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Recession, rising interest rates, gas prices, and more… Costs just seem to keep going up right now, and all this can really make us feel uncertain and even scared about our future.
But what if you had a roadmap that works no matter what is happening in the economy?
What if you could build a money machine that makes each moment of life the richest it can be?
In a recent survey by Achieve, only a little more than one out of ten people are living their definition of financial freedom, so if you feel like you aren’t where you want to be, you’re not alone. But It doesn’t need to be that way!
Mel Abraham is a CPA, author, entrepreneur, and speaker known for taking seemingly complex concepts and simplifying them through visual frameworks and easy processes.
He’s built, bought and sold numerous multimillion-dollar businesses for himself as well as his clients, and has helped build thousands of businesses and have generated hundreds of millions of dollars, ranging from large corporations to startups and small family-owned businesses.
Mel believes that achieving financial freedom isn’t about deprivation; it’s about intentional decision-making and it is your birthright.
His brand new book, Building Your Money Machine, is out on June 11th, 2024 and you can order it NOW!
In our conversation, he lays down a comprehensive road map to financial freedom, from establishing one’s vision to creating a self-sustaining money machine.
His goal is to help bring your dreams out of the darkness and make a plan to achieve those really big goals… not only to make more money, but to leave a legacy too.
The Need for Financial Freedom
To kick off our conversation, Mel stressed the importance of financial freedom as a birthright and the necessity of having open conversations about money.
Mel also highlighted the shift from the traditional pension system to the modern 401ks and IRAs, emphasizing the lack of lifetime income and financial education provided to individuals.
The industrial age thinking no longer aligns with our extended lifespans, leaving many of us in a precarious financial situation as we approach retirement… which is why it’s more important than ever to take control of our financial future!
The Concept of the Money Machine
Mel introduced the concept of the money machine, which involves separating earnings from efforts and building multiple streams of income.
He outlined the five levels of income generation, which are:
1. Active Income: This is where individuals start, involving one-on-one relationship, effort, and money. Examples include sole jobs and solopreneurs.
2. Business Income: This level involves bringing in a team or other people to start leveraging money to buy back time. It is a step up from active income.
3. Asset-Based Income: This level includes acquiring hard assets like real estate or equipment that can be rented out for income. It requires effort at the beginning but less than active business income.
4. Residual Income: This level is about creating something once and getting paid repeatedly. Examples include royalties from books or courses.
5. Portfolio Income: The top level involves paper assets like stocks, ETFs, and bonds. It is about investing in financial instruments for income.
The most important levels are the top three: asset-based income, residual income, and portfolio income, which create a sustainable income stream that provides financial freedom and flexibility.
Starting Early and Building Wealth
Mel shared personal anecdotes about starting early with his son and grandchildren, emphasizing the importance of instilling financial literacy and responsibility from a young age. He discussed the impact of early investments, such as Roth IRAs, and the potential for significant growth over time.
My favorite part of our conversation was when he emphasized the idea of legacy and how building a money machine can serve as a financial inflection point for future generations.
“I believe our legacy isn’t what we create and build to leave for someone,” he said. “I believe a legacy is what we live and leave in someone each day that we live.”
How to Take Action TODAY
To help individuals take control of their financial futures, be sure to grab Mel’s brand new book, Building Your Money Machine: How to Get Your Money to Work Harder for You Than You Did for It, which is out on June 11th, 2024!
Order the book now and access additional resources to accelerate your financial journey!
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