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.
