Building Your Money Machine

At the end of every year, I look back at what happened in my personal and professional life, and see what I've learned from it. It is a great exercise to stimulate constant growth and evolution. So, in this episode, I'll go through the 10 lessons I learned in the last 12 months.  This is also an invitation for you to do the same, to check on what happened in your life in the last year, look at the things that worked, the things that didn't, and reflect on what you need to change in your life to get where you want to go and create a fulfilling life that outlives you.  What You Will Learn In This Episode: - Why we need to celebrate micro-successes - How focusing too much on the achievements makes us forget about the progress  - The future is where your WHY is - Taking setbacks and mistakes as opportunities to grow and evolve - What is the only currency in which we should measure our wealth - When is the right time to start investing, and why we should go from lifestyle to income and not the other way round Looking back at what 2021 left us is an excellent strategy to turn 2022 into a breakthrough year for our business and personal life. The best thing we can do is take notes of what we've learned so far, and use that as the stepping stone to keep building our legacy.  Let's make a conscious effort to get to the next level in 2022. You are not alone - I'm here, and we have an entire community of affluent entrepreneurs to support you. Cheers!  ​​If you find this episode inspiring, take a screenshot of you listening on your device, post it to your Instagram Stories and tag me @melabraham9. Thank you! Resources: - FREE Money Plan Workshop  http://www.themoneyplanworkshop.com - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - My website https://melabraham.com/ - Book: Mel H. Abraham - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom https://www.melabrahamtraining.com/TES-Book-Launch-1 - Find me on Facebook https://www.facebook.com/melhabraham/ - Find me on Instagram https://www.instagram.com/melabraham9/ - Find me on LinkedIn https://www.linkedin.com/in/melhabraham/ - Find me on Twitter https://twitter.com/MelHAb - Find me on YouTube http://www.youtube.com/user/MelHAbraham

A question that arises very often and that most people get wrong is - how much should I charge for my services?  Many of us come from a commoditized industry, where we tend to swap hours for dollars, but as time is finite, that model is not scalable. So in this episode, we’ll figure out how to price our services without falling into a commodity-based conversation. We'll learn about the two sides and three main components of pricing, the four pricing levels, how to frame our services in an ROI vs. COI structure, and more.  What You Will Learn In This Episode: - Why we tend to see that raising our pricing impacts our customers, and how we can change that mentality - How value and affordability should affect our pricing - The roles of problem-solving, position and expression in building the price we charge for our services - How we can use the must-haves, the nice-to-haves, and the don't-needs to establish our pricing - What the four levels of pricing are - Framing our services in an ROI versus COI structure and why we must have value-based conversations to establish our pricing What gets commonly forgotten when we are determining the price of our services is how it impacts our lifestyle. Although unique and entirely subjective, it is definitely a variable to consider. For instance, spending long days away from the family should be considered when determining how much our services will cost.  A simple yet effective formula I can suggest is:  Hard Costs + Desired Margin + Lifestyle Impact = Our pricing.  If you find this episode inspiring, take a screenshot of you listening on your device, post it to your Instagram Stories and tag me @melabraham9. Thank you! Resources: - FREE Money Plan Workshop  http://www.themoneyplanworkshop.com - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - My website https://melabraham.com/ - Book: Mel H. Abraham - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom https://www.melabrahamtraining.com/TES-Book-Launch-1 - Find me on Facebook https://www.facebook.com/melhabraham/ - Find me on Instagram https://www.instagram.com/melabraham9/ - Find me on LinkedIn https://www.linkedin.com/in/melhabraham/ - Find me on Twitter https://twitter.com/MelHAb - Find me on YouTube http://www.youtube.com/user/MelHAbraham

Today, we talk about getting out of debt the Affluent Way. Here's the thing, debt not only slows us down on our journey of getting financial independence, but it also adds tons of pressure and unnecessary stress to our lives.  In this episode, we'll make a difference between a destructive and productive debt, the use and misuse of credit cards, the impact of social media on our shopping decisions, and we’ll also discuss emotional debt. I’ll share my take on Dave Ramsey's snowball and avalanche method to eliminate debt and much more.  What You Will Learn In This Episode: - Why entrepreneurs deal with debt differently from everybody else - Why we need to avoid playing the payment game - What destructive debt is and how does differentiates from productive debt - What it means that all debt costs and why it’s never a good idea to sell future to buy present  - What the ‘screw it spending’ is and how to avoid it - The differences between Dave Ramsey's debt elimination method and the Affluent way to eliminate debt The main difference between wage earners and entrepreneurs is that wage earners can increase their income through salary raises, whereas entrepreneurs can affect both their income and manage their expenses.  Affluent entrepreneurs face debt on two fronts - they work on reducing it, and at the same time they focus on their wealth creation. This twofold approach might slow them down a bit on their debt reduction journey, but will accelerate their investing game, getting them closer to financial independence.  ​​If you find this episode inspiring, take a screenshot of you listening on your device, post it to your Instagram Stories and tag me @melabraham9. Thank you! Resources: - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - My website https://melabraham.com/ - Book: Mel H. Abraham - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom https://www.melabrahamtraining.com/TES-Book-Launch-1 - Find me on Facebook https://www.facebook.com/melhabraham/ - Find me on Instagram https://www.instagram.com/melabraham9/ - Find me on LinkedIn https://www.linkedin.com/in/melhabraham/ - Find me on Twitter https://twitter.com/MelHAb - Find me on YouTube http://www.youtube.com/user/MelHAbraham

In this episode, we will learn why goal setting is useless and why so many never achieve their goals..and what to do instead.  As the end of the year gets closer, it is inevitable to start thinking about the things we want to achieve in 2022. But in this episode, we will forget about goal-setting and focus on goal-getting. I will take you through a really cool framework, the Goal-Getting Triad™. We will walk through each of its parts, the right mindset to approach it, and understand what we must have in place to make it work. What You Will Learn In This Episode: - Why goal-setting without a strategy is doomed to fail - The difference between making little progress and making a bunch of resolutions - Why our emotions are crucial to achieving goals - The three things that stand in the way between our goals and us - What the Goal-Getting Triad™ framework is - The principles of the Goal-Getting Triad™ framework and how to put it in practice Emotions are the perfect fuel for every plan. When we are emotionally attached to an outcome, it is unlikely that we will talk ourselves out of it. If we add personal growth to that emotional outcome, and consistently put our efforts into accomplishing that goal, that becomes who we are. Connecting and aligning that perseverance with the personal growth we are after, becomes our doing. Lastly, having that perseverance and practice in place becomes what we have. And that is my version of the Be, Do, Have model. ​​If you find this episode inspiring, take a screenshot of you listening on your device, post it to your Instagram Stories and tag me @melabraham9. Thank you! Resources: - Goal-Getting Triad™ https://melabraham.com/wp-content/uploads/TAE-039-The-Goal-Getting-Triad-.pdf - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - My website https://melabraham.com/ - Book: Mel H. Abraham - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom https://www.melabrahamtraining.com/TES-Book-Launch-1 - Find me on Facebook https://www.facebook.com/melhabraham/ - Find me on Instagram https://www.instagram.com/melabraham9/ - Find me on LinkedIn https://www.linkedin.com/in/melhabraham/ - Find me on Twitter https://twitter.com/MelHAb - Find me on YouTube http://www.youtube.com/user/MelHAbraham

This week, we're going to talk about taxes, but in an exciting way: we're going to learn how to reduce them and put more money in our pockets. I'll share with you ten different ideas to pay fewer taxes. We'll talk about reviewing our incomes, expenses and withholdings. We will look at the triple-tax advantage of Health Savings Accounts and learn how to max out our retirement account. We also explore the tax reductions from donations and charitable legacies, loss harvesting, the Roth IRA conversion and more.  What You Will Learn In This Episode: - When reviewing our income, expenses, withholdings and estimates, what we need to look at to help us reduce taxes - How we can max out our retirement account, whether we have an IRA or 401k - What is the triple-tax advantage of Health Savings Accounts - How donations can help us reduce taxes, what it means to bundle our donations and charitable legacies are - What loss harvesting is and how we can reduce taxes through it - What is a Roth IRA conversion These tax moves are really helpful to reduce our taxes and leave more money in our pockets, but some of them need to be done before this year is over. So, if you feel like some of these tips make sense, talk to your tax advisor and make them happen. Yes, we all must pay taxes, but we are not obligated to overpay them, so we have the right to use every legal deduction available.  ​​If you find this episode inspiring, take a screenshot of you listening on your device, post it to your Instagram Stories and tag me @melabraham9. Thank you! Resources: - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - My website https://melabraham.com/ - Book: Mel H. Abraham - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom https://www.melabrahamtraining.com/TES-Book-Launch-1 - Find me on Facebook https://www.facebook.com/melhabraham/ - Find me on Instagram https://www.instagram.com/melabraham9/ - Find me on LinkedIn https://www.linkedin.com/in/melhabraham/ - Find me on Twitter https://twitter.com/MelHAb - Find me on YouTube http://www.youtube.com/user/MelHAbraham

My guest today is slightly different from the ones I had in earlier episodes, but  he is just as impressive and inspiring. Brad Long is a Zero Debt Coach, specializing in helping 5 and 6 figure corporate burnouts abandon their 9 to 5 jobs, organizing and optimizing their finances, erasing their debts and helping them build the path toward financial independence.  Brad and I had an Affluent Entrepreneur money conversation. We went through Brad's journey from being $170k in debt to financial liberation. We also talked about the moment he decided to become an online entrepreneur, his passion for teaching others what he learned from his mistakes, and the programs he's currently running to add value to as many lives as he can.  What You Will Learn In This Episode: - How Brad became a Zero Debt Coach and what kind of help he provides  - How important it was for Brad to be on the same page with his wife when planning their financial future - What was Brad's relationship with money growing up - Why it is crucial to have not only an escape route from corporate America but also a financial game plan for the long run - What money and financial independence mean to Brad After a series of bad financial decisions, coming in and out from corporate America while trying to become a musician, Brad was buried under a $170k debt. After eliminating his debt, now a married man with serious financial goals, Brad realized that if he stayed in his corporate job, he would be able to reach the goal he and his wife planned, saving and investing $1 million. Still, when they were halfway through, there was only one problem: he realized that if he kept on that path, he'd lose his sanity. It was time to make the leap of faith into entrepreneurship.  Resources: - Zero Debt Coach website: https://www.zerodebtcoach.com/  - Zero Debt Coach YouTube channel: https://www.youtube.com/channel/UCsdZE9tynhAgGd9cl_FE95A   - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - My website https://melabraham.com/ - Book: Mel H. Abraham - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom https://www.melabrahamtraining.com/TES-Book-Launch-1 - Find me on Facebook https://www.facebook.com/melhabraham/ - Find me on Instagram https://www.instagram.com/melabraham9/ - Find me on LinkedIn https://www.linkedin.com/in/melhabraham/ - Find me on Twitter https://twitter.com/MelHAb - Find me on YouTube http://www.youtube.com/user/MelHAbraham

In today's episode, we talk about one of the most overlooked aspects of having a richer lifestyle: living a fulfilled life. As we are in the week of Thanksgiving here in America, and it's the moment of the year when most people take a step back and feel grateful, I thought the timing was right to introduce a new framework, The Gratitude Grid™.  Gratitude is a huge part of affluent life, and it is almost impossible to have a meaningful, impactful life without it. So today, we will go through The Gratitude Grid™, a weekly practice that turns into a daily routine. We will also go through The Gratitude Game Plan™, a habit to create a cycle of appreciation and positivity around us.  What You Will Learn In This Episode: - The effects of not practicing gratitude, how it can affect our business, our relationships and our lives in general - What happens when we bring up the energy of gratitude into our lives - The three core principles of practicing gratitude - The three categories from the internal perspective of gratitude - What activities we need to put into play to practice gratitude - What is The Gratitude Game Plan™ I believe today's society is starving for people coming from a place of gratitude and showing appreciation for others and themselves. I firmly believe that if we approach life humbly, considering others' needs and desires, and showing gratitude and appreciation, we'll have bigger chances of getting where we want to go. This way we'll leave a trail of beautiful souls blessed with our gratitude and appreciation, and the best part of it, it doesn't cost us anything.  Resources:  - The Gratitude Grid™ and The Gratitude Game Plan™ https://melabraham.com/wp-content/uploads/TAE-036-Gratitude-Grid-Game-Plan.pdf  - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - My website https://melabraham.com/ - Book: Mel H. Abraham - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom https://www.melabrahamtraining.com/TES-Book-Launch-1 - Find me on Facebook https://www.facebook.com/melhabraham/ - Find me on Instagram https://www.instagram.com/melabraham9/

I feel I have a lot in common with today's guest Jess Glazer. She is an affluent entrepreneur; she loves life profoundly, works hard to create a long-lasting legacy, and at some point, when her life was on the line, she had to ask herself: how much is enough? Jess Glazer is a Business Mentor, Speaker, Founder of Digital Business Evolution, CEO of Jess Glazer, LLC, and a Certified PE and Fitness Instructor.  In this episode, we go through her inspiring and incredible journey from school teacher to multi-million dollar entrepreneur. She shares her life-changing experiences of listening to a podcast and knowing she was "living her worst-case scenario", the health issues caused by being a treadmill entrepreneur, and much  more.  What You Will Learn In This Episode: - How Jess Glazer ended up living full-time in an RV with her husband as digital nomads - How a worst-case scenario life looks like - How hard it was for her the transition from an established job into entrepreneurship - What money and financial independence mean to Jess Jess left her job as a teacher because she wasn't happy and being a teacher wasn't an idea she had in the first place. She realized she was living a life designed for her, not by her. But once she took the leap of faith, she had one rule that she would do only what made her happy. She didn't change a job for another, she left her career for a job she loves doing.  ​​If you find this episode inspiring, take a screenshot of you listening on your device, post it to your Instagram Stories and tag me @melabraham9. Thank you! Resources: - Jess Glazer website: https://www.jessglazer.com/  - Jess Glazer Instagram: https://www.instagram.com/jess.glazer/  - Jess Glazer LinkedIn: https://www.linkedin.com/in/jess-glazer-9b4494200/  - Chris Harder podcast: https://chrisharder.me/podcast / - Book: Bronnie Ware - Top Five Regrets of the Dying: A Life Transformed by the Dearly Departing: https://amzn.to/30lnfgI   - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - My website https://melabraham.com/ - Book: Mel H. Abraham - The Entrepreneur's Solution: The Modern Millionaire's Path to

Today, we will take another step into having a richer, more fulfilling lifestyle. We will learn how to build a millionaire mind. As you might already know, I'm the framework guy, so I've put together one called the Five Builds of A Millionaire Mind™, and I'm thrilled to share it with you. We will unravel each of these five builds, so you know what you need to change, encourage and eliminate from your daily routine to build a millionaire's mindset.  What You Will Learn In This Episode: - Why you need to know where is the finish line of the race you are running - How being in constant evolution and acquiring knowledge helps you make informed decisions - How to identify the habits that are stopping you from going forward - Why you should build resilience, and the two parts of building resilience - The best reasons for putting efforts into creating affluence Building a millionaire mind is about creating a solid foundation for your financial destiny. In the Five Builds of A Millionaire Mind™ framework, we focus first on setting a clear goal. Then we make sure we learn and grow every day, and we remove from our lives the unproductive habits. We also learn to avoid judging ourselves for our mistakes and to learn from them. To build a millionaire mindset, we must also be resilient and our primary goal should be to create a life that outlives us.  ​​If you find this episode inspiring, take a screenshot of you listening on your device, post it to your Instagram Stories and tag me @melabraham9. Thank you! Resources: - Five Builds of a Millionaire Mind™ https://melabraham.com/wp-content/uploads/TAE-34-5-Builds-of-a-Millionaire-Mind.pdf - Book: Bonnie Ware - Top Five Regrets of the Dying: A Life Transformed by the Dearly Departing: https://amzn.to/3ENooNi - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - My website https://melabraham.com/ - Book: Mel H. Abraham - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom https://www.melabrahamtraining.com/TES-Book-Launch-1 - Find me on Facebook https://www.facebook.com/melhabraham/ - Find me on Instagram https://www.instagram.com/melabraham9/ - Find me on LinkedIn https://www.linkedin.com/in/melhabraham/ - Find me on Twitter https://twitter.com/MelHAb - Find me on YouTube http://www.youtube.com/user/MelHAbraham

This week, I've prepared another Q&A episode with some of the questions that came in on money, finances and wealth. The reason I'm doing this is to remind you this show was created for you, by you and with you. Hearing from you and clearing any doubt you might have is the most critical part of the show, it is about me turning into a money mentor in your back pocket. We will go through some doubts on real estate, retirement accounts, investment decisions, and much more.  What You Will Learn In This Episode: - Is it a good idea to refinance a home and take out cash to invest? - The psychological impact of debt and why no one talks about it - Is it a good idea to leave your money in an old employer's 401k account? - Does it make sense to contribute to an IRA? - What to investing in if we have only $1,000 to $10,000 to start If we ask for money advice from the wrong person, they might give us false information and we could end up putting together a money plan that makes no sense at all. If you have any doubts, send them to me on any social media channel. We will send you in the right direction and you will soon be rocking and rolling, making the right decisions around money, around future, and creating a life that outlives you.  Resources mentioned: - Britt Seva website: https://brittseva.com/  - Mel Abraham Debt Breakthrough Calculator: https://www.melabrahamtraining.com/lm-debt-breakthrough-calculator  - Mel Abraham 7 Day Money Plan Challenge: https://www.melabrahamtraining.com/money-plan-challenge  - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - My website https://melabraham.com/ - Book: Mel H. Abraham - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom https://www.melabrahamtraining.com/TES-Book-Launch-1 - Find me on Facebook https://www.facebook.com/melhabraham/ - Find me on Instagram https://www.instagram.com/melabraham9/ - Find me on LinkedIn https://www.linkedin.com/in/melhabraham/ - Find me on Twitter https://twitter.com/MelHAb - Find me on YouTube http://www.youtube.com/user/MelHAbraham