Building Your Money Machine

It’s such a blessing to welcome to the show not only a great mom, loving wife, podcast host, business coach and outstanding entrepreneur, but also a dear soul, Alison Prince. She went from high school teacher eligible for government assistance to a multi-million dollar entrepreneur in a couple of years. Throughout her entrepreneurial journey, she and her family donated over a million dollars to charity and helped more than 8,000 families through Hope International's microfinancing programs.  In this episode, Alison shares her unique and fascinating story of how she discovered that the "go to college, get a degree, and you'll have financial security" story wasn't her best choice. We go through her first steps selling products online, the unexpected but inspiring growth of her business, the money conversations within her household, her children's education around money, and much more.  What You Will Learn In This Episode: - Who Alison Prince is and how she helps people realize their entrepreneurial dreams - The critical element that helped Alison succeed in e-commerce from day one - The roles of Alison's family in the success of her business - How Alison's daughters built a six-figure business before they even stepped foot into high school  Conversations about money are common in Alison's household, and not only about money but also about the idea that every one of them is contributing to the main cause. She and her husband instill in their children that finances don't necessarily have to control every decision in their lives - they teach them about the value of things and time. Alison believes that her job is to figure out how to make money, so it can be used to help others and alleviate the burden of those in need.  Resources: - JOIN MY 3-PART LIVE FREE VIRTUAL TRAINING SERIES:  http://www.AffluenceLive.com - Alison J Prince website: https://www.alisonjprince.com/  - Because I Can Life podcast: https://www.alisonjprince.com/podcast/  - Alison J Prince YouTube channel: https://www.youtube.com/channel/UCIRyTXZMYxyyhB8VTpthLpw?view_as=subscriber  - Alison J Prince Instagram: https://www.instagram.com/alisonjprince/  - Alison J Prince LinkedIn: https://www.linkedin.com/in/alisonjprince/  - Hope International: https://www.hopeinternational.org/  - Affluent Entrepreneurs Private Facebook Group 

I hope you are ready for today's episode, because it is going to touch your soul. Joining me is Amberly Lago, a best-selling author, TEDx and keynote speaker, podcast host, and peak performance coach. 11 years ago, Amberly was a celebrity fitness trainer sponsored by Nike, living a great life when one day, coming back home on her motorcycle, a SUV truck hit her, flipping her life upside down. Amberly had 1% chance of saving her leg from amputation. After 34 surgeries and a medical bill of almost $3 million, she discovered that all that was just the first part of her journey.  In this episode, Amberly shares her incredible story of resilience, badassery, courage and love for life. We go through her extensive recovery journey, the different stages she went through, and the financial lessons she learned after the accident, finding herself and her husband forced to deal with a medical bill of almost $3 million.  What You Will Learn In This Episode: - How Amberlyćs life was before and after the accident - How focusing on the 1% and the things she CAN do helped Amberly navigate her recovery in a better position - One of the biggest financial lessons the accident taught Amberly and her husband - Why having money conversations with our partners is so important, and how they can save us tons of money and headaches Although dealing with more than 30 surgeries was hard, the most challenging part for Amberly started when she got home in a wheelchair and asked herself - what do I do now? She was the family's main breadwinner, her personal brand the business, and her body the tool. It took all her courage and resilience, but things started to get on track when she channeled all her energies on the things she could do and ignored all the rest.  Resources: - JOIN MY 3-PART LIVE FREE VIRTUAL TRAINING SERIES:  http://www.AffluenceLive.com - Amberly Lago's website: https://amberlylago.com/  - True Grit and Grace Podcast: https://amberlylago.com/podcast/  - Book: Amberly Lago - True Grit and Grace: Turning Tragedy into Triumph: https://www.amazon.com/dp/1733809007  - Amberly Lago Instagram: https://www.instagram.com/amberlylagomotivation/  - Amberly Lago LinkedIn: https://www.linkedin.com/in/amberlylago/ - 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 Pat

Today, I will answer a question I get asked a lot - what kind of entity is the best for my company? Considering laws can be very different depending on where you are based, and each personal situation is different. We will go through the various structures you can pick for your business and your assets. We will look at each structure's pros and cons, tax structures, and everything you must know to protect your business, family and legacy.  What You Will Learn In This Episode: - How picking the correct entity for our company can protect us from expensive lawsuits - Why it is essential to legally separate ourselves and our assets from our company and its assets - The pros and cons of Sole Proprietorship - The differences between a C-corp and an S-corp - What Limited Liability Companies (LLC) are and the difference in taxes between them and C- or S-Corps - How we can reduce the self-employment tax When choosing an entity for our company, we provide it with a skeleton, a structure to protect our assets and the business assets. We use the same logic we use with accounts to register our company, separating personal from business. It also gives the company a legal form, and most importantly, a tax structure that will help us avoid unpleasant surprises with the IRS.  Resources: - JOIN MY 3-PART LIVE FREE VIRTUAL TRAINING SERIES:  http://www.AffluenceLive.com - The Business Entity Cheat Sheet https://melabraham.com/wp-content/uploads/TAE-030-Business-Entity-Cheatsheet.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

I’m excited about today’s episode, because we will go through the next step after establishing our Wealth Priority Ladder™. In this show, I will take you through the six types of accounts you can choose to have on your wealth path, and I will also share a four-step system to start funding those accounts. We will look closely at each of the six accounts, pros and cons of each, and how to use them in the smartest way.   What You Will Learn In This Episode: - What is the account jumble, and which three criteria we must use to choose what kind of account we'll get - Why we must keep our business from our personal accounts separated - My three rules with high-yield cash accounts - The benefits of having 401k and HSA accounts One of the first steps on our journey to an affluent life is to separate accounts. Every dollar that comes in must know its purpose, and as soon as we get it we must put it to work for us. This task distribution becomes much easier when we have multiple accounts, each one of them taking care of different aspects of our lives and our business.  Resources: - JOIN MY 3-PART LIVE FREE VIRTUAL TRAINING SERIES:  http://www.AffluenceLive.com - Affluent Entrepreneur Show Ep 024: What To Do With Your Cash https://melabraham.com/024-what-to-do-with-your-cash/  - The Wealth Priority Ladder™ https://melabraham.com/wp-content/uploads/TAE-023-Wealth-Priority-Ladder.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

Last August 2nd, Emily Ray, my first granddaughter, promoted me to the happiest man on earth. That got me thinking about the future, and coincidently, a soon-to-be mom I've met on a mastermind asked me what advice would I give, if any, to future parents. So I've decided to make this episode about the 10 lessons I would give to new parents about finances, and the best way of taking care of their children. In addition, I will share my latest framework, The Emily Factor ™.  What You Will Learn In This Episode: - Why we must focus on raising empowered little ones with financial tools to develop a richer lifestyle - The most critical investment we can make in our children - Why transferring skillsets is widely more important than transferring assets - The importance of a piece of mind fund, life insurance, and disability insurance - Why we must learn to have tough conversations - What is The Emily Factor ™, how it works, and how can we put it into practice Understanding that our kids and grandkids came to this world to fulfill their dreams and not ours is perhaps one of the most challenging, yet most beneficial lessons we can ever learn. As long as they are not harming themselves or anyone else, our job as parents and grandparents is to support them and give them the tools and the help they need to accomplish their goals.  Resources: - JOIN MY 3-PART LIVE VIRTUAL TRAINING SERIES:  http://www.AffluenceLive.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

On September 2, I turned sixty. I added a new decade to my story, which got me thinking, what are the lessons I've learned in the last six decades? Today I want to share with you the 10 lessons I've learned on my journey of living a fulfilling life and as an affluent entrepreneur. We will also talk about the concept of living in a state of disappointment, and we will go through the three principles of living a meaningful life.  What You Will Learn In This Episode: - The difference between being wealthy and living a rich life - The three principles we must have in place as rule #1 for building an affluent life - What is the role of our values in the decisions we make every day, and how that affects our future - Why we must be open about what we do, and why we need to find a purpose in every action we take - What is the role of our habits in the things we create When I look back at my journey, I realize it is not about the challenges I had but about the lessons I got from them. One of the biggest lessons I've learned is that richness comes from the way we use our time, not our dollars. I'd rather measure my wealth in time than in money for a simple reason - money is an unlimited resource while time is finite.  Resource: - The 10 Lessons from 6 Decades™ https://melabraham.com/wp-content/uploads/TAE-27-10-Lessons-in-6-Decades.pdf  - The Money Plan Challenge by Mel Abraham: https://www.melabrahamtraining.com/money-plan-challenge  - Book: Bronnie Ware - Top Five Regrets of the Dying: A Life Transformed by the Dearly Departing: https://www.amazon.com/Top-Five-Regrets-Dying-Transformed/dp/1401956009/  - 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

On today’s show, I'm thrilled to welcome my good friend Bobby Klinck, a Harvard-trained attorney turned entrepreneur, mentor, author, and podcaster. He is the founder of BobbyKlinck.com, Principal of Klinck LLC, and host of The Certified BADA$$ Online Marketing Podcast. He helps entrepreneurs make sure the legal crap doesn't hit the fan while building raving fan bases.  Today, he shares with us how he went from wantrepreneur to a thriving multiple six-figure entrepreneur. We’ll get to know where Bobby comes from, and his entrepreneurial family background. He shares the thought process behind quitting his life as a Federal Prosecutor to become an entrepreneur. We had a profound conversation about marketing strategies, connections, life choices, happiness, wealth, and some sound legal and marketing advice.  What You Will Learn In This Episode: - Who Bobby Klinck is and why his life story is so inspiring - What Bobby's first big mistake was as an entrepreneur and what he did to fix it - The difference between entrepreneurs that sell information vs. those who sell implementation - Why Bobby believes there is no such a thing as passive income in entrepreneurship - What we need to have in mind before starting a business Although Bobby could make half a million dollars a year as a salary, he decided to risk it all to become an entrepreneur. He had a successful career as a lawyer, but he had no time to enjoy his life and he felt that his life was controlled by everyone but himself. He realized that affluence is about him and his family being happy and making money while being present in his daughter's life.  Resources: - The Money Plan Challenge by Mel Abraham: https://www.melabrahamtraining.com/money-plan-challenge  - The Certified Badass Online Marketing Podcast - https://bobbyklinck.com/podcasts/ - Bobby Klinck’s Website - https://members.bobbyklinck.com/accessallyref/a1c6037f/  - BOM University - https://members.bobbyklinck.com/accessallyref/a23c6037f/ - Bobby's Legal Template Library - https://members.bobbyklinck.com/accessallyref/a4c6037f/ - 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/

Today, we will go through all you need to know about ETFs and Index Funds, and what it takes to invest in them. We will start by understanding the difference between trading, investing, and gambling in the stock market. We will also look at trading versus investing, analyze the possibilities each one offers and what they demand from us. In the end, we will go through what you need to do to start creating your path toward financial liberation.  What You Will Learn In This Episode: - What is the difference between gambling, trading, and investing, and what is the best option in the long run - Why ETFs and Index Funds are easier ways to invest - The difference between ETFs and Index Funds - A step-by-step process we need to follow to start investing As affluent entrepreneurs, when we think about wealth building, we think about permanent and sustainable wealth with the sole purpose of reaching financial liberation. That is why our choices of building wealth have a system behind them, and we can duplicate them over time.  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 talk about what the right thing to do with our cash is, and we will approach this subject from one of the Affluence Blueprint™ principles. Our guidance, our recipe to success will be the Wealth Priority Ladder™. Like any other recipe, this one focuses not only on the ingredients we use, but also on adding the right amount and mixing them correctly.  Before we jump into the Wealth Priority Ladder™ principle, we will go through the two things we need to know to get into the wealth-building game, and the four principles that will help us make a difference in it.   What You Will Learn In This Episode: - How we can develop the habit of creating an investment, and why we say that investing is automatic and consistent - The four principles of the wealth-building game - What it means to have a comfort plan in place, and how that will help us - How we can prevent consumer debt to consume us, and what is a peace of mind fund - Why we must fund our retirement before we fund college We must see our money as foot soldiers, as employees, with the difference that money doesn't need to rest to recuperate - it will work 24/7 to help us achieve our goals. The Wealth Priority Ladder™ gives every single dollar that comes in an assignment, and it leads to financial liberation and affluent life.   Resources: - The Wealth Priority Ladder™ https://melabraham.com/wp-content/uploads/TAE-023-Wealth-Priority-Ladder.pdf  - The 7-Day Money Plan Challenge http://themoneyplanchallenge.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 http

I'm so excited to bring to the show not only a dear friend,  but someone with a huge heart, a tremendous soul, and obsessed with helping people. Anthony Trucks is a former NFL player turned into a Transformational Identity Shift Coach. Anthony's way of showing up in his personal and professional life is impressive, and after hearing his life story, I'm sure you'll ask yourself - what is my excuse? In this episode, we talk about purpose, identity, and inspiration. Anthony shared his life story, his challenges, victories, defeats, and how searching for and finding his identity saved him. We also talk about his soon-to-be-published book “Identity Shift,” what motivated him to write it, and why you should read it.  What You Will Learn In This Episode: - Anthony Truck’s background, and what it means to be a transformational identity shift coach - Why we say that identity is a construction and that it can be rebuilt - Exploring the relationship between our ego and our identity - How to rewire our pleasure centers and our patterns of reaction In the conversation with a friend that saved his life, Anthony learned that other people were looking up to him and that he inspired them. He realized that the craziness he experienced perhaps happened for a reason. That day, a seed of key insights was planted - it started with a person very close to him who saw him in a way he never had seen himself.  Resources: - Anthony Trucks website: https://anthonytrucks.com/  - Anthony Trucks Instagram: https://www.instagram.com/anthonytrucks/  - "Identity Shift" by Anthony Trucks https://identityshiftbook.com/ - Use code TAES to get the audio book, digital book and workbook for free. - 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