Guide To Get Rich | Iced Coffe Hour Podcast | Alex Hormozi’s | Podcast Summary | The Pod Slice
This is the artificial intelligence voice of Graham Stephan narrating this pod slice summary of the Iced Coffe Hour Podcast.
The discussion kicks off with Alex Hormozi’s perspective on the fear of failure and rejection; he posits that many people fear not failure itself, but the prospect of others witnessing their failure. He boldly unveils his ambition of turning down $50 million to make a billion and emphasizes the importance of sharing knowledge to prevent it from being wasted. He also pokes fun at his commitment to working out, humorously insisting that he routinely flexes his muscles several times an hour.
The conversation then takes an interesting turn when Hormozi dwells on how external judgment and insults have no bearing on his perception of himself, effectively turning others’ negative beliefs about him into self-affirmation. His comfort with himself arises from the understanding that labels and names by which people categorize him don’t necessarily mean anything but are simply a reflection of their perspectives.
As Hormozi delves into his career history, he reveals a successful venture in the fitness industry which included starting a gym, building a chain, and then selling it off when he was 26. His experience in the industry led him to implement the ideas he used to turn around gyms across the country into a licensing model, resulting in 5,000 gym locations adopting his business model. Hormozi also created a supplement company called Prestige Labs to sell gym-specific supplements, and a software company, Allen, to resolve common communication problems faced by brick-and-mortar businesses.
In 2021 he decided to sell all three businesses, earning an impressive $46.2 million in an all-cash deal. He then started Acquisition.com, a family office that makes private investments in several businesses, aiming to assist people in getting into business and fostering entrepreneurship.
Hormozi explains that Acquisition.com specializes in buying companies, giving them a capital injection, and leveraging their expertise to grow the businesses. Part of the acquisition process involves thoroughly exploring the potential business’s operational pipeline to pinpoint inefficiencies that can be improved. A successful acquisition, according to Hormozi, isn’t solely about finding a good business, but about locating a business where his team’s skills and knowledge can have the biggest impact.
By delving into ad statistics, conversion rates, offer price evaluations, and other key business metrics, Hormozi and his team track how they can exponentially improve these numbers through tested processes. This combination of entrepreneurial insight, careful market evaluation, and honed expertise shows how Hormozi continues to propel his business ventures to unimaginable heights.
Continuing the conversation, Hormozi details his recent acquisition of a chain of Teeth Whitening Studios. He was compelled by the opportunity to improve their sales process and anticipates a 5-times increase in the value of customers, amplifying their business worth, by making adjustments such as switching packages to membership-based and leveraging existing proven strategies.
Discussing divesting from successful ventures, Hormozi reiterates that every business reaches a point where the next increment of growth requires effort that might not justify the returns. In such cases, he considers whether his team is the right one to steer the ship, and if not, selling the business is a viable option. Equally, should a period of high valuations and low-interest rates surface, as was the case in 2021, he deems it wise to monetize his holdings.
Hormozi further emphasizes the importance of focusing on controllable elements rather than stressing over macroeconomic factors. His primary attention is directed towards how changes in economic circumstances will impact his businesses and subsequently devising mitigation strategies. For instance, if high-interest rates deter customers from financing purchases, he considers this when making business decisions.
He also talks about his book “$100 million leads,” remarking on the strategic approach he took for the launch. Hormozi wanted the marketing campaign to reflect the teachings of the book, so he used the advertising strategies proposed in the book to promote the book itself. The book teaches entrepreneurs ways to advertise their products and services, so he tested its efficacy on the book’s promotion.
Still, in discussing his book, Hormozi explains various ways of advertising and the importance of social proof in business. Although he lacked testimonials and success stories to demonstrate the book’s effectiveness, he leveraged the success stories from his previous book “$100 million offers.” His intention to keep the book’s content a secret until its release limited his ability to utilize social proof, causing him to lean into other marketing strategies, including using live presentations to validate the book’s potential.
Wrapping up this part of the talk, Hormozi maintains his strategy of focusing on areas he can control. Strategies and decisions are mainly based on the operational needs of his businesses, not market speculation.
In continuing the engaging conversation, Hormozi discusses his long-term goals and the significance of focusing on branding. He believes that more massive impact can be reached with a larger following, which he aims to achieve through his strategies. Right now, with over six to seven million followers across different social media platforms, he shifts his goal to reach about 70 million followers. For him, accumulating this number provides a different level of impact essential for his goals.
In line with this, Hormozi emphasizes the importance and benefits of free sharing of knowledge. He firmly stands that dying with unused knowledge is a ‘waste of a life’. Hormozi’s belief in education and sharing what he knows prompted him to give away so much value for his audience.
Moving on, when the hosts bring up the subject of revenue from his books, Hormozi clarifies that publishing books is not necessarily an efficient business due to lack of price control, cost of logistics, and printing. Despite these factors, his books generate approximately a million dollars a month, out of which he nets around $360,000. However, he reiterates these figures don’t define the success of a book for him. Instead, the wider the reach and the greater the impact, the more successful it is.
Hormozi then references one of the oldest forms of media, books, explaining their value and potential for exponential reach. If a book is good enough, it can spark a ripple effect where each reader recommends the book to someone else. This way, with time, great books such as “How to Win Friends and Influence People,” become perennial, generating income without substantial additional effort or resources.
In conclusion, Hormozi’s overarching focus remains on building a brand that resonates with and effectively reaches a large audience. Regardless of revenue, the emphasis is placed on impact, reach, and staying true to the promise of making real business education accessible for everyone.
In a riveting portion of the discussion, Alex Hormozi approaches the concept of productivity, motivation, and achieving success. Hormozi notes how he sees motivation as being directly proportional to deprivation, that is, motivation for any goal, including money, increases the more deprived one feels of it. Drawing on examples of different income groups, he contends that rich people often feel more deprived of money than poor people, leading to higher motivation levels. This establishes the interesting notion of perceived deprivation and its impact on motivation.
Hormozi proceeds to discuss success implementation on the ground. He believes that individuals often overthink and use that as a substitute for action, when in reality these individuals are simply afraid of failure. He offers, as advice, the idea of adjusting one’s environment to foster change and stimulate action. He provides examples of joining sporting teams to amplify skill development, thereby making the case, if someone’s environment does not allow for desired behavioral changes, relocation may be necessary.
Hormozi also touches on his personal goal trajectory, revealing that while aiming to be a billionaire is an objective measure, what is far more meaningful to him is the idea of dying with nothing left to give, a concept he intends applying to both his business and personal life. He mentions his 85-year-old persona, ‘Solomon’, a tool Hormozi uses to guide his decision-making, named after the biblical figure who was revered for his wisdom. ‘Solomon’s Paradox’ serves as a personal counsel, allowing Hormozi to give himself advice and reflect on critical business decisions.
Furthermore, another profound statement pertains to the ratio of thinking to action when founding a business. Hormozi suggests that when starting up, more thinking is required, but as a business grows and matures, thought becomes less necessary and action becomes more dominant. This brings about the significance of leverage in the business world. Skill creates leverage; however, intense repetitive efforts in combination with leverage result in effective output. Hormozi argues that this leverage has to be created initially through considerable hard work and effort.
In essence, the discussion illuminates Hormozi’s philosophical perspective on business and motivation as he navigates the journey toward his ambitious goals while simultaneously highlighting the importance of self-development, environmental adaptation, leveraging skills and capabilities, and innovative self-counseling tactics such as ‘Solomon’s Paradox’.
In the continuation of this podcast, Alex Hormozi deep dives into his decision-making strategy while speaking about the conversation he has with ‘Solomon’, a persona he refers to for advice. During this part of the podcast, Hormozi reveals how the conversation usually ends with advice that ‘closes the loop’ on a troubling issue, relieving him from the thoughts about that issue. Importantly, he shares a personal incident where his dealings with a vendor ended up costing him $15 million. Through ‘Solomon’, he realized that “he is the asset he is building,” which helped him cope with the loss.
He emphasizes that high achievers should compare themselves not to their peers but to the person they want to be in the future. Hormozi admits that ‘Solomon’ keeps him on his toes, knowing how much harder he could try. He considers the future version of him to have a higher work capacity, more focus, and better skills, serving as a powerful driving force for him.
As an example of his commitment, Hormozi recollects spending more than 200 hours over a month reviewing and editing his presentation for the leads book. Hormozi deciphers his calmness before the event due to the extensive preparation he undertook. The aim is not just achieving the objective, but also impressing his future self, ‘Solomon’.
Following his massive financial loss, Hormozi reiterates that with higher stakes, the capability to lose more should also be accounted for, it is the nature of business. He refers to Ray Dalio’s perspective on missing opportunities, comparing it to not feeling bad about losing money, as it provides learning points. Hormozi accepts that he must face uncontrollable circumstances and considers them an aspect of striving for success.
Hormozi confesses that he falls short of ‘Solomon’s’ standards every day, indicating that there is constant scope for improvement. When asked about fulfillment and satisfaction, he believes it is in the process of becoming—the journey towards the better version of oneself. It is about striving for excellence and repeating tasks day in and day out, and this discipline is fundamentally what brings one closer to their passion.
Hormozi picks up on ping pong as an example, stating how engaging in it helps him to zone out and unplug. Just like lifting, ping pong compels him to focus solely on the game, providing a sense of tranquility amidst his busy routines.
Alex Hormozi opens this segment by addressing a common assumption made about him and his physical fitness: his use of creatine. Interestingly, Hormozi reveals that he doesn’t take creatine as many assume. He notes that those who eat a significant amount of meat already have a high intake of creatine. Nevertheless, he does acknowledge the studies that back up the benefits of creatine and encourages daily intake.
He kicks off a fascinating discussion about testosterone levels, revealing that his measured level at the time of this discussion was surprisingly low, well under the recommended range – an unexpected revelation given his physical appearance and demeanor. In an enlightening explanation, Hormozi dissects that it’s not necessarily about the levels of testosterone in the body, but about how sensitive one’s body is to androgens, which could lead to varied responses.
Delving deeper into his personal life and ambitions, Hormozi talks about how his career evolved over the years. From feeling deprived of wealth as a child to constantly striving to achieve higher and doing well academically, Hormozi’s focused approach was always in place. He highlights that success is not singularly determined by past achievements or lack thereof – it’s any person’s prerogative when they decide to start working towards their goals.
The conversation turns analogical as Hormozi compares life to weightlifting, discussing the concept of ‘stakes’ and ‘momentum’ in achieving success. He suggests beginning with smaller ‘weights’ or achievements and slowly adding more challenging tasks to build up momentum. Following this analogy, Hormozi notes that success isn’t only about ticking off big accomplishments but also appreciating and celebrating smaller victories in everyday life.
In an intriguing section, Hormozi tackles the issue of trauma and asserts that trauma is an overstatement – rather, things just happen. He posits that humans impose the traumatic narrative onto neutral events, thus giving them a power they otherwise wouldn’t have.
Exploring the concept of societal narratives, Hormozi uses the example of a 14-year-old girl being married off to a much older man – which was a common practice in medieval ages. The very action, which is deemed traumatic in today’s society, was once an expected duty.
The lively discourse ends with Hormozi challenging listeners to question whether they wish to subscribe to the ‘trauma narrative’ and consequently carry it forward into their future relationships and experiences, or choose to acknowledge that ‘things happen’ and move forward without the burden of an imposed label. He highlights the importance of narratives we tell ourselves and how they can limit or boost our actions and perceptions. The choice, Hormozi suggests, ultimately lies with us.
In this discussion, Alex Hormozi tackled thought-provoking beliefs about our identities, patterns of behaviour, and concepts of success. He warned against assigning narratives like “I am lazy” or “I am worthless” to ourselves, as such narratives serve no beneficial purpose. Instead, he suggested that we often draw these conclusions based on arbitrary reasons. Hormozi also challenged the idea of psychotherapy, suggesting that we are not necessarily shaped or formed by our past, but rather by what we have been rewarded or punished for.
Discussing the effects of early behaviour and patterns, Hormozi acknowledged that childhood experiences could shape a person’s self-perception. However, he emphasized that we have the choice to accept or reject such narratives. He stressed that regardless of what we’ve been conditioned to believe, the power to alter our future lies within our hands.
He then dove into the concept of societal narratives, drawing an example of a 14-year-old girl married off in medieval ages which is deemed horrendous in today’s context. Hormozi asserted that societal narratives play an imperative role in shaping what we perceive as traumatic or acceptable.
Following this, Hormozi engaged in a dynamic debate about ‘excuses’ that people cling on to prevent their success. He suggested that most individuals are looking for a permission to fail as they want an excuse that protects their ego. In response to this, he proposed a thought-provoking approach where he would agree with their excuses, only for the individuals to fight against the perception that they would not succeed.
Expanding on his beliefs, Hormozi stated that being is a function of doing and that everything else is noise. He argued that we don’t need to obsess over our identities, or wait till we are in a good mood to start working. He emphasized on focusing on actions, which he believes, will yield results. He encouraged listeners to simply get started on something they are likely to succeed at, instead of constantly worrying about failure.
Hormozi continued by expressing his opinion on higher responses in a feel-good mood. He disagreed, noting that regardless of the mood, if certain tasks are undertaken, they will provide the same results.
He concluded his views by sharing advice on dealing with business opportunities and promotions as an employee. He emphasized the need for employees to understand how their job ties to the business’s revenue and drive their performance towards that. For those interested in business, he recommended delving into an industry that they already have experience with.
Hormozi stands firm in stating that, ultimately, everyone has control over their circumstances, no matter what narrative they choose to accept or reject. This insightful conversation sheds light on reframing perspectives, questioning societal narratives, and the importance of a determinative approach over a fixed mindset.
Hormozi moved from discussing societal narratives and personal success to lighter topics, including comedy and comedians. Revealing his love for comedy, he cited several of his favorite artists like Andrew Schultz, Whitney Cummings, Mark Norman, and Bill Burr, amongst others. He shared a dislike for comedy that’s crudely forceful, emphasizing the importance of its insinuated wit rather than sheer vulgarity.
A quick segue from comedy brought the conversation to Hormozi’s social media use, where he shared that Twitter is his main platform of engagement, debunking any suspicions of ghost-tweeters; it’s always him behind his tweets. His interest in philosophy shines through as he disclosed his preference for thought-schools and philosophies propounded by thinkers who’ve long passed away. He admires wisdom from the past, including works of Stoic philosophers such as Seneca and Epictetus.
Further, the conversation took a lighter and humorous turn when Hormozi was compared to the television character Dwight Schrute from The Office due to a new haircut. They joked about manipulating personal aesthetics for comedic effects, all in good spirit, nodding to the mindset that confidence could make any personal trait or quirk attractive.
The podcast hosts then shifted to discussing fashion, specifically high-end fashion shows and how they’re frequently a marketing stunt to sell their products. Hormozi shared an insight into how these shows actually function, indicating that exclusive invites are sent to significant buyers who are then expected to bid on the displayed outfits.
The balance of personal expenditure became a talking point when Hormozi’s wife, Leila, is mentioned. He shared that while Leila has expensive tastes, he spends money on things he values such as gym equipment. Hormozi was emphatic about the importance of letting individuals live out their desires, as long as it doesn’t upset their larger financial goals.
The discussion moved onto exploring the psychology of human desires. Hormozi shared his thinking that when people ask why we just guess an answer based on previous responses that have met approval. He argued about the futility of overanalyzing our desires or actions, echoing the age-old adage that actions speak louder than words. Hormozi expressed that focusing on observable behaviors rather than speculating on hidden motives makes relationships and communication more manageable.
The conversation ended on a lighthearted note, pointing out the stark contrast between Hormozi and his wife Leila – one seeking to simplify life to the basics and the other being comfortable with indulging in her desires without over-complication.
In the Iced Coffee Hour Podcast, Hormozi shares some perspectives on his life, personal investment, and politics. Emphasizing his need for balance, he explores how he balances spending with his wife, Leila, who has a penchant for high-end fashion. Rather than judging what constitutes ‘expensiveness,’ Hormozi expresses that he respects individual preferences and uses his wealth to maintain personal interests, alluding to his collection of gym equipment.
Exploring his disinterest in politics, Hormozi admits that he’s not particularly knowledgeable about this subject. His lack of interest and knowledge makes it hard for him to engage in meaningful political conversations or make informed comments. In fact, his consumption of media is limited to aspects that affect his business.
Despite being busy in daily life, Hormozi makes an effort to get enough sleep, emphasizing its importance. With humor, he describes how successful he feels after a full eight-hour sleep, comparing it to being able to cure cancer or repaint the Mona Lisa.
Hormozi and his wife, Leila, both live vigorous and busy lives. To maintain their relationship, they’ve developed an ‘algorithm,’ logic that determines the success of their relationship based on clear expectations and agreements. Hormozi sees love as conditional, not unconditional, dependent on shared interests, missions, and values. Therefore, he believes relationships can be managed well if parties want the same things and seek to achieve them in the same manner.
A large part of Hormozi’s life revolves around his business, which is co-managed by his wife, Leila. He praises Leila’s immense contribution to their business, expressing that she runs the business mainly, while he plays a supporting role, generating concepts every so often. He acknowledges that because of his appearance and communication style, he often gets credit, but Leila is the real force behind the business operations.
Additionally, the couple makes sure to carve out personal time amidst business discussions. When business operations become exceptionally demanding, they will intentionally set aside non-business time. Hormozi concludes by expressing contentment with his life, mirroring his sentiment about enjoying what he does and being good at it. He emphasizes the importance of creating an environment filled with activities and people that provide enjoyment.
In this portion of the Iced Coffee Hour Podcast, Hormozi speaks candidly about maintaining a healthy relationship with his wife, Leila. They understand each other’s needs for space and connection, achieving a balance that doesn’t rely on strict rules or regular date nights. Instead, they respond to each other’s needs spontaneously and communicate freely about their desires for personal time. Hormozi emphasizes the importance of creating “space to be missed,” arguing that constant togetherness can diminish the desire to spend time together.
Hormozi regards separate experiences as vital for enriching conversations and maintaining intrigue in a relationship. He and Leila, for instance, work on opposite sides of the house, avoiding each other’s meetings. At the end of the day, they compare calendars, discussing their respective days during a walk.
Hormozi transitions into talking about his business plans, sharing about the acquisition of a massive building, formerly belonging to the UFC. This is part of his grand plan to invest heavily in media. The building will house numerous studios to facilitate diverse content creation. He aims to produce more content personally and increase inputs into his media machinery to boost content quality and frequency.
In this discussion, Hormozi talks about his penchant for gym equipment and his intention to set up a substantial gym in the new building. He admits this is more of a personal desire than a practical requirement.
Graham Stephan, one of the Podcast’s hosts, jokingly suggests that the Iced Coffee Hour could secure office space in Hormozi’s new building. In response, Hormozi jests that the host will have to negotiate with his wife, Leila.
Hormozi sheds some light on his vision for the new building and the direction of his brand, hinting at several new shows and content types in the pipeline. This move is partially inspired by his meeting with Dave Ramsey, who he admires for creating an extensive education and information business while maintaining a reputable image. Hormozi appreciated Ramsey’s approach to preserving brand integrity, prioritzing providing value to his audience and maintaining a believable promise that doesn’t overstate results unreasonably.
Hormozi ends this segment by revisiting the topic of the new building, discussing his anticipated speed of execution in an in-person environment compared to a remote one. He envisions creating an environment so rewarding that his team would prefer it over working from home. There’s even a suite in the building, suggesting Hormozi is ready to turn the space into a true professional home. However, his wife, Leila, wouldn’t want to live there, indicating a healthy boundary between their work and personal lives.
In the following segment of the Iced Coffee Hour Podcast, Alex Hormozi shares his thoughts on multiple topics – from the impact of his working environment to his fitness routine, and his undying love for nicotine gum!
Discussing the differences between working at home and at an office, Hormozi agrees with the host Graham Stephan, admitting that he too finds value in having a separate work environment which offers a different vibe and allows for a more relaxed feeling when going home after work.
Expounding on his workout regime and why he finds gym activities so rewarding, Hormozi reveals his plans to launch a new series. He discloses forthcoming show’s name as “Between Sets,” a reference to his personal experiences of receiving valuable life lessons while resting in between workout sets. Hormozi articulates how he grew up spending a lot of time in the gym, and the importance of these experiences in shaping him into the person he is today.
A surprising reveal in the conversation was Hormozi’s use of nicotine gum, which he has used for a staggering 14 years now. He justifies his use citing the short-acting stimulant property of nicotine that helps him suppress appetite and provides an energy boost. What’s interesting is that Hormozi doesn’t believe in the addictive nature of nicotine gum, equating it to caffeine’s stimulant effects instead.
With a casual segue into discussing his beard and hair care routine, Hormozi debunks the theory suggesting that he maintains his bearded look for branding purposes. It turns out, he merely finds it easier to maintain a beard than to frequently trim or shave. His hair care regime, or lack thereof, is equally straightforward as he doesn’t use any shampoo or conditioner, finding them unnecessary.
Overall, Hormozi’s responses exhibit a pragmatic approach to understanding his own needs, whether it relates to his physical environment, fitness, addiction, or even personal grooming habits.
In this part of the Iced Coffee Hour Podcast, Alex Hormozi delves further into the nuances of his personal philosophy. When asked about his nicotine gum habit, he takes a position of personal liberty, accepting the potential risks with indifference, even suggesting that he would be fine with dying earlier if it means enjoying his life now.
As the conversation evolves, Hormozi introduces us to his unique approach to handling stress and missed expectations. He presents the analogy of “the frame of the veteran” which he borrowed from Dr. Kashy. This philosophy proposes a hypothetical scenario of enduring the same distressing experience a thousand times. The concept is that after enduring it for so long, one would be desensitized to it and would consider it a normal part of life. This perspective helps him deal with lesser immediate annoyances, such as a shrinkage of his favorite shirt.
In elaborating his view on life and mortality, Hormozi shares a touching story of the loss of his cat, Bill. The story led to a profound realization about expectations, longevity, and the fleeting nature of life. He explains that by putting oneself in a different context, sadness can shift to appreciation. At the end of the day, it is about enjoying the life one leads, regardless of its length – a sentiment echoed with his statement that some people add years to their lives but do not add life to their years.
Hormozi further discuses his individualistic approach towards life, particularly in response to criticisms about his rigorous work schedule. His main principle is to do exactly what he wants with who he wants, as much as possible. He sees no need to pursue new experiences just for the sake of them. His work, after all, brings him joy, and that seems to be enough for him.
Despite the friendly debate about their life views, the conversation is wrapped up amicably. Graham Stephan, the host, expresses his excitement to invite Hormozi back for future episodes, hinting at a progression in Hormozi’s perspectives each time he visits. The episode closes on a lighter note with playful banter about hairstyles and an unexpected discussion about Botox and the potential risks associated with it.