#565: When Codie Sanchez worked in finance, she wasn't planning to buy a laundromat. But facing 60-70 hour workweeks and realizing she didn't want her boss's job, she started looking for an exit strategy. Instead of buying a fancy car during her "midlife crisis," she purchased that first laundromat - a decision that would lead her to acquire multiple laundromats, car washes, and other local businesses. Codie joins us to break down how regular people can buy and run profitable local businesses, even without previous ownership experience. These "Main Street" businesses - think laundromats, car washes, landscaping companies, and other local services - often generate steady cash flow without requiring complex technology or massive scale. She shares eye-opening stats about business ownership in America: while 80 percent of Americans owned a business in the 1800s, today that number has dropped to just 6 percent. Meanwhile, private equity firms have increased their ownership of small businesses from 4 percent in 2000 to 20 percent by 2020. But there's good news for aspiring business owners. Codie breaks down 21 different ways to finance a business acquisition, from seller financing to equipment loans. She explains that 60 percent of businesses sell with some form of seller financing, making ownership more accessible than many realize. Want to avoid common pitfalls? Codie introduces her RICH framework: - Research: Define what type of business fits your goals and skills - Invest: Get skin in the game, but never risk bankruptcy - Command: Use systems and metrics to avoid accidentally buying yourself a job - Harness: Build toward bigger goals if desired She emphasizes starting small — master one business before attempting to build an empire. A successful acquisition requires understanding the "roadmap to making money" - the 5-7 key steps that drive profit in any business. The numbers tell an encouraging story: while 90 percent of startups fail within 10 years, small business acquisitions have a 75-95 percent success rate. Codie attributes this to buying proven business models rather than starting from scratch. Perhaps most importantly, she challenges the notion that "boring" businesses can't generate serious wealth. From a roofing company founder becoming one of the world's wealthiest women to a garbage collection entrepreneur building a billion-dollar enterprise, Main Street businesses have created numerous millionaires and billionaires. Want to learn more? Check out Main Street Millionaire. For more information, visit the show notes at https://affordanything.com/episode565 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#563: Bitcoin is hitting new all-time highs. Is this just another bull cycle, or are we witnessing a fundamental shift in how the world thinks about money? That's the question at the heart of our conversation with Tatiana Koffman, General Partner at Moonwalker Capital and author of "The Myth of Money." Koffman joins us to explain why Bitcoin might be considered "digital property" rather than just a currency. She breaks down how Bitcoin derives its value from mathematical scarcity – similar to how gold becomes harder to mine over time, Bitcoin becomes more difficult and expensive to create every four years through events called "halvings." The conversation moves through several key developments in cryptocurrency. We discuss the recent approval of Bitcoin ETFs and how traditional financial institutions like JPMorgan Chase (whose CEO Jamie Dimon once openly criticized crypto) are now embracing these products. Koffman shares insights about crypto adoption worldwide, from El Salvador's experiment with Bitcoin as legal tender to Dubai's emergence as a crypto hub. When discussing Africa's cryptocurrency landscape, Koffman explains how Nigeria's unstable banking system has driven crypto adoption, with many young people using decentralized exchanges to participate in global markets. She describes how some Nigerians have built significant wealth starting from nothing, using "airdrops" (free tokens given to early adopters) to begin trading. The interview includes a debate about inflation rates and economic data reporting, with Koffman expressing skepticism about official figures, while I push back on claims made without supporting evidence. Koffman also explains different categories of crypto investments, distinguishing between Bitcoin as a potential store of value and what she calls "meme coins" – speculative assets she compares to gambling. She provides context about stable coins, particularly USDC and Tether, and their role during the Silicon Valley Bank collapse. For those interested in investing in cryptocurrency, Koffman suggests starting with exposure to Bitcoin through regulated platforms like Coinbase or ETFs, while emphasizing the importance of proper security measures. She explains concepts like "cold wallets" and "seed phrases," comparing them to different levels of bank security. Looking ahead, Koffman discusses cryptocurrency's potential role in reducing dependence on the U.S. dollar, particularly in developing economies, while acknowledging the challenges of creating stable alternative currencies. Find Koffman's weekly newsletter at mythofmoney.com or follow her on Twitter and Instagram @TatianaKoffman For more information, visit the show notes at https://affordanything.com/episode563 Learn more about your ad choices. Visit podcastchoices.com/adchoices