On Purpose with Jay Shetty
Codie Sanchez: How to Make Money if You Don’t Have Money (4 Step Process to Make Money Today)
Mon, 02 Dec 2024
What’s the first step to making money with no savings? How do you choose which opportunities to start with? Today, Jay sits down with Codie Sanchez, author of “Main Street Millionaire”. Codie is a powerhouse entrepreneur, investor, and the mind behind Contrarian Thinking, a platform dedicated to empowering people to build real wealth through unconventional investments and small business ownership. Codie’s journey is anything but typical: she went from a middle-class background to finance jobs at Goldman Sachs and Vanguard, then pivoted into journalism, and finally found her calling by building wealth through owning small businesses. Codie breaks down the idea that you don’t need groundbreaking ideas or tons of cash to get started, just a willingness to look beyond the obvious. From laundromats to vending machines, she explains how these “boring” businesses can actually be gold mines, offering steady and substantial returns that often get overlooked in today’s flashy, social media-driven vision of success. Together, Jay and Codie dive into practical steps for starting your journey in business ownership. They discuss the essentials, how to make deals, manage risk, and recognize the right opportunities. Along the way, they debunk the myth that you need to be rich or have a finance degree to succeed. Instead, they focus on the importance of learning the language of money, cultivating grit, and keeping a curious mindset. In this interview, you'll learn: How to Take Control of Your Financial Future How to Start Building Wealth Without a Big Idea How to Identify Profitable Small Businesses How to Build a Strong Relationship with Money How to Turn Curiosity into Cash How to Leverage Ownership for Financial Freedom How to Find Under-the-Radar Investment Opportunities You have the ability to create meaningful change, not only for yourself but for those around you, by building something that truly matters. Keep moving forward, and believe that financial freedom is within your reach. With Love and Gratitude, Jay Shetty What We Discuss: 00:00 Intro 01:57 What Makes Rich People Rich? 04:40 The Reason Why People Don’t Talk About Money 06:30 Where Are We At Financially? 09:50 Misconceptions About What Makes Money 13:00 4-Step Process to Consistently Make Money 14:47 Academic Skills Don’t Translate to a Stable Career 17:44 Do You Need Money to Make Money? 23:06 The Key to Wealth is Taking Risks 26:48 We Can All Get Rich Together 32:52 Focus on the Foundation, not Tactics 35:28 You’ll Make Less Money if You Think You Will 36:57 Learn To Ask the Right Questions 43:57 The Best Mentorship Advice 49:06 You Can Make Money From Anything 52:33 The Richest People Started Small 54:19 What Core Business Skills You Should Invest In 01:00:16 Recognize Your Value to Get Better Deals 01:10:21 Every Business has a Value 01:13:49 Are You Bad at Math 01:17:47 Codie on Final Five Episode Resources: Codie Sanchez | Website Codie Sanchez | YouTube Codie Sanchez | Instagram Codie Sanchez | Facebook Codie Sanchez | TikTok Codie Sanchez | LinkedIn Main Street Millionaire: How to Make Extraordinary Wealth Buying Ordinary Businesses See omnystudio.com/listener for privacy information.
Chapter 1: What is the first step to making money with no savings?
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Chapter 2: How can ownership lead to financial freedom?
Chapter 3: What are the misconceptions about making money?
70% of millionaires are self-made. If you want to make money, you got to follow the map. People that have money have one thing.
Entrepreneur, investor. She's bought over 26 businesses. Cody Sanchez. I have no money. I don't really know too much about money. Where do I start? What do I do?
Most often, we're told things like, follow our passion. I think that's pretty bad advice. If you don't have ownership, you're probably never going to be free financially.
Chapter 4: How to develop a healthy relationship with money?
Chapter 5: What are practical steps to start investing?
Chapter 6: How to identify profitable small businesses?
Chapter 7: What mindset shifts are necessary for financial success?
Chapter 8: How to negotiate effectively in business?
You're literally opening up a whole new doorway for people.
The number one health and wellness podcast. Jay Shetty.
Jay Shetty. The one, the only, Jay Shetty.
Hey, everyone. Welcome back to On Purpose, the place you come to become happier, healthier, and more healed. I'm fascinated by our relationships with things that we grew up with, how they've changed, how they've evolved, or how they've stayed the same. I believe that our relationship with money is is probably one of the most underestimated relationships that we have.
And it's probably one of the relationships that we pay the least attention to. We don't treat it like a relationship, we don't think of it like a relationship, and therefore it falls into the binary category of I'm either good at it or I'm bad at it. Today's guest has some incredible insights for each and every one of us. Wherever you are in your financial journey, this episode is for you.
Today's guest is Cody Sanchez. Thank you. I'm blushing. I'm excited to be here. I want to start with a question that I know you probably get a million times and I get all the time. Jay, I have no money. I don't really know too much about money. Where do I start? What do I do?
There's two things in life that I wish we were told earlier. And one is if you want to make money, you got to follow the math. And I think most often we're told things like follow our passion, you know, do what I did to make money. I made real estate money. You should make real estate money. And I think that's pretty bad advice. I think instead we should look to where are most people rich?
What makes most people rich? So I kind of go to the data. I came from really middle class, kind of we didn't have money all the time. I remember what it was like to not have money. I remember what it was like when my debit card – I was a little worried stuff wouldn't go through at the grocery store. And I didn't like that feeling.
And so I kind of started looking around and I was like, wait a second, where do people have money? And after being in finance for whatever it is, 15 years, I'm going to give away my age, I realized people that have money have one thing, ownership. So the data is really clear on this. 70% of millionaires are self-made, which is interesting. I used to think maybe you just inherit it.
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