I Made My First Million at 27

Summary

• Between the ages of 26 and 27, I had my first million in the bank, although I started my business journey at 20, and it took five years of learning and growth to get to that point.
• Instead of spending on luxuries like a Bentley or an expensive watch, I invested nearly all my excess income in education to "pay down my ignorance tax."
• While earning a take-home of $20,000 a month, I still lived frugally, sharing a room in a house with six others to save money for investing in self-improvement.
• I prioritized attending seminars, buying courses, and participating in workshops to upgrade my skills, believing in the power of education to accelerate my business success.
• In your 20s, patience is key, as it's challenging to perform a high volume of productive activities consistently over time, which is necessary to gain the experience and skills for substantial success.
• Having the ambition to succeed quickly is fine, but it's important to manage expectations and be realistic about the number of skills and the amount of time needed to achieve significant milestones.

Video

How To Take Action

I would suggest starting with frugal living, just like I did. Even if you're making good money, you don't need a fancy car or expensive things. Live simply and save up. Use that money for things that will help you grow. Invest in learning more than anything else. Take that extra cash and spend it on courses or workshops. Get smarter and better at what you do.

If you're in your 20s, be patient. You won't know everything overnight. Be ready to keep learning for years. It's okay to want success fast, but know it takes time to learn all you need to. Stick with it, and you'll get there.

Here's what I'd do:

1. Cut down on your spending. Share a place to live, or stick to a tight budget. This isn't forever, just for now.
2. Put your money into education instead. Find courses or seminars that teach you new skills for your business or personal growth.
3. Stick to your plan even when it's tough. Learning takes time.
4. Have big goals but keep your expectations real. You will get to where you want to be, but it will take some time and a lot of work.

Remember, it's all about doing a lot over time. Keep working, be patient, and always be learning. This is how you'll build a solid foundation for success.

Quotes by Alex Hormozi

"I wanted to pay down my ignorance tax as fast as I possibly could"

– Alex Hormozi

"It's rather than buy the Bentley or buy the watch so that I could Flex on it"

– Alex Hormozi

"I still split a room in a house with six other people while I was making 20,000 on take home"

– Alex Hormozi

"I wanted to have all that money so I could go on the offense"

– Alex Hormozi

"It's very difficult to do the amount of activities for a long enough period of time in order to get that"

– Alex Hormozi

Full Transcript

between 26 and 27 is when I had my first million dollars in my bank account but I started business when I was 202 and so I still had had five years in don't get me wrong it's still fast but the accumulation of knowledge because I spent almost all of my excess income on education I wanted to pay down my ignorance tax as fast as I possibly could it's rather than buy the Bentley or buy the watch so that I could Flex on it I still split a room in a house with six other people while I was making 20,000 on take home I wanted to have all that money so I could go on the offense if I wanted to go to a seminar or buy a course or go to a workshop or whatever it was so that I could uplevel my skills and get their faster in your 20s it's very difficult to do the amount of activities for a long enough period of time in order to get that and so I think the idea that you want to get there fast is fine it's just having a realistic expectation of how many skills you need to acquire to get there