14 Money Mistakes to AVOID in Your 20's
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- Опубликовано: 20 дек 2022
- Want to SCALE your business? Go here: acquisition.com
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.
![Natanael Cano x Oscar Maydon - Giza [Official Video]](http://i.ytimg.com/vi/eXCS6-MSQ_Y/mqdefault.jpg)
"What becomes success often looks like failure at the start"
Great line, Alex.
I'm going have to disagree with point 7. I purchase my groceries in bulk at Costco once a month which saves me time and money. I meal prep simple meals for the work week, which only takes me 2 hours max on Sunday. My meal prep consists of ground turkey/chicken/beef, rice, and a veggie mix. It costs me roughly $3 per meal, which is $12 daily since I eat 4 meals. I reserve a cheat meal for Saturdays.
This is amazing idea I was thinking about doing this for the gym Bc I’m on a bulk
Smart
Cooking might take you 2 hours, but that's not accounting for mental energy spent meal planning, driving, unpacking, etc. It's all the little things that add up to make it to be much more taxing than simply ordering some food.
Albeit I side with you on this topic, healthy take out options are limited in my area, and it's great to know I'm making a good meal for my toddler+spouse.
I have similar reasoning as well. Another factor that I consider is, cheap food doesn’t always equal good food. You are what you eat so if you can buy quality ingredients for meals that you can prep I don’t think you sacrifice too much time and money and the benefit is that you’re able to eat a lot cleaner.
@@gabrielcobos9372 I don't think you save that much more time eating out
Just turned 23 a couple of days ago, can't express enough how appreciative I am to have Alex to learn from.
Hell yea don't do like i did when 23 and spend 1000 a week in clubs instead of investing in myself and money making.
💯💯💯
frfr
I’m almost 21 and I feel the same way. I found him from Graham Stephen’s podcast
Nice man - I love Alexes content too - what business are you in ? I’m in real estate development and sales
14 Mistakes:
1. Underspending on education and overspending on status: The people that matter don't care.
2. Taking jobs to earn rather than to learn
3. Save money
4. Protize how much you are going to spend before you spend money
5. Automate investing manual the spending
6. Don't go shopping: Stick with your lists
7. Get take out don't cook
8. People live with the wrong ppl.
9. Your Micro-Community matters a lot
10. You model the wrong season of life
11. Measure money in how long it took you to earn it
12. Get competitve with money around with what you are saving not what you are earning
13. Check your account every morning
14. When is it ok to spend money?
❤❤
Thanx bro
Your a g bro
Big thanks
This advice is gold. I am envious of kids growing up with such a wealth of information that is so abundantly available and echoed in such popular and easy-to-find mediums as this. If you're reading this, I only started learning similar content in my early 30s, and I've gone from a regular day job to starting my own business ~6 years later. I was living pay-cheque to pay-cheque and now I have an abundence of capital. Consume more of this content, and it will change your life.
Imagine the difficulty before internet, when I was younger than 22 and surrounded by poor individuals . At that time, there was a lack of free information available, and very few opportunities to learn from intellectually stimulating individuals,. The nearest library with a handful quality books was located 20 miles away. The most intellectually stimulating conversations and moments I had were with my philosophy teacher at age 17. And note that at 22, streaming platform were not existing as well.
@@cryptosaure5973 I bet! I'm glad we've had to persevere through. It gives a greater appreciation for poverty and struggles to attain a higher perspective. It also ensures (at least for me) that I will do everything possible to build and pass on wealth and knowledge to my children. Clawing your way out of the lower class has been an interesting challenge.
Which content asides from Alex’s would you recommend?😊
@@glimonwinnacker anything by Earl Nightingale and Napoleon Hill, their principles are found echoed in a lot of the more modern videos created by the likes of Alex.
Hi Chris. I feel the same. I'm 38 and I've wasted every bit of my life not learning and in dead end job with shit pay. Is it to late for me ? So much info these days it would be great to be in my 20s again
Point 2 ain't it. People shouldn't be scared to ask for a higher pay when getting offered a job even if they're young. This is how you get underpaid, the learning part doesn't change.
Yes it is. If I can make 4k a month being head of department with no room to grow, or I can make 2k at a place with a clear growth path I'd take the 2k any day. I took that '4k' job, it's not fun.
Going backpacking to south America and south East Asia in my early 20s was one of the SMARTEST things I've done.I remember one friend telling me 'you should be working, you can travel afterwards'
I saw one thing that changed my life forever, I was walking in the mountains in one of the poorest countries in the world (Bolivia) and saw a truck with two YOUNG kids in rags in the truck who were probably around 4-8 months old. Guess what was looking after them? It was a dog, no cap ever since then my attitude towards money and earlier seeing abject poverty in Cambodia changed my life forever.
Listen to the 14 money mistake people, TRAVEL YOUNG! You can always make money after, but if you don't go when your young you might never go.
Poor advice
That’s mean, Bolivia is not that poor. 😂
@@danielburgoa7623 Bolivia is extremely poor
I have just finished uni and im heading to thailand soon for a few months. I have always wanted too and everyone older always says they regret not travelling. I'm kind of smart but i honestly have no clue what i want to do at the moment apart from own my own business, I am hoping travelling will open my mind.
@@danielburgoa7623 Donkey comment 🐴... Place is hella poor. I was in Nicaragua the 2nd poorest place behind Hati in this hemisphere and the worst ghetto in America at least has a floor and electric and FOOD STAMPS!!... Some places I saw were nothing more than a dirt floor, tin roof and 4 tin sides as big as the shed you put your lawnmower in with a family of 4 living in it surviving on the bananas they grow and rice beans... As soon as I landed back here I kissed the ground and had a 5 course meal.
Viva communism!
Spending money on experiences, man that one really resonated with me. Alex’s free content has gotten me so far in my business than any paid course. I’m 22, nowadays I only pay for masterminds. Thank you Alex from the bottom of my heart for the value you’re putting out to the youngins like myself!
Hey, what does paying for masterminds do for you?
Hi Sam, can you recommend anything that's worth the money you've spent and helped you a lot?
@@theivantang it helps to shortcut my learning curves. I pay $2,000+ every month to learn from people far better than me to scale faster. You can’t make all the mistakes yourself. I am documenting all of that on my page!
What is the best way to find masterminds?
The grocerie thing is just not true, I've heard a few of these gurus say this. You can not eat takeout for $10 a meal unless you're eating garbage poison food like McDonald's every day. Even McDonald's will cost you more than that now. If you go a healthier route with chipotle, a burrito bowl is $13 minimum, if you get double protein it's $18, which I definitely need cuz im a 26 year old guy who lifts. Two of those a day is $250 per week just to eat baseline calories. I can eat 3.5k calories every day, high protein, healthy, delicious meals for $125 per week shopping and cooking for myself.
Alex Hormozi’s content is gold! Day after day after day… I’m so grateful for having the chance of learning so relevant lessons for nowadays challenges. Thank you Alex, keep rock’n’rolling! 💪🏼
Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in last month 2024
Wow that's huge, how do you make that much monthly?
I'm 45 and have been looking for ways to be successful, please how?
Honestly speaking.... I will continue to trade and stick to gunter's daily analysis and guides as long as it works well for me.
Woah for real? I'm so excited. Beatrice gunter strategy has normalised winning trades for me also. and it's a huge milestone for me looking back to how it all started
please educate me, i am willing to make consultation to improve my situation.
Heavily disagree with cooking vs eating out. For one inflation with eating out is always goong to continually outpace the money you can spend on groceries but what are you going to do when you have kids? Its not sustainable. Plus you learn more about maintaining a healthy lifestyle by cooking at home and understanding meal prepping.
#8 is going to be key for most 20 year olds who are trying to go this route. It’s probably the best point he made in my opinion. People do not understand this way of life because they have decided that this path that Alex is explaining isn’t realistic or possible but that is on them and it’s most of adults I’ve learned. You have to keep pursuing yourself and your goals and those people’s opinions do not matter, not even your parents if they are trying to dissuade you too. You can’t listen to those who have never done what you are trying to do, listen to those who have. They can’t comprehend what they’ve never done so their default will be to automatically negate it.
Thanks pal! Always having our backs! Much appreciated! Keep it up! Keep grind'n! We're all routing for you :)
I was raised with soo many wrong beliefs around money, business and "talent" in geeral, growing up to poor parents from a soviet occupied country. I am still working on fixing my beliefs and I just turned 40. But it doesn't matter, better late then never ;)
no such thing as being late, say Better Now than Never. just be glad you’re alive
I’m 42. Starting to think of my living in these ways the past week.
I mean there’s a lot of junk ideas or ‘lessons’ I’ve encountered throughout the years, but just recently encountering and internalizing sound approaches to living.
Bro judged his coworkers for going to Jersey Mikes but literally just told us to eat out all the time.
Specifically because the coworker made 7.25 an hour. He also said eating out (as cheap as possible) WHEN you make 15+ per hour. Big distinction
Man where was this kind of gold in 2013?! I’m 28 now and made like 8 of those 14 mistakes and now dealing with consequences 😅 I mean I wised up in 2020 but like dang fam. Y’all younger people getting set up for life with this kind of content 🙏🏾
I'm 19 and just landed a 60k minimum sales job today, I'm living in my small paid off travel RV with good internet. Finally my financial goals seem within reach by making this first real tangible effort/change.
Find things you can do to make money while you sleep, get several of them. Keep building and study the network effect.
How I earn money through sales in 2023
How, most sales reps have to be 21 or older
@@attav8 Who told you that? We got 17 year old Closers/Sales Reps doing $15k/month in our agencies.
@@michaelbast6151 like what?
I disagree on cooking vs. take away food thing
4:26
I get my monthly groceries for $200-$250 and an average meal out is $10 even if I eat 2x a day thats a minimum of $600
The difference is sizeable!
Plus coooking for me is like a refresh button that sparks creativity in me so I can work better!
😊
$200 a month! Dayum man… you ought to teach us how to save money on food. Start a RUclips channel.
@@roninbruh Yeah man, just cook at home
@@roninbruh If you not in America junk food costs more than legit good food, grocerie shopping is super cheap compared to buying a 4pack cheeseburguer at 3.99 at IDK...walmart
grocerie shopping (outside of america*) and I think walmart is America exclusive(or so I think)
Are you eating beans and rice everyday
Give the poor editor the extra $3k he tried to negotiate for 😭
When I heard Alex say this I thought 💭 why would you ask Alex for 3k more a year ???? If you thought you where the bomb 💣 you should ask him for 10x his offer and explain how you can provide that much more value …3k a year is 8 bucks a day - if that’s where your mindset is at do you think you are drawing interest from Alex’s business ?
@@jonathanschlimme3331
Hmm, well salary negotiation is a good skill to practise.
And I figure he just wanted to start small to practise.
This video is pure gold. Thank you so much, I really needed the reminders!
This is truly incredible advice. I have had many of these thoughts myself, but it felt so good to hear them be reinforced.
Point 7 seems strange, but I think I understand it.
The idea is, the time you lose by shopping, prep, cooking, and cleanup is worth so much more than the extra money you spend eating takeout.
I've noticed this is true for me some days between my two jobs and BJJ training. If I spend an extra two hours doordashing and get paid $36 for it, it's actually more optimal to get $9 Chipotle or Bibibop, save myself a few extra hours on cooking and cleaning, and still wind up fed, happy, and $27 richer.
The caveat is, you can't do this for every meal. It gets to a point where it's still more optimal to spend two hours shopping, cooking and cleaning and spend $3 for the majority of your meals instead of $9.
back in the days it was cheaper to eat takeout right now it really is not cooking home is less expensive
As a 22-year-old about to graduate college and go live in NYC, although I've heard some of this advice before (and have considered myself well-versed in how to manage money out of college), this video is invaluable. I learned a TON from this, with many topics relating directly to my life. The simplicity yet effectiveness with which you convey information is outstanding - I can't believe I haven't stumbled upon your page before; subscribing now, and am probably about to go binge your page for the next few hours.
Thank you Alex for your content so inspiring To reach out for more but also your course and book is auch an amazing tool to get that extra level. I cannot wait for the “lead generation course”
Lately I've been watching these videos twice just so they make a print in my brain. Thanks, Alex!
Fantastic video
Wow. He’s here.
nah not number 2
Thanks for the video. 🙏
Str8 to the point, no bs. Thank you
I’m 25 and this helps so much, I make 22-26hr rn and I start RN school next summer and I’m going to work a lot and live off of a minority of my money and apply all your rules! Very appreciative
i started making more money and am excited to actually have some savings to show for im gonna live off of what i was making before amd sabe the resy
@@obama7325 good luck my man ✊🏻
I’m 23 and thinking about going back to school for being an ultrasound tech, I don’t really want to put in that extra time and effort for nursing school. What made you pick nursing
I did BSN RN as a guy. Its a 4 year degree and 100% worth it. You also are snapped up when looking for employment because youre a diversity hire as a male. Its always worth going for the 4 yr degree over the 2-3 yr cert for the higher pay cap.
@@thorin0333 exactly man, it’s a win win
That video has incredible value per minute! Thank you so much!
#9) I moved to Santa Monica. It was quite expensive My family would ask how much I paid for rent. I told them I don't pay for rent I pay for access: Beverly Hills, Malibu, Bel Aire, etc. 10 years later I have a successful small business with a platinum client list including a guy you know who has a bust of Abraham Lincoln in front of his home. ;)
Great advice. Love your content keep it up.!!!
This info is especially valuable at this period of time in the world.
Alex this is awesome - your content is great and practical - I’d be a lot wealthier today if I’d had your content 10 years ago ( I’m 34 ) . Thanks man !!
Thanks for that last point man. It meant a lot. It was really refreshing coming from someone who preaches so much about delayed gratification.
Needed to hear that. My wife wants to go on a. Trip and I’m a Scrooge with money sometimes.
And it’s a insane budget trip. That was some of the encouragement I needed to push it into gear.
Now that I’m 29 and doing well financially, I LOVE this video. Fantastic advice Alex 👏
Really appreciate the last point bc it is something you never talked about before. I was never sure about this topic, but you as a person who has progressed further in life than me gave me now the confidence that it is not stupid silly to spend a small part of my money on one time experiences!
You can apply the “automate investing and manualize spending” principle to time. Automate the time you spent investing in yourself and manualize the time you spend doing low-leverage task. Another great video 👍🏽
Unreal...so much great info in like 8 minutes! 🙏
Thanks mozi for the advice
God man, I've learned and implemented so much from you this year, can't thank you enough.
I’m going to have to disagree on eating out vs home cook. If you prep meal on a Saturday or Sunday for the majority of the week and only eat out a few times a week for social and personal benefits. That makes most sense to me. Both health wise and financially.
My guy.. I've been looking for this comment 🙌🏾 didn't make any sense when he said that
@@Ceillfrobros facts I meal prep every week it only takes about 2 hours of my time to shop & cook
I agree, if you’re working less then 70 hours a week you should just ignore that point. Most ppl are probably spending at least 15-30 hours a month prepping cooking cleaning shopping. Normal people don’t benefit from an extra 15-30 hours a month, they don’t need it, they want average financial success and work life balance, being a future deca millionaire is a different lifestyle.
@@gcg8187It still takes time to go out and get the food too. Waiting in lines, driving to the place. If you order uber eats or doordash, a meal will be way more than $10. Cooking is by far more economical unless you're a millionaire making a ton of money each month.
He even contradicted himself later in the video with his Jersey Mike’s example.
Thank you for this!
Thanks Alex! Such a great video
You know how I know Alex is a real entrepreneur? Dude clarifies every single thing I’ve had to think I’m a weirdo for considering. All in the name of entrepreneurship
The days where I just ordered take out where the best days of my life. I didn't need to spend time doing dishes or cooking, and I could just focus on myself and working on my business or working at work. Thank you so much or making this video and saying that!! I thought I was crazy thinking the same lol
Thank you very much. This was another home run!
Wise words per usual! Thanks mentor 🤙🏻
This is awesome. I really appreciate the concepts you share making it easy to understand and apply.
the end disclaimer about spending on experiences is a nice touch
Thank you Homie 🎄
You give me so much hope and inspiration. Thank you
Love this Alex, thank you
THESE ARE AMAZING THANK YOU
I’ve been living in my shop in New York while building my first major motorsports project and Costco has legitimately kept me alive at times lol. 1/4lb beef hotdogs are $12 for a dozen in the back, and grass fed burger patties are usually $26 for 18 or something. Microwave 2 links for 90 seconds and put some fancy cheese slices and mustard on them, or have two burger patties on a george foreman with the same treatment and I’m honestly pretty happy to eat that 2 times a day. Perfect modified atkins ketogenic macro split to keep focus up and I never get decision fatigue from the abyss of deciding what I’m going to eat which can be HOURS for me
Really appreciate your last point! I have been tossing between saving and spending on those once in a life time getaways.
Can confirm - my kids are terrible roommates they break lots of things
😂 thank you for everything you put out for free Alex.
@@yehudiee back in the womb they go 😂
Lmfao that is one thing in life you can't return
that was a much better video than i expected. really sound advice, and i resonate deeply with “season of learning, not season of earning.” great perspective to have.
my one piece of feedback: practice looking directly at the camera
Life changing advice man… thank you 🙏🏻
Incredible advice, thank you Alex
Wow!! This was the least BS tips advice video. Truly great perspectives with practicality for happiness!
Absolutely amazing thanks
Great Video !!!!
You talk a lot about the help you got from others along the way. Can you do a video of how you found mentors, masterminds, course, etc.? Love your content!
Geat Video Alex👌, if you could post this Type of content more often that would be awesome
This is a great video. Well done Alex
Really helpful thank you
You know you are the best! I have been blessed to do what makes my heart sing most of my life, beside taking care of others. Reinventing the wheel a 55 years younger, excited, have learned a thing or 2 in the journey, grateful to you & your beautiful wife for your impute. 👩👩👧👧👩👩👧👧👩👩👧👧👩👩👧👧👩👩👧👧
tysm!
Love you man ! I appreciate you.
Love this video 💯
If I'm gonna binge RUclips content, I'd rather watch this kind of content. This is not mind numbing content that wastes time, this is content on how to improve your life. Keep it up man, you've earned yourself a sub.
tysm!!
"at the end of the day you're gonna die and it's not gonna matter anyways" i'm glad you said it, i feel like a lot of these grind influencers don't get this point and it's all about money, forever.
Amazing advice
Another banger. Thanks for the wisdom bro 🔥
pure gold. Thank you alex.
This was an awesome video, thanks man!!
This is a hell of a video. Love your shit man, found out about you from Derek. God bless
Good shit. The food one hit me
advice that's just vague enough to not actually be able to do anything with it, but clear enough for people to think you're a genius and give you money! good job!
Ong
thank you for sharing and frankly saving lives
I have always been frugal (not because i knew the word frugal) but because I was poor most of my life. Im currently at an ok paying job that i can save money faster but with no goals in mind. Number 10, I've started a hobby that is really expensive and financially stupid but i don't care because its changed my mindset, habbits and outlook on life that im investing a lot of money into a hobby i plan to make a career out of. Im currently in a learning phase and I recently went to an expensive event (because i had money saved) and there were moments I cant describe how they've become some of the most motivational things ive ever had in my life to go big.
Thank you for this content Alex.
#7 is wrong. Such backwards logic. I spend about $100/month on groceries and still work long work days and get to enjoy doing what I love. Save money and go to the grocery store people! Eating out is a one-way ticket to broke...
Excellent video!!
Man I needed this, thank you
Great advice !
Great video thank you so much for sharing
Fantastic advice, and much appreciated.
I spent almost 2 years overseas in my early 30s… not working .. living like a king .. ate all my favorite foods ..enjoyed every bit
Then you woke up
dude i ran into from shorts of you making crazy takeout orders, i thought you were a gym bro, but your a bag getter, that is so dope. Im tryna be like you guy
I think taking advantage of the simple, guaranteed way to grow your money at this age is important. I have never heard anyone say they regretted putting money into their roth ira.
Awesome points. Many people also older and wiser than me have said the same exact things.
Thank you sir.
Thank you Alex.
No bs… straight to the point. One of the best guys out their. 2-3mil subs by EOY
Great advice Alex 💯
So glad I found your page 🔥