Watch these 40 minutes if you want to be a millionaire in 2025

Short Summary:

This 40-minute video by Cody, a nine-figure holding company owner, outlines 16 rules for achieving millionaire status by 2025. The core concept revolves around strategic risk-taking, prioritizing high-impact tasks, and building scalable businesses. Specific examples include side hustles, smart risk assessment (Skill + Preparation x Action), and focusing on high-value clients. The video emphasizes the importance of productivity techniques (like the "frog first" method), building a strong network, and cultivating a "psychopathic" drive to succeed. Methods like the RICE model for problem prioritization and the creation of a "flywheel" effect for continuous sales are detailed. The implications are achieving financial success through calculated actions and mindset shifts.

Detailed Summary:

The video is structured around 16 rules, each addressing a different aspect of building wealth. Here's a breakdown:

Section 1: Foundations (Rules 1 & 2)

Rule 1: Never lose money. Cody advocates starting with a side hustle while maintaining a job, using salary to fund the project, and only quitting once cash flow covers expenses. He shares his own experiences with failed side hustles, emphasizing the importance of this cautious approach. "Stats show that you are not one-third but two-thirds more likely to actually succeed at your startup and make money if you stay at your job."
Rule 2: Move fast. He stresses the cost of inaction, using a personal example of switching from journalism to finance to illustrate the potential gains from taking calculated risks. The formula for "smart risk" is introduced: Skill + Preparation x Action.

Section 2: Productivity and Focus (Rules 3 & 4)

Rule 3: Go big. Cody highlights the productivity drain of social media and proposes a productivity system including a daily to-do list, task timers, focused work sessions, and minimizing meetings. The "frog first" method (tackling the most important task first) is also explained.
Rule 4: The 10-to-1 rule. This rule emphasizes giving back tenfold for every request received, leveraging the principle of reciprocity to generate goodwill and ultimately, more business. He uses his painting company as an example.

Section 3: Business Strategy (Rules 5-7)

Rule 5: Do the dirty work. Cody argues that less glamorous businesses often yield higher profits. He uses the example of the acting industry versus finance to illustrate this point. He mentions his "SMB report" which provides data on profitable businesses.
Rule 6: Sell to rich people. He explains that selling to high-net-worth individuals requires understanding their priorities (exclusivity, timeliness, status, privacy, convenience). He provides the example of a client paying $500 for a personal stylist to pack and ship outfits. He also stresses the importance of a strong website domain.
Rule 7: Solve big problems. Cody introduces the RICE model (Reach, Impact, Confidence, Effort) for prioritizing problems based on their potential revenue generation. He uses Elon Musk as an example of a "chief problem officer."

Section 4: Scaling and Growth (Rules 8-10)

Rule 8: Build once, sell continuously. He explains the concept of a "flywheel," using his own business and Amazon as examples of how to create a virtuous cycle of revenue generation.
Rule 9: Humans are contagious. Cody emphasizes the importance of surrounding oneself with successful people, citing studies showing a correlation between one's network and wealth. He uses his own experience joining a high-net-worth mastermind group as an example.
Rule 10: The Pygmalion effect. This rule focuses on the impact of beliefs and expectations on outcomes. He uses a study on student performance to illustrate how positive beliefs can lead to improved results. He stresses the importance of removing negative influences from one's environment.

Section 5: Mindset and Action (Rules 11-13)

Rule 11: It's never too late. Cody shares personal examples and those of others who achieved success later in life, encouraging viewers to start where they are.
Rule 12: Sell more and never apologize for it. He stresses the CEO's role as chief salesperson and the importance of identifying high-leverage activities.
Rule 13: Fear should never stop you. He introduces the concept of a "risk budget," advocating for calculated risk-taking within one's comfort zone.

Section 6: Advanced Strategies (Rules 14-16)

Rule 14: Invest in people. Cody emphasizes the importance of building a hyper-connected team and the "one million dollars per employee" rule.
Rule 15: Be likable. He outlines strategies for building positive relationships with employees, including open-door policies, kindness, and active listening.
Rule 16: Avoid middle-class wealth traps. He warns against relying solely on compound interest and encourages viewers to actively increase their earnings, knowledge, and ideas. He concludes by emphasizing the importance of a "psychopathic" drive to succeed. "You are going to win because you are an absolute psychopath nobody can keep up with." He uses Elon Musk's actions with Twitter as an example of this relentless drive.

The video concludes with a call to action, urging viewers to subscribe to the channel and embrace the principles discussed.