The Game with Alex Hormozi - Why you should NEVER listen to your parents at any age | Ep 322

Episode Date: August 10, 2021

It’s better to listen to yourself. Today, Alex (@AlexHormozi) talks about why you shouldn’t listen to the advice of your parents or relatives, and how it’s easy to get caught up with not taking risks.Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.Timestamps:(0:51) - Close ones as critics; failure makes their "I told you so" easier.(2:11) - No risk, no success; inaccurate risk understanding. Inaction is riskiest!(4:32) - Opposition for safety: most people oppose most of the time.Follow Alex Hormozi’s Socials:LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition

In this video, I'm going to talk to you about why you never should listen to your parents at any age. Welcome to the game where we talk about how to get more customers, how to make more per customer, and how to keep them longer, and the many failures and lessons we have learned along the way. I hope you enjoy and subscribe. Hi, my name is Alex Ramozzi. I own a portfolio of companies that is $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 happened, and this is at any age. I know guys who are making millions of millions of dollars a year and still are insecure about what their parents tell them about X, Y, 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 to listen to someone who's poorer than you or poorer 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 risky, right? And here's why. Because when you naysay, right, it's kind of like when you're, if someone's like, oh, I don't like your girlfriend. 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, it doesn't really matter. But if you date, then fundamentally, every single person that you date, except for the one that you marry, is going to be someone 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 can tell you, I told you so.

Right. But the reality is that they are wrong in the 1% 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 not get 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 will be making so much more money off of me, literally draining my life that I don't think it's because like usually if you become an investment banker that's successful, you pretty much. donate 20 years of your life in order to do that. And you're really never going to see your family and all that kind of stuff. And for me, that was not a tradeoff I wanted to make. And 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 give 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 Gary Vee that he says, micro speed macro patience, right? Money loves speed, wealth loves time. And so if we're trying to build wealth, if 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, you get paid for what you do, you get returns and what you own, right? And so, anyways, 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 forks in the road. Am I going to keep going in this position? Do I want to live in this city? Am I going to marry this girl?

Who am I going to go to, who am I going to get into business with? what are we going to do, right? What are we actually going to do in this business? And so people don't 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. Mosy Nation, real quick, if you are a business owner

that has a big old business and wants to get to a much bigger business, going to $50, $100 million plus. We would love to talk to you. And if you like that, we would like to hear more about it. Go to acquisition.com. You can play anywhere on the page and talk to one of our team and see if we can help you get there. Because one of my other saying is, mistakes love a rushed decision, right? So micro speed,

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 1% of times that they are wrong, it's that one percent decision saying that you're going to buy seize 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 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 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, I made this video because I've had 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. Microrisk, 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 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 and what the market needed i hope that makes sense to you i hope if i'm valued this uh i'm rooting for

you i'm your biggest fan keeping awesome keep taking risks microspeed macro patience and um you get paid for what you do you get returns and what you own and what we're trying to build here is an asset that can pay us over time because we cannot learn how to build that out that we will work until the day we die. So keeping us on some muscle love and I'll catch you guys the next video. Hit subscribe if you like it. And if you don't, don't subscribe.

I'll get you to do it. I'll get you to do it. All right, bye.