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How to Become a MILLIONAIRE This Year! (Shift Your MINDSET!) | Alex Hormozi

Alex Hormozi shares his personal wealth journey and the profound insights he's gained along the way, emphasizing the transformative power of working smarter and with more dedication.

Alex HormoziguestGreat Minds Lewis Howeshost

Nov 29, 20231h 1mWatch on YouTube

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Transcript

70 min read · 14,344 words

0:00 – 0:41
Intro
1. AHAlex Hormozi
  The reason that I'm gonna go from 100 to a billion and 10 billion and beyond is because I am working harder now than I worked to get here, and it's because I've learned a better way to work. And so this is me sharing that better way to work. If I had thought the way I think about business now and work now, I would've been here faster. But for the court of Alex, I know what it's like for me to give it my all, and it's the absolute proudest I am of myself, and there's nothing anyone can do to take that from me.
2. LHLewis Howes
  What do people not understand about making money, reaching millionaire status, that they really need to know before they hit that?
3. AHAlex Hormozi
  I will probably answer this differently than you expect.
4. LHLewis Howes
  I think you gotta have a dream. The School of Greatness. Really? [laughs] Yeah. Please welcome Lewis
0:41 – 2:08
Does money equal happiness?
1. LHLewis Howes
  Howes. We both know a lot of wealthy people, um, people who've made a lot of money.
2. AHAlex Hormozi
  Yeah.
3. LHLewis Howes
  People that have huge exits, people that have private jets and multiple homes and massive bank account. Do you think the people that you know who have a lot of money, um, are typically happier, or do you know more people who are wealthy who are unhappy than happy?
4. AHAlex Hormozi
  I think it depends on how they got their wealth. So I think if they were given their wealth, absolutely, I would say bar none, they are not as happy. Um, and I think it, it... I won't even get into the why. I would say that's just my observation. Um, for the people who earned their wealth, I would say many of them are, I would probably say the same, same smorgasbord as the rest of society, maybe with like one movement upwards. Because money cannot buy happiness, but it can help you avoid pain.
5. LHLewis Howes
  Mm.
6. AHAlex Hormozi
  And so I think that is the, that's the hard part that is difficult. It's the same thing as health, where like, uh, you can, you know, money can help get the hospital b- you know, get you out of the hospital, hypothetically, but it's not gonna get you into super, super fitness status. They're, they're completely different continuums that people see as one straight line, and I... Uh, removing pain versus gaining joy, I think are two completely different journeys. And so I think money helps absolutely decrease the punishment that we experience in life and the pains that we have to deal with, or inconveniences, for sure.
7. LHLewis Howes
  Why do you think some people... I agree with that, and there's also some outliers where it seems like people with a lot of
2:08 – 5:10
People pleasing with money
1. LHLewis Howes
  money almost have more problems, more pain, more stress, more overwhelm.
2. AHAlex Hormozi
  Yeah.
3. LHLewis Howes
  Maybe it's too much to handle, or everyone wanting something from them, or everyone's expecting something now from them. How do you learn to manage the approval or people-pleasing of others once you have more money, especially your own family-
4. AHAlex Hormozi
  Sure
5. LHLewis Howes
  ... your own friends, who are now saying, "Oh, you've gone beyond where the rest of us are financially, and I want some of that," or, "I have an expectation." How do we overcome that, navigate it?
6. AHAlex Hormozi
  I wholeheartedly reject all of it.
7. LHLewis Howes
  Reject what?
8. AHAlex Hormozi
  All of it. Any, any expectations of me. And so my, my litmus test for doing deals, for giving jobs, any of those things for people that I know, is that you have to... It's actually the first conversation I had with Layla when we were... It was our first date. [laughs] So our first date, I pitched Layla on quitting her job and working for me, 'cause I was like, "This might not work out, but you should totally work for me." [laughs] "We'll make a bunch of money together." And I said, "This compensation has to make sense for you independent of our relationship. So like, if we're not together, does this still make sense? If it makes sense, then we're cool." And so I-
9. LHLewis Howes
  It's like your first day of-
10. AHAlex Hormozi
  Yeah
11. LHLewis Howes
  ... dating.
12. AHAlex Hormozi
  Yeah.
13. LHLewis Howes
  [laughs] If we're not together in a week or-
14. AHAlex Hormozi
  Yeah
15. LHLewis Howes
  ... in two months, would this still work for you? Yeah.
16. AHAlex Hormozi
  Yes. Yeah. It's clear. I saw talent, you know? [laughs]
17. LHLewis Howes
  Yeah. [laughs]
18. AHAlex Hormozi
  And, um, and I think, and I think that, that litmus test has, has served incredibly well for me, is like, if you wanna hire your mom, would you give somebody with your mom's experience the bookkeeping job? Now, if she's, if she's a 20-year bookkeeper-
19. LHLewis Howes
  Then yeah, maybe
20. AHAlex Hormozi
  ... maybe. And to be fair, but would you pay the bookkeeper $200,000 a year? I don't know. You probably wouldn't. So I believe in making all deals as though you weren't friends or you have no relationship, and if it still makes sense, then all of the relational benefit becomes as a bonus.
21. LHLewis Howes
  Yes.
22. AHAlex Hormozi
  Rather than, "I'm going to amend the terms of the deal because of this amorphous value that we have," which can change. But the, if the deal is made logically, then conditions can change and you will still both always feel good about the deal because it was made without the relational component, 'cause sometimes you have good days with your mom, sometimes you have bad days with your mom, and all of a sudden you're like, "I can't pay her $200,000 a year," right? "I wouldn't... She messed up the books in here. She barely... She took a course online," you know, whatever, right? And so, but like, but people make that mistake all the time. And so I think that it has been significantly easier for me to just say like, "Would I give you the role or would I give you the thing if you were a stranger?" And if the answer's no, the answer's no. And if that person really wants it, then I'd be like, "Then do the same things a stranger would do." And then I'll have a reason be- Now if I have two candidates and they're identical, which would be impossible, but if they're identical, then yeah, maybe I would give it. But like they have to still meet all the standards. And then that way you give objective quantity, you know, like, "Do these things and then we can have this outcome."
23. LHLewis Howes
  Right. Seems like a lot of young people wanna make a lot of money.
24. AHAlex Hormozi
  [laughs] A lot of people wanna make a lot of money.
25. LHLewis Howes
  People, people wanna make a lot of money.
26. AHAlex Hormozi
  [laughs]
27. LHLewis Howes
  But it seems like, you know, at least sometimes thinking of social media context-
28. AHAlex Hormozi
  Yeah
29. LHLewis Howes
  ... you see a lot of young people in their, their 20s-
5:10 – 20:07
How to reach millionaire status
1. AHAlex Hormozi
  Yeah
2. LHLewis Howes
  ... early 30s that are striving for that. And they're striving for it fast.
3. AHAlex Hormozi
  Yeah.
4. LHLewis Howes
  They're striving for it, you know, "I just graduated college and now I wanna get there in the next couple of years." What do people in their 20s not understand about making money or reaching millionaire status that they really need to know before they hit that?
5. AHAlex Hormozi
  So I will probably answer this differently than you expect. I believe that sex is colorblind, age blind, everything blind, because there are certain activities that you have to do. And if you do the activities, you can get the outcome. Now, if you're tw- in your 20s, it's very difficult to do the amount of activities for a long enough period of time in order to get that. Now, you know, you've got Ben Francis, who started Gymshark when he was, whatever, 16 or 17 years old, and he's, when he was 28, it was worth over a billion. So he was in his 20s and it was, you know, he made a billion-dollar company. Is that the exception? For the most part, yeah. That's not as common. Um, you know, I made my, I became a millionaire when I was 20 ... six, it was six or 27, I can't remember. It was between 26 to 27 is when I became, when I had my first million dollars in my bank account. And so, but I started business when I was 22, and so I still had had five years in. And n- now, that's still fast. Don't get me wrong, it's still fast. Um, but the accumulation of knowledge, because I spent almost all of my excess income on education.
6. LHLewis Howes
  Mm.
7. AHAlex Hormozi
  And so I wanted to, I wanted to pay down the ignorance tax as fast as I possibly could. It's rather than buy the Bentley or buy the watch so that I could flex on it, I still lived in a split a room in a house with six other people while I was making 20,000 a month take home. Because I wanted to have all that money so I could go on the offense if I wanted to go to a seminar, or buy a course, or go to a workshop, or whatever it was, so that I could up level my skills and get there faster. And so I think the idea that you wanna get there fast is fine, it's just having a realistic expectation of how many skills you need to acquire to get there. 'Cause if you have all the skills, 'cause I think we'll have continuously younger, and younger, and younger, uh, millionaires and billionaires that are going to continue to happen because now a viral ide- I mean, Taylor Swift was s- 16 when she started recording music. That was a long time ago, right? She's 33 now. Now she's a billionaire.
8. LHLewis Howes
  And if you keep showing up consistently-
9. AHAlex Hormozi
  Right
10. LHLewis Howes
  ... and building it, the chips
11. AHAlex Hormozi
  Mr. Beast is a billionaire.
12. LHLewis Howes
  Yeah.
13. AHAlex Hormozi
  He's 24.
14. LHLewis Howes
  Crazy.
15. AHAlex Hormozi
  So, like, it's, it's gonna continue to, to go down as the access to education increasingly gets democratized so more people can access it for free. And so a nine-year-old can watch... Like, there's nothing that stops a nine-year-old from making and running a Facebook ad. There's nothing. Like, and usually they're more tech-savvy anyways.
16. LHLewis Howes
  Maybe they just gotta get a credit card or something. [laughs]
17. AHAlex Hormozi
  Sure. Yeah, yeah.
18. LHLewis Howes
  That's it. Yeah.
19. AHAlex Hormozi
  And so, yeah. And so there, but the, but if we break it down to, like, the physics-
20. LHLewis Howes
  Right, right
21. AHAlex Hormozi
  ... or the action-
22. LHLewis Howes
  It's not that hard
23. AHAlex Hormozi
  ... there's nothing that prevents people. And so I think that the level of competition will continue to rise. I think young people are more tech-savvy, and so will, in general, have a continuously improving competitive advantage over older people because the rate of technological change, uh, hastens, goes faster. And so the, the advantage of being young versus old is actually con- I think gonna continue to, to expand because tech moves so fast now, um, that I think there will be more.
24. LHLewis Howes
  What do you think about... I mean, I had a mentor once told me when I was 24, when I was broke on my sister's couch, and I was, uh, living for free-
25. AHAlex Hormozi
  Yeah
26. LHLewis Howes
  ... and I was not paying rent. I was, you know, eating leftovers.
27. AHAlex Hormozi
  Good life, man. [laughs]
28. LHLewis Howes
  And, um, I remember saying to a mentor, I was like, "Man, I could really use some money right now. Like, I could really figure out how to make some more money."
29. AHAlex Hormozi
  Mm-hmm.
30. LHLewis Howes
  And he said, "Money comes to you when you're ready for it."
20:07 – 35:38
Reaching your goals faster
1. LHLewis Howes
  their teachings, and people like that.
2. AHAlex Hormozi
  Makes them feel important.
3. LHLewis Howes
  It does. It validates, "Oh, I know something about my... You know, what I'm doing."
4. AHAlex Hormozi
  Yeah.
5. LHLewis Howes
  And that's good. You wanna keep helping this person grow. What do you think your 85-year-old self needs to tell you now to get to where you wanna be faster?
6. AHAlex Hormozi
  Oh, [laughs] it's funny that that was the question. Um, I mean, he would tell me-
7. LHLewis Howes
  Speaking of the mentors, you know? [laughs]
8. AHAlex Hormozi
  Yeah, no. I mean, he would tell me, "Why do you wanna go faster?" Be like, "Why, why can't it take 10 times as long?"
9. LHLewis Howes
  Ah. From 200 to a billion?
10. AHAlex Hormozi
  Sure. Why not? Like, why, why is it-
11. LHLewis Howes
  Why does it need to be five years-
12. AHAlex Hormozi
  Right
13. LHLewis Howes
  ... or 10 years?
14. AHAlex Hormozi
  Right.
15. LHLewis Howes
  Why can't it be 50 years?
16. AHAlex Hormozi
  Right. If you, if it took 50 years, but then it all happened at once at the end, would you like that? I don't know. Right? It's, you know, it's kind of like the, the man who lives an amazing life, and on the last day everyone finds out he's a fraud, or the man who lives his entire life with everyone thinking he's a fraud, and then on the last day of his life, he's proven right. Which one would you rather be?
17. LHLewis Howes
  If you're gone, you're not gonna get to experience the fruit of it all by-
18. AHAlex Hormozi
  Right. Interesting question, though.
19. LHLewis Howes
  Yeah.
20. AHAlex Hormozi
  Right?
21. LHLewis Howes
  It's like the painters that become famous once they're dead.
22. AHAlex Hormozi
  Yeah. And so I, I think, I mean, 85-year-old me, I'll tell you the recurring themes that he works on with me. Um, patience is a big one. Uh, focus is a big one. Sticking with what I committed to. Um, focusing on the controllables of like, what are the activities, what are the actions that I have to take? And being okay with potentially varied outcomes. Sometimes it's good, sometimes it's bad, but being consistently divorced from the outcome, but trying my absolute damnedest to make sure that everything that is in my control was done to the utmost. And I like, I, we started there, but I just like, it's hard to understand the context. Like, you hear this, you hear people say this, like, "It's about the journey, not about the destination." And you hear people say like, you know, "It's, it's, it's about, it's about doing the stuff. It's not about the outcome." And you're like, "Yeah, yeah, yeah, it's easy for you to say when you have the outcome."
23. LHLewis Howes
  Right. When they've already made the money-
24. AHAlex Hormozi
  Of course
25. LHLewis Howes
  ... that, yeah.
26. AHAlex Hormozi
  Of course. I get it. But if you can, if you can make that flip, like it's just, the hard part is the action is so much greater. If you really measured yourself by the actions you take, then you might be embarrassed. So you really hope to measure yourself on the outcome because you can get by on sometimes winning when you don't deserve it.
27. LHLewis Howes
  Mm.
28. AHAlex Hormozi
  And so 85-year-old me never lets me win when I don't deserve it.
29. LHLewis Howes
  Ooh. Man, I would rather lose but know I gave my all than win and be like, "I just kind of just barely showed up today."
30. AHAlex Hormozi
  Right. You would know.
35:38 – 37:19
How to create a bigger presence
1. AHAlex Hormozi
  to win, you just have to not be made of glass-
2. LHLewis Howes
  Mm
3. AHAlex Hormozi
  ... and be willing to have someone tell you, "I don't approve of your life," and you say, "That's okay."
4. LHLewis Howes
  Why do you think so many people are soft in our society today?
5. AHAlex Hormozi
  Uh, well, I think we've put a lot of guardrails up that prevent people from getting hurt, and I think that ends up resulting in people who don't know what getting hurt feels like, and they feel like it's death, but it's not death. You know? I think that's just, I mean, at, at its absolute core, no one knows how to have hurt feelings, and I think people think their feelings matter a lot more now than they used to. Yeah. I don't think they matter that much.
6. LHLewis Howes
  Why should [laughs] ... Why would, think people's feelings matter that much?
7. AHAlex Hormozi
  Why should their feelings matter?
8. LHLewis Howes
  Mm.
9. AHAlex Hormozi
  Why should my feelings matter? Like, if I, if I hurt someone and I say, "Well, it makes me feel good," why does that matter? You hurt somebody. So it's just looking at the actions. And I, that's... I mean, to be fair, I'm very extreme in that manner. But I think that if we can, for me, the more I can ignore my feelings and simply do the things that are required, the more I tend to see the results that I want. And one of my favorite internal sayings, like the things that you repeat to yourself, I'm, I'm sure everybody has like a couple things that like you say to you. Um, whenever I have something that I'm like, "God, I wanna..." Like the, the next rewrite of the book, or, "Hey man, we gotta re-shoot that whole thing because the mic was off," or, you know, the-
10. LHLewis Howes
  The worst.
11. AHAlex Hormozi
  Right.
12. LHLewis Howes
  Yeah, yeah.
13. AHAlex Hormozi
  I'm sure you get it.
14. LHLewis Howes
  The worst, man.
15. AHAlex Hormozi
  Is, um, I have this, I have this refrain that's been trained faster and faster, which is, "I will do what is required."
16. LHLewis Howes
  Mm.
17. AHAlex Hormozi
  It's not what I want. It's not what I feel like. It's, "I will do what is required."
18. LHLewis Howes
  It's not enjoyable.
19. AHAlex Hormozi
  I will do what is required.
20. LHLewis Howes
  Yeah.
21. AHAlex Hormozi
  And that's it. And so like
37:19 – 39:47
Is money everything?
1. AHAlex Hormozi
  there's not, there's not a question, there's not a if, it's just, "I will do what is required." And that has helped me a ton.
2. LHLewis Howes
  Yeah. And you try to learn from the ch- the pain or the challenge that occurred so it doesn't happen again, but you gotta do what's required. I saw this, um, clip recently of this podcast called the All In podcast, which I saw these... I see these clips a lot online. I wanna start actually listening to this whole show, but I think they go too long. Um, but they have a lot of great insights.
3. AHAlex Hormozi
  Yeah.
4. LHLewis Howes
  It's like these four-
5. AHAlex Hormozi
  Yeah
6. LHLewis Howes
  ... like venture capitalists-
7. AHAlex Hormozi
  Mm
8. LHLewis Howes
  ... and they're all billionaires-
9. AHAlex Hormozi
  Yeah
10. LHLewis Howes
  ... and they all like are puppet masters in their own world, right?
11. AHAlex Hormozi
  Yeah.
12. LHLewis Howes
  And one of the clips was of a guy, I can't remember his name, but one of the guys who said he was spending a lot of time in Italy over the last month or couple of months. And he was saying, "You know, I really like spending time over here-
13. AHAlex Hormozi
  Mm
14. LHLewis Howes
  ... because my friends in Italy know how to relax, they know how to have great conversations, they know how to talk about life and art and-
15. AHAlex Hormozi
  Yeah
16. LHLewis Howes
  ... magic and wonder and music, and not just focus on more money." 'Cause this guy's a billionaire-
17. AHAlex Hormozi
  Yeah
18. LHLewis Howes
  ... multibillionaire. And he was like, "There's more to life than just making lots more money when you already have a lot of money." What do you think about a, a point like that or a conversation like that where it's like, you know, live in Europe and-
19. AHAlex Hormozi
  Yeah
20. LHLewis Howes
  ... take three months and relax and travel and...
21. AHAlex Hormozi
  I think there's an overarching assumption, which is that life should be a certain way, and I think that I would, I would reject that notion. And so it's like we should... 'Cause implied in that statement, I think, is we should be more like them.
22. LHLewis Howes
  Mm.
23. AHAlex Hormozi
  And whenever I see a should, I kind of don't really accept any should frames. It's like, why? Why should we? Because you prefer that, which is fine. You could say, "I prefer to live the same," in which case, go live that way. But to then say, everyone should live that way, or, you know... Then now you're casting a pr- your personal preference on everyone else, and I reject that wholeheartedly. So if you, if you want to, if you wanna play video games all day and be the absolute best in the world at it, and you are the best in the world at it, and you get Twitch sponsorships, and you have all that stuff, and you learn to eat because of you're so good at it and you're so obsessed with it, who am I to stop you from doing that? You're gonna die, and I'm gonna die. And at the end of your life, would you rather just go, you know, be a foreman at a factory? That's not a disrespectful thing. I'm saying more so that if you loved doing what you were doing, choose to not do what you love because you now are legitimate in the eyes of people who you don't care about. Like, if there was one
39:47 – 52:36
Creating $100 million leads
1. AHAlex Hormozi
  rule for me, do you.
2. LHLewis Howes
  Do you. Yeah. I wanted to ask you about this, uh-
3. AHAlex Hormozi
  Yeah
4. LHLewis Howes
  ... this book launch just happened.
5. AHAlex Hormozi
  Yeah.
6. LHLewis Howes
  And I know you, I know you did a vlog on this recently-
7. AHAlex Hormozi
  Yeah
8. LHLewis Howes
  ... which I wanna dive in deeper, but can you give big context-
9. AHAlex Hormozi
  Yeah
10. LHLewis Howes
  ... why this book, why the launch style that you did-
11. AHAlex Hormozi
  Yeah
12. LHLewis Howes
  ... how many people showed up, how many people bought-
13. AHAlex Hormozi
  Yeah
14. LHLewis Howes
  ... and upsells, everything, and, uh-
15. AHAlex Hormozi
  Yeah
16. LHLewis Howes
  ... how did you get that result to happen?
17. AHAlex Hormozi
  Yeah.
18. LHLewis Howes
  Not that we focus on results here, but uh, the efforts, how did you get it all to-
19. AHAlex Hormozi
  Yeah
20. LHLewis Howes
  ... to come to fruition?
21. AHAlex Hormozi
  So my first book, $100M Offers, uh, was a book that answered one question, which is: what do I sell? And so now that has 17,000 five stars and, you know, it's-
22. LHLewis Howes
  Incredible.
23. AHAlex Hormozi
  It's-
24. LHLewis Howes
  It's a great book
25. AHAlex Hormozi
  ... actually it's still on Amazon charts, top 20 of all Amazon, and so is that one. So it's two of the 20. Yeah. Uh, right, yeah.
26. LHLewis Howes
  Not that we're, uh, calculating-
27. AHAlex Hormozi
  Hey
28. LHLewis Howes
  ... results or success here-
29. AHAlex Hormozi
  Yeah
30. LHLewis Howes
  ... but you know. [laughs]
52:36 – 52:53
Alex's content output
1. AHAlex Hormozi
  or 11 days, whatever it's been.
2. LHLewis Howes
  Wow, man.
3. AHAlex Hormozi
  Yeah.
4. LHLewis Howes
  190,000. That's crazy, man.
5. AHAlex Hormozi
  Yeah. With no, with no 1,000 pack bundles. Um-
6. LHLewis Howes
  It's amazing.
7. AHAlex Hormozi
  Yeah.
8. LHLewis Howes
  It's inspiring. What are the, um, what are the f- How many pieces of content do you put out a day on all social media platforms right now?
9. AHAlex Hormozi
  We put 300 a week out.
10. LHLewis Howes
  300 a
52:53 – 1:01:32
Advice to younger self
1. LHLewis Howes
  week?
2. AHAlex Hormozi
  Yeah.
3. LHLewis Howes
  And if you could go back to two years ago when you only had 10,000 followers-
4. AHAlex Hormozi
  Yeah
5. LHLewis Howes
  ... to now you have five million-
6. AHAlex Hormozi
  Yeah
7. LHLewis Howes
  ... on all platforms in two years, what would you say to your younger self, two years younger about the path to getting here?
8. AHAlex Hormozi
  The honest truth, I wouldn't say anything 'cause I wouldn't wanna mess anything up.
9. LHLewis Howes
  Mm.
10. AHAlex Hormozi
  It's the, like that's the, the real real. Um-
11. LHLewis Howes
  Do you think you can get there by posting less?
12. AHAlex Hormozi
  Uh, no. I think the volume, the volume is what... You know, quantity creates quality.
13. LHLewis Howes
  Mm.
14. AHAlex Hormozi
  Like you learn, you learn how to do things better by doing more of it.
15. LHLewis Howes
  Mm.
16. AHAlex Hormozi
  And so I've, I've wholeheartedly embraced that, that perspective when it comes to making content. Um, but I do believe that it's not just qu- Like, 'cause there are people who will post every single day and they get zero engagement, et cetera. You know-
17. LHLewis Howes
  You're not learning from it.
18. AHAlex Hormozi
  Right. You need feedback. You still need feedback. You need to take the feedback from the market and ideally you can also have feedback from people who know more than you. And so you use those two feedback mechanisms and the faster you can make that feedback loop, the faster you'll learn and change your behavior and get better. Um, and so you wanna do tons of volume with tons of feedback because the, like quality is better than quantity, but you only get quality through quantity and the only thing better than that is quantity with quality.
19. LHLewis Howes
  Wow. Correct.
20. AHAlex Hormozi
  Right.
21. LHLewis Howes
  Then you really start to grow.
22. AHAlex Hormozi
  Yeah. And then you, then you get, you get wild, um, in terms of all the different platform distribution. Yeah, it's been a, it's been a super fun ride. I'm very proud of the book.
23. LHLewis Howes
  Yeah, it's great, man.
24. AHAlex Hormozi
  I am, I know that there's nothing else that I could have done to make the book better at my current level. Maybe in two years-
25. LHLewis Howes
  Right
26. AHAlex Hormozi
  ... um, I might've been able to. I wrote it, I did 19 drafts. I had four full rewrites. Um, I did six hours a day for two years.
27. LHLewis Howes
  [laughs] That's crazy. That's-
28. AHAlex Hormozi
  So I worked from, I worked from 6:00 to noon, uh, every day.
29. LHLewis Howes
  On the book?
30. AHAlex Hormozi
  On the book.