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How to Become Independently Wealthy and Attract Money: Insights from Codie Sanchez

Money. It’s a topic that often evokes strong emotions and conflicting beliefs. Some see it as the root of all evil, while others view it as a tool for freedom and positive change.

But regardless of your perspective, one thing is clear: understanding how to build wealth and attract money is a crucial skill in today’s world.

We dive into the insights shared by Codie Sanchez, a successful entrepreneur and investor, on how to approach wealth-building, especially for those just starting their journey.
We’ll explore everything from the importance of your 20s to the power of surrounding yourself with the right people, and practical strategies for getting noticed by successful individuals.

The Truth About Your 20s

One of the most refreshing aspects of Codie’s advice is her honesty about the challenges of your 20s.
While many influencers paint a picture of instant success and luxury lifestyles, Codie offers a more realistic perspective:

  • Your 20s often suck. You’re likely drinking too much, hanging out with people who aren’t the best versions of themselves, and working jobs you don’t love.
  • You’ll probably spend 2-3 years in a $65,000 a year job that feels restrictive and demanding.
  • This is normal and temporary. Understanding this can help you push through the challenges.

The key, according to Codie, is to reframe this difficult period as an investment in your future. Instead of focusing solely on your salary, prioritize learning.
Think of your salary as “putting pieces of cash into your brain.” This mindset shift can help you endure the tough times, knowing that you’re building a foundation for future success.

Front-Loading the Pain

Codie emphasizes the importance of working harder in your 20s than in later decades.
This concept of “front-loading the pain” is based on a few key factors:

  1. Physical and mental stamina naturally decline as you age.
  2. It’s easier to put in long hours and take on challenging roles when you’re younger.
  3. The skills and experiences you gain early on compound over time.

She uses the example of her husband, a former Navy SEAL, to illustrate this point. The grueling training and difficult experiences he endured in his youth set him up for success later in life. The lesson?
Don’t shy away from challenging roles or long hours in your 20s – they’re investments in your future self.

The Power of Economic Interconnectedness

One of the most fascinating insights Codie shares is the concept of “economic interconnectedness.”

Studies have shown that children from lower-income neighborhoods who have more interactions with wealthy individuals tend to be 35% richer on average 30 years later, compared to those from similar neighborhoods with less exposure to wealthy people.

This highlights a crucial point: the people you surround yourself with can significantly impact your financial future. Codie advises:

  • Seek out opportunities to be around people who are richer than you.
  • You don’t need to live next to them or have their money – simply being in their proximity and observing their mindset can be beneficial.
  • People with wealth often have a different perspective on the future – their “headlights” peer further ahead, allowing them to see opportunities others might miss.

Changing Your Relationship with Money

Many people, especially women, have a negative relationship with money.
Codie shares a powerful exercise she witnessed at a women’s finance event:

  1. Participants were asked to close their eyes and picture money.
  2. They were then instructed to physically represent how they felt about money.
  3. Many high-powered women assumed fetal positions or made themselves small, revealing deep-seated negative associations with wealth.

To combat this, Codie suggests a simple but effective technique: when you think about money, make big, expressive movements with your body.
Act as if you’re excited and open to receiving wealth. This physical shift can help rewire your brain’s associations with money over time.

Getting Started from Scratch

If you’re starting from zero, with no contacts or resources beyond your knowledge, Codie offers this advice:

  1. Identify the richest person in your immediate circle (neighborhood, school, community).
  2. Find a way to provide value to them, even if it’s through unpaid work or apprenticeship.
  3. Learn everything you can from them for 6 months to a year.
  4. Use that experience to level up and connect with someone even more successful.

The key is to start with what’s accessible and gradually work your way up.
Don’t make the mistake of conflating fame with wealth – often, the owner of a successful local business can be a better mentor than a well-known influencer.

How to Get a Wealthy Person’s Attention

Standing out in a sea of requests is challenging, but Codie offers some valuable tips:

  • Demonstrate expertise: Show that you understand something about their world that could be valuable to them.
  • Do your homework: Analyze their content, strategies, or business, and offer specific, data-driven insights.
  • Follow the 10x rule: Provide 10 times more value than you’re asking for in return.
  • Follow through: If given a task or challenge, complete it and report back. This simple act sets you apart from 99% of people.

Codie shares a personal example of how she built relationships with mentors over time:

  1. She would ask one specific, thoughtful question.
  2. If they responded, she’d thank them and explicitly say no response was necessary.
  3. A few weeks later, she’d follow up to share how she implemented their advice.
  4. She repeated this process over months or years, slowly building a relationship.

This approach led to situations where influential people felt invested in her success, even though they’d never met in person.

Career Progression and Entrepreneurship

Once you’ve gained a foothold in your industry, Codie advises:

  • Stay at jobs only as long as you’re learning and earning more.
  • Be willing to change positions every 1.5 to 2 years if necessary.
  • Don’t rush into entrepreneurship – learn on someone else’s dime first.
  • Aim to work for entrepreneurs for 5-7 years before starting your own venture.

She also highlights a practice from the finance industry that more companies should adopt: when a talented employee leaves to start their own venture, offer to be their first investor.
This approach maintains positive relationships and can lead to mutually beneficial opportunities down the line.

Changing Your Mindset About Money

Throughout the conversation, Codie emphasizes the importance of shifting your perspective on wealth:

  • Stop seeing money as evil or dirty. This mindset will only repel wealth.
  • Think of money as a tool in your toolbox – one that can help you have more freedom and make a bigger impact.
  • Recognize that having money gives you more power to effect positive change.
  • Lose the emotional attachment to money, especially if it’s negative.

She argues that there’s a much bigger problem with too many people thinking money is bad than thinking it’s good.
By reframing your relationship with wealth, you open yourself up to more opportunities and possibilities.

The Gender Gap in Finance

Codie also touches on the gender disparity in the finance industry:

  • Investment banking is 87.6% male.
  • The finance industry overall is 65%+ male.
  • This imbalance is largely due to historical factors and the competitive nature of the industry.

However, she sees this changing in the future and encourages more women to enter the field.
She emphasizes the importance of financial literacy for everyone, regardless of their career choices.

Building Wealth is a Journey

Building wealth isn’t about get-rich-quick schemes or magical thinking. It’s about consistent effort, strategic thinking, and a willingness to learn and grow.
Codie’s insights offer a roadmap for those just starting their wealth-building journey:

  1. Embrace the challenges of your 20s as learning opportunities.
  2. Surround yourself with successful people and learn from them.
  3. Change your physical and mental relationship with money.
  4. Provide value to others before asking for anything in return.
  5. Be willing to work hard and front-load the pain for future success.
  6. Stay curious and always be learning, even as you progress in your career.

Wealth is not just about accumulating money – it’s about creating freedom, opportunities, and the ability to make a positive impact on the world around you.
By following these principles and maintaining a growth mindset, you’ll be well on your way to achieving your financial goals and beyond.

(Source: The Dairy of A CEO video with Codie Sanchez)

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