Why You Can't Spell Rich Without Risk - The Millionaire Path Revealed | Codie Sanchez
Apr 18, 2025
07:10
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insights INSIGHT
Self-Made Millionaires Stats
Most millionaires are self-made, with 79% creating their own wealth. 60% of millionaires own a business, highlighting ownership as a key to wealth.
question_answer ANECDOTE
Exhaustion in High Finance
Codie Sanchez shares a harrowing work experience from her finance career where a colleague passed out from exhaustion after an 80-hour workweek. This illustrates the extreme demands of high-earning corporate jobs.
volunteer_activism ADVICE
Ways to Gain Business Equity
To gain equity in a business without starting one, ask to buy in with a small investment or become indispensable to earn partial ownership. These are practical ways to acquire business ownership gradually.
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"If you really want richness in your life, like, if you want to be very, very rich, you are not gonna get there if you take no risk. Unfortunately, I've never seen it done that way." - Codie Sanchez
Codie Sanchez shatters common misconceptions about wealth creation with hard-hitting statistics: 79% of millionaires are self-made and 60% own businesses. Drawing from her intense finance career where 80-hour workweeks were standard, Codie reveals the stark reality behind financial success—one where her colleague literally collapsed from exhaustion on a New York street. This isn't just theoretical advice; it's battle-tested wisdom from someone who's experienced both the crushing demands of corporate finance and the calculated risks of business ownership.
The path to financial independence isn't through passive shortcuts, but through strategic risk-taking and developing invaluable skills. Codie unpacks two powerful yet rarely discussed approaches to gaining equity in businesses without starting from scratch: buying in with modest investments to gain partial ownership or becoming so indispensable that companies can't operate without you. For those uncomfortable with risk, Codie offers a sobering reality check—business ownership might not be your path, especially when you're facing that Friday night call about running out of cash.
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