The Man That Makes Millionaires: How To Turn $1,000 Into $100 Million!: Alex Hormozi | E235

Name: The Man That Makes Millionaires: How To Turn $1,000 Into $100 Million!: Alex Hormozi | E235
Uploaded: 2023-04-03T00:00:00.000Z
Duration: 3 h 52 min 20 s

Introduction

In this section, Alex from Ozzy talks about his background and how he met his wife.

Background and Meeting His Wife

Alex was 22 and had done everything his dad wanted him to do but was still unhappy.

He met his wife when he was dead broke and living in her parents' house.

She believed in him even when everything else was falling apart.

What Makes a Good Entrepreneur/Leader?

In this section, Alex shares what he thinks makes a good entrepreneur/leader.

Story About His Cat

Pain motivates significantly faster than pleasure does.

Alex asks viewers to subscribe to the channel before continuing with the story.

Mission of the Company

In this section, Alex talks about the mission of his company and who they are trying to help.

Making Business Accessible for Everyone

The mission of the company is to make business accessible for everyone.

They share their learnings from portfolio companies to keep their content relevant and fresh.

Their goal is always to provide more value to a company before they've ever spoken with them.

Content for Entrepreneurs at All Stages

In this section, Alex discusses the type of content they produce and who it's for.

Wide and Deep Content

The content is for entrepreneurs at all stages, including those who don't have a business yet but want to start one.

They try to make their content relevant and interesting for both those launching their first product and those launching a new product line within a division of their conglomerate.

Childhood and Early Life

In this section, the speaker talks about their childhood and early life, including their parents' immigration to the US, being raised by their father, and working hard in school to gain his approval.

Parents' Immigration and Childhood

The speaker's mother was born in France and brought their father back with her after they met in medical school in Europe.

The speaker was raised by their father as an only child because their mother had many struggles.

As soon as the speaker could work and drive, they were mostly on their own.

Working Hard for Approval

The speaker worked hard at school to gain their father's approval.

They got a job at a Government Contracting consulting firm doing intelligence surveillance and reconnaissance for the military but were very unhappy.

At 22 years old, the speaker realized that they didn't enjoy their life and didn't want to wake up every day.

Starting a Business

In this section, the speaker talks about leaving Baltimore to start a business of their own. They discuss how difficult it was to make this decision due to wanting to please their father but ultimately realizing that they needed to let go of his dream for them in order to live out theirs.

Confronting Suicidal Thoughts

The decision to leave home was made after confronting suicidal thoughts.

It took six months between deciding on leaving home and actually doing it.

Starting a Business

The hardest decision for the speaker was taking the leap of starting a business of their own.

They knew that leaving would put a big dent in their relationship with their father.

The speaker started driving across the country and called their father when they were halfway across to tell him about their plans.

Their father was upset and they didn't talk much for a long time.

Finding Purpose

In this section, the speaker talks about how they found themselves in a position where they didn't want to wake up every day. They discuss how letting go of their father's dream for them allowed them to find purpose in life.

Letting Go of Father's Dream

The speaker felt like they had to let go of their father's dream for them in order to live out theirs.

Their entire life up until that point had been focused on achieving what their father wanted for them.

Finding Purpose

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Confronting My Father About My Career Path

In this section, the speaker talks about how her father wanted her to become a doctor and how she struggled with following that path. She eventually decided to pursue a business degree instead and started her own businesses.

Struggling with Her Father's Expectations

The speaker's father wanted her to become a doctor.

She went to school as pre-med but changed her degree to business.

When applying for Harvard MBA, she realized she wanted to start a business instead of pursuing traditional career paths.

Breaking Point

The speaker felt terrible about her life and knew that she had to confront her father.

She convinced herself that she had to be comfortable dying in his eyes in order to disappoint him.

Eventually, the speaker left and pursued entrepreneurship.

Confrontation with Her Father

The speaker's father apologized for not supporting her earlier in life.

The speaker was angry at the time and did not accept the apology.

Her father responded by saying "we'll see how long it lasts."

Reflection

Looking back, the speaker believes that her father did the best he could with what he had as a single dad raising a child in another country.

She no longer feels angry about the situation.

Overcoming Hardship and Finding Empathy

In this section, the speaker discusses how hardship has benefited him in business and shares a quote that invokes empathy. He also talks about how understanding someone can prevent hatred.

Benefits of Hardship

The speaker reflects on how hardship has hardened him but also benefited him in business.

He shares a quote that suggests that if we were in someone else's shoes, we would do the same things they do.

Understanding this concept invokes empathy towards those who have wronged us.

Preventing Hatred through Understanding

The speaker explains that understanding someone prevents hatred because it eliminates the unknown.

He reflects on his past behavior as a leader and how fear was his only tool for compliance.

The speaker acknowledges that he didn't know any better at the time but learned from his mistakes.

How My Wife Changed My Life

In this section, the speaker talks about meeting his wife and how she brought out the best in him.

Meeting His Wife

The speaker met his wife and talked to her for four hours about business on their first date.

He pitched her on working for him, but she wanted to see how things went before committing.

Changing for the Better

The speaker had an idea for a turnaround business and put all of his money into it after selling all of his gyms.

His partner had financial difficulties, which caused problems, but he learned from them.

The speaker reflects on how his wife believes in him and brings out the best in him.

Starting a Business with Nothing

In this section, the speaker talks about how he got into business with someone who had already been indicted for fraud and how he lost everything in his gym business.

Starting a Business with a Fraudster

The speaker got into business with someone who had already been indicted for fraud.

He knew about the indictment but still went ahead to do business with him.

The partnership failed, and he lost all his gyms.

He sold all his gyms and put all the money into the partnership, which eventually failed.

Losing Everything

After losing everything, the speaker was left with only $1,000 in December 2016.

His girlfriend had just convinced six of her friends to quit their jobs to work on a turnaround project with him.

He planned on launching six gyms but did not have enough money to do so.

He saw a credit card with a $100,000 limit and decided to use it as his last resort.

Believing in Yourself When You Have Nothing

In this section, the speaker talks about how his girlfriend's belief in him helped him get through tough times when he had nothing.

A Hail Mary Play

The speaker's last resort was using a credit card with a $100,000 limit.

He launched six gyms doing $3,300 per day without any way of processing payments.

Customers were calling asking why their cards hadn't been charged yet.

Getting shut down by processors is like going bankrupt for credit cards.

Belief in Yourself

The speaker's girlfriend believed in him even when he had nothing left.

She told him that she would sleep with him under a bridge if it came to that.

Her belief in him helped him get through tough times.

Starting a Business with Credit Cards

In this section, the speaker talks about how he started his business using credit cards and how he managed to overcome financial difficulties.

Starting with Limited Funds

The speaker was only given a limit of $50,000 on his credit card.

He was able to run $50,000 in a day and another $50,000 on February 1st.

By the end of February, they had made a profit of $30,000.

Facing Financial Difficulties

The speaker's partner showed him their bank account with negative transactions due to refunds from clients.

Two gyms that they worked with had issues with their business model and demanded refunds from customers.

They had to refund $150,000 but had no way of doing it.

Finding a Solution

The speaker decided to help his partner convert her personal training business into an online weight loss program called Queen Transformation.

Within 14 days, she was making $1,000 per day selling two programs at $500 each.

The speaker contacted eight gyms that were supposed to launch the next month and convinced one owner to work with them.

How Gym Launch Became Profitable

In this section, the speaker talks about how he made $60,000 in a day by selling licensing packages for his gym turnaround system.

Selling Licensing Packages

The speaker picked up the highest number he could think of when asked how much his licensing package cost.

He sold $60,000 in licensing packages in one day by offering everything he had to offer.

The speaker taught his sales team using an internal PDF and created white label landing pages for gyms to put their logos on.

He licensed ads that were already known to convert and taught gyms how to run them.

Success of the Business Model

After selling 60k worth of licenses, they called other gyms they did turnarounds for and sold 300k worth of licenses that month.

Gyms didn't have to pay overhead costs like commissions or rental cars since they worked leads themselves.

They made 26 million Top Line and 17 million EBITDA in their first full year from January to January.

Growth of Gym Launch

In this section, the speaker talks about the growth of Gym Launch over time.

Expansion into Other Companies

Two years later, they started a sub-company called Prestige Labs which grew quickly due to their distribution base.

A year after that, they started a software company that helped gyms get automated leads.

[](no timestamp provided) In 2021, they sold all three companies.

Starting an Investment Company

In this section, the speaker talks about how they started their investment company and why they decided to move on from their previous business.

Starting Acquisition.com

The speaker started Acquisition.com after taking in dividends during the licensing business for five years.

The first three or four investments made by the company did really well, which led to the decision to start an investment company.

The speaker did not want to be in the gym business for the rest of their life and wanted to do more general business stuff.

Growth Partners

The investment company buys chunks of companies, usually minority stakes ranging from 25% to 49%.

They come in, write a check, add value and help grow the business.

They see themselves as growth partners who help businesses grow.

Area of Brilliance

In this section, the speaker talks about what they are good at and how they approach problem-solving.

Solving Problems

The speaker is good at solving problems for companies by simplifying complex things into more digestible actionable solutions.

According to Caleb (the creative director), Alex is good at solving problems and simplifying complex things into actionable solutions.

Understanding Business Frameworks

The speaker tries to define terms that people use every day so that it makes it easier for them to solve problems in business.

They try to understand what people mean when they say "grow my business" and break it down into two things: getting more customers or making them worth more.

The speaker believes that innovation is about asking why and breaking down the core components of that innovation.

Conclusion

In this section, the speaker talks about how important it is to ask "why" in entrepreneurship and how it can lead to innovation.

Asking Why

The speaker believes that some people are naturally good at asking why, like Elon Musk.

They believe that asking why is the most common thing they do when trying to understand why a company isn't growing.

According to the speaker, understanding what you don't know and asking questions is crucial for innovation.

Steve Jobs and Entrepreneurship

In this section, the speaker talks about Steve Jobs and what made him a successful entrepreneur. He also discusses the key traits that entrepreneurs need to have in order to be successful.

Traits of Successful Entrepreneurs

Entrepreneurs need to have the power to influence others and move them towards their goals.

They must have tremendous drive, whether it's towards a big mission or away from a big fear.

Impulse control is crucial for entrepreneurs as they need to be able to say no to things on a regular basis for an extended period of time.

Entrepreneurs must be able to boil down the success of their business into inputs and outputs.

Importance of Sales Skills

The speaker emphasizes the importance of sales skills for entrepreneurs.

High volume transactional sales, such as door-to-door sales or cold calling, can help develop these skills.

Repetition and quick feedback loops are important for learning how to handle rejection and developing interpersonal communication skills.

Sales skills are also valuable in marketing, which is essentially sales one-to-many.

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Building Resilience and Self-Belief

In this section, the speaker discusses how to build resilience and self-belief. He explains that in order to develop these traits, one must be willing to pay the price tag attached to them. He also talks about the importance of negative motivation and being directionally correct.

Paying the Price for Resilience

To build resilience, one must be willing to go through difficult experiences.

Each trait has a price tag attached to it, and people need to decide if they are willing to pay that price.

Reframing life as paying with time can help people make the trade-off.

Building Self-Belief

Self-belief is necessary for success but can be challenging for those with low self-esteem.

Negative motivation can be useful in building self-belief by using anger or sadness as a driving force.

The pain of staying the same needs to become greater than the pain of making a change before people will take action.

Being directionally correct is more important than getting it right on the first try.

Conclusion

The speaker believes that building resilience and self-belief requires going through difficult experiences and being willing to pay the price. Negative motivation can be useful in building self-belief, and being directionally correct is more important than getting it right on the first try.

Believing in Yourself

In this section, the speaker talks about how believing in oneself is important and shares his personal experience with self-doubt.

The Journey of Self-Doubt

The speaker talks about fear and anger being his big motivators in the beginning.

He was always certain that he wasn't going to stop, even though he didn't know whether he would succeed or not.

The speaker believes in making unreasonable statements and having input-output equations to achieve them.

He gives an example of becoming a good salesman by collecting 5000 no's.

Input Output Equations

The speaker talks about how input-output equations are helpful for him, like when he played video games as a kid.

He shares his experience of doing four hours of GMAT problems every day for three months to score 99 percentile.

Finding Motivation

The speaker believes that finding motivation requires hating something enough to change it.

He shares his personal experience of hating his current existence and using it as a powerful motivator.

Wanting to be Great at Something

In this section, the speaker talks about what it takes to want to do something potentially for years so that you can get good at it.

Finding Motivation

The speaker believes that if you don't find motivation, then you probably won't be good at what you want to do.

He suggests finding motivation by hating something enough to change it.

Taking the Leap

The speaker talks about taking the leap and how there's got to be another way.

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Finding Motivation

In this section, the speaker talks about how to find motivation and take the leap towards pursuing one's passion.

Pain as a motivator

Pain is a stronger motivator than pleasure.

Use pain to motivate yourself if you don't have enough passion.

The speaker felt powerless in his comfortable job and used his pain to motivate himself to pursue his passion.

Letting go of others' expectations

Sometimes you have to let other people's dreams for your life die in order to live your own.

The hardest decision of the speaker's life was quitting his job because he was caught up with the opinions of others.

Money wasn't a big motivator for the speaker; he wanted to beat his father and prove him wrong.

Pursuing One's Passion

In this section, the speaker talks about pursuing one's passion and what it takes to succeed.

Hard work and dedication

The speaker worked hard teaching classes, doing marketing, and running his gym.

You only start liking something when you get good at it by doing it repeatedly.

Success requires hard work, dedication, and persistence.

Pursuing Dreams vs. Finding Joy in Work

In this section, the speaker discusses the idea of pursuing dreams and finding joy in work. He talks about how some people may need to experience pain to pursue their dreams, while others may find happiness in their current circumstances.

Pursuing Dreams

The speaker talks about how he couldn't go back to his father in Baltimore because he knew that from that moment on, his father would own him.

The speaker suggests that some people may need to agitate some pain in their life to get out of their current circumstance and pursue their dreams.

He believes that you can find joy and work if you decide to do it well.

Finding Joy in Work

The speaker suggests that some people may just need to stop dreaming and accept their current reality and actually enjoy it.

He talks about how there is a lot of honor in work period, and a lot of people fool themselves by thinking what they do for some reason is not honorable.

The internal versus external scorecard plays a role here. People should choose work they believe they can derive joy from so they can be happy with what they are doing.

The guest on the podcast called Mogow said we're unhappy when our expectations of how we think life is supposed to be going are unmet.

Passion and Purpose

There's an external expectation set by Instagram or whatever by People Like Us who are in a position of Financial Freedom and have built an audience who admire those people for what they've achieved.

The speaker suggests that someone could be working in a shop actually objectively having a great time in the shop but looking up at someone else and thinking their life sucks.

The idea of passion and purpose is probably like 60 years old, and it probably originated when we were connected through radio and TV.

Money and the Game of Life

In this section, the speakers discuss the concept of money and how much people need to be happy. They also talk about playing the game of life and setting goals.

How Much Money Do People Need?

People said they need three times more money than they currently have to be happy.

The desire for more money is not necessarily about having "enough," but rather about who one wants to be.

The speaker loves playing the game of business for its own sake, rather than just for financial gain.

Playing Finite vs. Infinite Games

People often apply finite game rules to infinite games, which can lead to trouble.

Examples include trying to "win" at health or marriage, when these are ongoing processes.

The point of an infinite game is simply to keep playing, rather than achieving a specific outcome.

Perspective on Life and Death

The speaker is motivated by playing the game of business, but he knows that in three generations no one will remember him.

Thinking about death helps him put his problems into perspective and feel liberated from stress.

Attitude Towards Death

In this section, the speaker talks about his attitude towards death and how he is good with it.

Acceptance of Death

The speaker says that he is good with death and wants to leave everything on the field.

He believes that no one will remember him in the long run, but he is cool with it.

If he were to die tomorrow, he would not be sad or depressed because he has lived life the way he wanted to.

Expectations vs Reality

In this section, the speaker talks about how expectations can affect our perception of reality.

Changing Expectations

The speaker discusses how people have certain expectations about life expectancy and age.

He suggests that if we change our expectations, we can change our perception of reality.

For example, if someone expected to live for 20 years but made it to 33 years old, they should be stoked because Jesus only lived until 33 and accomplished much more than they have.

Whoop Sponsorship & Working Hard

In this section, the speaker talks about a brand sponsorship and working hard.

Whoop Sponsorship

The speaker announces that one of his favorite brands, Whoop, is sponsoring the podcast.

He explains what Whoop is and how it has helped him improve his health and performance.

Controversy Around Working Hard

The speaker acknowledges that working hard is a controversial topic in some circles due to toxic work culture.

However, society prescribes a certain amount of work which can be beneficial.

Taking Ownership of Your Life

In this section, the speaker talks about how he spends his free time and why he believes people should do what they want to do instead of following societal expectations.

Doing What You Want

The speaker takes a break by watching TV or movies.

He questions why people think doing what you want is unhealthy.

The speaker advocates for destroying the word "should" because it creates unnecessary pressure on individuals to conform to societal expectations.

Optimal Work-Life Balance

The speaker discusses how society expects people to find an optimal work-life balance.

He questions what the real measurement of good work or healthy work is and suggests that happiness and fulfillment should be the measurement.

The speaker works because he enjoys it, but if he stops enjoying it, he will work less.

Judgment from Others

The speaker uses thoughts about death as a frame to give himself permission to do what he wants without judgment from others.

He shares an argument with his stepmother who thinks his life is unbalanced.

The speaker believes that people judge themselves when they see something they want in someone else's life.

Caring Less About What Others Think

In this section, the speakers discuss how they have learned to care less about what others think over time. They also talk about how this has enabled them to make decisions that align with their values.

Learning to Care Less

Over time, people tend to care less about what others think.

The speakers share personal examples of how caring less has enabled them to make decisions that align with their values.

One risk of caring less is casting expectations on others who may not share the same predisposition towards workaholism or insecurity.

Maintaining a High-Performance Culture

The speakers discuss maintaining a culture of high performance in their company.

They emphasize the importance of being truthful and transparent about expectations during the hiring process.

Layla prioritizes putting humans first in everything they do at the company.

Making Offers People Can't Refuse

In this section, the speaker talks about his skill in making offers and shares a core concept that he uses in every business he has.

The Secret to Sales

The speaker shares a secret to sales: "make people an offer they'd feel stupid saying no to."

This became a core concept for every business he has started.

He emphasizes the importance of making offers that are difficult for people to refuse.

Enhancing the Value of an Offer

In this section, the speaker discusses how to enhance the value of an offer by focusing on the customer's dream outcome and perceived likelihood of achieving it. He also talks about minimizing time delay and effort/sacrifice.

Variables that Enhance Value

The overall dream outcome of the customer is a key factor in enhancing value. For example, if given a choice between making more money or losing weight, most men would pay more for something that gives them more relative status.

Perceived likelihood of achievement is another important variable. Customers are more likely to buy from someone who has a proven track record than from someone who is inexperienced.

Time delay between when they buy and when they get is another variable that affects value. If customers can immediately see results after purchasing a product, it's more valuable than if it takes years to see any change.

Effort and sacrifice are two sides of the same coin. Customers may have to start doing things they don't want to do (e.g., waking up early, eating foods they hate) or give up things they enjoy (e.g., sleeping in, Margarita Mondays) as a result of their purchase.

Other Variables That Affect Value

Scarcity: If there's only one item left on Earth, it becomes significantly more valuable than if there were unlimited items available.

Urgency: If something will no longer be available after a certain date or time, people are more likely to buy it before then.

Finding a Niche

In this section, Caleb talks about how he found a niche for his business and how it helped him increase prices and response rates.

Rearranging Variables for Specific Customers

Caleb explains that they only served customers who wanted to get fundraising, which was very different from the traditional dry cleaning store polymer.

They redid the entire business model around finding only that niche. They cold called and cold emailed people who were in that narrow window.

By targeting and speaking specifically to an avatar, they were able to 10x their prices and got higher response rates to emails than before.

Rearranging variables for specific customers made what they do significantly more valuable to them.

Unlocking Value in a Business

In this section, Caleb talks about how rearranging variables can unlock incredible wealth or value in a business.

Making Things So Good That People Will Feel Stupid Saying No

Caleb rearranged variables for Gym Launch by providing so much more value to specific customers. He went from making a few million dollars a year in Topline revenue with no profit to millions of dollars a year in Top Line and bottom line profit simply by rearranging the variables.

The single thing that affects all aspects of the business is getting the offer right. It's one of the hardest things to change because it affects everything but also has the most ability to unlock incredible wealth or value in a business.

Answering the question "what do I sell" is the first book. The second book leads is "to whom do I sell it." That affects pricing, profit, marketing, sales, delivery and everything.

Transferable Concept

In this section, Caleb talks about how the concept of rearranging variables is transferable to different aspects of business.

Equation for Competitions

The idea when they were trying to get people to sign up for competitions was an equation where on one end little investment so just click here and you're entered High perception that you have a chance of winning.

They thought a lot about credibility because that's a big factor in competitions like do I think anyone's gonna win and do I trust these people to even give out a prize.

Content Creation

When creating content like YouTube videos, the title should be an equation with little investment and high potential reward. For example, "Five minutes six-pack abs" is a fantastic equation.

People are more likely to click on things that are easy. For example, "five steps to finding love" feels more accessible than "how to find love in five steps."

Entrepreneurial Journey

In this section, Caleb talks about his entrepreneurial journey.

Feeling Like You're Just Getting Started

Every entrepreneur feels like they're just getting started. Even guys in their 70s say they're just getting started.

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How to Become a Millionaire

In this section, Alex discusses different paths to becoming a millionaire and offers advice on how to achieve financial success.

Becoming a Millionaire

Caleb wants to become a millionaire and asks for advice.

There are different paths to becoming a millionaire, such as staying at acquisition.com or starting your own business.

Starting your own business requires identifying your core skill and finding complementary skills in others. You can either focus on being the artist or the entrepreneur.

Alex likes the game of business and has played many different games in various industries.

Talent Stacking

Talent stacking is combining multiple skills that add value to each other.

Each skill builds upon the previous one, making you more valuable in the business world.

Entrepreneurship requires learning new skills while still valuing the ones you already have.

Conclusion

Alex believes that everyone should strive for financial success because it ultimately doesn't matter when we die. He encourages people to identify their core skills and find ways to stack additional skills on top of them. Whether you choose to stay with an existing company or start your own business, there are many paths to becoming a millionaire.

The Importance of Skill Stacking

In this section, the speaker discusses the importance of skill stacking and how it can lead to success in business and entrepreneurship.

Skill Stacking

The mission of education is to make economic business accessible to everyone.

Jay-Z's success story is an example of skill stacking. He started with rhythm, learned how to rap, promote, create a label, recruit other artists, and recognize talent.

Each skill stacks on top of each other and eventually leads to unique skills that are valuable in business.

Disparate skills can be combined into a unique mix that is valuable in business.

Personal Experience

The speaker learned from an investment bank that their company would be worth four times more if it was listed on a different stock exchange.

The speaker used their skill set of marketing and social media to help companies before they went public. This led to significant equity arrangements valued at millions of dollars.

The speaker started their own company called Flight Story which applies their skill set to industries where it is needed.

Overall, the speaker emphasizes the importance of acquiring new skills and combining them with existing ones. This can lead to unique skills that are valuable in business and entrepreneurship.

The Cost of Ignorance

In this section, the speaker talks about how ignorance is the most expensive thing that people pay for and how having information can be both frightening and exciting.

The Price of Ignorance

The speaker shares a story about a man who tells a woman that she pays $950,000 every year for not knowing how to make a million dollars.

The speaker explains that doing the same work for different businesses can result in vastly different payouts based on the value of what you offer.

The speaker emphasizes the importance of finding people who value what you have to offer and solving their problems because they will pay better.

Fishing in the Right Pond

The speaker uses an analogy of fishing to explain that it's important to know where and when to fish in order to catch the best fish.

The speaker relates this analogy back to business by explaining that selling better customers is like fishing in the right pond.

Finding Value in What You Offer

In this section, the speaker shares a story about a father and son with an old car to illustrate how it's not necessarily who you are but rather who values you the most.

A Story About Value

The speaker tells a story about a father who gifts his son an old beat-up car and encourages him to find out its worth by taking it around town.

The lesson from this story is that it's not necessarily who you are but rather who values you the most. It's important to find those people and sell them what you have to offer.

The Same Thing, Just Different

In this section, the speaker emphasizes that selling different products or services is essentially the same thing and that it's important to keep leveling up.

The Same Work

The speaker explains that selling a $10,000 product is essentially the same as selling a multi-million dollar package.

It's important to keep leveling up and believing in what you offer because people often don't think it's possible.

The Value of Information and Leverage

In this section, the speakers discuss the value of information and leverage in business. They describe how understanding these concepts can help individuals increase their income and achieve success.

The Value of Information

Information is a valuable asset in business.

There are different levels of money games being played in business, and it's important to be aware of them.

Listening to conversations like this one can lift the curtain on what's happening behind the scenes in business.

The speakers discuss how their skills have increased over time, but information has been the biggest factor in their success.

Leverage

Leverage is defined as the difference between what you put in and what you get out.

There are different levels of leverage that individuals can use to increase their income, including labor, media, capital, and technology.

Many people who are not making as much money as they want may have low leverage opportunities. Understanding how to get more for what you put in is key to increasing your income.

Levels of Leverage

In this section, the speakers discuss the different levels of leverage that individuals can use to increase their income.

Labor

Labor is the first level of leverage. It involves working for someone else or working for yourself.

The next level above labor is having other people work for you.

Media

Media is another level of leverage. It involves creating something once and then licensing it out to others.

The speakers discuss how they have used media to increase their income.

Capital

Capital is another level of leverage. It involves using money to make more money.

The speakers discuss how they have used capital to increase their income.

Technology

Technology is the highest level of leverage. It involves creating something once and then having it be used by millions of people.

The speakers discuss how technology may be the next level of leverage for them.

Conclusion

In this section, the speakers summarize the key points discussed in the video.

Understanding information and leverage is key to increasing your income and achieving success in business.

Leverage is defined as the difference between what you put in and what you get out.

There are different levels of leverage that individuals can use to increase their income, including labor, media, capital, and technology.

Elements of Leverage

In this section, the speaker talks about how successful companies like Facebook and Amazon have used leverage to their advantage. He also discusses the four types of leverage and how understanding them can be a blueprint for wealth.

Understanding Leverage

Successful companies like Facebook and Amazon have used every element of leverage to their advantage.

The four types of leverage are:

Capital

Code/Software

Media

People

Degrees of Capital

There are degrees of capital, such as friends and family money, institutional money, and public money.

The NASDAQ has significantly more capital in that market than other exchanges.

Moving Faster in Life

People who move faster in life don't actually move faster; they get more for every step.

Recipe for Happiness

In this section, the speaker talks about what makes him happy and shares his definition of happiness.

Autonomy is Key

For the speaker, happiness is about autonomy.

He wants to be able to do what he finds interesting.

Autonomy gives him the freedom to engage in what he does.

Definition of Happiness

Doing what you like with people you like as much as possible is the speaker's simple definition of happiness.

Challenges give a sense of forward motion towards a meaningful goal.

Failures You Cherish Most

In this section, the speaker talks about failures that he cherishes most.

Hating His Job

The speaker hated his job so much that it changed his life from a soul perspective.

If he had liked his job enough, he might not be where he is now.

Going Through Tough Times

Going through tough times with someone he loved, like his daughter Layla, is something the speaker cherishes.

The Importance of Shared Experiences in Relationships

In this section, the speaker talks about the importance of shared experiences in relationships and how it helps build spiritual strength.

Building Spiritual Strength Through Shared Experiences

The speaker emphasizes the importance of sharing experiences with their partner before getting married.

Shares a personal story about breaking up with his partner for 28 days but realizing that she had his back when he needed her the most.

Talks about how going through tough times together builds spiritual strength and creates a sense of trust between partners.

Creating Connection Through Vulnerability

In this section, the speaker introduces conversation cards designed to create connection through vulnerability.

Conversation Cards

Introduces conversation cards that contain questions left by guests on Diary of a CEO podcast.

Explains that each card has a QR code that links to a video of the guest answering the question.

Encourages listeners to use these cards to create connections with loved ones at home.

Finding Emotional Connection Through Writing

In this section, the speaker talks about finding emotional connection through writing.

Writing as Emotional Connection

Shares that he feels most emotionally connected to himself when he is working or writing.

Discusses how writing is challenging but also rewarding because it matches his ability level and allows him to experience flow regularly.

Gratitude and Appreciation for Supportive Partners and Sponsors

In this section, the speaker expresses gratitude for supportive partners and sponsors.

Gratitude for Supportive Partners

Expresses gratitude for his partner's support during tough times.

Shares that he has been a Cool Drinker for four years and appreciates their sponsorship of the podcast.

Encourages listeners to try out Cool Drinks as a way to stay nutritionally on course during busy schedules.