WEBVTT - Codie Sanchez: How to Make Money if You Don’t Have Money (4 Step Process to Make Money Today) 0:00:00.280 --> 0:00:04.280 Seventy percent of millionaires are self made. If you want 0:00:04.280 --> 0:00:06.640 to make money, you got to follow the math. People 0:00:06.680 --> 0:00:08.000 that have money have one thing. 0:00:08.440 --> 0:00:12.440 Entrepreneur, Investor. She's got over twenty six businesses. Cody Sanchez. 0:00:12.640 --> 0:00:14.680 I have no money. I don't really know too much 0:00:14.680 --> 0:00:17.000 about money. Where do I start? What do I do? 0:00:17.239 --> 0:00:20.079 Most often we're told things like follow our passion. I 0:00:20.120 --> 0:00:22.480 think that's pretty bad advice. If you don't have ownership, 0:00:22.520 --> 0:00:24.880 you're probably never going to be free financially. 0:00:25.079 --> 0:00:28.360 You're literally opening up a whole new doorway for people. 0:00:30.960 --> 0:00:33.840 The number one health and wellness podcast. 0:00:33.560 --> 0:00:37.240 Jay Seti Jay Sheety only Set. 0:00:39.520 --> 0:00:42.360 Hey, everyone, welcome back to on Purpose, the place you 0:00:42.440 --> 0:00:45.800 come to become a happier, healthier and more healed. I'm 0:00:45.800 --> 0:00:48.840 fascinated by our relationships with things that we grew up with, 0:00:49.200 --> 0:00:52.040 how they've changed, how they've evolved, or how they've stayed 0:00:52.040 --> 0:00:55.520 the same. I believe that our relationship with money is 0:00:55.560 --> 0:00:58.840 probably one of the most underestimated relationships that we have, 0:00:59.280 --> 0:01:02.000 and it's probably one of the relationships that we paid 0:01:02.040 --> 0:01:05.400 the least attention to. We don't treat it like a relationship, 0:01:05.520 --> 0:01:08.080 we don't think of it like a relationship. And therefore 0:01:08.200 --> 0:01:10.760 it falls into the binary category of I'm either good 0:01:10.800 --> 0:01:13.520 at it or I'm bad at it. Today's guest has 0:01:13.520 --> 0:01:16.280 some incredible insights for each and every one of us. 0:01:16.280 --> 0:01:20.280 Wherever you are in your financial journey, this episode is 0:01:20.480 --> 0:01:23.280 for you. Today's guest is Cody Sanchez. 0:01:23.480 --> 0:01:25.440 Thank you. I'm blushing. I'm excited to be here. 0:01:25.480 --> 0:01:27.680 I want to start with a question that I know 0:01:27.720 --> 0:01:29.640 you probably get a million times and I get all 0:01:29.680 --> 0:01:33.039 the time. Jay, I have no money. I don't really 0:01:33.080 --> 0:01:35.800 know too much about money. Where do I start? What 0:01:35.840 --> 0:01:36.240 do I do? 0:01:36.720 --> 0:01:38.280 There's two things in life that I wish we were 0:01:38.319 --> 0:01:41.240 told earlier, and one is if you want to make money, 0:01:41.360 --> 0:01:43.720 you got to follow the math. And I think most 0:01:43.800 --> 0:01:46.920 often we're told things like follow our passion, you know, 0:01:47.200 --> 0:01:49.760 do what I did to make money. I made real 0:01:49.840 --> 0:01:52.320 estate money. You should make real estate money. And I 0:01:52.360 --> 0:01:54.840 think that's pretty bad advice. I think instead we should 0:01:54.880 --> 0:01:58.600 look to where are most people rich? What makes most 0:01:58.600 --> 0:02:01.480 people rich? Kind of go to the data. I came 0:02:01.520 --> 0:02:05.480 from really middle class kind of we didn't have money 0:02:05.480 --> 0:02:07.520 all the time. I remember what it was like to 0:02:07.560 --> 0:02:09.600 not have money. I remember what it was like when 0:02:09.600 --> 0:02:12.120 my debit card. You know, I was a little worried 0:02:12.160 --> 0:02:15.160 stuff wouldn't go through at the grocery store, and I 0:02:15.200 --> 0:02:17.640 didn't like that feeling, and so I kind of started 0:02:17.680 --> 0:02:19.119 looking around and I was like, wait a second, where 0:02:19.160 --> 0:02:21.760 do people have money? And after being in finance for 0:02:21.800 --> 0:02:23.640 whatever it is, fifteen years, I'm going to give away 0:02:23.639 --> 0:02:26.399 my age. I realized people that have money have one 0:02:26.440 --> 0:02:30.120 thing ownership. So the data is really clear on this. 0:02:31.000 --> 0:02:35.600 Seventy percent of millionaires are self made, which is interesting. 0:02:35.720 --> 0:02:37.920 I used to think maybe you just inherit it did 0:02:37.960 --> 0:02:41.440 they just get lucky? And then sixty eight percent of 0:02:41.960 --> 0:02:46.120 millionaires have some form of ownership. They have actually bought 0:02:46.120 --> 0:02:48.160 a business, or have equity in a business, or built 0:02:48.200 --> 0:02:50.320 a business. And so when I realized that, I was like, 0:02:50.360 --> 0:02:52.919 the problem is I don't have a brilliant idea, Like 0:02:52.960 --> 0:02:54.640 I don't know how to make money. I don't have 0:02:54.680 --> 0:02:56.440 any money to make money. But at least you have 0:02:56.480 --> 0:02:59.240 step one, which is if you don't have ownership, you're 0:02:59.240 --> 0:03:02.320 probably never going to be free financially. You got to 0:03:02.360 --> 0:03:04.280 get some skin in the game. That doesn't mean that 0:03:04.320 --> 0:03:06.080 you have to become an entrepreneur. It's really hard to 0:03:06.080 --> 0:03:08.640 do that. It sucks many days. You know this very well. 0:03:08.760 --> 0:03:10.519 There's fridays when you're never going to make payroll, and 0:03:10.600 --> 0:03:13.640 that is like a deep, terrible dark hurt. Actually, But 0:03:13.760 --> 0:03:15.720 if you realize ownership is the name of the game, 0:03:16.280 --> 0:03:18.400 then you should probably obsess on one thing more than 0:03:18.400 --> 0:03:21.680 anything else, which is learn the language of money. And 0:03:22.080 --> 0:03:24.200 back when I was young, I was a journalist, originally 0:03:24.320 --> 0:03:28.320 made zero dollars, and I realized that I had no 0:03:28.440 --> 0:03:33.400 idea why I had opportunities and ability to make some money. 0:03:33.400 --> 0:03:35.600 And let's say the women I was covering at the 0:03:35.600 --> 0:03:40.360 time in Warres, who are they call it Laciel de Mote, right, 0:03:40.400 --> 0:03:44.280 the city of death, which is where women are mutilated 0:03:44.320 --> 0:03:48.360 and raped and brutalized and found murdered all over the 0:03:48.400 --> 0:03:51.720 city every single day, thousands of women a year. There 0:03:51.720 --> 0:03:54.240 were many that had the last name Sanches. My last 0:03:54.280 --> 0:03:56.080 name happens to be Sanchez. I was like, what's the 0:03:56.080 --> 0:03:59.080 difference between us? Is it that I'm American? Now, that's 0:03:59.080 --> 0:04:01.920 not it alone. I think it's also that I had 0:04:01.960 --> 0:04:06.120 some financial tools, and like, money is a pushback against 0:04:06.280 --> 0:04:10.000 other people's architecture of your life, and it makes people 0:04:10.000 --> 0:04:12.320 care about you one way or the other, which is sad, 0:04:12.840 --> 0:04:14.520 But the truth of the matter is if you are poor, 0:04:14.560 --> 0:04:17.200 you have no power, and anybody who's been poor before 0:04:17.560 --> 0:04:19.960 knows that is true. You got to go where the 0:04:19.960 --> 0:04:21.560 game is played. So the first thing I tell you is, 0:04:21.560 --> 0:04:23.520 if you don't have any cash, you need to find 0:04:23.520 --> 0:04:25.640 a way to figure out how to speak the language 0:04:25.640 --> 0:04:29.000 of money. And that probably means you maybe go work 0:04:29.040 --> 0:04:31.560 in finance like I did. You get with a company 0:04:31.640 --> 0:04:34.559 that has smart leaders like Jay where you can actually 0:04:34.640 --> 0:04:37.280 go and learn from them, and you obsess on can 0:04:37.279 --> 0:04:40.080 I become fluent in the thing that nobody talks about 0:04:40.080 --> 0:04:42.040 in the US because money is supposed to be the 0:04:42.080 --> 0:04:43.400 root of all evil. 0:04:43.960 --> 0:04:45.920 Yeah, you shared a statistic with me that I thought 0:04:45.920 --> 0:04:48.840 it was mind blowing that sixty two percent of Americans 0:04:49.240 --> 0:04:52.880 don't want to talk about money. Yeah, that is so scary, 0:04:53.360 --> 0:04:56.119 but it's also not surprising because, like you just said, 0:04:56.680 --> 0:04:59.600 we've created this narrative that money is the roof all evil. 0:05:00.040 --> 0:05:03.520 And it was so fascinating because someone actually said this 0:05:03.560 --> 0:05:06.159 to me where if you look up the actual reference, 0:05:06.640 --> 0:05:09.200 it says love of money is the root of all evil. 0:05:09.720 --> 0:05:10.600 I never knew that. 0:05:11.040 --> 0:05:11.880 Yeah, how did we? 0:05:12.080 --> 0:05:13.880 I mean, I do wonder sometimes how do we get 0:05:13.880 --> 0:05:16.120 programmed these ways? Because if you think about it's like, 0:05:16.120 --> 0:05:19.159 what are the three things you're not supposed to talk about? Politics, religion? 0:05:19.240 --> 0:05:19.600 Money? 0:05:19.839 --> 0:05:22.680 Now, politics and religion. Maybe I could understand you could 0:05:22.720 --> 0:05:27.560 offend somebody. I believe this religion, you believe this political slant, 0:05:27.760 --> 0:05:30.080 and if we could go aide, that could be bad. 0:05:30.440 --> 0:05:33.560 But when it comes to money, who's like, nah, I 0:05:33.600 --> 0:05:36.240 wish everybody was poor, Like why wouldn't we be able 0:05:36.279 --> 0:05:37.839 to talk about it? Then the only thing that I 0:05:37.839 --> 0:05:42.000 can determine from that is that every time we get 0:05:42.000 --> 0:05:44.200 a little bit more ownership, a little bit more money, 0:05:44.360 --> 0:05:48.880 we become harder to control. And when you're harder to control, 0:05:49.440 --> 0:05:52.760 big institutions and largely are governments, they don't like that. 0:05:52.960 --> 0:05:55.360 You know, you want a controllable populace by and large, 0:05:55.400 --> 0:05:58.760 And I think that is a big reason why people 0:05:58.760 --> 0:06:01.440 don't talk about money, Actually, that we have been programmed 0:06:01.720 --> 0:06:05.120 to be more malleable sheep in many ways, not because 0:06:05.120 --> 0:06:08.120 people are evil at the top, but because once we 0:06:08.160 --> 0:06:10.080 get power, we humans are a little funny. We don't 0:06:10.080 --> 0:06:11.520 like to give it up no matter who we are. 0:06:11.520 --> 0:06:14.480 I would probably be the same, And so that centralization 0:06:14.520 --> 0:06:17.640 of power, we start to think I know better you 0:06:17.760 --> 0:06:20.000 poor person, let me give you some charity. You can't 0:06:20.040 --> 0:06:23.479 figure it out, And instead we should be saying you 0:06:23.560 --> 0:06:25.440 are just as capable as I am, and I would 0:06:25.480 --> 0:06:28.000 probably be you if I lived your life. And so instead, 0:06:28.040 --> 0:06:30.679 why don't I transfer some knowledge because that's where money starts. 0:06:30.839 --> 0:06:32.719 Yeah, what about people right now who look at the 0:06:32.720 --> 0:06:35.600 situation and just like the economy is in a bad place, 0:06:35.880 --> 0:06:38.799 we're super worried. Paint us a picture of where America 0:06:38.880 --> 0:06:39.440 is right now. 0:06:39.880 --> 0:06:42.480 Well, I mean, well, let's talk. First, We'll talk about 0:06:42.480 --> 0:06:44.560 how it's tough, and I'll be honest, and then we 0:06:44.600 --> 0:06:46.760 can talk about solutions. So I promise I won't leave 0:06:46.760 --> 0:06:49.600 you in a doom scroll. But here's the truth of 0:06:49.640 --> 0:06:52.000 what's happening in the world right now. If you're young. 0:06:52.160 --> 0:06:54.640 Young people today are upset about what's happening in the 0:06:54.640 --> 0:06:57.680 world around them, and I understand why you have wage stagnation. 0:06:57.880 --> 0:07:00.280 So we basically have not made any more money. And 0:07:00.320 --> 0:07:03.160 in fact, this generation Gen Z is the first generation 0:07:03.200 --> 0:07:05.640 where at their same age as their parents, they're making 0:07:05.720 --> 0:07:08.680 less money, not more. Problem is their university degrees or 0:07:08.720 --> 0:07:11.000 three to four x more expensive. Oh, by the way, 0:07:11.080 --> 0:07:14.200 so is housing. Wait a second, inflation is at a 0:07:14.240 --> 0:07:17.120 degree in which my dollar today is worth even substantially 0:07:17.200 --> 0:07:20.200 less than even five years ago. On top of that, yeah, 0:07:20.240 --> 0:07:23.600 we have all these jobs open. You know, seven million 0:07:23.640 --> 0:07:27.440 working age men supposedly are unemployed at this moment right now, 0:07:28.240 --> 0:07:32.160 even though the jobs report says that there's so many jobs. 0:07:32.240 --> 0:07:35.280 Are the jobs real, well, largely not. They're private sector. 0:07:35.280 --> 0:07:38.160 They're not private sector, their public sector, their government jobs. 0:07:38.280 --> 0:07:39.760 And so young people are like, wait a second, I 0:07:39.800 --> 0:07:42.920 can't live, I can't eat. You know, grocery is more expensive, 0:07:43.240 --> 0:07:45.840 and that's real actually, And so the people that are 0:07:45.840 --> 0:07:48.240 making fun of young people in Tiktoks, you know, when 0:07:48.280 --> 0:07:51.440 they cry about their job being difficult, I don't. I 0:07:51.480 --> 0:07:54.080 don't really vibe with that because the math says it's 0:07:54.160 --> 0:07:56.600 hard right now and not just for young people. But 0:07:56.640 --> 0:07:59.280 I think it's important to talk about them. And the 0:07:59.320 --> 0:08:01.480 truth of the matter is though that in any market, 0:08:01.520 --> 0:08:04.840 we can make money. And so although it's really difficult 0:08:04.840 --> 0:08:07.200 out there, there's like one silver lining that I've kind 0:08:07.200 --> 0:08:09.840 of been screaming from the rooftops for the past three years, 0:08:10.160 --> 0:08:13.160 and people, I think are starting to see it, which 0:08:13.200 --> 0:08:17.200 is that we are, thankfully, I think going to have 0:08:17.280 --> 0:08:21.520 a marriage between baby boomers and young people that would 0:08:21.560 --> 0:08:24.800 be very unexpected. So right now and historically young people 0:08:24.800 --> 0:08:28.280 have said, Okay, Boomer, you messed up our economy. Boomer, 0:08:28.520 --> 0:08:30.880 you're not employing me. Boomer, you don't understand my life. 0:08:30.920 --> 0:08:32.960 You listen to the music that young people like. They 0:08:33.000 --> 0:08:35.520 don't like that generation in a lot of ways. Then 0:08:35.559 --> 0:08:37.560 the baby boomers are like, you guys are quiet, quitting, 0:08:37.640 --> 0:08:40.600 you're not working very hard. Get out of my basement. 0:08:41.520 --> 0:08:44.080 And so these two generations have been at war in 0:08:44.120 --> 0:08:48.160 some ways, like a quiet war. And now I think 0:08:48.320 --> 0:08:50.920 with the transfer of ownership that we're seeing and we 0:08:50.960 --> 0:08:53.760 can talk about the great wealth transfer, I think we 0:08:53.800 --> 0:08:57.040 have an opportunity where the baby boomer generation, the richest 0:08:57.080 --> 0:09:00.440 generation that we have ever seen in the US, which 0:09:00.440 --> 0:09:03.160 has mimicked in all other countries around the world by 0:09:03.160 --> 0:09:07.319 the way that are developed countries. This generation is about 0:09:07.440 --> 0:09:10.600 to sunset, they're getting ready to retire, they're ready to 0:09:10.640 --> 0:09:13.720 move on, but they own sixty eight trillion dollars in 0:09:13.840 --> 0:09:18.240 wealth in just the US. The interesting part is the 0:09:18.280 --> 0:09:21.560 young people think, well, that money must get transferred somehow, right, 0:09:21.640 --> 0:09:23.120 does that mean I get a house. Does that mean 0:09:23.160 --> 0:09:25.120 I get a car? Does that mean I get inheritance? 0:09:25.559 --> 0:09:28.480 The problem is that money is not tied up in 0:09:28.880 --> 0:09:32.120 just assets. It's not tied up in houses and bank accounts. 0:09:32.600 --> 0:09:35.400 It by and large is tied up in small businesses 0:09:35.920 --> 0:09:38.600 because baby boomers owned sixty percent of all small businesses, 0:09:39.000 --> 0:09:40.400 and so I think we got to find a way 0:09:40.440 --> 0:09:43.360 for the young people to take over these baby boomer 0:09:43.360 --> 0:09:47.200 businesses because otherwise then we're in a really bad spot. 0:09:47.440 --> 0:09:48.200 Then we're Japan. 0:09:48.679 --> 0:09:51.640 Yeah, what are some of the mistakes that you think 0:09:51.720 --> 0:09:54.800 we think about what makes money? What are we thinking 0:09:54.840 --> 0:09:58.320 makes money right now? Where we're being distracted, we're actually 0:09:58.360 --> 0:10:01.240 small businesses is where you're pointing to spotlight? Yeah, but 0:10:01.559 --> 0:10:02.600 what are we distracted by? 0:10:03.040 --> 0:10:04.599 I think a lot of young people today chase the 0:10:04.640 --> 0:10:07.720 shiny object, right and think about this for a second. 0:10:07.760 --> 0:10:10.559 I remember, like many years ago, I had an opportunity 0:10:10.600 --> 0:10:13.120 to invest in robin Hood, and I could kick myself 0:10:13.440 --> 0:10:16.040 financially because I didn't. But at the time why I 0:10:16.040 --> 0:10:19.880 didn't is I was like day trading stocks as amateurs 0:10:20.480 --> 0:10:23.240 and then gamifying it. So we get like a drenal 0:10:23.280 --> 0:10:25.920 response every time a balloon pops because we placed a 0:10:26.000 --> 0:10:28.480 trade might be a bad idea, like I don't think 0:10:28.520 --> 0:10:31.719 we should probably gamify our finances that way. And I 0:10:31.760 --> 0:10:34.160 think that's what's happened to young people. They're being told, 0:10:34.640 --> 0:10:38.160 I mean put in the stock market day trade, They're 0:10:38.200 --> 0:10:42.080 being told NFTs and playing with crypto monkeys. They're being 0:10:42.120 --> 0:10:46.560 told price speculation on crypto or even bitcoin. They're taking 0:10:46.679 --> 0:10:49.960 margin calls out on their stock portfolios. Then with a 0:10:50.000 --> 0:10:52.240 little amount of money that they have, they're trying for 0:10:52.280 --> 0:10:55.440 this get rich scheme speculation. And the shitty part is 0:10:55.600 --> 0:10:58.480 that just never works. You know, the one sure thing 0:10:58.520 --> 0:11:00.760 I know about money is that you're never going to 0:11:00.800 --> 0:11:04.040 make it if your solution is, hey, I'm going to 0:11:04.120 --> 0:11:07.120 win at money, because that guy's going to lose. If 0:11:07.160 --> 0:11:10.520 you think that there is a lose win scenario and 0:11:10.600 --> 0:11:12.240 you are the one that's going to win, I hate 0:11:12.280 --> 0:11:15.160 to tell you you're the one hold in the bag. Yeah, 0:11:15.200 --> 0:11:17.800 And I wish people told us that more, that actually 0:11:17.880 --> 0:11:20.040 making money doesn't have to be lose win, it could 0:11:20.040 --> 0:11:22.160 be win win. And that is when you know you've 0:11:22.160 --> 0:11:24.840 actually found a good opportunity is when you go, Okay, 0:11:25.600 --> 0:11:27.760 why would I make money on this deal, Oh, because 0:11:27.800 --> 0:11:30.120 I am solving a pain point that adds value to 0:11:30.160 --> 0:11:33.640 another human's life, and I've properly valued what my own 0:11:33.720 --> 0:11:36.240 skill set is. The problem is most of us don't 0:11:36.280 --> 0:11:38.520 even know what we're good at or how you'd value 0:11:38.520 --> 0:11:40.880 that skill. And we could play around with some exercises 0:11:40.880 --> 0:11:43.880 so that any human could figure out, Okay, I cody 0:11:44.360 --> 0:11:46.719 know how to market something, how do I figure out 0:11:46.760 --> 0:11:48.560 how much is that is worth? And how could I 0:11:48.600 --> 0:11:50.760 transfer some of that to get a percentage of equity 0:11:50.800 --> 0:11:53.199 in somebody's company just for the skill that I have. 0:11:53.920 --> 0:11:55.240 The last thing I want to say there is like 0:11:56.520 --> 0:11:59.000 more than anything. I think one, we think money's bad, 0:11:59.280 --> 0:12:02.600 and then two money's scary, Like I don't really know why, 0:12:02.679 --> 0:12:05.559 but I think we're scared of it, and we're scared 0:12:05.640 --> 0:12:07.840 that we might not be able to make it, and 0:12:07.880 --> 0:12:10.160 we're scared what if we lose it? And what if 0:12:10.160 --> 0:12:11.400 our self worth is tied. 0:12:11.280 --> 0:12:11.600 Up in it? 0:12:11.679 --> 0:12:13.720 And should we actually ask for it? So we have 0:12:13.840 --> 0:12:16.480 all these fears surrounding money, which is probably why we 0:12:16.480 --> 0:12:18.440 don't talk about it too. And we got to kind 0:12:18.480 --> 0:12:20.800 of work through that because money is just a tool. 0:12:21.160 --> 0:12:23.559 So it's just like if you want to build a house. 0:12:23.840 --> 0:12:26.760 Do you want to use a bunch of tiny little 0:12:26.840 --> 0:12:28.440 nails and your own hammer, or do you want to 0:12:28.440 --> 0:12:30.120 have a screw gun? And like in this instance, I 0:12:30.120 --> 0:12:31.120 want to have the bigger gun. 0:12:31.320 --> 0:12:34.280 Yeah. I want to look at three scenarios of our 0:12:34.320 --> 0:12:38.040 audience and where they sit, and look at what your 0:12:38.040 --> 0:12:39.960 advice would be for them at that point. So let's 0:12:40.000 --> 0:12:43.080 say we have a listener who just graduated from college. 0:12:43.800 --> 0:12:45.760 What should they be doing first? What should they be 0:12:45.840 --> 0:12:46.840 thinking about right now? 0:12:46.960 --> 0:12:49.480 Yeah, Well, here's how I think about making money. We 0:12:49.480 --> 0:12:51.720 have a four step process that I think if you 0:12:51.720 --> 0:12:54.440 don't have money, now, here's how you make it consistently 0:12:54.480 --> 0:12:56.440 over time, and you have your money, go out and 0:12:56.440 --> 0:12:59.360 bring back friends with it. The first is you've got 0:12:59.360 --> 0:13:01.560 to learn. We've got to obsess in the beginning about 0:13:01.559 --> 0:13:03.600 one thing. Only it's not what your salary is. It's 0:13:03.640 --> 0:13:06.160 how can I cram as much information as humanly possible 0:13:06.200 --> 0:13:08.800 in my brain in order for me to then do 0:13:08.880 --> 0:13:12.040 the next thing, which is increase my skill stack. After 0:13:12.080 --> 0:13:14.320 I learn, can I increase my skills so that my 0:13:14.360 --> 0:13:17.200 skills are more valuable today than they were yesterday? And 0:13:17.240 --> 0:13:20.600 the third is how can I increase my income, So 0:13:20.720 --> 0:13:23.360 before you go thinking about investing in things overall, how 0:13:23.360 --> 0:13:25.640 can I just make more money currently with what I'm doing? 0:13:26.040 --> 0:13:29.200 And then finally we can get to invest. So after 0:13:29.240 --> 0:13:31.200 we do these three steps, the final one is how 0:13:31.200 --> 0:13:33.000 do I take my money and make my money work 0:13:33.040 --> 0:13:35.120 for me? But in the beginning, you don't have money. 0:13:35.360 --> 0:13:37.600 You know, you don't really have skills, you probably don't 0:13:37.600 --> 0:13:39.640 have a ton of connections, and so what you actually 0:13:39.679 --> 0:13:41.960 want to do is use your sweat, equity and your 0:13:42.240 --> 0:13:47.920 experience and time as a really maybe hungry individual to 0:13:48.040 --> 0:13:50.360 get money to eventually be able to invest the money. 0:13:50.400 --> 0:13:52.160 And I think that's the other thing young people are 0:13:52.200 --> 0:13:55.280 told that's a lie, is that you can go out 0:13:55.280 --> 0:13:59.600 as a young person and you know, you know Fendi, Gucci, Prada, Lamborghini, 0:14:00.040 --> 0:14:02.720 on the internet, make a bunch of fast cash and Airbnb, 0:14:02.840 --> 0:14:05.360 arbitrage or whatever. Man, I wish somebody had told me 0:14:05.360 --> 0:14:06.840 earlier on that's a terrible thing to do. 0:14:07.120 --> 0:14:09.320 Yeah, And I think what's really interesting though, is when 0:14:09.360 --> 0:14:13.520 you're talking about improving of skills. I think when we 0:14:13.559 --> 0:14:16.560 graduate college, you think that that was the skill, like 0:14:16.559 --> 0:14:19.800 that your degree was the investment in the skill. But 0:14:19.880 --> 0:14:23.320 really what you're talking about our high value skills, talents, 0:14:23.800 --> 0:14:27.520 abilities that actually make an impact in a workplace, and 0:14:27.560 --> 0:14:29.640 those are really different. And so I'd meet a lot 0:14:29.720 --> 0:14:32.560 of young people who sadly have spent so much money 0:14:32.560 --> 0:14:36.640 on their degree, are really smart academically, but then that 0:14:36.680 --> 0:14:39.760 skill doesn't translate into knowing how to make their company 0:14:39.760 --> 0:14:42.800 more money, knowing how to lead people really well, knowing 0:14:42.840 --> 0:14:46.880 how to build function systems, processes. And therefore it's like, well, 0:14:46.920 --> 0:14:48.560 wait a minute, I just studied all these years, but 0:14:48.840 --> 0:14:49.800 it doesn't translate. 0:14:49.960 --> 0:14:52.200 Yeah, I think you're exactly right. I mean, for a 0:14:52.240 --> 0:14:55.880 long time, we employed people from the top universities and 0:14:55.920 --> 0:14:57.760 financial firms. We would go out and we would hand 0:14:57.760 --> 0:15:00.480 select them because that would be an indicator of their grit, 0:15:00.600 --> 0:15:04.440 perseverance and potentially their their intellect, their IQ. Now, by 0:15:04.480 --> 0:15:06.560 and large, you're starting to see a lot of the 0:15:06.560 --> 0:15:10.600 top institutions bypass that. You know, Google doesn't mandate that 0:15:10.600 --> 0:15:12.240 you have a college degree if you're going into an 0:15:12.280 --> 0:15:14.600 engineering degree, actually, and I think that should be really 0:15:14.640 --> 0:15:18.080 liberating for us. It's basically breaking down this barrier, that's 0:15:18.080 --> 0:15:21.080 a six figure barrier that allowed for the few, the 0:15:21.160 --> 0:15:24.720 elites to stare step over everybody else, And now it's 0:15:24.760 --> 0:15:27.480 actually saying how bad you want it, and don't tell 0:15:27.480 --> 0:15:30.720 me what you learned, show me what you can do, 0:15:30.880 --> 0:15:33.200 or even better, show me what you did. And so 0:15:33.280 --> 0:15:36.160 I think the resume of the future is actually if 0:15:36.160 --> 0:15:37.520 somebody came to you, Jay and they were like, I 0:15:37.600 --> 0:15:40.840 just graduated from Wharton. I am very smart. You know, 0:15:41.040 --> 0:15:44.760 I also did my undergraduate degree at Harvard. I now 0:15:44.800 --> 0:15:47.480 want to come work for you. You'd be like, what do 0:15:47.520 --> 0:15:49.240 you know how to do? Do you know how to market? 0:15:49.520 --> 0:15:52.480 Do you know how to grow a beverage company? Do 0:15:52.520 --> 0:15:55.920 you know how to increase our investment return? 0:15:56.280 --> 0:15:56.400 Oh? 0:15:56.440 --> 0:15:58.600 You kind of like theoretically have looked about how to 0:15:58.600 --> 0:16:01.080 do that in a case study. That's probably less interesting 0:16:01.120 --> 0:16:03.240 to you than somebody that goes you know what. I 0:16:03.400 --> 0:16:06.000 was part of the beverage team at Arowon and Whole Foods, 0:16:06.160 --> 0:16:09.000 and I figured out sort of across the country how 0:16:09.040 --> 0:16:14.120 they buy different pieces of inventory. Yeah, attend right exactly. 0:16:14.320 --> 0:16:17.880 And maybe because I want to help you grow this 0:16:17.960 --> 0:16:19.840 individual business, which I know you care about because I 0:16:19.880 --> 0:16:21.840 see it on your socials, I put together this little 0:16:21.840 --> 0:16:24.520 spreadsheet for you. Here's the things they care about. Could 0:16:24.520 --> 0:16:27.800 I come work for you for free for three or 0:16:27.840 --> 0:16:29.680 six months, and if that works out, could we do 0:16:29.720 --> 0:16:33.120 something better and bigger. The problem that people usually have 0:16:33.120 --> 0:16:34.480 on the Internet when I throw out the word work 0:16:34.520 --> 0:16:37.400 for free is young people are like, remember that part 0:16:37.440 --> 0:16:38.840 where you told us that we were broke and we 0:16:38.840 --> 0:16:41.480 don't have any money. So I'm not trying to dismiss 0:16:41.480 --> 0:16:43.160 that at all, but I do think we have to 0:16:43.160 --> 0:16:45.480 be honest about the fact that when we're young, you're 0:16:45.520 --> 0:16:47.840 gonna have to work harder than you think, longer than 0:16:47.880 --> 0:16:50.080 you think, doing stuff you don't like with people you 0:16:50.120 --> 0:16:53.000 probably don't like, until eventually you get the right to 0:16:53.000 --> 0:16:56.000 do something really interesting. But like, you don't die in 0:16:56.040 --> 0:16:58.760 your first job from it being really hard and challenging. 0:16:59.040 --> 0:17:02.120 You die from the apps, monotony and the low level 0:17:02.120 --> 0:17:04.359 tasks you have to do for basically pennies on the dollar. 0:17:04.520 --> 0:17:08.359 Yeah, definitely, definitely, absolutely, I fully agree. Let's say someone's 0:17:08.359 --> 0:17:11.120 thirty years old. Yeah, they've or thirty to thirty five, 0:17:11.160 --> 0:17:14.359 they worked ten fifteen years after graduating, They've been at 0:17:14.359 --> 0:17:16.160 the same company, maybe they've moved once. 0:17:16.240 --> 0:17:16.720 Yeah. 0:17:16.760 --> 0:17:18.680 I was actually talking to someone like this yesterday. She's 0:17:18.680 --> 0:17:20.320 been at this one company for six years. It's a 0:17:20.320 --> 0:17:23.119 great company, great on her resume, but she's like, I 0:17:23.119 --> 0:17:25.119 don't really want to be here. I don't think this 0:17:25.240 --> 0:17:28.160 is where I see my future. But I'm so scared 0:17:28.200 --> 0:17:31.840 of quitting. I don't know how to invest. I probably 0:17:31.880 --> 0:17:34.440 didn't save that much anywhere. Now I feel bad about it. 0:17:34.720 --> 0:17:37.320 I'm probably feeling a bit of shame and guilt that 0:17:37.359 --> 0:17:39.399 I didn't save that much over the last ten years. 0:17:39.960 --> 0:17:40.960 What would I do, Cody? 0:17:41.080 --> 0:17:42.760 Well, one, I would say, these days, you do not 0:17:42.880 --> 0:17:46.719 have to have money to make money, which is incredibly powerful. 0:17:47.040 --> 0:17:49.159 So when I think about it, if I'm thirty and 0:17:49.240 --> 0:17:51.560 I am at a company like that, what would I 0:17:51.600 --> 0:17:53.960 do today? Well, I would actually probably sit down and 0:17:54.000 --> 0:17:56.439 figure out what am I actually skilled at that somebody 0:17:56.440 --> 0:17:59.480 else would pay me for? Once you know what somebody 0:17:59.480 --> 0:18:01.399 else would pay for, which is really just like do 0:18:01.440 --> 0:18:03.520 people ask for your opinion on this? Could you actually 0:18:03.560 --> 0:18:06.200 get jobs in this space if it was me, because 0:18:06.280 --> 0:18:09.040 I'm kind of unemployable, like you don't want me to 0:18:09.080 --> 0:18:11.080 work for you, Like I got my own ideas. I 0:18:11.119 --> 0:18:13.080 want to do things this way. If she's like that, 0:18:13.440 --> 0:18:14.720 then what you want to do is you want to 0:18:14.760 --> 0:18:17.439 try to partner with somebody where you can be the 0:18:17.480 --> 0:18:20.440 solution to their problem. And because you understand what I 0:18:20.520 --> 0:18:22.760 call deal making, which is really the language of money, 0:18:23.080 --> 0:18:25.960 you can negotiate an ability for you to own part 0:18:26.000 --> 0:18:27.719 of a thing in order for you to have one 0:18:27.760 --> 0:18:30.959