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Podcast Summary: The Daily Motivation - Episode with Leila Hormozi
Episode Overview Podcast Title: The Daily Motivation Episode Title: Turn Your Money Anxiety Into Unstoppable Wealth Host: Lewis Howes Guest: Leila Hormozi
Description: In this episode, Leila Hormozi shares her journey from self-doubt to financial success, illustrating how money is a skill that can be learned. She discusses the importance of taking action, developing competence, and overcoming anxiety related to wealth.
Key Themes
- Money as a Skill
- Leila emphasizes that making money is not luck but a skill that can be learned.
- Her journey began at age 21 with a personal training sale, leading to the empowering realization: "I know how to make money."
- Overcoming Self-Doubt
- With each financial milestone, Leila faced self-doubt about her capabilities (e.g., moving from earning $1,300 to $20,000).
- She practices the concept of "acting the opposite," meaning she acts as if she has confidence before actually feeling it.
- The Relationship Between Loss and Gain
- Leila experienced a significant loss of nearly $10 million on a bad investment.
- Her perspective: "That's the cost of making money." She recognizes that the willingness to lose is directly correlated with the potential to gain.
- Competence Leads to Confidence
- Leila argues that confidence comes from competence. You must act and gain experience to build your skills and, consequently, your confidence.
- This is not about positive thinking; it is about the tangible experience leading to skill development.
- Decision-Making Processes
- Leila highlights that the same principles that led to her losses also contributed to her successes.
- She encourages a focus on the process rather than solely on outcomes, suggesting that learning from experiences is crucial, regardless of the financial result.
Key Takeaways
- Act Before You Believe: Confidence is built through action rather than waiting to feel confident.
- Embrace Loss: Understanding that losing money can be part of the journey toward greater financial success is essential.
- Focus on Skills: Developing skills in making money leads to improved competence and, ultimately, confidence.
- Mindset Matters: Shift focus from fearing loss to seeking opportunities for gain.
Conclusion Leila Hormozi's story serves as a powerful reminder that financial success is within reach for anyone willing to embrace the learning process, confront their fears, and take action. The episode reinforces the importance of resilience in the face of setbacks and the continuous journey toward financial literacy and empowerment.
Additional Resources
- Book: Leila's new book titled "Make Money Easy" offers insights into transforming one’s relationship with money.
- Newsletter: Sign up for the Greatness newsletter at [greatness.com/newsletter](http://www.greatness.com/newsletter) for more inspiration and exclusive content.
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Note: For more details, listen to the full episode [here](https://greatness.lnk.to/1735).
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Chapters
Tap a time to open that second in VOThe Journey to Financial Confidence
0:45 to 2:30
Discussion on how personal experiences led to financial confidence and skills.
“And so for me, it was very much, I didn't believe it until it occurred.”
Shifting Mindsets Around Loss and Gain
2:30 to 4:30
Exploring the relationship between losing money and gaining wealth, with examples.
“And so until I was competent, which I verified by, like, I learned to be competent at making money.”
Learning from Financial Decisions
4:30 to 5:20
Understanding the decision-making process in investments and the lessons learned.
“But I'm like, that's, I had to pay the price of losing there to get this huge win over here.”
Transcript
Automatic transcript. May contain errors.0:00Hi, my name is Lewis Howes and welcome to the Daily Motivation Show.
0:13What shifted for you to believe you were capable of making money? I made money. I'm not kidding. So like, I, until I, I'm actually, for me, it started with sales, which was like, until I made a sale myself, like my first person is a personal training sale. I made a personal training sale and it was a$1 ,300 package. and I was like I'm 21 and I just like I just got$1 ,300 words that came out of my mouth to somebody and I was like oh my god and then I was like I don't I don't need to worry about money again I know how to make money and it was such an empowering feeling but I think that continued at each level right and so it's like okay I know how to make$1 ,300 do I know how to make$20 ,000 do I know how to make$50 ,000 do I know and so at each time I didn't believe that I was able to until I did but I think that I took the action there's a there's a term that I think Stephen Hayes point which is like acting the opposite it's like if you want to be the opposite of what you are today act the opposite first right and so I have just continued to use that time time again which is like if I want to be something I don't need to believe that I am first and I don't need to think it uh because that I have a very hard time doing but I can act as though I am the thing and then work my way into it and so you know when we first started really making a lot of money i kept feeling like when is like where's when's the like where's the like gotcha you know what i mean like i was like when's it all going away or stopping yeah i i remember thinking that was like next like okay i figured i'd do it like but now it's definitely gonna stop right like when's when am i gonna look i probably don't know how to use the money i probably don't know where to put the money i probably don't know how to you know make sure the money doesn't like disappear because I didn't understand anything about getting returns.
2:02And so for me, it was very much, I didn't believe it until it occurred. So you needed to see it in order to believe it. I needed to do it. Yeah. Do it and then see the results of doing it. Yeah. Because I think it's like, it's a skill. And so do you have confidence before you have the skill? I don't usually feel confident until I'm competent. And so until I was competent, which I verified by, like, I learned to be competent at making money. And the measuring stick is I make more money. So it's like now I'm competent. Now I see I've made more money. Confidence comes. So it's like the experience built the competence, which then led to the competence for me.
2:47And then what would shake your competence today?
2:55like if you lost a bunch of money or if if you hired stole money from you and then you had to fire them over and over again or if bad things happen in business or whatever like would it shake your confidence or would it not affect you i'm educated enough now to know that you have to lose money to make money so like you know it's so funny because me and alex were talking yesterday i was like and he's he's counting up every loss we've had this year and i was like look at all the gains yeah i'm i'm so much like with when it comes to money i'm like i i'm just like that's the cost of it the cost of making money is that you're going to lose some so it's like for me it's like if i want to make a hundred million dollars i'm going to lose 10 million if i want to make a billion dollars i'm probably going to lose 50 100 million i don't know now that could be in lost opportunity that could have been in making the wrong decision that could be in the value of a company but i've just seen that there's a huge correlation with how much you're willing to lose with how much you're willing to gain because if you're constantly saying i don't want to lose that's where your mind's focused rather than i want to make more i want to expand so it's like yes uh i want to make sure that i'm not being stupid with my money but i don't want to be so focused on not losing money that i'm not i'm not opening myself up to the opportunity to make more and so i actually think if I lose money now like I'll give you an example um invested in a company two years ago bad bad investment so that was like you know close to 10 million dollars just down the drain gone yeah light on fire yeah and I'm just like this company is not what I thought it was I wish I did not buy it it is a thorn in my side plus time energy yeah pulling you away from other things yeah and there's not much you can do once you've bought majority of a company so it's a tough situation and every time I'm reminded of like, I don't want to think about it.
4:43Right. But I'm like, that's, I had to pay the price of losing there to get this huge win over here. And I just look at it like that because the same decision-making principles I used to purchase that company. I also used to purchase this one and this one is crushing it. And so it's like, sometimes I think in making money, the decision-making formula that we use to make money is good, but sometimes the outcome is still not. It's just like hiring people. Sometimes you're going to miss. The process stays the same, or maybe you learn a lesson from the process of why it didn't work, and you tweak it for the next process.
5:18You upgrade the process. The outcome is not always going to be the way you want. Exactly.
5:30I have a brand new book called Make Money Easy. And if you're looking to create more financial freedom in your life, you want abundance in your life, and you want to stop making money hard in your life, but you want to make it easier, you want to make it flow, you want to feel abundant, then make sure to go to makemoneyeasybook.com right now and get yourself a copy. I really think this is going to help you transform your relationship with money this moment moving forward. We have some big guests and content coming up. Make sure you're following and thank Thank you for listening to this episode of The Daily Motivation Show.
6:13Thank you so much for listening to today's episode of The Daily Motivation, and I hope you have an amazing rest of your day. If you enjoyed this episode, make sure to click the link in the description. That will take you to the full episode of our main podcast on The School of Greatness. And if you are loving The Daily Motivation, please follow us over on Apple Podcasts and Spotify and leave us a review over on Apple podcast right now. And if you want more exclusive content and ad free listening experience, make sure to subscribe to our greatness plus channel on Apple podcast right now. And if you want to get even more inspiration from our world-class guests and learn how to improve your life and take it to the next level, then make sure to sign up for the greatness newsletter and get it delivered right to your inbox over at greatness.com slash newsletter.
7:03Again, have an amazing day and I'll see you tomorrow with another episode of the Daily Motivation Show.
From the publisher
Leave an Amazon Rating or Review for my New York Times Bestselling book, Make Money Easy!
Check out the full episode: https://greatness.lnk.to/1735
"I don't need to worry about money again. I know how to make money. And it was such an empowering feeling." - Leila Hormozi
Leila Hormozi was 21 years old when she closed her first personal training sale for $1,300. She wasn't confident. She didn't believe in herself. But in that moment, something clicked that most people spend their entire lives trying to understand: money is a skill, and skills can be learned. "From the words that came out of my mouth to somebody," she remembers, still struck by the power of that realization. For the first time, she wasn't dependent on a job, a boss, or luck. She had discovered she could create value with her own abilities. But here's what's different about Leila's story: at every new level, the doubt came back. When she'd proven she could make $1,300, she wondered if she could make $20,000. Then $50,000. Each time, she didn't believe it until she did it. Her secret? She acts before she believes. She moves before confidence arrives. She borrowed this from a concept called "acting the opposite": if you want to be different than you are today, act like that person first. The feelings catch up later.
Fast forward to today, and Leila is making investment decisions worth millions. Two years ago, she lost close to $10 million on a bad investment. The company wasn't what she thought. The money was gone. And her response? "That's the cost of making money." Because she's learned something most people never grasp: there's a direct correlation between how much you're willing to lose and how much you're willing to gain. If your mind is constantly focused on not losing, you'll never open yourself up to making more. The same decision-making principles that led to that $10 million loss also led to crushing wins in other investments. Sometimes the outcome just doesn't work out, but the process stays sound. Leila doesn't wait to feel competent before she acts. She acts until competence builds, and then confidence follows. This isn't about positive thinking or manifestation. It's about understanding that the experience creates the skill, the skill creates competence, and competence finally creates confidence. You can't think your way into believing you're capable of something. You have to do your way into it.
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