How women can build wealth to become “millionaires”

Cody Sanchez, a small business and investment expert with over 7 million followers on platforms like Youtube and Instagram, says that for women, having your own money is not a luxury, but a necessity in today’s world. and how women can generate money. own wealth.

Cody Sanchez’s new book, Main Street Millionaire, is a step-by-step guide for everyday people who want to build wealth. Sanchez shares why wealth creation is so important to her and to women around the world.

Sanchez was the first of her friends to get divorced. “I got married quite young and I remember being really scared at the time. Yeah, the idea of ​​going out on my own.”

“My father said something to me that I will always remember: “With freedom there is always an exit tax.” It’s going to happen.” So Sanchez left.

Years later, when her friends started getting divorced, many of them had no money, no financial knowledge, and felt trapped.

Money is free.

“Money can really help you solve life’s worst-case scenarios,” Sanchez says. The majority of Americans cannot afford a thousand dollar medical bill.

Then, in 2006, while Sánchez was a journalist covering the Las Desaparecidas humanitarian crisis in Ciudad Juárez, she wondered why so many women were going missing and why no one cared. I had a hard time explaining why I don’t have one. “It was a socio-economic problem. Women didn’t have money, so they didn’t have power. Therefore, their lives had no value. And no one was responsible for these thousands of missing people. For her, just covering the story was no longer enough. She had to change it.

Sanchez made a major shift in his life from reporting to wealth creation. But she always wanted to learn how to become wealthy so she could teach others how to do the same.

“Money is like a shield. It’s freedom and protection. We need more women with money,” Sanchez said.

Boring Business: The Secret to Creating Wealth

Sanchez began researching ways to create wealth, especially for people who don’t have access to traditional means. “I want to go where the data is. I always try to find the truth.” Mr. Sanchez said that the asset class with the highest returns is private equity, and that it is growing rapidly. I discovered it. “Private equity investors owned 4% of companies in 2000 and 20% of companies in 2020,” Sanchez said, citing his own research.

Then she started thinking about what kind of business she should invest in. Sanchez realized that the most profitable businesses to invest in were not technology startups, but actually everyday small businesses like car washes. “Someone else creates them, and investors receive the cash flow. They buy 10, 20 years’ worth of other people’s work,” she says.

Calling these businesses “boring businesses,” Sanchez drew attention to how there are sectors that are recession-proof, immune to AI attacks, and that provide regular income. But these businesses are not seen as glamorous like technology. In fact, many of these stores are closing because their children don’t want to take them over or they have trouble finding buyers.

This year, the number of Americans eligible for retirement is the highest in U.S. history, with approximately 40.1 million people scheduled to turn 65. Baby boomers own approximately two-thirds of businesses with employees, and an estimated 83% of them are expected to transform over the next five to 10 years. (Source: Securities Ann Financial). This “silver tsunami” creates opportunities for younger generations looking to capitalize on avenues to entrepreneurship through ownership and acquisition, if they know how.

Mr. Sanchez wants ordinary people to invest in these businesses, not just “private equity guys,” which refers to Wall Street investors. “I would rather see that wealth transferred to other members of the community.”

So how should everyday women get started?

For example, are you a freelancer looking to build a retirement life? Are you a mom feeling overwhelmed just trying to make ends meet? Many people might look at Mr. Sanchez and think he’s a successful businessman, CEO of Contrarian Thinking, a financial advice company with more than 2.5 million subscribers, and co-founder of Unconventional Acquisitions. . So how actionable is her advice for the average person?

Sanchez has the answer to this common question. “I don’t like people who bet the house. When you become a pro, debt becomes your friend, but when you’re just starting out, debt is something you have to respect very much. “I don’t like people who take advantage.” She also claims that you don’t need to have a lot of money to get started. You can also use your 401k to purchase assets in a tax-advantaged manner.

The important thing is to start small.

According to Sánchez, “The real obstacles for many people are fear, mistrust, and lack of self-esteem. Time is usually the biggest problem, and we don’t know if the rewards will be great enough.” I think it’s because I don’t have it.”

“If I say, you have to make $100,000 next year. That’s your goal. That’s on your list for 2025. Okay, maybe you’ll do that. That’s That’s fine. If I put a gun to your head and told you that if you don’t make $100,000 next month, your whole family will die, you’ll understand.”

She wants us to find a way to put a literal or proverbial gun to her head. “It only happens when we actually believe that this can change our lives,” she says.

You don’t have to spend a lot of time. Just change your mindset. “I set out to write this book so there wasn’t a single extra word in it. But I believe that when you read this, your reticular activation system starts to kick in. This is… Basically, it’s something that our brain is wired to have to say, “By focusing on this, you’re telling me that this is really important.” For my survival.

steps to financial freedom

When you start thinking about trading and incorporate it into your day for just a little bit, even 5 minutes a day, you become “trading sick.” You’ll start to see great deals everywhere. Because just by walking into a laundromat and talking to the owner, you’ll see a completely different laundromat. If you do that, you’ll see opportunities. ”

The next step is to find the right business for you. If you’re a freelancer, Sanchez suggests “gathering other freelancers and working with vendors.” She suggests saying, “If I grow your business by X percent, would you give me some of your business?” Sanchez wants us to think smarter, not harder, and think about acquisitions and problem-solving. She suggests turning a liability into an asset by “buying the solution to the problem.”

Think to yourself. “How do we buy the solution that is most likely to solve the problem? That’s the acquisition flywheel.”

“It doesn’t have to be your own money. Small Business Administration loans, referral agreements, seller loans, these are all third-party capitalized,” Sanchez explains.

blue collar generation

Another area to look at: “There used to be a lot of stigma about going into the trade professions. When you’re 65, you don’t want to do welding or roofing. We got a little snobbish about it because we thought sitting in an office meant we were better than everyone else. That’s when a lot of us knowledge workers realized, “Oh my God!” I think so. I am vitamin D deficient. I hate this office. It never comes out. I can’t enter my community. I can’t build anything. ”

However, trading is cooling down again. Learn to become a welder or master electrician. Learn how to manage your business. Become the owner of a trading company. ”

A combination of skilled trading, business knowledge, and the use of technology can transform a boring business into an innovative enterprise.

Above all, Sanchez wants women to remember: “Money is freedom. It’s not actually evil. That’s a misquote from the Bible. The root of all evil is not money, but the desire for money. Money is only a tool for freedom. We Women need to stop shaming themselves for it. A higher net worth doesn’t mean it’s actually worth more or less. It just means someone has more tools than you. Don’t worry about going out.”