611: Codie Sanchez - How To Build Extraordinary Wealth Through Ordinary Businesses (Main Street Millionaire)

Go to www.LearningLeader.com for full show notes

The Learning Leader Show with Ryan Hawk

Codie Sanchez is an entrepreneur and investor known for founding Contrarian Thinking, a media and business education company. She has a diverse background, including entrepreneurship, finance, and journalism. Through her book "Main Street Millionaire," she advocates for wealth-building by acquiring small businesses and shares her insights on financial independence and business success. Codie emphasizes practical, contrarian approaches to wealth and leadership.

Notes:

• Her dad always said to her: 'You're not going to be a princess, you're going to be the president'  – It's a great reminder of the power we have as leaders to believe in someone and raise their level of expectations because you see something special in them. Codie was glowing while talking about her dad. 
• How Codie earned a job at Vanguard. She went to conferences. She met people. She got IN THE ROOM and took action. And then when she got her opportunity, she led with her curiosity, asked questions from the woman she met with, learned, read the books she told her to read, and followed up. Showing up, doing extra, and following up are a great way to earn a job that you might not be qualified for.
• How you start and end your meetings. What type of energy do you bring to the space? Remember, you no longer get to be energy-neutral as a leader. You're either lifting the room up or taking it away. We want to add energy additives to the rooms we enter.
• One of Codie's favorite books – Letters to a Young Contrarian by Cristopher Hitchins. "What I like about Christopher Hitchens, he pushed back against the common narrative in a time where to be an activist was really frowned upon"
  • "He was what the people these days that say they're activists actually are. He really had no loyalty to any type of thought; he was simply trying to find the truth. He was the inspiration for contrarian thinking"
• Career Path – "I don't believe that humans have linear paths ever. Anyone who has had an interesting career in my opinion has had a completely divergent set of experiences.
• High Performers:
  • They hate small talk.
  • Are not okay with wasting your time.
  • Do what they say they're going to do.
  • Do it with urgency.
  • Are obsessed, not just interested.
• Goal Setting: "If you want to be a person who hits your goals: Skip setting goals and set sacrifices. What are you willing to give up to get what you want? That is the missing piece to winning. Every one of your goals has a price."
  • Codie's Anti-Goals: Being an employee/work for others, Selling other people's products, Speaking for free, Coffee meetings.
• The richest self-made woman in the US is… Diane Hendricks (co-founded the largest wholesale roofing, siding, and window distribution company). There are billions in the boring.
• Writing = Clarifying Your Thinking
  • Writing helps Codie think clearly and organize her thoughts.
  • The process of writing demands coherence and structure, unlike verbal communication.
• 4 Parts to buy a business -  Cover debt, Cash to have an operator, Money to make a salary, Operating cash.
• 3, 9, 12 method - Learn the 10 steps in the first 3 months. Get in on a deal. Stabilize.
• Boring Businesses - Laundromats, car washes, and port-a-potty services can be very profitable. They are less glamorous but have a higher success rate compared to sexier industries.
• Advice - Meet with a small business owner. Ask to shadow them. Get curious. 42% of the population works for or in a small business.