How To REALISTICALLY Make More Money… | Codie Sanchez

Summary

This discussion explores how individuals can maximize the value of their skills by identifying high-paying opportunities and structuring deals strategically. Using writing as an example, it contrasts low-paying roles with lucrative niches like medical and financial writing, emphasizing the importance of specialized knowledge. The conversation also highlights the power of deal-making, illustrating how smart deal structures can lead to massive financial gains. Additionally, it encourages flipping perceived weaknesses, such as gender or background, into unique advantages. Ultimately, the video inspires viewers to adopt a mindset focused on opportunity, skill leverage, and strategic negotiation to achieve success in business and life.

Takeaways

• 😀 Writers can maximize their earnings by focusing on high-value, niche markets and by learning to structure deals that benefit them more.
• 😀 Starting with low-paying work, such as writing for local newspapers or fiction, can limit your potential earnings. It's important to aim for higher-paying sectors.
• 😀 Medical writing can be highly lucrative, with salaries reaching $150,000 or more, especially in industries like biotech. A strong writing skill combined with medical terminology knowledge can open doors to this high-paying field.
• 😀 Copywriting can be profitable, but negotiating a deal where you get a percentage of the profits above a certain target (e.g., revenue from a sales funnel) can significantly increase your income.
• 😀 Structuring deals smartly, such as asking for equity in a company or performance-based pay, can lead to far larger financial rewards than a fixed salary.
• 😀 Learning how to structure deals and negotiate is one of the most valuable skills you can have in business. It's a skill that can change your financial trajectory.
• 😀 Deal-making is a skill anyone can learn, and it’s no longer gatekept—resources are now available for those willing to educate themselves.
• 😀 Many successful entrepreneurs, like Elon Musk and Donald Trump, have mastered the art of deal-making, which has been central to their success in business.
• 😀 It's crucial to not let prejudice (gender, race, background, etc.) hinder your progress. Instead, view it as an opportunity to stand out and make a stronger impact.
• 😀 Your perceived weaknesses or differences can often be your greatest strengths, particularly when navigating male-dominated industries or facing social biases.
• 😀 Embracing an abundant mindset and focusing on opportunities, rather than labeling oneself as a victim of prejudice, can lead to greater success and attract more people to work with you.

Q & A

What exercise does the speaker suggest for evaluating how to make the most money from your skills?

The speaker suggests writing your skills on one side and on the other side listing the ways you could make the most money from those skills, based on the size of the problem you'd be solving and the value of the solution.

Why does the speaker recommend starting with identifying the worst ways to make money with your skills?

Starting with the worst ways helps clarify what to avoid and provides a baseline for low-paying or ineffective opportunities, making it easier to identify high-value options.

What is an example of a low-paying writing job mentioned in the transcript?

Writing for a local newspaper or writing fantasy fiction, which are considered difficult ways to make significant money, were cited as low-paying examples.

Which types of writing jobs are highlighted as highly lucrative?

Medical writing and financial writing are highlighted as highly lucrative, with medical writers potentially earning over $150,000 due to the specialized knowledge required.

How can someone make more money beyond a fixed salary, according to the speaker?

You can structure deals to include a percentage of the upside you drive, such as taking equity or a share of revenue generated above a baseline, rather than accepting only a fixed salary.

What personal experience does the speaker share to illustrate the value of deal-making?

The speaker shares that by negotiating for company shares in a biotech startup, they earned close to $10 million in six months when the company went public, showing how deal-making can multiply earnings.

Why is learning deal-making considered a critical skill?

Deal-making is critical because it allows you to capture value beyond standard compensation, and mastering it can significantly accelerate wealth creation, regardless of whether you buy a business.

How does the speaker suggest reframing prejudice or disadvantage in business?

The speaker recommends viewing differences, such as gender or ethnicity, as unique opportunities that make you memorable and valuable, rather than as weaknesses.

What mindset does the speaker advise for approaching opportunities in business?

The speaker advises adopting a mindset focused on opportunity rather than victimhood, seeing challenges or exclusions as potential advantages that differentiate you.

What resources are mentioned for learning deal-making?

The speaker mentions the book 'Main Street Millionaire,' courses, free newsletters, and a community on contrarianthinking.com as resources for learning about deal-making and buying businesses.

Why does the speaker emphasize the importance of structuring deals carefully in your career?

Careful deal structuring allows you to maximize earnings from your work by aligning compensation with value created, potentially generating returns far beyond standard salaries.

How does the speaker differentiate between common copywriting jobs and specialized writing roles?

Common copywriting jobs, like basic marketing content, pay modestly, whereas specialized writing roles, such as medical or financial writing, command higher pay due to niche knowledge and higher business impact.