Building Your Money Machine

Today, I’m welcoming my first guest on the show, James Wedmore. He is an online business coach, founder of Business By Design and the host of Mind Your Business Podcast. James is well known in the online space for his unique online courses and content.  We talk about James' journey into becoming who he is today, what he did right, what he did wrong, what it takes to scale and build a business, but also what it DOESN’T take. We talk about what it means to be a Digital CEO, and how to create a business that creates cash flow, giving you the income you need to build an asset base and to become financially independent. James talks about the hierarchy of change, stress and logic versus fear, and much more. So grab a notepad and let’s dive in!  What You Will Learn In This Episode: - What is a Digital CEO, and what we need to do to become one - The differences between a marketing strategy and running a business - The five levels of the hierarchy of change, and the best way to level up - Why the way we show up in our company is crucial to our business - How learning to let go can help us grow and scale our business - The three keys to IBM's success, and what we can learn from them One of the most distinctive characteristics of entrepreneurs is that they have goals that they think about, dream about, and they concentrate their efforts to achieve those goals. The next step is realizing that the new thing we want to accomplish in our business requires letting go of something. So we want something, and that something wants something from us. Are we willing to give that away?  Resources mentioned: - Get access to the Digital CEO Dashboard FREE https://www.jameswedmoretraining.com/a/2147488916/A7ojhDBU    - The Mind Your Business Podcast: https://www.mindyourbusinesspodcast.com/  - Connect with James Wedmore https://www.jameswedmoretraining.com/  - Learn more about Robert Dilts https://diltsstrategygroup.com/DSG/AboutRobert.html  - The Affluent Entrepreneur Show Ep. 010 Generate and Scale Your Income https://melabraham.com/010-generate-and-scale-your-income/  - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - My website https://

What does it take to get paid premium fees for what you know? In today's episode, we will discuss how to increase the prices of our products, not from a pricing perspective but from focusing on the value we provide. We will go through the four elements we need to elevate in order to separate our business from the rest as premium providers.  What You Will Learn In This Episode: - Why we must find out what makes us different from everybody else in the market - The Unique Methodology™, and how it works - The four things we must have in order to create a truly Unique Methodology™ that stands out - The advantages of creating an online program When the market can't see the value we can provide, increasing our revenue is almost impossible. We will find many people in the market solving the same problems we solve, but we must discover what makes us different, and what value we can provide that no one else can.  Resources: - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - The Unique Methodology™ Framework https://melabraham.com/wp-content/uploads/TAE-011-Your-Unique-Methodology™.pdf   - 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 talk about one of the best ways to generate income, and one of the three pillars of The Affluence Blueprint™  called the Generate pillar. I will talk about why I love digital business and digital income streams to generate revenue and wealth. We will go through the three essential elements of digital businesses and how they work. What You Will Learn In This Episode: - The three critical outcomes of the affluent entrepreneur  - The elements needed to become an affluent entrepreneur and what is the Generate pillar - The different ways to generate income, and the relationship between the value we provide and the price we ask for our product - The three elements framework to create a digital business Regardless of the expertise we have, the beauty of the digital space is that we can record a course with several lessons and sell it online. It will provide value and teach people without our presence being required, and most importantly, it will generate income while we sleep.  Resources: - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - Download The Digital Income Paradigm™ Framework https://melabraham.com/wp-content/uploads/TAE-010-The-Digital-Income-Paradigm™.pdf  - 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 reveal why assets are essential for your financial liberation. We will talk about the Save, Spend, and Pray society in which most of us grew up, and how that has affected the way we see money and wealth creation. We will demystify the beliefs around passive income, and we will go through the five incomes framework. What You Will Learn In This Episode: - Why the “save, save, save” mentality can't help us to create financial liberation - The Five Incomes™ Framework - What is leveraged income and its role in wealth creation - What are the two levels of income that most people spend their lives on - The advantages of having assets income, residual income, and portfolio income When all of our income depends on one of the five incomes, we will have a hard time scaling that. The secret to financial liberation lies not in our capacity to generate income, but in our ability to create a machine capable of supporting our lifestyle without our direct effort. Resources: - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - The Five Incomes™ https://melabraham.com/wp-content/uploads/TAE-009-The-Five-Incomes™-.pdf  - My website https://melabraham.com/ - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom, a book by Mel Abraham https://www.amazon.com/Entrepreneurs-Solution-Modern-Millionaires-Freedom/dp/1630473308/  - 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 will do a bit of math to understand the number of wealth creation. We will talk about the variables to consider when you want to reach the desired level of wealth, and we will cover the most common mistakes people make when planning their journey to a wealthy life.  What You Will Learn In This Episode: - How the change in the pension plans has affected our lives - Why we must create a lifestyle plan rather than an income plan - How investment returns can help us create wealth, and how higher investment returns relate to risks - The role of time in wealth creation - The four inputs that affect the amount you need in order to grow your wealth The see-where-it-goes mind frame is not the best strategy to achieve financial liberation. Therefore, when we talk about wealth creation, it is fundamental to have a clear goal, otherwise, it is impossible to put a plan together that will get you where you want to be.  Resources: - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - Access the Lifestyle Wealth Calculator ™ here http://www.melabraham.com/wealthtool/  - The Four Wealth Drivers Matrix™ https://melabraham.com/wp-content/uploads/TAE-008-The-4-Wealth-Drivers-Matrix™.pdf  - My website https://melabraham.com/ - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom, a book by Mel Abraham https://www.amazon.com/Entrepreneurs-Solution-Modern-Millionaires-Freedom/dp/1630473308/  - 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 talk about profit, and we will discuss how the misconception between revenue and profit can cause problems and misunderstandings. We will also talk about maximizing profits, what the 50% rule is, and the Wants and Needs Analysis.  What You Will Learn In This Episode: - Why revenue or top line is NOT what we need to focus on when we want to increase profit - What is the best way to increase a company's profit - What is the 50% rule, and how to apply it properly - How the Needs and Wants Analysis can help us scale our profits Once our company starts generating considerable profit, it becomes easy to make mistakes. Instead of asking, can I afford this, the question should be, how can I make this affordable? When we talk about lifestyle and wealth, we need to think about our future, and getting in debt for a lifestyle is selling our future for our present.  Resources: - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - The Fifty Percent Rule™ Framework https://melabraham.com/wp-content/uploads/TAE-007-50-Rule-Graphic.pdf  - My website https://melabraham.com/ - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom, a book by Mel Abraham https://www.amazon.com/Entrepreneurs-Solution-Modern-Millionaires-Freedom/dp/1630473308/  - 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 will talk about money stories, and why I believe that the money stories that keep us stuck are not taught, but caught. We will go through Brad and Ted Klontz’ four money scripts to understand how these stories affect us, and what we can do to prevent them from running our money life.  What You Will Learn In This Episode: - Where our money stories are coming from - Why we need to be able to identify our money stories - The main traits of money avoidance and money worship stories - What is money status, and where it can lead us - What it means to be money vigilant  All of us have money stories, but until we step back as observers of our life and identify them, we won't be able to change them. Maybe one of the four money scripts is more present than the others in our lives, and that’s fine. What we need to do is find a balance between them.  Resources: - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - Book: Ted Klontz, Brad Klontz - Mind Over Money: Overcoming the Money Disorders That Threaten Our Financial Health https://www.amazon.com/Mind-over-Money-Overcoming-Disorders-ebook/dp/B002WA4O9E/  - My website https://melabraham.com/ - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom, a book by Mel Abraham https://www.amazon.com/Entrepreneurs-Solution-Modern-Millionaires-Freedom/dp/1630473308/  - 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 will talk about wealth-building entrepreneurship and why businesses fail. We will discover the mind frames that affluent entrepreneurs need to understand and adopt, and that will set them apart from treadmill entrepreneurs. What You Will Learn In This Episode: - What is the main difference between treadmill and affluent entrepreneurs - The three mind frames on an affluent entrepreneur, and why mind frames are different from mindsets - The idea behind creating several business plans for our entrepreneurial endeavors - What happens when we have conflicting mind frames  Some entrepreneurs feel comfortable with only one or two of the three affluent entrepreneurs' mind frames, and it often ends up with their business failing. We are the CEO not only of our company, but of our legacy, and that's why we must know how to wear every hat and feel confident with all three affluent entrepreneurs' mind frames.  Resources: - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - Career Explorer - How much money can you make with an entrepreneurship degree? https://www.careerexplorer.com/degrees/entrepreneurship-degree/salary - The 3 Mind- Frames ™ of an Affluent Entrepreneur Graphic https://melabraham.com/wp-content/uploads/TAE-005-3-Mind-Frames-of-Affluent-Entrepreneur.pdf  - My website https://melabraham.com/ - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom, a book by Mel Abraham https://www.amazon.com/Entrepreneurs-Solution-Modern-Millionaires-Freedom/dp/1630473308/  - 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 episode is about the simple ways to create wealth. We will talk about money issues and how to deal with them. We will go through the three basic laws of wealth creation, and I'll share with you the six steps you can implement right away to change your wealth-building game.  What You Will Learn In This Episode: - Why you are experiencing money problems - The three fundamental laws of wealth creation - Why it is important to know the destiny of every dollar that we generate - What is the best way to manage our investments - The six steps to start building wealth  Wealth creation is simple to understand, yet it is a long game. We must be consistent, disciplined, we must be investing persistently based on the fundamental laws, and as a result, we will create wealth over time.  Resources: - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - Book: Chris Hogan - Everyday Millionaires: How Ordinary People Built Extraordinary Wealth—and How You Can Too https://www.amazon.com/Everyday-Millionaires-Ordinary-Extraordinary-Wealth-ebook/dp/B07MCYP39J/ - My website https://melabraham.com/ - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom, a book by Mel Abraham https://www.amazon.com/Entrepreneurs-Solution-Modern-Millionaires-Freedom/dp/1630473308/  - 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 will talk about the money taboo. We will discuss how the way we think about money affects our relationship with it and our lives in general. We will go through the six reasons why we should start talking about money with the people around us. What You Will Learn In This Episode: - Why the taboo of talking about money is keeping you broke - How the ignorance around money can affect our families - Why talking about money is the pathway to growth - Why we must have positive conversations about money and talk about it with our kids - The importance of breaking the not-talking-about-money family tradition There are many emotions around money. Those who have it feel guilty, and those who don't feel ashamed. The feelings around money make it an uncomfortable topic to be discussed, which only creates more ignorance and confusion about producing wealth. We need to remember that money is neither good nor bad, it's neutral. It's just a tool that can be used for the greater good or not. Resources: - Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint - Download The Framework Formula  https://melabraham.mykajabi.com/framework-formula-opt-a?_fs=bf04d77d-f5b9-4f0d-ba42-370ec6d7ca8f  - My website https://melabraham.com/ - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom, a book by Mel Abraham https://www.amazon.com/Entrepreneurs-Solution-Modern-Millionaires-Freedom/dp/1630473308/  - 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