Alex Hormozi: 10 Ways to Make $1 Million if You're BROKE

Last updated: Jun 18, 2023

The video discusses 10 ways to make a million dollars with little or no money down, including selling something for a million dollars, borrowing money to buy an asset, refinancing something for more than you bought it, and selling units of something.

This video by Alex Hormozi was published on Oct 23, 2022.
Video length: 07:27.

In this video, Alex Hormozi debunks the myth that you need money to make money and shares 10 ways to make a million dollars with little or zero money down.

These include selling something for a million dollars, borrowing a million dollars and having someone else pay it back, refinancing something for more than you bought it, getting a contract for something for less than it's worth and then selling that contract, selling something that's really expensive and getting a commission, finding somebody who has an audience and buying whatever they're about to launch early and then selling it later, and selling units of stuff.

Hormozi also emphasizes the importance of acquiring the skills necessary to sell someone else five to ten million dollars of value.

  • Money is not necessary to make money
  • 10 ways to make a million dollars with little or no money down
  • Sell something for a million dollars by offering to increase conversion for e-commerce store or selling someone else's value
  • Borrow money to buy an asset and have tenants pay it off or refinance something for more than you bought it
  • Sell a contract or option by getting a contract for something for less than it's worth and selling the contract or option

10 Ways to Make $1 Million if You're BROKE - YouTube

Alex Hormozi: 10 Ways to Make $1 Million if You

Introduction

  • Myth that you need money to make money
  • 10 ways to make a million dollars with little or no money down
  • Can apply to any amount of money
Alex Hormozi: 10 Ways to Make $1 Million if You

Sell Something for a Million Dollars

  • Offer to increase conversion for e-commerce store in exchange for 1% of extra revenue
  • Sell someone else 5-10 million dollars of value
  • Learn the skill of selling value
Alex Hormozi: 10 Ways to Make $1 Million if You

Borrow Money to Buy an Asset

  • Borrow money to buy an asset and have tenants pay it off
  • Real estate example: buy 14 unit apartment building with someone else's money, sell it for $500,000 more
  • Get into commercial real estate for even more profit
Alex Hormozi: 10 Ways to Make $1 Million if You

10 Ways to Make $1 Million if You're BROKE - YouTube

Refinance Something for More Than You Bought It

  • Find a building owner willing to sell for significantly less than it's worth
  • Bank will loan the difference
  • Example: buy $100,000 house for $80,000, seller finances $10,000 over 5 years, bank finances 80%
Alex Hormozi: 10 Ways to Make $1 Million if You

Sell a Contract or Option

  • Get a contract for something for less than it's worth, sell the contract or option
  • Option is a contract to buy something at a future date at an agreed upon price
  • Example: get option to buy $1 million house for $900,000, sell option to real estate investor for $900,000, pay $800,000 to seller, make $100,000 profit
Alex Hormozi: 10 Ways to Make $1 Million if You

Ways to Make a Million Dollars with Little or No Money Down

  • You can sell units of something, such as a membership, and stack up the sales over time to reach a million dollars.
  • You can get people to give you their businesses for no money down by offering to pay them the income they would have made for the next few years.
  • You can find products you really like and become an affiliate of those products, promoting them to your audience and earning a commission.
  • You can engage in arbitrage, which means selling the same thing between two different markets because they are priced differently, and making a profit from the difference.
  • People who make money focus on providing the most value to someone, rather than constraining themselves by time or hourly rates.
  • You can borrow money to buy an asset, such as a property, and then refinance it for more than you bought it for, making a profit from the difference.

Watch the video on YouTube:
10 Ways to Make $1 Million if You're BROKE - YouTube

Related summaries of videos: