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The Daily Motivation

How To Become A Millionaire In 2023 | Alex Hormozi EP 816

The Daily Motivation

Lewis Howes

Education, Self-improvement

4.8960 Ratings

🗓️ 1 December 2024

⏱️ 10 minutes

🧾️ Download transcript

Summary

Alex Hormozi, Entrepreneur and Best-selling Author shares the mindset and steps you need to take to become a millionaire.   Check out the full episode: http://www.lewishowes.com/1324   Sign up for the Greatness newsletter: http://www.greatness.com/newsletter

Transcript

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0:00.0

Hi, my name is Lewis Howes and welcome to the Daily Motivation Show.

0:10.9

What math is required to make a million dollars?

0:13.3

Like we can either sell, you know, $110,000 things.

0:16.4

We can sell $1,000, $1,000 things, just how much somebody's going to spend with you over the period of time that they buy from you in general.

0:22.1

Right now, if yourself fills the products, that might just be the lifetime value.

0:25.1

But if you sell services like the dog guy, he probably has people who stay with him for years.

0:29.1

And so he has to add up that total lifetime value as the number.

0:32.3

So the first is like, what is the math to get to the million and you have to figure out how many units you're going to sell. So let's use $1,000 because it's an easy one.

0:38.6

So you have a thousand sales, a thousand bucks.

0:40.7

Exactly.

0:41.8

So we have to do a thousand sales.

0:43.3

Now, how are we going to break that down on an annual basis?

0:45.9

Because thousand sounds like a huge number.

0:47.8

Well, it's about three a day.

0:49.1

Right?

0:49.4

Like, okay, well, what creates a sale?

0:55.7

So at some point, you have to sell something to someone. That's it. It's all you have to do to get to

1:00.3

six figures. To do that. So that's one avatar, one product, one channel. That's all that is.

1:04.7

You add the fourth piece, which is consistency. Right? That's what goes from six to seven. That's hard for people. And the consistent, yeah, 100%, because then you can tackle all the emotional or whatever it is,

1:12.6

that why you're not being consistent.

1:14.6

But from a math perspective, we just have to break down, what are the primary actions that result in the output, right?

1:19.6

And so if three sales means that I sell one out of three people who want to walk, or one out of two people who come for the dog walking. Okay, well, then I need

...

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