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!

1. Master Deal-Making as Core Skill

Recognize that deal-making is arguably the most valuable skill set in the world; dedicate yourself to learning it, as it unlocks opportunities for wealth and ownership that are otherwise inaccessible.

2. Apprentice with Successful Individuals

If you’re young and starting, find a highly successful person whose life you admire and dedicate yourself to providing immense value to them, even through sweat equity, to gain invaluable experience and connections.

3. Reposition Skills in Scarce Markets

Instead of seeking promotions, strategically move your existing skillset to a market where it is scarce and highly valued, particularly where the payer stands to gain significantly more from your contribution.

4. Target Baby Boomer Business Owners

Focus on acquiring businesses from retiring baby boomers (65+), as over 50% own small businesses, many lack transition plans, and are often open to seller financing, presenting a significant generational wealth transfer opportunity.

5. Prioritize Learning Over Early Earnings

In your 20s, focus on learning as much as possible and gaining experience, even if it means taking a lower salary, as upfront pain and learning lead to long-term gain and success. Avoid starting entrepreneurship too early without sufficient knowledge.

6. Embrace Cross-Pollination of Ideas

Achieve outsized returns by combining seemingly disparate ideas or skillsets in novel ways, as this “cross-pollination” creates unique value propositions that competitors struggle to replicate.

7. Prioritize Speed and Action

Cultivate a bias towards immediate action and speed in decision-making and execution, aiming to decrease the time between thinking and doing, as being faster than competitors can lead to significant advantages.

8. Cultivate Positive Money Mindset

Eliminate negative emotional attachments to money, as viewing it as evil or bad will repel it; instead, see money as a tool for freedom and positive impact.

9. Invest in Product Excellence

Dedicate upfront effort to creating an exceptional product that naturally drives referrals and retention, as this “upfront pain” leads to long-term gain and reduces the need for constant, expensive marketing.

10. Master the Three R’s

Ensure your business excels in the “three R’s” – referrals, reviews, and retention – as these are fundamental indicators of a strong product and will significantly reduce your long-term marketing efforts and costs.

11. Cultivate Exceptional Reliability

Become an exceptional individual by consistently following through on your commitments (“I say I’m going to do a thing. I do the thing. Repeat.”), as this reliability is in high demand and unlocks immense opportunities for wealth and ownership.

12. Master 10X Rule for Mentorship

When seeking advice from mentors, apply the 10X rule by giving 10 times more value than you ask for; follow up by demonstrating how you implemented their advice and the positive impact it had, without expecting a further response.

13. Reframe Prejudice as Advantage

Instead of viewing prejudice as a struggle, reframe it as a unique advantage that makes you more memorable and creates incredible opportunities, fostering an abundance mindset.

14. Practice Radical Honesty, Authenticity

Avoid pretending to be someone you’re not, especially online, as it leads to distrust and potential cancellation; instead, be radically honest about your flaws and intensity, while highlighting the value you provide.

15. Embody the Traits of Success

To attract wealth, act like a rich person by working harder and surrounding yourself with successful individuals, rather than just spending, as your actions influence your mindset and outcomes.

16. Continuously Seek Growth in Employment

Do not stay in a job for extended periods unless it consistently offers opportunities for increased earnings and exponential learning; strategically “monkey bar” between positions to continuously advance your income and knowledge.

17. Conduct Thorough Company Research

Before an interview, conduct extensive research to understand nearly everything about the company and its decisions, presenting this knowledge with humility and curiosity to impress the interviewer.

18. Avoid Interview Red Flags

In interviews, avoid speaking negatively about past employers, exhibiting a victim mentality by blaming others for failures, or prioritizing work-life balance if the company culture demands intense commitment.

19. Seek Internal Ownership Opportunities

Ask your employer if consistent top performance and material importance to the business can lead to ownership opportunities, either through earning or investing, in the current business or other ventures.

20. Utilize Non-Cash Business Acquisition

Acquire businesses using non-cash methods like expertise or sweat equity, partnering with cash-rich individuals who lack operators, especially when you are young and hungry.

21. Understand Seller Financing

Learn about seller financing, a common method where a seller allows a buyer to purchase a business using a percentage of its future profits, making acquisitions possible without significant upfront capital.

22. Prioritize Product Over Marketing

Before investing heavily in marketing, ensure your product generates 20-30% referrals or positive reviews; otherwise, you have a “leaky bucket” problem that marketing cannot fix.

23. Leverage Existing Customers for Growth

Treat every customer as if they are your only one, focusing on exceptional service to encourage referrals and positive reviews, effectively turning your current customer base into your primary marketing and sales force.

24. Balance Speed with Foundation

In the early stages, prioritize doing more things faster to gain experience and identify what works; once you understand what “good or great” entails, then work as quickly as possible towards achieving that excellence.

25. Surround Yourself with Wealthier People

Actively seek to be around people who are richer or more successful than you, as their ideas and forward-thinking mindset can be contagious and contribute to your own wealth accumulation.

26. Target Local, Untapped Mentors

Instead of chasing famous billionaires, seek out successful individuals in your immediate community or network (concentric circles) who are rich but not famous, as they have less competition for your attention and are more likely to offer mentorship.

27. Offer Unique, Data-Driven Expertise

To capture the attention of powerful people, offer specific, data-driven expertise that demonstrates a unique understanding of their business or industry, providing actionable insights they lack.

28. Secure Seed Capital from Employer

Strive to be such a valuable employee that your current boss is willing to be your first investor when you decide to start your own venture, leveraging your strong performance and relationship.

29. Set Realistic Job Expectations

As an employer, describe job challenges and difficulties upfront to manage expectations, ensuring new hires are pleasantly surprised rather than disappointed, leading to better retention and satisfaction.

30. Avoid Startup Investing Until Rich

Refrain from startup investing until you are a millionaire, as it has a 90% failure rate; instead, focus on cash-flowing deals that generate immediate returns.

31. Develop a Financial Backup Plan

Create a financial backup plan beyond your primary income source, such as owning cash-flowing assets like Airbnbs or small businesses, to mitigate risk and ensure income stability.

32. Explore Specific Business Opportunities

Consider investing in senior care centers (due to demographics and grants), low-capital service businesses like window cleaning, or semi-autonomous “gateway drug” businesses like laundromats or car washes for their simplicity and cash flow.

33. Leverage Your Unfair Advantage

Identify your “unfair advantage” by mapping your skills, network, and passions to find unique business opportunities that align with your strengths, as ownership is the fastest path to wealth.

34. Study Billionaire Biographies

Read biographies of billionaires to understand their reality distortion fields and learn directly from those who have achieved massive success, rather than relying solely on self-help books.

35. Implement 30-Second Decision Rule

Apply a “30-second decision rule” to avoid overthinking; make quick decisions and iterate, as thinking too much often delays progress and is not the same as working.

36. Optimize Communication for Advancement

Improve your communication speed and clarity, speaking directly and concisely to avoid wasting others’ time, as this trait is highly correlated with securing higher-level positions.

37. Avoid Time-Wasting Interactions

Recognize that high performers value efficiency and dislike wasted time; avoid engaging in unproductive conversations or activities, as time-wasting is often a trait of low performers.

38. Hire for Obsession, Not Interest

When hiring, seek individuals who are “obsessed” with the task or industry, as their intense dedication means they perceive their work as hardly working and are inherently driven to excel.

39. Identify True Obsessions for Career

Determine your true obsessions by identifying what genuinely captivates your attention, even late at night, and align your career path with these deep interests for greater fulfillment and success.

40. Start with Simple Gateway Businesses

Begin your entrepreneurial journey with “gateway drug” businesses like laundromats or car washes, which are simple to understand and operate, allowing you to gain business experience with minimal risk.

41. Prioritize Safe First Business Deal

Ensure your first business acquisition is low-risk and successful to build confidence and momentum for future deals, as a negative first experience can deter further entrepreneurial efforts.

42. Invest in Deal-Making Education

Dedicate significant time to learning the intricacies of deal-making, such as a 90-day M&A MBA, before attempting to buy a business, to understand negotiation, valuation, and due diligence.

43. Apply 100-to-1 Deal Rule

When searching for a business to buy, review approximately 100 potential deals to thoroughly understand the market and identify what truly matters to you, then filter down to the single best opportunity.

44. Identify Acquisition Targets in Expenses

Review your personal and business expenses to identify small, owner-operated vendors or service providers; approach them about acquiring a stake or the entire business, leveraging existing relationships.

45. Millionaire Status Possible with Salary

It is entirely possible to become a multimillionaire solely through a salary, even if reaching the Forbes 100 list requires additional ownership.

46. Financial Literacy for Women

Women, regardless of their career path, should understand their family’s finances, including where money is located, how it’s made, and what is spent, as making your first dollar is liberating.

47. Use Body Language for Abundance

When thinking about money, make a big, expressive physical movement to signal abundance to your body and mind, rather than a small, protective movement that conveys fear or scarcity.

48. Brainstorm Cross-Pollination with Buddy

To identify your unique “unfair bet” and cross-pollination opportunities, use a whiteboard with a smart, open-minded friend to list your skills and then brainstorm how to apply them to solve the biggest, most profitable problems.