Are you interested in making your money work for you? Listen to Cayla and her guest, Mel Abraham, discuss the need to invest your money first and how to design your lifestyle around what’s left, why entrepreneurs are building a house of cards without even knowing it, some real practical advice you can implement today plus much more on this https://www.mommymillionaire.co/podcasts (Mommy Millionaire Podcast) episode.
Mel is a CPA by education but an entrepreneur by exhilaration and an author of the number one bestseller, https://www.amazon.com/Entrepreneurs-Solution-Modern-Millionaires-Freedom-ebook/dp/B00UAPAT10 (The Entrepreneur’s Solution: The Modern Millionaires Path to More Profit, Fans, and Freedom). Mel is the founder of https://melabraham.com/ (Thoughtpreneuer Academy) and https://melabraham.com/learn/ (Business Breakthrough Academy), where he helps entrepreneurs bring their businesses to the world and build the lifestyle they want. He is a globally recognized thought leader, business adviser, CPA, and financial expert sharing stages with a long list of Fortune 500 Companies and beacons in the personal development industry.
Mel discusses finding the right financial planner and a few things to think about when searching. Mel talks about the five levels of income and how the top three should replace 75 to 100 percent of your income. He also speaks about creating a perpetual income machine that, when activated, can keep you financially stable when something unexpected happens, like when he was diagnosed with cancer.
Listen, as Mel shares the difference between those that will build wealth and those that won’t, how to set up your business for success and to know your outcome and then work your journey to get to that outcome. Mel believes that when investing, you should start with the safe and mundane to build your portfolio before you dabble in the more risky investments.
If you are interested in making money, you need to be committed to keeping your money and making your money work for you. Mel shares many tips and insights to help you on your journey to financial success. You don’t want to miss this episode.
In This Episode:
[04:12] Welcome to the show, Mel!
[05:23] Mel shares his background and his love of entrepreneurship.
[07:45] Mel speaks about being a CPA and wanting to control his life and be his own boss.
[10:22] Listen as Mel shares the difference between passive and leveraged income.
[12:36] Mel believes that the right financial planner is like your first mate on a ship, but you will always need to be the captain of the ship
[14:01] Mel speaks about a couple of things he would do to find the right financial planner for you.
[16:59] Mel considers himself a financial educator.
[18:00] Mel talks about creating five income levels, with the top three replacing 70 to 100 percent of your income.
[20:55] How many levels are you generating?
[21:25] Mel shares about being diagnosed with cancer and how his life changed.
[22:49] Mel wants everyone to create a perpetual income machine.
[23:26] What was your mindset when you got the diagnosis?
[26:01] Mel discusses what he did to keep in the right mindset when leaning towards the dark place.
[28:57] “I know my outcome; what I don’t know is my journey.”
[30:03] Get your active and business income running profitably first before you create the other levels.
[31:45] Cayla speaks about the million-dollar launch she is doing.
[33:04] Mel shares the difference between those that will build wealth and those that won’t.
[35:30] Mel speaks about being duped in a Ponzi scheme.
[37:42] When first investing, focus on the more mundane. If it sounds too good to be true, it is.
[40:49] Listen as Mel shares how to set up your company for success.
[43:45] Know your outcome and then work the journey to get to your outcome.
[44:51] Mel shares some final thoughts with the lis