15 Years of Money Lessons in 18 Minutes
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- Опубликовано: 27 июл 2024
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I made today's episode for a specific group: people who want to make money! This isn't going to be a bunch of inspirational quotes or your run-of-the-mill hustle & grind platitudes. What you'll get by watching this video are the 13 most important rules on making money, period.
These lessons have lead me to making multiple millions of dollars, and it could help you do the same. I started collecting these lessons by taking notes from everyone who had more money than I did, and when I started out, that was a lot of people! I kept those notes in a growing list that eventually grew to about 130. But nobody has 7 hours to watch a video, so I'm breaking it down to the most important for you today. And even better? You can download the podcast where I break it down for you in 10 minutes so you can listen to it on your commute: contrarianthinking.co/become-...
The first thing to unlearn is one of the most pernicious phrases from dubious financial experts: "passive income." It doesn't exist. There's such thing as investment income, but that's not exactly passive. I'm going to tell you the difference and how you can start recognizing when you're falling into the trap of unrealistic goals & systems.
In order to be rich, you need to learn become fluent in the language of money (steal the deal calculator I use to determine if I should pass or pursue a deal in minutes: contrarianthinking.biz/dealca.... You'll learn why it's so important by the end of this video. What are some lessons you've learned along the way from someone who had more money than you? Share it below!
Chapters:
00:00 - 00:53 Lessons on Making Money
00:53 - 1:48 Passive Income is a Myth
1:48 - 3:20 Understand the Language of Finance
3:20 - 4:36 People Before Profit
4:36 - 5:38 Sponsor
5:38 - 7:09 Live Poor to be Wealthy
7:09 - 8:26 Leverage + Expertise + Time
8:26 - 10:05 Sell the pain
10:05 - 11:50 You want to be free, not rich
11:50 - 13:05 Your job isn't safe
13:05 - 14:06 Have Grit
14:06 - 15:22 Time + Focus + Consistency
15:22 - 16:30 Pay Attention to $$$
16:30 - 17:30 Get in rooms you don't fit
17:30 - Master Negotiation
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Get the full breakdown of my 15 lessons here (for free) --> contrarianthinking.biz/15years-yt-lg
@12:20 This is because big financial companies know they are too big to fail and will get bailed out.
Thank you, the illustrious Ms. Sanchez...you simplified things with enthusiasm and insight. Yeah! I just learned a whole lot, as I do every time I watch YOU! I'm a BIG fan....
Sorry, I meant to post it prior to your comment. Happy New Year...
Love you Codie ❤❤❤❤
This is one of the channels that gave me the courage to start my RUclips channel 10 months ago about self development. Now I have 1,914 subs and > 2k hours of watch time. I know it’s not comparable with others but I’m still proud I started because I’ve been learning so many lessons that I could haven’t learned without getting started in the 1st place.
So much money is being made from trading this year. but it won't always be all sunshine and rainbows. There is obviously a storm coming. And time is running out.
Folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Dear .. stay on the path. Wish u best of luck.
@@talhashamsi4491 Whoever you are, I don't know you personally but I can say that you're one of the non-judgmental and open-minded people who is not fixated on tangible or external factors in order to learn from someone like me. Just because someone doesn't have a piece of paper as a credential, doesn't mean that person is not entitled to share personal experiences with the hope & intention to inspire others. Keep up with whatever it is that you're doing to improve mankind or improving your life even to a slight degree each day. This is just one part of a bigger puzzle for creating my RUclips channel about holistic health. I literally could have died back when I was 14 years old due to major depression but here I am right now replying to you, a RUclipsr, who's full of fulfillment and dedication to help others to be a better version of themselves. I ain't better than anyone else but my old self. That's all that really makes this RUclips thing more meaningful and enjoyable. Thanks so much for your support! I am hoping that you can join me with this endless personal development journey! :)
great one, codie! 👑
loved #11 PAY ATTENTION
"money is a cool mistress, she'll leave you if you don't pay her attention"
00:53 - 1:48 Passive Income is a Myth
1:48 - 3:20 Understand the Language of Finance
3:20 - 4:36 People Before Profit
4:36 - 5:38 Sponsor
5:38 - 7:09 Live Poor to be Wealthy
7:09 - 8:26 Leverage + Expertise + Time
8:26 - 10:05 Sell the pain
10:05 - 11:50 You want to be free, not rich
11:50 - 13:05 Your job isn't safe
13:05 - 14:06 Have Grit
14:06 - 15:22 Time + Focus + Consistency
15:22 - 16:30 Pay Attention to $$$
16:30 - 17:30 Get in rooms you don't fit
17:30 - Master Negotiation
Short summary:
"In this video, the author discusses 13 lessons on making money. The author emphasizes that this episode is not meant for inspiration or motivation, but rather for people who are solely focused on making more money. They believe that these lessons have led to multi-millions for themselves and can potentially do the same for others. The author starts by debunking the concept of passive income, stating that it is a fallacy propagated by younger individuals on platforms like TikTok and RUclips to attract people into spending their money. Instead, the author introduces the concept of horizontal income, which involves having multiple streams of income that require varying amounts of time and effort.
To increase one's chances of making more money, the author emphasizes the importance of speaking the language of money. They argue that the finance industry intentionally uses complex terms and jargon to keep the secrets of wealth within a select group. However, by taking courses or educating oneself, individuals can overcome this barrier and increase their financial knowledge. The author mentions an encounter with a wealthy partner from Goldman Sachs who highlighted the significance of understanding financial terms and concepts.
The author also emphasizes the value of building the right relationships, as they can be more advantageous than money alone. They share an anecdote about a partner from their past who saw potential in them and continued to maintain a strong relationship even after their professional paths diverged. This partnership led to future collaborations and opportunities. Additionally, the author discusses the importance of paying it forward and prioritizing people before profit.
The video also touches upon the idea of lifestyle and financial choices. The author advises against prioritizing materialistic displays of wealth and instead focuses on long-term financial success. They caution against individuals who try to look wealthy without actually being wealthy, suggesting that the desire to appear rich can often be a cover-up for underlying financial insecurities.
Furthermore, the author encourages individuals to leverage their expertise, time, or money to make more money. They explain the "get rich tripod," which is the idea that one can stand on one leg of the tripod (leverage, expertise, or time) to achieve financial success. It is important to identify which leg of the tripod one possesses and capitalize on it.
The video also discusses the difference between selling a need and selling a desire, highlighting that selling a need (a painkiller) is more lucrative than selling a desire (a vitamin). The author advises businesses to solve needs rather than focusing solely on desires, as pain is often a more significant driver for customers.
Lastly, the author addresses the misconception that having a job is safer than starting a company. They argue that big corporations often engage in volatile cycles, cutting jobs during downturns and leading to uncertainty and job losses. Instead, the author presents the idea that small businesses can offer a safer and more stable path, as they tend to grow steadily and beat inflation.
Overall, this video provides insights and lessons on making money, highlighting the importance of financial knowledge, relationships, lifestyle choices, leveraging resources, understanding customer needs, and considering entrepreneurial opportunities."
Best video you have ever made. Thanks
Hey Codie, I’m on my 3 insurance Agency acquisition this year after watching your videos on YT. Beyond grateful for this quality content. Would love to share anytime and connect.
Perfection is the killer of progress. You can't plan or predict what will happen. You will learn and realize new things. You will find new opportunities, but only after you get going.
"The average person thinks having a job is safer than starting a company " This is life changing.
11aaaaaaaaaaaaaaaaaaàaàaaaaàààaaaàaaààÀ
When she said this I thought...THANK YOU. This has been my experience.
Oh Codie… My daughter makes dependable passive income every week. It is only $20 from me, her dad, she’s 9. But if she wants to make more there’s a list of tasks on the refrigerator with a cash value next to each one. She generally works her butt off and makes $80-100 per week 😊
Get Rich Tripod: Leverage, expertise, time. That’s golden thanks Codie!
Love this topic! I agree that we should make talking about money a lot more normal. As a godmother to three young girls, I started talking to them about money and teaching them terms like budget and forecasting and investing and becoming a millionaire. By the time they were five and six years old. Now they are graduating from college and asking me for tips on negotiating their salary, investing part of the money they’re making as paid interns. And asking what do I need to do to get to this point by this age? also volunteering and spending time with your family.
These conversations are important, and these topics are fire. I am forwarding this video to the young women in my life. THANK YOU Cody, more like this please
I really enjoyed this thank you 🙏. It was very informative and I understood clearly. I think the main thing I need to focus on now is using my abundance of spare time to practice focusing and commiting to the things I have on my plate now. Once I have that on auto pilot I'll factor in more pain.... I really love your videos. You come off as strong and confident. I'm more receptive to women because I was raised by a single mother but the downside to that for me was I have my moms self esteem. Now that I'm aware, im working towards the level of confidence it takes to unlock freedom and maybe meet someone with similar strengths, interest and intelligence.
So kind of you sharing this amazing knowledge! My favorite one is ( Time + Focus + Consistency ) - Resiliency! looking forward to the next! Hope you and your family have a great weekend ! Greeting from Portugal!
Somewhat helpful but I'm a little confused on how some of this works in my business. For instance, as a small business making artisanal goods and selling at the farmers markets I have a set price but am generous with discounts. I see that as customer acquisition costs because I almost always get their email for the discount. I'm putting people before profits making very thin margins on my goods however the majority will leave me a tip or recomend me to a friend. So less profits but good customer relations.
Yes, please pick the next 15 or 20 ideas to share. This video was great and I love the way you share and break down concepts.
Thank you for explaining concepts in a relatable and concise manner. You obviously think and talk fast, but you fit more content into a 10 minute video than some creators who are clearly just looking to increase watch time do in an hour video.
This was absolutely amazing but the highlight has to be your husband's "mess with what you got" comment.
Just subscribed to your channel, not for knowledge of making money rather I am impressed with you communication style and how you’re giving back your people your perspective of how to make money from your experiences. I just like your personality. 👍👍
Wonderful list, Codie!
Great work!
Honestly I think the secret to getting rich is ACTUALLY trying to get rich. Sounds easy, but so many people just think it happens randomly or to the lucky few.
I’m inclined to agree. The desire and ambition are key, I think. If one loves the subject matter then the enthusiasm to develop it will be present.
Yup. Everybody buys and sells real estate, for example, and they do okay. I only bought and then when I went to sell 40 years later, guess what..... Oh, and in that same time I had a wonderful life because I understood those rules you just talked about. And now, I'm applying those same rules into trading currencies, one of the most difficult games in the room with a 90% failure rate. So, just as you said: All you have to do is 2 things: know the rules and then consistently follow them and it becomes really simple; not 'easy', but simple. Thanks for sharing because it's great to hear the straight scoop from someone who does it, not just talks about it....
Time, Focus, and Consistency is the formula for small RUclips channels. Love your content!
This was awesome..
Please give us more!!! So inspirational!!
Really good video!
Yes share more in next video.
Loved “Sell the Pain” and then provide the solution.
Yeah am way late to the party....50s and didnt set myself up well....was all on me so I can only move forward.....cpl yrs ago took it more serious, found myself paying more attn to money...am skilled builder and been using time method.....did like presentation and simplicity of it.....
Learned bit of negotiation doing car deals (did very well) but the more I learn about money the more I realize havent even scratched the surface.....feels shocking tbh
When i first saw this and you speak i thought how is this chick doing way better than me....inadequacy moment for sure.....
Time, pressure, consistency and grit is a common theme in life in general...
Lot of great info!....
I cherish your information and share it with my children to hopefully get them in a mindframe of getting ahead at their age. I appreciate what you do! Blessings
Cody you break down financial topics like slicing butter. In other words what is important is explained clearly and in common terms. That is why your quality of content is such a high level. Simple terms for complex stuff, it just makes sense. With understanding comes quicker opportunity to implement.
Thank you Codie!
Oh, this is gold! I watched it 3 times back-to-back-to-back. More please! -- I wanna know all 129 tips.
Yes please share the rest of the 129 🙏🏼🙏🏼🙏🏼 Thank you Codie 🤍
This was amazing to me. Just what I needed. Part 2 please!
"People before profits" this is the most noble quote I have ever heard.
I began investing at the age of 33, primarily utilizing my hard work and dedication. Now at the age of 38, I am delighted to share that my passive income exceeded $100k for the first time in a single month. This advice is truly valuable, so don't hesitate to take action. Remember, it's not about achieving wealth quickly, but rather about building wealth consistently and persistently.
This is superb! information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor ?
I never expected it, but after closely monitoring my portfolio's performance, I was astounded to see it generate a staggering $473k in just the past two quarters. This eye-opening experience has given me insight into why experienced traders can achieve remarkable returns even in lesser-known markets. Taking this leap was undoubtedly the boldest decision I have made recently.
That's impressive! I could really use the expertise of the advisor, my portfolio has been stagnant.... Who’s the person guiding you?
The Adviser I'm in touch with is *'Nolan Velden Brent'* , he works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else. for me his strategy works hence my result. He provides entry and exit point for the securities I focus on.
Thanks for sharing, I just looked him up on the web and I would say he really has an impressive background in investing. I will write him an e-mail shortly..
This is probably one of THE MOST important and VALUABLE videos in this space. Every NEW or ASPIRING ENTREPRENEURS should be required to see this. I personally needed to get reminded of several so thank you,
Much love, Joseph Octaviani
Spot on. I spent 30 years in hedge funds and trading. I agree with many of these things that you speak of here. Well done.
Thank you. This was so informative and motivating. It's a push I need right now to keep going.
I am soooo happy i find you Codie! ¡Eres un tesoro! ¡Gracias por todo lo que haces!
Yes.. can't wait to hear the next round!!! You're knocking it outta the park!!! 👏 You've earned a hug 🤗 today!! And I'll be sharing this one! 💯
I appreciate you sharing your lessons and being open and honest about the pain of being an entrepreneur! ❤
Hi, I'm a new sub, only three videos in and I can't tell you how psyched I was to hear you mention homesteading 🙌 My first big life change towards financial freedom is working on growing my own food. So far I have the chickens lol next up, I'm working on starting a business which is how I came across you. Love your videos I can't wait to watch more!
Codie, you are The Finance Queen! Making it look too easy😂
LOVED THIS. Every single point is incredible and your girl is taking notes! Thank you, Codie! ❤️👏🏻✍🏻
This was great! Thanks a bunch.
Love the videos Codie, I think the biggest thing I struggle with is, an idea!
I’m constantly thinking, what can I do? That hasn’t been done, what can I do better, that had been done…
Any advice on how to find your niche, come up with an idea etc…
It doesn't have to be a new idea, you can just improve or enhance an existing/old idea and you will be a successful entrepreneur.
@@MJ-cf9nl Could also be an existing idea but in a new location. Bubble tea from Taiwan became a huge hit in London and Berlin for example.
"Star's Can't Shine without Darkness. "
Thank you for this list! I've heard Dan Kennedy say the same thing, that the most successful people are that way because of their tolerance for pain.
Codie - was wondering if you are tracking the millionaires you have made from implementing the knowledge you share. That is the biggest ROI.
Agree with everything you mentioned in this video.
I think you are absolutely spot on and I’m learning so much! Please keep it coming. Hopping one day to meet you in person 😊
As always, spot on! Sage advice my dad taught me since I was a kid. Awesome to hear it from my generation. Thank you!
Great timing. Well done. Thank you
Yes, please tell more. especially for those 62+ how to reset and start again for 2nd half of life with better financial liquidity! Thank you.
Totally agree with you, passive income after you do the work! I am seen this for myself, it is a wonderful thing! Great video, keep them coming!👍
Successful people don't become that way overnight. most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life..
Codie you are the best, yes please keep those lessons coming. Muchas gracias 😊
This is SUCH great advice! Are you friends asking you what you built this weekend or where were you friday is absolutely gold! Thanks for being such an inspiration and K.I.S.S for everyone!! ❤
You're the best!
Thanks Codie... Yes please do more tips
Great tips. Many should be common sense but sometimes we need to hear it multiple times before it sinks in. Thanks Codey!
Awesome list. Keep the classes coming.
Id love to hear a deep dive on #12. Getting in rooms with highly successful people. That seems, by far, to be the most difficult for me.
This was awesome! So many incredible nuggets you tossed at us. Thank you for sharing this. You’ve sincerely been changing my thought process, which I know, will change my future. I’m grateful.
I’m taking notes! Thanks Codie!
Wow. A lot of videos like this are often full of fluff but this was full of gems. Thank you!
Side note, however we all if/when get there, THAT is the plane I want to take trips on lol. That is a gorgeous machine.
Thanks for give us the best recommendation about money.
Really enjoy all the points you are making here Codie.
Pretty cool video plus I’ve heard new stuff! And I thought I’d heard everything on RUclips by now 😂 thanks 🙏🏼
So good! I admire and appreciate your teachings. Keep it up!
Great!! Let's get a part 2 with lessons you learned after you got in the game that you wouldn't have thought of before
Esse conceito de tripé é bastante interessante e para mim faz muito sentido a opção que eu tinha era tempo, mas agora com a Universidade de Arquitetura ficou complicado então só me resta focar em alguma especialidade ficar muito bom nisso e começar a vender o que já pretendo fazer e estou a trabalhar nisso.
Really useful! Thanks CS
Hi Codie, please make a series of this - very curious about the other lessons
I am 53 and as such looking back at more life already lived than life left to live. We came to the U.S. as immigrants, basically, thanks to a work related move. We started a real estate business on the side in the 90s that people call AirBnB these days. I can only reiterate what Cody is sharing. All truths. And grit. You need grit. Lots of it.
Great information. Thanks for sharing Codie!
Always such incredible and useful content. Thanks Codie!
Codie is such an inspiration ❤
Cody that was awesome. Keep the lists coming!!
Thank you Codie 🙂
Utube is the best education , learned so much , so it’s not wasted time !
Some bloody great points!❤
I would love to hear more money rules, and specifically rules of negotiation.
Please share more from the list... Thank you in advance!
TY Codie
Codie explanation was beautiful.
this is gold. please share more!
Codie, interested on your take on the PE "boiling frog"? Building a business just to sell off to PE makes it more difficult to create additional businesses due to competition.
Thank you! This was great!
Please continue to share!
Thank you!
i know plenty of poor people with rich friends that make over 30 mill a year and nothing rubs off on them despite they have a few of them and they try to spend money to be up to their level by borrowing as much as they can. Rich wont give not even .001% of what they have to help others while the average person gives away 1% of what they have.
Excellent, please next 13 lesson
Thank you very much. Your video really provided some new perspectives and lessons . Some lessons I kinda knew but your way of phrasing really gave me the needed Aha moment.
Thank you so much for you being you I really and truly appreciate how you explain things in a way that can be understood in 18 mins where it took me 23 years to finally understand the concept of what I’ve been dreaming since I was a kid even me saying this now I want to have a convo about what I been through and how I can relate to your story as well Codie 💯🙌🏾💙 again appreciate you for being you ❤️🔥
Thanks Codie!🎉🥰😍
More of these and about businesses we can relate to. Thanks!
Codie, your insights on money are invaluable. What's your top tip for improving negotiation skills, especially for salary discussions or deals?
Thank you for sharing these lessons Codie, and I'm sure many people will find them both inspiring and instructive as they navigate their paths toward financial freedom.
Great question! Improving your negotiation skills, whether it's for salary discussions or business deals, is a valuable asset. Don't be discouraged by setbacks; view them as opportunities to learn and refine your approach. The more you negotiate, the more confident and effective you'll become.
Omg I’m so glad I came across your channel. You’ve got great great content!!
Great video! Learned a lot.
THANK YOU SO MUCH , IM LATE STARTING OUT TO MAKE MONEY , ENJOY ALL YOUR LESSONS ,
GOLD GOLD GOLD!!!!
Thank you so much for sharing this ❤
What I'm wondering is: How do you actually get in the room with these people? - The principle makes absolute sense but it's hard to do in practice. Most people who are at the level you want to be won't invite you to the room.
Take opportunities that provide movement and put yourself in situations you aren't used to
@@mochalatte8202You didn't say nothing here and I hate people who answer this way when people are genuinely and seriously need a practical and realistic help not some mumbo jumbo "motivation" that doesn't serve nobody any good.
Very helpful. Thanks a lot. Glad i found your channel.
#13 - Be a negotiator. Any good book recommendations for that subject? 18:37