Codie Sanchez interview with Steven Bartlett
Decoding Financial Mastery: Comprehensive Insights from Codie Sanchez’s Interview with Steven Bartlett
In an illuminating YouTube interview with Steven Bartlett, Codie Sanchez, a seasoned investor and entrepreneur, unpacks her journey from Wall Street to the pinnacle of business success. The conversation, titled "The Money Expert: From $0 to Millions In 2 Years Without Any Hard Work!: Codie Sanchez | E258," is a rich repository of insights for anyone aspiring to master the art of financial success and entrepreneurial spirit. Below, we explore the interview's key themes in detail, drawing extensively on the wisdom and experiences shared by both Sanchez and Bartlett.
1. The Courageous Leap: Transitioning from Corporate to Entrepreneurship
Codie Sanchez’s narrative of moving from a secure corporate job to the unpredictable world of entrepreneurship is a masterclass in courage and strategic thinking. She describes this transition as a metamorphosis, requiring not just a change in job titles but a fundamental shift in mindset. For Sanchez, this journey meant embracing risk and uncertainty, stepping out of a comfort zone lined with predictable paychecks and conventional career paths.
She shares candid anecdotes about the psychological challenges and fear of failure she faced, providing a raw, honest account of the emotional toll such a transition can exact. Steven Bartlett supplements this with his insights, noting the importance of resilience and flexibility in the face of entrepreneurial challenges. He emphasizes that embracing the unknown and being adaptable to changing circumstances are key to navigating the entrepreneurial journey successfully.
2. Demystifying Wealth: Understanding Financial Freedom
Codie Sanchez challenges the conventional understanding of financial freedom. It's not merely the accumulation of wealth, she argues, but a deeper understanding of how money works. Financial freedom, according to Sanchez, is about gaining literacy in financial concepts and using this knowledge to make empowered and informed decisions.
Steven Bartlett builds on this, discussing how true financial freedom is about creating a life where one's investments yield returns, rather than constantly exchanging time for money. Both highlight the importance of financial education in breaking down the barriers that often keep people from understanding and leveraging financial tools for their benefit.
3. Investing with Foresight: Strategic Investment Decisions
Sanchez shares her journey into the world of strategic investments. She moves away from the conventional high-risk, high-reward approach, advocating for a method that emphasizes understanding market dynamics and making informed decisions. She talks about starting small, assessing the market, and scaling investments over time.
Steven Bartlett reflects on these strategies, adding his perspective on the importance of market research, understanding economic trends, and not being swayed by short-term market fluctuations. Both agree that a strategic, well-researched approach to investment can lead to substantial long-term gains.
4. Navigating Psychological Barriers in Business
One of the most significant discussions revolves around the psychological barriers entrepreneurs face. Sanchez speaks candidly about the internal struggles, including impostor syndrome and fear of inadequacy, that many entrepreneurs experience. Bartlett echoes these sentiments, discussing the mental resilience required to overcome such barriers. They both agree that acknowledging and confronting these psychological challenges is crucial for personal growth and business success.
5. The Pillar of Success: Financial Literacy
Financial literacy emerges as a recurring theme in the interview. Both participants stress its importance as a foundational pillar for anyone looking to achieve financial independence. Sanchez talks about her initiatives to make financial education more accessible and understandable, while Bartlett discusses the role of financial literacy in empowering individuals to make better financial decisions.
6. Balancing Risk and Opportunity in Entrepreneurship
Finally, the conversation touches on the delicate balance between risk and opportunity in entrepreneurship. Sanchez highlights the importance of calculated risk-taking, sharing how measured risks have been instrumental in her successes. Bartlett, reflecting on his experiences, emphasizes the need for entrepreneurs to be opportunistic yet cautious, balancing the potential for high returns against the possibility of failure.
In conclusion, Codie Sanchez’s interview with Steven Bartlett offers a wealth of knowledge and practical advice for aspiring entrepreneurs and investors. From embracing the shift from a secure job to the uncertainties of entrepreneurship, to understanding the intricacies of financial freedom and the nuances of strategic investment, the interview is a roadmap for anyone seeking to navigate the complex yet rewarding journey of financial and business success.
Summary of The Money Expert: From $0 to Millions In 2 Years Without Any Hard Work!: Codie Sanchez | E258
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00:00:00 - 01:00:00
In this video, financial expert Codie Sanchez shares her insights on achieving financial freedom and success. She emphasizes the importance of understanding the language of money and taking risks to become an owner rather than a renter or serf. Sanchez also encourages people to think outside the box and use their unique skills and unfair advantages to invest in assets that generate returns instead of liabilities. Additionally, she discusses how successful billionaires have a big mission, take a long-term view of their success, and are often willing to help others. Sanchez advises people to be patient, disciplined, and develop sound financial habits in order to achieve long-term wealth creation.
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00:00:00 In this section of the video, financial expert Codie Sanchez discusses the language of money and how understanding it can lead to financial success. She highlights that the richest one percent will control more than half of the world's wealth by next year, which is why many people fail to achieve financial freedom. Additionally, Sanchez explains that loved ones often hold people back by wanting them to remain safe and secure, but taking risks can lead to greater success. She aims to empower people to become owners rather than renters or serfs and offers advice for those in different stages of life, from those who feel stuck in a job they hate to aging individuals looking to take over a business.
00:05:00 In this section of the video, Codie Sanchez discusses her decision to leave her corporate job and start buying small businesses as a way to gradually step out of her job. She explains that while she was doing well and should have been happy, she felt trapped and the 60-hour work weeks were too much. However, as a self-described "scaredy cat", she needed a soft landing and opted to stair-step her way out of her corporate job by buying small businesses. She realized the potential for growth was much bigger than what she had initially anticipated. She also talks about how loved ones can hold you back by wanting what's safe and secure for you, but not necessarily what's best for your growth and development. She shares her experience of buying her first business while still in her job when she saw the writing on the wall and realized it wasn't her casino.
00:10:00 In this section, Codie Sanchez, a money expert, speaks about how she transitioned from doing multimillion-dollar deals to buying small businesses. Influenced by her journalism background, Sanchez had the ability to ask the right questions, and in her recent discovery, she moved from buying multimillion-dollar businesses to smaller ones. She advises that there is no difference between a billion-dollar deal and a one-million-dollar deal. Sanchez discovered that businesses are like real estate and can be bought and sold after getting into the game. She encourages people to start with "gateway drug businesses" that may not necessarily be the best long-term businesses to own, thereby gaining sufficient experience.
00:15:00 In this section, Codie Sanchez emphasizes that almost everywhere you go, there is someone who wants to sell their business, and if you can buy that business, put an operator in it to manage it, and repeat the process many times, it is the only difference between you and the likes of Warren Buffet or Blackstone. It is not necessary to have much competence in the industry you are planning to buy small businesses, what is essential is to understand how to read a balance sheet, profit & loss statements and how to go about the deal. Sanchez advice for those who cannot afford to buy a business is to pay attention to structuring the deal. Typically, small businesses sell with some component of seller financing: the seller of a company can finance the sale with a loan, where the buyer pays only a percentage of profits in installments. Sanchez strongly advises people to learn the language of deals, negotiation, and equity, which can be a game-changer for the modern workforce.
00:20:00 In this section, Codie Sanchez rejects the idea of sales and argues that it is about finding people who are already predisposed to want what you're offering, instead of trying to convince someone to change their mind. She emphasizes the importance of being curious and keenly listening to what sellers are interested in and what they're looking for in the next phase of their life. Sanchez suggests that the key to getting into the business and becoming an entrepreneur is to use one's unique skills to identify and invest in assets that will generate returns, not liabilities. She advises people to use their unfair advantage to turn their expenses into assets, identifying things that make them money, not things that cost them money.
00:25:00 In this section, Codie Sanchez, a money expert, recommends a pro way for young, hungry people to increase their revenue without using too much hard work. She suggests people to look for services they already pay for or use and then try to negotiate a percentage of the business, rather than just buying the whole thing. Sanchez also advises people to approach the studio space and figure out if they're material to their business. If they are, ask for a Sweat Equity or Revenue Equity deal. Sanchez thinks humans defer to paths they've seen before, and most people have a weird emotional attachment to money, which might prevent them from reaching financial freedom.
00:30:00 In this section, the speaker discusses the complex reasons why most people fail to achieve financial freedom. She indicates that people often have negative emotional stories associated with money that create a psychological barrier to accumulating wealth. Furthermore, she highlights the ubiquitous societal belief that one can "get rich quick," which fuels short-term thinking, including impulse buys, and hinders long-term wealth creation. The allure of cryptocurrency and NFTs also capitalizes on the desire for quick wealth. Ultimately, the speaker asserts that building wealth is a slow, boring process that requires patience, discipline, and sound financial habits.
00:35:00 In this section, Codie Sanchez, a private equity investor, talks about how surrounding oneself with successful people can change their perspective on money and material possessions. She emphasizes the importance of being exposed to individuals who have achieved financial success and how such exposure can change a person's desires and goals. Sanchez also cautions against the negative effects of social media and advertisements on people's desires and sense of satisfaction. Additionally, she discusses her ideas about making content about making money just as entertaining as those about spending it. She cites The Rock's Instagram as an example of using product placement for businesses he owns and opens up the idea of discussing the deals one makes instead of just flaunting material possessions.
00:40:00 In this section, Codie Sanchez, a money expert, discusses how successful celebrities and billionaires like Reese Witherspoon, Kylie Jenner, and The Rock achieved their millions. Sanchez mentions that it is important to question whether it was their financial advisors who were the masterminds behind their successful deals or the celebrities themselves. She also believes that these successful individuals should provide more insight on how they achieved their wealth to guide people who are looking for ways out of their current financial situations. Sanchez suggests that instead of looking for individual tactics to achieve a financial goal over the next couple of years, people should attempt to achieve that goal in only six months by breaking their frame entirely.
00:45:00 In this section, Codie Sanchez advises her listeners to think outside the box in order to make life-changing leaps forward. This could involve coming up with ideas that would usually be avoided out of fear or developing a new way of thinking about a problem that opens up new opportunities. She encourages people to spend time deeply thinking about this idea and consider what they would do if they had the confidence to take risks and saw behind the curtain of opportunity. Sanchez suggests that people should look for “who” can help them achieve financial freedom or success instead of just “how.” She advises that successful people often have a secret wealth of information that they yield for financial gains. Finally, she touches on a mindset shift that could help achieve momentum: seeing those who are successful and wealthy as a source of inspiration and place to learn rather than envy and hate.
00:50:00 In this section, Codie Sanchez talks about her encounters with successful billionaires and the lessons she learned from them. She highlights the importance of time in achieving success, as emphasized by billionaire Jeffrey Kent, who said that the key ingredient to success is time. She also notes that millennials tend to focus more on comfort and convenience instead of taking risks and exploring new frontiers like the generations before them. Sanchez emphasizes that success is not just about having a strong mind or a strong bank account but also having a strong body and experiencing true difficulty. According to Sanchez, meeting billionaires who have achieved great success from different paths has revealed similarities in character and philosophy.
00:55:00 In this section, Codie Sanchez, the money expert, discusses the traits of successful billionaires and what sets them apart from others. She says that most of the billionaires she has met have a mission so big that it dwarfs the pain that comes with building wealth, and contrary to popular belief, they are willing to help others. They take a long-term view of their success, and they want to water the seeds that will help them achieve their goals. Sanchez also explains how one of the billionaires she knows is taking a bet on her because he sees the potential for growth in her social platform in the next few years. She also highlights the challenges of responding to a large volume of DMs from people asking for her help and how she has learned to handle these requests.
01:00:00 - 01:35:00
In this video, Codie Sanchez, CEO of Entourage Effect Capital, shares valuable insights about entrepreneurship. She emphasizes the importance of adding value before asking for anything and encourages people to reach out to those with money rather than famous people as they are often interested in mentoring young, hungry individuals. Sanchez also talks about the benefits of creating content for networking instead of spending money on outbound sales teams and networking events, highlighting how it can save money, and help people find the right people who share similar values. She also shares her experience of divorce and how setting goals and working backward helped her achieve success in her career. Sanchez emphasizes the importance of having A-players in a company and choosing one's mountain wisely. The host thanks Sanchez for her unique perspective on entrepreneurship and praises her for glamorizing the unglamorous side of business.
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01:00:00 In this section, Codie Sanchez discusses the importance of adding value before asking for anything in return. She shares her experience of hiring team members who offered value in their first interaction instead of directly asking for a job. She emphasizes that the first DM tells everything about the person, and often, she receives poorly structured messages from individuals asking for any jobs or gigs. Codie says that she appreciates individuals who acknowledge her busy schedule and offer something of value even though she may not accept it. She also advises reaching out to people with money rather than famous people, as they often get fewer reach-outs and might be interested in mentoring young, hungry individuals.
01:05:00 In this section, Codie Sanchez talks about the benefits of creating content and why people who want to have an unfair advantage in the world should do it. She believes that creating content is a way to have access to people with more power in the world, and by getting them to watch your content, they will be more open to developing a relationship with you. Codie also mentions that content is networking and can save money compared to outbound sales teams and networking events. By creating content, people can become the magnet instead of a door-to-door salesperson and avoid the often thirsty and gross act of trying to finagle their way into events or build relationships.
01:10:00 In this section, Codie Sanchez, CEO of Entourage Effect Capital, speaks about the power of content and how it can help you find the right people that share similar values and want to see you succeed. She also highlights how putting yourself out there as a thought leader can lead to shedding old identities and social circles, which can be a challenge for people who have established themselves in a certain way. However, Sanchez emphasizes that shedding this old identity and finding like-minded people who genuinely want to see you win is worth more than any monetary success.
01:15:00 In this section, finance expert Codie Sanchez shares her experience of divorce and how she found the courage to leave a marriage that was hindering her ambitions of building a successful career. Codie emphasizes the importance of listening to the inner voice that tells us when we are unhappy. She recommends getting a place of your own which allows you to start anew after a shakeup like a divorce and calls it the power of place. Codie recommends setting goals, and she shares how she set a date on her calendar to commit to fixing her marriage, and when she realized that it was not what she wanted, she set a date for divorce.
01:20:00 In this section, Codie Sanchez shares her approach to setting and achieving goals by using a calendar and working backwards. She suggests setting short-term goals and developing a strategy to achieve them daily, weekly, monthly, and annually. Sanchez also emphasizes the importance of differentiating equity and ownership in a business; she ensures that all team members have ownership in the company, even down to the administrative staff, and can get a percentage of the carry, which means equity in the underlying companies. Sanchez advocates for understanding the language of finance and normalizing deal-making, stating that it can lead to becoming an expert in a particular area, which can result in financial success. Finally, she underscores the importance of having a goal of creating a hundred thousand small business owners and one million financially free individuals, and shares her team's tracking of how many people bought a business and how much revenue and profit they earned.
01:25:00 In this section, Codie Sanchez discusses the importance of having A-players in a company and how they affect team productivity. Studies show that sitting next to a high performer increases productivity by 15 percent, whereas sitting next to an underperformer can decrease it by 30 percent. Therefore, hiring A-players is crucial for a company's success, and keeping B and C players can be detrimental to the team's productivity and morale. Sanchez emphasizes that it's not about firing people but rather helping them find their A-player potential or the right fit for their skills. Additionally, Sanchez shares that successful people also have bad days or moments and that it's okay to not be perfect, encouraging listeners that they don't have to be exceptional to succeed.
01:30:00 In this section, Codie Sanchez talks about the moment she was most afraid, which was during a hike up a technical mountain climb called Mount Baker. The hike consisted of three days on a glacial mountain, which involved carrying feces in a bag, sleeping on top of a glacier, and climbing a vertical ice wall before getting to the top. As she prepared to go up with six other women, Codie felt miserable and questioned why she agreed to the trip, realizing that pleasing others was not a true goal. In the end, she decided that it took more courage to not do the thing than to do it, recognizing the importance of choosing one's mountain wisely.
01:35:00 In this section, the host thanks Codie Sanchez for her valuable insights and unique perspective on entrepreneurship. The host praises Codie for glamorizing the unglamorous side of business, presenting a counter narrative that's often overlooked, and doing so as an honest and vulnerable woman in a male-dominated industry. The host also talks about his positive experience with Zoe, a company that provides home testing kits to measure gut health, blood sugar, and blood fat, and offers a discount code for listeners. The podcast ends with a request for listeners to hit the subscribe button if they enjoyed the episode.