This week’s Coffee with Kim guest has a passion for thinking critically and finding unconventional cash flow. Codie Sanchez, a journalist turned investor, and Founder at Contrarian Thinker has found her niche in helping others become financially free.
During our conversation she demystified money making techniques, uncovered investing hidden gems, and gave tools on creating more time to make more money!
Go to college, get a good corporate job, invest in a 401k. That’s the financial advice most of us received when entering adulthood, but Codie advises young adults to chase cash flow over credentials by turning your liabilities into assets. For example, buying a house and subleasing so you essentially live for free. Or, renting your car on Turo to cover costs and gain income. She explained the objective is to gain freedom, not just money.
“Financial freedom allows for personal freedom which allows for philosophical freedom. Money is the trojan horse we slip in for people to actually think differently and create the life they want,” she shared. (Tweet this!)
Codie educates her audience on financial literacy through her newsletter, which she organically grew from 0 to 10,000 subscribers in 30 days!
Her top 3 tips to growing an audience from scratch are:
Remember, as long as you’re solving a problem you’re adding value!
We are often told you can do and be and have it all. Sorry Gwyneth Paltrow, that’s unrealistic! Codie and I agreed that more often than not something has to take the back burner when it’s time to grind and accomplish a goal.
“Like Mark Twain says, ‘If you’re going to eat a frog, eat it in the morning and if you have to eat two, eat the big one first,” she shared.
Codie’s creative niche is investing in “boring businesses”. I was curious to what they are and why she believes they’re being overlooked.
“What most of us do when starting a side hustle is counter intuitive. We spend a lot of money and hope to make it back, when we should be finding the least risk for our dollar. I suggest buying businesses that already exist. There’s cash flow on day one, you can use someone else’s money to purchase, and you can work on making it bigger. If you absolutely want to start a business, sell first and see if you have a business second,” she shared.
Personally, I would take the certainty of immediate cash flow over the uncertainty of a startup any day!
When starting something new our mind can immediately go to all the reasons why it won’t work. Codie says do it anyway!
“If we all did a little more of what we’re scared of then everything else starts getting easier,” she said.
The great thing is you don’t have to jump right in! Codie explained we can build momentum by taking small risks – i.e. starting Muay Thai, investing $100, etc – and working our way up.
Mentorship and building your professional community is one of the things I’m most passionate about. So much so, I created the Career Capital course to help others win in this area.
When I asked Codie her advice on approaching mentors she said to lead with offerings not asks and never be entitled or expect anything. She also reiterated that you should give more than you get, applying her 10x serve for every 1x ask rule.
It’s just us, friends! I’ve set aside our regular hour of coffee to talk to you and answer questions, a real AMA (ask me anything). I’d love to see you there. Don’t leave me hanging, I’m anxious to hear from you.
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