The #1 Financial Freedom SECRET Rich People WON’T Tell You! | Codie Sanchez

Added: Aug 20, 2024

Money as Freedom

Sanchez begins by asserting that money is synonymous with freedom. She reflects on her own experiences, particularly during her college years when financial constraints made her feel controlled by others. This realization sparked a desire within her to never again feel limited by someone else's financial decisions. She believes that the more money one has, the more power they possess to exert their will on the world. This perspective drives her passion for educating others about financial literacy and wealth creation.

The Flaws in Traditional Wealth-Building Strategies

Sanchez critiques common beliefs held by those who struggle financially, particularly the notion that saving is the key to wealth. She argues that saving alone will not lead to financial independence; rather, it is far easier to focus on earning more. Once individuals learn how to generate income, they become unstoppable. Sanchez emphasizes that wealthy individuals do not obsess over saving; instead, they focus on making their money work for them. This shift in mindset is crucial for anyone looking to break free from financial limitations.

The Millionaire Mindset

Throughout the discussion, Sanchez highlights the importance of cultivating a millionaire mindset. She believes that to achieve significant financial success, individuals must learn to love the process of making money. Viewing financial pursuits as a game or scoreboard can help maintain motivation and drive. She also points out that while hard work can lead to a million-dollar income, reaching the ten-million-dollar mark requires a different approach, often involving strategic investments and ownership.

The Importance of Relationships

Sanchez discusses the role of relationships in achieving success. She notes that every person has energy vampires in their lives—individuals who drain their motivation and enthusiasm. To be successful, one must recognize that they may need to leave behind certain relationships that do not serve their growth. This can be a difficult realization, but it is essential for personal and financial development.

Steps to Financial Freedom

When asked about the steps to transition from being broke to becoming a millionaire, Sanchez outlines a framework that emphasizes curiosity, follow-through, and the importance of asking questions. She believes that successful individuals are those who are willing to learn and take action. She also stresses the significance of maximizing one’s earning potential and negotiating for better compensation, as many people fail to advocate for themselves in the workplace.

The Value of Cash Flowing Businesses

Sanchez advocates for investing in cash-flowing businesses as a means to build wealth. She explains that traditional investments, such as real estate and the stock market, can be beneficial but often do not yield the same level of returns as owning a business. By purchasing or starting a business, individuals can create multiple income streams and achieve financial independence more rapidly. Sanchez shares her own experiences with laundromats and other service-based businesses, highlighting their potential for consistent cash flow.

The Role of Franchises

In her discussion about business ownership, Sanchez emphasizes the value of franchises as a viable option for aspiring entrepreneurs. Franchises provide established systems and support, making it easier for individuals to succeed in business without starting from scratch. She encourages those who may not have prior business experience to consider franchising as a way to enter the entrepreneurial world with a lower risk of failure.

The Balance of Work and Joy

Throughout the conversation, Sanchez acknowledges the importance of balancing hard work with joy. She believes that while ambition and drive are essential for success, it is equally important to find fulfillment in everyday life. By prioritizing experiences and relationships, individuals can create a more meaningful existence. She shares her own journey of learning to embrace joy and fun, even amidst the hustle of building a business.

The Fear of Failure

Sanchez candidly discusses her fears and insecurities, particularly the fear of not living up to her own expectations. She reflects on the pressure to succeed and the anxiety that can accompany high aspirations. However, she also recognizes that failure is a part of the journey and that it is essential to embrace the lessons learned along the way. She encourages others to view setbacks as opportunities for growth rather than as definitive judgments of their worth.

Defining Greatness

In concluding the conversation, Sanchez shares her definition of greatness, which revolves around the idea of maximizing one’s potential and leaving a lasting impact. She believes that greatness is not solely about financial success but also about the contributions one makes to the world and the legacy they leave behind. By striving to be the best version of oneself and helping others along the way, individuals can achieve true greatness.