Jay Shetty & Codie Sanchez ON How to Make Money Today

Are you ready to take control of your finances but unsure where to start? Wondering how to make money with no savings?

In this episode of On Purpose, Jay Shetty greets Codie Sanchez, entrepreneur, investor, and author of Main Street Millionaire, to share ways to unlock financial freedom. Sanchez’s journey, from humble beginnings to buying small businesses, proves you don’t need huge ideas or massive investments. She shows how “boring” ventures can bring steady profits, discussing spotting deals, managing risk, and building a resilient money mindset. 

Ownership as the Key to Lasting Wealth

Jay Shetty begins by asking Codie Sanchez how someone can start building wealth with no funds on hand. Sanchez shares that 68% of millionaires achieve financial freedom through ownership, and most hold equity in a business or project. She addresses the common fears around money, pointing out that money itself isn’t evil but rather a tool that can help you solve problems and create value.

Sanchez opened up about her own background, recalling instances of financial anxiety early in life. By learning what she calls the “language of money,” she broke out of a sense of powerlessness. She also shares that 70% of millionaires are self-made, dispelling the myth that most wealthy individuals inherit their money. According to her, the real obstacle isn’t a lack of inheritance; rather, it’s not understanding finance and refusing to treat money talk as normal and essential.

Sanchez emphasizes that baby boomers own 60% of small businesses, meaning a massive wealth transfer is inevitable as this generation transitions. Yet many young adults are instead drawn to speculation or day trading, hoping for instant profits. In contrast, Sanchez encourages a “win-win” approach, where you solve real problems and create substantial value over time.

How to Start Earning Without Savings

Sanchez outlines to Jay Shetty a four-step road map for new graduates or anyone just entering the workforce:

1. First, focus on learning: immerse yourself in as much knowledge as possible, prioritizing skill growth over immediate salary.
2. Second, grow your skill set to boost your value in the marketplace.
3. Third, raise your income by leveraging what you’re already doing—seek promotions, negotiate better wages, and demonstrate measurable impact.
4. Lastly, venture into more complex investments.

Jay Shetty highlights the gap between what students learn in school and what businesses actually need. Sanchez explains that employers increasingly care about demonstrated results instead of formal degrees. She suggests offering to do a short project or a limited trial so you can prove your value. Financial constraints can make unpaid work challenging, but even small, well-chosen projects can fast-track your learning and open doors.

For mid-career professionals, Sanchez advises leveraging your expertise in ways that allow for equity-based compensation. You don’t necessarily need to quit your job and launch a startup, which is often a risky move. Instead, she suggests partnering with established businesses, improving processes, and negotiating some ownership. By aligning incentives, you create a shared vision that benefits everyone involved.

Choose Your Partnerships Wisely

Sanchez warns that partnerships can be as complicated as marriages, if not even say riskier. So, she recommends structuring deals in a way that protects you if things go sideways. For example, milestone-based equity agreements make sure each partner earns ownership by hitting specific targets or contributing over a set period; this discourages anyone from walking away too soon or failing to meet their responsibilities.

Sanchez shares with Jay Shetty her own mistakes, such as giving out equity too quickly. This move can create long-term entanglements where former partners still hold a stake in the business even after minimal contribution. These arrangements, she added, are like a “prenup” for entrepreneurship: it’s not glamorous, but it ensures fairness and eases conflicts.

Negotiation skills, often overlooked in many cultures, play a huge part here. Sanchez recounts how her mother’s routine negotiations—even over small purchases—taught her to save money consistently; the lesson is to embrace negotiation as a powerful habit, not just a one-time tactic.

Entrepreneurship: Owning Your Role

Codie Sanchez discusses with Jay Shetty how she initially hesitated to leave her corporate position. Contrary to the “quit your job” hype, she believes you can build significant wealth while being an employee, provided you approach it strategically, and having “skin in the game” without founding the company can be very lucrative.

During her corporate years, Sanchez managed a business expansion in Latin America. Yet, she didn’t receive equity for the success she spearheaded, which led her to realize the critical importance of ownership. She eventually faced a stark choice when her CEO issued an ultimatum, prompting her to exit the corporate sphere and find ventures that aligned better with her values.

An “ownership mindset,” as Sanchez calls it, empowers you to contribute at a high level while setting yourself up for financial gain. It’s about seeing challenges as fixable, not fate, and recognizing when to negotiate for a fair share of the upside.

Sanchez also discussed with Jay Shetty the root of negative attitudes toward money, sharing an exercise where many participants described money as stressful, inaccessible, or intimidating. Observing real-life examples of individuals who became wealthy by solving problems changed her perspective on what is possible. In her view, your belief in your capacity to learn and grow financially is the deciding factor that separates stagnation from success.

Mentorship as a Catalyst

Jay Shetty and Sanchez explore the mindset shift required to transform envy or dismissiveness of successful people into an engine for learning. Sanchez confesses that her success often came from being curious rather than being the smartest person in the room. By consistently asking insightful questions to those more accomplished, she formed powerful mentor-mentee relationships.

However, Sanchez cautions listeners not to outright ask, “Will you be my mentor?” as it can be off-putting. Instead, start small. Pose a single question, apply the advice, and then let that mentor see you’ve taken their guidance seriously. Over time, you build trust.

These relationships flourish when mutually beneficial—where you show genuine appreciation and share how their counsel helped you advance. Sanchez underscores to Jay Shetty the power of humility and curiosity: the more you ask, the more you learn; the more you learn, the more value you can bring back to your mentors, completing a cycle of mutual respect.

Why “Boring” Businesses Often Win

Regarding building durable wealth, Sanchez believes “boring” is beautiful. Laundry services, vending machines, plumbing, roofing, and painting—these are all essential businesses that often have steady clients and predictable revenue. She shares with Jay Shetty a story of a man who amassed $50 million by renting out construction equipment. Although not glamorous, he recovered his initial costs every 90 days by continuously renting gear in demand. Sanchez argues that this approach is more secure and less stressful than vying for overnight success in overcrowded sectors.

Sanchez classifies these opportunities into three categories:

1. First, “gateway drug businesses” like vending machines offer a simple entry point: young or novice entrepreneurs can learn basic accounting, operations, and customer relations on a small scale.
2. Second, “people-light businesses” such as laundromats and car washes need minimal staffing, decreasing overhead costs and logistical complications.
3. Finally, “trades businesses” like roofing, painting, or window cleaning remain recession-resistant, as people will always need these core services.

She also points out to Jay Shetty that private equity firms are buying up many of these businesses precisely because they see the long-term potential. Embracing the “boring” can lead to peace of mind and financial security, providing a solid foundation if you later pursue more innovative or risky ventures.

Establish Your Vision Before Diving In

To succeed in either buying or launching a business, Sanchez advises building three foundational skills:

1. First, learn deal-making—the ability to structure agreements, understand contracts, and talk in numbers.
2. Second, develop grit to stick with the process when the going gets tough.
3. Third, understand the power of networking: know who has the answers rather than trying to learn every skill yourself.

Sanchez believes that new entrepreneurs should start with manageable opportunities. She warns against massive financial leaps that could sink you if things go wrong. A potentially safe way to test the waters is partnering with friends or family to share costs and responsibilities. Regardless, the key is having a well-defined target so your work aligns with your goals.

The entrepreneur told Jay Shetty that a solid plan matters just as much as enthusiasm. If you overextend financially, you may lose money and peace of mind. Smaller steps, taken repeatedly, can lead to compound gains. In her view, entrepreneurship is rarely about getting rich quickly; it’s about deliberate and repeated actions powered by curiosity, incremental learning, and a supportive network.

Making Win-Win Deals

One often overlooked fact, Sanchez explains to Jay Shetty, is that many businesses are for sale because their current owners want to change or simply underestimate what they have. Entrepreneurs used to a steady but unremarkable income might not see the hidden potential in their business. Jay Shetty notes that identifying unrealized value can be an incredibly effective entry point for buying a business at a fair or even discounted rate.

Sanchez shares the example of her uncle’s plumbing company—a profitable venture he once considered shutting down rather than selling simply because he lacked awareness of its true worth. This is still a common occurrence: owners may be excellent at their craft but poor at marketing, scaling, or even valuing the tangible and intangible assets they’ve built. Such gaps present excellent acquisition opportunities for buyers who do their homework.

Curiosity, Sanchez emphasizes to Jay Shetty, is an invaluable tool for spotting good deals. Ask simple, direct questions: “Have you ever thought about selling your business?” or “What are your biggest pain points?” She ties this approach to the “reticular activating system,” where focusing on a particular goal makes you more aware of relevant clues in your environment. By staying mentally primed for opportunities, you’ll be quicker to notice potential acquisitions.

Moving Beyond Limiting Beliefs

Finally, Sanchez brings up the mental blocks that keep many people away from financial education to Jay Shetty. She recounts being labeled “bad at math” in high school, a belief that followed her into adulthood and made her uncomfortable with spreadsheets and calculations. However, she points out that the math needed for successful investing and entrepreneurship is straightforward—basic arithmetic, percentages, and some familiarity with financial statements.

The larger challenge is often psychological. Our culture can make finance seem intimidating, creating reliance on professional services that sometimes obscure more than clarify. Sanchez told Jay Shetty that taking the reins of your personal finances doesn’t require advanced formulas; it demands a willingness to learn, ask questions, and accept initial discomfort. Money can be demanding, yes, but it’s also highly rewarding when managed responsibly. Shifting from “I’m not good at this” to “I can master this step by step” transforms the entire experience.

The path to financial freedom is not some unattainable secret; rather, it’s a combination of practicality, grit, curiosity, and strategic thinking. By adopting an ownership mindset, engaging in mutually beneficial deals, and not shying away from undervalued (or “boring”) ventures, you can create the life you want—regardless of how much money you start with.

More From Jay Shetty

Listen to the entire On Purpose with Jay Shetty podcast episode “Codie Sanchez ON How to Make Money if You Don’t Have Money (4 Step Process to Make Money Today)” now in the iTunes store or on Spotify. For more inspirational stories and messages like this, check out Jay’s website at jayshetty.me.

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