Brutally Honest Advice to Make Money Like The 1%

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

Wealth creation: Time vs. Stuff vs. Skills vs. Distractions

The speaker, aged 35, discusses themes for success, observing that the wealthy buy time, the poor buy things, ambitious people buy skills, and lazy people buy distractions.

The speaker pairs these groups: rich using money for time, ambitious using time for skills.

Generational wealth is transferred through education and skills, not assets or possessions.

A Sanskrit proverb highlights the irrelevance of wealth without skilled offspring.

Many aspects of wealth creation are only understood after experiencing them.

Lazy people distract themselves to avoid confronting inadequacy.

The speaker's past mistake of running nine businesses simultaneously, highlighting the importance of focus.

Focus is defined as saying 'no' to many things and 'yes' to only one.

The rich achieve 100x growth, not just 2x.

An example of a CEO attending 66 events per quarter to achieve significant business growth.

People often desire outcomes without the necessary sacrifices.

The speaker recommends a 12-hour workday for 30 days to build work ethic.

Work is defined as volume multiplied by leverage; initially high volume builds skills, increasing leverage over time.

Examples from personal branding and content creation illustrate the 100x principle.

The speaker's current work ethic compared to the past, emphasizing improved quality and output.

An anecdote about a legal internship highlights the difference between spending time and achieving results.

The speaker discusses the ability to refocus after short breaks, a skill developed through practice.

Anything not essential to achieving the primary goal is a distraction.

The speaker emphasizes the immense amount of work required for entrepreneurial success.

The speaker discusses the 'champion mindset' and the importance of working even under difficult circumstances.

An example of an employee quitting after only three days due to intolerance for discomfort.

The speaker contrasts passion with desire as a motivator, emphasizing the latter's importance.

The speaker explains that true work begins after initial excitement fades.

A Muhammad Ali quote about suffering to achieve success is mentioned.

The speaker identifies the 'champion wall' as the point where most people stop.

The speaker discusses the importance of building proof rather than reputation.

Advice to young entrepreneurs about focusing on actions over teaching.

Building Trust and the Importance of Proof

The speaker emphasizes the importance of trust and proof in building a strong brand.

MrBeast's success is used as an example of using videos as proof of actions.

The speaker explains the misconception of overnight success.

The importance of focusing on inputs rather than outputs to achieve success.

Rich people act with urgency, reducing the gap between thought and action.

Hard Times, Growth, and the Importance of Persistence

The speaker emphasizes that hard times are temporary and that persistence is key.

The three possible outcomes of facing challenges: quitting, things getting easier, or becoming stronger.

The speaker reflects on past challenges that now seem insignificant.

The speaker's perspective on hard times becoming good memories.

Consistent growth involves consistent pain, and stress is a natural part of life.

A parable about choosing a life of courage, patience, and wisdom, which inevitably involves hardship.

School: A Platform for Starting Businesses

The speaker promotes School, a platform to help people start businesses, offering a contest with a $100,000 prize.

Statistics on the success rate of paid communities on School are presented.

The speaker mentions weekly onboarding calls and step-by-step instructions.

The ease of use of the platform is highlighted.

The speaker encourages viewers to start for free.

Becoming Exceptional and Ignoring Negative Influences

The speaker discusses the concept of being exceptional and the need to be different from others.

The speaker shares their experience of quitting a secure job to pursue their goals.

The importance of listening to those closest to your goals, not just those closest to you.

The speaker explains the concept of a reference group and its influence on decisions.

Advice to sometimes do the opposite of what successful people advise.

Building a Second Acquisition Channel and Overcoming Challenges

The speaker describes the process of building a second acquisition channel for their business.

The speaker's experience of initial setbacks and the importance of persistence.

The speaker illustrates the concept of initial losses followed by significant gains.

The importance of focusing on progress despite setbacks.

Masters have more ways to win, enabling them to track progress and enjoy their work.

The speaker emphasizes the importance of investing in education and skills.

An example of spending $350,000 for a dinner with a billionaire.

The speaker explains how to calculate the value of education based on potential income increase.

The importance of viewing education as an investment, not an expense.

The speaker's personal experience of reinvesting profits into education and networking.

Addressing Setbacks and Learning from Mistakes

The speaker uses a bridge analogy to illustrate how different educational experiences build upon each other.

The speaker emphasizes the importance of learning from mistakes rather than blaming others.

The speaker addresses potential criticisms based on privilege.

The speaker highlights the importance of the insatiable desire to improve.

The speaker uses a race analogy to emphasize the importance of rate of progress over starting point.

Eliminating Distractions and Embracing Reality

The speaker discusses how the word 'should' creates unrealistic expectations.

The speaker emphasizes the importance of focusing on personal actions rather than external factors.

The speaker lists several examples of trade-offs between desirable outcomes and their associated costs.

The speaker highlights the importance of accurately assessing the work required for achieving goals.

The speaker uses a pipeline analogy to illustrate how multiple conditions must be met for success.

Understanding Trade-offs and Setting High Standards

The speaker discusses different levels of understanding trade-offs.

The speaker uses the phrase 'It takes what it takes' to emphasize the importance of persistence.

The speaker shares examples from their early content creation to illustrate the journey to mastery.

The speaker discusses the importance of setting high personal standards.

The speaker discusses the limited number of things one can excel at in life.