Wellness + Wisdom | Episode 561
What motivates you to work on your dreams?
In this episode, Codie Sanchez, founder + CEO of Contrarian Thinking, joins Josh Trent to explain why money is freedom, why you need to think for yourself, how creating a villain in your life can push you forward, what it takes to be a contrarian, what steps you can take to achieve financial freedom, and what makes successful people different from others.
“If you look at the amount of people that capitalism has pulled out of poverty, as measured by countries that have actually instituted it as opposed to taken it away, the numbers don't lie. There are huge issues with it but it is the only one that we can categorically say continues to lift people out of poverty. I think what we actually need to do, we need to export more people into ownership.” – Codie Sanchez
In This Episode, Codie Sanchez Uncovers:
[01:30] Money = Power + Freedom
- Codie Sanchez
- 555 Mike Dillard | Richer Every Day: How To WIN The War on Your Money + Mind
- Codie's experience writing about women being murdered in Mexico.
- From a journalist to mastering money.
- Why freedom motivates her.
- Most people have wounds around money.
[14:10] Your Curiosity Will Get You The Answers You Need
- Codie's upbringing and how her father raised her to empower her.
- Curiosity is where you find the answers.
- Money is not evil.
- Her experience working at Vanguard.
[25:30] Think for Yourself
- Why you need to be interesting to meet interesting people.
- Letters to a Young Contrarian by Christopher Hitchens
- Learning to think for yourself as a human and why you should figure out the contrasts in life.
- Why Codie moved to Texas.
[33:05] Extrinsic + Intrinsic Motivation
- David Osborn
- Why you need to track and know where your money is in order to get rich.
- How her father's honesty created Codie's moral compass.
- Leela Quantum Infinity Bloc – 10% off with code “JOSH10”
- Mimetic theory
- Extrinsic vs intrinsic motivation.
[43:05] Overcoming The Struggle Phase
- Why her finance background was coming from masculine energy.
- How not having sun exposure made her move from Chicago.
- Why the struggle phase separates successful people from others.
- The criteria for choosing the people in your life.
[53:30] Creating a Villain + Path of Least Resistance
- Anthony Pompliano: Millionaire Explains How To Get Rich During A Recession | Codie Sanchez
- What it means that we need to put armor on.
- Why creating a villain in your life can push you forward.
- BREATHE | Breath & Wellness: 21 Day Guided Program
- Why Codie uses irony complex to accomplish things.
- The path of least resistance.
[01:03:20] Financial Intelligence
- It all starts with your body: your health impacts your wealth.
- Compounding: Compound investing, compound learning, and compound living.
- Why she always wants to have an unfair advantage.
- Who Not How: The Formula to Achieve Bigger Goals Through Accelerating Teamwork by Dan Sullivan + Benjamin Hardy
- Why another person always has the answer to your questions.
[01:09:30] From Scarcity to Generosity
- Contrarian Thinking
- How the pandemic pushed Codie to go public and help people find their freedom.
- Why we think that we think really well.
- How she helps people make generous decisions.
- How capitalism helps lift people out of poverty.
- Skin in the Game: Hidden Asymmetries in Daily Life by Nassim Nicholas Taleb
[01:17:05] Maslow's Hierarchy of Needs
- Maslow's Hierarchy of Needs
- Great Thinkers by The School of Life
- How to work your way up in the hierarchy.
- Why you need first to learn, then earn, and then invest.
- How you can manage your emotions around money.
- Why cryptocurrency and stocks are not a secure way to make money.
- Codie's advice on equity deals.
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Power Quotes From The Show
Skin in The Game
“A lot of humans are acting without skin in the game because they don't have equity, upside in their job, or don't own any assets. They don't have things to lose so that becomes the tragedy of the commons which is when everybody's responsible for somebody and nobody takes care of it.” – Codie Sanchez
Put On an Armor
“In order for us to succeed through life, we need to put on armor. And the armor in my case is often the exact opposite of what people think it is. It's a reminder of all the things that I've been able to overcome over the years. When difficult things happen to you, if you can alter them, you can really move forward in a way that nothing really hurts anymore.” – Codie Sanchez
Contrarian Thinking
“If you were to go out to a group of 100 people and ask them: “Do you think that you think well?” The answer of most people would be “Of course, yes.” And that's why we're crazy on Twitter, Facebook, and Instagram because we don't actually question our ability to frame our own individual thoughts which is a huge mistake. The smartest, richest, happiest people I know question everything, including themselves. They question most themselves.” – Codie Sanchez
Links From Today's Show
- Codie Sanchez
- 555 Mike Dillard | Richer Every Day: How To WIN The War on Your Money + Mind
- Letters to a Young Contrarian by Christopher Hitchens
- David Osborn
- Leela Quantum Infinity Bloc – 10% off with code “JOSH10”
- Mimetic theory
- Anthony Pompliano: Millionaire Explains How To Get Rich During A Recession | Codie Sanchez
- BREATHE | Breath & Wellness: 21 Day Guided Program
- Who Not How: The Formula to Achieve Bigger Goals Through Accelerating Teamwork by Dan Sullivan + Benjamin Hardy
- Maslow's Hierarchy of Needs
- Great Thinkers by The School of Life
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Free Resources
About Codie Sanchez
Codie Sanchez is the founder and CEO of Contrarian Thinking, a critical thinking and financial media company with over 3 million subscribers and 100 million views a month.
She also runs Contrarian Capital, a small business holding company that does $50 million in annual reviews and a venture fund focused on infrastructure for main street businesses.
Codie is a former private equity investor across Latin America, Cannabis, and micro-private equity deals. She started as a journalist and now sits on the boards of the Permian Capital Hedge Fund, Magma Partners Chilean Venture Fund, and E-commerce Fuel Investment Fund.
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