The Game with Alex Hormozi - Lessons from $30,000 hr Coaching w Grant Cardone | Ep 274

Episode Date: February 4, 2021

Sometimes, hearing a 3rd person’s point of view can greatly help you with the next steps you want to take! Today, Alex (@AlexHormozi) shares with us some of the valuable insights he got from his 1-hour private coaching call with Grant Cardone, and what he had to say about Alex’s 3 objectives to tackle during the call. 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:(0:55) - Keep acquiring skills, develop character traits(2:58) - Objectives: wealth, income, personal branding(11:20) - Others' success means they're better fundamentally(14:28) - Grant's genuine question impacted Alex's goalsFollow Alex Hormozi’s Socials:LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition

I started getting one-on-one coaching with Grant Cardone. And if you're curious, it's $30,000 an hour. Welcome to the game where we talk about how to get more customers, how to make more per customer, and how to keep them longer, and the many failures and lessons we have learned along the way. I hope you enjoy and subscribe. I had a ton of DMs and questions about a posting media yesterday on Instagram, which is that I started getting one-on-on-on-one with Grant Cardone. And if you're curious, it's $30,000 an hour.

And so I bought four hours, so I'll do one hour probably every quarter. quarter or so. And I just want to share the things that I'm learning with you. So take it for what it is. Many of the things may be only relevant to me, but I'm just going to share what I am learning. All right. So hopefully you're cool with that. So the first thing is that the overarching questions that I've gotten from people are, you know, why would you pay that much? It's so expensive, et cetera, right? And so one of the things that I've learned over time is like in the beginning, right, you really just need to acquire skills. And skills you can learn from courses,

you can learn from books, you can learn from seminars, you can learn from workshops. But the best way to do it is to, in my opinion, pay someone more than you normally would who has the skill to teach you one-on-one. I have gotten almost every skill that I have acquired. I've spent money to acquire at a faster rate than learning on my own. So I've, I mean, I just can't even tell you the amount of money

that I've spent on coaching information. And it's because information is the only thing that allows you to buy time back. Right? Like if instead of me taking five years to learn a skill, I can learn it in five weeks and I have to pay to do that. But then I'm going to have the benefit of having that skill for four years and, you know, 50, 40, whatever, seven weeks, right? So I'm going to have this huge advantage for a four and a half plus years where the other person wouldn't. And if you start doing that again and again, you start stacking those advantages and then you get such disproportionate returns on the rest of your time that you more than make it back. And I can't even tell you the best ROI of out on anything of any information of any investment is investing in skills, right? So anyways, once you have the skills, then you need really the character traits, right? And those are things that, like, when you have to do kind of that self-work of not being, you know, not hating yourself and all the other things. I won't get into that because it's another time for another video. But the next piece is going

to be the beliefs, right? And these are some of the hardest ones to recognize because it's hard to recognize the things in yourself because you already believe them. So one of my favorite quotes that's in both of the books that I've written is that we question all of our beliefs, except for those that we truly believe and those we never think to question. And that's been one of the biggest blocks for me because it's so hard. You can't look at yourself and know what you believe that is incorrect because you believe it already, right? Especially if you truly believe it. And so having someone from the outside who is significantly above you or further along in their

career help is just is invaluable right and so for the first hour that I spent with Grant he picked out a handful of things that were valuable for me and so I told him that the three main objectives that I had from our conversations was one was a wealth strategy two was an income strategy and then three what to do about fame and kind of like personal brand because those are the three things that I think he's he's done really well with and so the first thing that he identified when we talking about these three things was you needed to deal with your wealth first. And so, you know, my wife and I have accumulated a lot of money over the last, you know, three or four

years, you know, multiple eight figures after taxes that we kind of have stockpiled, right? And we've probably put, I'm just being transparent with you guys. I've put about half of that into equities, so basically meaning stocks. I buy indexes, so because they're the most stable. Like I take a lot of risk in my normal business, right? Like every day we're entrepreneurs, so we take risks. And so for me, I'm actually very risk-averse when it comes to my investing. Like, I would just want stable returns. I don't want crazy, you know, doublings, which is why I don't like invest in Bitcoin and things like that because I think they're speculative. And that's another, I think I talked about in a different video. I have nothing

against it. I think there will be a crypto that'll win out. It's just I don't, the downside risk of going down to zero is not something I'm willing to accept. So anyways, I, so half my stuff is in equities. And the other half of my net, net worth is in, well not net worth, but of my cash is just sitting there more or less. And so I'm right now, I'm head deep into whole value life insurance, single family homes, multi-family and then commercial, which is big apartment buildings, and looking at the different vehicles there and seeing, you know, which one is best. And so his recommendation to me was buy one gigantic building and then don't worry about it.

So basically he's like, put all your eggs in one basket, pick it really well, because then everything is going to be consolidated and then you can get your attention back. And so one of the biggest belief things that he gave me was that until I figure out my wealth strategy, I'm going to have so much attention on that that I won't be able to, I'm going to have so much, it literally becomes a problem, a burden in and of itself. And I can feel it is that I don't have the same drive to make just stack tons and tons of cash because the thing is now the more cash I keep making, the more it becomes a like, God, I have to solve this problem, right?

And so this was something that he identified when we were talking where he said, you need to solve this first. And so that is what I'm prioritizing right now is what to do with all this money, right? And allocating it. And I'll share with you guys whenever, you know, what we decide to do as we do it. But it's, I'm going to be putting half my stuff in hard assets and half of it in equities. And between the hard assets, I'll probably be diversifying. and the reason I'm diversifying is because I don't know, very candidly.

Like, I don't know. It's not my game, right? I'm an income guy. Like, I know how to make tons of money, but the wealth game is not a game that I know. And so then it's the opportunity cost of should I start at zero for learning the wealth game? Or should I take all of that time that I would invest in learning the wealth game and just reinvest that in generating more income? And for me, right now, I'm already at the disproportionate level of return on the information and skills that I have in income generation. That in my opinion, it makes more sense for me to continue to generate cash flow and provide value to the marketplace and then find someone else who's a partner who's done the same amount of work in that space and then negotiate some sort of favorable deal for myself, get a volume discount, so to say, and put the money in and then get nearly the same returns as a,

would with a partner and then still be able to generate the cash. That's my tentative plan right now. I'll probably be doing some degree of single family and then also some big apartment buildings as well. And so that was the first big portion of our conversation was thinking through the wealth strategy and what I'm going to do. I'm going to do partially of what he recommended.

I'm also just going to do other things as well. But the biggest belief part was you need to deal with your wealth first. Now, if you don't have wealth, then don't worry about it, you should focus on income. And so the next priority after that was not dealing with, but talking about income generation in terms of which strategies. I was curious about what his thoughts were on brick-and-mortar business and where he thought the entire entire space was going. And so he was much more in favor, much more bullish on brick-and-mortar business.

businesses being okay and then then I am and so I took that into consideration I was like okay he probably has some decent perspective and so I might I might ring back I might taper my my my doomsday views a little bit I think retail is obviously still hammered but in terms of like brick and mortar services I think those will be okay where you actually have to take your body and get your teeth cleaned or get your back cracked or you know get your haircut those are things that you usually have to do I mean there's at home versions of those, but I think that those businesses will stay. Hey guys, real quick, if you're new to the podcast, I have a book on Amazon called $100 million offers that over $8,000 five-star reviews and it

has almost a perfect score. You can get it for 99 cents on Kindle. The reason I bring it up is that I put over a thousand hours into writing that book. And it's my biggest gift to our community. So it's my very shameless way of trying to get you to like me more and ultimately make more dollars so that later on in your business career, I can potentially partner with you. So that's my give. Go check it out, Amazon and back to the show. They'll be okay. And so he was like, you know, what do you really good at? And so I told him the skills that I have.

And he was like, well, looking at the opportunities within the marketplace, I think this is where you'd fit best. And he's a huge proponent of lead generation. And so that was kind of the second big one is, you know, he expanded verticals from doing cars, right, and selling sales. And he said everybody, when he made the switch to going wider, was against everyone said, you're not going to make it, you're not going to, you know, you're not going to be good enough, all that kind of stuff.

And I'm kind of at that point right now where I'm probably going to open up the verticals that we serve from a lead generation standpoint because we're just really good at it. You know what I mean? Like we're not good at a lot of things, but that is something that I believe that we are. I mean, I hate saying best in the world, but like we're, we're premier. we're top or we're very good at it and so that is what that was what his recommendation was was you've done you know 100 million plus in a single niche now start expanding those skill sets to other verticals so that you can go after a bigger marketplace and so that is likely and these these concepts are big strategic things right so they're not like here's here's how you run a facebook

ad you know like he doesn't like i don't even think grant knows how to run a facebook ad um but the point is is like the reason i'm paying someone um who's further along to me is that he's made mistakes. And I had a couple of other directions and things that I had brought up that he said, you know what, I wouldn't do that. I did this before and this is why it didn't work, or this is what I didn't enjoy about this thing. And those were really valuable for me. Those were specific to me. But when we talked about specifically acquisition, I was like, this is what we're best at for service businesses. He was like, then dude, you should do that. I don't think lead generation is going to be going anywhere. And so that was kind of my big nugget was lead generation as a whole, and I agree with that.

are not, is not going anywhere, right? And so, and just as a, as a quick tangent on this, you can buy information from people who are doing the same as you or even less than you. And I think that's one of the big misnomer's, like, I will buy information or get information from anyone. I care about the quality of the information, not as much as the source. And so, like, I've paid people, I mean, I paid 50, you know, I paid someone recently for, uh, for coaching around a specific skill and I'm pretty sure I make a lot more money than that person. But the thing is, it doesn't matter, right? Like if they have something that I do not have, I will pay to acquire it.

And so I made a post yesterday on Instagram about this and I just want to share it with you, which is one of the best beliefs that I've been able to take with me is that if there's any human being on this planet that makes any more money than me, it means they're better at something than I am. Fundamentally, like they're better at the game in some way than I am. And so rather than be envious and cast stones and say how they didn't do it a legit way or whatever, right? Whatever your ego says because you feel bad about how you're not as good as them. And so then you try and justify why you're not as good because it makes you feel bad because you're insecure. Instead of doing all that, just identifying the facts, this person makes more than me.

There's a game that rewards value. There is some way that they're providing more value to the marketplace than I am. What is it? And so what it does is it turns envy into intrigue. And so I start looking at them and start peeling up, peeling, back the layers and thinking, there's something here that this person has that I do not have. Is it that they're in a better monetization structure? Is it that they have a better opportunity vehicle? Are they in a better market than me? Which absolutely is an advantage, right? They had

the decision, wherewithal, to pick a better market than I did to go after. And so that's a decision, right? They did something better than me. Or is it that they're better at acquisition? Is they better at marketing? Are they better at branding? Are they better at sales? Or they, you know, like there's so many different things you know are they better at sticking you know like keeping clients on the back end like what is the thing that they are superior to me at and so i would challenge you that if you see anyone who does any any bit better than you identify what it is the skill that they have that you do not have and it's helpful to think about this within the context of sequence all right so it's like are they better at generating demand right so that's lead generation lead nurture sale

are they better at converting so it's going to be sales are they better at scaling sales, a sales team, or they have a better conversion mechanism, so it could be a webinar or a VSL or a landing page, right? I paid tons of money for just recently around copywriting and VSLs because I think messaging is super important, and it's something that I wanted to show up within my own skill set. And then, you know, after that, after you've made the sale, is it, are they making a ton of profit? Are they tax efficient? Do they have a better legal entity strategy? And so there's all these things that you can always learn from people, and you can also learn for people who make less than you, right?

As long as you can just swallow your pride, and I think that there's something to be said for that. And so many of us and, like, there's so many people in the marketing space and all that stuff that try and posture and, like, it doesn't serve anyone. Like, you don't get better being envious and you don't get better not learning. Like, fundamentally, like, if someone makes less than me

and they are better at something than I am, I will pay them to learn it. Right? Like, I don't get any better by saying, well, they make less than me, so I'm not going to pay them. Like, anyways. And so, those are my biggest, takeaways that I got from Grant in our first chat was that first I needed to focus on wealth.

Second is that I needed to scale lead generation to across all verticals go bigger. And third and lastly, when I was talking about goals, I honestly, I honestly shared with him some of the goals that I had. And in true 10x fashion, he was like, well, how do we get to $100 million a month? and that was honestly I don't think I've any had anyone genuinely asked me that question in a serious way and it really it really impacted me it was very helpful for me to hear it was just helpful for me to hear someone say that in ingenuineness it really got me to thinking about how I would do it and so that was probably one of the biggest gifts that I got from the conversation and so that might not be

reasonable or fathomable for wherever you're at right now. But whatever your current goal is, and this is kind of like true 10x fashion, but like it's still different when someone's looking at you and I wish I could give you that gift. I paid for that gift. But like if I can look at you in the camera right now or you're listening, like whatever your goal is for 2021 or whatever year it is that you're watching that's coming up, what if that, like that's your goal. So it's obviously more than what you're doing right now. But if that goal were 10 times bigger, what how then would you approach it right and I think that if you think about that when you when you 10x your goal you think differently right you're not trying to you can't work 10 times

harder right you can't spend 10 times more time working so you actually have to solve the problem in a different way than you would otherwise and I think that's what really opens up your creativity into solving bigger problems with bigger markets and bigger opportunities so fundamentally that was my that was kind of like my recap of my time with him i just want you to know that i had a great experience talking to him i had a handful of people be like man i don't trust that guy blah blah like stop judging people you've never met like that's my only advice like just literally don't judge people you've never met and so um i see that he is more famous than i am i see that he is a better wealth strategy um i didn't get to ask a ton about his income stuff because i know that right

now wealth is kind of his income and so but like he is better than he is better than than I am at these things currently in my life. And so in that, I will try and learn of him. And so that's my overarching, overarching thought. Those are my lessons from my first one-on-one coaching session with Grant. And so I would pose those things to you as do with your wealth if you have it. If you don't focus on income, think wider and broader in terms of your income. Obviously, that's counter the whole niche down concept.

I do think you need a niche in the beginning because you need to develop the skills in a less competitive environment. but once you win your niche, then you can expand beyond it because you should earn the right. You should earn the right of operational skills. You should earn the right of acquisition skills, earn the right of scale. And once you have that scale,

then you can scale beyond it. And then finally, simply thinking bigger overall and thinking about your goals and what 10 times, like, really sit with it. Not just like, I'm going to just put it 10 times bigger number out there,

but like really, because if you just 10 times what you're doing is like how you're going to reach it, it's probably not the way to do it. like think you'll have to think differently about how you get there and I think that that entire process will be valuable for you so otherwise hope you have an amazing day hope you found this valuable and like subscribe all that kind of stuff and I'll see you in the next bit bye