Earning More {IF YOU HAVE} No {LEISURE TIME}: {What sort of} full-time law student earned $50k {privately}

Ramit headshot2

Here’s my story of {what sort of} law student earned {profit} law school.

In my research of over 100,000 people, {I came across} {that certain} of {the very best} 3 barriers to earning more is “no {leisure time}.”

So how did Liz, {among} my former students, earn $50,000 {privately} as a law student? With a part-time job? And {a fresh} baby?

Today, she’ll share how. {Incidentally}, Liz is contributing this writeup {within} Women’s Money Week 2012.

Take it away, Liz…

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Last year I earned over $50k {privately}. {Privately} of what, you ask? Attending {a high} law school full-time, working part-time {through the} school year and full-time {through the} summer, and starting {a family group}. My son {was created} in November. How did I {discover the} {time for it to} do {all of this}?

As a blogger, freelance writer, and website optimization consultant, I earn {from} $20/hr to $250/hr. Before incorporating {the next} principles I averaged $26/hr. But {with one of these} principles I doubled my hourly average to over $53/hr.

Here is how I incorporated many IWT methods {in to the} 3-step approach I used to earn $50k {along with} my already packed schedule.

Step 1: {Take time to} Prepare

Instead of “just {starting out},” I {plan} success by {establishing} triggers and establishing accountability.

Set Up Triggers

In {the best} IWT interview, Stanford Professor BJ Fogg identified the three things {you will need} for behavioral change: motivation, ability, and triggers. A trigger is reminder {to accomplish} something now. {For example}, placing a bottle of vitamins {close to} your bed {is really a} cue to take your vitamin {prior to going} to sleep. {For me personally}, triggers {will be the} key to success. {To earn much more} {profit} less time, I {setup|create} triggers that help me {stick to} task.

Here are my top three triggers:

  • Place a Prewritten {TO ACCOMPLISH} List {Close to} My Computer – {Every night} {prior to going} to sleep I {create a} {set of} everything {I have to} accomplish {the very next day}. I leave the list open {close to} my computer, so it’s {the very first thing} I look at {every day|every morning} when I start work. {Achieving this} triggers me to immediately {begin working} on the listed tasks {rather than} get sidetracked.
  • Have My Computer Open and On – I used {to hold back} several minutes for my laptop {to show} on {every day|every morning}. While waiting, {I’d} read emails on my phone {and obtain} distracted from that morning’s priority tasks. Now, I leave my computer on as a trigger {to obtain} {to} work.
  • Remove “Bad” Triggers – Because triggers cue {one to} {take action}, it’s critical {to eliminate} triggers that cue {one to} start {the incorrect} task. Now, as a nightly ritual I remove anything from my workspace {that could} trigger me {to start out} working on {the incorrect} task.

Establish Accountability

Accountability {is really a} {strong motivator}. When you’re accountable you work {better} and you  save time.  Before I {take up a} project I {setup|create} mechanisms {to make sure that} {I am} held accountable.

Here {will be the} top ways I establish accountability {first} of a project:

  • Work With Other People – For {the largest} project I’m currently {focusing on}, I hired {an unbiased} contractor and gave her a stake in {the results} of the project. {Dealing with} {someone else} motivates me to work when {I would} otherwise {quit} because I don’t {desire to} let {see your face} down.
  • Set Deadlines – {For just about any} project I {focus on} I set deadlines for myself. But that’s {not necessarily} enough of a driver {therefore i} also tell whoever I’m {doing work for} {once the} project {will undoubtedly be} done, {even though} they haven’t given me {a finish} date. Telling {another person} the deadline holds me accountable {in their mind}.
  • Pay For Services – I’m {among those} people who {must} {purchase} a gym, {despite the fact that} I know {I could} exercise {free of charge} {in the home}. Why? Because {realizing that|understanding that} I’m paying makes me go. {Exactly the same} {will additionally apply to} work. {For just one} of {web sites} that I run, {I needed} {to start out} a monthly newsletter. So, before I had {a precise} {arrange for} the newsletter, I {enrolled in} a monthly subscription service. {Realizing that|Understanding that} I was {spending money on} the monthly subscription service held me accountable {to start out} the newsletter.

Step 2: Balance Certainty with Risk

My second {technique for} making {additional money} in less time is balancing projects {which are} certain with projects {which are} risky. {Like everyone else} allocate your investment portfolio between riskier investments and stable investments {predicated on} {your preferences} and risk tolerance, {it’s also advisable to} balance {your time and effort} between risky projects {and the ones} {which are} certain {to create} income. Balancing {your time and effort} between risky and certain projects {enables you to} {enjoy better paychecks} in less time.

Before I explain why, {i want to} clarify {why} by certain and risky.

Certain projects are those {once you} know you’ll {earn money} and you {understand how} much you’ll make. Most consulting and freelancing projects are {types of} “certain.” {Once you learn}, {that you’ll} make $50 for writing {a bit of} content, {so you} {understand that} this {written piece} {will need} you {only} 2 hours, {that is} certain.

Risky projects are {the ones that} could {get you} money – and hopefully {additional money} than you’d earn with {a particular} project – {nevertheless, you} don’t know if you’ll earn anything. Or when. {For instance}, blogging, building apps, or {owning a} startup {are} risky. Even {doing work for} free to {get yourself a} client in {the entranceway} is risky. These projects are risky.

The {important thing} is {a} certain project guarantees that you’ll {create a} specific {amount of cash} for {performing a} specific task, a risky project guarantees nothing.

Why {Undertake} Both Certain and Risky Projects?

Some people might argue {that you ought to} only ever take projects {which are} certain. {However the} only {solution to} {enjoy better paychecks} is to {undertake} more risk. {The higher} the risk, {the higher} the potential reward.

Another reason I advocate {dealing with} risky projects {along with} certain projects is that, {as time passes}, they can {become} certain projects. {For instance}, {in the event that you} intern or {undertake} a side project {free of charge} {showing} a potential employer your skills, that employer {will probably} {find yourself} hiring you (provided you’ve done {an excellent} job). I’ve interned at {a business} for free, {as soon as} they saw my skills they hired me for a paid position. Another example {is really a} blog that I started which {resulted in} a $250/hour consulting gig with {a lot of money} 100 company. {Your blog} was risky ({since it} took {time and energy to} create without knowing {I’d} earn anything) but {as time passes} {resulted in} certain income.

Calculate the Certainty/Risk Balance That’s Right for You

To {regulate how} much time {you need to} allocate between risky projects and certain projects {consider} three questions:

  1. How much money do {I want}?
  2. How {enough time} do {I must} get that money?
  3. What’s my tolerance for risk?

Last year, my goal was 1) to earn $150 {each day} in side income, 2) by {the finish} of {the entire year}, and 3) {with reduced} risk.

So I allocated my time accordingly. I increased {the amount of} projects I {done} {which were} certain {to create} income ({around} 80% of my time). And {every day} {I did so} whatever {I possibly could} {to make sure that} I earned $150 that day.  {For a few} of my consulting gigs {this is} {no more than} a half hour of work. For other freelance projects, that required over 2 hours of work. {Plus some} of my writing gigs required 5 {or even more} hours of work {to do this} goal. But, by allocating my time towards projects {which were} certain, {I acquired} the result {I needed}.

This year, I’ve shifted to riskier projects. {At this time} {rather than} allocating my time {in order that} I {create a} set dollar amount {each day}, I allocate over 75% of my available {time and energy to} risky projects.  {I understand} that if {I have to} {I could} scale up the consulting gigs {which are} certain {to create} me money, but {I really like} the thrill of trying something new and {the chance} of having {an enormous} payoff. These gambles are what make work fun {for me personally}.

Always {INVOLVE SOME} Certainty

I recommend always having some certainty in your side projects. {Aside from the} financial cushion certainty brings, when risky projects aren’t going {aswell} your projects {which are} certain will build confidence and {assist you to} overcome your {concern with} failure. There’s nothing as confidence building as {moving away from} a consulting {telephone call} where {not merely} did you help someone {making use of their} business problems, {nevertheless, you} also earned side income.  Success from certain projects {offers you} the confidence and skills {you have to|you should} continue with risky projects.

Step 3: Protect Your Productive Time

Even when I’m prepared {and also have} projects certain {to create} in side income, {this past year} {could have} not earned me {additional money} in less time {easily} {hadn’t} discovered {how exactly to} protect my productive time. It sounds obvious, but it’s amazing {just how many} small tasks eat away at our most productive hours of {your day}.

Find Your Productive Time and Space

Before I {could} use my productive time effectively, I first had {to learn} exactly when I was productive. Ramit’s writing on testing helped me identify and maximize my productive time. {I would recommend} {you start with} Test Responses at Bars, Testing Your Assumptions, and {What sort of} Beggar Uses Data to Optimize Donations. Use {these procedures} to test {to discover} what {period} you’re {in a position to} {obtain the} most accomplished.

Don’t Let Anyone {Wreck havoc on} Your Productive Time
Once you’ve {determined} when you’re most productive, protect {that point} and don’t plan anything during it. Seriously, {throughout your} productive time don’t schedule:

  • meetings
  • doctor appointments
  • coffee with friends
  • errands
  • class
  • exercise
  • or {not} those tasks {that you} {need} full concentration

Personally, I’m a morning person. I {obtain the} most done between 6 am and 11 am. When I rescheduled {both} {items that} used {to take} {the majority of} my {early morning} (taking classes and exercising) I {could} use those hours to {quicker} and efficiently {obtain the} things done {that want} {probably the most} concentration. In the afternoon, writing {articles} used to take me 1-2 hours. {Each morning}, I can {take action} in half {enough time}.

Spend your productive time {focusing on} the tasks {that want} {probably the most} focus {and can} make you {probably the most} money.

“{Imagine if} {I’ve} a 9-5 job?”

If {you’ve got a} day job, {determine how} to divide your productive time. {Consider}:

  • Will you {enjoy better paychecks} {in case you are} more productive at {your entire day} job?
  • Can you leave early if you’ve completed {all of your} day job work?
  • If {the solution} to both of {the prior} questions is “no,” {is it possible to} rearrange {your projects} schedule?

Then, allocate {your time and effort} {predicated on} your answers to these questions. {For instance}, if your most productive time is from 7am to 1pm {and you also} {enjoy better paychecks} at work {in the event that you} {have more} done, ask your boss {when you can} rearrange your schedule {to start out} {just work at} 7am.

If you don’t have a flexible schedule or workflow, then test {to find out} your most productive hours {throughout your} normal {working arrangements}. Adjust the factors {that} have control over {to obtain the|to find the|to have the} most done {whatsoever} time.

“{HOW DO I} {ENJOY BETTER PAYCHECKS} in Less Time?”

If {you would like to|you need to|you wish to} {enjoy better paychecks} in less time {this season}, these 3 action steps {can help} {allow you to get} started. Try implementing {at the very least} 1 step {of the} system for {another} week. {Following a} week, evaluate and {regulate how} {it is possible to} incorporate that step into your long-term work plan.

In the comments, leave the step {you will|you are likely to|you will definitely} implement this week and {the method that you|the way you} will implement it. Be specific.

If {you need} more case studies – {like the} word-for-word scripts they use – start here.

Do {you understand} your earning potential?

Take my earning potential quiz {and obtain} a custom report {predicated on} {your specific} strengths, {and find out} {how to begin} making {extra cash} – in {less than} {one hour}.

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