Codie SanchezFounder @ Contrarian Thinking

The Biggest Problem I See With First Time Entrepreneurs

13 Jun 2026 · 0 min

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Codie Sanchez calls it the wallet trap: first-time founders assume customers think like they do and charge too little. Your budget isn't your customer's budget. Detach what you'd pay from what you should charge.

I do not feel like I am worthy of selling somebody a $1,000 product, even though I actually think the product is worth more than $1,000.
Help me get over this mental hur—
hurdle. This is called the wallet trap. The real phenomenon is when you assume buyers think and operate like you in financial decisions. You live in your own budget, right? You have your own price sensitivity, your own definition of expensive, and you project that. But that's where the false belief of I could never charge that much comes from. Your wallet has nothing to do with your customer's wallet.