Getting Your Money To Work Harder For You Than You Worked For It With Mel Abraham
CRAFTED Millionaire
Cayla Craft
4.8 • 1.3K Ratings
🗓️ 8 July 2024
⏱️ 58 minutes
🧾️ Download transcript
Summary
Welcome back to Crafted Entrepreneur, where today's guest is financial educator Mel Abraham, author of "Building Your Money Machine." Mel Abraham, a CPA turned entrepreneur, is known for helping people achieve financial independence through his unique methods and practical advice. In this episode, Mel discusses his new book, emphasizing the importance of making money work harder for you than you did for it. The conversation highlights the challenges of writing a money book that is accessible, simple, and actionable for readers. Mel shares his personal experience of losing a third of his wealth in a Ponzi scheme and the lessons he learned from it. The key takeaway from the discussion is the necessity of investing in oneself and applying knowledge to achieve financial freedom. The podcast emphasizes that financial freedom comes from creating leveraged income, not just passive income, to avoid burnout.
Links + Resources:
Website: Mel Abraham Official Site
Instagram: Mel Abraham on Instagram
Facebook: Mel Abraham on Facebook
LinkedIn: Mel Abraham on LinkedIn
Twitter: Mel Abraham on Twitter
Book: Building Your Money Machine
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Show Notes:
00:00:33 - Mel Abraham, a renowned financial educator and CPA, is introduced, highlighting his new book "Building Your Money Machine."
00:01:29 - The book is designed to be accessible, simple, and practical, making it easy for readers to follow and apply its lessons.
00:02:26 - Mel shares a personal story about the challenges of writing the book, including having to cut down from an overwhelming 285,000 words.
00:03:18 - He added QR codes in the book linking to additional resources, allowing readers to delve deeper into topics of interest.
00:04:03 - Mel explains the stages of financial growth: stability, security, independence, and freedom, emphasizing the goal of financial independence.
00:05:25 - Mel highlights the pitfalls of trying to earn more money through working harder, leading to burnout and breakdown.
00:07:25 - Mel discusses the three types of income to focus on:...
Transcript
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| 0:00.0 | I had to be on the treadmill. The only way to make more money was to run faster, run longer, |
| 0:04.5 | harder. The only guarantee then is burnout, break down, and disaster. |
| 0:09.2 | Wow. And so then they say, well, multiple streams of income. |
| 0:12.9 | So what do they do? |
| 0:14.0 | You start trying to run on two treadmills. |
| 0:16.1 | Right. |
| 0:17.1 | That was me for a while. |
| 0:18.1 | Yeah. Yeah. Welcome back to Crafted Entrepreneur. So today I'm excited because we're actually having a repeat |
| 0:39.7 | guest. I think this is only a second time maybe his third time being on the show |
| 0:44.4 | But he hasn't been on ever since I rebranded to crafted entrepreneur so it's very new and I'm pumped because he is a pillar in the financial education community. |
| 0:57.0 | He's an inspiration to me and somebody that I just look up to in the industry and just in life in general. |
| 1:03.7 | So you guys are in for a treat because my friend Mel Abraham has wrote a new book. |
| 1:10.4 | It's called Building Your Money Machine, |
| 1:13.0 | and it's how to get your money to work harder for you |
| 1:16.0 | than you did for it. |
| 1:18.0 | This is like I live for this stuff. |
| 1:19.0 | I eat this stuff up. |
| 1:20.0 | This is all we talk about on the podcast. |
| 1:22.0 | So you guys are going to learn because Mel has such a unique take on it and I need you all to buy his book. |
| 1:27.8 | So we're going to make sure to link it up in the show notes. But Mel is actually a CPA by education and an entrepreneur by exhilaration. |
| 1:36.0 | That's his own title. |
| 1:39.0 | So he came up with the entrepreneur's solution, |
... |
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