The School of Greatness
How ANYONE Can Create EXTRAORDINARY Wealth & Abundance! Stop Listening To These Money LIES | Codie Sanchez
Mon, 2 Dec 2024
Join me for an eye-opening conversation with Codie Sanchez, author of "Main Street Millionaire" and a master of building wealth through unconventional paths. Codie shares profound insights about the relationship between money, speed, and success, challenging common misconceptions about building wealth. From her experience in private equity to creating multiple successful businesses, she reveals how anyone can transform their financial future by thinking differently about money and business ownership. In this powerful discussion, we dive deep into what it really takes to build lasting wealth, the truth about happiness among millionaires and billionaires, and why your mindset about money might be holding you back from achieving extraordinary results.Get your copy of Codie’s book Main Street MillionaireIn this episode you will learn:Why your bank account is a direct reflection of how fast you move in business and lifeThe truth about why most people don't lack money - they lack knowledge of how to access itHow to structure business partnerships to protect both relationships and profitsWhy being an employee can actually be a smarter path to wealth than entrepreneurship for many peopleThe critical importance of developing leadership skills for long-term financial successFor more information go to https://www.lewishowes.com/1701For more Greatness text PODCAST to +1 (614) 350-3960More SOG episodes we think you’ll love:Codie Sanchez – greatness.lnk.to/1656SCTony Robbins – greatness.lnk.to/1218SCDave Ramsey – greatness.lnk.to/1415SC Get more from Lewis! Get my New York Times Bestselling book, Make Money Easy!Get The Greatness Mindset audiobook on SpotifyText Lewis AIYouTubeInstagramWebsiteTiktokFacebookX
Chapter 1: What are the three biggest skills to earn more money?
Hey guys, Lewis Howes here, and I'm so excited about this episode with Cody Sanchez. We had her on a number of months ago and it exploded. So we wanted to bring her back on and talk about the three biggest skills to earn more money. I asked her that, but she also shared a fourth skill that I thought everyone should be learning earlier in life.
And if you could actually master this skill first, it will make everything else easier in terms of creating wealth and abundance for your life. She also said two words, rich equals risk. Not everyone is built to create incredible financial abundance. And she talked about that we need to learn to have the ability to take risk some places in our life if we want to get rich.
She also says about the concept that money is everywhere. And for some of us who maybe grew up with a limited way of thinking or maybe had blocks around money, it's hard for us to understand that money is everywhere. She talks about how to tap into this frequency of finding money to either invest in your dreams, in your business, or the things that you want to create.
Chapter 2: Why is reputation your biggest blocker to money?
I also love a part of this interview where she says, reputation is your biggest blocker to money. Most of us may not think about our reputation as blocking us, but the way others view you and how they perceive you, your credibility, your ability to show up and do what you say you're going to do is actually a big factor to your ability to earn more money. I'm so excited about this.
And if this is your first time here, please click the follow button over on Apple Podcast or Spotify or wherever you're listening to this show right now and share this with a friend, someone that you care about deeply that you know maybe is struggling with their financial growth or wants to earn more and they're already doing well.
Think about that person, send them a text and say, hey, let me know what you think about this episode with Lewis Howes and Cody Sanchez over at the School of Greatness. Again, thanks for clicking the follow button, for leaving a review. And now let's dive into this episode with the one and only Cody Sanchez. Welcome back, everyone, to the School of Greatness. Very excited about our guest.
We have the inspiring Cody Sanchez back in the house. Excited you're here. And here's the thing that I think a lot of people want to hear from you today. We're about to start a brand new year. 2025 is coming. And most people said 2024 is my year to make money. And yet most people weren't able to do that. They are confused around... You know, there are losses from the crypto market.
Some maybe made a lot, but a lot lost a lot. Others tried Airbnb businesses and then started selling those off because they realized it's a lot of work. Some people tried the stock market and maybe they made money, maybe they lost money. Some people thought about buying a small business. They realized it takes 100 hours a week of all their time and they don't actually care about that business.
It's not their passion. So what do we do in 2025 moving forward around money? What are the things that you've seen over the last year and where people can start to really build wealth in 2025 and beyond?
Yeah. Well, first of all, my richest mentor once told me a line that I go back to again and again, which is that your bank account is a direct reflection of how fast you move. And that was kind of painful for me to hear that first go round. The faster you move, the more money you make, because that meant that my bank account was in my control.
At that time, when I heard that, I didn't like that very much. You know, it felt like, you know, I hadn't been given opportunities and all these different reasons. And so if you're gonna move on anything, what I would say is move as fast as possible. And it's fascinating because you've met with many billionaires now doing this podcast.
I've met with many of them in buying businesses, building businesses, et cetera. And if there's one thing they all have in common, it's the same idea of speed. So, you know, when I was talking to Bill Perkins the other day, who him and I have done a bunch of deals together, he said the same thing. He's like, I am not smarter than anybody else or richer than anybody else.
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Chapter 3: What mindset shifts can help you attract money?
Right. Well, and let's talk about the truth of the matter here is that 90% of startups fail in a 10-year period. Most startups fail in the first three to four years. And in those first three to four years, you make $0. In fact, you spend on average $30,000 to $50,000 a year attempting to make money.
Oh, man.
And then when you eventually do make money in year three or four, the average entrepreneur pays themselves anywhere from $40,000 to $60,000 a year in salaries.
So you go five years making no money, essentially.
Exactly.
Working more hours than as a employee.
Right.
What's the benefit then if you spend a half a decade of your life or most likely you're going to fail?
I think that is the question we have to ask ourselves.
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