781: Want Financial Freedom? Here’s How to Build Your Money Machine
Jun 10, 2024
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Guest Mel Abraham discusses creating a money machine for financial freedom, emphasizing intentional decision-making, passive income streams, and setting big goals. He shares insights on managing finances in challenging times and the importance of starting early for financial growth, along with tips on online business success and home furnishing. The podcast encourages open conversations about money and offers valuable book recommendations.
Financial freedom is a birthright achieved through intentional decision-making and smart financial strategies, not deprivation.
Establishing a vision and creating a self-sustaining money machine are essential steps towards achieving financial freedom.
Deep dives
Starting and Aligning Two Journeys: Earnings and Money
It is vital to embark on two parallel journeys: the earnings journey and the money journey. These paths run together as our earning potential fuels the creation of wealth. By realizing that our ability to earn is the gateway to wealth creation, we set the foundation for financial success.
Building a Money Machine for Financial Freedom
Financial freedom is achievable through intentional decision - making and smart financial strategies, not deprivation. Mel Abraham, an experienced CPA and entrepreneur, emphasizes that financial freedom is a birthright. His book, 'Building Your Money Machine', outlines a roadmap to financial freedom by establishing a vision and creating a self - sustaining money machine.
The Flaws in the Traditional Retirement System
The traditional retirement system, born in the industrial age, has flaws. It revolved around working for a company for decades with the promise of a pension, which has shifted to individual responsibility with 401ks and IRAs. This system overlooks the importance of lifetime income, leaving individuals at risk of outlasting their savings.
Empowering Financial Behavior and Starting Early
We should shift our focus from money issues to money symptoms, which stem from past decisions and behaviors. It is crucial to initiate conversations and actions around money early, instilling the value of financial awareness and responsibility. By starting small and building upon financial behaviors, individuals can pave the way for long - term financial success.
Recession, rising interest rates, gas prices, and more… Costs just seem to keep going up right now, and all this can really make us feel uncertain and even scared about our future. But what if you had a roadmap that works no matter what is happening in the economy? What if you could build a money machine that makes each moment of life the richest it can be?
Mel Abraham is a CPA, author, entrepreneur, and speaker known for taking seemingly complex concepts and simplifying them through visual frameworks and easy processes. He believes that achieving financial freedom isn’t about deprivation; it’s about intentional decision-making and it is your birthright.
In our conversation, he lays down a comprehensive road map to financial freedom, from establishing one’s vision to creating a self-sustaining money machine. His goal is to help bring your dreams out of the darkness and make a plan to achieve those really big goals… not only to make more money, but to leave a legacy too.