$100k is the Hardest Amount to Make | Ep 264

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 1 January 2021

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

“You inherently become more valuable and you stop seeing your failures as failures”. Today, Alex (@AlexHormozi) talks about why making your first one-hundred thousand dollars is the hardest milestone to reach, time vehicles, leveling up your skillset, and how adding more people to the team can help you build the foundation of acquiring more skills.

Welcome to The Game Podcast where we talk about how to get more customers, make more profit per customer, and keep them longer, and the many failures and lessons we have learned along the way to $100M in sales. We've got roll-up-your-sleeves kind of hustle with a little bit of cleverness and a lot of heart.

Timestamps:

(2:22) - The first one-hundred dollars you place in your bank account will always be the most meaningful

(3:19) - Reasons why it’s hard to earn $100K: you have to think of time, vehicles, time for money vehicles, and that you might be missing leverage

(4:58) - another reason why earning one hundred dollars is hard is because the vehicles that exist for it require all your effort

(5:57) - A common mistake: people will outsource certain work that they’re doing but will not replace the time with learning higher-value skills

(9:45) - The volume for a specific skill with deliberate effort will improve your skillset

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Transcript

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0:00.0	Real quick, you guys already know that I don't run any ads on this and I don't sell anything.
0:04.6	And so the only ask that I can ever have are you guys that you help me spread the words
0:07.8	so we can have more entrepreneurs, make more money, feed their families, make better products,
0:12.0	and have better experiences for their employees and customers.
0:15.1	And the only way we do that is if you can rate and review and share this podcast.
0:19.6	So the single thing that I have to do is you can just leave a review,
0:22.0	and take you 10 seconds or one type of the thumb, it would mean the absolute world to me,
0:25.3	and more importantly, it may change the world of someone else.
0:28.5	Most people who've made millions started with something that got them 100 grand.
0:32.2	And I will tell you personally, the first $100,000 that I put in my bank account
0:35.8	was by far the most meaningful of all the money that I've made in my life.
0:39.6	Welcome to the game where we talk about how to get more customers,
0:41.8	how to make more customers, how to keep them longer, and the many failures and lessons we have
0:45.4	learned along the way. I hope you enjoy and subscribe.
0:48.4	What's going on everyone? I've got a special podcast episode for you today.
0:53.8	What I want to break down is a conversation I was having with a different friend about how
0:58.1	$100,000 is the hardest amount of money to make. And I was actually talking to him,
1:03.2	he's starting his physical therapy clinic practice right now.
1:08.7	He's eating shit for lack of better term. He's just trying to figure this out.
1:14.4	And the thing is that $100,000 is the hardest amount of money to make for a variety of reasons.
1:18.6	And that's not the first person to say that Charlie Munger said, who's Warren Buffett's
1:23.0	business partner said, the first 100 grand of bitch, he even says that. It's a quote you can look
	...

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