The Game with Alex Hormozi Volatility vs. Risk | Ep 533
14 snips
May 4, 2023 Discover the vital distinction between volatility and risk in finance, essential for building true wealth. Gain insights on how a strong income-to-expense ratio fuels financial growth. Learn the value of daily tracking of your net worth and expenses for better decision-making. Uncover the secrets to redefining success, focusing on lasting happiness rather than fleeting luxuries, and get actionable strategies like dollar cost averaging to enhance your financial journey.
AI Snips
Chapters
Transcript
Episode notes
Seek Wealthy Mentors
- Seek advice from those significantly wealthier than you.
- Dismiss financial advice from those less successful.
Volatility vs. Risk
- Volatility and risk are distinct concepts.
- Sales, while volatile, is low-risk due to revenue generation.
Manage Expenses
- Decrease expenses relative to income to reduce volatility's impact.
- Treat your base salary as your only income for budgeting.