Author and influencer Codie Sanchez is on a mission to help one million people find financial freedom through business ownership. She wants to shake up the industry, telling her followers that there is a path to wealth not paved by working for someone else.
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Recently in a YouTube video called, “Your Brain is Keeping You Poor: How to Think Like the Rich,” the former Wall Street worker explained that everything they thought about money is likely what is keeping them poor. Here is how to think like the rich, according to Codie Sanchez.
Chains Keeping People Poor
Many people have grown up on the adages that “Money doesn’t grow on trees,” or “Money is the root of all evil.” Sanchez explained to her 1.8 million that these century-old sayings are part of the problem. Our brains have become wired to believe that there is only one way to make money and when in fact there is another path.
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Fighting the Program
According to Sanchez, we have been programmed to believe that wealthy people are bad. Almost from birth, individuals are taught to attend college, secure a job, obtain a mortgage, and then retire. It is a system built on mass compliance. Sanchez, for her part, is ready to disrupt that system by providing individuals with the information they need. Information that can help rewire a person’s brain from being a worker to being an owner.
Loss Aversion
One way that people are held back, as explained by Sanchez, is loss aversion. Individuals fear losing $100 more than they want to make $100. As reported in Psychology Today, losses are more heavily felt than gains. In fact, they hurt about twice as much. To avoid this feeling, many people refrain from taking risks. As Sanchez noted, this fear of loss can cause people to sit on cash even though its value is diminishing due to high inflation.
Thinking Differently
Sanchez offers hope to her followers by proposing a new path, one where people can think differently about money, time and problems. For instance, while most people see money as something they earn, the wealthy see it as something they build. The average worker ponders how they can earn more money per hour, while billionaires think about how they can generate income while they sleep, according to the influencer.
Sanchez isn’t alone in believing the wealthy think differently. As reported in Forbes, rich people focus on the long-term, not worrying about short-term financial problems. They think in decades instead of focusing on a single paycheck. They also, as advocated by Sanchez, don’t stash their money in savings, but instead use it to build businesses or other income streams.
Sanchez refers to this as chasing leverage. Wealthy people find something that they can do once, but it will pay them continuously.
Choosing a Different Path
In the video, Sanchez offered her viewers a new path. One that comes with the potential for wealth.
She said there are three steps to achieving a new way of thinking. First, with the $4 test, which encourages people to stop stressing about the $4 cup of coffee and instead think about how to generate $400.
Next, follow the 3-2-1 rule. It involves strategizing three problems you can solve for others, two ways to monetize each problem and one system that automates the delivery. Finally, it is vital to implement the 72-hour rule, which focuses on timely implementation and not on perfection.
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This article originally appeared on GOBankingRates.com: How To Think Like the Rich, According To Codie Sanchez
