YouSaid · the spoken record

Codie Sanchez

lines on the record: 142
first: 2024-08-12
most recent: 2024-08-12
sittings or episodes: 1
sources: podcast

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“You could go to Bizcout.com. That's the one that we own. It'll be a waiting page. You won't be able to see anything on it yet. You could go to e-commerce flippers. You could go to Flippa. Those are online business sites”
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
“Yeah, there's lots. We have one that's coming out that'll be really cool, but I don't think it'll be out by the time this podcast is there. So basically, the problem right now in buying small businesses is there's no good way to find them online. There's no Zillow. There's no MLS. There's something called Biz by Sell, but it's shitty. It's got all this trash on it. So we basically are building something that's the opposite of that because the biggest, two biggest questions I get are what type of business I should buy. Where is it? Where do I find it? Can you give me the business? So we're building something to that regard. But right now you could go to Biz by sell.”
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
“Let me look at this business. Let me look at that business. I call it the 100 to 1. So typically you want to kind of like you're on Zillow. You're probably going to look at 100 houses on Zillow, right?”
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
“Yeah, lots of one, you should spend more time learning how to do a deal than actually doing the deal. This is where I always get nervous talking about this publicly because people are like, sweet, I'm going to go buy a laundromat and talk to Cody. You know, she seems like she tells me that everybody should own laundromats. And I'm like, no, take a minute. You know, we teach at contrarian thinking. We teach basically a 90-day period where for somewhere between 20 and 40 minutes a day, you're learning about how to buy businesses. It's like your little 90-day M&A MBA, right? And I want you to learn how to do a deal first. One, because you'll be able to negotiate anything you want for the rest of your life. You'll speak the language of money, which is equity and ownership. And two, because if you just go buy a business, you're not going to know how do I negotiate it correctly? What is the valuation of the business? How do I determine this guy's not lying to me? Those are called due diligence. And so I like people to learn that part. And then once you've learned that part, you can go out and you start to date, just like you would on Tinder or anywhere else.”
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
“For sure, I think so one, yes, if you want to play a bigger game, if you want to be a top performer, if you want to be one of those level 10 operators, you should find a business that is uniquely suited for you. The problem is, I think a lot of people don't know how to do that. We have something called a deal clarity worksheet where we basically take people through where do you want the business to be located? What are you good at uniquely? How much money does the business need to make for you? How much money can you put into the business? What type of businesses do you absolutely not want to do? You know, what seem interesting to you. But I think the bigger issue for people is trying to take the first move as opposed to obsess on what industry or sector and think about it in three to five year increments, just like you would a job. You get a job. You think I'm going to do this thing for two to three years? Think the same thing with the business. And the only rule in buying businesses, in my opinion, is that you never want to do a bad first deal.”
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
“A buyer. And this phenomenon is going to happen all over the US. Here's the problem. If we don't buy these businesses, they say that there are trillions of dollars in the baby boomer generation that are going to be transferred to the next generation. We've all heard those numbers. The problem is people are thinking bank accounts, money being handed down. All the money's in business. When you are a small business owner, 90% of your net worth is wrapped up in your business. That's the average. So that means 90% of the trillions is in small businesses. And if we don't buy those businesses and take them over, that wealth evaporates. And what happens then? BlackRock and Blackstone go in, they buy all those businesses, they get richer, they own our communities, and we don't. So you should be targeting people who are 65 plus looking for the next move probably open to seller financing, probably have a business that's a little hairy, might even be more like a job than a business, but you have an opportunity to buy that business or be an apprentice.”
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
“Oh, yeah. Baby boomers right now are retiring across this country in levels that we have never seen. This is a generational wealth creation event really across the world post baby boom generation, which happened after World War II. And so one thing that's fascinating about the baby boomer generation is they own most of the businesses, so more than 50% of small businesses are owned by baby boomers. They are reaching retirement or already there and 65% of them do not have a transition plan. So their plan is I'm going to live forever. No, you're not. They need to do something with that business. Most of them will just shut down the business. There's something like $11 million small businesses right now for sale in the US. Most of those small businesses, something like 70% of them will never sell, whether because they aren't good enough businesses, quote unquote, traditionally sell or because they never find”
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
“SaaS companies like he has a rocket ship company, a marketplace. He's playing, he's a level 10 operator playing a level 10 game. But in the beginning, you know, he didn't do that. He was like trying to figure it out just like the rest of us. So you'll start with your level one business and then you'll scale up to better and better and better games.”
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
“No, you're not going to make much money, but I don't think your first deal is never going to be your last deal, which is, I think, important for people to realize in buying businesses in life, just like your first job isn't either. But man, if you are working on a W-2 right now, let's say, and on the side, you go buy an Airbnb business or you buy a laundromat or a car wash that are not very intense on the number of people that you have to have run them, not that expensive for you to do. You're going to learn how to run a P&L. You're going to learn how to market. You're going to learn how to make money. Every single business has these same characteristics. And so you learn in this small one. And then you sell the business because that's the beautiful part about a business is you can sell it to somebody else. And then you're like, oh, I may, you know, I always think about it as in private equity. We say level one to ten games, level one to 10 operators. So 10 being the best game you could play, 10 being the best operator you could have. The best operator in the world, Elon Musk with, you know, probably some.”
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
“Gateway Drug Business is a business that is so simple that you can explain it to your grandmother. And also, you can probably run it even if you've never run a business before. And those are things like laundromats, car washes. I talk about those two in particular because if you can't understand cleaning clothes and if you can't understand cleaning cars, probably don't do any business. There's the one percent that just like, you know, go work for somebody else, don't worry about it. But most people can understand how those businesses work. And why I like simple businesses like that, not a lot of employees, not a lot of moving parts, not a lot of change, is because then you can get a little taste of winning. You can get addicted to the game of business and then your next business can be something better than a laundromat, better than a car wash, but you can learn on a smaller playing field.”
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
“Obsessed with the way that you feel when you're in an environment that is kinetic, like you know, you love that feeling of the crazy songs you guys sing at the match. So like where else could you be where there's a kinetic energy like that all the time? Well, maybe actually you like live events. Maybe you like live events and conferences. You know, maybe you actually just want to have a crazy team almost cult-like environment. Can you become obsessed with that? And then I do think that you can you can catch being obsessed with winning you can catch that because if you get a few little tastes of winning in something, it's really easy to go, ooh, I want a little bit more of that. And that's definitely my addiction.”
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
“Think that's right. And how do you teach yourself to become obsessed with the aspects of your? Passion and hobbies. You know, I'm obsessed with Manchester United. And that's where my obsession goes. Well, are you obsessed with it? Or could you figure out that you're obsessed with?”
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
“Reason is because we didn't have this segment of the population come out, and then he would do that for like five locations across the country. And I remember I asked him, I was like, do you have a photographic memory? And he's like, absolutely not. I only have one about the things I'm obsessed with. And I think we all actually have that. Like you've met friends where like they know every score of a football game for Manchester United ever. Do they have a photographic memory? No, they're obsessed. And so if you can find people who are obsessed with the thing that you're doing, it just means they don't work hard. They're just like.”
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
“Win, you know, I was with Carl Rove again, who's like not a popular figure, but he was chief of staff, deputy chief of staff to George W. Bush. And it's like one of, they call him the architect because he architects most of the Republican races in this country. And so whether you like it or not, I don't really care. I don't need to like somebody to learn from them doesn't matter to me. And so I had him on the podcast to hear like, what does it mean to like architect the centers of power? That's fascinating. And when I was talking to him, what stood out to me, I'd been in meetings with him multiple times and at his house a few times for fundraising events, and I would watch him. And somebody would ask a question that was like, hey, why did Bob Sanders in Pennsylvania lose this senatorial race? And his response would be like, well, we lost it by, you know, 1,200 votes on the third Friday on like December 4th, 2012.”
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
“Yes, yes, I forget about it in the interview, you know, and it's really important to pay attention to those types of people in your life. Who are the people that just are okay wasting your time? Because what does that mean? If they're okay wasting your time, they're definitely wasting their 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
“So, for instance, one of my guys here, Tanner, he's like, Oh man, I can't engage with this human because they're always talking to me and I don't really have time to do that. And that is what I found with high performers. They do not like when you waste their time. And so, you know, if you think about the typical office life, why do we not like typical office life? Because people come in and it's like water cooler talk where nobody really says anything. You ask about the kids. You don't know the kids' names. What happened this weekend? You don't really care. High performers are not interested in that. Why? Because you want to perform. You want to talk about interesting things that move you forward and then you want to go live your life. You want out of the office. I've found low-level performers. They actually want to waste time during the day because they're not trying to execute. They're trying to just show that they are there. And there's a big difference between the two. And every time I hire a low performer, it's because I ignore that point, 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
“I probably let 40% of things go unanswered and 20% of things I am on top of it, like Sauron's eye and Lord of the Rings. I'm just watching.”
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
“Yeah, you know one thing I've also realized if you want to get higher level positions, one of the other things you can do to get there faster, I think, is your speed of communication. It's not even your speed of action. So if you're in an interview, don't bumblefuck your way through the interview. Think about exactly what you want to say with as few words as possible and be as direct as possible in it. And I've realized there's a huge correlation in our executives we hire between those who are good, they speak fast, they are clear, and they don't waste other people's times. You know, there are a couple executives I still have at some of my companies, and there are two that I know I have to move on because they're not fast enough and they're not fast enough in their communication. I should have seen that up front. And I think the way that you communicate is often the way you work. And it doesn't mean that you have, for instance, I don't respond all text messages. I don't think that every single thing that comes in front of me needs to be handled.”
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
“What happens is people overthink things. And in this day and age, it happens more and more. They think about the thing and they confuse thinking with work. And more often than not, And this is where people will yell at me on the internet and go, Well, if I just don't think about anything and I move really fast, I can move fast in the wrong direction. Yeah, you could, but just iterate. Move fast and iterate. And that's what most people don't do. And so I'll tell my team all the time, you're thinking about this way too much. Make a decision in 30 seconds. What's the decision? I'll tell you if I like it, yes or no. I like the decision. Move forward. And so ask yourself that in life. It's like Mel Robbins, one, two, three, four, five. Get out of bed. Mine is 30 seconds to decision.”
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
“Goes to die instead. I say, Can you get it to me tomorrow? If all we do different than our competitors is they take a week to do things and we get it done in a day. I don't have to be richer, smarter, or better, I'm just faster And it drives my team crazy many times, but I'm not smarter. I'm really not. I'm just very fast at a few things and I ignore a shit ton of stuff that I don't think is going to move us forward. You're the same. I've seen it with your team. We've gone back and forth with your team, and then you'll be like, let's just do this one thing right now instead. I'm like, oh, yeah, okay, that makes sense. And so I think speed is the consistency. Chris and I were just talking about this. I got annoyed the other day because I was, um,”
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
“Yeah, I mean, one of my favorite mentors told me a line that changed my life, which was it was Bill Perkins. I asked him why he's so successful in so many aspects of his life, damn near a billionaire. And he said, the only reason that I am successful is I'm faster than everybody else. By the time they have thought about an idea, taken it to a meeting, and started to move, I have already made three mistakes and found a faster way. And so his bias on speed is fascinating. If you ever hang out with the guy, it's wild. You know, I'll be like, can we schedule a meeting? He's like, I'm calling you right now. And so he just moves quicker. So in our companies, we implemented something called the 24-hour rule, which was this idea that if we want to win, we have to have a bias towards action. We have to decrease our time between thinking about a thing and doing the thing. And so most people say, well, get back to you on that next week, right? Get back to you on that next week. Hate that line. That is where dreams and money.”
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
“I think so You know, so I like to, you know, if you want to get a reality distortion field, reading the biographies of billionaires is really powerful. I'd rather read 10 billionaire's biographies than 200 self-help books because they've actually done it. And so I think it's, who's the guy that wrote Steve Jobs book? Is it Abramoff?”
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
“You talk about, yeah, that's right. So, well, there's two things I want to talk about. One is you've heard of Steve Jobs' reality distortion field. Yeah, so Steve Jobs was known for having this energy that basically made other people around him believe that they could change the world, that they were unstoppable. And so he would talk, people would talk afterwards after he died about how he'd come into their office and he'd be like, we're going to ship this product in 24 hours. I know we're going to do it in three weeks, but we're going to do it in 24 hours. He would get them all riled up, and then they would ship it in 24 hours. And after the 24 hours were done, they would kind of be like, you know, coming out from a blackout. Like, what just happened? How did he talk me into that? That's his reality distortion field, which I think is fascinating because we all actually have that ability. His was really strong. But for nerds, Star Wars nerds like I am out there, it's like the force, you know, it's if you actually believe that you are capable of something, it's weird what you can accomplish.”
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
“Yeah, or not. Yeah, 100%, which is, you know, selling anything is a trust trade, right? So these days we have to do less trust when we sell something because we have immediate trust in like a credit card or money. This is almost going back to bartering days where it's like, I'm going to sell you this with the idea that you're going to give me that. It's a harder tread, but it's totally doable.”
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
“Cellar financing is how sixty percent of all businesses get sold when they're small businesses. So it's very normal. Seller financing just means this, that the seller uses a percentage of future profits to let somebody else buy the business. And instead of you having a loan or a mortgage for a house, they're basically saying, hey, my business right now makes $100,000 a year profit. I want to sell it to you for $300,000. You go, sounds good. I don't have $300,000. And they go, okay, well, why don't I sell it to you for $300,000 over five years and you pay me each year from that $100,000 profit that we have? Could we do a deal that way? You might be like, yeah, we could do that.”
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
“And so, I mean, you could even think about that with your business today. If you're a young person working with Stephen and you're like, hey, Stephen, we're in this studio right now. I saw like a sign out front that says that they're actually, they want to sell this studio space. I bet we could rent out this whole thing and we could probably cash flow and make this a profit center instead of a loss center for us. If I could like a negotiate a deal that was basically a seller financed real estate deal for us, would you want to do something like that? I could help us run the rental of it. Now you might say no to that first deal, but you're probably going to look different at that employee.”
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
“Head was like, if you think you can get that deal done, yeah, sure. And the guy was like, okay, Adam says, well, if I do that, can I have part of the company for bringing it over? And he said, well, yeah, yeah. I mean, I don't have to put in capital to the deal or have to put in very small amount of capital. You're going to run it. And we basically have like a risk-free trade because we just have to pay them a percentage of future revenue or future profit. Sure. And so now Adam owns 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
“Would you partner with me? And they're not going to be able to partner with a Stephen or a Cody probably at first, but they might be able to partner with somebody's dad that they know. And so like, for instance, we had a young guy in our group, I'll change his names to Adam since I don't know if I'm allowed to talk about it or not. But let's say, so Adam was 19 years old. Adam worked inside of a marketing company. And he had never run a business before, didn't have a lot of cash. Adam went to the senior partner of his marketing company that he worked for and said, like, we have this vendor over here that we do some stuff with. They do all of our graphic design work. They're really good. The guy's kind of done with running this business. Like, I don't think he wants to keep doing it. I was talking to him about the other day. What if we bought this business and I ran it, like I'll integrate it for us, I'll bring it into this company. And I think we can buy it with just a percentage of future profits we bring in, which is called seller financing.”
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
“Yeah. Well, yeah, you can't buy it with your $700 extra bucks, but you could buy it with your sweat and your time. So there's three ways to buy a business. You can either use cash, you can use expertise, or you can use time or what I call sweat equity. So think about it right now. I buy a bunch of businesses. I have a ton of cash. You know what I don't have a lot of operators. I don't have a lot of people who can go actually run the business that I want them to run. But if I had a young guy who was super hungry and I could give him $100,000 to go operate the business that I was going to go run, I would probably do that. And people do that every day in our community. And so for this young gun, you're not going to go buy the business outright yourself with your own capital. You're going to say, I'm working 12 hours in a call center right now. I am relentless. If you pair me with somebody that knows how to run a plumbing company and I just have to learn and do a bunch of the bullshit to start the company and grow the company or continue the company.”
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
“Is this a little bit more complex than saying you should go buy a franchise, you should go buy a window cleaning business or start those, is because I think the biggest reason why people struggle with what to do next is they don't actually know themselves. And so if I was Nigel, I would say to you, find what your Venn diagram is, of the things that you think you're good at, your network is good at, that you could actually go either start or buy a business on because the fastest path to wealth is having some type of ownership. So I would start there.”
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
“Okay, perfect. Yeah, you want a little side hustle that you think could be your full time hustle, right? So, in that case, what I would start doing is asking myself, we have something called Your unfair advantage Venn diagram. And what your unfair advantage Venn diagram is, is your skill set. So what is Nigel good at? And that gets as simple as like maybe Nigel's in marketing. So he's actually pretty good at marketing. Maybe Nigel drives an Uber or a car service. So he's really good at working super long hours. He's just got the workhorse in him. Then I add my network. Who does Nigel know that could help him? So that might be like Nigel's brother is actually a plumber. He works inside of a plumbing business. So if Nigel figured out how to buy a business, he could partner with his plumber brother-in-law or whatever, and they could do it together. And then finally, it's like, what gets you excited? And by what gets you excited, I don't mean an industry. I mean Nigel loves sales. Nigel loves it. He wants to sell people stuff. Okay. And the reason I talk about this Venn diagram like this.”
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
“So, if I was Nigel, here's the question I would be asking myself. I would be saying, one, do I want to keep my job that I have currently, or do I want to not keep my job? That's really important because it's like, am I going to go work on something 24-7 or not?”
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
“He just doesn't really know what to do because there's so many options and so many conflicting things he gets told all the”
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
“About are what I call gateway drug businesses or semi-autonomous businesses like laundromats or car washes. The problem with those are they're slightly more 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
“Out of here. I also really like businesses today that are service-based but don't require a ton of upfront capital. So for instance, window cleaning businesses. I just bought one of these. It's called Pinks with this company called Resi Brands. But I love it because I did it. We have a YouTube video that's going to come out. And I was like, am I full of shit? Let's try this and see if I could actually do it. So you need to make $384 a day in order to have a business that does $100,000 a year if you only work five days a week. So I was like, can we make $384 pre-selling window cleaning services to somebody in order to start this business? And we tried it and we did it. And so I might start like a window cleaning business, a pressure washing business, a painting business. You could also buy one of those. Those are trade services businesses. And then the third type of business that I always talk 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
“But I should have. Should have. I think their families are already crazy. I could only imagine if I said the thing is, I'd like to cash flow on this. Like”
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
“Which is interesting because you'd go, Cody, I said tens of thousands, not hundreds of thousands. But senior care centers are interesting because there's all these government grants and allowances. For the fact that we do not have enough of them in the US and you can turn a house with the right licensing and zoning into a senior care center. And so I won't get too technical on it, but demographics show we have a huge aging population. We need more areas to take care of them. And you can start smaller by having an independent living house that has a rotating nurse. You make three to five X the rent on that as you do a regular midterm or long-term rental. So I like the demographics of that one. Plus, it's not super capital intensive because you could rent the house out from somebody else and then just layer this assistant living center on top of it. We had to put my grandparents in one of these at one point because they needed 24-7 care.”
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
“Could do that too, Airbnb's pretty volatile market. We've seen that now. And I think I don't like risk. And so I think if you want to get rich, how do you get rich? You'd try to not lose money over time and you try to have enough bets where you can have an outsized return at some point. So you could just own Airbnbs. You could just do real estate. I don't really care how people do it. I don't think everybody should own a laundromat or a car wash, but I do think you should have a backup plan. So one day when you want to retire too, you got some extra income coming 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
“You don't. You don't need to. The problem is, what if Bruce gets fired? What if your job doesn't exist? What if you're an attorney now and you make great wages or hours, but AI does take your jobs? What's your backup plan?”
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
“You can. You can't get on the Forbes 100 list if you just have a salary. But if you want to make a couple million dollars, 100%. I mean, Bruce, Brucey Bruce, back at Goldman Sachs, bought an ambassadorship, and he was only ever a salaried employee, got bonus, too, of course, climbed the corporate ladder, and is probably worth a hundred million plus 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
“And that kind of sucked because you also have to pay taxes on partnership. And so not only do you not get money right away, but you have to spend money every year because your partnership value goes up and you have to pay taxes on it. But Jim made this big feeling at the company about the chance when he offers somebody partnership. It was like a celebration. And that is, I think, what we want to do in our companies. Same thing Warren Buffett does. You know, he allows his employees to have equity in his companies, but only those that he thinks he's going to travel through time with. And Warren Buffett has had the same 37 employees, I think, for like 20 years. You can go look at their Christmas cards and nobody changes year after year after year.”
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
“Not sure yet. I don't know you well enough yet. You've been here for a year. You know, you run our social media accounts. You've hit goals, but you haven't absolutely blown them out of the park yet. You know, do you think that if you left the company right now, we would be unable to function without you? The answer is usually like no, probably not. Okay, so at this point, you're not a partner in the business yet. You're still out employee status. But if you keep taking on more responsibility and you keep beating goals overall and you show me that the business is better and would lose steam without you, then absolutely you can invest. But I learned this from Jim Bowen at First Trust. He did this beautifully. You had to pay into the partnership to become a partner.”
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
“Yeah, I would say at this point, people who are allowed to have equity in the company are people that I think we're going to travel through time together. That means years or decades.”
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
“Mats and car washes. Yeah, you guys can invest in that if you're seen as a marquee member of the team. So maybe find companies where that's allowed to.”
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
“Yeah, it's a great question. No, I think until you're rich, and let's define rich as until you're a millionaire. I would do zero startup investing. I mean zero because it's a 90% failure rate You only invest in startups when you want to get pretty rich because you can burn some capital in order to have a few home runs. So instead, I might go to something like we're an investor in this company, so full disclosure, but there's a company called percent, where they allow you to invest in bond deals that cash flow for small businesses. You could also do equity deals in businesses that cash flow. So I would stay away from anything that isn't already profitable, that doesn't already make money. And I think once you have your first million, you can play that game. But until then, you only want to do deals where your cash flow. And so that's where I would start. You can start with something like percent. You could also start by talking to your employer like I was talking about and say, hey, in this business that we have now, how could I earn some equity? And the answer might be you can't. Like I don't give equity and contrarian thinking, my media company, because I want to own my name forever. I don't ever think I'm going to sell this thing. But if we have cash flowing laundroma,”
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
“Unfair advantage. And so I would ask your employer that question. Then the second thing that I would do is I would try to see if you can earn still. So you can W2 earn. You can make as much money as humanly possible from your salary and then take the money from your salary and invest in other side deals. And I would do that before I ever jumped into my own business overall.”
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
“It's a good question. First, I think becoming an owner inside of a business is totally possible. And so you should ask your boss this question, which is in this business, if I am one of your top performers consistently and make myself materially important to the business, can I get some ownership in either this business or anything else that we do? And I am willing to earn it or invest in it to do that. And so, for instance, at my companies, if you're one of the top performers, you can invest alongside me and some of our other companies. That's a finance model that I stole. So in private equity, the reason why people in private equity are so rich is because all the managers of the company have an opportunity to invest in the best deals so they can put some money in. And there's allowances for people who aren't accredited investors, but are employees to actually invest, even though they're not accredited in the US, which is a really...”
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
“And so, and a lot of people who hire try to sell the person. This is why it's so great. You should come here. My interview usually goes like this. Hey, I want to ask you a bunch of questions about your background. Then I'm going to tell you all the things that are really tough about this job so you get the honest truth about it one way or the other. And then I'll wrap up with you asking any questions you want. Does that sound good? They go, yep. I kind of pepper them with questions about them. They go, here's all the things that suck about this job. Here's all the things that are hard. Here's all the reasons why it hasn't worked to date. Any questions on that? And the reason why is because I don't want anybody coming into my company and going, God, I thought it was going to be better than this. I want them coming in and going, oh, okay, this actually isn't miserable.”
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
“Yeah, there's so many immediate not going to hire you if you talk badly about your last boss because the way you treated your last persons is probably going to be the way you treat me. Immediately not going to hire you. Second immediate not going to hire you is if you talk about all the reasons why something didn't work and it's not your fault. So if your victim mentality at all, well, this didn't work because of this. This didn't work because of this. Third in the interview is if you at all start talking about This one's a little inappropriate, but if you come into my companies and you say, talk to me about work-life balance, I'm not the place for you. Our companies are hardcore. There's not a lot of work-life balance. We work hard. So I'm not going to hire you if you talk about how much time off are you, you know, texting on the weekends? The answer is yes. The second point to that is I always make”
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
“Smart, you're right. That was a good move that we did over there. And so that's what I think a lot of people don't do. Too many people do shotgun rounds, which is really wide going after a ton of different jobs as opposed to sniper shots. Go after the three positions you want aggressively, knowing everything about that company and that boss, you're much more likely to get it than just to apply on indeed.”
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