Mastering Wealth through Reciprocity, Time, & Sacrifice | Ep 434
The Game with Alex Hormozi
Alex Hormozi
4.9 • 4.8K Ratings
🗓️ 13 September 2022
⏱️ 15 minutes
🧾️ Download transcript
Summary
Wealth is based on the fundamental unit of money. Money is a foundational unit of time. Today, Alex (@AlexHormozi) talks about how mastering wealth is rooted in how you master your time and money, the 3 traits that the ultra-successful share with one another, and how other factors such as reciprocity & sacrifice should matter in your journey to 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:
(0:43) - Reciprocity can't be forced; maintain consistent demand in business.
(3:18) - Provide value exceeding payment; ask how to overdeliver consistently.
(4:44) - Leverage in business is the ratio of inputs to outputs.
(5:46) - Master time to master money; micro and macro perspectives.
(10:04) - Success traits: Superiority complex, insecurity, fear of failure, impulse control.
(12:59) - Question sacrifice: Why aren't people willing to sacrifice?
Follow Alex Hormozi’s Socials:
LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition
Transcript
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| 0:00.0 | Hey guys, real quick. So Layland and 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. |
| 0:17.0 | The biggest shift that I see in people who are wealthy is that they talk in decades and not days. |
| 0:22.6 | And I can tell you based on the time period that someone talks in when they talk about their plans, how wealthy they are. |
| 0:30.0 | Welcome to the game where we talk about how to sell more stuff to more people in more ways and build businesses worth owning. |
| 0:35.0 | I'm trying to build a billion dollar thing with acquisition.com. I always wished Bayzo's musk and Buffett had documented their journey. |
| 0:40.6 | So I'm doing it for the rest of us. Please share and enjoy. |
| 0:44.0 | One of the strongest persuasive powers in existence is reciprocity. If people get something, they feel almost like it's like sick to their stomach. |
| 0:51.0 | They have to give something back. Right? It's just most people are like, it's not everyone. There are some crazy stuff. |
| 0:56.0 | It's just humans because all of our civilization has been based on this concept of reciprocity. |
| 1:00.0 | You can force reciprocity in your direction by just jamming so much goodwill and so much value. |
| 1:06.0 | You know, it's almost like they just feel like they have to vomit back on you in terms of value because they're so full on value. |
| 1:11.0 | They're like getting drunk to the value that you're providing for them. |
| 1:14.0 | And so when you do that, it results in a sale. And I'll tell you one of the lessons that I learned later. |
| 1:18.0 | This is just me spent true for me. |
| 1:20.0 | So yeah, the end of your value ladder of the ascensions that you can read for a customer is predicated on the last thing that you provided that was in excess of value from what you charged. |
| 1:31.0 | So if you think about the first thing you do is your confidence creates worth more than what you're doing because you're giving away everything. |
| 1:36.0 | And so then they purchase the first thing. And if that first thing, let's say is a thousand dollars, but it makes some ten thousand dollars, they're like, well, fuck yeah, what else you got? |
| 1:43.0 | I got a ten thousand dollars thing and they're like, I'm in. And then they make a hundred grand. And they're like, dude, what else you got? |
| 1:49.0 | I got a hundred thousand more thing. And this is the part where people fuck up is that at the hundred thousand more thing, they get a hundred thousand dollars value. |
| 1:56.0 | And then what they have done is that they have now completely squeezed the price of value discrepancy and what they have is not a raving customer, but a satisfied customer. |
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