5 Simple Habits That Made Me a Millionaire by 29
Summary
- At the age of 29, I achieved a net worth of 100 million dollars, which I attribute to the critical decisions and strategies I employed in my early twenties.
- I invested all of my money into myself, starting with moving to California with $5,000 but no job, because I believed in investing in opportunities for personal growth, particularly in places with the most potential.
- Even when investments didn't work out, I never stopped investing in myself. I avoided setting a budget for self-investment, ensuring that I always prioritized personal and professional development.
- I learned the importance of evaluating friendships and surrounding myself with people who inspired me and aligned with my aspirations. Pruning my social circle became necessary as I evolved and my vision expanded.
- Sales experience was invaluable to me. It taught me resilience through rejection and the fundamental principle that success comes gradually through persistence and improvement.
- I recognized that sales skills are not limited to selling products but also in pitching ideas and motivating others, which are essential abilities in any industry or venture.
- Embracing learning from others' mistakes and successes allowed me to assimilate valuable lessons without having to experience each setback personally. I adopted beliefs and strategies from mentors and successful figures that I admired.
- Getting comfortable with being alone was a pivotal experience. I learned self-reliance and gained self-knowledge during an isolating internship, which helped me build a strong foundation for facing future challenges.
- I advocate for the experience of solitude as a means to become more self-assured and enjoy personal growth, something I believe is often overlooked by many young adults seeking comfort in company.
- My business growth, from ambitious moves like acquiring two businesses a month, is a testament to developing the confidence to set and pursue large goals over a period of intense growth, mainly in the last three to four years.
- Maintaining a vision of success and the determination to persist regardless of uncertainties was crucial. Alex and I knew we would succeed even when the path was unclear, and our commitment to keep trying led us to discover and seize the right opportunities.
Video
How To Take Action
I would suggest implementing these strategies for success:
Invest in Yourself: Start with a small amount of savings and invest in personal and professional growth. Don't wait for the perfect moment; use what you have to seize opportunities for growth.
Evaluate Your Friendships: Look at who you spend time with. Are they helping you grow? If not, it's okay to make new friends who share your aspirations and help you towards your goals.
Gain Sales Experience: Even if sales isn't your career, learn this skill. It teaches resilience and is useful in many areas of life, like presenting ideas and motivating others.
Learn From Others: Find mentors and read books by successful people. Copy their beliefs and learn from their mistakes to accelerate your own success.
Value Solitude: Get comfortable being alone. It's hard at first, but learning to enjoy your own company and self-reliance is important. It can help clear your mind and focus on your goals.
Set Large Goals: Don't be afraid to dream big. Growth comes from setting ambitious goals and steadily working towards them.
- Persist Through Uncertainty: Maintain a vision of success and keep trying, even when the path is not clear. Your determination will lead you to the right opportunities.
Remember, these strategies don't require a lot of money or time to start, but can have a huge impact on your personal growth and success in business.
Quotes by Leila Hormozi
"Never stop investing in yourself"
– Leila Hormozi
"You become who you hang out with"
– Leila Hormozi
"If you can sell something, you can always generate income for yourself"
– Leila Hormozi
"Learn from the mistakes of others"
– Leila Hormozi
"Getting comfortable being alone"
– Leila Hormozi
Full Transcript
net worth of 100 million dollars let me say that again by the age of 29 she had the net worth of 100 million dollars I am proud of the decision that I did make when I was in my 20s even though I'm still in my 20s but in my earlier 20s because I actually think that they led to a lot of the success I had so I spent a lot of time trying to dissect like what prepared me for this opportunity to run a company of this size and to grow it to as big as we have and so I have dissected the things that I believe contributed to my success the first one was investing all of my money into myself the day after I graduated college I moved out to California and I had like five thousand dollars and I signed a lease for an apartment and I didn't have a job I have anything but I knew I would take that money and I would invest it into living in California where I could find an opportunity in Fitness for myself and I had no idea what I was gonna do I had no idea I was gonna do the money I had no idea how long it's Gonna Last me but I knew that I needed to use that money to get myself an opportunity outside of Michigan which is where I grew up and I just knew that there were way more opportunities in California that is the mecca Fitness and stuff I can make it out there I can make it anywhere that's kind of how I was thinking and as soon as I got there and I started actually making money from my job which was selling at gyms I remember the first time I finally had eight thousand dollars in my bank account and I continued to invest every last dollar into myself even when the thing that I was investing in maybe didn't work I didn't expect them all to work work right I didn't expect them all to be the right fit for me at the time never stop investing yourself I don't want to ever have a budget when it comes to investing myself and as long as I had the money in my bank account I was like I'll figure out a way to buy food and groceries this week and make rent I'll figure it out like I need to invest in myself that's the first and foremost thing in my very early 20s I realized that a lot of the friends that I had though I loved them dearly and they were great people weren't necessarily aspiring to do the same things in life as me I started listening to Tony Robbins and Jim Rohn I heard them all saying you become who you hang out with I looked at how each of those people affected me financially physically spiritually emotionally and I realized that a lot of my friends at that point in time were actually detracting from all those areas of my life rather than adding to those areas of my life and I pruned my circle I got new friends that I actually felt like I wanted to be like and then eventually within you know a year two years I realized hey even these friends actually the friends that were good for me at one point now aren't good for me at this point and so as I move through seasons of my life and the vision of who I wanted to be continue to get bigger and bigger I had to prune my circle more and more because you want to make sure that you're hanging out with people that you want to be like I took a sales job at a large Global gym and the reason I took that job is because every book I had ever read on being successful what I noticed is that everyone actually started out in sales I got the job I want to say it's almost the number one experience I had just because of how terrible it felt the whole time getting rejected on a daily basis having people say no to me all the time and being in a situation where if I didn't make money and I didn't make sales I'm gonna have to move back home to Michigan that that was probably the the best situation I could have put myself in because it taught me that no it's very hard in the beginning at first you suck then you suff a little less then you suck so little that you might actually be like decent and then eventually you're good and then eventually you're actually pretty good and then one day you're actually great and then one day you're a master and it doesn't happen overnight happens over a very gradual timeline and I think that if you can acquire the skill of sales in your early 20s when you teach yourself is that you can generate income on demand and that is something that you can go into any new situation you always know that you can fall back on this skill if you can sell something you can always generate income for yourself selling also pertains to many areas that I've encountered later on like now I don't sell necessarily clients but I'm constantly selling people on ideas selling my team on why they should do things selling people on why they should believe in themselves and so the skill of sales was always going to translate into other areas of life and that's why it's such a valuable skill to get in your 20s learn from the mistakes of others the only difference between humans and animals is that humans can learn from others mistakes they always the time you get the lesson we don't have time to learn all the lessons ourselves so what we want to do is be selective about the people we learn lessons from and then take those lessons and assimilate them into our minds into our bodies into our belief systems anytime I hired a mentor advisor coach I read a book by somebody that's more successful than me that I want to be like anything they said that was a turning point that was a belief that they held I just took it as my own I think there is a good time to copy rather than create and so it's copying others beliefs copying others lessons copying others mistakes we can just learn them now and we can have the success the fifth one is getting comfortable being alone my first experience with this was when I got an internship and it was a really competitive internship so they said listen we're gonna have like hundreds of people apply they're only going to interview 10 and then only two people get the internship and they have to stay the entire semester at this Resort so I was really nervous but I applied then they accepted that they invited me for an interview I had to fly out to California for the interview and then two weeks later they told me I got it and I was really excited also because it was like this pristine internship I was also so terrified because I had to go live there for however long I knew nobody I never been there before I know my way around and I went there and it was so much worse than I could have imagined the resort they said okay you're not actually staying on the resort you're staying in a cabin that's about two-thirds a mile away from the resort in the middle of the woods and I was like you've got to be joking I go out there and seriously it's in the middle of the woods I don't have cell reception in there I can barely use my computer all by myself in a cabin in the woods in the mountains I would have to get up every morning around like 3 30 or 4 because I led these morning hikes and then I worked until about 5 30 or 6 and then I would work out and I'll do it all over again and it was exhausting and it was so lonely but you know what happens once you get over the loneliness is that you find this place of bliss where you learn to know yourself and that is something that I would never trade that experience for I learned to be okay being alone with myself and actually enjoy being alone with myself and look forward to Long times alone I do not think that without that I would be able to have done what I did from there on out move to California live alone have different experiences where it pretty much all revolved around me being okay being completely by myself not having roommates not having anyone to confide in and I think that too many people in their 20s don't do that because it is it's super easy it's so much more comfortable to have friends and support all that stuff is so much better if you can first be alone and be okay with it so that's what's most exciting for us in terms of the business side you know we're we're looking at acquiring two businesses a month and we have listen to what you just said this is a girl that left home to that was moved to California had no job no no nothing just said we're looking to acquire two businesses per month that's a pretty dramatic growth that's pretty freaking amazing I think it's what's interesting Layla is you've grown comfortable saying those words and that's pretty powerful is that other people can be in that position how much time did that take from the time that you were resetting your life I mean it's been seven years seven years but the majority of the momentum has probably happened in the last three maybe four years right yeah since uh 2018 I want to say so for the first several years I remember seeing photos of you and and Alex and I don't know what was the car you guys had you were driving around in this little car yes yeah yeah you were driving around in an old Prius cruising around and now when you were driving around that Prius did you guys have the vision of we know this is going to work out we just need to keep grinding out or was it like we don't know but we're risking it I think that it was we both knew that we would be successful we were not crystal clear as to what that was going to look like we knew that we wouldn't stop until we succeeded we just weren't like hey it's going to be gym launch like it we stumbled into it and then when we saw it we're like oh this is it now but we didn't stop trying you know we didn't give up and I think that's the main thing is like if you have that Vision that you know that you're gonna be successful you don't give up
