Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M!: The Diary of a CEO episode

Achieving Financial Freedom Through Ownership and Strategic Networking

ACKNOWLEDGEMENT
Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M!: The Diary of a CEO episode

In this episode of The Diary of a CEO, the guest, Cody Sanchez, shares her extensive experience transitioning from Wall Street to becoming a successful entrepreneur and investor. Cody emphasizes the importance of ownership as the key to achieving true freedom and provides practical advice on how to start building wealth, even from scratch. She delves into the realities of navigating your 20s, the value of learning over earning during early career stages, and the strategic importance of networking with successful individuals. Whether you're just starting out or looking to pivot your career, this episode is packed with actionable insights that can help you move closer to financial independence.

MAIN POINTS
Strategies for Building Wealth and Success

1. Ownership Equals Freedom: Cody underscores that true freedom comes from owning assets, not just earning a salary. She stresses that the world won’t give you ownership; you have to take it.

2. The Reality of Your 20s: Cody advises that the 20s are often tough, filled with low-paying jobs and hard lessons. She emphasizes the importance of focusing on learning and growth rather than just earning.

3. Importance of Networking: Building relationships with successful people is crucial. Cody suggests starting with those in your immediate circle and progressively networking your way up.

4. Learning Over Earning: Early in your career, prioritize learning skills and gaining experience over making money. This knowledge will pay off exponentially later.

5. Strategic Job-Hopping: Cody advocates for moving jobs every few years, especially when you're no longer learning or earning more. This keeps you growing and progressing in your career.

6. Avoiding the Entrepreneurship Trap: Cody warns against jumping into entrepreneurship too early. Instead, she recommends working under successful entrepreneurs to learn the ropes first.

7. The Power of Small Businesses: Cody highlights the potential of "boring" businesses like laundromats and car washes as gateways to wealth.

8. Dealing with Imposter Syndrome: Cody discusses how many people, especially women, struggle with feeling undeserving of wealth. She offers tips on overcoming these negative mindsets.

9. Gender Dynamics in Finance: The conversation touches on the male dominance in finance and the importance of women becoming more engaged in financial matters.

10. The Long Game in Networking: Cody emphasizes the importance of long-term relationship building and the rarity of follow-through, which can set you apart in the business world.

IDEAS FOR IMPROVEMENT AND IMPLEMENTATION
Implementing Wealth-Building Strategies

1. Start by Seeking Ownership: Begin looking for opportunities to own assets, whether it's a small business, real estate, or investments. This could be the first step toward financial freedom.

2. Accept the Hardship of Your 20s: Understand that your 20s are a time for learning and growth, not for instant success. Embrace the struggle and focus on long-term gains.

3. Leverage Your Network: Identify the most successful people in your current circle and find ways to provide value to them. This will help you build meaningful connections that can advance your career.

4. Prioritize Skill Acquisition: In the early stages of your career, focus on acquiring skills rather than maximizing income. These skills will be the foundation for your future success.

5. Move Jobs Strategically: Don't stay in a job if it's no longer serving your growth. Be strategic about job-hopping to positions that offer more learning and earning opportunities.

6. Delay Entrepreneurship: Resist the urge to start your own business too soon. Gain experience working for others first to avoid costly mistakes.

7. Consider "Boring" Businesses: Explore the potential of simple, low-glamour businesses as a way to build wealth. These can be easier to manage and offer stable returns.

8. Overcome Negative Money Mindsets: If you struggle with feeling undeserving of wealth, start by changing your physical posture and language around money. Actively work to replace negative beliefs with positive ones.

9. Get Involved in Finance: If you're a woman, take steps to become more financially literate and involved in managing money. This can empower you to make better financial decisions.

10. Follow Through with Networking: When networking, always follow through on your promises. This rare quality can distinguish you from others and build lasting relationships.

SUBJECTS DISCUSSED
Ownership, Networking, and Learning

1. The Importance of Ownership for True Freedom: Ownership, Cody argues, is the ultimate key to freedom. Unlike simply working for a salary, owning assets—whether it’s a business, real estate, or investments—gives you control over your financial future. She points out that while society often discourages ownership by making it seem unattainable, it’s crucial to push through this narrative. Ownership allows you to make decisions independently and avoid being at the mercy of others. This principle is especially important for those who feel disenfranchised or tired of others directing their lives. The takeaway here is clear: ownership is not just a financial decision, but a path to a more liberated and empowered life.

2. Navigating the Tough Years of Your 20s: Cody reflects on the difficulties of the 20s, a time she describes as filled with low-paying jobs and steep learning curves. Many young people, she notes, are tempted to focus on earning as much as possible during these years. However, she advises against this, suggesting that the 20s should be a time for learning and personal development. By viewing these years as an investment in your future self, you set the stage for greater financial success down the line. This perspective helps to shift the focus from short-term gains to long-term growth, making the challenges of the 20s easier to bear.

3. The Strategic Approach to Networking: Networking is often misunderstood as merely collecting contacts. Cody emphasizes a more strategic approach: start with those in your immediate circle and gradually work your way up to more influential connections. She recommends offering value to those you want to connect with, rather than just asking for favors. This could mean volunteering your skills, offering insights, or even just being a helpful presence in their life. Over time, these relationships can become invaluable, helping you gain opportunities and insights that would have been otherwise inaccessible. The lesson here is that networking should be a deliberate, thoughtful process aimed at building meaningful, mutually beneficial relationships.

4. The Value of Learning Over Earning: One of the core themes Cody discusses is the importance of prioritizing learning over earning, especially early in your career. She advises against the common temptation to chase the highest salary right out of the gate. Instead, she suggests that young professionals should focus on acquiring skills and knowledge that will serve them in the long run. This might mean taking lower-paying jobs that offer valuable learning experiences or working for mentors who can teach you the ropes. The payoff for this approach, Cody assures, is substantial—what you learn in your early years can exponentially increase your earning potential later on.

5. Overcoming Gender Bias in Finance: Cody touches on the male dominance in the finance industry, a field that remains heavily skewed toward men. Despite this, she encourages women to get more involved in financial matters, both personally and professionally. She believes that understanding finance is crucial for everyone, regardless of gender, as it’s directly linked to power and freedom. Cody argues that women, in particular, should seek financial literacy and take control of their financial futures. By doing so, they can break through the barriers that have historically kept them out of these powerful roles. This discussion highlights the importance of gender equity in finance and the need for women to actively engage in their financial lives.

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SEE YOU NEXT ONE
Thank you for your attention!

This episode of The Diary of a CEO provides profound insights into the importance of ownership, strategic networking, and the value of learning in the pursuit of financial freedom. Listeners should come away with a clear understanding of how to navigate the early challenges of their careers, the significance of building meaningful relationships, and the power of ownership in achieving true freedom. Thank you for tuning in, and remember that the journey to financial independence is a marathon, not a sprint—stay focused, keep learning, and take control of your financial future.

Want more? Check out the whole podcast episode on (NEW!) Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! (youtube.com)

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