YouSaid · the spoken record

Codie Sanchez

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142
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2024-08-12
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2024-08-12
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1
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  1. “And they tell me how much they appreciate you. I'll stab it. You're going to give me allergies. And then people are going to not, you know, I have a black heart and they're going to see the truth that I'm kind of nice.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  2. “And I think the reason why is because it's a story. It's like truth and guidance in a story. And one thing that I've always wanted to do is write a book that was a story that told people some truths Yeah, and so I think at some point in my life, I'd like to do, I suppose a parable would be the word that I'd use. I would like to write a book that's a fiction story that's beautiful, that transcends, that lets people escape. And like secretly, you don't even realize it. It's getting into your brain and it's teaching you things. And I don't know if that's a business, but that is one thing that I have not done yet.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  3. “Is almost like they knew. God, that's a good question. I'm really good taking my interests to the finish line. I think when I get to my tombstone, there's not going to be much that I regret at the end of my days because I've tried just about everything that I wanted to. And I feel very privileged to have been able to do that thus far. I do have one though. What I've always want to do that maybe at some point I'll get to what's the most powerful book that's ever lived? The Bible, arguably, right? If we just say buy total viewers over time.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  4. “But at least you're honest about it. Do you know what I mean? It's so true. I think the worst thing that you could do is pretend to be something that you're not, especially in this age of no trust on the internet. All that means is that you're going to get canceled. It's like what we saw happen with Ellen, right? Like everybody was like, Ellen's the nicest person in the world. And Ellen is probably like the rest of us human. We're 20% of the time she's crazy or rude or mean or having a bad day or gets on her high horse because she's super successful or gets out of touch. And then but what happens? Because Ellen said that she was nice all the time, she was perfect. She was whatever when somebody finds that out about you, then they cancel you because you were a liar. And so instead, I think the better thing to do is be like, I'm human. I'm flawed. I'm really intense. I'm kind of hard to work for sometimes. But I also help make my people make more money than they could anywhere else. And if you want to be exceptional and in a group where we pride ourselves on being the most productive people in the world, then they're going to love it.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  5. “Because I am a Latino, because of this you should give me that, and I think the world right now is starting to say, I don't fucking care. We're all human. And that's uninteresting to me. So we'll see if I'm right, or you can tell me in the YouTube comments if I'm just a privileged asshole.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  6. “And I said that on social media. And I thought I was going to get so much hate that I would like to have to not look at it for a while. And what happened? A bunch of people were like, you know what? Yeah, I agree. So I actually think that if you want to beat the curve today, do not be woke. Do not be annoying and victimized and woke. Instead, watch what happens when you start being a little based today. When you start saying the quiet part out loud. And for the first time in like probably since pre-COVID, I think the world is changing. And I don't think that means you should be a jerk or be divisive. And I think we should like protect comedy at all costs, especially in dark times. But I do think that that type of person is no longer interesting. And if I'm right, that means that a lot of young people have to change our perspective because for a long time, we have been able to get away with things like saying, because I am a woman.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  7. “No, no. People don't want to say It's true. It's true. I think the tide is turning. I mean, for the first time ever, you know, I posted the other week and I was like, well, we might get something interesting on here. Like, for instance, I believe that the word, I call it latinx because I think it's funny, but Latinx is the most ridiculous thing you could ever call a Latino. Why? Because it doesn't exist in our language. Spanish, the word latinx makes no sense to anybody. So I think it was made up by a bunch of white people at Berkeley as my joke. And that, in fact, if you went to Latin America and you said, you know, how does it feel to be a Latinx person? They would laugh you out of the room. They'd have no idea what you're talking about.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  8. “And successful to be around? Do you want to be around somebody who is labeling themselves as a victim and complaining all the time? Or do you want to be around somebody who thinks that the world is full of opportunity? And it's a hard lesson to learn because the truth of it is business is hard. You will be shit on. People will keep you out. People will judge you for your skin color and being a woman or a man or not for sure. But don't let that into your psyche. Instead, choose the opposite and watch what happens.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  9. “I had a woman ask me the other day, how do I show up as a woman in a male-dominated industry? Because you've done that, Cody. And she said, I've had struggles with it. And my feeling and response on that is this, that what do you think the universe gives you when you tell the universe that I struggled because I am a woman in business? It's going to give you struggle. What do you think the universe would give you if instead you said, I have such incredible opportunity because I look different than everybody here? And if I am good, I am so much more memorable than every Tom, Dick, and Larry in a blue suit that looks just like everybody else. What if the thing that you think is your biggest weakness and the thing that makes you feel excluded and less than is actually your biggest strength? And if you could flip your mindset on that, how much more money and opportunity would you have and how much more interesting would you be for other people who are wealthy?”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  10. “Thank you Exactly. Well, and I spent three years writing it, and that was always the part I was nervous about. It's like when I get it to all my smart friends, what are they going to think? So when I showed it to you and like Andrew Wilkinson, all these people.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  11. “That's like 30 bucks, and you learn almost everything you need to know about doing deal to start. And that book is only what you need to know. I made it on purpose not really long, not overly intense. It is exactly what you need to know. And then if you like learning deal making and you like that book, then you go to contrarianthinking.com and we have courses and free newsletters and a community all about buying businesses. But that's where you should start.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  12. “Like it that's it, and that is what I mean, Elon Musk. How does Tesla actually make money? They make money through credits, through credits for solar. So he was able to survive for those 10 years of building that company because he has some of the best solar tax credits in the world that he negotiated with the government.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  13. “That's true. Yeah, that's very true. But now I think there's enough people out there talking about it where you're like, I mean, if you think about whether you like Donald Trump or not, what is he really good at deals?”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  14. “It's so unfair, but it's also your fault if you don't know about it because nobody's gatekeeping this information anymore. It used to be gatekept. Like when I first started off in private equity, I wasn't allowed in the rooms where they were actually doing the deals and the terms. And if I wanted to see what the final terms were, like I had to kind of, you know, sweet talk my way into figuring out how they structured it.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  15. “Yeah, and it's something I'm struggling with trying to get people to understand right now is that even if you never buy a business, which is what people fixate on, oh, I haven't bought a business yet. I haven't bought a business yet. It's like, God, you're never going to regret learning how to do deals. You're never gonna. I think that is the most valuable skill set in the world.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  16. “So hugely lucrative. And then the other thing you could do is, I guess I didn't even think about this before, it would be like size of the problem. It would be value of the solution. And then it would also be structure of your job. So like if you're a copywriter, I wouldn't take a job for 35K. What would I do? I would say, hey, pay me, what is the salary you want to offer? $35,000. I'll take $10,000 so I can eat because I'm hungry, but can I have a percentage of the upside that I drive above and beyond goal? So if I'm going to write copy that converts into revenue, like I'm going to write a funnel for your biotech company or I'm going to write a funnel to get investors for you. If right now per month you get $100,000 through that funnel, how about you just pay me an extra 10% of everything I drive above your 100K?”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  17. “That's the top. And same with finance. We go to the things we know. So you know biotech, you know there's a niche there. I know finance and I know that again it's one of the highest paying industries. So a financial writer.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  18. “I was thinking like fantasy books. Like you could write like fiction, really hard to make money in. You could write for a local newspaper that's an even worse idea. So I like that. So now you've got your bottom tier, right? Which is like 14 bucks an hour or something like that. Now, if you look about it, I mean, you could Google this what is the highest paying jobs for writers? I bet the thing you'd find on top, copywriter. Why?”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  19. “Profitability of the business. And I would play this game. And what that might look like is you go, okay, I know that I have some friends in, let's go to the places that we know have the most cash in Silicon Valley on Wall Street. If they could make a lot more money, if they had a lot more attention, because what I'm doing.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  20. “And so, if I'm thinking about this for you, if I go and I give your social media skills to a trade. Or service business. I'm not going to make that much money. How do I know I'm not going to make that much money? Because I'm going to go look up online what is the average revenue of this business and the average profit margin. Now, you probably didn't even think this way when you were thinking about it, but you guys look online right now. What's the average profit margin of a biotech company and average revenue? Let me tell you what it is. It's going to be like 50 to 80 percent. And it's going to be hundreds of millions that you could potentially get. Trade services business a lot less. And so that's where I would start skills plus money really equals to three things, which is like sector. Size of the business”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  21. “Yeah, good looking, funny. Yeah, exactly. So we'll just say these. There's a lot more. Deal flow, but let's just pretend that all you're good at is social media. You're good at getting to people, which is a network. You don't even have to know rich people. Just can you get to them? You're charismatic, you're data-driven. Okay, great. We've got all these skills. Now, how could we apply these skills to get the most money humanly possible? And I would do exactly what you said. So how do you figure out most money humanly possible? It's two things. It's the How would I do this? It's the size of the problem. It is the value of the solution.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  22. “Oh, yeah, look at that. Okay, so embarrassing. Okay, so social media, right? You're incredible at social media. What else are you probably good at? Well, you know a lot of people. You've got a network. What else? Well, it's not just social media, though. It's actually a few particular things. It's like YouTube and I think you're one of the best in the world at short form video, right? You're also one of the best in the world at like a data-driven social media strategy. So you can kind of say up front, hey, we think this is going to go viral because the data says this thing over here. What else is Stephen good at? He's charismatic. He can probably get people to agree to things just by talking to them. You know, what else? British accent. So probably you want more in-person interaction because we've got, you know.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  23. “So, the question is, if right now you want to find where is your unfair bet that can make you your millions with your skill set? That nobody else in the world can replicate except you. Here's what I need. I would need a whiteboard. I would need a pen, which I would do if I was you, and I would need a smart friend. Perfect. Like, so I've got Steven here. And at the top of the whiteboard, I would write on this side skills. Oh my God, you're going to see my handwriting like a doctor. And on this side, I would write money And I would start writing down all the things that were brilliant at. So let's pretend it's Steven here. It will pretend like you don't have all the things that you have, but your core skill set.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  24. “Yeah, exactly. Well, all I would do is I would put it up on the wall. And I would try to find my smartest, most brainstormy, open minded friend. And I would write down everything I think I'm good at.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  25. “Interesting to think about if I wanted right now to figure out how I could find my cross pollination of ideas, I'd need three things. I need a whiteboard, I need a whiteboard pen, and I need a smart buddy.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  26. “Built up a billion dollar business for this guy in Latin America where a business didn't exist like three years before four years before. And so I was mad. I'm like, I am your best international sales force. I was total victim mindset about it. I was like, it's because I'm a woman. You know, all these dudes, they don't get it. I was mad. So I left and he did me a huge favor by pushing me out, actually, because then I went and said, you know what? newsletters plus private equity plus social media plus laundromats and car washes i don't know but i think and together they now are responsible for us having a business that has twenty six businesses in it businesses that do tens of millions of dollars in revenue some of the venture ones do hundreds of millions of dollars in revenue and we don't even have to have third party investors it's a lot of our own money because we've bought profitable businesses using totally unfair deals because of our social media presence and so”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  27. “And so when you have that weird cross-pollination, that's where massive growth happens. And I think, you know, it was the same with me. I was like, I remember with my CEO at the time when I wanted, I was making a lot of money. Let's say I was making seven figures a year working for somebody else. I was actually happy. I would have stayed there for probably ever at this investment firm. But I saw the future of social media and newsletters in particular. And I was like, why am I going? Why am I on the road every single day doing steak dinners, trying to sell pensions and sovereign wealth funds or investment vehicles? I could be doing this all with the internet. Like we don't need to be meeting in person anywhere to the degree that we are. And so I went and told the CEO of my company that. And he was basically like, if you want to row left and I want to row right, you need a new boat. And I was like, okay, fine. So I couldn't convince him. And so he kind of gave me his blessing and said, like, go do it somewhere else because we're not doing it here. And I was really mad at the time.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  28. “Yeah, and I think it's so brilliant because it's a little bit asymmetric. It's like hard to put your fingers around it. What people like, what people like that will never make you rich is this. Here's steps one through four to get into real estate, and if you do this now, you too will be a millionaire. Listen, you're never going to get rich that way. The way that you get rich is actually putting together multiple ideas that don't seem like they go together. And that cross-pollination is what gives you outsized returns. You're like, social media, biotech, IPO, what?”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  29. “Consistency, grit, and then try to solve bigger problems because they pay better, you know, you're probably worth 100x of that guy net worth wise because of those four things.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  30. “Yeah, the average podcast is like what 11 episodes or something like that. And then they cancel. And then you also chose bigger games, like bigger and bigger and bigger as you scaled. And this other guy that I know that I think really highly of too, just like didn't want to work that hard for that long on that big a things. And so I think if you can just have time.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  31. “A thousand percent actually, I won't say his name, but we have a mutual friend that knew you from back in the day then. And what is fascinating to me is watching the two of you because you're slightly younger than him, I believe. And he's been successful, but your success is like way more. And so when I was looking at the two of you and thinking, what was the difference between the two? He's also smart, also driven in the same ecosystem, had the same network. What was the difference between 20-year-old Stephen and 20-year-old X? And I think part of the difference is grit and time and consistency. You chose a few things, you stuck with them for quite a while, as you have with this podcast. I mean, how many podcast episodes have you done now?”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  32. “Have you seen how people will take one of those iron rods, you know, really strong iron rod? And you heat it up and it's just like bink. It just bends immediately, right? But if you were going to try to brute force it, it never would. But once you see them heated up and then bend real easy, you go, oh, well, I'm never going to try to brute force that again because look how easy that is if you just heat it up.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  33. “It's so true. I mean, every business is a people business before it's a product business, before it's a profit business. And the beautiful part about that is if you don't have a business right now and you're listening to all this, you should feel very empowered. Like exceptional people are in such high demand, and the sky is the limit on what you can make both as your own owner or working for other people until you become your own owner if you're great. And great is largely just, I say I'm going to do a thing, I do the thing, repeat. And if the bar's that low, man, I think there's way more opportunity than anybody realizes, which maybe gets back to what you said before, which is this ability to bend the world that I think both you and I see is really because we see how easy it is. It's like, Like, have you ever seen”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  34. “Well, I think you're right. The thing that I think is the problem is when you're young and starting, we're usually, you're not as smart as Elon. And so you basically do nothing else except those two each year. The problem is he can recognize that because he had decades of shot on goal, shot on goal, shot on goal. So I think it's this balance of, yes, once you understand what good or great looks like, it is your moral imperative to work as fast as possible towards good or great. But in the beginning, since you don't know, just do more faster.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  35. “And then you also have people that you don't even realize. You think that they're proponents of your brand, you know, they pay you every single month for a service or a product, but they're actually detractors. They just haven't found a better product. And so that's what often happens to business. You're like, no, no, these people love us. No, they don't. Have they referred anybody to you? Have they left you a positive review? That's the only way you know.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  36. “Skip a step. And by the way, I'm guilty of it too. Like we have one company right now where our referral rate is basically zero and we're slamming these ad dollars in and all this marketing budget. And I looked at myself the other day and was like, Cody, you're an idiot. You're doing the thing that you tell other people not to do, which is we have to fix referrals and reviews. Why? Because they fix, there's three R's. Referrals, reviews, and retention. If your business doesn't have the three R's you will spend your life marketing. And marketing is actually quite hard and expensive.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  37. “Oh, yeah. It's much harder to obsess on making a great product because it's slower. You know, you're like, well, I have one person and they're only going to, you know, refer 0.3 of a person. You know, I can't grow fast enough with that. And so what do we do? We top a funnel, top a funnel, top a funnel. Let's talk about it. Let's talk about it. Let's talk about it. But the problem is you can either spend a bunch of time creating incredible product once or you can spend the rest of your life marketing and doing sales. So it's again, it kind of goes back to this idea. If you want to win and be successful in life, upfront pain always leads to long-term gain. And people do not want to hurt up front, so they hurt for the rest of their life. And I think that's the same thing with products.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  38. “One idea, and every business has this idea, and nobody looks for it. And the idea at Facebook was called Seven Friends in Ten Days. They could tell with ninety nine percent predictive certainty that if you came to Facebook and you interacted with or brought seven friends in ten days, you would stay at Facebook forever. So all they had to do was make sure that when they came to your city or school, you had density enough where you had seven friends in ten days. And if you got those seven friends on your phone, you're like, whoo, I'm going to stay. What is that in your business?”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  39. “Yeah, like a sponge. Anyway, so it was kind of cute looking. It looked different and it really worked. And so what would happen with Scrub Daddy? Well, Scrub Daddy, they would, you would buy it, and then you would use it. It would work great. And so you would tell your friends, you're like, there's this new thing. It never gets dirty. It doesn't have any issues with like all that gross stuff that gets on a sponge. You can squeeze it all the way out. It doesn't scratch in your dishes. You should totally buy this thing. And so you instantly know you have a good product because other people are sharing it. And those are network loops. It's very much like, you know, Tamoth Polyapatia, right? Billionaire from one idea.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  40. “Scrub Daddy, there we go. Okay, that's like a dragon's den, but shark tank product. Okay. So Scrub Daddy. Scrub Daddy was perfect. Why”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  41. “So, that would be the first thing I would ask them. I would say, what's your referral rate? What's your review rate? And then they're going to go like, I don't know. You need to find that answer. And if they say, well, actually, for every person that buys one. Like, what would be a perfect example? Remember that, like, squeegee face product, Mr. Clean? Is that what that was called?”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  42. “You never have a marketing or leads problem, you have a shitty product problem. And nobody wants. to your product. If you don't, you have a bad product and you have a leaky bucket and you are trying to say Stephen, please bail me out from my leaky bucket ship with your marketing help. But what's the truth of the matter is, and I see this with our companies and small businesses all the time, they're like, I have a leads problem. I have a leads problem. If I could just get more eyeballs, my company would grow. No. Actually, like your first customer is going to be the only customer you will ever get. Get them to refer other people to you. Get them to write reviews where they say nice things about your business and treat the current customers like they are your marketing and sales. I think that is the biggest issue with startups is that they think that they just need more attention because they can't actually see that what's happening is when the attention comes in, it's falling out of the leaky bucket and it's falling out of the leaky bucket. So fix your problem, fix your product and you'll fix your sales.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  43. “Charleston, South Carolina make per year. Oh, it's about $200,000. Okay. What's the average profit margin of a laundromat? 15%. Okay, so I know that this business is probably making something like $30,000 a year because that's a profit off of 200K in Charleston. So what does that mean? Well, if I could double the profit of the business from $30,000 to $60,000, could I ask for half of the business? Maybe. Or maybe you ask for 20% to double it. And it's a no-brainer offer for them. You're already making $30,000 a year. I'm not going to touch that $30,000, but if I double it, can I have 15, 20% of the business? If I don't double it, I get nothing. Don't worry about it. Trade.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  44. “Yeah, that's exactly right. I mean, I think all you have to do to understand this is understand how much a business makes. So in order for you to ask for equity, you got to figure out what it's worth, right? And there's a very easy way to do that. You go online and you go, what is the average laundromat in?”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  45. “An individual, you can do the same thing, a fun one that we teach people who've never bought businesses before, never run anything before. I could never buy a business. I have no money. We teach them the Venmo challenge, which is basically you open up your Venmo or PayPal because that means you're doing cash transactions, so it's a small business, and you look through them all and you're like, huh, my landscaper, my cleaning lady maybe, my, you know, the farmer's market that I just bought some cheese from, I'm going to go to all of these people where I could get to the owner and say, hey, could I buy into part of your business, maybe? And you cleaned my house. Do you need more customers? Maybe I could help you get 20 more customers and I could own part of your business if I help you grow it. Would you be open to that? And so we do a Venmo challenge with people who've never owned a business because then you get a partial shot at a business.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  46. “Well, the best way to find deals, we have something at Bizcout that's called an off-market deal searcher. And so there's two ways to buy deals, buy businesses just like real estate, right? On market would be Zillow or Bizcout. Off market would be door knocking, right? You're going around door knocking. People don't do that in real estate, really anymore. But in small business land, we teach 12 different strategies, but one of the best strategies I think is called your personal P&L review. So if you're a business owner, this is a no-brainer. If you're a business owner right now, you should look at all the places that you spend money where you can actually get to the owner, so not Amazon, right? And you're going to look at all your expenses on your credit card statement and figure out, are any of my vendors small enough and good enough that I might be able to own part of that business or the whole business? And so, you know, you would just go down the list and go, oh, we spend all this money with these people. Why don't I own part of this business?”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  47. “Zillow, and they're like, You like this house? Buy this house. It doesn't exist. But you could build it, you'd be very annoyed, right? And that's what it is in business buy and land right now. So we're going to charge for all series of that. We'll probably charge brokers for leads too.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  48. “The idea is there's really like three things that suck about finding a business to buy. One is if you're the seller, you get all these novices reaching out to you who don't really want to buy your business and they're super distracting. Like they're not capable. They're not able. So we're going to create all these mechanisms to screen who's reaching out to you. You're going to be able to see, do they have funds cleared already? What's their LinkedIn? Do they have credit history? Are they SBA pre-approved? Like all this stuff that should be common sense doesn't exist. We're going to have that screening. Then we also have for buyers, we'll have businesses that are seller financing open. So we'll have a whole screening of businesses where it's like, hey, you don't have financing while these people are open to seller financing. We're also going to have, we're using AI to basically curate the selection. Right now there's all these like fake franchises and stuff on these sites. And it would be like if you went.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  49. “We raised a couple million dollars for Biscout. And in it is Sean Radd, so the founder of Tinder, Bill Perkins, Bollagi. CTO Coinbase, me, Andrew Wilkinson from Tiny Capital, and three guys, it's called Carmen Ventures, their former Founders Fund and Uber PayPal guys. And so we did a really small round because I think we can run it profitably. So I don't want this to be like to raise $200 million. I don't think we need to do that. I think with my audience, because we'll already have distribution on lock, we basically can funnel all the buyers and sellers to this site and then create a better mousetrap. So I hired the former head of marketplace at SeatGeek, who took it from 5% market share to 40%. He's an animal. That's my billion dollar bet.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT

  50. “Well, the truth of the matter is. We're so good at this, like there's nowhere better to learn M&A than us, which is cool.”

    2024-08-12 · The Diary of a CEO · Codie Sanchez: They're Lying To You About How To Get Rich! How To Turn $1,000 Into $1M! Hard Work Doesn't Build Wealth! · IDENTIFIED FROM THE TRANSCRIPT