Self-made millionaire Codie Sanchez shared insights on how ‘acting rich’ can help individuals build wealth in an interview with finance mogul Steven Bartlett on the Diary of a CEO podcast. According to Sanchez, implementing subtle mindset changes can lay the foundation for financial success even before considering actual financial strategies.
Sanchez emphasised the importance of embodying the qualities one seeks to attract, stating that to become wealthy, one must first start acting like a rich person. This doesn’t necessarily entail extravagant spending on luxury items, but rather adopting a rich person’s mindset while staying within budget constraints. Sanchez suggested that individuals should contemplate what actions a wealthy person would take to achieve their goals, such as working harder and surrounding themselves with a diverse network of people.
Through her financial advisory company, Contrarian Thinking, Sanchez noticed that many individuals not only lack the savvy financial decision-making skills of the wealthy but also struggle with self-belief. She highlighted the significance of overcoming negative self-perceptions before implementing wealth-building strategies. Sanchez recalled an exercise where participants were asked to associate a physical movement with money, revealing deep-rooted attitudes towards wealth.
Elaborating on gendered approaches to money, Sanchez encouraged women to educate themselves on financial matters, regardless of their career aspirations. She stressed the importance of understanding one’s financial situation, expenditure, and income sources, advocating for financial literacy even for those not pursuing finance-related professions.
Sanchez recommended a conscious effort to shift one’s mindset towards wealth by observing and adjusting physical reactions to the concept of money. She suggested that belief follows the direction in which the body leads, indicating the interconnectedness of mindset and behaviour in wealth-building endeavours. By blending philosophy with practical financial advice, Sanchez offered a holistic approach to cultivating wealth from within.
As the conversation delved into societal perceptions of money and personal confidence, Sanchez’s insights shed light on the transformative power of adopting a rich mindset in pursuit of financial stability and prosperity. Overall, her message resonated with the idea that wealth-building starts by fostering a mindset of abundance and self-assurance.