The Nourished CEO Podcast Building Wealth as an Entrepreneur with Mel Abraham
Is the money you earn being used effectively to truly build wealth? As entrepreneurs, we have a unique opportunity available to us when it comes to our money -- both making it and using it to grow. Today’s guest shares insight and advice on how to make your money work best for you.
About Mel Abraham
Mel is a CPA by education but an entrepreneur by exhilaration. He’s the author of the #1 Bestseller, The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans & Freedom.
He’s the founder of Thoughtpreneur(™️) Academy & Business Breakthrough Academy where he helps entrepreneurs bring their businesses to the world and build the lifestyle that they want.
After finding a cancerous tumor in his bladder larger than a baseball in June 2019 and successfully conquering it within 18 months, Mel began to openly teach his The Affluence Blueprint(™️) because his cancer journey spotlighted the immediate and urgent need for entrepreneurs to find “financial liberation” and peace of mind.
This is the very process and system he’s used to build his business and more importantly his wealth through business that allowed him to completely shut things down to focus on what’s important. Most entrepreneurs are building a financial house of cards and don’t even realize it… and traditional financial advice will not work for them.
Creating Multiple Income Streams
In this episode, Mel explains the importance of having diverse streams of income. As entrepreneurs, we tend to be open to opportunities. Mel wants us to look for ways to diversify income in order to manage risk and better prepare for the long term.
We can do this by looking for all the places where we can add value in our businesses. Thinking creatively beyond traditional business models will open us up to the infinite opportunities available to do so.
Preparing for the Unpredictable
Another important part of being a successful entrepreneur is building a business that can run without you. Life is unpredictable. For Mel, a cancer diagnosis forced him into an unplanned hiatus. It was the systems in his business that allowed him to focus on his health during this time.
However, you can’t wait until a crisis occurs to prepare for it. Mel explains why setting up your business and income streams early will help you weather the storms that life throws at you. It’s never too early to start planning and preparing.
You can even work on this outside your business. Mel shares his knowledge and insights on how and why to start investing right away to build financial freedom that goes beyond what you do for your business.
How can you start investing in your future right now? Leave a comment on the episode page!
In This Episode
- How Mel became a money expert for entrepreneurs [5:00]
- The security that comes with having multiple income streams [9:30]
- How a diversity of income streams helps prepare you for the unexpected [19:15]
- The important distinction between spending and investing [32:00]
- How to build a money machine outside your business [43:15]
Quotes
“We don’t want to talk about money. It’s taboo. So we don’t talk about money and when we don’t talk about it, how do we get better at it?” [7:22]
“When we create multiple income streams inside the business, now the business is more stable, your financial future is more stable, and you have a bit more comfort.” [17:38]
“Make your financial future a priority and build it into your plan each day.” [31:39]
“Your current financial situation -- good, bad, or ugly -- is the result of your behaviors, decisions, and habits.” [48:07]
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