Hey everyone.
Welcome back to another video.
In this video, I'm going to condense
a ton of information down into a short video
that shows you how to become a millionaire
during the year of 2024.
Now, if you are thinking,
how can you possibly become a millionaire
in the same year that you are watching this video?
Well, it's definitely possible.
So many people have done it.
I've become a millionaire multiple times over now,
and I'm going to be sharing some really key takeaways
that'll help you a lot.
Now, before we get into this,
there are eight different chapters in this video.
They are all core concepts
that you literally have to understand
and you have to put into action
if you want to become a millionaire.
If you get these concepts wrong or you ignore them
or you're not aware of them, it's going to be extremely hard
for you to become a millionaire.
And to kind of give you some background
on where this information is coming from,
I have learned this from personal experience.
And then also, it's coming from a really good book
called "The Millionaire Fastlane,"
that I read several years ago
and I put into action, it really does work.
And then also there's another video made by Alex Hormozi
it's about an hour long
that has a lot of this information in it.
I wanna give you a summary of all three
of these in one impactful video.
Okay, without further ado,
let's jump straight into the first core concept
that you have to understand
if you wanna become a millionaire.
So what this concept is,
is defining what a millionaire even is.
A lot of people don't realize
that there's two different types of millionaires.
The first is a net worth millionaire.
Essentially what this is,
is your assets minus your liabilities equals your net worth.
To give you a prime example of this,
your primary residence, if you have bought your house,
is probably going to be your largest asset.
However, it could also be your largest liability.
So let's say that you live in a $1 million house.
However, you have a $500,000 mortgage on that house.
That does not make you a millionaire
just because your house is worth $1 million.
When you take your $1 million house, which is your asset,
minus the $500,000 mortgage that you have on that,
your net worth is $500,000.
Now with that being said,
if you do have another $500,000 in cash in the bank,
or if you do own your vehicles outright
or other big assets worth a lot of money,
then you can still be a net worth millionaire,
even with a $500,000 mortgage, which is the debt
that's basically lowering your net worth.
Now with that being said,
the other type of millionaire is a liquid millionaire.
This is the true millionaire, in my perspective.
And what that is, is basically when you open up
your bank account, you have over $1 million in cash.
Now, that brings us right into the second core concept here,
which is extremely important,
and that is what business model should you be doing
if you wanna be become a millionaire in 2024?
Now, before I tell you my personal suggestion,
you need to understand two really important concepts.
One of them is coming from the "Millionaire Fastlane" book,
the other one is coming from my personal experience
and Alex Hormozi combined.
So first, the one coming from the book,
this is that you have to be able to sell a product
that is making you money that can scale.
It doesn't matter if your product makes you $10 in profit
or $10,000 in profit, you have to be able to sell enough
of them to make over $1 million
and you yourself have to be able to fulfill those orders.
Now, obviously you could bring on other employees,
you can bring on a team
in order to fulfill all of those orders.
However, that just really complicates things.
In 2024, it is easier than ever
to make a million dollars in online business
doing it all by yourself with no other employees.
And trust me when I say there are business models out there
where you can fulfill all of those orders all by yourself,
and frankly, you can do it all automated
so it's passively done in the background.
I'll touch on that in a second.
But first, you have to understand that concept of
you have to be able to scale it
and not have a ton of work
for every single order that comes in.
That key takeaway alone is extremely important.
However, the second key takeaway comes
from my personal experience and Alex Hormozi,
what this one is, is that on any given day,
you only have 100% of energy.
You cannot divide that into multiple different businesses
that you are all trying to start every single day.
For example, if you're trying
to start five different businesses all at the same time,
then you're only going to be able to give 20% of energy
to each of those businesses.
Trust me when I say,
no business is going to make you a million dollars in profit
from only 20% of your energy
when you're just starting that business.
So just know that whatever business model
you ultimately go into, put all of your energy
into that business because that's what's going
to make it explode very quickly and make you a millionaire.
So with that being said, my recommendation
for the business model in 2024
to make you a millionaire this year is
affiliate marketing with videos.
Now, although I would love to dive into this business model
and break it all down for you in this video,
I'm trying to keep this video really concise
and just keep it moving along.
So I'll put a link to another video
or I'll put a link to my course.
I'll put a link to more information on this
down in the description so you can learn everything
you want after this video.
Okay, moving right along to the third core concept
that you absolutely have to understand
to become a millionaire,
and that is basically the stages
that anyone and everyone is going to go through
when you're starting a new business.
Now, if you understand these stages ahead of time,
you can recognize them as you are going through
starting that business and it'll make your life
a lot easier.
You won't be stressing as much
because you know what stage is next.
So the first stage is called uninformed optimism.
It's basically the stage of discovering
all of these opportunities out there
without knowing anything else about the business,
and it looks like a really good way to make money quickly.
Now, the second stage that comes after the first is called
informed pessimism.
This is basically you started to do your research,
you started to watch tutorials on how to do this business,
and you found out that it's actually
a lot harder than you thought.
Now this is the first stage where people start to quit.
They just say, "Wow, this is a lot harder than I thought,"
and they go back to the drawing board
and they try to find another opportunity.
However, some people go on to make it to the third stage.
The third stage is referred to as the valley of despair.
This is basically figuring out, wow, this is extremely hard.
There is so much more to this
and I don't think I'm capable for it.
I don't have the skills for it,
so I'm just going to quit here.
So between the second stage
and the third stage, this is where the vast majority
of people quit on the business idea.
Now, for the people who didn't quit at the third stage,
it brings you into the fourth stage,
which is informed optimism.
Now in this stage, it's basically you are learning
from the right people, you are learning the right tutorials,
you are starting to piece this business together
and figuring out that you might actually be able to do it.
If you can learn from the right mentor,
the right person teaching you,
the right person instructing you,
you are going to get through those first three stages
and you are going to make it to the informed optimism
because you're going to have the right,
honest person teaching you how to do it.
Now, if you get to this point
and you push onto the fifth stage,
that brings you into achievement or success.
This is basically where you had the right tutorials,
you kept putting in hard work on them,
and now you've succeeded in that business.
But the only way to get there is by going
through those first couple steps,
which are really hard and where most people quit.
All right, this brings us into the fourth core concept,
which comes both from the "Millionaire Fastlane" book
and from Alex Hormozi,
and this is basically to find a hungry crowd.
Now, all of these chapters are important,
but this may be one of the most important concepts
if you wanna become a millionaire in the year of 2024.
So you wanna do this really quickly.
What this concept is is finding a market
that you can sell something to that is really looking
for a product to purchase.
You can't just come up with a good idea
and say, "Once I build it, people will come,"
because you don't know what that market is
and you don't know if people are really craving
and they don't just want, but they need that product.
Now, to give you a really good example of this
to make sense, Alex Hormozi uses a really good metaphor
and he says basically, "If you have a hot dog cart
and you are selling them, the number one thing
that you could ask for for that business
to do extremely well is to put that hot dog stand
in a place where there is a really hungry crowd
coming out and they need food.
They don't care what it is, they just need
to eat food right now."
It doesn't matter how much the hot dogs cost,
it doesn't matter anything else,
people are going to flood to you
and you're going to sell out every single day.
So that is the same concept that you need
to be thinking about when you're looking for your niche,
where you're looking for your market
of what kind of business idea you wanna go into.
When you are thinking about your market,
think about three things.
Does that market have a problem?
Do they have something that is painful for them
that they really need a solution to?
Secondly, does that market have purchasing power?
If they have the pain and you have the solution for it,
are they able to even buy it?
And then the third way that's going to help you a lot is
figuring out is that market easy to target?
So quickly, the business model that I was telling you
about before, the affiliate marketing with video
solves all three of these, and it does it extremely well.
That's why it can make you a million dollars
during this year of 2024.
Now, that brings us right into the fifth core concept.
This comes from both the book and from Alex Hormozi as well.
This is one avatar, one product, one channel.
Now, to simply get through this,
when you are starting your business
and you are creating any content for your business,
always think about one avatar, which is basically
who is your ideal customer?
Think of who that would be in your mind.
And then when you create any content for your business,
imagine that you are always creating that content
for that specific person.
By doing this, it puts your mindset in the way of talking
to that specific person, which in actuality represents
an entire market of people with that specific problem.
This is a mindset shift
that helps you a lot when you are creating
any kind of content for your business.
Now the second part of this is one product.
So when you're creating your business,
promote one product as the solution.
As we said before, imagine that you were talking
to a specific person that has a specific problem
and you are offering a specific solution.
Now, by offering them one solution and not four
or five different solutions,
you are taking all of the opportunity
to overthink things off the table
and you're creating a very easy path to go down
that's going to get them the solution that they need.
And then lastly is one channel.
So when you're creating any kind of content
for your business, just pick one channel
to create content on.
Again, going back to affiliate marketing with videos,
I recommend doing this just on YouTube.
If you create videos and you upload them to YouTube,
then you don't need to worry about uploading videos
to Instagram or uploading videos
to any other social media platform.
This goes back to the same concept we talked about
in the beginning of you only have 100% energy,
so focus all of that energy onto that one channel,
and that way you're going to absolutely crush it
on that channel and you're not going to just make
a little bit of an impact on all the different channels
and no one's really going to notice you.
Okay, that brings us into the sixth core concept
to understand, and that is having an offer
that is going to allow you to make a million dollars.
Now, when a lot of people go into making money,
they're thinking about what is the product?
What is the profit margins on that?
How much money are they going to make?
But ultimately, you have to think in reverse.
Think from the customer's perspective, what is the offer?
Is the offer better than the other offers
that are out there?
And I'm not talking about the product.
I'm talking about how much perceived value
the customer's actually going to get.
Now, the recipe for a really outstanding offer
breaks down into four things.
You first have the outcome,
so what is the person trying to solve?
Now, this is going to be essentially
the solution to their pain.
If you can absolutely solve their pain,
there's no questions about it,
then you've nailed this first one.
Now you take that outcome
and you multiply it by the likelihood of achievement.
So is it guaranteed that it's going to solve their problem
or is there just a good chance
that it's going to solve their problem?
The closer you can get to guaranteed
that it's going to solve their problem,
the better for your offer.
Now, the two of those are extremely important,
but there are two other things
that you have to consider as well.
First is the amount of time that it is going
to take the person in order to see these results.
And then the second thing is,
how much are they going to have to sacrifice?
Now, the easiest example to explain this one is,
if you want to lose weight, are you going to have
to sacrifice drinking Starbucks coffee?
Are you going to have to sacrifice eating ice cream,
drinking alcohol, or is it just going
to be continue your lifestyle as usual,
but using our product is going to make you lose weight?
So you factor in all of these things
and that's what ultimately makes your offer.
Now, there is a shortcut to this.
Coming up with your own offer
for your own business is actually really hard to do.
That's the formula, but you have to come up with something
that is better than everyone else's,
and that's not very easy to do.
So going back to the business model
that I talked about before,
doing affiliate marketing with videos,
the easiest way to do this is to pick out
which one of the products that you want to promote
that already has the best offer.
People are already buying in the market,
and then just be an affiliate for them.
Remember, the easiest thing to sell is
someone else's product.
That way you are not starting from scratch.
You already have a proven product
that you can become an affiliate for,
and you can help sell as well.
Just like that, we are onto the seventh concept here,
and this one is reputation and goodwill.
Another extremely important topic,
and basically what this is,
is when you are starting your business,
as you start to scale up,
your reputation is extremely important.
So when you are creating any kind of content
for your business, do not lie.
If you lie once, people are never going
to trust your content again.
The second part to the reputation is never risk
your reputation for short term money.
Remember, you only have one reputation
and it can take years to build it
and only seconds to ruin it.
The other key takeaway in this concept is
actually really cool, it's called goodwill.
If you can create free content for your business
that once your market is consuming that content,
they feel like they would have paid for that content.
Like I would've paid $10 to watch
that YouTube video 'cause it helped me so much.
That is when you were creating this gap of goodwill.
You didn't charge them anything to watch that video,
but they feel like they got $10 worth of value.
If you can create that kind of gap in your content,
your business is going to do so well
because that is the kind of content that people are going
to share, they're going to tell someone else about.
That is the type of mindset that you wanna go into creating
any kind of content for your business with,
because ultimately that's going to lead
to creating the best kind of content.
So just like that, we are on the eighth core concept.
This is the last one in this video.
And what this one is, is about thinking long-term.
Now, not how you might think.
So the only takeaways in this core concept is
that the goal at the end of the day,
once you've become a millionaire,
is not to retire and do nothing.
Trust me when I say you are going to get bored very quickly,
you're going to feel like
you are not providing value to society.
After you've just made a million dollars,
no matter what business model you are in,
you delivered a lot of value to people,
and that comes with a huge sense of fulfillment.
If you just cut that off cold turkey,
you are going to feel like you are missing
something in your life.
So rather than having your goal set to retire
after you've made a million dollars
and do nothing after that, set your goal to have freedom.
Now, what I mean by this is freedom to work on
what you wanna work on, when you wanna work on it,
and where you wanna work on it,
and also the freedom to do what you want,
where you want, and when you wanna do it.
This is the ultimate goal because you will find that purpose
and happiness comes from working on something
that you find worthwhile and something that you enjoy doing.
Now, if you set your mindset and your goals properly
this way, then you'll find out
that after you've made that first million dollars,
you still enjoy the business and you still wanna work on it.
That's how you continue to make the second million,
the third million and things start to scale from there.
To make things easier for you, I will put links
to everything I talked about down in the description below.
So if you wanna dive even deeper into this
and go down this rabbit hole
and actually make yourself a millionaire in 2024,
all of those links will be down in the description.
So guys, as always, if you have any additional questions
or anything you are super curious about,
let me know down in the comments
and I would be happy to help you out.