How I picked my mentors…
Summary
- Build a team of experts in law, accounting, and investment when constructing wealth; they're crucial to your business trajectory.
- Find mentors and advisors based on integrity and skill; without these, I wouldn't be where I am today.
- Integral people and advisors must have your best interests at heart and the necessary abilities to advise properly.
- Interview multiple advisors to gain perspective and discern integrity.
- Ensure advisors' incentives align with your interests, such as paying realtors more for achieving higher sale prices.
- Gain enough knowledge (e.g., read books) to reasonably assess an advisor's skill set.
- Bring knowledgeable individuals to meetings or talk to various experts to compare competence.
- Interview multiple professionals to prevent lazy decision-making; these choices greatly affect net worth.
- Trust and skill in advisors are both essential; better to choose someone you trust with good (8/10) skills rather than a perfect (10/10) skill set but uncertain intentions.
- Define successful relationships by the extent to which someone would help you at personal risk; apply this to choose trustworthy business partners.
Video
How To Take Action
I would suggest implementing a step-by-step approach to build wealth with integrity and skill. Here's how to do it:
First, build a team with experts like lawyers, accountants, and investment professionals. This is key for a business trajectory. When you're looking for these experts, find mentors and advisors who really care about your success. They should be honest and good at what they do.
To ensure you're choosing the right people, you should interview many advisors to compare their advice. Also, read books to learn more about their field, so you can understand and test their knowledge.
For example, if you’re hiring a realtor, structure the payment so they earn more if they get a higher sale price for your home. This makes sure they work hard for you because their goals match your goals.
Next, to find out if advisors are trustworthy, think about whether they would help you even if it was risky for them. Pick people you think would stand by you no matter what.
Remember, it's better to work with someone you trust with good skills, rather than someone perfect at their job but who you can't be sure about. That trust is worth a lot.
Follow these steps, and you'll build a strong team that'll help you with your money smartly and honestly.
Quotes
"Selecting the right people can make or break your life and the trajectory of your business"
– Alex Hormozi
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"One of the hardest things is trying to figure out who you're going to trust"
– Alex Hormozi
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"You need someone who you can trust and has your best interest at mind"
– Alex Hormozi
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"The idea is to find someone who has both your best interests at heart and has the ability to deliver on what you want"
– Alex Hormozi
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"These types of decisions can make the biggest impact on your net worth and your financial future"
– Alex Hormozi
