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The Game with Alex Hormozi

8 Lessons I Learned From My Hero | Ep 653

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.94.4K Ratings

🗓️ 2 January 2024

⏱️ 15 minutes

🧾️ Download transcript

Summary

“Rule zero is spend less than you earn.” Today, Alex (@AlexHormozi) pays tribute one of his ultimate heroes, Charlie Munger, through sharing the lessons that greatly helped him in his entrepreneurial journey. He also delves into several concepts such as inverted thinking, lessons about brand importance, unique, expensive, sticky business models managed by an owner, the importance of living within our means, and how simplicity and determination to stay debt free led to Munger’s personal and professional success.

Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.

Timestamps:

(1:22) - #1: Inverted thinking can lead to innovative solutions.

(4:02) - #2: Simplicity is key in decision-making and business operations.

(5:34) - #3: Focus on unique, expensive, and sticky businesses.

(7:59) - #4: Know when to say 'enough' and avoid unnecessary complexity.

(9:20) - #5: Brand plays a crucial role in business success.

(11:04) - #6: Live within your means and prioritize financial fundamentals.

(12:47) - #7: Learning from the mistakes of others.

(13:29) - #8: The value of independence over money.

Follow Alex Hormozi’s Socials:

LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition 

Transcript

Click on a timestamp to play from that location

0:00.0

doing the fundamentals everywhere all the time

0:02.6

is already as complicated as you can imagine.

0:05.4

Doing anything beyond that

0:07.1

doesn't even happen in reality.

0:08.5

And so if you do the fundamentals everywhere

0:11.8

all the time, you become an advanced business owner. The This podcast, The Game, is my attempt at documenting the lessons I've learned on my way to building

0:23.7

acquisition.com into a billion dollar portfolio. My hope is that you use the lessons to grow

0:27.6

your business and maybe someday soon, partner with us to get to $100 million and beyond.

0:30.8

I hope you share and enjoy. Charlie Munger was one of my greatest heroes and he lived

0:44.0

just recently passed away at the age of 99, a month and a half away from turning 100.

0:46.0

He lived one of the most exceptional lives,

0:49.0

both in his personal success,

0:52.0

but I would say more so in how much he was willing to give back to others to help others along the way.

0:57.5

And he embodied all of the traits that he espoused in the many speeches and talks and shareholder meetings that he had over

1:07.1

his 99 year career.

1:09.4

And I want to share some of my personal biggest takeaways from having Charlie Munger as a hero that don't even come close to the many gems of wisdom he shared, but are some of the ones that I use on a regular basis.

1:21.2

So right off the bat, the first and biggest one is his process of inverted thinking.

1:25.4

Now he purportedly claims that he's not the first person to say this.

1:29.1

Einstein always said invert, always invert. And so Charlie was a huge history buff

1:34.3

and loved living in the past and reading autobiographies

1:38.3

of the smartest people who had ever walked the earth.

1:40.8

And a lot of his thinking processes were formulated from seeing how those people

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