4.9 • 4.4K Ratings
🗓️ 28 September 2021
⏱️ 17 minutes
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What happens to our money when we’re gone? Today, Alex (@AlexHormozi) talks about the long-term plans he and Leila have set up in the event they pass away and why they’re giving to charity instead of simply passing the wealth to their next generation.
Welcome to The Game Podcast where we talk about how to get more customers, make more profit per customer, and keep them longer, and the many failures and lessons we have learned along the way to $100M in sales. We've got roll-up-your-sleeves kind of hustle with a little bit of cleverness and a lot of heart.
Timestamps:
(0:29) - Alex and Leila already have signed wills donating everything they have to charity. Why? They don’t believe in passing it to their potential children, it’s money not earned on their own
(4:43) - You can still give away things while you’re alive. Other than money, you can also impart your experiences, stories, etc. that can bring value to others
(7:08) - Entrepreneurship is like a casino. It’s just a game. Money can only solve money problems
(10:37) - When you give descendants lots of your wealth, you are depriving them of the skill to earn their own money
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0:00.0 | Mozination real quick, if you are a business owner that has a big old business and wants to get to a much bigger business, |
0:06.1 | going to $50, $100,000 plus we would love to talk to you. |
0:09.5 | And if you like that or would like to hear more about it, go to acquisition.com and you can play anywhere on the page |
0:14.3 | and talk to one of our team and see if we can help you get there. |
0:17.7 | All the people that I know who were given money, it ended up ruining their lives. |
0:23.5 | Welcome to the game where we talk about how to get more customers, how to make more per customer, |
0:27.1 | and how to keep them longer, and the many failures and lessons we have learned along the way. |
0:30.5 | Hope you enjoy and subscribe. |
0:32.0 | Last week, Leyla and I signed our wills donating our entire state to charity, more or less. |
0:37.5 | And that obviously happens after we die, so it's not now. |
0:40.3 | But it was a really interesting experience for me to go through because it put a lot of things into perspective within life. |
0:47.9 | And so I wanted to share some of the thoughts around that because I made Instagram post about it |
0:51.9 | and it's gotten the most likes and comments and interaction out of any post I've made to date. |
0:56.3 | And so I figured it was a point of interest. |
0:59.3 | And the reasoning behind kind of that decision is multi-fold. |
1:05.0 | And so I'll share that with you. |
1:06.2 | So the first is we are of the belief that, I mean, one, we don't have kids. |
1:11.1 | And so we have no direct descendants we pass it to. |
1:13.9 | Second, even if we did have kids or have kids in the future, |
1:17.4 | I don't think that giving people a lot of money when they do not earn it is good for them. |
1:23.1 | And so I would not wish that on any of the descendants that I have. |
1:28.1 | Next piece is kind of the concept of legacy, which is like, |
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