Welcome to your deep dive.
We're digging into Cody Sanchez
and her bold ideas on wealth building.
Yeah, she definitely has some strong opinions.
You guys asked for the inside scoop
and well, she really gives it to you.
She doesn't hold back at all.
And we're here to unpack it all.
Help you pull out those nuggets of gold.
Love that, nuggets of gold.
Speaking of gold, Cody believes that you know your 20s,
therefore learning, not earning.
Makes you rethink those early job offers.
Totally.
It's not about chasing the big bucks right away.
But more about like investing in yourself.
Exactly.
She even compares those early jobs,
you know, the ones you kind of got to take,
to having a nail in your foot.
Ouch.
Painful but temporary.
So it's not about settling.
It's more like strategic positioning.
Yeah, thinking long term.
OK, so speaking of positioning, Cody
talks about this idea of economic interconnectedness.
Basically being around successful people
can like totally change your trajectory.
And she's got the research to back it up.
Yeah, studies show that kids from similar backgrounds,
economically, I mean, they can actually
end up significantly wealthier.
Just from being around wealthy people.
Pretty much.
Like just by being exposed to those different mindsets
and opportunities.
OK, so that's great.
But how do we actually get into those circles?
Most of us don't exactly have like a Rolodex full of millionaires.
Right.
That's where Cody's concentric circles strategy comes in.
I like that, concentric circles.
So instead of trying to like go straight to Bill Gates
or something, you start with the most successful person
you already know.
To start local, work your way up.
Exactly, like maybe it's a family friend who
owns a business or even someone you admire online.
Reach out, provide value, build that relationship.
And speaking of providing value, Cody's
a big believer in the 10X rule.
You can't just walk up to someone
and expect them to make you rich.
Definitely not.
The 10X rule is all about giving before you get.
I've heard her talk about this.
Doesn't she have like a personal story about it?
Yeah, she actually spent two years consistently providing value
to a mentor before asking for anything in return.
Wow, two years.
That's dedication.
It paid off big time, though.
I bet.
OK, so we've talked a lot about building a career.
But what about actual investments?
I know Cody has some pretty strong opinions
about startup investing.
She actually advises against it, at least
until you're already wealthy.
Really?
Yeah, startups are incredibly risky.
Too.
For every unicorn, there are hundreds that just, you know,
fail.
Crash and burn.
So instead of betting on those long shots,
she recommends focusing on more stable investments early on.
Things that generate cash flow.
Exactly.
Build that solid foundation first.
She actually suggests looking into platforms like Percent,
right, where you can invest in bonds
for profitable small businesses.
That's one option.
Interesting.
But she's not totally against entrepreneurship, is she?
Not at all.
She just encourages a strategic approach.
Which is?
Work for entrepreneurs first.
Learn the ropes?
Yep.
Get that experience.
Understand how things work.
Then consider taking the plunge.
Makes sense.
Get that real world experience before risking your own capital.
Right.
And even when it comes to buying a business,
Cody says you don't always need a ton of cash up front.
She actually outlines three ways to buy a business.
OK.
I'm listening.
Cash, obviously, if you have it.
But also expertise.
Interesting.
And what she calls sweat equity.
Sweat equity.
I like the sound of that.
She actually tells the story about a young man who
acquired a graphic design business.
OK.
How do you do that without cash?
Well, he was already working for the company,
and he was a talented designer.
Makes sense.
They worked out a deal where he partnered with the owner
and used seller financing.
Wait.
Seller financing.
Break that down for me.
Basically, the current owner becomes the bank.
They let you pay for the business over time
using the profits it generates.
So you're like using the business's own success
to fund the purchase.
Exactly.
That's brilliant.
And you know what?
It's way more common than you think.
Really?
60% of small businesses are sold through seller financing.
Wow.
That opens up a lot of possibilities.
So let's say you've acquired this business.
What's Cody's biggest piece of advice for actually running it?
Speed.
She has this whole thing about the banister effect.
Banister effect.
Yeah.
She believes we all have this energy,
this reality distortion field like Steve Jobs
that allows us to shape the world around us.
Interesting.
And speed is a key ingredient.
So less thinking, more doing.
Pretty much.
She even has a 24-hour rule.
Tell me more about that.
It's about shortening the time between thinking of something
and actually doing it.
So ready, fire, aim.
Yeah, kind of.
She argues that by acting quickly,
you gain valuable information and make progress faster.
Get out of that analysis paralysis.
It's exactly.
But it's not just about working fast yourself.
It's also about building a strong team.
Oh, absolutely.
And when it comes to hiring, Cody has a very specific phrase.
Give me with it.
Obsessed, not interested.
I love that.
It's not enough for someone to just be good at what they do.
They got to have that fire.
They need to be passionate, driven, obsessed.
And speaking of obsessed, this ties into Cody's advice
about targeting baby boomers as potential sellers.
She's highlighting a huge opportunity here.
Yeah, with so many baby boomers retiring.
They own a ton of businesses.
So it's like a prime time to acquire existing companies
with proven track records.
Exactly.
Smart.
And Cody's even got this fun little challenge
to help us identify potential businesses.
The Venmo challenge.
Oh, yeah.
I've heard of this.
It's brilliant.
Just look at your Venmo or PayPal transactions and ask yourself,
could I partner with or buy a stake in any of these businesses?
Using your spending habits is a treasure map.
Right.
I like it.
OK, so let's say you found a business that seems promising.
What's Cody's advice for evaluating it?
She looks for the 3Rs.
The 3Rs.
Referrals, reviews, and retention.
If people are talking about it, recommending it, coming back for more.
That's how you know you've got a good product or service.
Word of mouth is everything.
Totally.
And she actually uses scrub daddy as an example.
That little smiley face bunch.
Yep.
Their success wasn't driven by some big marketing campaign.
It was all word of mouth.
People just loved it and told their friends.
Exactly.
So it's about building something people actually want and need.
Creating genuine value.
Right.
When you do that, the marketing takes care of itself.
Makes sense.
Now, even with a great product, Cody emphasizes the importance of deal
structuring.
Especially when you're working with others.
She's big on that.
This is where her finance background really comes in handy.
Right.
She always encourages us to think beyond the traditional salary.
Yeah, explore those creative ways to share on the upside.
Like equity, profit sharing, performance-based bonuses.
All that good stuff.
She even suggests offering to take a lower base salary in exchange for a bigger
stake in the company's success.
It's about showing confidence in your ability to contribute.
Thinking like an owner, even if you're not one yet.
Exactly.
And Cody actually goes into a lot more detail on deal structuring in her
upcoming book, Main Street Millionaire.
Definitely going to check that out.
That's a great resource.
Okay, so we've covered a lot of ground here.
We have.
And we're just getting started.
There's so much more to unpack.
We'll be right back to explore even more of Cody's insights on turning those
unique skills and experiences into wealth-building opportunities.
Can't wait.
Stay with us.
We are back and ready for more Cody Sanchez wealth-building extraordinaire.
She's amazing.
Right.
Seriously.
And her whole journey really highlights that a shift in perspective
is powerful stuff.
Totally.
It's about realizing those things that make you different.
Yeah.
They can also make you valuable.
Especially in a world that's like craving authenticity.
Big time.
So it's kind of like turning, I'm not good at this into, but I'm great at that.
Yeah.
Lean into what makes you you.
I love that.
But you know, Cody's also a realist.
Oh yeah.
She kicks it real.
She knows there will be obstacles, maybe even some, you know, prejudice along the
way.
Right.
It's not all sunshine and rainbows.
But she's all about empowerment.
Using those obstacles as fuel.
Exactly.
Don't let them define you.
I want to go back to something Cody said earlier about her 20s being like a time for
intense learning.
Seeking out mentors, soaking up knowledge.
Any advice on like how to actually find those mentors?
Oh, remember Cody's concentric circles approach?
Yes, our local.
It applies here too.
Think about the most successful people you know, even if they're not in your exact field.
Reach out, ask for advice.
Exactly.
And as you gain experience, you can level up those mentor relationships.
So those early connections could actually turn into something bigger down the road.
They definitely can.
And when it comes to what to learn, Cody's really big on deal structuring.
Makes sense with your finance background.
It's about understanding how business works, you know.
Negotiation, equity, all that jazz.
Yeah.
That stuff can be super valuable no matter what you're doing.
It's like equipping yourself with the tools to get what you're worth.
Exactly.
Oh, Cody has that book coming out soon.
Main Street Millionaire.
I think it's going to be packed with good stuff.
Have you gotten a sneak peek?
I have.
It's fantastic.
Awesome.
She breaks down all those complex financial concepts, makes them easy to understand.
I know that.
But beyond books and courses and all that.
Yeah.
Just observing successful people can teach you so much.
Like being a fly on the wall.
Exactly.
Cody actually learned a lot just by being around those wealthy individuals.
Picking up on their habits.
Their mindsets, their approaches.
Cody even mentioned that she learned one of her most valuable lessons about speed and efficiency.
Just from watching her mentor, Bill Perkins.
He had that bias towards action, remember?
Mm-hmm.
Get it done.
Which brings us back to Cody's 24-hour rule.
Oh, yeah.
Got to act fast.
Shorten that time between thinking and doing.
It's like she always says, next week is where good ideas go to die.
It's true.
So many people get stuck in analysis paralysis.
They'd overthink it.
And nothing ever happens.
Cody's all about embracing that experimentation phase.
Making those mistakes and learning from them.
Exactly.
Fail fast, learn faster.
But it's not about being reckless, right?
Of course not.
It's about being decisive, adaptable.
Okay, so we've talked about mentors.
We've talked about speed.
Yeah.
Yes.
Building a strong team.
Oh, that's crucial.
And remember, Cody's hiring philosophy obsessed, not interested.
Such a good one.
She's looking for people who are passionate about the work.
Driven.
You know, they want to excel.
She even likes to surround herself with people who will like challenge her assumptions.
Keep her on her toes.
Right.
So it's not just about individual talent, but building a culture of like collaboration,
shared purpose.
Definitely.
Cody even offers equity to key employees.
Everyone feels like they're really part of it.
Exactly.
It aligns incentives and, you know, it just makes sense.
Smart move.
Okay, let's talk about marketing now.
How to know if you have a good product, right?
Yes.
Cody had some great insights on this.
The three Rs.
Always comes back to the three Rs.
Referrals, reviews, and retention.
If those are strong.
You know you're on the right track.
It's like, if you're having to spend a ton of money to acquire new customers, maybe you need to, like,
look at the product itself.
Fix the root of the problem.
To address the root cause.
Yeah.
And again, this comes back to building something people actually want and need.
Creating real value.
Because when you do that, the marketing takes care of itself.
People become your advocates.
Like scrub daddy.
Exactly.
So powerful.
Okay, so you've got a great product.
You've got a killer team.
What's next?
Deal structuring, especially when working with others.
Always got to be thinking about the deal.
And Cody's all about getting creative, right?
Drinking beyond the traditional salary.
Negotiating equity, profit sharing.
Yeah, finding those win-win scenarios.
And sometimes that means, like, taking a lower-based salary in exchange for a bigger piece of the pie down the road.
Showing that you're confident in your ability to make that pie bigger.
He's thinking long-term, right?
Exactly.
And Cody's book goes into way more detail on all of this.
Got to get my hands on that book.
It's going to be good.
Okay, before we move on, I want to highlight one more piece of advice from Cody that really resonated with me.
Hmm.
Turning prejudice into an advantage.
Ooh, I love that one.
It's so powerful.
It's like, don't let anyone put you in a box.
Use those things that make you different to stand out.
Be memorable.
Yeah.
Offer a unique perspective.
Like, Cody talks about being a woman in a male-dominated industry.
Yeah.
Instead of trying to fit in, she used that to her advantage.
Became known for her boldness, her fresh perspective.
Right.
So it's about reframing those so-called weaknesses as strengths.
Owning your narrative.
And letting it shine.
This actually makes me think about those skills and money charts we talked about.
Oh, yes.
It's all about finding those unique intersections.
Those unexpected combinations that can lead to something amazing.
And don't forget, Cody is actually offering feedback on those charts.
She's encouraging everyone to share them on social media and tag her.
That's so cool.
He really wants to help people, you know.
He's all about empowering others to build wealth.
Yeah.
And this deep dive has been packed with insights.
So much to think about.
But we're not quite done yet.
We have one more segment to wrap things up.
And leave you with some final thoughts to ponder.
Stay tuned.
Yeah.
All right.
We are back.
Final stretch of our deep dive into Cody Sanchez and her wealth-building wisdom.
My head is spinning with ideas.
What about you?
Me too.
She's definitely got a unique approach.
It's not your typical financial advice, that's for sure.
But that's what makes it so refreshing.
It's like she gives you the tools and then says, go build something amazing.
I love that.
She's not about handing out a one-size-fits-all plan.
Exactly.
It's about taking ownership, you know.
Not just of businesses, but of your whole financial journey.
And she really challenges you to think about what makes you you you.
Those unique skills and knowledge that you can turn into something valuable.
Like she's always saying, opportunities come from unexpected combinations.
Right.
Connecting the dots in your own way.
So it's not just about following someone else's path.
It's about creating your own.
And I love that she encourages everyone to like actually look at their skills and money chart and say,
okay, what can I create with this?
Yeah, what are those unique intersections?
Maybe you're a teacher who loves to bake.
Start an online baking school.
Or you're a coder who's obsessed with fitness.
Develop an app that revolutionizes personal training.
The possibilities are endless when you start thinking outside the box.
And don't forget, Cody's offering feedback on those skills and money charts, right?
Oh yeah, she wants people to share them on social media and tag her.
It's a chance to get personalized insights from like the queen of connecting the dots.
I love that she's doing that.
It's so in line with her whole philosophy of empowering others.
It's like she's saying, here's what worked for me.
Now go find what works for you.
So as we wrap up this deep dive, what's one action you could take today?
Even a small step towards building your own path to wealth.
Maybe it's reaching out to a potential mentor.
Brainstorming some business ideas based on those unique skills of yours.
Or finally taking that online course on negotiation.
Or maybe it's just as simple as shifting your mindset.
Start thinking like an owner.
Even if you're not there yet.
Look for those opportunities to learn, to grow.
To provide value.
Embrace those things that make you different.
Cody's journey is proof that you can achieve amazing things.
When you combine passion, strategy, and action.
Could have said it better myself.
Thanks for diving deep with us.
We hope you've walked away with some fresh ideas.
And the confidence to start building your own path to wealth.
Remember, the journey is just as important as the destination.
Enjoy the ride.
We'll see you next time.