TMHS 848: The Shocking Link Between MONEY and HEALTH - With Codie Sanchez
Dec 2, 2024
auto_awesome
Codie Sanchez, founder and CEO of Contrarian Thinking, dives into the vital link between money and health. She reveals how financial stress affects well-being and offers insights from her book, "Main Street Millionaire." Codie advocates for an owner mindset, encouraging listeners to rethink money as a tool for empowerment rather than a source of evil. She discusses actionable steps to create income streams through business ownership and highlights the potential for wealth creation in today's economy. Tune in for financial wisdom that can transform your life!
Financial instability is the leading source of stress in contemporary life, significantly affecting overall well-being and relationships.
Achieving financial freedom often comes from owning businesses, as many millionaires derive wealth from ownership rather than savings.
Transforming one's mindset towards viewing money as a tool for creation can help break the cycle of financial constraints and negativity.
Deep dives
The Impact of Stress on Health
Stress significantly affects both physical and mental health, contributing to a multitude of physician visits for stress-related illnesses. A study published in the Journal of the American Medical Association revealed that around 80% of such visits are linked to stress. While stress can be damaging, it's also important to understand that the human body has the resilience to adapt. The current lifestyle, however, often prevents individuals from learning necessary coping mechanisms to manage modern stressors effectively.
Financial Worries as the Top Stressor
Financial concerns have been identified as the leading source of stress in contemporary life, according to recent studies. This financial burden impacts not just individual well-being but also relationships and overall societal functioning. Despite acknowledging this issue, there seems to be a lack of proactive measures taken to improve financial literacy and well-being. Examining the underlying programming that promotes financial constraints reveals a societal tendency to overlook essential financial education.
The Importance of Financial Education
A significant gap exists in financial education, as traditional schooling primarily focuses on budgeting and debt without teaching negotiation or wealth-building strategies. This has created a pervasive mindset equating money with negativity and scarcity. Many individuals, especially those from immigrant families, find themselves constrained by limited financial perspectives, emphasizing saving over strategic investments. To break free from this cycle, a shift in mindset towards viewing money as a tool for creation rather than a source of stress is crucial.
Ownership and Wealth Creation
Achieving true financial freedom often stems from ownership and equity in businesses rather than savings alone. Statistics show that a significant percentage of millionaires derive their wealth from owning businesses rather than through traditional savings methods. It’s critical for individuals to recognize that while steady employment provides a foundation for income, actively investing in equity opportunities can lead to substantial wealth growth. Embracing an ownership mentality and seeking opportunities to invest in businesses can pave the way for long-term financial independence.
The Shift Towards Local Business Ownership
In today’s economy, there is a pressing need to focus on local business ownership as a pathway to generational wealth. Small businesses across various sectors, such as laundromats and service-based industries, represent sustainable investment opportunities due to their consistent demand. As large corporations increase their stake in local economies, there's a growing call for individuals to reclaim ownership of their communities and support local entrepreneurship. This approach not only fosters economic resilience but also strengthens community bonds.
Strategies for Getting Started in Business Ownership
To facilitate the transition into business ownership, it's essential to prioritize research, education, and strategic planning. The acronym RICH—Research, Invest, Command, Harness—serves as a guide for prospective business owners. Invest in personal education first to understand the intricacies of buying and operating a business. From utilizing creative financing solutions to leveraging expertise and connections, prospective owners can find paths to acquire businesses and build wealth, transforming their financial futures.
Did you know that finances are the number one stressor in our world today? Financial instability can have a massive impact on your stress level, sleep quality, and overall well-being. On this episode of The Model Health Show, you’re going to learn about what it takes to create financial freedom. Today’s guest, Codie Sanchez is the founder and CEO of Contrarian Thinking. In her new book, Main Street Millionaire, Codie outlines how establishing ownership in businesses can provide streams of income and generational wealth. In this interview, Codie is sharing her expertise on acquiring businesses. You’re going to learn how to change the way you think about money and what it means to take on an owner mindset. You’ll also hear specific action steps you can use to change your financial situation and begin creating income streams. I hope you enjoy this interview with Codie Sanchez!
In this episode you’ll discover:
What percentage of physician visits are related to stress.
The problem with the way our society views money.
Why money is not the root of all evil.
The truth about saving money.
What percentage of millionaires own businesses.
The financial power of having ownership stakes in businesses.
Two things you need to do if you want to make a lot of money.
What it means to have an owner mindset.
Why this particular moment in history has the potential for massive wealth creation.
What types of businesses are the most profitable to buy.
The truth about corporate entities buying businesses.
Why asking questions is a powerful way to change your life.
Codie’s morning routine and the daily non-negotiable she set for her family.
Four steps to buying a business.
The power of creating income streams.
An important distinction between survival risk and ego risk.
