Money Expert: These 5 Money Habits Are Keeping You POOR! | Codie Sanchez
Feb 5, 2024
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Codie Sanchez, a money expert, discusses various topics including the value of college degrees, the benefits of working at a prestigious company, and the best businesses to enter in 2024. They also talk about the under-appreciation of blue collar work, the impact of social media on men and women, and their thoughts on gender roles. Additionally, they share insights on their business portfolio and investments, as well as the qualities of hiring successful individuals.
The potential to make your first million lies in learning and skill-building in a nine-to-five job by leveraging others' experiences.
Understanding the language of money is crucial for financial success, including concepts like ROI and other finance terminology.
Continuously learning and optimizing for both learning and earning is essential for personal growth and entrepreneurial success.
Surrounding yourself with high performers and positive influencers increases productivity, while being around low performers can decrease it.
The best business to buy aligns with your unique skills and strengths, allowing you to bring the most value and find fulfillment.
Success often comes from being part of a supportive network, breaking into influential circles, and utilizing connections and unfair advantages to reach goals.
Deep dives
Leaving the Nine-to-Five: Finding Freedom in Entrepreneurship
One of the main ideas discussed in the podcast is the potential to make your first million in a nine-to-five job, emphasizing the importance of learning and skill-building in a corporate setting. The speaker suggests that by stealing other people's ideas and learning from their experiences, individuals can progress in their careers and negotiate higher salaries based on their value to a company. The speaker also highlights the significance of owning a business or having ownership in one, as it offers a sense of freedom and control over one's future.
The Language of Money and Financial Success
Another key point from the podcast is the importance of learning the language of money in order to succeed in finance and business. This language includes understanding concepts such as return on investment (ROI), basis points, and other financial terms. The speaker emphasizes that learning this language is crucial for making informed financial decisions and effectively communicating with others in the industry. They also discuss how money and wealth have been gatekept and surrounded by exclusivity, making it important for individuals to understand and navigate the financial language for financial success.
Transitioning from Corporate Jobs to Entrepreneurship
The podcast episode also explores the speaker's personal journey from working in corporate jobs, such as at Goldman Sachs and State Street, to becoming an entrepreneur. The speaker highlights the importance of continuously learning and optimizing for both learning and earning in a career. They discuss the decision to leave each job and how they sought out new opportunities that aligned with their desire for learning and personal growth. The speaker also shares insights on buying their first business and the satisfaction of seeing the direct correlation between their efforts and financial results.
Importance of Surrounding Yourself with High Performers
Surrounding yourself with high performers has a positive impact on your own performance, increasing productivity by about 15%. Conversely, being around low performers can decrease your productivity by about 30%. The energy and habits of the people we surround ourselves with are contagious, affecting our own mindset and performance. It is crucial to seek out A players and surround ourselves with optimists who are driven and motivated to achieve success.
Finding Your Unfair Advantage
The best business to buy is one that aligns with your unique skills and strengths. Every business has different segments, such as marketing, operations, product, sales, and finance. By identifying the segment that you excel in, you can find a business where you can bring the most value. Each individual has their own code, a set of values and priorities, and finding a business that aligns with that code will increase your chances of success and fulfillment.
The Power of Connections and Behind the Curtain
Achieving success and reaching the top is not just about individual efforts. It often involves being part of a network of interconnected individuals who work together and support each other. Breaking into circles of influence and connecting with individuals who are behind the curtain can provide valuable opportunities and accelerate progress. It is important to recognize that successful people are not superhuman, but rather ordinary individuals who have leveraged their connections and utilized their unfair advantages to achieve their goals.
The Importance of Curiosity in Achieving Success
Curiosity is a key driver for long-term cash flow and success. Being curious leads to continuous learning, increased earnings, and the ability to find answers and solutions. Many people view successful individuals with envy and resentment because they see their own non-achievements reflected back at them. It is important to overcome this negative mindset and understand that success is achievable for everyone by cultivating curiosity and actively seeking growth.
The Path to Financial Independence
The guest shares their personal journey to financial independence, highlighting that their path was not through a brilliant business idea or high-risk investments. Instead, they emphasize the importance of continuous learning, increasing earnings, and compounding investments. They advise young individuals to focus on learning as much as possible, increasing their earning potential, continuously investing their earnings, and compounding their wealth over time.
Navigating Gender Dynamics and Career Success
The podcast episode discusses the challenges that women face in achieving success and financial independence. The guest argues against the concept of diversity, equity, and inclusion (DEI), seeing it as potentially counterproductive and creating a victim mindset. Instead, they encourage women to focus on their own capabilities and not limit themselves based on gender. They also touch on the importance of being part of a powerful majority and the need to challenge traditional gender roles and expectations. They acknowledge that there is still work to be done in achieving equality and changing societal perceptions.
The Hierarchy of Freedom
The podcast episode explores the concept of the modern freedom hierarchy. According to the host, the hierarchy starts with physical freedom, followed by financial freedom, and culminates in philosophical freedom. The host argues that in order to achieve philosophical freedom and think critically, individuals must first attain physical and financial freedom. They believe that once people are no longer in a fight-or-flight mode due to financial stress, they can focus on higher level thinking and contribute to a better society.
The Pursuit of Enough and the American Dream
The podcast also discusses the concept of the American Dream and challenges the belief that it is dead. The host shares statistics indicating that almost half of all millionaires in the world reside in the United States, suggesting that the American Dream is alive and well. They delve into the cost associated with achieving the American Dream and question the underlying assumptions of these calculations. The host believes that with reasonable adjustments and choices, the American Dream is more attainable than people realize. They emphasize the importance of individual choices and decisions in pursuing happiness and fulfillment.
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