Dare to Launch Building Your Money Machine w/ Mel Abraham - DTL #15
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Join your hosts Chris Saunders and Jeff Walker in welcoming Mel Abraham to the show this week! Mel is a renowned entrepreneur, speaker, author, and expert in the field of financial freedom. A recurring theme this season has been the reality that entrepreneurship, and really success in general, is hardly ever a straight line. And Mel’s story is yet another fascinating testament to that truth. In recounting his difficult journey from a working-class childhood to multi-millionaire entrepreneur, it seems like almost every major success was prelude to a period of difficulty. And instead of getting beaten down by these hard moments, he chose to pick himself up, learn from his mistakes, and push forward. Realizing he’d worked so hard he missed out on years of his son’s childhood was the first blow. Losing millions to a Ponzi scheme was the second. Discovering he had bladder cancer in 2019 was the third. But he was able to navigate all of the above and more because of his lifelong commitment to building what he calls the Money Machine. In today’s chat, Mel acts as financial guru and walks Jeff and Chris through how he built the money machine that has saved his life multiple times over. Even if you’re already a pro at money management, Mel’s story is a fascinating case study in self-awareness, proactive thinking, and the triumph of the human spirit. We highly recommend picking up a copy of Mel’s new book “Building Your Money Machine.”
Key topics discussed:
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Money and Freedom: Mel discusses the popular misconception that money will bring you freedom and happiness in life, and how that’s not always the case.
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The Value of Hardship: As has become a theme this season, Mel shares some important hardships and how they helped him become a better person.
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Financial Harmony: Another popular misconception is the idea of work-life balance. Mel reframes this concept as “financial harmony,” why it’s different, and how it works.
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Talking About Money: Many people are afraid to even discuss money and as Mel sees it, breaking down that barrier is the first step to financial liberation.
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Resisting Temptation: When revenue starts to come in, people tend to want to dramatically level up their lifestyles. Mel lays out the smart way to level up.
Key takeaways:
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Money is not the key to freedom. You can be rich and have no absolutely no control of your time or lifestyle.
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Your relationship with money is literally a relationship. If you become passive in that dynamic, the relationship will wither.
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You have to enjoy the journey to financial freedom or you won’t enjoy the end result. Rewarding yourself responsibly must be part of the process.
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We need to assign a job description to every dollar we make before we earn it. That means understanding exactly where your money is going to go at all times.
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We need to say “I will” instead of “I want.” Those declarations help you understand how all of your actions pull you closer towards achieving your goals.
Resources Referenced in the episode:
Mel’s book “Building Your Money Machine.”
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