My First Million – Alex Hormozi: Why He’s Trying To Make More Money & How He’s Doing It

Intro

In this episode of the “My First Million” podcast, host Alex Hormozi discusses his desire for wealth, the fun version of interviews, the mission of his company, and the rewards and challenges of fame. He also shares insights into his investment strategies, the importance of creating a strong team, and the emotional aspects of selling a company. Additionally, he explores the power of mission statements, the role of personal habits in success, and the levels of love in relationships. The episode concludes with discussions on fashion, private flying, and investment portfolios.

Main Takeaways

Desire for Wealth and Changing Deficits

• The desire for wealth changes as you acquire more; there is always a new deficit for the amount of wealth you want.
• Creating new deficits for the amount of wealth wanted is a way of continuing to play the game.
• Personal needs as a human being are satisfied at a certain level of wealth, but the desire for more wealth can be driven by the enjoyment of playing the game.

The Fun Version of Interviews

• The fun version of interviews for Alex Hormozi involves conversations about topics that interest him.
• He enjoys discussing subjects that align with his personal interests and expertise.

Mission of Acquisition.com

• Acquisition.com is focused on clarifying the mission of the company and building a company off of praise, not punishment.
• The original mission of acquisition.com was to make real business knowledge accessible to everyone.
• The company aims to improve work environments and show that most environments are set up to punish people.

Rewards and Challenges of Fame

• There are pros and cons to increasing fame and recognition, including difficulty enjoying events and real-life experiences.
• The company attracts top talent and deal flow due to its reputation and success.
• There are some negative aspects to fame, including weird letters and attacks, but the rewards outweigh the punishment.

Investment Strategies and Building a Strong Team

• Acquisition.com has acquired 11 portfolio companies with private funding.
• The company believes in building a strong team of A-players and investing in their growth.
• Investment deals have been iterated multiple times to find the best structure.
• Money is invested based on the needs of the business, such as opening brick and mortar locations or increasing sales.

Selling a Company and Understanding Debt

• Selling a company can be emotionally challenging, but it can also lead to new opportunities and growth for the individual.
• Understanding how debt works is crucial in making informed decisions when selling a company.
• Creating a sellable personal brand is not always possible, and sometimes selling the company is necessary for growth.

Mission Statements and Company Culture

• Mission statements should be focused on telling the truth rather than just making money.
• Having a strong narrative and mission statement can serve as an asset.
• Creating a good company culture leads to better businesses and experiences for employees.

Personal Habits and Inspirational Figures

• Personal habits and interests can be just as inspiring and applicable to daily life as business strategies.
• Some non-tech or non-silicon companies have inspiring missions, such as creating jobs or empowering people.
• Warren Buffett, Elon Musk, and Mr. Beast are admired for their respective qualities and achievements.

Fashion and Personal Style

• Creating a uniform for oneself can be helpful in being prepared for any environment.
• Finding the right clothing for different occasions can be a challenge.
• Iterating and testing different products can lead to finding the best fit for one’s needs.

Private Flying and Investment Portfolios

• Private flying is most beneficial for short travels of 2 hours or less.
• Keeping cash on hand is important to not miss out on potential 10x deals.
• The speaker’s current investment portfolio is half treasuries, a quarter in indexes, and a quarter in private companies.

Summary

Desire for Wealth and Changing Deficits

Alex Hormozi discusses how the desire for wealth changes as you acquire more. He explains that there is always a new deficit for the amount of wealth you want, and creating new deficits is a way of continuing to play the game.

The Fun Version of Interviews

Alex Hormozi shares that the fun version of interviews involves conversations about topics that interest him. He enjoys discussing subjects that align with his personal interests and expertise.

Mission of Acquisition.com

Acquisition.com is focused on clarifying its mission and building a company off of praise, not punishment. The company aims to make real business knowledge accessible to everyone and improve work environments by showing that most environments are set up to punish people.

Rewards and Challenges of Fame

Alex Hormozi highlights the pros and cons of increasing fame and recognition. While attracting top talent and deal flow is a reward, there are negative aspects such as weird letters and attacks. However, he believes that the rewards outweigh the punishment.

Investment Strategies and Building a Strong Team

Acquisition.com has acquired 11 portfolio companies with private funding. The company believes in building a strong team of A-players and investing in their growth. Investment deals have been iterated multiple times to find the best structure, and money is invested based on the needs of the business.

Selling a Company and Understanding Debt

Alex Hormozi discusses the emotional challenges and opportunities that come with selling a company. He emphasizes the importance of understanding how debt works in making informed decisions. Sometimes, selling the company is necessary for growth, even if it means letting go of a sellable personal brand.

Mission Statements and Company Culture

Alex Hormozi believes that mission statements should focus on telling the truth rather than just making money. He highlights the importance of having a strong narrative and mission statement as assets. Creating a good company culture leads to better businesses and experiences for employees.

Personal Habits and Inspirational Figures

Alex Hormozi emphasizes that personal habits and interests can be just as inspiring and applicable to daily life as business strategies. He mentions non-tech or non-silicon companies with inspiring missions, such as creating jobs or empowering people. He admires Warren Buffett, Elon Musk, and Mr. Beast for their respective qualities and achievements.

Fashion and Personal Style

Alex Hormozi shares his insights on fashion and personal style. He discusses the benefits of creating a uniform for oneself and finding the right clothing for different occasions. Iterating and testing different products can lead to finding the best fit for one’s needs.

Private Flying and Investment Portfolios

Alex Hormozi talks about the benefits of private flying for short travels and the importance of keeping cash on hand for potential 10x deals. He reveals his current investment portfolio, which includes half treasuries, a quarter in indexes, and a quarter in private companies.

Conclusion

In this episode, Alex Hormozi provides valuable insights into the desire for wealth, the fun version of interviews, the mission of Acquisition.com, the rewards and challenges of fame, investment strategies, building a strong team, selling a company, mission statements, company culture, personal habits, fashion, private flying, and investment portfolios. Listeners gain a deeper understanding of various aspects of entrepreneurship, personal growth, and success.