Building Wealth Through Boring Businesses and Other Contrarian Ways To Live and Invest with Codie Sanchez
#119: Entrepreneur and investor, Codie Sanchez joins to discuss unconventional ways to create wealth through often-overlooked \u201cboring\u201d businesses like laundromats, car washes and vending machines. She also shares her expertise in the art of deal-making, financing options for buying a business, diversifying investments, and applying contrarian thought into our daily routines and relationships.\nCodie Sanchez (@CodieSanchez) is the founder and CEO of Contrarian Thinking, a media company and newsletter dedicated to challenging traditional investing norms and empowering individuals to think differently about wealth creation. She is currently on a mission to create 100,000 business owners, and 1,000,000 financially free humans.\nLink to Full Show Notes: https://allthehacks.com/boring-businesses-codie-sanchez\n\nPartner Deals\nGelt: Skip the waitlist on personalized tax guidance to maximize your wealth\nRocket Money: Easily cancel your unused subscriptions\nInside Tracker: 20% off personalized wellness & nutrition plans backed by science\nAthletic Greens AG1: Free 1 year supply of Vitamin D and 5 free travel packs\nMasterClass: Learn from the world's best with 15% off\nFor all the deals, discounts and promo codes from our partners, go to:\xa0allthehacks.com/deals\n\nResources Mentioned\nCodie Sanchez:\xa0Website\xa0|\xa0Newsletter\xa0|\xa0Twitter | Instagram | YouTube\n\n10 Step Deal Journey\n\nMarriage Check-in: T.E.A.M.\n\n\nLife Hacks: 1 in 60 Rule | Doing Less | 12 Simple Habits\n\n\nATH #91: Die With Zero: Net Fulfillment Over Net Worth\nWhy Japan is Giving Away Profitable Businesses for Free\nBiz Scout\nOutlive: The Science and Art of Longevity\nBill Perkins's Book: Die With Zero: Getting All You Can from Your Money and Your Life\nVirtual Executive Assistants From Oceans XYZ\n\nFull Show Notes\n(02:31) Challenging the Status Quo with Contrarian Thinking\n(05:50) Codie's Inception of Investing in "Boring" Businesses\n(08:50) Is Buying Small Businesses for Everyone?\n(10:59) Buying a Business as a Full-Time Gig vs. a Side Hustle\n(14:46) The Reason Why Buying Boring Businesses Isn\u2019t Popular\n(16:52) Do You Need to Be an Expert to Buy a Business?\n(17:41) The Importance of Deal Making\n(21:48) Why Deals Go Wrong\n(23:57) An Example of a Bad Deal\n(26:08) The Success Rate of Buying Small Businesses\n(31:50) Seller Financing\n(32:47) Finding Small Business Opportunities\n(35:33) Why Terms Are More Important Than Price\n(36:22) Playing the Right Games\n(43:37) Diversifying Investments\n(44:29) Points & Miles: A Side Benefit to Owning Businesses\n(50:08) Where & How to Invest Your Time\n(55:13) Aiming for Bigger\n(59:58) External Financing\n(1:03:01) Outsourcing Virtual Assistants\n(1:09:45) The TEAM Rule for Relationships\n\nConnect with All the Hacks\nAll the Hacks:\xa0Newsletter\xa0|\xa0Website\xa0|\xa0Membership\xa0|\xa0Email\nChris Hutchins:\xa0Twitter\xa0|\xa0Instagram\xa0|\xa0Website\xa0|\xa0LinkedIn\n\nEditor\u2019s Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.