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Welcome to your deep dive.

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We're digging into Cody Sanchez

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and her bold ideas on wealth building.

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Yeah, she definitely has some strong opinions.

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You guys asked for the inside scoop

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and well, she really gives it to you.

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She doesn't hold back at all.

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And we're here to unpack it all.

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Help you pull out those nuggets of gold.

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Love that, nuggets of gold.

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Speaking of gold, Cody believes that you know your 20s,

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therefore learning, not earning.

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Makes you rethink those early job offers.

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Totally.

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It's not about chasing the big bucks right away.

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But more about like investing in yourself.

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Exactly.

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She even compares those early jobs,

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you know, the ones you kind of got to take,

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to having a nail in your foot.

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Ouch.

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Painful but temporary.

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So it's not about settling.

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It's more like strategic positioning.

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Yeah, thinking long term.

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OK, so speaking of positioning, Cody

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talks about this idea of economic interconnectedness.

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Basically being around successful people

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can like totally change your trajectory.

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And she's got the research to back it up.

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Yeah, studies show that kids from similar backgrounds,

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economically, I mean, they can actually

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end up significantly wealthier.

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Just from being around wealthy people.

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Pretty much.

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Like just by being exposed to those different mindsets

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and opportunities.

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OK, so that's great.

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But how do we actually get into those circles?

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Most of us don't exactly have like a Rolodex full of millionaires.

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Right.

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That's where Cody's concentric circles strategy comes in.

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I like that, concentric circles.

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So instead of trying to like go straight to Bill Gates

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or something, you start with the most successful person

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you already know.

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To start local, work your way up.

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Exactly, like maybe it's a family friend who

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owns a business or even someone you admire online.

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Reach out, provide value, build that relationship.

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And speaking of providing value, Cody's

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a big believer in the 10X rule.

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You can't just walk up to someone

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and expect them to make you rich.

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Definitely not.

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The 10X rule is all about giving before you get.

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I've heard her talk about this.

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Doesn't she have like a personal story about it?

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Yeah, she actually spent two years consistently providing value

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to a mentor before asking for anything in return.

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Wow, two years.

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That's dedication.

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It paid off big time, though.

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I bet.

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OK, so we've talked a lot about building a career.

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But what about actual investments?

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I know Cody has some pretty strong opinions

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about startup investing.

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She actually advises against it, at least

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until you're already wealthy.

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Really?

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Yeah, startups are incredibly risky.

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Too.

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For every unicorn, there are hundreds that just, you know,

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fail.

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Crash and burn.

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So instead of betting on those long shots,

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she recommends focusing on more stable investments early on.

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Things that generate cash flow.

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Exactly.

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Build that solid foundation first.

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She actually suggests looking into platforms like Percent,

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right, where you can invest in bonds

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for profitable small businesses.

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That's one option.

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Interesting.

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But she's not totally against entrepreneurship, is she?

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Not at all.

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She just encourages a strategic approach.

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Which is?

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Work for entrepreneurs first.

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Learn the ropes?

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Yep.

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Get that experience.

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Understand how things work.

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Then consider taking the plunge.

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Makes sense.

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Get that real world experience before risking your own capital.

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Right.

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And even when it comes to buying a business,

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Cody says you don't always need a ton of cash up front.

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She actually outlines three ways to buy a business.

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OK.

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I'm listening.

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Cash, obviously, if you have it.

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But also expertise.

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Interesting.

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And what she calls sweat equity.

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Sweat equity.

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I like the sound of that.

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She actually tells the story about a young man who

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acquired a graphic design business.

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OK.

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How do you do that without cash?

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Well, he was already working for the company,

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and he was a talented designer.

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Makes sense.

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They worked out a deal where he partnered with the owner

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and used seller financing.

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Wait.

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Seller financing.

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Break that down for me.

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Basically, the current owner becomes the bank.

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They let you pay for the business over time

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using the profits it generates.

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So you're like using the business's own success

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to fund the purchase.

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Exactly.

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That's brilliant.

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And you know what?

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It's way more common than you think.

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Really?

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60% of small businesses are sold through seller financing.

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Wow.

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That opens up a lot of possibilities.

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So let's say you've acquired this business.

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What's Cody's biggest piece of advice for actually running it?

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Speed.

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She has this whole thing about the banister effect.

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Banister effect.

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Yeah.

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She believes we all have this energy,

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this reality distortion field like Steve Jobs

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that allows us to shape the world around us.

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Interesting.

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And speed is a key ingredient.

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So less thinking, more doing.

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Pretty much.

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She even has a 24-hour rule.

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Tell me more about that.

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It's about shortening the time between thinking of something

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and actually doing it.

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So ready, fire, aim.

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Yeah, kind of.

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She argues that by acting quickly,

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you gain valuable information and make progress faster.

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Get out of that analysis paralysis.

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It's exactly.

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But it's not just about working fast yourself.

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It's also about building a strong team.

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Oh, absolutely.

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And when it comes to hiring, Cody has a very specific phrase.

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Give me with it.

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Obsessed, not interested.

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I love that.

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It's not enough for someone to just be good at what they do.

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They got to have that fire.

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They need to be passionate, driven, obsessed.

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And speaking of obsessed, this ties into Cody's advice

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about targeting baby boomers as potential sellers.

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She's highlighting a huge opportunity here.

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Yeah, with so many baby boomers retiring.

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They own a ton of businesses.

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So it's like a prime time to acquire existing companies

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with proven track records.

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Exactly.

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Smart.

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And Cody's even got this fun little challenge

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to help us identify potential businesses.

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The Venmo challenge.

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Oh, yeah.

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I've heard of this.

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It's brilliant.

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Just look at your Venmo or PayPal transactions and ask yourself,

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could I partner with or buy a stake in any of these businesses?

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Using your spending habits is a treasure map.

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Right.

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I like it.

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OK, so let's say you found a business that seems promising.

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What's Cody's advice for evaluating it?

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She looks for the 3Rs.

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The 3Rs.

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Referrals, reviews, and retention.

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If people are talking about it, recommending it, coming back for more.

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That's how you know you've got a good product or service.

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Word of mouth is everything.

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Totally.

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And she actually uses scrub daddy as an example.

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That little smiley face bunch.

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Yep.

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Their success wasn't driven by some big marketing campaign.

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It was all word of mouth.

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People just loved it and told their friends.

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Exactly.

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So it's about building something people actually want and need.

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Creating genuine value.

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Right.

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When you do that, the marketing takes care of itself.

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Makes sense.

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Now, even with a great product, Cody emphasizes the importance of deal

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structuring.

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Especially when you're working with others.

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She's big on that.

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This is where her finance background really comes in handy.

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Right.

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She always encourages us to think beyond the traditional salary.

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Yeah, explore those creative ways to share on the upside.

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Like equity, profit sharing, performance-based bonuses.

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All that good stuff.

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She even suggests offering to take a lower base salary in exchange for a bigger

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stake in the company's success.

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It's about showing confidence in your ability to contribute.

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Thinking like an owner, even if you're not one yet.

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Exactly.

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And Cody actually goes into a lot more detail on deal structuring in her

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upcoming book, Main Street Millionaire.

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Definitely going to check that out.

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That's a great resource.

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Okay, so we've covered a lot of ground here.

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We have.

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And we're just getting started.

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There's so much more to unpack.

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We'll be right back to explore even more of Cody's insights on turning those

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unique skills and experiences into wealth-building opportunities.

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Can't wait.

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Stay with us.

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We are back and ready for more Cody Sanchez wealth-building extraordinaire.

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She's amazing.

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Right.

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Seriously.

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And her whole journey really highlights that a shift in perspective

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is powerful stuff.

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Totally.

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It's about realizing those things that make you different.

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Yeah.

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They can also make you valuable.

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Especially in a world that's like craving authenticity.

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Big time.

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So it's kind of like turning, I'm not good at this into, but I'm great at that.

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Yeah.

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Lean into what makes you you.

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I love that.

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But you know, Cody's also a realist.

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Oh yeah.

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She kicks it real.

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She knows there will be obstacles, maybe even some, you know, prejudice along the

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way.

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Right.

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It's not all sunshine and rainbows.

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But she's all about empowerment.

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Using those obstacles as fuel.

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Exactly.

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Don't let them define you.

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I want to go back to something Cody said earlier about her 20s being like a time for

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intense learning.

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Seeking out mentors, soaking up knowledge.

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Any advice on like how to actually find those mentors?

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Oh, remember Cody's concentric circles approach?

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Yes, our local.

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It applies here too.

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Think about the most successful people you know, even if they're not in your exact field.

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Reach out, ask for advice.

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Exactly.

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And as you gain experience, you can level up those mentor relationships.

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So those early connections could actually turn into something bigger down the road.

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They definitely can.

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And when it comes to what to learn, Cody's really big on deal structuring.

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Makes sense with your finance background.

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00:08:59,320 --> 00:09:01,960
It's about understanding how business works, you know.

280
00:09:01,960 --> 00:09:03,800
Negotiation, equity, all that jazz.

281
00:09:03,800 --> 00:09:04,280
Yeah.

282
00:09:04,280 --> 00:09:07,400
That stuff can be super valuable no matter what you're doing.

283
00:09:07,400 --> 00:09:10,440
It's like equipping yourself with the tools to get what you're worth.

284
00:09:10,440 --> 00:09:11,240
Exactly.

285
00:09:11,240 --> 00:09:13,160
Oh, Cody has that book coming out soon.

286
00:09:13,160 --> 00:09:14,360
Main Street Millionaire.

287
00:09:14,360 --> 00:09:16,440
I think it's going to be packed with good stuff.

288
00:09:16,440 --> 00:09:17,720
Have you gotten a sneak peek?

289
00:09:17,720 --> 00:09:18,520
I have.

290
00:09:18,520 --> 00:09:20,040
It's fantastic.

291
00:09:20,040 --> 00:09:20,440
Awesome.

292
00:09:20,440 --> 00:09:24,200
She breaks down all those complex financial concepts, makes them easy to understand.

293
00:09:24,200 --> 00:09:24,600
I know that.

294
00:09:25,240 --> 00:09:27,720
But beyond books and courses and all that.

295
00:09:27,720 --> 00:09:28,280
Yeah.

296
00:09:28,280 --> 00:09:31,160
Just observing successful people can teach you so much.

297
00:09:31,160 --> 00:09:32,520
Like being a fly on the wall.

298
00:09:32,520 --> 00:09:33,160
Exactly.

299
00:09:33,800 --> 00:09:37,960
Cody actually learned a lot just by being around those wealthy individuals.

300
00:09:37,960 --> 00:09:39,080
Picking up on their habits.

301
00:09:39,080 --> 00:09:41,080
Their mindsets, their approaches.

302
00:09:41,080 --> 00:09:46,600
Cody even mentioned that she learned one of her most valuable lessons about speed and efficiency.

303
00:09:46,600 --> 00:09:48,760
Just from watching her mentor, Bill Perkins.

304
00:09:48,760 --> 00:09:51,080
He had that bias towards action, remember?

305
00:09:51,080 --> 00:09:51,640
Mm-hmm.

306
00:09:51,640 --> 00:09:52,600
Get it done.

307
00:09:52,600 --> 00:09:55,560
Which brings us back to Cody's 24-hour rule.

308
00:09:55,560 --> 00:09:56,360
Oh, yeah.

309
00:09:56,360 --> 00:09:57,720
Got to act fast.

310
00:09:57,720 --> 00:10:00,360
Shorten that time between thinking and doing.

311
00:10:00,360 --> 00:10:04,600
It's like she always says, next week is where good ideas go to die.

312
00:10:04,600 --> 00:10:05,160
It's true.

313
00:10:05,720 --> 00:10:07,960
So many people get stuck in analysis paralysis.

314
00:10:07,960 --> 00:10:08,840
They'd overthink it.

315
00:10:08,840 --> 00:10:10,280
And nothing ever happens.

316
00:10:10,280 --> 00:10:12,920
Cody's all about embracing that experimentation phase.

317
00:10:12,920 --> 00:10:14,920
Making those mistakes and learning from them.

318
00:10:14,920 --> 00:10:15,560
Exactly.

319
00:10:16,200 --> 00:10:17,800
Fail fast, learn faster.

320
00:10:17,800 --> 00:10:19,400
But it's not about being reckless, right?

321
00:10:19,400 --> 00:10:20,040
Of course not.

322
00:10:20,040 --> 00:10:22,360
It's about being decisive, adaptable.

323
00:10:22,360 --> 00:10:24,200
Okay, so we've talked about mentors.

324
00:10:24,200 --> 00:10:25,560
We've talked about speed.

325
00:10:25,560 --> 00:10:25,720
Yeah.

326
00:10:25,720 --> 00:10:26,280
Yes.

327
00:10:26,280 --> 00:10:27,640
Building a strong team.

328
00:10:27,640 --> 00:10:28,440
Oh, that's crucial.

329
00:10:28,440 --> 00:10:33,560
And remember, Cody's hiring philosophy obsessed, not interested.

330
00:10:33,560 --> 00:10:34,360
Such a good one.

331
00:10:34,360 --> 00:10:37,240
She's looking for people who are passionate about the work.

332
00:10:37,240 --> 00:10:37,720
Driven.

333
00:10:37,720 --> 00:10:38,920
You know, they want to excel.

334
00:10:38,920 --> 00:10:43,880
She even likes to surround herself with people who will like challenge her assumptions.

335
00:10:43,880 --> 00:10:45,160
Keep her on her toes.

336
00:10:45,160 --> 00:10:45,560
Right.

337
00:10:45,560 --> 00:10:51,160
So it's not just about individual talent, but building a culture of like collaboration,

338
00:10:51,160 --> 00:10:52,440
shared purpose.

339
00:10:52,440 --> 00:10:53,000
Definitely.

340
00:10:53,640 --> 00:10:56,360
Cody even offers equity to key employees.

341
00:10:56,360 --> 00:10:57,880
Everyone feels like they're really part of it.

342
00:10:57,880 --> 00:10:58,360
Exactly.

343
00:10:58,360 --> 00:11:01,400
It aligns incentives and, you know, it just makes sense.

344
00:11:01,400 --> 00:11:02,280
Smart move.

345
00:11:02,280 --> 00:11:04,040
Okay, let's talk about marketing now.

346
00:11:04,040 --> 00:11:05,800
How to know if you have a good product, right?

347
00:11:05,800 --> 00:11:06,120
Yes.

348
00:11:06,120 --> 00:11:08,120
Cody had some great insights on this.

349
00:11:08,120 --> 00:11:09,480
The three Rs.

350
00:11:09,480 --> 00:11:11,400
Always comes back to the three Rs.

351
00:11:11,400 --> 00:11:13,720
Referrals, reviews, and retention.

352
00:11:13,720 --> 00:11:14,760
If those are strong.

353
00:11:14,760 --> 00:11:17,000
You know you're on the right track.

354
00:11:17,000 --> 00:11:22,360
It's like, if you're having to spend a ton of money to acquire new customers, maybe you need to, like,

355
00:11:22,360 --> 00:11:23,640
look at the product itself.

356
00:11:23,640 --> 00:11:25,160
Fix the root of the problem.

357
00:11:25,160 --> 00:11:26,120
To address the root cause.

358
00:11:26,120 --> 00:11:26,600
Yeah.

359
00:11:26,600 --> 00:11:30,920
And again, this comes back to building something people actually want and need.

360
00:11:30,920 --> 00:11:32,120
Creating real value.

361
00:11:32,120 --> 00:11:35,160
Because when you do that, the marketing takes care of itself.

362
00:11:35,160 --> 00:11:37,240
People become your advocates.

363
00:11:37,240 --> 00:11:38,280
Like scrub daddy.

364
00:11:38,280 --> 00:11:39,240
Exactly.

365
00:11:39,240 --> 00:11:40,200
So powerful.

366
00:11:40,200 --> 00:11:41,720
Okay, so you've got a great product.

367
00:11:41,720 --> 00:11:43,080
You've got a killer team.

368
00:11:43,080 --> 00:11:43,880
What's next?

369
00:11:43,880 --> 00:11:46,120
Deal structuring, especially when working with others.

370
00:11:46,120 --> 00:11:47,960
Always got to be thinking about the deal.

371
00:11:47,960 --> 00:11:50,760
And Cody's all about getting creative, right?

372
00:11:50,760 --> 00:11:52,760
Drinking beyond the traditional salary.

373
00:11:52,760 --> 00:11:55,640
Negotiating equity, profit sharing.

374
00:11:55,640 --> 00:11:57,640
Yeah, finding those win-win scenarios.

375
00:11:57,640 --> 00:12:03,880
And sometimes that means, like, taking a lower-based salary in exchange for a bigger piece of the pie down the road.

376
00:12:03,880 --> 00:12:07,480
Showing that you're confident in your ability to make that pie bigger.

377
00:12:07,480 --> 00:12:08,920
He's thinking long-term, right?

378
00:12:08,920 --> 00:12:09,800
Exactly.

379
00:12:09,800 --> 00:12:12,840
And Cody's book goes into way more detail on all of this.

380
00:12:12,840 --> 00:12:14,120
Got to get my hands on that book.

381
00:12:14,120 --> 00:12:14,840
It's going to be good.

382
00:12:14,840 --> 00:12:20,840
Okay, before we move on, I want to highlight one more piece of advice from Cody that really resonated with me.

383
00:12:20,840 --> 00:12:21,640
Hmm.

384
00:12:21,640 --> 00:12:23,800
Turning prejudice into an advantage.

385
00:12:23,800 --> 00:12:25,320
Ooh, I love that one.

386
00:12:25,320 --> 00:12:26,280
It's so powerful.

387
00:12:26,280 --> 00:12:28,200
It's like, don't let anyone put you in a box.

388
00:12:28,200 --> 00:12:31,480
Use those things that make you different to stand out.

389
00:12:31,480 --> 00:12:32,760
Be memorable.

390
00:12:32,760 --> 00:12:33,320
Yeah.

391
00:12:33,320 --> 00:12:35,320
Offer a unique perspective.

392
00:12:35,320 --> 00:12:39,320
Like, Cody talks about being a woman in a male-dominated industry.

393
00:12:39,320 --> 00:12:39,880
Yeah.

394
00:12:39,880 --> 00:12:43,320
Instead of trying to fit in, she used that to her advantage.

395
00:12:43,320 --> 00:12:46,360
Became known for her boldness, her fresh perspective.

396
00:12:46,360 --> 00:12:46,840
Right.

397
00:12:46,840 --> 00:12:51,240
So it's about reframing those so-called weaknesses as strengths.

398
00:12:51,240 --> 00:12:52,280
Owning your narrative.

399
00:12:52,280 --> 00:12:53,240
And letting it shine.

400
00:12:53,240 --> 00:12:56,280
This actually makes me think about those skills and money charts we talked about.

401
00:12:56,280 --> 00:12:57,000
Oh, yes.

402
00:12:57,000 --> 00:12:59,080
It's all about finding those unique intersections.

403
00:12:59,080 --> 00:13:03,400
Those unexpected combinations that can lead to something amazing.

404
00:13:03,400 --> 00:13:07,000
And don't forget, Cody is actually offering feedback on those charts.

405
00:13:07,000 --> 00:13:10,120
She's encouraging everyone to share them on social media and tag her.

406
00:13:10,120 --> 00:13:10,920
That's so cool.

407
00:13:10,920 --> 00:13:13,000
He really wants to help people, you know.

408
00:13:13,000 --> 00:13:15,400
He's all about empowering others to build wealth.

409
00:13:15,400 --> 00:13:15,640
Yeah.

410
00:13:16,280 --> 00:13:19,320
And this deep dive has been packed with insights.

411
00:13:19,320 --> 00:13:20,360
So much to think about.

412
00:13:20,360 --> 00:13:21,880
But we're not quite done yet.

413
00:13:21,880 --> 00:13:23,880
We have one more segment to wrap things up.

414
00:13:23,880 --> 00:13:26,200
And leave you with some final thoughts to ponder.

415
00:13:27,320 --> 00:13:28,840
Stay tuned.

416
00:13:28,840 --> 00:13:29,320
Yeah.

417
00:13:29,960 --> 00:13:30,280
All right.

418
00:13:30,280 --> 00:13:30,840
We are back.

419
00:13:31,480 --> 00:13:36,760
Final stretch of our deep dive into Cody Sanchez and her wealth-building wisdom.

420
00:13:36,760 --> 00:13:38,760
My head is spinning with ideas.

421
00:13:38,760 --> 00:13:39,640
What about you?

422
00:13:39,640 --> 00:13:40,600
Me too.

423
00:13:40,600 --> 00:13:42,280
She's definitely got a unique approach.

424
00:13:42,280 --> 00:13:44,600
It's not your typical financial advice, that's for sure.

425
00:13:44,600 --> 00:13:46,680
But that's what makes it so refreshing.

426
00:13:46,680 --> 00:13:51,080
It's like she gives you the tools and then says, go build something amazing.

427
00:13:51,080 --> 00:13:52,040
I love that.

428
00:13:52,040 --> 00:13:54,200
She's not about handing out a one-size-fits-all plan.

429
00:13:54,200 --> 00:13:54,760
Exactly.

430
00:13:54,760 --> 00:13:57,000
It's about taking ownership, you know.

431
00:13:57,000 --> 00:14:00,040
Not just of businesses, but of your whole financial journey.

432
00:14:00,040 --> 00:14:04,040
And she really challenges you to think about what makes you you you.

433
00:14:04,600 --> 00:14:08,600
Those unique skills and knowledge that you can turn into something valuable.

434
00:14:08,600 --> 00:14:11,800
Like she's always saying, opportunities come from unexpected combinations.

435
00:14:11,800 --> 00:14:12,280
Right.

436
00:14:12,280 --> 00:14:14,200
Connecting the dots in your own way.

437
00:14:14,200 --> 00:14:16,760
So it's not just about following someone else's path.

438
00:14:16,760 --> 00:14:18,360
It's about creating your own.

439
00:14:18,360 --> 00:14:23,400
And I love that she encourages everyone to like actually look at their skills and money chart and say,

440
00:14:23,400 --> 00:14:25,640
okay, what can I create with this?

441
00:14:25,640 --> 00:14:27,800
Yeah, what are those unique intersections?

442
00:14:27,800 --> 00:14:29,800
Maybe you're a teacher who loves to bake.

443
00:14:30,520 --> 00:14:32,200
Start an online baking school.

444
00:14:32,200 --> 00:14:34,440
Or you're a coder who's obsessed with fitness.

445
00:14:34,440 --> 00:14:37,720
Develop an app that revolutionizes personal training.

446
00:14:38,280 --> 00:14:41,640
The possibilities are endless when you start thinking outside the box.

447
00:14:41,640 --> 00:14:45,960
And don't forget, Cody's offering feedback on those skills and money charts, right?

448
00:14:45,960 --> 00:14:49,480
Oh yeah, she wants people to share them on social media and tag her.

449
00:14:49,480 --> 00:14:54,680
It's a chance to get personalized insights from like the queen of connecting the dots.

450
00:14:54,680 --> 00:14:56,120
I love that she's doing that.

451
00:14:56,120 --> 00:14:59,560
It's so in line with her whole philosophy of empowering others.

452
00:14:59,560 --> 00:15:01,400
It's like she's saying, here's what worked for me.

453
00:15:01,400 --> 00:15:02,600
Now go find what works for you.

454
00:15:03,400 --> 00:15:07,080
So as we wrap up this deep dive, what's one action you could take today?

455
00:15:07,640 --> 00:15:11,080
Even a small step towards building your own path to wealth.

456
00:15:11,080 --> 00:15:14,200
Maybe it's reaching out to a potential mentor.

457
00:15:14,200 --> 00:15:17,480
Brainstorming some business ideas based on those unique skills of yours.

458
00:15:17,480 --> 00:15:20,040
Or finally taking that online course on negotiation.

459
00:15:20,600 --> 00:15:23,240
Or maybe it's just as simple as shifting your mindset.

460
00:15:23,240 --> 00:15:24,760
Start thinking like an owner.

461
00:15:24,760 --> 00:15:26,040
Even if you're not there yet.

462
00:15:26,040 --> 00:15:29,160
Look for those opportunities to learn, to grow.

463
00:15:29,160 --> 00:15:30,280
To provide value.

464
00:15:30,280 --> 00:15:32,840
Embrace those things that make you different.

465
00:15:32,840 --> 00:15:36,280
Cody's journey is proof that you can achieve amazing things.

466
00:15:36,280 --> 00:15:39,240
When you combine passion, strategy, and action.

467
00:15:39,800 --> 00:15:41,320
Could have said it better myself.

468
00:15:41,320 --> 00:15:42,920
Thanks for diving deep with us.

469
00:15:42,920 --> 00:15:45,240
We hope you've walked away with some fresh ideas.

470
00:15:45,240 --> 00:15:48,680
And the confidence to start building your own path to wealth.

471
00:15:48,680 --> 00:15:52,280
Remember, the journey is just as important as the destination.

472
00:15:52,280 --> 00:15:53,320
Enjoy the ride.

473
00:15:53,320 --> 00:16:23,160
We'll see you next time.