Codie Sanchez, a former finance investor, shares valuable insights on achieving financial freedom and success in a recent podcast. She underscores the necessity of education, diligence, and mentorship, particularly for those who feel marginalized and aspire to take charge of their lives through ownership. Sanchez's guidance is aimed at individuals ready to work hard, as it may not resonate with those unwilling to exert effort or those already possessing substantial wealth.
Sanchez also addresses the prevailing distrust in institutions and media, noting the influential role of social media influencers. She stresses the importance of authenticity and transparency in today's society, advocating for the use of money as a tool for freedom and empowerment. Her advice is practical and applicable to anyone, except those expecting success without effort. Reflecting on her personal journey, Sanchez offers counsel to young adults, advising them to prioritize learning over immediate financial gain.
Sanchez highlights the significance of hard work and learning during one's youth when physical and mental stamina are at their peak. Being in the company of successful and wealthy individuals can be beneficial, as their ideas and mindset tend to be infectious. Sanchez shares an anecdote about realizing the influence that comes with wealth and encourages listeners to adopt a positive attitude towards money to attract it. She draws an analogy between negative perceptions of money and a woman seeking a partner while claiming all men are bad, suggesting that to attract wealth, one must believe they deserve it and act accordingly. The impact of body language on one's relationship with money is also discussed, with Sanchez recommending expansive gestures to signal abundance.
Sanchez then shifts to the lack of opportunities for women to engage in business and financial discussions. Sanchez urges women to educate themselves about finances and earn their own money, noting the historical male dominance in the finance industry but acknowledging the increasing number of women entering the field. For young people eager to learn from successful individuals, she suggests starting within one's community before approaching more prominent figures, offering value, and demonstrating gratitude without expectations.
Networking and relationship-building are crucial in the business world, as illustrated by Sanchez's experience of befriending a successful individual she initially sought advice from. She advises young professionals not to linger in jobs where they aren't learning or advancing, and recommends working for entrepreneurs before launching their own ventures. During interviews, showing knowledge and asking questions are key, while red flags include speaking ill of past employers or exhibiting a victim mentality.
When it comes to hiring employees, honesty and transparency are paramount. Top performers should consider asking for company ownership. Sanchez cautions against investing in startups until one becomes a millionaire, instead suggesting investment in profitable businesses or earning equity within one's company. She mentions Percent as a platform for investing in cash-flowing businesses and notes that only marquee members of her media company's team are eligible for equity based on long-term potential and commitment.
Sanchez advocates for investing in businesses and becoming a partner, highlighting the benefits of owning a backup plan like real estate or service-based businesses. She recommends three types of businesses for investment: senior care centers, service-based businesses, and semi-autonomous businesses such as laundromats or car washes. She provides an example of starting a window cleaning business with minimal capital, targeting those aiming to become millionaires within a decade.
For those interested in buying or starting a business, Sanchez suggests creating a Venn diagram of skills, network, and interests to identify opportunities. She outlines three ways to buy a business: using cash, expertise, or sweat equity. Seller financing, a method where the seller allows a buyer to pay with future profits, is explained as a common approach for small business acquisitions.
The concept of bending reality to achieve success is explored, citing Steve Jobs' reality distortion field and Elon Musk's drive for efficiency. Sanchez emphasizes the importance of speed in business, sharing her company's "24-hour rule" which promotes quick decision-making and action. High performers are characterized by their impatience for wasted time and avoidance of trivial office interactions.
Sanchez further discusses the significance of hiring high performers who are obsessed with their work, contrasting them with low-level performers who lack urgency. Sanchez recommends starting with gateway drug businesses to learn and become addicted to the game of business before moving on to more complex ventures.
Sanchez touches on the current trend of baby boomers retiring, presenting an opportunity to buy their businesses. She stresses the importance of research and due diligence before making a purchase and advises taking time to understand the process of buying a business.
Finding small businesses for sale online can be challenging, but Sanchez suggests websites like bizbuysell.com and bizscout.com, and shares details about her own website, BizScout, which is under development. She explains plans to monetize the site through screening buyers and offering seller financing options, and also proposes alternative methods like door knocking and leveraging personal connections to find businesses.
The discussion includes the role of social media leverage in increasing business profits and the necessity of having a good product and customer referrals for effective marketing and sales. Sanchez cites Scrub Daddy as an example of success through word-of-mouth referrals and introduces the "7 Friends in 10 Days" concept to gauge customer retention.
Building a strong team and focusing on product quality are essential for long-term business success. Companies like LinkedIn and Tesla serve as examples of prioritizing retention, referrals, reviews, and repeat customers. Sanchez acknowledges the paradox of needing both speed and a solid foundation, recognizing the challenge this poses for young entrepreneurs.
The importance of urgency and taking shots on goal is highlighted, along with the significance of hiring exceptional people for building a successful company. Sanchez reflects on leveraging connections made in earlier decades to achieve success later in life, emphasizing consistency and time in reaching goals.
Sanchez contrasts two 20-year-olds, Steven and X, with Steven attributing his success to grit, time, consistency, and solving bigger problems. He applied his narrow social media skill set across different markets for higher returns. Sanchez encourages listeners to seek new opportunities and connect dots for outsized growth.
Sanchez offers a method for identifying one's unique skill set that can lead to financial success, involving brainstorming with a smart friend and considering industry size and profitability. She invites listeners to share their findings on social media.
Writers can make money by specializing in niche industries or through deal structuring, which can significantly boost income. Sanchez shares experiences of earning large sums through equity and underscores the importance of learning how to do deals, referencing businessmen like Donald Trump and Elon Musk.
Sanchez, who has an upcoming book titled "Main Street Millionaire," advises young entrepreneurs to start by reading her book and joining her community at contrarianthinking.com. She shares her views on prejudice, encouraging individuals to see their differences as strengths and to avoid adopting a victim mentality for business success.
Finally, Sanchez and Steven Bartlett discuss the changing world and the growing importance of being honest and true to oneself. They caution against pretending to be someone else, using Ellen as an example. Sanchez expresses her ambition to write a powerful book that imparts truths through fiction, and Bartlett commends Sanchez for being a beacon of wisdom and inspiration in a world that needs it.
