Impact Theory with Tom Bilyeu – The #1 Money Lesson School Failed To Teach You [Escape The Rate Race] | Codie Sanchez PT 2

Intro

In this episode of Impact Theory with Tom Bilyeu, Codie Sanchez returns to discuss the #1 money lesson that school failed to teach you. Codie Sanchez is a managing director and partner at Entourage Effect Capital, a private equity firm focused on investing in the legalized cannabis industry. She shares her insights on generating wealth, the importance of surrounding yourself with the right people, and the power of knowledge. Join Tom Bilyeu and Codie Sanchez as they dive deep into the mindset and strategies needed to escape the rat race and achieve financial freedom.

Main Takeaways

Reasons for Failure

• Lack of clarity and not wanting it badly enough are two reasons why people fail.
• People often stop themselves before they even begin pursuing their goals.
• Living in poverty or being surrounded by it can cause immense stress.
• There is a real phenomenon of “crabs in the bucket” where people try to pull each other down instead of lifting each other up.
• Those closest to you may not support your goals because they fear losing you or feeling inferior.

The Power of Connections

• It’s important to surround yourself with people who inspire and support your goals.
• Finding others who already have the life that you want to live and engaging with them can have a huge impact on your success.
• Being around people who have money can be contagious, and rich people love to tell their stories and be enablers.
• Knowledge monetizes forever, so working for free for someone who has knowledge you want can be worth it.
• Working for free for someone in a position of power can be a way to build a relationship and potentially open doors.

Opportunities in Buying Small Businesses

• Many people waste money on unprofitable side hustles like drop shipping.
• There are risks involved in buying a business, but it can be worth it if done right.
• There are currently 11-12 million small businesses in the US up for sale.
• Most small business owners are interested in selling their business, even if it’s not listed.
• Many businesses will not sell within a year, providing ample opportunities for potential buyers.

Money and Happiness

• Studies on the correlation between money and happiness have been conducted, with varying results.
• Making $100,000 or $250,000 can bring happiness, but material happiness may not increase after making $500,000.
• For those who did not grow up with money, making $500,000 can make them feel rich.
• Spending money on business-related things can be more meaningful than personal expenses.
• Understanding the difference between money and wealth is important.

Building Relationships and Finding Purpose

• Having a mentor who has already achieved success can be helpful.
• Tracking progress and making daily efforts towards the goal is important.
• Having accountability and a witness to one’s actions can be a powerful motivator.
• A successful romantic partnership is the greatest joy life has to offer.
• Humans are in search of purpose and can either determine their own or be given it.

Summary

Reasons for Failure

Many people fail to achieve their goals due to a lack of clarity and not wanting it badly enough. Poverty mindset and the negative influence of those around them can also hinder success. It is crucial to surround yourself with supportive and inspiring individuals who can help propel you towards your goals.

The Power of Connections

Building relationships with people who have already achieved the life you desire can have a significant impact on your success. Surrounding yourself with individuals who have money and knowledge can be contagious and open doors for opportunities. Working for free for someone who possesses the knowledge you seek can be a valuable investment in your own growth.

Opportunities in Buying Small Businesses

Many people waste money on unprofitable side hustles, but buying a small business can be a lucrative venture if done right. There are millions of small businesses in the US currently up for sale, and most owners are interested in selling. This presents ample opportunities for potential buyers to acquire businesses and create wealth.

Money and Happiness

Studies on the correlation between money and happiness show that making a certain amount of money can bring happiness, but material happiness may not increase significantly beyond a certain threshold. Spending money on business-related expenses can be more fulfilling than personal expenses. Understanding the difference between money and wealth is essential for long-term financial success.

Building Relationships and Finding Purpose

Having a mentor who has already achieved success can provide valuable guidance and support. Tracking progress, being accountable, and having a witness to your actions can motivate you to stay on track towards your goals. A successful romantic partnership can bring immense joy and stability. Finding and pursuing your own purpose is crucial for personal fulfillment and success.

Conclusion

Escaping the rat race and achieving financial freedom requires clarity, determination, and the right mindset. Surrounding yourself with the right people, seizing opportunities in buying small businesses, and understanding the true value of money and wealth are key factors in achieving long-term success. Building strong relationships, finding purpose, and staying accountable are essential for personal and professional growth. By embracing these principles, you can escape the rate race and create a life of abundance and fulfillment.