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 by Alex Hormozi
"Never listen to someone who's poorer than you or poorer than you want to be"
– Alex Hormozi
"Money loves speed, wealth loves time"
– Alex Hormozi
"You get paid for what you do; you get returns on what you own"
– Alex Hormozi
"Mistakes love a rushed decision"
– Alex Hormozi
"You have to understand that you have to date in order to find the girl you're going to marry"
– Alex Hormozi
Full Transcript
in this video i'm going to talk to you about why you never should listen to your parents at any age hi my name is alex romozzi i own a portfolio of companies that has 85 million a year in revenue i make this channel because a lot of people are broken i don't want you to be one of them and so one of the things that happens and this is at any age like i know guys who are making millions of million dollars a year and still uh you know are insecure about what their parents tell them about xyz and so the reason i think this is interesting is that most people unless your parents are exorbitantly wealthy and have achieved everything that you wish to achieve i don't think you should listen to your parents and so one of my first rules of life is never listen to someone who's poorer than you or poor than you want to be all right so that's two different you know caveats there because you might be younger and it's like okay well yeah my parents have more money than me but like are they poorer than you want to be if so then only listen to people who are wealthier than you want to be right and the thing is is that they always will and other people too right will always side on the side of being less less risky right and here's why because when you naysay right it's like kind of like when you're um if someone's like oh i don't like your girlfriend and and the thing is is that if you date in general right and dating can apply like the concept of dating and apply to business concepts doesn't matter but if you date then fundamentally every single person that you date except for the one that you marry is going to be somebody who you're not going to be with and if someone says i don't think this person's good i don't think this person's good then they will be right literally 99 of the time except for the one time that matters right kind of interesting and so the thing is is most businesses fail 95 of businesses fail within five years right and so most times they are correct and so it's very easy for them to self-reinforce that they are so smart right and they're always right and they could tell you i told you so right but the reality is that they are wrong in the one percent of times that it matters right in your life and so when i think about this what's interesting is that like the only way that is guaranteed to knock you to success is to never take the risk to begin with right that's the guaranteed way of not achieving it and i remember when i was quitting my job that was the biggest conclusion that i came to was that i was not happy at my current earning level and that the only job because there was one position one job that made enough money that i wanted which was being an investment banker so the best investment bankers can make 10 20 million a year but i knew what it was required to get there in the amount of effort time and sacrifice and i was like the only people who will pay me that amount of money um will be making so much more money off of me and literally draining my life that i don't think it's because like usually if you become an investment banker successful you pretty much donate 20 years of your life in order to do that um and you're you're really never going to see your family and all that kind of stuff and for me that was not a trade-off i wanted to make it so i figured there was no job that was going to pay me what i wanted to make and afford me the lifestyle that i wanted and so the path that i was on was guaranteed to not get me to where i wanted to go and so even though it was micro risky it was macro the only way i could do it right and so that's one of those like one of those things actually like from garyvee that he says micro speed macro patience right money loves speed wealth lost time and so if we're trying to build wealth we're trying to build an asset right then we need to have time one of my other favorite things that i'll share with you is um uh you get paid for what you do you get returns while you own right and so anyways back to the back to the reason why you shouldn't listen to other people is that they don't have an accurate understanding of risk right and the biggest risk is not doing anything at all the biggest risk is never dating not that you're with this person right and so warren buffett said and i like this he said most people only need to make four or five really good decisions in their life so think about that for a second because i think about like that one really shook me because i think about all the decisions that i make every single day right and all the decisions that i've made in my life and there's really not that many of them that have been the biggest levers but the few that have been have been massive and enormous levers in my life and most people don't take enough time to think about those decisions that are the massive force in the road am i going to keep going in this position do i want to live in the city am i going to marry this girl who am i going to go to uh who am i going to get into business with uh what are we going to do right what are we actually going to do in this business and so people don't give put enough thought into that stuff and spend all their time thinking about what next show they're going to watch on netflix right rather than thinking like i'm going to take some time with this decision because one of my other sayings is mistakes love a rushed decision right so microspeed macro patience if you're looking at long playing long then you have to understand or at least this is my you know my two cents on it is that most people will oppose you at all times and that is because it is safer for them to do so because they will be right most of the times but on the one percent of times that they are wrong it's that one percent decision saying that you're going to buy seized candies for 25 million and ends up generating a billion dollars right in revenue it's that one decision that they're going to miss out on and that's the one decision that matters and so they are 99 of the time right but they're 100 wrong right and so that's the only message that i wanted to really drive home is that if you have parents who make less money than you want to make if you have friends who make less money than you want to make i had so many people who told me that everything i was doing was stupid i was giving up a really good consulting job to open a gym right i took all my savings and sunk into a business and you know what that business wasn't the one that set me free it was four four or five businesses from there but i learned the skills that one by one i was able to assemble and assemble on a belief standpoint of the world with the character traits to reinforce them to eventually yield the success that some people think is you know cool so anyways um i made this video because i've had um a lot of younger people who reached out to me recently about this particular issue and it's just understanding macro risk versus micro risk micro risk yes you will fail but failure is part of the game right but the macro risk is that you'll never actually succeed and that's the real game right and so you have to understand that you have to date in order to find the girl you're going to marry you have to go on a lot of bad dates you have to have a lot of small businesses that don't work right you don't have to but it's common and i don't know any entrepreneur who hasn't had a lot of businesses who eventually yielded success right or even a lot of businesses within their main business they pivoted a lot of times until they figured out what they were good at what the market needed i hope that makes sense to you i hope you found value this uh i'm rooting for you i'm your biggest fan keeping awesome keep taking risks microspeed macro patients and um you get paid for what you do you get returns on what you own and what we're trying to build here is an asset that can pay us over time because if we cannot learn how to build that asset we will work until the day we die so i'm keeping awesome much of love and i'll catch you guys in the next video hit subscribe if you like it and if you don't don't subscribe uh i'll get you soon alright but