Summary
- In this session, Leila Hormozi shared the core principles she used to go from a broke personal trainer to the CEO of a $500M company, Acquisition.com, in under a decade.
- The discussion covered beliefs, mindsets, and actionable habits around money, wealth creation, decision-making, and the importance of environment.
- Key takeaways included actionable frameworks for spending, saving, risk-taking, and understanding money as a tool rather than an end goal.
- The session aimed to provide practical, principle-driven insights for anyone seeking to change their financial status.
Action Items
(No specific action items were assigned to participants in this transcript. If you would like action items pulled out as personal growth steps, please specify.)
Principle 1: Ignore Advice from Broke People
- Only take financial advice from individuals who have achieved the level of wealth or success you seek.
- Your environment shapes your beliefs about money; if surrounded by people with poor financial mindsets, it is harder to succeed.
- Relationships may shift as you grow financially, sometimes leading to distance if others feel insecure or left behind.
Principle 2: Money Loves Speed, Wealth Loves Time
- Move quickly on reversible, money-making decisions, but be patient and deliberate on wealth-building, long-term investments.
- Skills that generate income (business-building) are often different from those required to invest and grow wealth.
- Acting too fast on large, irreversible decisions (like certain investments) can lead to significant losses.
Principle 3: Money Goes Where Attention Flows
- Focusing on creating more income yields greater returns than solely focusing on saving or cutting costs.
- Direct your energy towards revenue-generating activities rather than excessive cost-saving or perfectionism.
- Measuring time and attention spent on revenue versus support activities can reveal growth opportunities.
Principle 4: Frugality Drives Innovation
- Expensive solutions are not always better; approaching problems with limited resources often leads to more creative, effective solutions.
- Over-reliance on "top dollar" services can waste resources without solving core issues.
- Simple, principle-based approaches to problems (such as compliance) can outperform expensive, unfocused solutions.
Principle 5: Always Have an Emergency (“Oh Sht”) Fund
- Maintaining a financial safety net reduces stress and enables better risk-taking for growth.
- Personal security encourages confident decision-making in business investments and expansions.
- Not all people thrive under "all or nothing" pressure; knowing you're covered allows for smarter financial decisions.
Principle 6: Never Rush Money Decisions
- Rushed, fear-based or FOMO-driven financial decisions often lead to regret and loss.
- The wealthiest people take time to make large money decisions, resisting outside pressures and emotional impulses.
- Emotional or impulse purchases, whether large (investments) or small (consumer goods), should be avoided in favor of logical, values-based choices.
Principle 7: Money Is a Game — Learn the Rules
- Wealth is less about intelligence or hard work and more about understanding and playing the money game strategically.
- Serving larger markets creates more opportunity than personal skills or work ethic alone.
- Optimism, willingness to try, and understanding the game's rules are key predictors of financial success.
Principle 8: Money Is a Tool
- The purpose of making more money is to use it as a tool for creating value and achieving broader objectives, not just accumulating cash.
- Money’s impact depends on how it is deployed (e.g., reinvesting into business improvements, software, assets).
- Wealthy people focus on making money work for them to accelerate long-term goals.
Principle 9: The More You Measure, The More You Make
- Regularly measuring financial metrics leads to better outcomes, both personally and in business.
- Tracking income, revenue, and other financial indicators daily keeps growth top of mind and drives better decision-making.
- Avoiding measurement due to fear or discomfort prolongs financial problems.
Principle 10: Buy for Now and Later — Favor Long-Term Thinking
- Prioritize decisions that benefit both the short and long term, avoiding short-term gratification at the expense of stability.
- Acting "rich" before being secure financially often leads to future setbacks or losses.
- Wealthy individuals make purchases and investments through the lens of both immediate value and long-term impact on their lives.
Decisions
- Stop taking advice from those less financially successful — The rationale is that their perspective and experience are unlikely to yield the results you desire.
- Prioritize revenue generation over excessive cost-cutting — Because growth requires expanding the "pie," not just preserving the current one.
- Favor long-term, value-based money decisions over short-term gratification or rushed purchases — This approach preserves and grows wealth over time.
Open Questions / Follow-Ups
- How can these principles be specifically adapted for individuals at different stages (just starting out, mid-career, established business owners)?
- What practical tools or resources can help individuals implement daily or weekly money measurement?
- Are there recommended frameworks for evaluating which markets or opportunities to target for growth?