Alex Hormozi, an Iranian-American businessman, has reached a net worth of $100 million in his 30s. In a recent interview with Dave Ramsey on The Ramsey Show, Hormozi shared his insights on what keeps people broke. According to him, the key to financial success lies in investing in one’s own knowledge and education.
Hormozi, the founder of Acquisition.com, believes that investing in one’s own education and skill sets provides higher returns compared to the stock market. He attributes his success to his father’s belief in the value of education. His father, who fled to the U.S. during the Iranian Revolution, said, “They took everything we had, but they couldn’t take my education.” Hormozi sees education as an investment that appreciates over time.
For Hormozi, education is not just about collecting degrees, but about gaining credentials with practical value that can be applied immediately. He emphasized the importance of acquiring skills that can increase one’s earning potential. He gave the example of investing in a two-day course to become a phlebotomist, which can dramatically increase income in a matter of days.
Microcredentials are another approach to acquiring specialized skill sets. These credentials take less time and are usually less expensive than traditional degrees. By stacking microcredentials, individuals can continuously build additional skills over time. This approach is particularly relevant in today’s rapidly changing job market, where skills are constantly being disrupted and retraining is necessary.
Hormozi believes that many people remain broke because they take advice from others who are also struggling financially. He defines sadness as ignorance, as not knowing the options available. However, he points out that there is a wealth of information freely available on the internet to learn employable skills. By taking advantage of these resources and investing time in acquiring new skills, individuals can significantly improve their financial prospects.
Fear is another factor that holds people back from achieving financial success. Hormozi encourages individuals to overcome their fear of failure and judgment from others. He believes that the judgment of others is often unfounded and that taking risks is necessary for growth.
In conclusion, Alex Hormozi’s success story and insights highlight the importance of investing in one’s own knowledge and skills to achieve financial success. By continuously learning and acquiring new skills, individuals can increase their earning potential and improve their financial well-being.
