#51 Paying the ignorance debt

In his recent video, YouTuber Ali Abdaal shared his learnings from generating $1 million in a month for his business. One of the core ideas that helped his grow was addressing his ignorance debt.

Ignorance debt is what Alex Hormozi defines as 'the price we pay for not knowing what we should know by now'. When you are learning something new, you have a lot of ignorance debt because there are lot of things you don't know. The great thing is that everything we need to know is already in someone's head. But how do we get that knowledge out and learn from it?

The first step is recognizing who are the experts in the area you are interested in. Make a list of 50-100 people who are the best the field. You can learn from them by reading their books, taking their course, listening to their podcasts, or speaking with them 1:1.

One area where Ali lacked knowledge was sales and marketing. Before launching the latest cohort of his course, he read books like $100M offer, DotCom Secrets, and Copywriting Secrets. He then crafted a landing page for his course using the frameworks he learned from the books. As a result, he was able convert a lot higher percentage of his visitors to customers and generate more than $1M of revenue in a month.

When you are learning something new, start paying off your ignorance debt by learning from experts and taking action.

Here is the full video if you want to watch it 👇