Why I Don't Like Side Hustles | Ep 2

Build with Leila Hormozi

Leila Hormozi

Education, Entrepreneurship, Management, How To, Business

5 • 867 Ratings

🗓️ 17 January 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

The riches are going to follow people who have mastery. Today, Leila (@LeilaHormozi) talks about why she finds side hustles to be a waste of time, breaks down her decision-making criteria around side hustles, and what you should be doing instead.

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:

(2:26) - Don’t discount what is delayed

(5:10) - 1st reason: focusing on building too many skills at once

(6:42) - 2nd reason: side hustles are very short-term focused

(7:35) - 3rd reason: Doing what everyone is doing

Follow Leila Hormozi’s Socials:

LinkedIn | Instagram | YouTube | Twitter | Acquisition

Transcript

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0:00.0	I literally grinded my ass for years with nobody seeing it, no financial success, nobody
0:05.2	recognizing it, everyone always underestimating me.
0:09.0	And then I was able to come out on the other side because eventually one day you get
0:12.2	lucky and you have all that foundational skill set there and you're able to capture the opportunity
0:16.6	that's presented to you.
0:19.7	How do you create an unshakable business?
0:21.8	I crossed $100 million in net worth by the age of 28.
0:24.9	Now I'm growing Acquisition.com into a billion dollar portfolio.
0:28.0	In this podcast, I share the lessons I've learned in scaling big businesses and helping
0:31.7	our portfolio companies do the same.
0:33.8	Buckle up and let's build.
0:43.3	So the other day, I was talking to one of my teammates and he was telling me about all these guys that are his age and they're making fast cash. You know, they're making 20, 30, 100 grand a month off of basically selling a skill set that they've acquired in a short amount of time.
0:50.3	So he gave me the example of a couple guys who, you know, they're around 20, 21 and they're making
0:55.0	30, 40 grand a month because they would go and they would basically become like high ticket closers
0:59.7	for a company and then they would do it for only maybe three to six months. And then they would go and
1:03.8	they would sell the skill of that to a bunch of people and make more money doing so. And it was tough for me because I can see that it's an internal struggle and it's one that a lot of people around, you know, between the age of maybe even between
1:14.6	18 to 25 struggle with, I struggled with it myself as well so I can see it. And my question for that
1:21.1	is, you know, where are these guys three, four, five, seven years from now? And I, in my short seven years of being an entrepreneur,
1:30.7	have had the pleasure of seeing those people trend up and fizzle out. And so I want to kind of
1:35.3	break down my decision-making criteria around side hustles, why I don't believe that they're good
1:39.6	for most people and what I would do instead. So when I was 20, I actually was making less money than pretty
1:45.9	much all of my friends and everyone that I was around. And that was really disheartening because
	...

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