The #1 Reason Young People Stay Poor
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- Опубликовано: 2 окт 2024
- Want to SCALE your business? Go here: www.acquisitio...
Want to START a business? Go here: skool.com/games
If you’re new to my channel, my name is Alex Hormozi. I’m the founder and managing partner of Acquisition.com. It’s a family office, which is just a formal way of saying we invest our own money into companies. Our 10 portfolio companies bring in over $200,000,000+ per year. Our ownership stake varies between 20% and 100% of them. Given this is a YT channel, and anyone can claim anything, I’ll give you some stuff you can google to verify below.
How I got here…
21: Graduated Vanderbilt in 3 years Magna Cum Laude, and took a fancy consulting job.
23 yrs old: Left my fancy consulting job to start a business (a gym).
24 yrs old: Opened 5 gym locations.
26 yrs old: Closed down 6th gym. Lost everything.
26 yrs old: Got back to launching gyms (launched 33). Then, lost everything for a 2nd time.
26 yrs old: In desperation, started licensing model as a hail mary. It worked.
27 yrs old: "Gym Launch" does $3M profit the next 6 months. Then $17M profit next 12 months.
28 yrs old: Started Prestige Labs. $20M the first year.
29 yrs old: Launched ALAN, a software company for agencies to work leads for customers. Scaled to $1.7mmo within 6 months.
31 yrs old: Sold 75% of UseAlan to a strategic buyer in an all stock deal.
31 yrs old: Sold 66% of Gym Launch & Prestige Labs at $46.2M valuation in all-cash deal to American Pacific Group. (you can google it)
31 yrs old: Started our family office Acquisition.com. We invest and scale companies using the $42M in distributions we had taken + the cash from the $46.2M exit.
32 yrs old: Started making free content showing how we grow companies to make real business education accessible to everyone (and) to attract business owners to invest or scale their businesses.
34 yrs old: I became co-owner of Skool.com to help the many people who want to start a business online do so.
Today: Our portfolio now does $200M/yr between 10 companies. The largest doing $100M/yr the smallest doing $5M per year. Our ownership varies between 20% and 100% ownership of the companies. Many of them we invested in early and helped grow (which is how we make our money - not youtube videos).
To all the gladiators in the arena, we’re all in the middle of writing our own stories. The worse the monsters, the more epic the story.
You either get an epic outcome or an epic story. Both mean you win.
Keep crushing. May your desires be greater than your obstacles.
Never quit,
Alex
FULL DISCLOSURE
I make content to make money - just - on a longer time horizon than most. I want to build trust with business owners so we can find the best ones and help them scale. And if they’re awesome, write them a check and go all the way as partners.
![KAYTRANADA - Witchy (feat. Childish Gambino) [Official Video]](http://i.ytimg.com/vi/jGK3YVmGZ3Y/mqdefault.jpg)
In my 20s, no one mentored me or gave experience. I thought like Alex that if I offered to work for free/cheap to get experience then I’d get experience. Instead I was taken advantage of time and time again. When I started charging the market rate and making real money, suddenly people started investing in me. Cheap employers are cheap with their time not just money.
It always depends i had similar experiences when we were forced to do it from our school they just used us as personal assistent
How and why did they took advantage of you?
Yup, which is exactly why I have no idea why content creators promote things for the hype when they haven't tested it themselves.
@@louksy3289 I worked for free for months. Earned them lots of money. Got zero experience in return. My legal work was billed out at full rate but I was paid nothing. I think you’d say that was exploitation especially if the so called teaching, learning and mentoring did not happen. Especially if like me you were promised a paid job after x amount of months but did not get it.
Yeah I’m taking the video w a grain of salt
" Hustle across age, gender, and culture is always respected." Thank you for these videos brother, they make a massive impact.
he says alot without saying anyhing. he just wants to be famous
@@Chronix24 I don’t fully agree my friend. He offers a lot of logic and meta-processes that then becomes our responsibility to distill down into action in our own idiosyncratic lives.
Gems... Gems from Alex! 🔥🔥🚀🚀🚀
@@Chronix24sounds like you're too stupid to get what he's saying lol
Every family has that one person who breaks the family financial struggle. I hope you become the one💯
Being 18 and watching this feels like your getting the cheat codes to life
You are bro. Soak it all up.
I still feel 18 at 22 but I’ve got 10x more responsibility than I did at 18 because of moving out and getting laid off as a tech worker
Same boat. I’m 17.
Glad that you found this. Lesgooo! 🔥🔥🚀🚀🚀
I'm 20 years old. I know the difference is 2 years but it already makes me feel like an old person.
I’m a simple man, I see a new Alex video. I click.
Same
Same
Very simple
You’re a wise man sir
Wise man
this has been a huge mindset shift for me. I wish I'd heard this 10 years ago when I was just entering my 20s
For real!
Same. In my early 30s with a family now. Trying to figure out the best way to pivot without jeopardizing my family.
Why? I’ curious what mistake exactly did you make?
I recently turned 29. It's never too late.
never too late to make a change in your life, get that “i wish earlier” bs out your mind and focus on the present
This is definitely about the kid Alex worked out with in his garage and the kid who tried to negotiate the editing salary for him 😂
Yeah I was like ... he knows he's told this story before, right?lol
Just turned 21 and about to graduate university, this video couldn't have come at a more perfect time. Will keep the lessons I learned from $100m Offers in the back burner ready to be deployed when I enter my earning season 😁
Happy Bday, just turned 21 aswell. Let's get to learning
@@bornchaserldn2185 I appreciate that Aaron. Wishing you all the best man!
Just turned 21 for a week now too. Happy birthday to y’all and wish you guys all the best.
Stay hungry, stay foolish 💪
Your graduating uni at 21??? How is that possible? What degree did u get?
@@nategraham4007 Should probably first clarify that I'm from Scotland, so I'd imagine that our education system differs, to some extent, to that of the US. But I finished high school at 17 and that same year went straight into a 4 year bachelor's degree in mechanical engineering.
Everything Alex says is exactly what I need to hear. I'm in my mid 20s with mindless pursuit of moneymaking ventures instead of longterm moneymaking skills
the killers in their 20s who become the killers in their 30s don't look like the kid with the lambo and the watch what they look like is hungry as heck to learn and work
Being 21 at a software company which pays me less than the average for my domain, this video made me give up on the idea of leaving them for a job paying more money. I still have soo much to learn from my hypertalented work engineering colleagues. Thanks for the lesson.
It's not wrong to ask for a raise you know
@@lars7666 there is only so much you can raise from. I already got a 10% increase in the first few months, which is awesone, along with some other sweet bonuses, so it is not thaaat bad or anything.
@@tomaAlex2001 ah okay yeah that's cool, as long you're not being exploited for being a newbie
You guys hiring?
Your voice is too quiet relative to the music. Can you please raise your voice for future videos? It's hard to hear in the car.
You are deaf man he is fine
Just graduating university here this spring and I had a lot of options open with my field, but I think this video helped me narrow it down to one. Thanks Alex for your time and all that you give back.
Congratulations! You're on the right track Brotha! 🔥🔥🚀🚀🚀
Alex totally needs more recognition than he is getting right now! The info he provides is really valuable and we get it for free. There are people that don't know about the channel and there are people that pay for this kind of info and get much less than they can get here.
Watched this video twice, the first time as a podcast and now as a video. The video is so much better!
I am almost 18 now, and I am at the fork of my life. I thought I wanted to be a programmer all my life, but after your videos, I realised who I want to become.
Now I start to think about how I can combine my developer skills and business skills in the future, what skills I need to learn. After this video, everything became clearer, now I understand that
a. I need a mentor
b. I need to learn skills that will help me in my life
I don't know if I understand you fully or even correctly, but thank you Alex)
fork in your life? lol its just barely starting, im almost 24 and even i know i have the rest of my life ahead of me given that 20s-30s are very young in a lifespan. relax
Sure, but I'll have to pay to be mentored and he's a yr older
Go for it bro, don't forget to document your journey online 👌🔥
4:20
what the killers look like in their 20s who become the killers in their 30s
I didn't understand that sentence
can you help me pls what does he mean ?
Same problem with me, although I never know how to find a mentor
Turning 26 on 17 this month with no bank account, no crib, no car and worse no degree. In Africa and believe I‘mma find a way out of try hard too.
Another great video, Alex. I am living this principle at 25 trying to learn as much as I can. $20 an hour as a marketing consultant, coming out of restaurants making $30+ an hour, but I am learning so much its worth the pay cut.
All I know is your editor definitely isn't working for free lol, that man took pay cuts early on.
Overtime who you become matters… great move !!
what are you learning at restaurants?
@@hypnoticdreaming3655 his point is that he took the marketing job despite it paying less because he could learn more than he could working at the restaurant.
You either LEARN or you EARN. And I think before 30, LEARN should be the highest priority, just as this video says. Thanks Alex!
Bro hitting the weak points of all broke 20 year olds.
Love the Warren Buffett reference! “Offered to work for free and he said I was too expensive”
I’m 28 and I feel like I made the right choices in my 20s after watching this, been grinding on skill stacking, I’m grateful I wouldn’t have near the value to bring to my team 👊🏻👍🏻
As a 20 year old, literally about to turn 21 in 9 days from this comment (10/2/23) This speaks some volume I’m an aspiring entrepreneur, writer, and RUclipsr, but right now I started working as a C.O right now. The pay is not that good I make enough to live comfortably, but the things I’ve learned from this job is a great experience for me in the long run I’ve matured quite a bit working with people older, and more mature than me, learning professionalism, hard work, handling stress, etc, all the things I’ll need to learn to excel in entrepreneurship, and my future endeavors. Great work Alex! I plan on reading your books, they’re on my list!
Being successful has taught me that Investing rightly today can save you a whole lot of stress in the nearest future, I pray that anyone who reads this will be successful in life.
I was told that short term trading is much preferable considering the current market fluctuations. Best done with an expert to reduce chances of losing. Any Recommendations please??
@@bokamosokamogelo5146 Fergus waylen is an expert trader, he uses both manual and algorithmic trading techniques To trade..he is amazing, a friend introduced me to him too.
I'm honestly surprised that this name is being mentioned here, I stumbled upon one of his clients testimony last two months in CNBC world news and decided to try him out...I'm Expecting my third cashout in 2days
@Cyn D Please how can I contact Mr fergus ? I really like what he has done for you, and I also want to benefit from it.
I think he must be very good with crypto because he has been recommended by many RUclipsrs to learn how to trade with him.
Listening to this at age 22 is such a blessing. Thank you
You are either paid well, or have access to people you can learn from.
If you have neither, quit and find a new job. If you have both, you are very lucky.
There is a reason leaders are paid so much more, they are now giving back to everyone else and stunting their own growth.
Conversely, it's completely fine to take a lower paying job if you are able to grow. You can make even more money later.
I definitely agree with everything you say in this video, only thing I’d say is everybody’s path to success is different. For me I’ve worked tons of jobs, went to school for VFX, went into a trade, did menial jobs like grocery store manager and a cook at a restaurant. And I’ve come to realize that working for other people is too hard, especially for me because I’m a very routinely person. I’ve started my own business module. And I’m way happier working my own schedule. And not dealing and/or answering to others. But I think, the bigger problem today is lifestyle inflation.
I gotta be honest and yea alex is right, i learn a little bit of something and i automatically think i know everything when in reality i dont know anything. i gotta stop trying to earn and start putting myself to learn instead.
This is so cool. Thanks for putting this together for us young people who want long-term success
good think I’m 21
Seller financing? If it's a topic that interests you could you make a video on it. But also include how to find business in North America for example who are looking to exit. Is there some database
Or you just gotta go out in the wild and find and prospect
THANK YOU FOR SPREDING TRUTH INSTEAD OF WHAT PEOPLE WANT TO HEAR. Irony is, they don't know that this is what they wanna hear until they hear it. I'm 24 and have been focusing on learning since 21. Now have a bachelors in business and economics and working in a fintech startup in finance AND data analytics (LEARNING!)
Broke but left a high paying tech job at DoD with 60k savings
In a vacuum, this advice might be great, but most of us can't do things for free.
Working for free is often a gamble straight up not worth it,
though being the guy willing to work hard and ready to solve any problem is always worth it,
as long you won't allow yourself to get exploited.
I disagree in part. Learning is great. Always be advancing. But, my experience is one can make more by making lateral moves when you are advancing for more. Companies are too unwilling to see their current employees as anything other than another bill. However, they see new prospects as a shiny object to make them more money. Be the shiny object. Otherwise, they're all too happy to keep you on a hamster wheel.
If you want to hear real reason, why new young generation is poorer than previous one, you should look at data. What makes people rich most of the times?
Do you know it? Inheritance. The second best is growing in wealthy family.
And these is no third best.
I was blessed to be raised by a father that is one of the most influential entrepreneurs in my city. One of the kindest men as well the dude is the definition of Alpha. When he talks people listen and he never has to raise his voice to be heard. And when I was young he did NOT give me the same respect he gave his other employees cus even as his son I had to earn my place he did not dote on me or play favorites and I appreciate that. So many young guys these days are delusionaly confident and even more delusional about the level of entitlement. Stop it. You aren’t shit now fucking listen.
Really great video. At 39 I'm begging to see I actually have taken the learning path this entire time. I have amazing skills. Completely undervalued, yet, I'm still ready to learn work and most importantly show up. Hopefully I can ignite the fire and get this bon fire burning. LFG time to party ✨✨🎶🔥🔥🔥
It sounds to me like you already know enough. It might be a good idea to work on owning your worth and charging what you're worth.
Becoming a millionaire is very very difficult to achieve
but achievable😃
I now understand why Robert kiyosaki said young people should work to learn and not earn. Thanks for the valuable advice Alex.
“ Hustle across, gender,age and culture is always respected” Thank you for creating these video Alex! Interviewing you this year 😉
Personally I've given my self two years of learning am 6 months in and I actually discovered it's now a lifestyle of learning, am 18 and the goal is to be valuable so I need to be smart as the mozi, let's go mozi nation
You have arrived! And once you discover "learning mode," it's an addiction for a lifetime. Best!
Yes I took a job for only $35 an hour as an electrical engineer because I needed to get a job asap and work in the field. Then I took classes on Python and bought a tech interview course and then now I’m getting interviews for jobs at great companies that pay $60-$80/ hour after just a year of hustle and hard work😊🎉
Could u plz tell me more about it like
On what website did u learn
And what level python u learned
Basics or advanced
Is this for data?
only $35 lol
@@MattGarcyaDC he said 35$ an hour
@@MattGarcyaDC It's in CA, it's considered low income.
So most of your demographic is in their 20s I take it, hence why you made this video...
PLEASE READ THIS AND SHARE YOUR PERSPECTIVE:
The world is becoming more and more digitized, so I as a 20 year old think the best business to start is a service based online business.... NOW ALSO the ai technology not only gonna take over the tech industry in the next few years but also creative skills like marketing, ux/ui design etc.(except maybe: Leadership Skills, Interpersonal Communication Skills and a few more).
My question now is:
Why shouldnt I just start a business, jump directly into the cold water with no skills and adapt from doing that?
In this process I would use these ai tools(before its too late and every company use these tools), provide companies a service by selling it.
do you have any tips for subjects or skills to learn at home? could be anything, i just want to use my time for something other than watching tv all day.
Where is a good place I can practice sales while I’ll keep my full time day job? Any ideas?
Blessed to have found this as a 3-year old. Future looking bright!
Alex, the most powerful two words you stated in this video was: "Humble yourself".
This the best advice I've gotten this year..... no lie I appreciate you
Love the video man. Only thing is music is too loud, hard to hear you talk
Im in my 40’s. Watched it anyway. Don’t tell me what to do.
Great Advice. My rule to live by is "Never work for salary". But one question remaining is how do i find out if I'm ready to go from learning to leading and creating a business? When is the time to take the next step?
If you are still asking, you aren't done with the learning curve yet. You'll know when you get there, because you will have accumulated the knowledge, experience, and foresight to step out. Demand more of yourself than "not working for salary."
It may not seem like it but I guarantee you if you’re going to fast food, or eating out a lot and not investing that money or paying off your debts you will absolutely remain poor
Also spending money you don’t have aka debt
Focus on asset acquisition in multiple forms such as real estate and stock investing
Oh yeah and get a good job but don’t work too hard, you have to study the markets and hop in
Absolutely correct.
In the beginning, part of the reason Kobe did that was bc he was socially awkward, not bc he was dedicated and serious yet
The value is incredible as always, but the numerous ads in between the video make it impossible to know when the video has ended or still has some left. Example: I got an ad right at 5:53, which the way the video is edited makes it seem like it ended.
Awesome 👌
Fire content
What I want to know is what person in their early twenties can afford to work for free? That seems like quite a privilege
Bro fr
Watching this in my 30's, try to stop me
I think i needed this. Im 17 have a shop and wanting to start a furniture business but ik I have so much to learn but still want to build my portfolio at home
At 17 that is exactly what you should do, while continuing your education. Good for you!
Just grow a beard , one simple trick
I think thumbnails synthesize the essence of the content and represent the main teachings of a video, so that's what I did - bought a baseball cap and let my beard grow and surprisingly my life shifted overnight, my architectural firm is skyrocketing! (Just a friendly joke, irony aside - great content, keep the good work up, we appreciate it!)
The richer this dude got the more poor he looks 😂
How do you handle when the company wants you to grow and learn and you have the mindset that you need to learn everything you can about that field, and the only thing it gets you is a larger work load for less income. I have lived this in the automotive parts industry and then in the handful of different industries I have tried. I have always been in a state of mind of teach me so i can learn and do my best at it yet when i surpass whom ever my mentor teacher is or even just match them , the pov is that my value pr paycheck doesn’t matter as long as their bottom line grows. Is that my fault?
Sometimes I do enjoy a good motivational way to succeed. However, we, as in the people viewing, forget about survivorship bias.
So Kobe worked hard with 2 practices a day. But what about the numerous of people who did the same thing after hearing him say it and still dont make it?
We dont interview the people who tried extra extra extra hard but couldn't succeed. If we stay with the NBA. You only have a small window to be in the league. So you will be excluded when you reach a certain age.
Just keep that in mind. If all the advice we hear on RUclips worked, we wouldn't need more advice.
Thanks alex I'm 18 and I'm taking this video to heart
He so RIGHT it's scary!!!!!
Your videos are great, but I feel like most of the content is focused on learning and gaining experience. What about when it's time to start the period of earning? How do you apply what you learned to actually earn. How to you make use of your experience that you've been building up?
Where was this video when I was 18
Great video especially for generations coming up. Delaying gratification is one of the best things you can do.
That video of Elon Musk 😂
Alex with facial hair looks so different but especially SO YOUNG. 😮🤔 I wonder if he has his facial hair partly to offset that and not look 15. Not a diss just an interesting observation. People who gave that "problem" often look great in old age cuz they still have the look younger than you are thing going for them.
Doing it now at 41 with a complete career change! Worth it.
While I do 100% agree, I'd quite like it if more people talked about how the system as it is contributes to keeping you poor. For example, overdraft fees. You get charged a large, flat sum for every transaction that you can't afford, but oftentimes the transaction isn't simply blocked. So you can still spend the money, but even a $10 charge that you just forgot to cancel might cost you $30-50 more.
Car insurance as well. If you can afford to pay it all in one go, you get a discount. If not, they in addition to not getting that discount, you're also charged a monthly transaction fee.
And so on.
This kinda confused me but what you are basically saying is never stop the ambition and always stay humble
The best industries won't offer skillsharing at the cost of salary, or at least not as much.
Maybe hear me out some people are born into a shit situation and there isnt much you can do but try to survive. Welcome lower class living the only way to survive is to avoid scams which is made by middle and upper class ppl who have money and use get rich quick scams to get many poor ppl money. Its vicious cycle welcome to life.
This is mandatory viewing for all high school and college students.
As a young business operations manager, this is a very insightful and correct video. The value provided in this video, has so much executable wisdom for people my age.
Take this and use it people.
Execution is everything
How old are you btw?
19 years old now and I have far more to learn about my coding journey, FYI: I never liked coding until I forced myself to do so, same with hitting the weights in the gym. Years ago being a skinny fat build with little to no math prowess, I just focused on video games and junk food. It occurred to me in real time that if I put the same effort into video gaming 10 hours a day, then there's no doubt about it that I can with certainty be damn proficient in coding as well.
**Long story short: I copped a software engineering internship and leaned down to an aesthetic body build, all alongside having a long-distance girlfriend and working full-time at an amazon warehouse. It's really how you set the standard in your priorities.
Are you looking to become a partner in any small service biz’s using skill as capital contribution ?
Why you can't make more money while you're learning,why you can't do this at same time?
Never play a game before you learn the rules of the game.
He just referenced Jay Z and Kobe in the same video. Now I see why I relate to him so much. 😮
Alex your a genius. And the fact that you care to share you “understanding of life and business” is beyond remarkable. Your a real human…actually your one of the most awesome persons I came across.
Not often you find someone that cares…and you do. You do!!
Wow! I literally just made a video similar to this earlier today! Thumbnail similar. wow! Am i thinking like you Alex? haha
Year 1 accounting, can anyone confirm if learning legal, m&a, taxes and insurance allows accountants financial freedom?
Love that pacing. Hits the sweetspot!
I'm 21, and I've made this mistake several times,
Thanks for the paradigm shift
I’m 22 and I know I can only get better.
Thank you Sir Alex 🎉
Knowledge, Knowledge and more knowledge. This channel is literally a gold mine.
i get the point, but for some unfortunate places, they can't prioritize learning over earning.
I'm just going say it: my doubts that this guy is Jesus coming to save us all from poverty are growing deeper...
Thanks for everything, Alex. Btw, i'm a doctor in Belgium, and i'm willing to drop everything right now to come work for you for free, no matter the field.
I'll be waiting for your response...
I have been putting a lot of hours into my skills and yeah it seems like there’s no dam progress but after only 5 years I have noticed Im already much much ahead than the regular person in what stuff I can fix and my problem solving skills are much sharper already, although daily no progress is seen, I know over time I’m getting better, no university diploma immediately to work after high school.
This one went straight to my 'Watch Often' playlist
Elon Musk - "actually your stupid nevermind" ahah
Damn you just describe my life decision
I am 43, did a lot of jobs in my life - I feel like a generalist and not a specialist. Had lots of different interests. Is it possible to start over and apply this this late in life?
Yes as long as you have air in your lungs it's always possible
Great video! Thanks for sharing your thoughts! 😍😎
Anyone knows what music are used in background?
Hello Alex, I have a vision. What can I do I am 14.
it's also important to don't confuse getting an advantage over you to work for free and learning.