Impact Theory with Tom Bilyeu – The #1 Money Lesson School Failed To Teach You [Escape The Rate Race] | Codie Sanchez PT 1

Intro

In this episode of Impact Theory with Tom Bilyeu, Tom interviews Codie Sanchez, an entrepreneur, investor, and founder of Contrarian Thinking. They discuss the importance of financial freedom, personal development, and the power of small businesses. Codie shares insights on building wealth, understanding finance, and the value of curiosity in business and personal growth.

Main Takeaways

Importance of Financial Freedom

• To achieve outside success, you must become so good that you’re impossible to ignore, which requires an obsession with skill acquisition.
• Pursuing financial freedom can lift up those around you and inspire them to do the same.
• Money is not evil, and chasing it does not make you a bad person.
• Pursuing financial freedom is one of the best pursuits you can have.
• Money can be used to create more wealth and opportunities.

The Power of Small Businesses

• Small businesses, especially those in your community, can make you a lot of cash and are often overlooked in favor of Silicon Valley success stories.
• Building a culture where people are creating bigger than you is an incredible feeling.
• Hiring people can give you a legacy beyond just what comes out of your body.
• Large corporations are owning a growing percentage of subsectors in the US economy, leading to a loss of local businesses and personal connections.
• Having some incentive to leave a stamp on the world through owning a business is important, but not everyone should own one.

Personal Development and Effective Communication

• Personal development is not always understood or valued by blue-collar workers.
• It’s important to understand and communicate effectively with people from different backgrounds and experiences.
• Don’t belittle personal development or self-education, help others understand it.
• People on the internet often talk to others just like them and live in bubbles.
• Networking with cool people is about doing inspiring things and bridging your curiosity.

The Game of Life and Business

• Approach everything with humility and master the rules of the game of life.
• Problems should be seen as levels in a game, with natural adversaries to overcome.
• Villains and adversaries are necessary to level up in life.
• Programming your mind to approach problems with curiosity can open up opportunities in business.
• Success can be empty if you’re only chasing the world’s approval.

Leadership and Building a Winning Team

• Being authentic is important in leadership, trying to be someone you’re not comes off as inauthentic.
• Having a clear goal and being focused on winning is important in leadership.
• Culture is one of the most important things for entrepreneurs to focus on, along with product market fit and making more money than you spend.
• The heart and soul of a team is just as important as the leader.
• The Curse of Competence means that there are few competent, hardworking, driven people in the world.

Summary

Importance of Financial Freedom

Codie Sanchez emphasizes the importance of pursuing financial freedom and becoming skilled in order to achieve outside success. She believes that money is a tool for power and change in the world, and learning the language of finance can prevent others from taking advantage of you. Pursuing financial freedom not only benefits yourself but also inspires those around you. It is a pursuit that can create more wealth and opportunities.

The Power of Small Businesses

Codie Sanchez highlights the potential of small businesses, especially those in local communities. She believes that these businesses can generate significant cash flow and should not be overlooked in favor of Silicon Valley success stories. Building a culture where people are creating bigger than you is an incredible feeling, and hiring people can leave a legacy beyond what you can personally achieve. However, Codie acknowledges that not everyone should own a business and that large corporations owning a significant percentage of the economy can lead to a loss of local businesses and personal connections.

Personal Development and Effective Communication

Codie Sanchez recognizes that personal development is not always understood or valued by blue-collar workers. She emphasizes the importance of understanding and effectively communicating with people from different backgrounds and experiences. Codie encourages others not to belittle personal development or self-education but to help others understand its value. She highlights the danger of living in online bubbles where people only interact with others who are similar to them. Networking with cool people is about doing inspiring things and bridging curiosity.

The Game of Life and Business

Codie Sanchez advocates approaching everything with humility and mastering the rules of the game of life. She believes that problems should be seen as levels in a game, with natural adversaries to overcome. Villains and adversaries are necessary for personal growth and success. Codie emphasizes the importance of programming your mind to approach problems with curiosity, as it can open up new opportunities in business. She reminds listeners that success can be empty if it is solely driven by the world’s approval.

Leadership and Building a Winning Team

Codie Sanchez shares insights on leadership and building a winning team. She highlights the importance of authenticity in leadership and the need to be true to oneself. Having a clear goal and a focus on winning are crucial for effective leadership. Codie emphasizes that culture is one of the most important aspects for entrepreneurs to focus on, along with product market fit and financial sustainability. She believes that the heart and soul of a team are just as important as the leader. Codie also discusses the Curse of Competence, where competent, hardworking individuals are rare, and going 10% more than the norm can make a significant difference in standing out.

Conclusion

In this episode, Codie Sanchez shares valuable insights on financial freedom, the power of small businesses, personal development, the game of life and business, and leadership. She emphasizes the importance of pursuing financial freedom, understanding finance, and using money as a tool for power and change. Codie also highlights the potential of small businesses and the need to build a culture where people can create beyond what you can personally achieve. She encourages effective communication with people from different backgrounds and experiences and emphasizes the value of personal development. Codie shares her perspective on the game of life and business, the importance of curiosity, and the need for villains and adversaries for personal growth. Finally, she provides insights on leadership and building a winning team, emphasizing the importance of authenticity, culture, and the Curse of Competence.