← Build with Leila Hormozi
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Why? Side hustles are a scam that are actually keeping you poor and dumb. 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, 20, 30, 100 grand a month off of basically selling a skill set that they've acquired in a short amount of time. So he gave me the example of a couple guys. They would go and they would basically become like high ticket closers for a company. And then they would do it for only maybe three to six months. And then they would go and they would sell the skill of that to a bunch of people and make more money doing so. My question for that is, you know, where are these guys three, four, five, seven years from now, in my short seven years of being an entrepreneur, have had the pleasure of seeing those people trend up and fizzle out. So when I was 20, I actually was making less money than pretty much all of my friends and everyone that I was around. And that was really disheartening because I felt like I was working my ass off. And I was actually probably working more than most of those people a lot of the time felt like I was doing something wrong and that I should probably be doing what they're doing. You know, I had friends that were at the top of MLMs and they were making like 20 grand a month. I had friends that were selling stuff on Etsy and they were making 15 grand a month, all of these things that they were doing. And I was training in person online, making, you know, at most maybe seven grand a month. I remember going to one of my mentors one day and I was like, listen, I am tired of working so much fucking harder than all these people and not seeing the fruits of my labor. Like, I've been doing this for three years and I am still not richer than any of them. They're all making more money than me. And he looked at me and he said, layla, most people discount that which is delayed. Most people, if you say, if you do XYZ, I can guarantee you that you will make $100 million in 10 years. I can also guarantee you you will make $2 million in the next six months. Most people will take the 2 million over the hundred million. They discount the 100 million because it has 10 years attached to it. And that is why I realized why side hustles appeal to so many people, is because it's this idea of this fast cash and fast success what very quickly propels you from 1 to 10 million and is why you can't go from 10 to 30 million because you didn't build the foundation. Fast forward seven years, I make a thousand times more money than all of those people. I literally grinded my ass for years with nobody seeing it, no financial success, nobody recognizing it, everyone always underestimating me. And then I was able to come out on the other side because eventually one day you get lucky and you have all that foundational skillset there and you're able to capture the opportunity that's presented to you. So here's the top three reasons why I'm not really a fan of side hustles, given what I just told you. First one is that if you're trying to build multiple skills at once, you are going to get beat by the person who is focusing on one skill. If I focus on sales and I focus on mastering sales to the best of my ability for two years, will I be better or worse than the person who focused on sales? They also focused on marketing, they also tried to sell a course on the side and they also had an Etsy store. Who's going to have more depth of skill? The riches are going to follow people who have mastery. And so if you don't have mastery but you're just a jack of all trades, typically you're going to end up making less money in the long run than those who truly have mastery. Especially in a market like today, when people are so transparent, you can tell who's bullshitting and who's not. So these guys who are making 20, 30 grand a month, once their audience finds someone who's actually more skilled and who has actually put the time into that, they're going to go leave him and go for that person because they see through him and they see that he's not actually a master of that skill. The second reason I'm not a fan of side hustles is because I think it's very short term focused. Oftentimes it's usually because people can't decide and they don't have clarity around what they really want to invest in terms of growing their skill set. You really have no one thing that you're absolutely best in the world at. And I think that a lot of times people put the time into that and they just decide to a bunch of different little things because they can't decide what that thing is. You don't become really good at any one thing. You just become okay or mediocre at a bunch of little things. If you do what everybody else does, then you will end up like everybody else. Right now, it might be very appealing to make 20 or 30 grand a month. You're like, all these people are making 20, 30 grand a month. My mind immediately throws up a red flag, even if I'm not sure. What I've always followed is I should never do what everybody else is doing. All these people are doing it. I'm like, I don't want to end up like all those people. I don't see the point in doing something unless I'm going to be the number one and best in the world at it. If everybody else is going and doing these side hustles become the unfair advantage by focusing on one thing and beating all of them in that one thing, it'll just take you a little bit longer. And the last thing I'll say about side hustles is that I find it ironic that the people that sell the idea of side hustles have actually given up their side hustles in order to sell you the concept of side hustles. I have nothing to gain by making this video. I. Other than I feel like it needs to get put out there because it's very obvious that those people, ironically, have quit their side hustles in order to go all in on one thing, which is selling you side hustles.