No BS Advice to Get Rich in the Next 10 Years

Summary

• Passive income is a lie; focus on maximizing your "return on time" or how much you make per hour.
• Stop seeking quick, low-effort money strategies; invest more into your active income to multiply what works.
• If you can't buy something twice, don't buy it once; consider the time and effort it takes to earn that money before making purchases.
• Most people overestimate what they can accomplish in a year and underestimate what they can achieve in a decade; make long-term, value-building investments.
• Partnerships can be risky; ensure a partner provides something you don't have, whether it's money, experience, or time and energy.
• Learn to manage your time to better manage your money; how you spend your hours directly impacts your financial success.
• Check your bank account before social media each morning; what gets measured gets managed.
• Learn how to make money before trying to invest small amounts; focus on increasing your earning potential rather than relying on small returns.
• Always assume the worst-case financial scenario; if you don't know how you can lose money, you probably will.
• The biggest cost is ignorance; the gap between your current state and your goals is the cost of what you don't know.
• Pay to gain knowledge and connections, recognizing there are valuable lessons in what may seem initially non-relevant.
• True wealth is about mastering declarative (knowing about) and procedural (knowing how to) knowledge.
• Status symbols don't replace hard work; they impress people below you, not those at the top.
• Buy time, not stuff; invest in outsourcing low-value tasks to focus on high-income activities.
• Compare yourself to higher achievers rather than spending most of your time with those on your level.
• Invest first, spend the rest; automate investments to ensure long-term growth.
• It's easier to make $1 million than $100,000 if you think bigger and change your approach from traditional methods.
• Learn to love making money; view it as bottled time and power, which can be used to do good.
• The more value you create for others, the more income you can generate for yourself; develop unique skill stacks.
• Money loves speed, wealth loves time, poverty loves indecision; act decisively and think long-term.

Video

How To Take Action

I would suggest implementing these strategies to boost your income and achieve personal growth:

1. Focus on High-Return Activities:
   First, figure out how much you’re making per hour. Divide your total annual income by 2,000 (for a 40-hour workweek) or 8,000 (total hours in a year). Your goal should be to spend more time on activities that pay you higher than this average rate.

2. Smart Spending:
   Before making purchases, think about how many hours of work it costs you. If you can’t afford to buy something twice, don’t buy it once. This mindset helps in saving money, which can be used for bigger, more profitable investments.

3. Plan Long-Term:
   Don’t overestimate what you can do in a year but don’t underestimate what you can achieve in a decade. Focus on long-term consistent growth rather than short-term gains.

4. Choose Partners Wisely:
   Ensure your business partners bring something you lack, like money, experience, or time and energy. Clear contribution is key to a successful partnership.

5. Time Management:
   Invest your time wisely. Every morning, check your bank account before social media. This keeps you focused on financial health and helps you manage your money better.

6. Invest in Skills:
   Before investing small amounts of money in stocks or cryptocurrencies, focus on increasing your earning potential by acquiring new skills or improving current ones. This strategy provides a higher return on investment.

7. Efficient Learning:
   Pay for education that bridges the gap between your current state and your goals. Whether it's courses, mentors, or books, invest in knowledge that provides actionable insights.

8. Avoid Status Symbols:
   Impress those above you through hard work and results, not by buying things. Buy time by outsourcing low-value tasks so you can focus on activities that bring in more income.

9. Automation and Investment:
   Automate your investments to ensure you’re consistently saving and growing your wealth. Make spending money challenging by removing easy access to savings or credit cards on shopping apps.

10. Think Bigger:
    It’s often easier to make larger sums of money by thinking big and shifting your approach. Aim for higher goals and explore strategies that scale beyond traditional hourly work.

Follow these steps to improve your financial health and grow your personal and business success sustainably.

Quotes

"Nobody should trade their hours for money; everyone trades their hours for money"

– Alex Hormozi

"If you can't buy it twice, don't buy it once"

– Alex Hormozi

"Saving money won't make you money, but saving money allows you to have money"

– Alex Hormozi

"Learn how to make money before you start trying to learn how to make money make money"

– Alex Hormozi

"You don't want to love money; you want to learn to love making money"

– Alex Hormozi