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

Summary

• Don't listen to your parents if they haven't achieved what you aspire to; seek advice from those who are where you want to be financially.
• Most people, including parents, tend to be risk-averse, which can often lead to self-reinforcing negative advice.
• Being told 'no' or that something won't work can appear correct due to the high failure rate of new ventures, but it's the few successful risks that truly matter.
• The biggest risk you can take is to never take any risk at all; avoiding risks is the guaranteed path to never achieving your desired success.
• Upon realizing no job would pay me what I wanted and allow the lifestyle I desired, I concluded that leaving my current path was the only way to potentially achieve my goals.
• Speed is crucial when making money, while building wealth requires patience and time to grow an asset.
• You're paid for the actions you take, but the real returns come from owning assets that appreciate over time.
• It's essential to take time with critical life decisions rather than rushing, as mistakes commonly result from rushed decisions.
• Most people will advise against taking risks because it's safer for them, but you have to understand that missing the one right risk can mean missing out on tremendous success.
• Even if numerous small businesses fail, they often provide valuable lessons and skills that contribute to eventual success.
• You need to experience failures to find what works, just like going on many dates to find the right partner or pivoting within your business until it succeeds.
• Emphasize on building assets that generate returns over time, as this is key to achieving financial freedom and not working until death.
• Always keep learning, take considered risks, and be patient with the process of wealth building.

Video

How To Take Action

A good way of doing things is to look for advice from people who are already where you want to be. Don't take financial guidance from someone who hasn't achieved the sort of wealth you're aiming for. Now, that might even mean not listening to your parents if they're not where you want to end up.

Understand that being cautious means sometimes missing out on great opportunities. So instead of avoiding risks altogether, try taking calculated ones. Remember, by not taking any risks, you're actually taking the biggest risk of all.

You should also move quickly when making money but be patient when building wealth. It's like a plant—you plant the seed and wait for it to grow. You're paid for the actions you take today, but the real game-changer is owning something that will increase in value over time.

Make sure to spend enough time on big life decisions. It's tempting to rush, but mistakes love a rushed decision. Think hard about where you want your path to lead.

If a business fails, don't see it as a loss—it's a chance to learn and grow. Each failure teaches you valuable lessons. It’s like dating: you might not get it right on the first try, but each experience teaches you about what you’re really looking for.

It's essential to build assets—things that will give you returns in the future. This is key to financial independence so that you're not working non-stop for your entire life.

Keep learning, keep taking those well-thought-out risks, and have patience. The journey to wealth takes time, but with each step and each learning experience, you'll get closer to the life you want to live.

Quotes

"Never listen to someone who's poorer than you or poorer than you want to be"

– Alex Hormozi

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"Money loves speed, wealth loves time"

– Alex Hormozi

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"You get paid for what you do; you get returns on what you own"

– Alex Hormozi

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"Mistakes love a rushed decision"

– Alex Hormozi

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"You have to understand that you have to date in order to find the girl you're going to marry"

– Alex Hormozi