How many times have you wondered if you're doing the right thing to grow your business to the next level? To view this email as a web page, click here Reader, How many times have you wondered if

You Might Also Like

‘We found the thing that gives us joy’: Microchild on the microverse, music, and shared language

Wednesday, March 12, 2025

The wife and husband pair of Shannon Sengebau McManus and Jonathan Camacho Glaser are souls behind the band Microchild. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

🦅 Reminder: Masterclass with Jesse Pujji

Tuesday, March 11, 2025

At 1:00 PM Eastern Time (US and Canada) ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

[Webinar tomorrow] Canadian? How to Grow Your Amazon FBA Business as a Canuck

Tuesday, March 11, 2025

Hey Reader, Are you a Canadian? No? Well, you should never skip a single line on an EcomCrew email but this is one exception and you can continue with your day. Yes? Then congratulations on hitting the

The state of ad serving for brands and agencies

Tuesday, March 11, 2025

How ad-serving technology is changing and unlocking new opportunities ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

♟️ OpenAI's smart chess move!

Tuesday, March 11, 2025

Guess who's sweating? ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

March Madness is here: Tap into the hype with these marketing plays

Tuesday, March 11, 2025

And more insights to drive smarter social strategies and ROI ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

ET: March 11th 2025

Tuesday, March 11, 2025

Exploding Topics Logo Presented by: Exploding Topics Pro Logo Here's this week's list of rapidly trending topics, insights and analysis. Topic #1 Gruns (trends) Chart Gruns is a DTC startup

If SEO is dead…

Tuesday, March 11, 2025

Here's a surefire way to fall behind your competition: Declare SEO as dead and stop optimizing your content. Sure, the strategies that worked five years ago may not work today, but businesses that

Niche = $$$

Tuesday, March 11, 2025

Why Your Tiny Newsletter Could Be an Advertiser's Dream ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Founder Institute targets first VC fund

Tuesday, March 11, 2025

Startups join the M&A big leagues; Hinge Health files for IPO; stablecoin surges with regulation in play; VC-backed IPOs give up post-election gains Read online | Don't want to receive these