No BS Advice to Get Rich in the Next 10 Years | Ep 762
Sep 13, 2024
auto_awesome
Alex Hormozi, a successful entrepreneur and wealth-building strategist, shares invaluable insights on financial success. He emphasizes valuing time over money, urging listeners to invest in personal growth for long-term wealth. Hormozi highlights the importance of mastering skills and effective money management, advocating for clear partnerships and daily financial monitoring. He also discusses the critical variables of wealth creation, including value creation and negotiation tactics. His advice centers on making wise investments today for a richer future.
Understanding the return on time spent rather than categorizing income helps maximize financial success and minimizes wasted investments.
Conscious spending, evaluated through the hours worked to earn money, leads to improved financial choices aligned with personal goals.
Deep dives
The Reality of Income: Active vs. Passive
The concept of passive income is often misunderstood; it's more about the return on time than about categorizing income as active or passive. Money is made through time, and everyone effectively trades hours for dollars, even if it isn’t always recognized. To maximize financial success, one should focus on the return on time spent rather than seeking quick, low-effort opportunities that often lead to wasted investments. A critical realization here is that what might seem passive could take much effort and time to establish, so maximizing activities that yield a higher hourly return is essential.
Mindful Spending: Evaluating Costs in Time
A shift in perspective regarding spending can have a significant impact on financial health. Evaluating how many hours are worked to earn the money for purchases can lead to more conscious spending choices. For instance, noticing that a $30 shirt required two hours of work could deter unnecessary purchases. This newfound awareness helps prioritize spending on items that provide value and align with personal goals, allowing for more strategic financial decisions.
Long-Term Vision: Decade Over Year
Many individuals overestimate their yearly goals while underestimating decade-long potentials, leading to missed opportunities for substantial growth. A ten-year plan can radically transform net worth, encouraging individuals to view their financial journey with a long-term lens. By accepting the idea of delayed gratification and committing to long-term investments, individuals set themselves up for greater financial success. Recognizing that significant achievements require time allows for the development of reasonable strategies that compound effectively.
Invest in Yourself and Create Opportunities
Investing in personal development is crucial for achieving long-term financial success, as it enhances skills that can multiply income potential. Rather than seeking immediate returns from investments, it is more beneficial to focus on building a skill set that yields consistent income growth over time. By prioritizing skill-building over short-term monetary gains, individuals can create pathways to greater opportunities. The key lies in nurturing self-investment as the foremost strategy for financial prosperity and sustainable wealth.
Want to be rich in 10 years? Start today by implementing Alex's best advice on how to make and keep more money.
Welcome to The Game Podcast where we talk about how to get more customers, make more profit per customer, and keep them longer, and the many failures and lessons we have learned along the way to $100M in sales. We've got roll-up-your-sleeves kind of hustle with a little bit of cleverness and a lot of heart.