The School of Greatness - How ANYONE Can Create EXTRAORDINARY Wealth & Abundance! Stop Listening To These Money LIES | Codie Sanchez
Episode Date: December 2, 2024Join 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 r...elationship 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:Rory Vaden – greatness.lnk.to/1687SCTony Robbins – greatness.lnk.to/1218SCDave Ramsey – greatness.lnk.to/1415SC
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Hey guys, Lewis Howes here, and I'm so excited about this episode with Cody Sanchez.
We add 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. 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. 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 the 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 guests.
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 are 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,
their 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
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.
It felt like 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.
I just move faster than anybody else.
And by the time they've even pondered an idea, I've made a move, made three mistakes, I am not smarter than anybody else or richer than anybody else. I just move faster than anybody else.
And by the time they've even pondered an idea,
I've made a move, made three mistakes,
and found a better way.
And so if I could give anybody broad money advice,
it would be, you're waiting too long.
And maybe be a little honest with yourself about,
are you thinking a lot?
Is there a lot of mental masturbation going on on money?
Or are you actually taking action
and then doing the scientific process?
Trial, error, trial, error, trial, error,
as quickly as possible with as little cash as possible
so you can figure out what works for you.
And then the only other thing I would add is,
coming into this next year, you have what?
I don't know, 40 days left in the year, something like that.
So January 1 can start on January 1 for you,
or it can start today.
It can start 30, 40 days earlier than everybody else,
and because of that, you've already got a head run.
I can't tell you how many people,
in fact, I was just talking to another person this morning,
and they were saying, well, should I wait until 2025?
Because business financials at the end of the year,
they're wrapping up their financials,
it's actually a really reasonable question.
But the answer to waiting is almost always no.
And so if you see people who are really successful,
they just move faster than you could ever imagine.
And I remind myself that a lot.
And so I would start there,
whether you're gonna start learning,
whether you're gonna start doing,
whether you're gonna start allocating, just start.
Because you'll make some mistakes, but you're gonna start allocating, just start, because you'll make some mistakes,
but you'll learn a lot from it.
If someone just doesn't have that much money to invest,
though, and they're thinking,
I've already got college debt
that I'm still trying to pay down,
my expenses are already a lot,
I don't really have that much to risk
to try either investing in something
or buying a small business.
Like, what if I lose it all in the next six months?
And then that trial and error turns out into a big error.
Yeah.
And I can't come back from that.
Is owning a business for everyone?
Yeah. Well, two things.
One, you never lack money, which is a weird thing to think about.
You never actually lack money because all you really lack is the knowledge of how to
get more money from other people.
And if you look at it right now, where are we sitting today?
We are sitting at record high levels of what's called sideline institutional capital.
We have more money sitting on the sidelines, sitting in cash, non-invested than we almost
ever have.
Really? We've got record levels of cash.
Just in the bank, just like in savings or what?
Yeah, and everything that is considered
either money market accounts,
money market accounts or cash equivalents.
So that would be like short-term debt,
that might be actual cash accounts.
And what's fascinating about that
is that means that they actually suffer
not from not enough money, but not enough deals.
So if you're able to reframe your mind that way,
then what are people actually looking for from you?
They don't want your last 10,000 or $100,000.
And I don't think you should give it to them.
Like protect the fact that you shouldn't go into bankruptcy
and that you don't have to.
What do they want instead?
The really, really rich,
they actually want to steal your time.
They do. And instead they want you to do the hard thing and they actually want to steal your time. They do.
And instead, they want you to do the hard thing and they pay you to do the hard thing.
And so if I was suffering from not enough capital, I don't have enough money as I was
before in many times in my life, I would just be looking for where is there somebody who
has money that they need to allocate to do deals?
Where is there somebody who's more well off than I am, but they don't want to spend their
time working,
I can get the money from them,
I can do the hard labor work until the trade offsets
and then you become the person who trades
somebody else's time for your money.
And so I don't want anybody to go into bankruptcy
doing this, I don't want you to spend your last dollar,
I don't think it's necessary
and I wish somebody had told me that sooner, nobody did.
And so in the beginning I lost lots of my own money
trying all this.
Trying to invest in things.
Right, and then a fascinating thing happened to me,
I remember back in the day I was an intern
for a wealthy family that was friends of my parents.
And I remember not realizing that people
had that much money, I didn't come from much.
I was like, they have a BMW, that's crazy.
They have a BMW and it was like an H2 Hummer.
Remember those back then?
I thought it was the coolest thing I ever seen in my life.
And I was basically her little intern.
I was running around, I drove her cars, I got them washed,
I picked up the kids, I did whatever she needed
for like seven bucks an hour or whatever it was.
And anyway, I remember watching them work, and I worked as hard as I can for as long
as I could with her.
And then I went into finance, I started to learn a few things.
And then I remember I came home one Thanksgiving, actually, timely.
And I was talking to my parents, and they had come over to my parents for like a glass
of wine or something.
And my parents don't come from much money.
So like investing was never something we understood.
They have no debt, they don't understand how to use debt.
This very immigrant mentality when it comes to money.
And I remember saying, yeah, well,
I'm working on this thing in finance,
and we have this deal.
And the husband, whose name was Robert,
was like, well, I'd like to invest in that.
And I was like, well, I don't know.
I don't want to take your money.
What if I fail?
What if it doesn't work out?
He goes, well, that's the point.
I wouldn't give you enough, or it would really hurt me if you failed
So I was like, well, how does that work? You would give me the money. He's like, yeah
I would give you the money you would take a cut of it and you would invest it in that deal and that was the
First time when I started to understand. Oh
Like I'm doing him a favor by letting him into a deal that I have and he gives me money for it
What is this witchcraft? Right? Well, he has money
He's trying to figure out
how to invest it.
100%.
He needs to put it in the bank or money market fund
until he feels like, oh, here's something I think
could make me more than this safe investment.
Yeah, I mean, if you look at returns,
why do people want like private deals?
Well, because the highest return over any rolling
10-year period, if you were to look at it like a bar chart,
the highest return is private assets,-year period, if you were to look at it like a bar chart, the highest return is private assets,
predominantly private equity,
which just means businesses that aren't listed
on the public exchange, small businesses.
But those businesses are also hidden,
like they're hard to find.
You can't just go e-trade and buy, right?
And so because of that, the wealthy are always looking
for these, it's called an asymmetric risk,
like a way to invest a dollar and potentially get 100,
as opposed to invest a dollar and get a dollar 10
with a money marketing counter,
putting your money in the bank.
And so if you can flip your mindset
to start asking yourself instead of like,
how can I work with only what I have,
instead saying, how do rich people think,
and how can I use their money
to achieve both my goal and theirs?
And then we also don't have this class warfare between the rich and the rest of us because
we go, oh, I'm just, that's like a conduit.
They're like a conduit to more money for me.
And so that is how I would look at it.
If you don't have enough money right now, that's actually not your problem.
You don't have enough knowledge about now, that's actually not your problem. You don't have enough knowledge about money
and how to get it.
And as soon as you fix that issue,
then this whole new world opens up to you.
Wow.
What would you say is the biggest mistake
you've made around money that actually hurt you the most
but became the best lesson for you?
I invested in a deal with a friend,
which is always a scary thing to do.
I think the best friends you get from business,
not the best friends are because of a business.
Like you and I have a great friendship, right?
And it's like, I don't really need anything from you.
You don't really need anything from me.
But I get to like learn from you
because you're in business and you get to learn from me
and we get to have like fun conversations about it.
The second that I come to you and I'm like,
Louis, the thing is, we're gonna do this together.
We're gonna sell it to your audience.
Here's what's gonna happen next.
Slight red flag.
And so I would just go back
and if I could have done it again,
we have a new rule which is that I never get into business
with somebody that I haven't done
and watched do business for a year.
So I have one year moratorium. I wouldn't get married in less than a year and I wouldn't business for a year. So one year, I have one year moratorium.
I wouldn't get married in less than a year
and I wouldn't do a business deal in less than a year.
And I did that the first time
and we lost several hundred thousand dollars,
but more important, a friendship.
You lost a friendship.
Totally lost a friendship.
It's hard to repair after,
there's big money wounds
that are hard to repair relationships from.
That's very true, and a lot of times,
you think you like somebody, but then watch what happens
when times get tough.
Ooh.
You know, you think you trust somebody,
but watch what happens when your incentives
and theirs are not aligned.
And it's where you really get to see the kind of human
that any of us are, is when stuff goes bad with money.
It is like deep, and you know, it's survival in the modern day world.
That's how it feels.
Right?
What would you say are three questions
you should ask someone and get alignment on
when starting a business partnership
with a friend, family member, or a business colleague?
I would say one, tell me about a time
when everything really went wrong for you in business.
What happened?
What you're looking for there is,
do they say it was this guy's fault, this guy did this,
that happened, blah, blah, blah?
Or do they say, I really got him,
I did X, Y, Z and I got him and I showed him red flags.
If instead they say, hey, we failed in this endeavor,
but you know what, we recouped the assets,
we made the employees whole.
We learned this, we moved on to the next one.
Him and I are still friends, green flag.
Second question I would ask is,
what do you want out of this?
What is the perfect scenario that happens
from this in the future?
Play it forward for me, three to five years.
What happens from today to three to five years
with this deal?
And what you're looking for is do you guys have the same
vision of the future?
And there should be no wrong answers.
How I would phrase this is like,
I wanna make sure that I get everything out of this
for you that you want.
Tell me what your future looks like so that we can align.
And what you're looking for for you is like,
oh, he's saying that he just wants an extra $5,000 a month
and to work passively, red flag, right? If, he's saying that he just wants an extra $5,000 a month and to work passively, red flag.
If what he's saying is, I wanna build something lasting
forever and I'm gonna work really hard at it,
and here's what I think it's gonna take, green flag.
And probably the third question I would ask is simply,
who else were you involved with before
in your business dealings?
And then I would go talk to them.
Because the best people can tell you things,
but what you're really looking for is show me, don't tell me.
And you should ask yourself those same questions too,
and make sure that you're the type of human
somebody should want to partner with
before we go judging others.
Because there's gonna be a lot of work in many years.
You're gonna be spending all your time with dispersion,
a lot of your time. Oh yeah. And we talk about this a lot,
but the only thing you have at the end of the day
that will be your blocker to money forever
is your reputation.
And lots of people think about that like credit.
If I have bad credit or if I have a resume
where I've only been places a year and a half
or if I have a bunch of failed startups.
And that is all true, but it's more than that. It's what happens when you lost money for somebody else. or if I have a resume where I've only been places a year and a half, or if I have a bunch of failed startups,
and that is all true, but it's more than that.
It's what happens when you lost money for somebody else.
It's what do other people say about you behind your back?
It's what happens the second that you got further
past someone, they were no longer useful for you,
what did you do with that person?
What do you treat the guy like that's in the valet line
that asks you a question but can be of no use for you?
And that reputation protection I think is so important.
For people that just feel overwhelmed around money,
what would you say then are the three biggest skills
to earn more money?
Yeah, well I think if you wanna earn more money,
the right question is exactly what you said,
which is what skills do you have today
that are worth more to somebody else
than they are to you?
Because the first way you're gonna earn money
is you're gonna be an employee.
By and large, most people start out
having their skills get compensated
by somebody else's vision.
That needs that skill set.
100%.
So you wanna figure out how can I just increase my skill set?
And so that might be some of the easiest things
to increase your skill set for is you wanna be
a profit center, not a cost center.
So what does that look like?
I wanna know with my skills that I can easiest
and fastest as possible track.
For me doing X, I make the company Y.
For me providing this service, the client, I I make the company Y. For me providing this service,
the client, I can charge the client Y.
And so in the beginning, some of those that are really easier
like sales, incredibly important skillset always.
Marketing, incredibly important skillset.
Finance, because you understand the language of money,
incredibly important skillset.
Leadership, getting more out of each of your people
that you work for or that you work with, incredibly important skill set. Leadership, getting more out of each of your people that you work for, or that you work with,
incredibly important skill set.
I think those four, if you can focus
on those four skill sets up front,
you'll be pretty powerful and dangerous.
Sales, marketing, finance, and leadership.
I think leadership is probably the most important thing.
It's more of like a soft skill, I guess, right?
It's like, if you can learn to understand
your own emotions and the emotions of others,
and you can respond in challenging situations
when company morale is down or whatever,
and you can empower people to move forward
on the problem at hand and create the solutions faster,
that is a powerful skillset.
Absolutely, I mean, world's strongest man
can't lift a boat, right?
But you get a group of people together,
they can lift a boat.
So what's more powerful,
world's strongest individual contributor
or the person who can get a crowd of humans
to all move in the same direction.
It's just physics, right?
And so I think a lot of people don't understand
what real leadership is,
which is can you get a bunch of people,
a crowd of people to lift the boat together?
It's always why I kind of giggled with David Goggins
because lots of people look to him for leadership advice
and he's a badass individual contributor.
But if you read his books and if you talk to people
who are on the teams, not a very good leader, actually.
He's more of a one-man band.
He's a one-man, world's strongest man.
Yeah, inspiring.
Very inspiring.
He could build a lot of wealth for himself with that.
But I would never employ that guy.
You couldn't pay me enough money to employ David Goggins.
He wouldn't want to work anywhere either, probably.
He's turned down all my offers.
But yeah, and the reason I wouldn't
is because he wants to work individually
and he is relentless in his single-minded pursuit.
What you need for a leader is somebody
who actually wants a lot more collaboration.
You're like, hey, I want you, you, and you
to be incredibly successful,
and if one day you become more successful than me, I win.
And that's hard for an individual contributor to think.
He's like, I wanna win the race.
You're not gonna win, I'm gonna win.
And if you're a leader, you're like, great,
you're better, faster, stronger than I am, go sprint,
because I still get to benefit from it.
So I wish I had understood that earlier.
I think you have to be good individually
before you can be a good leader,
because you have to earn people's respect
through your doing.
What do you think is the biggest thing
that holds people back from being a better leader
for their life and the people in their life?
I think you have to care about your people.
It's literally, do you care about your people?
And if you don't care about them, fake it.
Because empathy is actually, it's contagious.
So if you start asking questions,
if I start asking questions about you,
your background, your fiance, your pets, your cats, your.
What?
I'm building the catio right now.
Oh my God.
This week, if you're gonna build,
I just thought.
Wait, can I tell you?
We had a conversation the last episode about catios
and I started doing research.
They're building it this morning.
I swear to you, I'm gonna send you a photo after this.
Full circle catio delivery.
Catio life, let's go.
Wait, can I tell you what you're still doing?
You've got the trap wife and you're building the trap wife.
I'm building the catio life.
Listen, I was just trying to talk my husband
into a mini pony and he was talking about
the lack of utility.
Right, right, right.
It doesn't matter.
He's got mini ponies in the backyard running around.
A rose isn't useful, I love a rose.
They bring you joy.
They bring me joy.
For those that don't know what we're talking about
in the previous episode I did with Cody,
we'll have it linked up.
I don't know how we got to be talking about catios.
We're talking about what we're watching on our Instagram feed
and I said all my content is about cats and catios
because I want to find a way to get my cats outside.
Hysterical, so funny story, one of my employees,
Lindsay, her boyfriend is a catio maker for a living.
Come on.
I swear to God, ask Tanner.
Where, in Austin or something?
In Austin, Texas.
Wow, amazing. And yeah, and I remember the first. Probably God, ask Tanner. Where, in Austin or something? In Austin, Texas. Wow, amazing.
And yeah, and I remember the first-
Probably making bank right now.
Well, I don't know.
I haven't asked him his financials.
So like, can you please show that to me?
But I might.
But I was funny.
I told Lindsay, I was like,
that's the worst business model of all time.
I'm like, it's like custom.
Every time, it's local.
You know, you can't replicate it.
Like, we gotta get Cadio Man into like, toys. Or like something repeatable, you know, you can't replicate it. Like we gotta get Cadio Man into like toys.
Or like something repeatable, you know?
So if he's listening, you're welcome for the.
That's great, that's great.
Can you please not?
I don't know where I was going with that.
But leadership, I'm curious.
What is the biggest thing that blocks you
from next level of abundance financially then?
What leadership skill and what tactical skill?
I was just talking, you know, I think as a, you know what usually stops me?
So once you get to like, let's say a business that does $10 million a year, 20, 30, 40,
50, if you want to go even bigger than that, what stops you is getting out of the way of
your best people.
You have to do two things simultaneously.
You've got to attract the top talent in the world,
sell them.
My idea is that as a business owner,
your idea is you're building a pedestal
and that pedestal is lifting up your team
so that their dream is higher and bigger
because of your pedestal,
because of what you've put them on.
And so I have to be able to sell them
on this really big dream.
And then simultaneously, I have to trust them enough
and be clear enough in my vision
that I can get out of their way.
And so, you know, just last night
I was sending a bunch of my leaders,
where am I in your way?
What is a roadblock that you have?
What do you need that you do not?
Where am I annoying you right now?
Because your business can only go as fast as the boss goes.
The boss isn't going fast, the business isn't going fast.
And so it's actually the same with your bank account.
It's this idea of speed.
And so that is the biggest hurdle
in most businesses that I've seen.
It's, you know, money is funny.
Money is a mirror.
It's a self-reflection mirror
of how highly skilled we are in today's economy,
how high our self-belief is,
and then simultaneously how much others believe
we are skilled.
So it's like, it is just this mirror on multiple sides.
And if you wanna attract a lot of money,
you gotta believe that you're capable of it.
You have to get other people to believe
that you're capable of it.
And then you gotta be able to deliver on it
with your actual skill set.
And so no trick mirrors, you know?
No trick mirrors, no skinny tall mirrors, right?
No circus mirrors.
In your book, if people wanna learn
how to build extraordinary wealth,
they can check out your book, Main Street Millionaire.
You say that sport is about how much we practice, business is about who we hire. A lot of people
have tried building businesses and they failed miserably hiring people that have taken a lot
of their time and energy, the training and then just not being the right fit, or they didn't stay long, and it just felt like a drain to them.
How do we learn how to hire great people,
and really incentivize them to stay around long-term,
so it's worth investing in them?
Yeah. Your number one skill set if you want to
make a massive amount of money is hiring.
Period. End of story.
It is attracting humans, and it's really hard.
Why is it so hard?
Because in your job, you can go and spend 10 hours,
20 hours a day working on graphic design,
working on sales, you can get so many reps in.
It's really hard to get a lot of hiring reps in.
Because one, it costs money every time you hire somebody.
Two, it's hard to find talent,
so even to get enough interviews
to see if you're good at them or not.
It takes a lot of time.
Three, the feedback loop's really long, right?
So like the first 30, 60, 90 days, people are ramping up.
You're like, I don't even know if they're good
or if he's just new.
And so hiring is really hard for those specific reasons.
Not enough inputs, not enough practice,
not a fast enough feedback loop.
And so if I was to want to get really good
at growing a business, I would obsess a lot more on hiring.
The other thing that's really good about obsessing
on hiring is you can also then tell how to get hired
a lot more easily and make more money.
And so if I could obsess with what type of person
is the best hire that I have,
what are their characteristics that they have?
What are their skill sets that they have?
Why would I be willing to pay them this much
or not pay them this much?
And once I have that broken down, I'm like,
oh, wait a second.
So this person's worth $250,000 a year.
This person's worth $50,000 a year.
What's the difference in their skill set?
Huh, I wanna be even more like this person.
So if I didn't have the ability to hire,
I would probably just war games
what a skill set looks like between the two more often
so I could get in the 250 bucket and out of the 50 bucket.
You said money is a mirror.
Skills plus self-beliefs, beliefs plus others believing
in your skills and your ability to deliver.
When you look in the mirror,
what do you see in terms of your self-belief?
Well, I believe that money is everywhere.
I think it's literally just floating all around us.
And it was funny, because I did a podcast
with Diary of a CEO, and I remember,
like a lot of the comments were like,
it's not this easy, like you can't,
brr-brr-brr-brr.
And I realized, one, there's cultural differences.
So Americans, we're wildly optimistic.
We're a little brash, we're a little loud.
We really believe in ourselves and innovation.
Brits, less optimistic, quieter,
not so loud about their accomplishments.
So there's some cultural differences.
Neither one is really good or bad,
but one is better for making more money,
which is why even Mississippi has a higher average income
than most of the, we'll call it counties in the US,
in Britain.
Even Mississippi, one of our poorer states.
And I think a large part of the reason is
because we are relentless, loud, brash, and optimistic.
It's American.
So those are really good characteristics
for attracting money.
So I, one, believe money is all around.
I think I can get it whenever I need it.
My husband has an incredible line, which is,
he says, there's 100% ROI on fun.
So he's like, I always spend on fun.
And he said, it's just money, we'll make more of it.
And so if you believe that,
then I think money is easier to get.
And simultaneously, if you believe that,
then when you're going out and talking to people,
you're just coming at it with this
massive amount of abundance.
The problem is that's really hard to do.
When you're in debt, when you're scared
about what's gonna happen next.
I remember back in the day, I had multiple times,
even last year, we had one business
where the CEO reached out to me last minute.
And he's like, hey, we're having a couple issues in the business. I'm like, okay, cool, man, what's going on? He's like, hey, we're having a couple issues in the business.
I'm like, okay, cool. What's going on?
He's like, yeah, we're about eight weeks from running out of cash.
I'm like, your sales cycle is 12 weeks.
You're out of money right now.
We're out of money. What are we going to do?
In those moments where you're almost out of cash, where it's scary,
it is not just that you're going to run out of money,
it is an immediate failure feel.
Like you are like, oh no, I'm failing at this.
I am a failure.
And so, you know, I felt that so many times in business
and it's hard when you're in that moment of,
what if we run out of money entirely?
What if I can't pay my employees?
What if I can't pay my mortgage?
It's really hard to go, yeah, money's all around.
It's coming to me abundantly.
It's flowing from the universe.
And I just manifest that.
You're like, no, I can't.
But simultaneously, I know it's not gonna help me
if I believe that I'll never get money in that moment.
I'm probably not gonna get out of it.
And so in moments like that,
what I typically do is I sit down and I write my out list, which is like,
all right, I have no money, I'm struggling,
this feels really painful.
Let's acknowledge that for a second.
Now what are we gonna do about it?
When you wanna have a 90 to 10 rule,
which is I think the best winners in life,
typically talk about the problems 10%,
focus on potential solutions 90%.
And so then I would start writing my list.
As opposed to 90% the problems, 10%,
maybe there's a solution.
Right, which is what we're geared to do, right?
We are geared as humans to look around
for problems all the time, because historically
one problem could have eaten us, right?
And so it wasn't like solutions all the time,
it was just don't die.
And so we have to work through that.
But in my money case, I might sit down and write a list like I did when this one company was going sideways and say, okay,
can we, what are all the things I could do to get money right now? Speed, fast. And so it was like,
well, could we increase our prices? So every dollar we make increases the amount we bring in.
Could we go out and could we tell our vendors that they actually need to pay us sooner?
So that's called changing your terms.
Could we actually not pay people?
Could we extend our terms in this business?
There are all these levers that you can pull.
The problem is nobody ever teaches us about money.
And it's the same thing for us as individuals.
So if you're struggling and you have no money right now, like, did you know you can go to
your bank and say, I need an extension on my mortgage.
I want to extend it out. Can I get on a payment plan for my bank?
Do you know your bank will do that with you?
Nine times out of 10.
Why? They don't want to take your house.
That's an asset they have to manage,
an asset they have to sell.
Do you know it's the same thing often with rent?
You can go and negotiate your rent payments.
And so I think often if we can think about,
all right, what are all the levers I could take
to increase the amount of cash I have in front of me,
give myself a little breathing room,
and then I could think about really earning on the upside.
Yeah.
What is the personality type, do you think,
that is for starting or buying a business
versus a personality type that is not for owning a business?
Yeah, well, I don't think you can spell rich without risk.
And so if you really want richness in your life,
like if you want to be very, very rich,
you are not gonna get there if you take no risk,
unfortunately.
I've never said it done that way.
Maybe you guys could tell me if I'm wrong.
So, and if you wanna get rich, here's the stats.
One thing that's cool stat, 79% of all millionaires
in the US are self-made.
That number shocked me.
Because if you heard in the news, you'd think,
no, no, no, it's all handed down.
But 60% of all millionaires own a business.
So you immediately know, well, I have a 60% higher
likelihood of becoming a millionaire if I own a business.
And if I want to make crazy levels of money,
like 30 million plus, 88% of people
who are worth 30 million plus own a business.
So first you gotta be honest with yourself.
What do I really want?
If I want to be a millionaire,
and if I want to be worth 10 million plus,
hard to get there without having some version
of ownership or equity.
And taking risk and working your butt off nonstop.
100%.
Like I giggled because another YouTube video
did a video of me and it was like,
make millions, it's easy, no work, who's the title?
Passive.
Oh my god, I was like,
I'm pretty sure I've never said that in my life.
How many hours do you think you work a week?
Oh, a lot.
I mean, when I was in finance,
I was working 70, 80 hours a week.
I remember one of my colleagues, Eduardo,
we were walking back from a,
we were in New York at the time,
and we were walking back from work one day,
super late at night, and he just passed out
in the middle of the road.
And I was like, holy hell, Eduardo,
are you okay, what's going on?
And he just, he was exhausted.
It was like passing out from exhaustion.
So-
Working 80 hour weeks for years probably.
Yeah, and he was young, so analyst program,
I was only there for like two years,
he would have been about the same,
but just that compounding, plus, you know,
it's a work hard, play hard, environment.
And that was an employee job.
It was an employee.
You were an employee.
100%.
But you were making a lot of money as an employee,
but that was what it took to put in the time,
to have a skill set at the right business,
to be able to deliver results, to get that type of income to put in the time, to have a skill set at the right business, to deliver results,
to get that type of income.
It took you 78 hours a week.
Yeah, for sure.
So you can't do it with like 40 hours a week,
just kind of casually showing up
and expect like multiple six figures.
I don't think so.
Do you know any business that's paying someone
to just do the bare minimum?
No, unless you are the capital.
That's where you start.
Unless you have the money.
Unless you got the money. Then I have many businesses that So unless you have the money. Unless you got the money.
Then I have many businesses that I do no work for now.
Right, right, right.
But that's because I did risk.
You invested.
I put money down.
And you can lose it all.
And I could lose it all.
And the only way you get around that
is you work really hard as an employee for somebody else
and you get a percentage of the company,
which is something that we do for our employees
and I think really important.
But you gotta become valuable enough to do it.
How valuable do you need to be?
How much do you need to be earning for that business?
Like bringing in for that business?
Well, there's two ways that you can actually
get equity in businesses that we learned in private equity
that I think are useful for people.
The first way is you can ask to buy in.
So you can say, hey, I don't have a lot of cash,
but we're gonna do this deal over here.
Could I put $10,000 into this business deal?
You know, hey, you're gonna do this partnership.
Could I like buy into the partnership for 10K?
And we don't, we're not taught how to do that
as normal people, and we should think that way.
Because what is that telling me?
That's like, hey, you're willing to put a little risk
on the table, and also you're not trying to sell me
that you should get XYZ entitlement.
You're saying, let me put some skin in the game.
That's the worst.
Right.
So that's, and that's how most private equity guys
make their first dollars,
is they are just allowed to put some skin in the game,
which is great.
And then the second way is you become so valuable
that the business can't see itself operating without you.
And this is typically how startups do.
So it's like, hey, you're so valuable,
you're gonna do the first stage of XYZ of the company.
Because of that, we're gonna give you a percentage
and every single year you'll get a little bit more
of that percentage over like three to five years.
So two ways to get a percentage of a deal.
And we teach one in the book called partial acquisitions.
And so basically, if right now you're working,
like let's say somebody's working for you or me, right?
And if you're working for a company right now today
and you love what you do and you wanna stay there,
but you wanna get some income on the side,
you have a skillset, you're a photographer,
I don't know, you're a videographer,
then what could you do?
You could go to other companies that need your skill set,
and you could say, hey, if I can increase
the revenue of your business,
if I could decrease the costs of your business,
or I could decrease your pain of the business,
could I get a percentage of the business?
And you could do that both for distributing equity,
that's where you cash flow, or regular equity.
This is what I'm teaching a lot more people to do,
because there's a stair-step way to buy a business
Maybe you're not ready to go all in we'll learn how to get a small percentage instead. Yeah. Yeah
So if you're not a personality type that doesn't like risk, yeah, you shouldn't be a business owner not outright not alright
I don't think you're gonna want the call on a Friday night when you're gonna run out of a cash
How many hours you put in a week on average as a business owner't think you're gonna want the call on a Friday night when you're gonna run out of cash. How many hours do you put in a week on average
as a business owner versus when you're an employee?
Well, I like work, so I just worked a lot both times.
I think, you know, I was probably working from seven
until seven or eight or nine.
As an employee.
As an employee.
And now as an owner.
I'm probably working from seven until six as an owner,
but a little bit on the weekends.
And maybe when I was an employee,
I wasn't working on the weekends.
And I think when you're an owner,
your schedule kind of looks more,
I think when your name's on the door,
it's easier to work more hours.
Like let's be honest, it's just easier.
Yeah, it's yours.
It's yours.
But when you're the owner,
it's also easier when you set the hours
to work more of them.
And so, you know, for me, I got no problem
taking four weeks off and going to Europe,
and I'm checking on stuff every day a little bit,
but they're mainly running the business.
When I was an employee, that wasn't an option,
but when I did go on vacation as an employee,
wasn't checking.
You know, I was like, good luck, bye.
So it really depends on how you wanna run your life too.
But I think the one thing that I do wanna impress
upon people is like, there is nothing wrong
with being an employee.
Being an employee is amazing.
It means that you do not carry all the risk
and you can actually become massively wealthy as an employee
if you understand how to become so valuable
that you get a piece of multiple gains.
Like for instance, right now we're hiring a president
for one of our companies and he's from a huge company.
So do we have a right, like it's not really reasonable
that he would come and do this for one of my companies
given what he's done in the past.
And you couldn't pay him the salary
where he's making a big company.
Maybe one fifth of that.
And so why would he come work for me?
Because I'm like, listen, you could go work
for this one company and have one shot at goal.
If that company wins, you're gonna win big.
But the founder's gotta sell at the right time.
You guys gotta hit these huge milestones.
The investor's gotta get paid.
You've got one bet.
Or with me, you can come into this company
and you can take an equity bet on this company,
but also a bunch of these other little bites.
And so that's why I think private equity is so interesting
and why people stay as private equity employees
for decades.
I mean, I have a friend, let's call him Frank,
who's probably one of the richest guys I know,
and he has been an employee in a private equity
firm for like 30 years.
He's like dating celebrities, has a plane, he's an employee.
But he gets little bites at the apple.
And so I'm trying to really explain this to my employees.
And less risk.
No risk.
Yeah, he's not managing.
The only risk is getting fired.
Right, right.
You know, and that you have to work a lot.
But he's not managing payroll,
he's not having to hire and fire people necessarily, or maybe that's his job,
but he's not dealing with having to bring in
all the money constantly to keep the business running.
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 zero dollars.
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 salary.
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.
It doesn't seem exciting then.
No, that's why I get excited about boring businesses because what are the two reasons
that most businesses fail?
Well, 60% of businesses fail because they don't have product market fit, which means
like I had an idea.
I wanted to sell these graphic mugs.
These graphic mugs are amazing. I asked all my buddies, you're going to buy one, Louis? They're like, yeah, an idea. I wanted to sell these graphic mugs. These graphic mugs are amazing.
I asked all my buddies, you're gonna buy one, Lewis?
They're like, yeah, of course, great idea.
You should go be your own CEO of your company.
Everyone thinks it's the best idea ever.
You're gonna sell millions.
Right, then you go and create the company,
and all of a sudden, Lewis is a little cheap.
Nobody's buying my mugs, right?
So the market didn't actually want what you were selling.
And then the second reason most businesses fail,
which is about 20% of the reason is lack of cash flow.
So you have this big idea, nobody wants it,
you run out of cash before you get to figure it out.
And so I think we've been sold a total lie
about business creation and startups,
which is that employment sucks,
and also we should go start a business instead.
And what often happens, and I hire a lot of these people,
is they go start their business,
they're like, oh my God, this is worse than employment,
and I'm not making any money.
And so, if you're gonna play the odds,
if you're gonna go gamble, you can play the slots
and know that you have the worst odds out there
playing the slots.
And if you're gonna gamble, you at least are probably
gonna play blackjack if you're good at it,
because you know that's where you have the best odds.
Business is very similar.
The best odds is somewhere where the business party has product market fit,
and the business is already cash flowing.
It's already making money.
It's already profitable.
And it's been doing it for years.
And so that's why I'm obsessed with this idea of boring businesses and buying them,
because statistically, it has less risk, and it has more ability for you to earn over time.
It's not no risk, but it is less risk than a startup.
And nobody talks about that.
What are the main reason people are selling
their profitable businesses then?
If a business has been profitable for five or 10 years
and it's so hard to be successful, why sell the business?
There is a huge gap in education between asset value in business owners and ability to sell the business. There is a huge gap in education between asset value
in business owners and ability to sell your assets.
Think about it this way.
If you owned a house anywhere in the country
and that house was too small for you
and it was still livable, it's still a house,
maybe it's not the nicest house,
it's not really what you want,
you would never just go,
let's just light that fire and like walk away, right?
It would be, that would be crazy.
You'd be like, okay, well, let's sell it
for whatever it's worth, or let's put a renter in there,
or let's do something with that asset.
We think about a house like an asset.
In the US, we do not think about our businesses as assets.
We do not think about our business lines
and divisions as assets.
And so what do we do instead?
We just walk away from the house
that somebody else could live in.
And so, you know, there was a, who was I talking to?
Oh, it was Sean Radd, founder of Tinder.
So him and I were chatting the other day.
Yeah, he's a buddy.
Love him.
I got him connected to, he's lost a lot of weight in the last year because I got him
set up with my trainers.
He looks great.
No way.
Yeah, so he's been, you know, just transforming his health.
He's been doing great.
Oh, good.
I thought I didn't tell, I'll have to tell him that we're buddies.
So he was funny, because I was explaining this to him,
and he's like, you know what's interesting,
because I went into a,
oh god, I might mess this up slightly,
but let's say that he went into like an old book binding shop,
and in this book binding shop in LA,
he looked over to the left,
and there were like these racks and racks and racks of books,
and he was like, these are some cool vintage books, and so he was going through them left and there were like these racks and racks and racks of books. And he was like, these are some cool vintage books.
And so he was going through them and he was like,
hey, I wanna buy a couple of these from you.
And she's like, no, I don't buy them.
You can just take them.
And he's like, no, no, I wanna pay you for them.
What's the deal with these?
Why do you have thousands of books here?
And she's like, oh, well, my husband had a bookstore
and he died or they got divorced.
And so we shut down the bookstore.
So what are all of those books?
Those are assets.
And if they had been thinking about their business
as a house, what would she have done?
She would have done an appraisal,
had somebody come out, look at what the books are worth.
She might've had somebody come and look at what the lease
was worth for the business.
She might've sold the whole business or done an asset sale.
And so Sean ended up buying a bunch of one-off books
and then he was laughing.
He's like, God, I felt bad
because I went and checked them later.
And I'm like, totally underpaid for these things
because they were worth something.
And so people sell their business
because they don't understand the value of the business
and they don't think it's sellable.
Then like an example that I would probably give you
is like, you've done it.
Like you've had a business line before, right?
Let's say your education business. And you're like, this isn't serving
the current business right now.
I'm gonna shut it down.
Reasonable.
You're like, I'm the face.
It's not set up to sell.
You haven't prepped a business that you created
to be a business you could sell.
Because most business owners do not know how to do that.
And so you shut it down.
Because you're like, well, reputational risk,
all of these things.
But let's say that you went through our program
that we teach and we talk about like prepping a business
for a sale like a cake,
you would have done all these tasks,
which meant that you would have removed yourself
as key man and you would have had a business
that somebody else could take over.
And the benefit there is somebody else gets to steal
your 10,000 hours and
you don't have to close a 10-year asset bill that you have. Sure. I did that
with my first business and the person that took it over, it was kind of like all my
online courses before I launched School of Greatness. And the person that took it
over ran it to the ground. Did you sell it? Yeah, I sold it to him. But then it was
also a sell over like three years.
So he ran it to the ground after like four months.
Did you get your cash out of it?
First few months and that was it.
They sold me a lot.
So that was a challenging thing, but it was a lesson.
Yeah, but I think this is a perfect example.
So I bet if third party people looked at that, they'd be like, why would Louis sell this
business?
He's making, I'm going to make a move, making $100,000 a year from the business. That's a great business.
Nobody would sell $100,000 a year business.
But why would you sell it?
Because you had a million dollar opportunity over here.
And so you have opportunity costs.
So there's $900,000 that's waiting on Louis
to make a sale, right?
Well, the big lesson was kind of what your biggest mistake
was, it sounds like, was, you know,
it was a partnership that wasn't working out. Yeah.
And we weren't seeing eye to eye for like many months, probably six to nine months.
And it was exhausting trying to be in partnership with someone where we just didn't have the
same vision.
Right.
I'm not blaming him or myself.
We just weren't aligned.
And we didn't ask those questions early on.
I didn't ask those questions.
He didn't ask those questions.
And so we didn't, we had clarity over like, let's go make some money over the next year,
but we weren't thinking years in the future.
We were assuming the other person wanted the same things.
And that created a lot of stress.
Yeah, well there's a whole chapter in there
about partnerships and how to not f*** them up.
It's not perfect, but I have like 12 key lessons
about partnerships that are really important in selling it.
But I bet, did you do that sale with seller financing?
Was that like largely hey,
a percentage of future profits?
So he sounds like he actually got a pretty good deal
out of you.
He got a great deal.
Yeah, because he was able to talk you
into his vision of the future.
Because I knew he couldn't pay me upfront.
Right.
He wasn't able to do it.
And he was like, I'm gonna use this money
to do the marketing and the ad spend,
and he just ran it to the crowd.
And you probably didn't do a real deal process
to have multiple people come in
and potentially vet your business.
Yeah, exactly.
But why would you?
And I was also just like exhausted.
You know, it's like, if a lot of people are exhausted
running their business for years,
well they might sell it on the cheap,
because they just want to get out.
That's exactly right, that's the seven Ds,
which is, you know, death, divorce, distress.
I always forget this. You move,
death, divorce, distress.
You move locations.
You have disagreement.
So that would be like a business partnership.
You have-
Debt?
Yeah, that's not the exact one, but we could use that one
to fill it in since I'm forgetting it.
And somebody on the internet will tell me
what the seventh is.
But for most small business owners,
they're in the pain cave when they're looking to sell.
In this case, largely retirees,
because 60% of all small businesses are owned by people 65 plus in the US which is wild
So a lot of them just want to retire and then they're running it for 10 20 30 years. Maybe some of these businesses, right?
But a lot of these business owners to just have the same thing you have which is opportunity costs like running this landscaping business with this
Roofing business is really taking off
Exactly. So I think that's I think that's a beautiful story to share
because a lot of people don't think it happens.
It happens all around us.
It can be exhausting.
And that's, I mean, not to be opportunistic,
but that could be the time where you could swoop in
and find a business that is distressed,
that's struggling, or a partnership is falling apart,
and they need to sell.
Yeah, it's one of the seven slash three and a half Ds.
Yeah, exactly.
I thought you were gonna say like duck dive, dodge,
from like dodge ball.
Well, we were laughing earlier because in the book,
we come up with all these acronyms.
Yeah, then you don't remember them.
To try to simplify things,
and then I forget the acronyms.
What are the 26 steps to building wealth?
Okay, step by step.
Yeah, exactly.
Yeah, that's why you need SOPs to assist too.
Exactly.
You do have a chapter or a section of the book
that talks about how to ten extra profits in year one.
When someone's launching a business
or looking to buy a business,
can they actually ten extra profits in their first year?
Yes, 1,000%.
However, do not buy a business based on that expectation.
So I say you buy businesses based on realities and profits,
not dreams and potential.
Kind of like getting into a relationship too.
Right, exactly.
Don't expect a lot of change.
But you can model it.
You can do a financial forward-looking model on it.
So for instance, in our businesses,
you buy a business based on the profits in the business.
So if the business is doing 100K,
typically that means you're gonna buy the business
for anywhere from 100K to 500K.
One to five X is the profit multiple.
But what's interesting about these small businesses
is a lot of these businesses are so under optimized.
And we have lots of ways we talk about this.
But in this instance, this was a laundromat that we owned.
And basically it shows how you could use
seven different types of acquisitions
in order to grow the business,
plus some things like price increases.
But for instance, you might have a laundromat,
and then you might buy a second laundromat,
so you have economies of scale,
plus you could use the equity of one laundromat
to acquire the other laundromat.
You could add additional revenue lines, right?
So you could add gumball machines and soap dispensers.
You could buy the real estate
of where the laundromat's sitting
and then let's get the rental income from your laundromat
plus everybody else in there.
You could also do some vertical integration.
So you could be thinking, well, what's my biggest cost?
Soap, could I white label a what's my biggest cost? Soap?
You know, could I white label a soap brand?
And then could I sell that?
And so there are all these ways that you can think about
using acquisitions to grow your business.
And I think acquisitions are the hack to fast growth.
Like I have never heard of a billion dollar company
that has acquired zero things.
I don't think it exists.
Really?
No, they're at least acquihiring talent,
they're acquihiring competitions,
or competitors, different product lines,
but if you wanna go fast,
you buy 100 clients at a time
as organically acquire one at a time.
Even Facebook, like Instagram, perfect example.
WhatsApp, perfect example.
The big boys play in the game of acquisitions.
They got a lot of cash to spend on that.
What is that, five billion or something?
Yeah, but if you think about it,
what's interesting is they use cash
because for them, cash is their cheapest asset.
It's speed.
Yeah, well it's speed and it's cheap.
What should they have done?
If the WhatsApp guys were really smart
and the Instagram guys were really smart,
they would have asked for a lot more equity in Facebook.
So, once you see this.
Five bills, all right.
It's like, okay, do I need more?
I think that the Instagram guys set, and.
They sold it for a billion, right?
Yeah, and said they regretted that transaction.
Because how much was that worth now?
Oh, God, I mean.
If they were to take more stock in Facebook, right?
Yeah, 100X.
So, I think that again goes back to this,
to me it feels like, kind of like you open,
like, I don't know, Pan's Labyrinth or Pandora's Box.
Like once you look inside, you're like, oh, wait a second.
We were taught for so long that money is hard to get,
that it's impossible, that it's not around us.
And once you start to play the game of ownership
and deal making, you realize money is often
the cheapest thing.
And once that happens, then your world can really change.
What about for people say, okay,
but if I'm gonna get an investor,
I have to give up so much of this business
that I wanna do a deal in.
And what if I only get 10, 20, 30%,
is it worth me buying in a business
where someone else is just giving cash
to own 60, 70, 80 percent
where I'm still doing all the work for 10, 20 percent.
Yeah, well I would say why'd you give them 60, 70, 80 percent?
Whatever the number is, you know what I mean?
And then the more you need to raise, you have to dilute your equity even more.
Yeah, you're right.
I have friends that started a business, I won't say who they are, you probably know
them, they're in your town.
Now I'm curious.
They're worth a few hundred million in their business, right?
Okay.
They've been around for about a decade.
Okay.
And they've had to raise money over and over and over again at scale for their business.
Physical product, good business, they're in tons of retailers, but they only have like
a few percent each now because they've just had to keep raising to be able to scale it.
And they put all this time and energy in for a decade.
Maybe they get a sale where they make a few million.
I don't know, but maybe not.
It's a great point.
So here's the beautiful part about dealmaking.
The smarter dealmaker that you are, the less you give away over time.
I mean, contrarian Thinking is a perfect example.
We own 100% of Contrarian Thinking.
I haven't taken a single investor.
But my first couple businesses I did, it took some investors because I didn't actually realize
how to value myself or my asset.
It kind of goes back to that house example.
We have to get more reps at understanding how to value things and create deal structures
that benefit us.
And so if I have a business that I know
is gonna need a lot of cash, isn't it wild
that all we know how to do is go out
and raise venture funds?
Why do you think that is?
Well, it's because that is the most lucrative,
equity is the most lucrative
in a fast growing startup you can get.
So if you have a fast growing startup,
what should you do instead?
You should take a little bit more debt risk,
which is like tactical to understand.
Because you're not giving up equity.
You're not giving up equity,
you're giving up a percent that is set
as opposed to a forever percent of future upside.
You should give up less and try to talk people
into your sweat equity being worth more.
You should think about structuring deals
where you go, hey, I'm gonna give you equity
in the business, but I'm gonna have the right
to buy you out at X term at this time.
You should potentially maybe be giving them
some smaller percentage of equity, but distributions,
so they don't take a huge chunk of it.
So like, this is the stuff that I learned on Wall Street
that I didn't realize is like,
why the people on Wall Street that I didn't realize is why the people
on Wall Street are so much richer than us.
It's because they understand how money actually works.
And we were never taught this stuff.
What were we taught?
We were taught budget, don't buy the Starbucks, negotiate your salary once a year so that
you get a 5% increase instead of a 3% increase.
We weren't taught about warrants and ratchets and options and none of that.
And yet if we learned how to do that, your friends, we could be doing way smarter deals
than straight up equity deals.
And the thing that you negotiate in the beginning doesn't have to be the thing you end up with.
I think as Americans too, we have this funny thing.
We have this guy, Kareem, who's an investment analyst
on our team, and he's the best negotiator at all time.
He's Egyptian.
Oh man, when I went to Egypt,
I was getting negotiated with everywhere I went.
Yeah, and you're talking about the week of Farad.
I did too.
We Americans were not that used to negotiating.
And so the other thing that's cool is,
you have to remember, what do the rich never really want?
They don't ever want to do work.
Once they've given you cash for something,
they're saying, I want you to deal with it.
Bill Perkins says that to me all the time.
He's like, can I give you more money?
I'm like, no, you want more of my life.
I know what you're trying to do here. No.
And so even for those guys,
you might push back and be like,
we're unhappy with the percent that we have right now.
We're working way too hard on this business.
We're your future gross.
We want you guys to take some money off the table
and we want you guys to give us some additional equity.
We'll distribute up to this point.
But as Americans, we're not really taught
to get comfortable negotiating.
It feels like a retrade, it feels bad,
maybe we feel cheap, but we shouldn't.
We should just know that that is
what Wall Street does all day.
What's interesting, my fiancee Martha, she's really good at negotiating.
She's Mexican.
Mexican.
And she, I mean, anytime we're trying to buy anything or build anything within our house,
she's always just negotiating, negotiating, negotiating.
And I love that about her because she's not just going to say, okay, they said it was
this price and we're just going to pay it. She's always trying to find a way to say, okay, they said it was this price and we're just gonna pay it.
She's always trying to find a way to say,
okay, what can we do to make it less?
How can we make it half this price?
What would that look like?
And just constantly enrolling people in bringing it down.
I think it's a beautiful skill set,
because you're saving money in that process
that you can invest in other places.
That's a good woman right there.
It's a great woman.
You guys, you're trying to go away.
You know, it's like, go save me some money, you know?
Well, also I think-
I mean, do you think women are an asset
or a liability in a relationship for men?
Well, they should be an asset.
What makes women an asset for men versus a liability?
Depends on what you want as a man.
But, you know, I think a good woman
should be a partner in life
to carry the burdens through just about everything.
A burden might be that she is the negotiator
and you are the earner.
A good woman might be that she takes care of the family
and offsets a couple hundred thousand dollars
in potential third party costs instead of a cook,
a housekeeper, a nanny, a surrogate, you got her.
Or it might be somebody who also earns beside you
or maybe you do a mixture of both.
But I do think that these days,
the only thing that I do not like
about the man versus female thing is like,
listen, I'm happy to stay home.
I'm happy to cook and clean and take care of everything.
If you're working, and I'm not,
if we're both working and I am the one
doing all of the cooking, all of the cleaning,
and that's the expectation,
because I'm a woman and you're a man,
opt out, unsubscribe, no thanks.
So I think that the idea of a traditional wife, cool,
if she actually gets to be traditional.
Hashtag tradwife.
Yes, and it's back.
I think we're back.
But that's the only part that I get upset
about gender norms.
I mean, my husband and I, he loves cooking.
Like, I like stuff clean.
We both run the business together.
But like, don't tell me that I, because I'm a woman,
I gotta do all this extra stuff just because of it.
If we're both getting up early grinding and working,
I don't like that.
What would you say if a man is very entrepreneurial,
risk taker, who's trying to build wealth for his life,
he gets in a relationship with a woman,
they get engaged, they get married,
what are the three qualities he should be looking for
in order to feel like she's really to help contribute
to the long-term wealth versus take away from it?
Maybe what are the soft skills for those qualities?
One, I love what Jeff Bezos said,
which is if I was in a third world prison,
I know my wife would help get me out.
Like you need to ride or die.
You want that person to be so aligned and so crazy
that you could trust her.
You were like, I murdered somebody, where's the body?
That's what we're looking for.
Because this is your partner for life.
It's gonna be the mother of your children.
Like, she better be able to get some done.
That would be one for me.
Kind of like resourcefulness.
100%.
Willing to do whatever it takes, figuring it out.
Yeah, and super, super loyal.
Not feeling helpless, like I have no clue.
No, I think that like victim mentality of a woman,
I mean, real traditional women back in the day,
they were some hard mother. You know? Oh yeah. Like, so I think you can still mentality of a woman, I mean real traditional women back in the day, they were some hard mother.
You know?
Oh yeah.
Like so I think you can still be in your flowery dresses
and hanging out in Sunflower Field,
but feel like that woman's got your back.
And then the second thing is, I do think,
you know, I've seen it happen
with my very wealthy guy friends, let's say,
and they bring somebody on board into their relationship,
and that wealth ain't doing so hot in a moment.
And that woman's gone. And I can ain't doing so hot in a woman.
And that woman's gone.
And I can sense them a mile away.
I see it up front.
Really?
Oh my gosh, of course.
The women leave.
Yeah, a hot answer said.
So sad.
Well, is it?
Or did you choose a woman that you knew wasn't loyal,
wasn't gonna be there for you, just wanted your stuff?
And we all fall in love and have made mistakes,
and I've certainly done that.
But I think that loyalty plus resourcefulness
is so important.
Because that's what you're gonna pass on to your kids too
if that's important to you.
100%.
Of all the millionaires you know,
how many of them do you think are actually
happy and fulfilled human beings?
I think that,
I think money kills misery a lot more than it helps happiness. It is a miserable existence to be on the poverty line, not able to figure things out, not able
to take care of your family.
We're seeing deaths of despair all around this country from fentanyl usage, from antidepressants, divorce rates,
lack of people having sex and getting married.
And so I think money helps a lot
with decreasing our misery level.
When it comes to happiness though,
the funny thing about money is it's an amplifier to me.
You become a lot more of whoever you were.
So if you're a nasty, gnarly, unhappy human without money,
you're probably gonna be a nasty, gnarly,
unhappy human with money.
You're just gonna be able to affect
the world a little bit more.
And so-
In a negative way.
In a negative way.
And I think that's why,
like a lot of people have a hole inside of them,
and then they go and fill it with money.
And that's why I think, you know,
the Bible says that the root of all evil is the
desire for money, not that money is the root of all evil. Very important word change there. And so,
if you desire money above all else and you try to fill your black hole inside of you with money,
I don't think that makes you happy. If you love producing, helping people, changing the world, laboring, you know,
and the byproduct of that is money,
then I think you're a lot happier.
But no, I've met very, very many a miserable millionaire,
but it wasn't because of money.
It was already there, and then money makes it worse.
It amplifies it, though.
Yeah.
It can make it feel even a heavier weight.
I think so.
Sometimes, right?
Yeah, I mean, you've met these people too.
How many people who are millionaires or billionaires that you know or have interviewed or been around
that you think have a lot of fulfillment in their life?
What's the percentage?
Is it half?
Is it 10%?
Is it 90%?
Or do you think a lot of them still struggle with finding peace, fulfillment, and joy in
their lives, even with all the money?
I don't need very many peaceful billionaires.
I don't think I've ever met one.
In order to get that level of wealth, you have to do things that no normal human would
do.
Is it worth it then?
Is it worth being a billionaire?
Well, they might just never have been the peaceful type of human.
That just might not be who they are.
And thank God they exist in the world
for a lot of things that are better
for all the rest of us, actually.
The innovation, everything, yeah.
100%, the job creation, the lift.
I mean, the best thing that's ever happened
to poverty levels in the world is capitalism,
which is crazy people who are not peaceful at all
pushing to make the world a little bit better.
But I have met a lot of really joyful billionaires.
So they're not peaceful, but they got a lot of joy.
Because man, it's pretty fun being rich.
Like, you know, it's not so much the one-off things,
it's just what you can do.
You're like, I wanna go build a school in Africa,
do it, you know?
I wanna take my family and go on the best trip
they've ever been on.
I wanna buy 37 catios.
And-
Let's go catios for all. And many funny puns.
You get a catio and you get a catio.
That's your Oprah one day.
I know.
You know?
Everybody in the audience is gonna be like,
I don't want this, Luis.
Catio life.
Yeah.
But yeah, I think many billionaires are joyful,
but not peaceful.
Hmm.
How many billionaires are unhappy?
I maybe met 30 or 40 billionaires,
which is a lot because there's not that many
of them in the world.
And you know what a lot of them are?
A lot of them are Asperger's, which is hysterical to me.
I was talking to Joe Lonsdale
about that founder of Palantir.
And I was like, I've met all these tech billionaires
in Austin.
And- A lot of them there. Yeah, and man, some of you guys are really hard to talk to, you know? I've met all these tech billionaires in Austin.
A lot of them there. Yeah, and man, some of you guys are really hard to talk to.
And he's like, yeah, most of us are neurodivergent
in some way, we're a little off.
And so if you came at us with a normal,
hey, how you doing, what's going on?
They're like, no thanks, I have no interest in that.
And when you're that rich, you don't really have to play
by other people's rules, so you just don't engage how you don't wanna engage.
I mean, think about all the things you can cut out
of your life if you're a billionaire.
You don't have to go to the DMV ever.
You're never at the airport
because you're flying private.
I think the airport is a great equalizer for people.
You're not taking the bus.
You're not going to the grocery store.
Everything comes to you when you're at that level.
And so your ability to engage with humans,
like normal everyday humans like me and you,
I think really materially decreases because they just.
You're just living in another world.
You're living in a bubble and you get to affect the outcome.
It's like when, who was it, it was Bill Gates.
They're like, how much is this apple or this banana?
And he's like, 20 bucks.
They're like, Jesus.
You know, he's like, he was so out of touch from reality
because he has built his own world.
That's one of the reasons why I'm not sure so much
about living forever because I think,
I think what would happen is some of us
would become so, so wealthy
that we would become completely disconnected
from what everyday normal humans were.
We'd be an alien on Earth.
Yeah, I think so.
Or it'd be like those science fiction shows
where we're like floating in the ether
and everybody down below is something different.
Are you afraid to die?
No.
No, I don't think about it much though.
I'm afraid to die if I don't feel like I'm doing
the things I want to do in life.
That scares me.
Why?
Because I want to feel like it mattered to live here,
which is interesting because theoretically it doesn't
and I'm Christian, I believe in God.
It doesn't matter to live here?
I don't think so.
We're all like grains of sand at some point over time.
We can try to affect the outcome in some way
and I hope that I was able to impact people over time.
That's kind of the whole point
of being on the internet, I think.
Otherwise, you could just get rich quietly.
Like, you and I, if we want to get really, really rich,
probably the best way to do it
is not be on the internet.
It's what I was doing before, it's private equity.
Just go buy a bunch of assets, grow those assets,
get third party capital, put it in there,
I could become a billionaire.
There's a set path.
It's a high probability path.
But.
Why not take that path?
Because I think that that leads to maybe less joyful lives.
More misery.
I think that leads to more misery.
I think that leads to
poorer outcomes for communities,
poorer outcomes for businesses.
Like walking into a Starbucks, the soul sucked out of it.
It's the soul sucked out of the employees too.
Walking into a corner coffee shop, I love, like a local one.
And so I think soul sucking.
So I don't just care about money.
I want to have some impact on the world because it's fun.
But there was a point where I was scared to die.
And that was when I was doing something I didn't like.
When I was an employee in finance at the time,
I saw all of the people ahead of me
with like Lambos and Ferraris and second and third wives
and bottle service at clubs.
This was kind of like old school finance days.
You know, they would have like multiple washes
and kind of like show off which watch
and which bottle of wine was the most expensive.
And I-
And steak houses every night.
Yeah.
Yeah, and I remember one time
we were flying
in one of the execs' planes,
and those things can get bumpy.
And it wasn't so bumpy where I had
some existential crisis,
but it was bumpy enough where I thought about it
and thought, God bless, if I die right now
as an exec at a finance company
that just makes more money for myself
and these fucking guys, I I would be pretty pissed.
I would be mad at myself because I wanted life
to be this great adventure where it mattered
and I did cool things and I learned and I loved
and I adventured and I was not doing that.
And so that is when I was scared to die.
How old are you now?
38.
Have you had kind of a midlife crisis yet?
Or like more of awakening of like, oh, it's technically, I mean, maybe it's not halfway
complete, but it's close to halfway complete.
So like we're going to the third quarter.
Yeah.
And what have I done for the last four decades?
I feel pretty good about the scoreboard thus far.
So I feel, you know, one of the best parts is like
when you move fast continuously on life
with a specific vision,
aligned to your ethics and moral compass,
it feels like not as scary to die.
Pain maybe feels scary,
like being tortured to death sounds scary,
but just it ending,
I feel like I'm pretty proud
of what we've looked here thus far.
Not done, but I'm proud.
But when I wasn't living my own life, and I don't know if you've ever done that,
I definitely had a period where I was not living my life.
Yeah, I was a truck driver for three months.
Oh, yeah.
Six hours a day driving in the corn fields back and forth
from Corms to Cincinnati every day.
Interesting, I didn't know that, plus you're big.
It's like you don't have enough room in there.
This was like free like Bluetooth
and it was like you had a CD player
and it was like there's only so much you could do
and I couldn't call anyone and do anything like that.
So it was just like, just driving through the cornfields
on the highway, flat, no scenery,
driving a truck auto parts in the back
and just transferring it over,
getting the other parts and bringing it back to Napa. Yeah.
For six hours a day.
Yeah, those and that moment you probably felt like.
But I needed money.
It paid 250 a week though.
Because I needed time to train in the morning.
This is like when I was trying to go
play professional football.
So I was trying out for teams.
I would train in the morning and then train at night.
So I needed a job where I could do both.
And this was six hours from like the middle of the day.
And so I was able to get up, work out,
drive a truck for six hours, come back, work out,
sleep, get up and do it again.
But I only made 250 bucks a week.
But did you feel purpose
because you were working towards your bigger goal?
Or it was too-
No, I was just like, this is not the type of purpose
that I wanna be working towards.
Interesting.
It was like, how could I find a way to achieve my goal quicker? Yeah. How
can I you know network more or find another opportunity that pays me more?
And then what happened? I was bouncing on the weekend also so I was making like I
don't know 50 to 100 bucks a night like getting tips you know a security at a
nightclub and I don't drink alcohol so So it was kind of like, but whatever I could do
was Thursday, Friday, Saturday nights,
just to try to have the time to be able to work on my dream.
So it was a challenge.
But it was also like, I think having that experience
and multiple experiences like that made me realize,
oh, I need to overcome all of my insecurities and fears
that are keeping me here, because I have limited skills
going back to the beginning of this conversation.
I couldn't speak in public.
I didn't have the confidence to like,
put myself out there in certain ways.
So I was like, I need to join a public speaking class.
This is when I joined Toastmasters,
which I was telling about before.
So I went to a public speaking class
every single week for this year. So I was like, I need skills, I need skills. And my fears are holding me back
from having the confidence to relate to powerful individuals. I need
mentors. How do I find them? I need to go to events. So I started going to events
and that's when I got on LinkedIn. I got on LinkedIn and I started reaching out
to people even though I had no skills, no college degree, no confidence and I was trying to like do football stuff.
And it was all about skill acquisition during that time.
And that skill acquisition gave me courage and confidence to then go meet with the right
people to create opportunities.
That's what it was.
Yeah, you know, I...
Because it was that pain of like,
I don't want to be sitting in a truck for six hours a day.
That pain made me realize, okay, I don't want this pain,
so I'd rather be embarrassed and humiliated
and experience that pain if it's going to give me
the chance of making more money.
I totally agree.
Yeah, I never had, I always liked my blue collar jobs.
Like I did construction, I did work on a construction site.
I wasn't the worker, I was like in the little
air conditioning thing doing the voices and whatever.
I always liked those jobs because there was so much
movement, like you could be out, you were talking
to the person, you were in the car, you were going.
I always, what I felt trapped was in my corporate job.
Like I remember at Vanguard, my very first job,
which is where I think dreams go to die,
still to this day.
Vanguard.
Oh God, hopefully they're not a sponsor of this video,
but they used to, I would have to clock in in the morning
with my little-
Timestamp.
Time, yeah.
And I would have to clock out every time
I went to the bathroom and lunch.
Oh man, so that's school.
And I was in the call center.
So I was connected directly, this would have been in 2008,
so it was crisis time. I was connected directly to the call center. So I was connected directly. This would have been in 2008. So it was crisis time.
I was connected directly to the phone lines.
The second that you got connected,
people would start calling, you'd have to pick it up.
And it was chaos.
I mean, it was, oh my God, you've stolen all my money
because that was in their 401k
and they didn't realize what happened.
How could you do this?
Crying, people in the background.
And you'd do whatever you could have
and you'd hang up and then the hang up, and then the next one,
and then the next one.
And-
That's a lot.
Aha, and I was 21 at the time when I did that.
And I remember the moment that I was like,
it was fluorescent lights, those drop ceilings, right?
Man, fun inspired.
The padded wall cubicles.
God, that actually, that is where my hell is.
It's making me uncomfortable to talk about it.
And I remember one of my colleagues and friends at the time,
she was having mini panic attacks from it.
It's a lot for a 21-year-old to take on.
And then that feeling of being trapped in your chair,
like you can't get up.
And then I remember-
You had to ask her to go to the bathroom?
Yeah, you had to clock in and clock out.
And I remember she came to me one day and she was like,
I feel better today.
I'm like, great, what's going on?
What'd you learn?
And she had started on antidepressants.
Oh my gosh.
And she started gaining weight from that time.
And it was just like the downward spiral.
And so that was the one time where I was like,
I'm not doing this.
I will not live this way. And so I started doing the same thing that you did. time where I was like, I'm not doing this. Like I will not live this way.
And so I started doing the same thing that you did.
How can I acquire skills?
How can I network?
How can I become more valuable to other people?
How can I work more on this miserable thing
so I never have to do it again?
And that was when I was like,
nobody will ever be able to tell me again
that I have to do a miserable job that I hate.
And then I have to clock in and clock out without purpose.
Because I think you can handle a lot of,
I've had, I worked, that was a 40 hour work week at Vanguard.
That was a 40 hour clock in, clock out,
no work home with you, work week.
That was it.
Nobody's, no responsibility, no boss pushing you,
just do kind of this.
And just that's it.
And then I went to Goldman, where they were like on you,
and you're in early, and where are you, and you failed,
and we're firing these people, and I loved it.
Because I was like, they're making me better.
I'm learning something every day,
and by the time I'm done with this,
I will be so good that my skill set will be so high
that nobody will be able to tell me
that I have to do something I don't agree with anymore.
Right, right.
And so.
And you were there for what, two years, three years?
I was there for like two years.
So you developed a lot of skills in that time.
You had to invest a lot of your energy and time
to deal with that stress, right?
It was like, how do I manage this?
But then you were able to go do your thing.
Yeah, and I think, I wish I could get more people
to see that.
Like I tell my team a lot, like,
you know what you really want?
You want a really hard boss.
You want a boss that pushes you nonstop.
Too nice.
You are?
I'm too nice.
Well, actually I could see that for you.
That you gotta be hard on them.
Because, let me tell you why.
That's how they get better.
Yeah.
I mean, you know this, you're an athlete.
I have expectations, but I'm not like a jerk.
I'm not like, screw you guys.
You know, I'm not like.
No, but that doesn't help.
Yeah.
I don't think yelling is a sign of weakness in a leader.
I think so.
Except maybe in sports.
Like I think in sports.
Even that, it's like, you can yell,
but it's gotta be a,
if you're just yelling to create fear all the time,
then it's like, if that's your only tool,
you need to develop some other empathy or skill
to actually connect and see what each person
needs to thrive.
Otherwise, you're using one thing for everyone.
Yeah, you're a scalpel.
Yeah, exactly.
And lots of things.
And it might work sometimes,
but it may not work all the time.
And it takes, and again, the number one skill to learn
for anyone, whether you're an employee
or an owner, is leadership, the number one skill to learn for anyone, whether you're an employee or an owner,
is leadership, I think.
I think so too.
Because when you have the ability to connect with people
and see what they need in this moment
and be of service to that individual
for the betterment of your goals together, you both win.
Yeah, you know what's fascinating though,
how about when you were younger?
Like, I did not understand why leadership mattered.
No, I didn't either.
It didn't make sense. No, and I kind of dismissed it. Yeah, didn I- No, I didn't either.
It didn't make sense.
No, and I kind of dismissed it.
Yeah, didn't.
Yeah, you hear about it in like high school,
you're like, leadership, who cares?
Yeah, who cares?
I'm best at my job, I'm doing this, it's about me.
And I think as I've gotten older,
God's just like, back in my day,
both, walk both ways in the snow uphill.
But as I've gotten older, I've realized,
man, like your ability to talk other people in
to coming on board to your vision is so powerful.
I mean, think about it, who's the most powerful man
in the world right now?
President of the United States, arguably.
What is his one skill set?
Aligning a bunch of people behind him.
That's it.
That's it.
Yeah, that's it. it's getting a bunch of people
to do a thing.
Getting people to buy into your vision, yeah.
And for them to think that their life
will be better with you in charge, not them.
It's selling a story.
Yeah.
That's really what it is.
Yeah, so it's some mixture of, right,
it's like sales, because you gotta sell the story,
it's leadership, and then it's like capability.
You need people to think that you're credible, right?
100%. Based on results
or based on your experience or whatever it might be.
Yeah. Or that you're gonna do a better job
than what someone else is doing, right?
Yeah, the other thing is people are hard to fool over time,
I think. Yeah.
So like the longer, that's one of the best things
for hiring and partners too is just longevity.
Yes. Because you see a lot of shots,
you get to see a lot of shots on goal.
100%. How do they react when it goes bad, when it goes good,
and when they show you, believe them.
100%.
I want people to get your book,
Main Street Millionaire by Cody Sanchez,
How to Make Extraordinary Wealth by Ordinary Businesses.
A lot of amazing strategies, stories, and lessons in here
that will give you a different mindset.
And I think we're talking about these skills.
Leadership is the key. In order to be a great leader, you need to change the way you a different mindset and I think we're talking about these skills. Leadership is the key in order to be a great leader
you need to change the way you think about things and approach things so if
you guys want to develop more of a millionaire mindset make sure you get a
copy of the book get it for a friend you go to CodySanchez.com slash book or
just it's right there on the home page. Right there on the home page. Go to
Amazon buy a copy for a friend as well if you know someone struggling looking
to grow. A lot of great strategies in this make sure to check it out
I have one final question for you. But before we dive into that question, we'll have a linked up our previous interview as well
I think it's not over half a million views on YouTube so far
If you want more from Cody check that out follow her on social media as well
Amazing content on her YouTube or podcast and all over social
media. Here's a question that I thought would be perfect for you. I was actually
getting a coffee last week and I went in this coffee shop. There's a couple
people sitting there but no one was in line. It was like at three o'clock, right?
So after the kind of the rush of the afternoon. And for whatever reason I like
to talk to a lot of people when I meet them, you know.
I like to say hi to people at stores.
I'm from the Midwest, so I'm just kind of welcoming.
Most of the time, not every day, but most of the time,
I'm just like, hey, what are you grateful for?
I just kind of have these questions.
And I could tell this woman who was behind the desk
making coffee was not having a good day.
The energy was low.
She's probably in her mid-20s, maybe late 20s, I'm not sure.
Her name was Phoenix, I don't know her last name,
and I won't say where she was working.
But I was just asking her a few questions,
I was like, what's going on?
And she goes, I'm just tired, I'm not enjoying the job,
the pay isn't that good, things aren't going
in my favor in life.
There's a lot of stress, and it feels hard to get out of it.
For someone like Phoenix who's listening
or watching right now who is just at a job
they're not enjoying, they're not making the money
they want, and they don't feel like things
are going their way, what's one thing they could do
to start shifting their energy and start seeing the world differently
so they can have more of a positive experience
rather than a soul sucking experience.
So good.
Go make something a little bit better
at the job you have right now.
Like step number one, if that coffee shop
isn't giving you what you want out of it,
you're not making enough money,
you don't love what you're doing,
how can you actually give more to the business, which sounds counterintuitive. But I would
come up with every single day, what's a little bit more that you can be doing? Can you be
going around and seeing if anybody wants some additional orders? Try to take note how much
the business is making each time that you're on shift and then how much it makes after
you start making these changes. Create a little list of the things you did to affect your
will on the world. Show that, hey, you actually know how a business works
and you want it to grow.
Small little changes.
Maybe you go outside, you're starting to say hi,
you hand out a little coffee sample to people.
Think like an owner, have an ownership mindset.
Because when you have an ownership mindset,
that transfers to ownership eventually.
Then the second that you do that,
I want you to go to the owner of the business and I want
you to tell them, just a little brief, hey, here's the stuff I've been doing at the business.
No ask.
I've been doing this little list of things.
It seems to be working.
Here's some of the experiments I've been trying.
First of all, they're going to be shocked.
Nobody's going to ever have done something like that to them.
You are already now the 1%.
Second step, you do it for a few more weeks.
At the end of a few weeks, you go,
hey, I've been doing these extra things.
Love to make some additional money here.
Is that possible? Can you show me what
a career progression looks like here for me to
move to the next step for me to make additional money?
Here's the thing, if they say nothing,
this is Starbucks, we don't hire this way,
you're stuck here, then that's a bad company
and you need to start looking elsewhere.
And you need to, as you're looking for your next thing,
not just have a resume, but have some case studies.
Here's what I did in my last business
that they didn't ask me to do.
Here's how I realized that I could provide positive value.
I can promise you one thing only,
the capability is so rare and desire is even more rare.
And so if you can show those two things in the world,
you will go from having an owner's mindset
to an owner one day.
Hashtag, catty o' life.
There we go, Cody Sanchez.
Make sure you guys check out the books,
follow for more.
Appreciate it, Cody, thanks.
Thanks for having me.
I hope you enjoyed today's episode
and it inspired you on your journey towards greatness.
Make sure to check out the show notes in the description for a full rundown of today's
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