5 • 867 Ratings
🗓️ 8 July 2024
⏱️ 20 minutes
🧾️ Download transcript
“If you want to make more money, you need to be able to resist urges to spend or to give them money.” Today, Leila (@LeilaHormozi) shares critical strategies for wealth accumulation, including the importance of speed in wealth creation and innovation through frugality. Learn from her journey to a net worth of over $100 million, as she emphasizes the need for a proactive money mindset to build and maintain wealth successfully.
Welcome to Build where we talk about the lessons I have learned in scaling big businesses, gaining millions in sales, and helping our portfolio companies do the same. Buckle up, because we’re creating an unshakeable business.
Timestamps:
(1:50) - Principle #1: Ignore advice from broke people
(5:24) - Principle #2: Money loves speed, wealth loves time
(7:25) - Principle #3: Money goes where attention flows
(10:02) - Principle #4: Frugality drives innovation
(13:33) - Principle #5: Always have an 'Oh Sh*t' fund
(15:14) - Principle #6: Never rush financial decisions
(18:29) - Mastering emotions around money
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0:00.0 | You see, what the richest people understand is that you cannot be pressured by outside forces and FOMO to make the best money decisions. |
0:08.2 | If you want to make more money, you need to be able to resist urges to spend or to give the money. |
0:19.7 | How do you create an unshakable business? |
0:22.3 | I cross $100 million in net worth by the age of 28. |
0:25.5 | Now I'm growing acquisition.com into a billion dollar portfolio. |
0:28.6 | In this podcast, I share the lessons I've learned in scaling big businesses |
0:31.6 | and helping our portfolio companies do the same. |
0:34.4 | Buckle up and let's build. |
0:40.9 | Listen. do the same. Buckle up and let's build. Listen, growing up, I did not come from a rich family and I did not come from a rich area. |
0:45.7 | In fact, most of my memories of my childhood are remembering how we didn't have money, |
0:50.8 | how we had to save money, and all the times where my parents were worried about |
0:54.1 | paying the bills. The neighborhood that I lived in, the same problems went on there. Like either you're |
0:59.1 | bartending, you're waiting at one of the local restaurants or you're working at a car dealership. |
1:04.4 | And so for most of my life, when I thought about like what is the most unfathomal amount of money |
1:09.5 | that I could make, I thought of |
1:11.2 | $100,000. And then when I got to the age of about, I want to say between 17 and 18, and I actually |
1:17.4 | ended up reading the book, Rich Dad, Poor Dad. And as I read the book, I realized it wasn't even |
1:22.8 | that I had a poor dad. It was that every single person I surrounded myself with, including |
1:27.3 | everyone that lived in my town, all had the poor dad mentality. was that every single person I surrounded myself with, including everyone that lived in |
1:28.4 | my town, all had the poor dad mentality. And I immediately was like, I need to get out of here |
1:33.9 | because my beliefs about money are what are preventing me from making it. As soon as I graduated |
1:38.9 | college, in fact, I think it was three days before my graduation ceremony, I packed up my car and I moved to |
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