Parents' Advice: Wealth, Risk, and Life Decisions

Never listen to people with less wealth; take micro risks for macro success, despite others' opposition.

### Never Listen to Your Parents: The Importance of Risk-Taking and Decision-Making
* 👂 Alex Romozzi, a successful entrepreneur, advises against listening to parents or others who are **not as wealthy as you want to be**.
* 👨 Parents and friends often advise caution and discourage risky decisions, but this can **limit potential success**.
* 💼 Romozzi shares his experience of leaving a well-paying job to start a gym, facing skepticism from others but ultimately finding **success through multiple businesses**.
* 🛣 He emphasizes the importance of taking risks, stating that the only guaranteed way to **not achieve success** is by **never taking any risks**.
* 🧠 Romozzi quotes Warren Buffett, saying that most people only need to make **four or five really good decisions** in their life.
* ⏳ He stresses the need for "**microspeed, macro patience**," understanding that **wealth is built over time through strategic decisions**.
* 💔 Romozzi warns against the biggest risk being "**never dating**," or **never taking any risks at all**, which can **prevent potential success**.
* 💰 Ultimately, Romozzi's message is to **be bold, take risks, and make decisions based on your own goals and aspirations**, rather than listening to those who may not have achieved what you aspire to.

in this video, I'm going to talk to you about why you never should listen to your parents at any age. Hi, my name is Alex Romozzi. I own a portfolio of companies that has 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 happens, and this is at any age, like I know guys who are making millions of million dollars a year and still, you know, are insecure about what their parents tell them about xyz. 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 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 like kind of like when you're, um, 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 can apply to business concepts, doesn't matter, but if you date, then fundamentally every single person that you date except for the one that you marry is going to be somebody 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

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 could tell you, I told you so, right? But the reality is that they are wrong in the one percent 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 knock you 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, um, will be making so much more money off of me and literally draining my life. That I don't think it's because like usually if you become an investment banker successful, you pretty much donate 20 years of your life in order to do that, um, and you're, you're really never going to see your family and all that kind of stuff. And for me, that was not a trade-off I wanted to make. It 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 get 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 lost time and

so if we're trying to build wealth, 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, um, you get paid for what you do, you get returns while 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 force in the road. Am I going to keep going in this position? Do I want to live in the city? Am I going to marry this girl? Who am I going to go to, uh, who am I going to get into business with, uh, what are we going to do, right? What are we actually going to do in this business? And so people don't give 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 because one of my other sayings is mistakes love a rushed decision, right, so microspeed, 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 one percent of times that they are wrong, it's that one percent decision saying that you're going to buy seized 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 one 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, 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, um, i made this video because i've had, um, 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. Micro risk, 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 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, what the market needed. I hope that makes sense to you. I hope you found value. This, uh, I'm rooting for you. I'm your biggest fan. Keeping awesome, keep taking risks. Microspeed, macro patients. And, um, you get paid for what you do. You get returns on what you own. And what we're trying to build here is an asset that can pay us over time. Because if we cannot learn how to build that asset, we will work until the day we die. So I'm keeping awesome, much of love, and I'll catch you guys in the next video. Hit subscribe if you like it, and if you don't, don't subscribe. Uh, I'll get you soon, alright. But

Why you should NEVER  listen to your parents at any age...

Day Job: I invest and scale companies at Acquisition.com | Co-Owner, Skool.
Side Hustle: I make free content showing how we do it 


Alex Hormozi

Why You Should Never Listen to Your Parents

Listening to parents, especially if they are less wealthy than you aspire to be, is discouraged by the speaker.

He believes that people, including parents, tend to be risk-averse and may not support decisions that could lead to success.

The speaker uses the example of dating to illustrate that the majority of the time, people's opinions will not align with the one that truly matters.

The Reality of Business Failure and Taking Risks

Many believe that 95% of businesses fail within five years, leading to a self-reinforcing perception of infallibility in decision-making.

However, the guaranteed way to not achieve success is to avoid taking risks altogether.

The speaker personally experienced this when realizing that the career path to the income and lifestyle desired would require an unsustainable amount of time and sacrifice, leading to the decision to take a different, albeit risky, path.

Building wealth involves having time and making good decisions, according to Warren Buffett.

People often overlook the importance of major decisions that can significantly impact their lives.

It's crucial to have patience and carefully consider these impactful choices, rather than rushing into them.

The Importance of Taking Risks for Success

Taking risks is crucial for success, even if it means facing failure along the way.

The journey to success often involves multiple ventures and learning from mistakes.

Understanding the difference between micro risks (individual failures) and macro risks (never succeeding) is essential for achieving your goals.

Encouragement for Building Long-Term Assets

Focus on finding your strengths and meeting market demands to build a valuable asset.

It's important to create something that can provide returns over time to avoid working indefinitely.

Remember to keep pushing boundaries and have patience, as success takes time to achieve.