#211 Codie Sanchez: Your Blueprint to Financial Freedom

The Knowledge Project with Shane Parrish

Farnam Street

Business, Investing, Entrepreneurship

4.7 • 2.9K Ratings

🗓️ 7 January 2025

⏱️ 128 minutes

🔗️ Recording | iTunes | RSS

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Summary

Whether you’re looking to increase your income, start a side business, or completely transform your financial future, Codie Sanchez will break down exactly what separates those who successfully build wealth from those who stay stuck. This conversation is packed with immediately actionable insights covering the biggest myths around money, the difference between acquiring and keeping money, the rich versus broke mindset and how it changes everything, non obvious lessons on negotiating, and more. Plus, we talk about the single most important thing to know about building financial freedom—and it’s not what you think it is.

After spending nearly two decades on Wall Street, Codie Sanchez struck out on her own and has been buying and investing in businesses since 2012. She now runs a holding company of small and medium-sized businesses. Her unique focus is on “boring businesses” like laundromats and lawn care services. Sanchez is also the author of Main Street Millionaire: How to Make Extraordinary Wealth in Ordinary Businesses.

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(00:00) Intro

(02:48) Codie Sanchez's Journey to Business Acquisition

(04:21) Understanding the Language of Money

(07:06) The Importance of Financial Freedom

(16:12) Learning and Earning in Your 20s

(17:32) The Power of Proximity and Mentorship

(28:37) The Role of Effort and Determination in Success

(39:45) Lessons from Business Failures

(44:22) Mastering Business Focus and Layering

(46:31) Misconceptions About Money

(48:21) Saving vs. Earning: A Financial Perspective

(51:57) The Rich vs. Broke Mindset

(53:24) Allies vs. Friends in Success

(01:09:04) The Importance of Reputation

(01:20:41) Negotiation and Sales Skills

(01:23:40) The Art of Door Knocking

(01:25:07) Defining Good and Bad Businesses

(01:26:26) Identifying Business Problems

(01:27:57) Hiring the Right People

(01:42:57) Traits of High Performers

(01:46:42) Balancing Work and Personal Life

(01:57:37) Investing as a W2 Employee

Transcript

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0:00.0	In my definition, good business equals profitable, cash flowing, what I call a cash flow versus cash
0:07.5	suck business. So you get paid upfront for a service, not after you provide a service. Sustainable,
0:13.8	it can exist for a long time. Historical. It has existed for a long time. Understandable, you can explain it to grandma really easily. And you have what's called the Lindy effect, the likelihood of the future continuing to cash flow just as it did in the past. Those are my parameters for a good business. A bad business would be a business that is unprofitable, hard to understand, hasn't been around for
0:39.0	very long. You get, you have to provide the service before you get paid for the service. That
0:45.3	is a business that is just much harder. That's a harder game to win.
1:02.6	Well, Welcome to the Knowledge Project. I'm your host, Shane Parrish. In a world where knowledge is power, this podcast is your toolkit for mastering the best of what other people have
1:06.8	already figured out. Today's episode will transform how you think about building wealth and
1:11.3	financial freedom. My guest is Cody Sanchez, who is known for her bold advice on helping people
1:16.1	buy, grow, and sell businesses. Whether you're looking to increase your income, start a side
1:20.7	business, or completely transform your financial future, Cody breaks down exactly what separates
1:25.3	those who successfully build wealth from those who say
1:28.5	stuck. This conversation is packed with immediately actionable insights. We talk about the single most
1:34.9	important thing to know about building financial freedom, and it's not what you think it is.
1:39.4	The biggest mess around money, the difference between acquiring and keeping money, the rich versus broke mindset
1:45.2	and how it changes everything, non-obvious lessons on negotiating, and so much more.
1:50.7	If you've ever wondered about the real playbook for financial freedom, this is it.
1:55.2	Keep in mind, this podcast is not financial advice.
1:59.0	Cody's opinions are her own, and she's pretty bold about them.
2:02.4	It's time to listen and learn.
2:07.4	There are too many podcasts and not enough time. What if you could skip the noise and get just the
2:12.8	insightful moments, even from shows you didn't know existed. That's what Overlap does.
2:18.0	Overlap is an AI-driven podcast app that uses large language models to curate the best moments
	...

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