Alex Hormozi: Get RICH in 2023: Live like you’re BROKE

The video is about how to live cheaply in order to save money and invest in building a successful business.

This video by Alex Hormozi was published on Dec 7, 2022.
Video length: 14:28.

In this video, Alex Hormozi shares his experience of living on a budget of $1,500 a month while earning $15,000 to $20,000 a month.

He explains how he was able to live cheaply by eating out at affordable restaurants like Chipotle, Panda Express, and Chick-fil-A, and by purchasing a used car in cash. He also talks about how he lived in a shared room with a roommate and slept on a mattress on the floor.

Hormozi emphasizes the importance of living frugally to save money for investing in skills and experiences that will help one make more money in the future.

• Alex Hormozi lived on $1,500 a month while making $15-20k a month to save money and invest in building a successful business.
• There are three big cost centers: transportation, living, and food.
• Alex ate out every day and spent $600-700 a month on food.
• The most efficient way to own a vehicle is to purchase it in cash and a used vehicle that is ideally between 5 and 10 years old is recommended.
• Alex lived cheaply in Southern California by sleeping on the floor of his gym, then moving to a free place, and then splitting a single bedroom in a seven-bedroom house with another person.
• Building relationships is important for success in business and the ultimate leverage in relationships is not needing anything back.
• Driving Uber is a flexible job that can provide immediate income and is recommended for those making less than $60-70,000 a year.

Get RICH in 2023: Live like you’re BROKE - YouTube

Living Cheaply to Build Wealth

• Alex Hormozi lived on $1,500 a month while making $15-20k a month.
• He lived cheaply to save money and invest in building a successful business.
• He wanted to have money to go on the offensive later.
• He breaks down how he was able to live for so cheap.
• There are three big cost centers: transportation, living, and food.

Food

• Alex ate out every day.
• He recommends Mosey meals, meal hacks, and chain restaurants like Chipotle, Panda Express, and Chick-fil-A.
• He spent $600-700 a month on food.
• He didn't like cooking and wanted more time to make money.
• It is easier to figure out how to get all of your calories in eating out.

Transportation

• The most efficient way to own a vehicle is to purchase it in cash.
• A used vehicle that is ideally between 5 and 10 years old is recommended.
• You don't have car payments and the only thing you really have to manage is car insurance.
• The cheaper your car, the less the insurance.
• You can find a used four-door vehicle that is between 5 and 10 years old for $10,000 in any place in America right now.

Get RICH in 2023: Live like you’re BROKE - YouTube

Living

• Alex lived in Southern California, one of the most expensive markets in the United States.
• He slept on the floor of his gym, then moved to a free place, and then split a single bedroom in a seven-bedroom house with another person.
• He had one mattress that he got off Craigslist and put on the floor.
• He recommends living with your parents if possible.
• Living cheaply is important to save up to build the business you want and invest in the skills and experiences that will make you money.

Living Cheaply to Save Money

• Living cheaply is important to save money for investing in a successful business.
• It is recommended to move to an area where things are happening and people are doing things with their lives.
• Connect with people online and join communities to find pockets of people with similar goals.
• Move to be around people who hustle and are willing to open doors for you.
• Invest in being around people who talk in terms of years and decades, not just weeks and paychecks.

Building Relationships for Success

• Building relationships is important for success in business.
• Don't turn down the first invite to connect with someone.
• Do some prep work before meeting with someone and try to bring something valuable to the table.
• Provide value to others and blow them away with your work.
• Invest in long-term relationships that will pay dividends later.

Ultimate Leverage in Relationships

• The ultimate leverage in relationships is not needing anything back.
• Stack IOUs and cash them in when you need to make your move.
• Load the deck early when you don't need anything.
• Invest in relationships before you need them.
• The time to dig the well is not when you're thirsty but when you have enough water.

Driving Uber for Extra Income

• Driving Uber is a flexible job that can provide immediate income.
• It is recommended to drive a car that is 15 years or younger with no visible damage.
• Driving Uber can be a plan B for making extra income.
• It is recommended for those making less than $60-70,000 a year.
• There is no risk involved in driving Uber besides the cost of gas.

Living Cheaply to Build Wealth

• Work on the actual vehicle itself and work whatever hours you want.
• Live on $1500 or less per month and save the rest.
• Living cheaply increases your risk tolerance because you have fewer expenses to worry about.
• Get competitive with yourself on how little you can spend.
• Check your bank account every day to develop a better understanding of your money flow.
• Track your income and expenses to maximize both sides of the game.

Checking Your Bank Account Every Day

• Check your bank account every day to develop a habit of understanding your money flow.
• Develop a habit of gamifying your finances to make it more fun.
• Track your income and expenses to see long-term trends and progress.
• Make money a priority by checking your bank account first thing in the morning.
• Confront your anxiety about money by paying attention to it.
• Money sticks to the person who pays it the most attention.

Watch the video on YouTube:
Get RICH in 2023: Live like you’re BROKE - YouTube