249. Codie Sanchez — Maximizing Income: Strategies for Achieving Financial Freedom

The Game Changing Attorney Podcast with Michael Mogill

Michael Mogill

Management, Business, Marketing, Entrepreneurship

5.0 • 538 Ratings

🗓️ 26 March 2024

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Can calculated decisions lead to true financial freedom, or is it all just wishful thinking? Prepare to discover how one entrepreneur turned a series of sound yet lucrative investments into a multimillion-dollar empire. Meet Codie Sanchez, a finance maven who's on a mission to create financially free and free-thinking humans. As the Founder & CEO of Contrarian Thinking — one of the fastest-growing financial media businesses in the nation — she's helped thousands of entrepreneurs grow, buy, and sell profitable businesses. In this episode of The Game Changing Attorney Podcast, Codie and Michael Mogill discuss: The three realms of income — and how to maximize all of them Why the path less traveled isn’t always the best one to take How to set yourself up for success in buying or selling your law firm And more! ---- Show Notes: 03:56 – Why Codie is obsessed with people getting ownership 07:53 – Why you need to stop chasing unicorns 13:37 – How to buy your first business 15:47 – How to determine if you’re cut out for entrepreneurship 18:14 – Why you should pick the path MORE traveled 20:43 – The criteria of a good investment vs. a bad one 24:08 – How to make your law firm investable 27:12 – The differences between cashflow and cashsuck businesses 31:14 – Why making money and keeping money are two different things 33:45 – How to effectively work with your spouse ---- Links & Resources Contrarian Thinking Contrarian Community Forbes Episode 151 of The Game Changing Attorney Podcast with Bill Perkins The FIRE Movement The FatFIRE Movement Maslow’s Hierarchy of Needs Henry David Thoreau The 7 Horsemen of the Great Sell-Off Warren Buffett How To Build A Business That Will Sell For Millions (12-Month Plan) Cashflow Businesses vs. Cashsuck Businesses Exxon Morgan Housel The Psychology of Money (Book) Contrarian Thinking’s Small Biz Buyer Insights Report 2024 ---- Listening to this episode but want to watch it? Check it out on Spotify. Do you love this podcast and want to see more game changing content? Subscribe to our YouTube channel. ---- Past guests on The Game Changing Attorney Podcast include: David Goggins, John Morgan, Alex Hormozi, Randi McGinn, Kim Scott, Chris Voss, Kevin O’Leary, Laura Wasser, John Maxwell, Mark Lanier, Robert Greene, and many more. ---- If you enjoyed this episode, you may also like: #151 Bill Perkins — Die With Zero: Getting All You Can From Your Money and Your Life #223 Chad Willardson — Achieving Financial Freedom: Strategies for Building Abundant Wealth #201 AMMA — Take the Stairs: The REAL Path to Growth

Transcript

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0:00.0	If you're an attorney, what are you really good at doing? Well, you're good at winning lawsuits and you're good at bringing in earnings. You are not by trade, a financial advisor or investment manager.
0:13.8	That's Cody Sanchez, founder and CEO of contrarian thinking.
0:17.6	You haven't spent your life in pursuit of the keeping. You've spent your life in
0:21.3	pursuit of the earning. And so, of course, you're better at one than the other.
0:29.4	I'm Michael Mobile, founder and CEO of Crisp, the nation's number one law from growth company.
0:34.1	I've built my business through practice, not theory. Crisp started with just
0:37.6	$500 to my name and has grown to over eight figures in revenue over the last few years,
0:42.2	earning a spot on the Inc 500 list of the fastest growing private companies in America.
0:46.6	Our approach has been to take everything we've learned about generating massive growth
0:50.0	within our own organization and help the country's most ambitious and committed law from owners do the same for theirs. In each episode of this podcast, I sit down with
0:57.8	innovative market leaders from the legal industry and beyond to learn from those who thrive
1:02.2	in the face of adversity, challenge the status quo, and define what it means to be a true
1:06.5	game changer. I sat down with Cody Sanchez to discuss why the key to all freedom is financial
1:11.9	freedom, how to gauge whether you're cut out for entrepreneurship, and what criteria to
1:16.3	evaluate when considering potential investments. Number one is really profit and revenue,
1:21.8	because people will forgive you a lot of things if you are highly profitable. People will
1:26.3	not forgive you anything if you lose money,
1:29.3	but you have a ton of standard operating procedures and you have less risk because you don't
1:33.5	have concentrated clients and you have a managerial level. So if you're trying to find the 20%
1:37.8	that drives the 80% it's profit. That's coming up on the Game Changing Attorney Podcasts.
1:57.2	Before we begin today's episode, I want to remind you that we aren't beholden to any sponsors or run any ads on this podcast.
2:00.6	This allows us to present all of our episodes raw and unfiltered. I'm not going to push any made-to-order meal services on you or try to save you any money on your podcast. This allows us to present all of our episodes raw and unfiltered. I'm not going to push
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