Codie Sanchez: I Read 200 Books on Money, These 19 Will Make You Rich
The YouTube video titled "I Read 200 Books on Money: These 19 Will Make You Rich" features Codie Sanchez discussing impactful books on personal finance, entrepreneurship, and success. The following summary of the video was written by ChatGPT.
In the introduction of the video, Codie Sanchez shares her extensive experience with financial literature, having read over 200 books on making money. She categorizes these books into different percentages: 50% were useless, 25% she believes were wrong, and 19 of them significantly impacted her financial life. Sanchez's aim is to distill the most valuable lessons from these books and share them with the audience, hoping to change their lives as well. The overarching goal is to empower viewers to attain financial freedom, enabling them to live life on their terms. The video is structured into four main components: making money, building wealth, preserving it, and enjoying the fruits of financial success. The video also appeals to viewers to support the channel's goal of reaching a million subscribers, promising a special reward for the audience once this milestone is achieved.
In the "Make It" section of the video, Codie Sanchez discusses the importance of mindset in the pursuit of financial success. She recommends two key books for developing the right mindset:
1. **"Mindset" by Carol Dweck:** Sanchez emphasizes the significance of having a growth mindset, where individuals believe their intelligence and talents can be developed over time. This mindset encourages continuous learning and effort, leading to personal growth and accomplishment. Sanchez shares her own experience, highlighting how embracing a growth mindset allowed her to overcome challenges and achieve success in her career.
2. **"Principles" by Ray Dalio:** Sanchez introduces the concept of establishing personal principles to guide one's life and decision-making. She advocates for radical openness and transparency, emphasizing the importance of honest communication and feedback. The book teaches readers how to create thoughtful agreements and cultivate a culture of openness within organizations. Sanchez also highlights the significance of annual 360-degree reviews, a practice she experienced at Goldman Sachs, and how it contributed to her personal and professional development.
3. **"Man's Search for Himself" by Rollo May:** Sanchez recommends this book as a guide to maintaining mental health and well-being in the pursuit of financial success. She emphasizes the importance of investing in one's mental health, including therapy, to strengthen the mind and enhance overall productivity.
4. **"Money: Master the Game" by Tony Robbins:** Sanchez suggests this book for individuals starting their financial journey. Robbins emphasizes the need for a clear vision and specific financial goals. The book provides practical exercises to help readers define their dreams and create tangible targets. Sanchez appreciates Robbins' focus on mastering money and understanding its connection to power.
5. **"Choose Yourself" and "The Side Hustle Bible" by James Altucher:** These books encourage readers to take control of their lives by choosing themselves and generating innovative ideas. Altucher emphasizes the importance of experimentation and generating unique ideas, even if it means facing rejection. Sanchez shares Altucher's framework for generating ideas, which involves writing down ten ideas daily to enhance creativity and problem-solving skills.
6. **"Economic Facts and Fallacies" by Thomas Sowell:** Sanchez recommends this book to help readers discern economic truths from falsehoods. She emphasizes the significance of critical thinking and following the truth rather than popular narratives. The book challenges common misconceptions and provides insights into economic news, enabling readers to make informed financial decisions.
7. **"Rich Dad Poor Dad" by Robert Kiyosaki:** Sanchez suggests this book as essential reading for individuals seeking to build their wealth. Kiyosaki introduces the cash flow quadrant, categorizing individuals as employees, self-employed, business owners, or investors. The book emphasizes the importance of investing and acquiring assets to achieve financial freedom.
8. **"Zero to One" by Peter Thiel:** Sanchez recommends this book for its insights into entrepreneurship and taking significant risks. Thiel's book encourages readers to identify revolutionary truths and contrarian ideas, emphasizing the importance of being a definite optimist. Sanchez appreciates Thiel's perspective on starting and growing successful businesses.
9. **"$100 Startup" by Chris Guillebeau:** This book provides practical guidance on starting a business with limited resources. Sanchez highlights the book's focus on creating value and building a customer base on a budget. Guillebeau's framework for product development and growth helps entrepreneurs navigate the challenges of starting a new venture.
Throughout the section, Sanchez emphasizes the value of adopting the right mindset, embracing continuous learning, and making intentional decisions to achieve financial success. She recommends these books as valuable resources for individuals at various stages of their financial journeys.
serious money, right? Alright, let's move on to the next recommendations in the Build It section of the video.
### Book 11: **"The Lean Startup" by Eric Ries**
"The Lean Startup" is a cornerstone for entrepreneurs and startup enthusiasts. Eric Ries provides a systematic, scientific approach for creating and managing successful startups in an age when companies have to innovate more than ever. The book advocates the concept of validated learning, which focuses on building a sustainable business with continuous adaptation and improvement. It's a practical guide for anyone working on a startup, especially those in the tech industry.
One of the key takeaways is the idea of the Minimum Viable Product (MVP). Instead of spending months or years developing a product, the Lean Startup approach emphasizes quickly creating a basic version of your product and getting it into the hands of customers to gather feedback. This feedback loop helps you iterate and improve, increasing your chances of creating a product people actually want.
### Book 12: **"Thinking, Fast and Slow" by Daniel Kahneman**
"Thinking, Fast and Slow" explores the two systems that drive the way we think: the fast, intuitive, and emotional system, and the slow, deliberate, and logical system. Written by Nobel Prize-winning psychologist Daniel Kahneman, this book delves into the cognitive biases and errors of judgment that influence decision-making. Understanding these biases can significantly impact how you approach investments, negotiations, and other aspects of life.
The book provides valuable insights into human behavior, decision-making processes, and the psychology behind our choices. It's a dense read, but the knowledge it imparts is invaluable, especially for anyone involved in business, finance, or investing.
### Book 13: **"Influence: The Psychology of Persuasion" by Robert Cialdini**
"Influence" explores the psychology behind why people say "yes" and how to apply these understandings ethically in business and everyday settings. Dr. Robert Cialdini outlines six universal principles of influence: reciprocity, commitment, social proof, authority, liking, and scarcity. By understanding these principles, you can become more aware of how decisions are made and use this knowledge to influence others effectively.
This book is not just for marketers; it's for anyone who wants to understand the subtle forces that shape our decisions and actions. Learning about these principles can help you navigate various social and professional situations with a deeper understanding of human behavior.
### Book 14: **"Zero to One" by Peter Thiel**
"Zero to One" is a manifesto for entrepreneurs, offering unconventional wisdom on startups and innovation. Written by Peter Thiel, co-founder of PayPal and an early investor in companies like Facebook, this book challenges conventional thinking about competition and capitalism. Thiel argues that to create a truly valuable business, you need to focus on creating something new and unique—an innovation that goes from zero to one, rather than competing in an existing market (going from one to n).
Thiel's insights on building a monopoly, the importance of technology, and the power of differentiation make this book a must-read for aspiring entrepreneurs and anyone interested in disruptive innovation.
### Book 15: **"Atomic Habits" by James Clear**
"Atomic Habits" explores the science of habit formation and provides practical strategies for building good habits, breaking bad ones, and mastering the tiny behaviors that lead to remarkable results. James Clear emphasizes the power of small changes and how they can compound over time to create significant transformations.
This book is applicable not only to personal development but also to business and financial success. By understanding how habits work and learning to implement small changes consistently, you can improve your productivity, financial habits, and overall well-being.
Keep It.
### Book 16: **"The Millionaire Next Door" by Thomas J. Stanley and William D. Danko**
"The Millionaire Next Door" challenges the conventional wisdom about wealthy people and reveals the surprising habits, traits, and lifestyles of millionaires in America. The authors conducted extensive research to uncover the common characteristics of self-made millionaires and dispel the myth that wealth is always displayed through extravagant lifestyles.
This book emphasizes the importance of frugality, disciplined saving, and smart investing. It provides valuable insights into how millionaires live below their means, avoid debt, invest wisely, and prioritize financial independence. By understanding the mindset and habits of millionaires, you can learn how to manage your wealth effectively and avoid the pitfalls that often come with newfound affluence.
### Book 17: **"The Subtle Art of Not Giving a F*ck" by Mark Manson**
"The Subtle Art of Not Giving a F*ck" offers a refreshing and unconventional approach to self-help and personal development. Mark Manson challenges the idea that constant positivity and success-driven mindset are the keys to a fulfilling life. Instead, he argues that embracing life's challenges, acknowledging our limitations, and focusing on what truly matters lead to genuine happiness and fulfillment.
This book encourages you to reevaluate your values, set realistic expectations, and let go of societal pressures. By learning to prioritize what truly matters to you and accepting the inevitable struggles of life, you can find contentment and meaning without chasing empty ideals.
These books provide valuable insights into maintaining your wealth, finding contentment, and living a fulfilling life beyond financial success. Remember, wealth is not just about the money you accumulate but also about the quality of life you lead and the impact you make on the world. Happy reading and here's to a prosperous and meaningful journey ahead!
In this concluding segment of the video, Codie discusses two impactful books focused on financial freedom and adventurous living. "Your Money or Your Life" by Vicki Robin is highlighted as a seminal work that ignited the FIRE (Financially Independent Retire Early) movement. The book emphasizes the significance of mindful spending, underscoring that wasteful consumption equals squandering both money and life energy. The author's approach encourages readers to view their spending habits as a vote for the kind of world they want to live in. Vicki's personal journey and practical tips inspire readers to break free from the traditional rat race, prompting a significant lifestyle shift for many.
Codie also recommends "Adventure Capitalist" by Jim Rogers, which chronicles Rogers' global adventures and investments. Rogers, known as the Indiana Jones of Finance, embarked on a journey where he made investments while exploring various countries. This book serves as an inspiration for those who want to achieve financial success while embracing a sense of curiosity and excitement about the world.
Codie encourages viewers to adopt a similar adventurous mindset and embrace financial freedom. In closing, she suggests subscribing to their newsletter, offering a concise weekly read that imparts valuable knowledge, often surpassing the insights gained from a traditional MBA program. This recommendation provides viewers with a shortcut to essential wisdom, making the pursuit of financial success and personal fulfillment more attainable.