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Jay Shetty Podcast

The Money Expert: They're Lying to You—Academic Skills Don't Translate to a Stable Career...

Finance expert and author of “Main Street Millionaire”, Codie Sanchez, exposes why conventional money advice is wrong and shares the secret wealth-building strategy that created today's millionaires.

Codie SanchezguestJay Shettyhost

Dec 2, 20241h 30mWatch on YouTube

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CHAPTERS

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Chapter summaries

Follow the Math: Ownership and the Language of Money
Jay Shetty asks where someone with no money should start. Codie Sanchez says to follow the data rather than passion, arguing that ownership is what makes most millionaires rich. She says you must learn the language of money, drawing on her own background and her time as a journalist.
- •Most advice says follow your passion, which she calls bad advice
- •70% of millionaires are self-made and 68% have some form of ownership
- •Ownership does not have to mean becoming an entrepreneur, but you need skin in the game
- •Being poor means having no power, so learn to speak the language of money
Why We Don't Talk About Money
Jay Shetty raises the statistic that 62% of Americans don't want to discuss money and the misquoted idea that money is the root of all evil. Codie Sanchez suggests the taboo persists because people with more ownership are harder to control.
- •62% of Americans don't want to talk about money
- •The original saying is about the love of money being the root of evil
- •Politics, religion and money are the three taboo topics
- •Codie argues that centralized power prefers a controllable populace
- •Transferring knowledge is where money starts
Where America Stands: Wage Stagnation and the Boomer Business Transfer
Codie Sanchez lays out the economic difficulties facing young people, including wage stagnation, costly degrees and housing, and inflation. She then describes an opportunity in the transfer of baby boomers' small businesses, since boomers own 60% of them.
- •Gen Z is the first generation making less than their parents at the same age
- •Degrees and housing are far more expensive and inflation has eroded the dollar
- •Baby boomers hold $68 trillion in wealth in the US, largely tied up in small businesses
- •Boomers own 60% of small businesses, so young people should take them over
Shiny Objects and Win-Win Deals
Asked what distracts people about making money, Codie Sanchez points to day trading, NFTs and crypto speculation. She argues that real opportunities are win-win and that fear of money holds many people back.
- •Gamified investing and get-rich schemes rarely work
- •If you think you win because someone else loses, you are the one holding the bag
- •Good deals solve a pain point and value your own skill set properly
- •Money is a tool, and people are scared of it for many reasons
The Four-Step Process and Why Degrees Don't Equal Skills
For a recent graduate, Codie Sanchez gives a four-step process of learn, increase skills, increase income, then invest. Jay Shetty notes that academic degrees often don't translate into workplace skills, and Codie says the future resume is about what you can show you've done.
- •Four steps: learn, increase your skill stack, increase income, then invest
- •Fast-cash schemes like Airbnb arbitrage are a lie told to young people
- •A degree doesn't necessarily teach how to grow a business or lead people
- •Employers increasingly care about demonstrated results, such as Google not requiring a degree for engineers
- •Early in a career, the danger is monotony, not difficulty
Expertise to Equity for Mid-Career Professionals
Responding to Jay Shetty's example of a 30-something stuck at one company, Codie Sanchez says you don't need money to make money. She describes trading expertise for equity by helping a business grow revenue, cut costs, or reduce the owner's pain.
- •Identify what you're skilled at that others would pay for
- •Deal-making is described as the language of money
- •Three outcomes to offer: grow revenue, cut costs, or decrease an owner's pain
- •A small business owner has little downside in sharing a percentage of growth you create
- •90% of startups fail within 10 years, so a full leap is risky
Structuring Partnerships and Negotiating
Jay Shetty describes splitting equity with a partner and asks how founders can think differently about sharing. Codie Sanchez advises caution with partnerships, recommends earn-ins and milestone-based equity, and says the wealthy negotiate while the poor take the price.
- •Business partnerships typically end, so be wary of them
- •Make risk a manageable thing through risk mitigation
- •Use earn-ins, cliff-based investing, or milestone-based deliverables rather than giving equity upfront
- •Americans and British are generally poor negotiators
- •The wealthy set price while the poor take price
Codie's Corporate Years and Learning to Go Out on Her Own
Jay Shetty asks what was going on in Codie Sanchez's mind during her 12 years in a corporate job. She explains that employees can build wealth too, and recounts building a Latin America business, a poor deal, and being pushed out by an ultimatum from her CEO and later by partners.
- •Employees and intrapreneurs can build wealth and shouldn't be made to feel less than
- •She built a business in Latin America to a billion in assets but had no ownership to take with her
- •She and her CEO disagreed about getting rich quietly versus together
- •She 'threw out chips' with small investments before leaving
- •She says it's okay if it takes a few tries to leave a corporate job
Owner's Mindset and Believing You Can Do It
Jay Shetty sums up the themes of skin in the game, negotiating, and ownership, and Codie Sanchez says people focus on tactics rather than the foundation. She describes the owner's mindset, a workshop exercise showing body language around money, and the idea that you'll make less money if you think you will.
- •Contractual ownership is something nobody can take from you, unlike a job or salary
- •Having money lets you refuse to compromise on a few things
- •In a workshop, about 80% of women physically closed up when picturing money
- •Meeting wealthy people shows it's not as impossible as people say
- •Shift from envy or condescension toward studying successful people
Cash Loves Curiosity: Mentorship Without Asking
Codie Sanchez says money is attracted to people who keep asking questions, and describes how she collected mentors who never knew they were her mentors. She and Jay Shetty discuss common mistakes in seeking mentorship, why not to leave mentors behind, and what she learned from haters.
- •Asking good questions matters more than knowing answers
- •Build a mentor relationship by applying advice, thanking them, and asking one small question at a time
- •Don't ask someone to be your mentor or send your whole life story
- •Aim one or two levels above comfort, not the top person
- •Keep mentors after you outgrow them and learn from your haters too
Buying Boring Main Street Businesses
Jay Shetty asks about unusual businesses people profit from. Codie Sanchez explains Main Street businesses and categorizes them as gateway drug businesses, people-light businesses, and trades businesses, noting that the richest people often own boring businesses and private equity is buying them up.
- •The richest people often started with unglamorous businesses like equipment rental or roofing
- •Three types: gateway drug (vending machines), people-light (laundromats), and trades businesses
- •Private equity went from owning 4% of US companies in 2000 to 20% now
- •Boring businesses have less competition and are profitable
Core Skills to Run a Business: Deal-Making, Grit, and Who
Asked what skills are needed to run these businesses, Codie Sanchez lists deal-making, grit and endurance, and asking 'who' rather than 'how'. She also stresses learning before buying, starting with a reasonably sized first deal, and defining your 'deal box'.
- •Learn deal-making before buying a business
- •Grit is the willingness to tolerate low-level pain over long periods
- •Ask who can help rather than how, and eventually think about how to buy the solution
- •Don't do a first deal so big it could wipe you out
- •Pool capital with friends or family to diversify risk
Finding Businesses to Buy and Recognizing Their Value
Jay Shetty asks how to find someone who wants to sell a business. Codie Sanchez discusses deal origination, off-market searching, and the reticular activating system. The conversation includes Jay Shetty's book-store story, her Uncle Eb's plumbing business, and the idea that every business has some value.
- •Higher skill and trust bring deals to you, but deal-making skill is still needed to protect yourself
- •Private equity cold calls owners; you can instead strike up curious conversations with owners
- •Jay Shetty describes finding valuable books in an overlooked shop
- •Owners often don't know their business is worth millions, as with her uncle's plumbing company
- •Every business has value in leases, assets, employees, reviews, IP, and brand
Overcoming the 'Bad at Math' Story
Asked what skill she wishes she'd known to develop earlier, Codie Sanchez describes a high school teacher's cruel comment and her own story about being bad at math. She argues the math of making money is simple and that finance is made to seem scary so people hand over their money.
- •Many people carry a story about being bad at math
- •The math of making money is really simple
- •Finance makes wealth seem scary so others can charge for managing it
- •Give money and math some attention because you're more capable than you think
Final Five: Raising Money, Partners, and Closing Thoughts
Jay Shetty wraps up the main discussion and runs the Final Five questions. Codie Sanchez covers how to raise investor money with a one-sheet and the three Ps, bad financial advice, her best spend, how to choose business partners, and her one law about limiting centralized power and taxation, before thanking builders.
- •Raising money: a tear sheet and a pitch deck built on people, process, performance
- •Worst advice is that money is scarce and hard to get
- •Her best purchases were a sauna and cold plunge, and her biggest mistakes were about people
- •Know a partner for a year, pick complementary partners, and make sure they're all in
- •Only 3% of Americans own a business, and she thanks builders

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