How Your Beliefs Are Keeping You From Being A Millionaire w/ Alex Hormozi EP 1324
Sep 26, 2022
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In this discussion, guest Alex Hormozi, a first-generation Iranian-American entrepreneur and philanthropist who has scaled seven companies, tackles the mental barriers to wealth. He emphasizes the importance of overcoming limiting beliefs and adopting a success-oriented mindset. Alex shares insights on critical skills every entrepreneur needs and how mentorship can catalyze financial growth. He also dives into maximizing productivity and reframing competition as collaboration. Ultimately, he inspires listeners to take action and revolutionize their approach to wealth-building.
Breaking free from a limiting mindset is crucial for financial success.
Taking action and investing in skill development are essential for growth.
Breaking down financial goals into manageable steps and focusing on growth can accelerate progress.
Deep dives
The Importance of Shifting Mindset for Financial Success
Many people who struggle financially have a mindset that prevents them from seeing money-making opportunities. They believe that making money is impossible or only for a select few. This limiting mindset hinders their ability to take action and invest their resources effectively. To break free from this mindset, it is crucial to reallocate time and money towards high-leverage activities and skill development. By using time wisely, focusing on high-return activities, and continuously investing in one's skill set, individuals can create a pathway to financial success.
The Power of Taking Action and Learning from Mistakes
Taking action is the key to learning and growth. To overcome the fear of failure and the belief that one lacks certain skills, it is important to start learning and doing as soon as possible. The first 20 hours of focused effort in any new skill can provide significant learning and progress. By committing to the process and embracing failure as an opportunity for growth, individuals can develop the skills needed to succeed. Additionally, investing in mentors, coaches, and educational resources can accelerate the learning process and provide valuable guidance.
Understanding the Math and Building a Roadmap to Financial Success
Achieving financial milestones, such as reaching six or seven figures, requires breaking down the goals into manageable steps. Understanding the math behind the goals is essential. By calculating the number of units or sales required to reach a certain income level, individuals can create a roadmap for success. Breaking down the process into specific actions like generating leads, utilizing referrals, running ads, or building partnerships allows for a systematic approach towards reaching financial milestones. Consistency and a focus on growth can further accelerate progress.
Shifting the Perspective on Competition and Legacy
Rather than viewing competition solely in terms of personal success, it can be reframed as an opportunity to elevate others and leave a legacy. Acknowledging and appreciating the achievements and contributions of those who came before can lead to a mindset shift. Instead of solely focusing on personal success, the goal becomes to create a positive impact on future generations by sharing knowledge and best practices. By pushing others to succeed and celebrating their accomplishments, individuals can leave a lasting legacy and contribute to the advancement of their industry.
Importance of Internal Validation and Overcoming Need for External Validation
The podcast episode delves into the significance of internal validation and the need to overcome the reliance on external validation. The speaker reflects on how external validation has been ingrained since childhood, where reinforcement and punishment shaped behavior. The belief is that external validation provides guidance on what is considered good and successful. To overcome this, the speaker aims to shift the belief that external validation is necessary for feeling good enough and instead find validation in the act of doing and creating, detached from immediate results.
Achieving Full Potential and Embracing Risk
The podcast episode explores the idea of achieving full potential and embracing risk. The speaker discusses the desire to not leave any potential unrealized and to make the most of the opportunities and advantages provided in life. The belief is that with the given potential, there is a responsibility to strive for greatness. The speaker also acknowledges being risk-averse, preferring lower-risk paths. However, there is a recognition of the need to become more comfortable with risk-taking and eliminate the fear of failure, allowing for a shift in mindset and behavior to accelerate progress and achieve ambitious goals.
Alex Hormozi is a first generation Iranian-American entrepreneur, investor, and philanthropist. In total, He has scaled and exited 7 companies. His most notable exit was his majority sale of his licensing company for $46.2M in 2021. Concurrently in 2020, he transitioned from CEO to the owner/shareholder position in these companies and founded Acquisition.com as a way to invest his own wealth (both monetary and intellectual capital) into other businesses.
