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You Can Either EARN or OWN

There's two ways that you can become a millionaire. You can earn your way there, or you can own your way there.

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MoreMozi

Alex Hormozi ›

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Short
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MoreMozi Shorts
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Key takeaways

  • So, if I want to earn my way to a million dollars, then I'm going to need to make two million dollars over X period of time, divide that by two because of taxes, to get to my one million dollars.
  • Let's say that I create a business that gets to $250,000 per year.
  • It'd be a very good multiple for a business that is doing that kind of profit because this is actually a small amount of profit for when we're talking business.
  • But, that would get us to a one million dollar net worth.

Chapters

  1. 0:00
    Abschnitt 1 There's two ways that you can become a millionaire.
  2. 0:24
    Abschnitt 2 In some instances, I might be able to sell this company if it was truly automated.

Full transcript

Locally archived YouTube transcript with timecodes. Speakers are assigned heuristically and may be corrected editorially.

2 segments

0:00There's two ways that you can become a millionaire. You can earn your way there, or you can own your way there. And that's what I'm going to walk you through. So, if I want to earn my way to a million dollars, then I'm going to need to make two million dollars over X period of time, divide that by two because of taxes, to get to my one million dollars. >> [laughter] >> That's assuming that you saved 100% of your income. On the other hand, you can own your way. Let's say that I create a business that gets to $250,000 per year.

0:24In some instances, I might be able to sell this company if it was truly automated. I could sell this at probably a four times multiple. It'd be a very good multiple for a business that is doing that kind of profit because this is actually a small amount of profit for when we're talking business. But, that would get us to a one million dollar net worth.