Hourly Rate Magic | Ep 241

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 29 September 2020

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The more skills you've got, the more money you have. Today, Alex (@AlexHormozi) breaks down how we can find our actual hourly rate, and gives advice on how we can enhance both our skillset and how much we earn if we continue practicing.

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:

(1:15) - Alex shares with us a formula and the calculation to get your actual hourly rate

(2:05) - There are 2 ways to can use your hourly rate to quantify what activities you want to engage in OR at least quantify how much value your time is

(3:28) - Another fun thing about the hourly rate is that you can also start quantifying your purchases in reverse in terms of time.

(5:20) - Certain money-making activities are skipped because of the ego attached to it & the cost of getting someone new and its lost opportunities

(7:53) - From a spiritual or skill standpoint, the entrepreneurial journey is really just continuing to practice higher-level skills with more lever

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Transcript

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0:00.0	Moisturization real quick, if you are a business owner that has a big old business and wants to get to a much bigger business,
0:06.1	going to $50, $100,000 plus we would love to talk to you.
0:09.5	And if you like that or would like to hear more about it, go to acquisition.com and you can plan anywhere on the page
0:14.3	and talk to one of our team and see if we can help you get there.
0:17.6	It gets kind of sobering when you think about it like that.
0:20.8	But the reason that I like to bring it up is because there's two ways you can use that number to quantify what activities you want to engage in.
0:26.9	Welcome to the game where we talk about how to get more customers, how to make more per customer,
0:30.6	and how to keep them longer.
0:31.6	And the many failures and lessons we have learned alone the way.
0:34.1	I hope you enjoy and subscribe.
0:35.5	What's going on everyone? Happy Tuesday.
0:37.7	I've got a fun, mental activity for us planned around hourly rates.
0:43.5	So one of the interesting things about being an entrepreneur is that we don't always know what our hourly rate really is.
0:48.7	We like to say we make extra hour or whatever it is, right?
0:51.3	But do you really know what your true hourly rate is?
0:53.8	It's not your revenue, right?
0:56.1	It is your profit.
0:57.4	And so a quick back of napkin formula can get you to what your true hourly rate is.
1:02.4	And so if you ask, and I was going to respond to this and say,
1:04.4	Hey, how much do you make?
1:06.1	Some of them just respond with revenue, which is funny.
1:08.5	Others are worse, but I'm with profit.
	...

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