How to Identify How Wealthy Someone is Going to Be | Ep 392
The Game with Alex Hormozi
Alex Hormozi
4.9 • 4.8K Ratings
🗓️ 26 May 2022
⏱️ 9 minutes
🧾️ Download transcript
Summary
Let's go for gold! Today, Alex (@AlexHormozi) talks about the two ways how to identify someone who is going to be wealthy in the future and how you can align yourself with these character traits.
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:
(0:42) - The power of measuring sticks in wealth accumulation
(1:26) - Expanding your financial vocabulary: from burritos to billions
(4:14) - Leveraging time for wealth: speed and perspective
(7:05) - The marshmallow test: impulse control and success
(8:05) - Surround yourself with success
Follow Alex Hormozi’s Socials:
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Transcript
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| 0:00.0 | Hey guys, real quick. So Layland, I are definitely working on our social media presence if you guys haven't noticed and we're just breaking now into linked in. |
| 0:06.2 | Alright, it's not as bad as I thought. It's actually been pretty awesome so far and you guys have been really cool in there and people are sharing our stuff a lot. |
| 0:12.2 | So if we aren't connected on LinkedIn, go ahead and let's connect and let's rock and roll. |
| 0:16.9 | The difference between rich dads and poor dads and what they teach their kids is that rich dads in general will teach their kids to go after higher leverage opportunities. |
| 0:26.6 | They'll go after opportunities that have bigger base units of measurement, bigger base units of money that they can compile together. |
| 0:34.4 | Welcome to the game where we talk about how to get more customers, how to make more progress and how to keep them longer and the many failures and lessons we have learned along the way. |
| 0:41.4 | I hope you enjoy and subscribe. |
| 0:44.4 | I'm going to give you two ways to identify how wealthy someone else is going to be in the future and how you can line yourself with those individual character traits. |
| 0:52.6 | If you don't know how I am, I'm in the auction, I'm in acquisition.com, it's a portfolio of companies that is over $100 million a year and I have nothing to sell you. |
| 0:58.2 | I make these because I actually enjoy doing it. |
| 1:00.4 | Alright, so that being said, there's two things and this came from a conversation that I was having with a good friend of mine. |
| 1:05.5 | He exited his company for half just under half a billion and we were just having like a philosophical conversation around. |
| 1:13.2 | What is it that makes people successful and what are the things that you can identify early or mindset shifts in terms of perspective that allow people to have. |
| 1:22.5 | An unfair advantage. |
| 1:24.5 | If you followed any of my stuff, I talked a lot about time, I talked a lot about money and so it's unsurprising that the two traits have to do one with time and the other with money. |
| 1:33.5 | One of the things that's interesting about this is the concept of measuring sticks. |
| 1:38.5 | A lot of us have these base units that we measure things in and it's kind of like a shorthand that you use in your brain. |
| 1:44.5 | I'll give you a simple example. |
| 1:46.5 | I was in high school, I used to measure how much money something was by the amount of Chipotle burritos I could buy. |
| 1:53.5 | Because I used Chipotle burritos, because it was an understandable quantity of value for me. |
| 1:58.5 | Everything was like how many Chipotle burritos is this and that was because that was the amount of money that I was making and that was a material amount of value for me at the time. |
| 2:06.5 | One of the measuring sticks that people use is in money. |
... |
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