If You Want To Become A Billionaire, Have This Mindset | Alex Hormozi

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0:48A buddy of mine sold his company for a couple billion and he's been in a little bit of like a rut since then. Yeah. Isn't it interesting? After people sell for a lot of money, why do you feel like they go into a depression or a funk after they sell a billion-dollar company? Because they lose the vision. I think the vision is another word for hope, right? It's hope for a better future. That's what we're marching towards, right? And you basically give that away to someone, right? For money. You sell it. For money. Yeah, in exchange for money. Right, right, right. And then the hope ended up fueling you more than the money ever does.

1:15But he said this one thing to me, and it really resonated. He's like, I'm just looking for my next big bone to gnaw on. And that visual, for whatever reason, like, stuck to me. And so I'm like, I just need a big bone to gnaw on, knowing that I'll never chew through the entire bone. But being pumped every day to just get a little bit further down the nub. What happens if we don't have a vision for our lives? I think you have less direction. You can't make progress unless you have direction because otherwise you're just moving. So like you can only have movement in a direction if you know where you're trying to go.

1:45And so it's like the first thing we have to do is figure out where we're trying to walk. And then we can start walking there. Yes. You said you want to be a billionaire in five to seven years. So you can see the math playing out that way. Yeah. Let's say You were forced to do it in half the time. Yeah, three years you were forced to be a billionaire Yeah, or some catastrophic event would happen What would it take from you to reach the billion dollar goal and half the time? What would you need to do differently and how would you need to think and act differently? I want to hit every goal Like I don't like missing goals.

2:14And so for me I don't like teaching myself or teaching other people that if I say something's going to happen and it doesn't happen. Because some people are like, shoot for the moon, think really, like I think you absolutely should think really big. But then like, okay, how do I make a goal? And then once I have that goal, do the activities that make it unreasonable not to hit it. If I had to hit this goal, to your point, what level of activity would I have to do that it would be unreasonable? It would be unacceptable based on how I see reality that I would not achieve it. If you're like, I want to learn sales, I would say it's unreasonable that if you get on 10 ,000 sales calls, you will not be good at sales.

2:45It'd be unreasonable. Okay, how long will it take me to get on 10 ,000 sales calls? a lot of time. Yeah. A couple of years, right? A couple of years, you could do it. Okay. That's a goal. You know what I mean? Like, and I can set that. And if I do the activities, it would be unreasonable that I'm not now realistically, you probably get there in half the time, right? Because you're probably pretty good at sales, even after your first two, 3000 calls, right? You're probably pretty good. The only thing I could probably do is take on bigger companies. That would be the shortest path. But I feel in terms of how much we're stretching, I feel good about it.

3:13Like I would feel like I'd be taking on more risk to hit that, If that makes sense. If you had to do it in half the time with less risk, what would you need to do? That's a good question. I would need more people faster. I mean, it would just be... How many people would you need? I would spend more aggressively on talent acquisition. So I would basically go into like from the debt perspective, right? So rather than think of the businesses or like the portfolio companies as cash flowing towards me, I would probably take all of the excess that is there and plow it into talent earlier. So right now I live on a certain amount of cash flow, et cetera, just from the portfolio companies.

3:46And I probably have gotten accustomed to that. And so I don't like cutting below that. So if I had to, then I would say all of that money rather than going to Alex is going to go into more talent, bigger, faster. Yeah, exactly. And then they would amplify. And then we would increase our rate. You would have less money in the short term over the couple of years, but then you would have way more money in the long term. Totally. It's just like you incur different types of debt. Like if you incur no debt when you start a business, you do always incur debt. You incur management debt. You incur technical debt.

4:13Time debt. 100%. All businesses start with debt. It just depends on what type of debt you're dealing with, right? And so if you don't have money, then that's fine. You just incur other debt. Like even when we think about how we're building the whole code right now at acquisition.com, I am building more fixed costs in the infrastructure right now because of what I want it to be in a year, two years. And so if I wanted to run it, like we already do reinvest, obviously, big percentage, but I would just reinvest more and be okay with it. Yeah. I've just grown accustomed to this. And it was funny because a buddy of mine I had dinner with last night told us company for$250 million.

4:45And we were talking about how cash flow is a very regular reinforcer from a behavioral standpoint. Like you get this feedback directly every month of how you're doing, right? As entrepreneurs, or at least for me, I've been always a high cash flow entrepreneur. Like I've never been like a reinvest every dollar into the business. I like making money from my businesses. But that has become a trait that I have learned to look at as my barometer every month. Like how am I doing? How am I doing? So to the question of like, what would have to change in me? I would have to change how I measure success.

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6:19Again, have an amazing day, and I'll see you tomorrow with another episode of the Daily Motivation Show.

6:34Thank you.