Why you should NEVER listen to your parents at any age...

Summary

In this video, Alex Hormozi discusses why you should not listen to your parents or those who are financially less successful than you. He emphasizes the importance of taking risks in order to achieve success, noting that failure is a natural part of growth. Hormozi encourages focusing on long-term wealth-building strategies, macro risks, and making decisions that could lead to substantial rewards, even if they go against the advice of others. He shares his personal experiences of pivoting through businesses and highlights the power of persistence in entrepreneurship.

Takeaways

• 😀 Don't listen to your parents unless they are exceptionally wealthy or have achieved what you aim to achieve.
• 😀 Avoid taking advice from people who are financially poorer than you want to be.
• 😀 Most people are risk-averse because they are more likely to be right in avoiding risky decisions, but it’s the 1% of risks that lead to massive success.
• 😀 The biggest risk in life is not taking risks at all, and staying in your comfort zone will guarantee you don't achieve what you want.
• 😀 The path to success often involves making bold, calculated decisions and accepting failure as part of the journey.
• 😀 Successful people make a few really good decisions that have massive impacts on their lives. It’s not about making countless small decisions, but the few that truly matter.
• 😀 Rushed decisions often lead to mistakes. Take your time to think through significant choices in your life.
• 😀 Micro-speed and macro-patience are key to building wealth: act quickly but be patient in the long-term process.
• 😀 You get paid for what you do and receive returns on what you own. Building assets that generate income over time is crucial for financial independence.
• 😀 The most important decisions in life involve relationships, career choices, and business ventures. Focus on these instead of distractions like entertainment.
• 😀 Entrepreneurship is often about trying many ventures that fail until you find success. Most successful entrepreneurs have faced multiple failures before hitting big.

Q & A

Why does Alex Hormozi suggest that you should not listen to your parents, especially regarding career and wealth?

Hormozi argues that unless your parents are exceedingly wealthy and have achieved the success you aim for, their advice may be limiting. They may not understand the kind of risk and reward you're aiming for in your career or financial pursuits.

What does Hormozi mean by 'Never listen to someone poorer than you or poor than you want to be'?

Hormozi emphasizes that if someone is financially behind where you want to be, their advice might be based on fear or caution rather than the success mindset needed to take calculated risks and build wealth.

How does Hormozi explain the relationship between risk and success?

Hormozi highlights that the real risk is not taking any action at all. While micro risks (such as failure) are part of the entrepreneurial journey, the macro risk is doing nothing, which guarantees stagnation and a lack of growth.

What role does failure play in the path to success, according to Hormozi?

Failure is an essential part of the journey. Hormozi suggests that most entrepreneurs experience multiple failures before finding success. It's through these failures that important lessons are learned, helping to build the resilience needed for long-term success.

How does the concept of 'micro speed, macro patience' contribute to wealth building?

Hormozi refers to 'micro speed, macro patience' to explain that while speed is important in making decisions and acting quickly in business, it is equally important to have patience and focus on long-term goals. Wealth is built over time, not through hasty decisions.

Why does Hormozi say that people often oppose you, especially when you're taking risks?

People tend to oppose risky decisions because it's safer for them to be cautious. Since most risky endeavors fail, their opposition is often based on historical patterns of failure, making it easier for them to be right most of the time.

What is the 'biggest lever' in your life according to Hormozi?

The biggest levers in your life are the major decisions you make, such as the career you choose, the business ventures you undertake, and the people you choose to surround yourself with. These decisions can drastically affect the trajectory of your life.

How does Hormozi define the 'macro risk' of not taking action?

The macro risk, according to Hormozi, is not taking any action at all. Inaction leads to missed opportunities and guarantees that you will never achieve the success you're aiming for. Even if you fail along the way, taking action is better than remaining stagnant.

Why does Hormozi believe that mistakes often come from rushed decisions?

Hormozi states that mistakes are often the result of rushing decisions without thoroughly considering the consequences. Taking time to reflect on significant choices can help avoid errors and lead to more thoughtful and impactful decisions.

What does Hormozi mean by 'you get paid for what you do, you get returns on what you own'?

Hormozi is highlighting the importance of building and owning assets. While you earn money for your work, true wealth comes from owning assets that generate returns passively over time, allowing you to build long-term financial freedom.