Why Side Hustles Keep You POOR

Summary

• I've noticed that making quick money through a few months of work doesn't always lead to lasting success. I saw many peers earn more than me early on, but their success didn't last.
• When I was 20, I was earning less than my friends, even though I was working very hard. It made me doubt if I was doing the right thing.
• A mentor taught me that many people prefer immediate rewards over larger, delayed success. This helped me understand the appeal of side hustles.
• Over time, I realized that the same thing that propels you quickly to a certain level of success can prevent you from going further, due to a lack of foundational skills.
• After years of grinding without recognition, I eventually succeeded because I was ready when the right opportunity came along.
• I'm not a fan of side hustles for three main reasons. First, spreading yourself across multiple skills can prevent you from mastering one and ultimately earning more.
• Second, side hustles often show a lack of clarity and commitment to one skill, which can lead to mediocre results compared to specializing.
• Third, those promoting side hustles often gave them up to focus on selling the idea of side hustles, which is ironic and shows the power of focus.
• The key to true success is to avoid following the crowd into side hustles. Instead, strive to become the best in one area, even if it takes longer.
• To recognize real opportunities as opposed to fleeting side hustles, I advise learning how to evaluate opportunity cost and choosing the right vehicle for success.

Video

How To Take Action

I would suggest focusing on one skill and becoming the best at it instead of jumping into side hustles. You might see others making fast money with side hustles, but it's important to consider long-term success. To start, choose one area you're passionate about and put all your effort into mastering it.

To evaluate if an opportunity is right for you, think about the opportunity cost. Ask yourself, "What will I lose by choosing this path, and what could I gain?" Learn to be patient and willing to work hard without immediate rewards. Remember, building a strong foundation helps you be ready for success when it arrives.

A good way of doing this is to cut out distractions. Focus on one thing instead of splitting your attention. Say no to side hustles that don't align with your main goal. This way, you'll build deeper skills and expertise in your chosen field.

Don't just follow the crowd into side hustles. If everyone is doing something, consider why and what long-term value it offers. Be clear about what you want to excel in and commit fully to it.

Lastly, remember to keep working hard, even when you don't see quick results. The right opportunity will come along, and with the right skills, you'll be ready to seize it. Take the time to learn and build your skillset, and recognize that true success often takes time.

Quotes by Leila Hormozi

"Most people discount that which is delayed"

– Leila Hormozi

"Fast cash and fast success"

– Leila Hormozi

"I literally grinded my ass for years with nobody seeing it"

– Leila Hormozi

"The riches are going to follow people who have Mastery"

– Leila Hormozi

"If you do what everybody else does then you will end up like everybody else"

– Leila Hormozi

Full Transcript

actually keeping you poor and dumb so the other day I was talking to one of my teammates and he was telling me about all these guys that are his age and they're making Fast Cash 20 30 100 Grand a month off of basically selling a skill set that they've acquired in a short amount of time so he gave me the example of a couple guys they would go and they would basically become like high ticket closers for a company and then they would do it for only maybe three to six months and then they would go and they would sell the skill of that to a bunch of people and make more money doing so my question for that is you know where are these guys three four five seven years from now in my short seven years of being an entrepreneur have had the pleasure of seeing those people Trend up and fizzle out so when I was 20 I actually was making less money than pretty much all of my friends and everyone that I was around and that was really disheartening because I felt like I was working my ass off and I was actually probably working more than most of those people a lot of the time felt like I was doing something wrong and that I should probably be doing what they're doing you know I had friends that were at the top of mlms and they were making like 20 grand a month I had friends that were selling stuff on Etsy and they were making 15 grand a month all of these things that they were doing and I was training in person online making you know at most maybe Seven Grand a month I remember going to one of my mentors one day and I was like listen I am tired of working so much [ __ ] harder than all these people and not seeing the fruits of my labor like I've been doing this for three years and I am still not richer than any of them they're all making more money than me and he looked at me and he said Layla most people discount that which is delayed most people if you say if you do XYZ I can guarantee you that you will make a hundred million dollars in 10 years I can also guarantee you you will make two million dollars in the next six months most people will take the 2 million over the hundred million they discount the 100 million because it has 10 years attached to it and that is why I realized why side hustles appeal to so many people is because it's this idea of this fast cash and fast success what very quickly propels you from 1 to 10 million is why you can't go from 10 to 30 million because you didn't build the foundation fast forward seven years I make a thousand times more money than all of those people I literally grinded my ass for years with nobody seeing it no financial success nobody recognizing it everyone always underestimating me and then I was able to come out on the other side because eventually one day you get lucky and you have all that foundational skill set there and you're able to capture the opportunity that's presented to you so here's the top three reasons why I'm not really a fan of side hustles given what I just told you the first one is that if you're trying to build multiple skills at once you are going to get beat by the person who is focusing on one skill if I focus on sales and I focus on mastering sales to the best of my ability for two years will I be better or worse than the person who focused on sales they also focused on marketing they also tried to sell a course on the side and they also had an Etsy store who's going to have more depth of skill the riches are going to follow people who have Mastery and so if you don't have Mastery but you're just a jack of all trades typically you're gonna end up making less money in the long run than those who truly have Mastery especially in a market like today when people are so transparent you can tell who's bullshitting and who's not so these guys who are making 20 30 grand a month once Their audience finds someone who's actually more skilled and has actually put the time into that they're gonna go leave him and go for that person because they see through him and they see that he's not actually a master of that skill the second reason I'm not a fan of side hustles is because I think it's very short-term focused oftentimes it's usually because people can't decide and they don't have Clarity around what they really want to invest in terms of growing their skill set you really have no one thing that you're absolutely best in the world at and I think that a lot of times people put the time into that and they just decide to do a bunch of different little things because they can't decide what that thing is you don't become really good at any one thing you just become okay or mediocre at a bunch of little things if you do what everybody else does then you will end up like everybody else right now it might be very appealing to make 20 or 30 grand a month you're like all these people are making 20 30 grand a month my mind immediately throws up a red flag even if I'm not sure what I've always followed is I should never do what everybody else is doing all these people are doing it I'm like I don't want to end up like all those people I don't see the point doing something unless I'm going to be the number one and best in the world at it if everybody else is going and doing these side hustles become the unfair Advantage by focusing on one thing and beating all of them in that one thing it'll just take you a little bit longer and the last thing I'll say about side hustles is that I find it ironic that the people that sell the idea of side hustles have actually given up their side hustles in order to sell you the concept of side hustles I have nothing to gain by making this video other than I feel like it needs to get put out there because it's very obvious that those people ironically have quit their side hustles in order to go all in on one thing which is selling you side hustles so then the question is what's the difference between a side hustle and a real opportunity that you can pursue if you watch my video reference to your I break down how to evaluate opportunity cost opportunity vehicles and how to determine what's the right vote to put yourself in