The School of Greatness Podcast: The #1 Financial Freedom SECRET Rich People WON’T Tell You!

Date: September 12, 2025
Host: Lewis Howes
Guest: Cody Sanchez

Episode Overview

This episode of The School of Greatness features Cody Sanchez, award-winning journalist, founder of Contrarian Thinking, and advocate for financial freedom through “boring businesses.” Together with Lewis Howes, they unpack the hidden mindsets and strategies the wealthy use to achieve financial freedom — and what keeps most people stuck. With honest discussion, actionable advice, and personal anecdotes, they address what rich people really do (and don't do) to build lasting wealth, going beyond saving and into mindset, deal-making, and relationships.

Core Themes & Purpose

• Debunk Financial Myths: Challenge mainstream beliefs around saving as the path to wealth.
• Mindset Shift: Explore the necessary mindset for abundance and wealth.
• Actionable Wealth Building: Outline practical steps for moving from broke to millionaire, particularly through business ownership and smart deal making.
• Relationships & Personal Growth: Address how relationships, team building, and even marriage impact success and fulfillment.

Key Discussion Points & Insights

The True Meaning of Financial Freedom

• Freedom = Money = Autonomy:
  “Money is freedom. More money you have, the more you get to exert your will on the world, and the less money you have, the more you get exerted upon.”
  — Cody Sanchez [03:46]

• Cody’s personal drive came from a college-era realization that lacking money meant lacking freedom. Witnessing an executive at Vanguard, not particularly brilliant, but wealthy, convinced her financial freedom was possible for anyone willing to “learn the game.”
  — [03:46–06:01]

Myths About Building Wealth

• Saving Won't Make You Rich
  “You can only save your way to zero. ... It’s way easier to earn more than it is to save everything. Once you learn how to earn, you’re unstoppable.”
  — Cody Sanchez [06:23–07:17]

• The Earning vs. Saving Mindset:
  Rich people focus on making their money work and multiplying, not just cutting costs.
  — [07:21–07:55]

The Millionaire Formula

• Key Traits:

  • Curiosity over IQ, follow-through over experience.
  • Doing what you say you’re going to do, and asking lots of questions.
  • Avoiding the trap of trying to “look rich.”

• “Rich people do not try to look rich. ... Broke people care about looking rich.”
  — Cody Sanchez [14:44–15:01]

• Step-by-Step Approach:

  • Maximize your earning potential (negotiate, seek upside at work)
  • Build new revenue streams within your current role
  • Focus on learning from each step (even if you don't hit every goal, you gain skills)
  • Take on new responsibilities before you’re “given” them in title/pay
    — [08:24–10:48; 13:30–14:44]

Multiplying Money & Investment Mindset

• Beyond Startups:
  Don’t put early money into high-risk startups. “Until you've made your first at least a million, don’t invest in startups that are non-cash flowing, just don’t do it. ... Invest in cash-flowing businesses and deals.”
  — Cody Sanchez [26:55]

• Boring Businesses Are Gold:
  Examples: laundromats, franchises, service businesses (window cleaning, painting, pressure washing).
  Cody breaks down why these are higher-probability, lower-risk ways to build wealth compared to sexy tech startups.
  — [28:20–36:51]

• Equity Hacks:
  Get “skin in the game” by asking for revenue share or equity in deals you bring to your employer—ordinary employees can unlock wealth via deal structuring.
  — [24:34]

Building & Buying Businesses

• Why Buy Instead of Launch?
  “The average startup in the US doesn’t make money ever. ... 90% of startups fail.”
  — Cody Sanchez [38:28–39:11]

• The Linde Effect:
  Older businesses are more likely to survive; buying an established business is statistically safer.

• The 10-Step Deal-Making Framework:
  Detailed, private-equity-inspired process Cody teaches for buying businesses, including due diligence, seller financing, and negotiating terms.
  — [47:47–49:14]

• Real Examples:
  Cody shares success stories (e.g., laundromats) and failures, highlighting the importance of walking away from bad deals and valuing time. “The most important deals you ever do will be the ones you don’t do.”
  — [51:15–52:11]

Relationship Wisdom & Money

• Relationship Filter:
  “You don’t want business from friends, you want friends from business.”
  — Cody Sanchez [52:56]

• Only work with people you’ve known for a year or more.

• Marriage Lessons:
  Cody and her husband regularly “whiteboard” their life goals to stay aligned—clarifying not just what they want, but what they’re willing to sacrifice.

• On Success in Relationships (and with Friends):
  Guard your energy: “Every human in their life has an energy vampire. ... If you want to be successful, you have to realize that you are going to leave behind most people.”
  — [89:38–89:56]

The Female Breadwinner/Empowerment

• For Women Earning More:
  Real power isn’t a threat unless used to diminish others: “What emasculates a man is your attitude and your actions — are you big timing him? Men are not meant to just be providers monetarily.”
  — Cody Sanchez [61:41–64:46]

• Strength-Based Relationships:
  Each partner thrives by doing what they excel at, regardless of gender roles.
  — [69:39–70:18]

Memorable Quotes & Moments

• “Every time a troll talks, I just go ‘scoreboard.’ ... At the end of the day it’s like, who’s winning and who’s losing?”
  — Cody Sanchez [30:27]

• “Never fall in love with something that can’t love you back. ... You have to be willing to walk away [from deals].”
  — Cody Sanchez [51:15]

• “You can’t teach desire. ... Go be the person who has it.”
  — Cody Sanchez [114:52] (Three Truths)

• “There’s a 100% return on fun.”
  — Lesson from Cody’s husband [55:00]

Timestamps for Key Segments

• [03:46] — Origin Story: Money = Freedom
• [06:23] — “Saving Won’t Get You Rich”
• [10:48] — Formula for Millionaire Mindset/Success at Work
• [13:30] — The Millionaire Formula; Mindset > Looks
• [24:34] — Getting Equity as an Employee: The Club Deal Concept
• [26:55] — Why Not to Invest in Startups Early On
• [28:32] — Best Cash-Flowing Businesses Explained
• [36:01] — Franchises for Beginners: Why and How
• [38:28] — Startups vs. Buying Existing Businesses
• [47:47] — The 10-Step Framework for Buying a Business
• [51:15] — Lessons on Walking Away from Deals
• [55:00] — Marriage Lessons: “100% Return on Fun”
• [61:41] — Women, Money, and Relationships
• [89:38] — “Every human has an energy vampire”
• [98:14] — Defining ‘Enough,’ Legacy, and Fulfillment
• [114:52] — Cody’s “Three Truths” for Life
• [118:45] — Cody’s Definition of Greatness

Takeaways for Listeners

• Shift from a Scarcity to an Abundance/Earning Mindset: Focus your energy on skills that multiply money, not just cut costs.
• Buying and Owning Beats Building from Scratch: Especially for early entrepreneurs — buy into proven, “boring” ventures for higher success rates.
• Relationships Drive or Drain Wealth: Choose who you work, love, and befriend carefully. Boundaries and shared values matter.
• Financial Freedom is Teachable, Accessible, and Yours to Claim: If you’re willing to “learn to love the game.”

Further Resources

• Cody Sanchez:

  • ContrarianThinking.co/130 (List of 130 boring businesses to buy/start)
  • Main Street Millionaire book

• Follow Cody on Instagram, YouTube, and her podcast “The Big Deal.”

This summary captures all core topics, key insights, and memorable exchanges from the conversation. Ideal for anyone seeking actionable financial tips, a mindset reset, or fresh inspiration to pursue financial freedom on their own terms.