The Real Truth About Getting RICH In 2024! 3 Steps To Make Your First Million | Codie Sanchez

0:28And so today... than they think that they can be. You become this mirror, this reflection of all the things they could have been, which allows people to grow, but also becomes excuses as to why they have it. Fun little fact, that guy that pushed me out of that company, guess who's got a bigger bank account now? Those mother who try to tell you what to do all the time, who try to make you think that you need them, that without them, you're not capable, that you're scared of you. Guys, give it up one more time for Cody Sanchez. I sort of determined there's three things we need to make a lot of money and I wish somebody had told me earlier So I'm gonna share my lessons with you

1:08Give it up for Cody

1:15This is so beautiful I just want you to take a moment and think about what you crazy humans are doing You're deciding 4 ,000 of you flying in from all over the country because I got your messages to be in a room with one idea to become great which in a world and we live in today do they really love greatness no do other people want people to be great sometimes except when you're a little bit greater than they think that they can be you become this mirror this reflection of all the things they could have been, which allows people to grow, but also becomes excuses as to why they haven't. And so I just want to take a moment to say thank you.

2:03In this world around us, the most beautiful thing that I have ever seen is a human who gets to stand before God at the end of their days and like Emma Bombeck says, say, I have nothing left to give. I've left it all. I'm wrung dry. And that's what you guys are doing. And in fact, I want to call out one human in here. Is there a Kevin Hebert in the audience? If so, stand up, Kevin, or yell. Kevin, do you see him? Anybody? Over here. Okay, give Kevin a round of applause when you hear what I have to say about Kevin. Kevin is 19 years old. Kevin flew on his very first flight today here to this room to be with all of you.

2:51He paid for his own flight. He paid for his hotel, and he paid to be at this event at 19 years old.

3:01You know, I don't know if you guys know, but we've got this presidential election dumpster fire going on. Anybody seen this? And sometimes I worry about the future of our country. And then I meet people like Kevin and people like you guys. Exactly. And I remember that the few on high can never beat the many. And that is why I'm obsessed with this idea of financial freedom and why I want to make so much money. It becomes almost meaningless because you know who's really hard to control? The people with the pocketbooks. They don't want you being owners. They don't want you being rich. They want to control you.

3:42They want you to think that you need somebody else, But you don't. And Kevin's a perfect example of that. And yes. And so today, we're going to talk about the real truth about getting rich in 2024. How to do it. And I don't know too much about many things. But what I do know about is that by the time I was 30, I built a billion dollar in assets under management company in Latin America. Well, thank you. I built a nine-figure holding company. But the truth of the matter is that I've also been fired, been pushed out, lost millions, and failed a ton. And I bring that up because it's the truth. There's no only silver lining.

4:27And so I want to think about how can you make an ungodly amount of money even if you're not this guy. But he did leave LA, so we got some issues there. Now, you don't actually have to be this. You just have to know a few truths. truths that I wish somebody had told me before, but they're not that politically correct. Is that okay if I share some hard truths with you guys? All right, Louis is going to kick me off the stage. I don't think so. The truth of the matter is we're going to fill up from three levels today. I've sort of determined there's three things we need to make a lot of money, and I wish somebody had told me earlier, so I'm going to share my lessons with you.

5:03The first one is mindset. Kind of straightforward, you think, except most people don't have it. The second is zero to one. How do you actually break through whatever your wealth level is? The last one's really important, which is contagion. How do you become so good that your money becomes magnetic and it keeps going back and bringing friends with you? This one's really important today because I think, actually, we live in a time of massive abundance. Think about it. It's never been easier to build a business than it is today. In fact, more businesses have been built since 2020 to today than ever in history before.

5:36Think about that for a second. We have massive abundance. it's just that we've kind of become a cog in a machine instead of even the machine or learning how to own the machine. And that's where I want to get to. There is one word that is more near and dear to my heart than anything else, and that is this word owner. So I heard something the other day that stuck with me. Somebody said to me, when you hear the truth, you don't just hear it, you feel it. It's like a tuning fork. You guys ever felt that? inside of you, right? And so when you hear something that you think sounds like truth today, I want you to yell it for me.

6:14We'll get a little gospel up in Los Angeles. What do you think about it? So when you hear something that you think sounds like a little bit of truth, I want you to go, truth. Cool. You want to try it with me? Truth. Yeah, I like it. Because we are in a world where people have forgotten the word. It is a five-letter word that has become a four-letter word, and I want to bring it back and own it for us. All right, so let's talk about that. We're first going to start with mindset. So I don't know about you guys, but for a long time, I worked for other people, and they determined my worth based on hours sat at a desk.

6:49You guys ever sat in a job that you hated so much that you wished your life would end like a minute or two earlier, so it was five? Just me? Okay. And they're like, truth? Yes, right now. I, in my first job, made$37 ,000 a year. I know. And at that time, I actually thought I was super, super, super rich. And I was compared to what I was earning previously. But one day, I was at a financial firm. And everybody else was from fancy schools, like USC down the way and Stanford. And I went to the Harvard of the West, which is Arizona State. Anybody else throw that at school with me? All right. You're not supposed to laugh at that.

7:26Yeah, but it's not known for its academics. And so I was struggling. I was like one of those ducks where I seemed calm on surface and under the waters paddling like... And I remember I came up with this idea for a business, for a company, and was like, all right. I was at a big company called Vanguard, and I came up with an idea. And I was like, God, I think the company should do this in Latin America, because they weren't yet. I brought it to my boss. The boss came back to me and said, this is a good idea. I think we're going to move forward with this at the company. I thought, amazing. And I said, well, if you like the idea, you know, can I be a part of the implementation?

8:01He said, of course. So he comes back a week later, talked to the bosses on high, and he sits me down. And I'm excited. I'm like 21 at the time. And sits me down and says, instead of Cody, you got the job, he says, Cody, what do your colleagues, what do you think your colleagues think of you? And I was like, I'm not sure why this is relevant, Ron, but I don't really know. And he said, they think you would leave dead bodies behind you to get ahead. And I was like, well, that's not great. Like physically, because I'm kind of tiny, mentally. And what he said was, well, we expect you to show up at the parties to when people come to your desk, hang out, go out to lunch with the group.

8:45But have you guys ever been struggling quietly? Where like the idea of doing anything besides working you couldn't even fathom because you could barely do the thing you're supposed to have already known how to do? That was me. Truth. And I was there in that moment. And that's when I realized, when I told him that, he said, well, because of that, we are going to implement your idea. But this woman, April, gets it. And I was like, the f*** does that work? But at that moment, he did me a huge benefit. because what he taught me in the moment that was super painful, let me leave a company that would have stopped me.

9:22And I did something that a lot of people don't talk about today, but which I think is true. Do you guys see how many years I was at most of these big institutions? Right, about two years, right? That's what they say about us youngsters. We don't stay. We don't work hard. We don't whatever. I left the moment I knew they weren't going to let me promote any faster. The moment they said, our speed, not yours, I said, no, no, no. I'm the architect of my fate. You're not. Truth. And people will not tell you this. They will say that you're ungrateful, that you should stay, that you're selfish, and you have to say lovingly, bye.

10:00Bye. And that's my first truth. The second truth is this one. I was sitting with a guy who's worth a couple hundred million bucks. Anybody know this guy's name? His name's Bill Perkins. All right, Bill's the man. He wrote a book called Die with Zero. Now, I asked Bill, I'm like, Bill, you've built like multiple billion dollar companies, really huge endeavors. You've been successful in so many ways. What's your secret? And he told me something that stuck with me for just about ever. He said, I realized that while most people wait, I move really fast. By the time somebody else has thought about an idea, gone to investment committee, pondered it, I've already started, made three mistakes, and found a better way.

10:43He goes, the only difference between me and them is speed. What if you don't have to be smarter? What if you don't have to be richer? What if you just have to move a little faster? And I found a lot of freedom in that. Now, this one is really unpopular on the Internet. But the truth of the matter is, is that it doesn't always have to be from a place of love. We were just hearing a song from what two minutes ago? Gladiator. Do you think he operated from only love? Or was there a little anger there too? Truth. The truth of the matter is that all emotions can have some reason to exist inside of you.

11:24So why not build when you're angry too? So you might think this looks nice. I'm on a cover of a magazine, right? How lovely. Well, this is one of the companies that I got pushed out of. One of. I got pushed out of two companies. I do think I'm rather unemployable, so it's not totally their fault, to be honest. Give me an amen if anybody here is also unemployable. All right, all right. Yeah, we're kind of hard. We're kind of awesome. What happened in this business was fascinating. Have you guys read 48 Laws of Power by Robert Greene? Incredible book. Rule number one, anybody remember? Don't outshine the master.

12:01And I did that. I was on a cover of a magazine. How dare I? But I forgot the golden rule, which is when you work for somebody else, you are uplifting their dream unless they are one who holds hands as they climb. And so I got pushed out of this company for this reason. But without that, I wouldn't be standing in front of you guys. And I think about this right here, which is what if the thing you got fired from, the thing you wanted more than anything, the painful secret that you don't really want to share with mom and dad, brother, sister, husband, is what could fuel you. Because fun little fact, that guy that pushed me out of that company, guess who's got a bigger bank account now?

12:44All right. One of my favorite sayings of all time is, you have many scoreboards in life, right? You have a scoreboard of health, Lewis's 24-pack and those two guys, whatever they're doing over here. You also have a scoreboard of relationships. Maybe you have a scoreboard of giving. And there's a beautiful game that is the scoreboard of money, which doesn't mean that you have to be Lambos, Bentleys, etc. I'm not really that into it. More power to you if you are. But it does mean that it's a tool. So the more money you make, the more you get to say, scoreboard. And I just think there's a lot of power in that.

13:22Truth. Truth. This one you might have talked about a little bit today with Joe Dispenza. I had this kind of interesting realization. So I'm in Austin, Texas, which is, yeah, little Texans. There we go. And in Austin, Texas, there is a group of people from the PayPal mafia. Do you guys know this group? So what's fascinating about the PayPal mafias, this is a group of people who all came together to build PayPal. There's some big names on there. Peter Thiel, Elon Musk, billionaires across the board. And I've interacted with a few of them. And one day, and I won't say which one, I'm at a dinner party.

14:01And I'm kind of gregarious. And so I go over and talk to a guy who I don't realize is one of these guys. And so I'm like, hey, man, how's it going? I'm Cody. What do you do? If you can imagine this, there's a group of like six other people around the table. I'm walking over and I'm smiling. And I say this to this man. And he looks at me. So I go, what do you do? What's your story? And he goes,

14:30I mean, I'm talking 30 seconds. I about died. I about died. And like somewhere between 30 seconds and three years, I was like, what's your deal? Like, are you just staring at me? Do you not speak English? What's happening? And just, you know, kind of blurted out of my mouth. And he said something really profound to me. He said, well, I only have so much energy in a day, and I only have so many words to say, and so I try to make sure I measure them carefully. And I was like, rude. But when I thought about it more deeply, when I thought about it more deeply, I was like, this man reprogrammed his entire world.

15:09He says, no, I'm not going to play this small talk game. And in fact, I don't have to. And I found that fascinating. So where can you reprogram? You. The next truth, as we sit in the shadow of USC, so sorry Trojans, I'm just all over your beautiful school over here. There is no doubt that sitting in an academic environment is beautiful, and that this idea of the teachings from the wise to the youth is beautiful. But here's the problem. They don't teach us anymore. They teach us what to think, not how to think. And they also do this. They charge us more for four years of regurgitated exams than our auto loans and our credit cards.

15:56It is a calamity. And I should know, I paid it. This is little Cody Susie Sunshine at Georgetown, happy as a clam, getting all their credentials. But the beautiful part about this world and all of you guys out here is we're not woke, we're waking up. And yeah. And you want to know how I know because look at this. I really like cuss words. Listen, is a noun. It's a verb. It's an adjective. It's a pronoun. It is. It's really just efficient. It's just efficient. And it's that's why I use it. But what you can see here is this yellow line is all of you guys deciding you don't get to make my parents mortgage their retirement, make me mortgage my future house, lock me into student loan debt that I can never get rid of in order for you to imprint your ideas on my head.

16:57No. You guys are pushing back. That's right. And so instead, we're teaching ourselves Summit of Greatness. You are part of the movement. And in fact, vocational schools all over this country are opening up, and that's why I started one too. Because I said, no more. There is a tough truth though, and that is that we don't always get to do what we want. Sometimes we have to do what is required. My team backstage, they hate this line because I use it a lot. But the truth of the matter is that we live in a society these days that tells us what? Follow your... How many times has your passion led to millions?

17:48That sounds great on stages like this when we get to tell people sweet lies. Sweet, sweet lies, not inconvenient truths. Because the truth of the matter is, look at this America. 50 to 80 percent of us hate what we do for a living? This single place will spend more time than anywhere else besides sleeping. We hate. But why? I think it's because we're telling ourselves a story. We're telling ourselves to listen to the anxiety inside of us that says that we can't, we won't, it's not impossible, but for you it is. And in fact, I think your anxiety is lying to you. That if you really think about it, you made it this far, Probably not likely you're going to die because you start a startup.

18:34Probably not likely you're going to die because you buy a business. Probably not likely that that thing inside that feels primordial, like you're not going to make it if you do it, is going to kill you. In fact, very little will. And if you get past this, then you get to something kind of special. This is where you start to break through, zero to one. Now what happens to zero one is it starts becoming a lot more on us. I heard this line from a really good mentor of mine. You guys ever have a to-do list that's like pew, right? So I have a to-do list like that often. And I remember saying to one of my mentors, like, I got too much to do and I have to do this and this and this.

19:16And he looked at me and he said, with all due respect, you just don't prioritize very well, do you? And I was like, again, rude. But was he true? And he said, you don't need more time, you need a deadline. And if I look back at my career, just to open it up so you guys can see, this is 10 plus years of building other people's castles instead of mine. It's closer to 15 plus years of not betting on me. So if anybody in here feels like it's too late, I don't know if I can, I'm stuck in a corporate job, I don't think that's actually true. But I do think there's a cost. For every moment that you wait, your net worth waits right along with you.

20:03And the truth of the matter is that your lack of action is your biggest competitor. Your waiting is the competition. There is no other. What happens when you make the move today that you should have made five years ago? You make more money. Now, a good example of somebody who made a lot more money is somebody who said this line, being a professional opportunist, this is my favorite investor of all time. Do you guys know who he is? Who do you think? Warren Buffett? Let me give you another little crumb. He built a business, he bought a business for pennies on the dollar, sold it for$39 billion right before the market crash.

20:46Anybody know who? Mark Cuban? No. No, also good one. We got some investors in the crowd. Sam Zell. Now what I love about Sam Zell is nobody knows who this guy is. Unless you're an investor, one of the richest men in the world, one of the greatest investors of our time, we don't even know his name. Why? With all due respect, we put T-Swift on billboards, and we put celebrities on billboards, and we listen to them when they don't know what your life is like. When was the last time a celebrity even could name a banana? Have you guys ever seen that from Bill Gates? Incredible. They go, how much do you think a banana costs, Bill Gates?

21:26What do you think he said? It's like right around 20 bucks. Like that mother, if I should take his immediate advice right now for how to fix my life. No. What's interesting about this guy, because you learn a lot from watching the playbooks of billionaires, not from listening to them from a peak too far removed to even see the valley we're in. What's fascinating about this guy is he used to say, the only reason that I make money is because when the entire world goes left, I think, could I go right? And I asked myself that question again and again to find professional opportunity in the world where people are scared.

22:00And he's like, I do this so much that I have a physical activity to remember it by. This is Sam Zell on a motorcycle. How many billionaires and hedge fund managers look like this guy? Zero. He had a motorcycle gang, as much as like a 70-year-old dude could, called Sam's Angels. And why I love this, Zell's Angels, excuse me. Why I love this is because he had to remind himself, even a man worth billions, had to remind himself to take risk and to stand out. Do we do the same? This is a hard one, friends. you are paid exactly as much as the problems you are solving are worth. This is where people get real mad on the internet and they go, what about teachers?

22:50And I go, I know. Everybody calm down. My mom was a special education teacher for 30 years. But do you want a sweet lie or do you want the truth? Do you want me to stand on stages and tell you that my mom is somehow miraculously about to make millions by being a teacher? Because that's what they'll tell you all. Instead of saying, well, if you want to be a teacher and you want to make millions, go build a school. That is the difference and the truth. And so I want you to look yourself in the eye and think about this for a moment. Love myself a graph. The average income of the top 1 % versus workers.

23:27What do you see there? A big, huge difference. Now, the difference between me and the media is the media is going to go, let's stake them, the rich, let's tax them all. And they're going to go after those on high, pretending that they're going to redistribute them to us. But how many people in the U.S. own a small business? What percentage do you think own a business? What percentage of people? 3%. 3 % of people in the U.S. own a business. So who is actually taking the risks? Very similar to how many people in this country are part of the military to protect a nation? 3%. 3 % protect the many, 3 % determine the profit.

24:14So if you want to get in the game, go where the game is played. Because look at the difference in workers' compensation versus CEOs. What does this tell you? That CEOs are greedy? Maybe. Does it help you to know that CEOs are greedy? Will you get richer by having that mindset? No. How will you get richer? You become the CEO. You build. That is how you get richer. You become one of the 3%, and that is how you make money. Because I was just like maybe many of you that don't have a business. 37K to multiple to multiple to multiple to multiple. Why? Through the power of this beautiful thing that I hope they never steal from us, but they do well try.

24:56which is the most even game we can play even though it's not perfect and it's called capitalism. It is the thing they will take from us first because they will pit those who have versus those who don't against one another. We have to push back. Truth. Truth. And anyone who tells you differently wants to take. And that we have to be careful about. because the truth of the matter is more money isn't more problems. In fact, I think you should have every right to chase relentlessly your first million dollars. They used to tell us for 10 years they had one study that said happiness peaked at what level?

25:42Do you guys remember the amount? $75 ,000. What did we find out just last year? The real level is$500 ,000. They use a study to tell us, no, don't earn, because what is money? Money is evil. That's what they tell us. You all are different, though. Because what we find when we understand the game of money and ownership is the difference between addition and multiplication. Let me show you what I mean. On the left-hand side, we have addition. One, three, five, seven. This is what happens when you earn. When you earn for somebody else, you make on average 3 % to 7 % increases a year. When you own, you multiply, which means you never acquire a client one by one, you acquire them in chunks.

26:30And this is how you are able to go from a game where you don't make very much, one of my first startups, Threads Refined, to a game where I made a lot for another people, to other games where I own the entire business and the audience. You look for where you can multiply instead of add. But the truth of the matter is that I wish somebody would have told me that getting rich looks nothing like these guys. Neither does aging, by the way, just so we're clear. In fact, getting rich kind of looks like this. It looks like long days and long nights repeated again and again. Truth. But the other truth they didn't tell us was that it's not enough to just work a lot, right?