Entrepreneur Alex Hormozi talks about the benefits of living on $1500 a month, including managing costs, increasing risk tolerance, and treating money like a game. He also shares advice on approaching opportunities and maximizing profit per customer.
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Quick takeaways
Smart spending on food can help reduce monthly expenses while meeting nutritional needs.
Opting for a used vehicle with cash can minimize transportation costs significantly.
Shared living arrangements can effectively lower rental expenses and promote financial savings.
Deep dives
Living on a Budget: Food
Living on a budget requires smart spending. The podcast discusses how the speaker managed to keep food expenses low, opting for meal options from fast-food restaurants like Chipotle, Panda Express, and Chick-fil-A to reduce costs. By strategically choosing high-protein options within budget constraints, such as a Panda Express hack for adequate protein intake, the speaker maintained a monthly food budget of $600 to $700. This approach allowed for financial savings while efficiently meeting nutritional needs.
Budget-Friendly Transport: Mosey Mobiles
The podcast highlights cost-effective transportation strategies by emphasizing the value of purchasing a used vehicle with cash to avoid car payments, coupled with low-cost insurance. Referred to as 'Mosey Mobiles,' the speaker recommends investing in a pre-owned car between five to ten years old within the $10,000 range to minimize expenses. By prioritizing financial prudence and managing car-related costs efficiently, individuals can reduce their monthly transportation expenditures to about $100.
Economic Living: Mosey Mansion
To afford living expenses on a tight budget, the podcast presents the concept of the 'Mosey Mansion,' involving shared living arrangements to split rental costs. The speaker shares personal experiences of residing in a shared bedroom within a communal house setup, exemplifying the significance of cost-effective housing solutions. By strategically opting for shared accommodations and minimizing furniture expenses, individuals can maintain affordable living arrangements while conserving financial resources.
Strategic Financial Management
The podcast underscores the importance of strategic financial management practices for attaining long-term financial goals. By gamifying financial habits like daily bank account checks and meticulous spending tracking, individuals can cultivate mindful spending behaviors and enhance financial awareness. Emphasizing the significance of prioritizing financial stability over material indulgences, the speaker advocates for disciplined financial practices and strategic wealth-building decisions to achieve sustainable financial growth.
Networking for Success
Networking plays a crucial role in career advancement and financial success. The podcast encourages proactive networking by connecting with like-minded individuals in relevant online communities to foster valuable relationships. By leveraging social circles and engaging with mentors and peers in professional settings, individuals can access new opportunities and beneficial connections. The speaker emphasizes the power of networking in accelerating personal growth and opening doors to diverse career prospects.
Providing Value: Relationship Building
Establishing strong relationships through value-based interactions is essential for long-term success. The podcast advocates for providing exceptional value to others without immediate expectations of reciprocation, showcasing the benefits of altruistic gestures in building trust and rapport. By exceeding expectations and delivering remarkable solutions to help others, individuals can cultivate meaningful connections and develop a network of allies. Prioritizing value creation and selflessness can lead to significant returns in personal and professional endeavors.
It’s all about thinking smart, not hard. Today, Alex (@AlexHormozi) shares with us the three big costs of living, how you can make the most of your money with these costs (without getting bankrupt), and shares some advice about approaching opportunities presented to you.
Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.
Timestamps:
(1:56) - Making the most of your money with Food
(5:34) - If you can get competitive with yourself at how little you can spend, the better
(12:09) - If you know it doesn't cost you much to live, your risk tolerance goes up
(18:46) - the people who make the most money treat it like a game
(23:17) - Advice on how to approach opportunities ahead of you
