Do THIS If You're Feeling Poor

my life. I'm living someone else's life. And I literally went in and quit. Now I'm going to be straight with you. I did not know this framework. When I, when I did that, I did something that could be deemed reckless. And the only good part about it is I was single. I didn't really have a whole lot of responsibility. So quitting on a whim, I got away with, okay, it's actually when I, when I went to Japan and, and did all of

that, but. But I wouldn't recommend it. I would recommend using a framework, using a process, using a formula, until you set yourself up for the greatest possibility of success. And that's what I want to break down

for you. So whether it's you trying to build a side gig, a side hustle, to transition from one company to the next, to a job, to entrepreneurship, this will help you put it together in a way that you elevate the probabilities of success, the ability to create a financial future that is not only good for the bank account, but good for the heart, too. So let's break it down. I'm going to. I'm going to draw this framework out, so you'll start to understand how this. How this plays out. And if

I look at this, it takes. There's three stages of moving through this, and the very first stage is what I call the preparation stage. And the preparation stage. This is a stage where you're going to spend some time doing some reflecting and some thinking. You're going to be doing some stuff to try and understand more about what you're trying to do, why you're trying to do it, how you're going to do it, and when you go through it this way, okay, this is about thinking about what you're doing.

This is about moving you from sketchy ideas, okay? Which is totally fine, to have ideas, to confident, because when we. When we prepare properly, it makes it easier for us to do. Now, there's three things that I think we need to have to prepare properly. And the first thing is this, because, remember, the reason we're doing this, the reason we're doing this is to make sure that we not only become more successful financially, we feel more fulfilled in our

life. So this is one of the reasons that I. The very first piece of this preparation and this thinking and this reflecting and this planning process is something that I call unmistakable passion. So this is the first piece and the first step and part of this is us going through and figuring out, is this something I'm passionate about? Passionate, not interested. Okay. I want you to be interested, but I want you to be more than

interested. I want you to be passionate about so you can be committed to it, to make that. That happen. Now, the other thing that we really need to understand is, because I hear this all the time, just. Just do what you love and the money will follow. Y'all, that is a myth. Doing what you love and them will not automatically bring. Bring the money. It's like, say, build it and they shall come. No, it doesn't really work. That way, the key is this is this other

piece. So I find what I'm passionate about, and now I look at it and say, what is the next piece? Is an unquestionable or undeniable value is my idea, my service, and the work that I'm planning on doing, does it have unquestionable value? Meaning that it solves a problem that people want solved and are willing to pay for. Okay. Because if it doesn't have the ability to solve a problem that people won't solve, then no one's going to pay for it. So it could be passionate for you, but that's a

hobby. It's not a business. It's not something that is an endeavor that's going to put money in the bank account and passion in your heart at the same time. Live the passion, but it's not something you're gonna make money out. So we wanna make sure that we have unquestionable

value from the standpoint of it solves a problem. But also a second aspect is that when we deliver it, we're gonna deliver it in a way that is that there's unquestionable value that, you know, when, when the customer or the client walks away, they feel served and that they feel like they got the better end of the deal. Okay? Now that leads to the third piece of this. And each of these stages have three pieces to it. And that is, I want you to do some investigative

interviews. Here's the thing. In our mind, I can't tell you how many times this has happened. It seems like a really good idea. Okay? In our mind, it seems like a great idea. The question is, when we put it out in the world, is it a good idea? And so the way we're going to figure this out is we're going to spend some time doing market research. We're going to investigate, we're going to ask questions. We're going to find other people that have done it or

are doing it to see where their challenges were. We're going to look at people that maybe have the problem that we're trying to solve, see what their thinking is. Now, it may not completely derail us, it may not completely guide us, but it's going to inform us in the process. So in the preparation stage, to go from sketchy to confident, you want to make sure that you have unmistakable passion, that you have unquestionable value in the solutions you're providing

and the way you provide those solutions. And then you're going to do some investigative interviews to help, help make sure and clarify what that offer is, what the service is, what you're trying to do. Okay, that leads to the second stage. The second stage of this is evaluation. We've now done some preparation. Now we have to do evaluation. This is about analyzing it.

Okay? This is about you now putting a pen to paper, fingers to a keyboard, and starting to do some things to get things in place and make sure that you have considered all the alternatives. And so it's important. Again, this has three stages, three steps to it. Also, at the very beginning, the first thing that I want to do is I want to build a

vetted plan. I'm literally going to do a strategic plan now. I do business plans a different way when and I work with, I sit on boards of directors, and we start to, whether it's a project plan or it's a full fledged business plan or a division plan or an acquisition plan, I try to look at things, and when I say vetted, that means that we're going to test the heck out of it. When we create a financial plan, like, for your personal financial plan,

you're going to test that. Like in October last year, I sat with my wealth team and I said, let's look at all the assets we have. My whole money machine. Let's test it. Let's test it and see what happens to it when the market goes down 30%. Let's see what happens to it if I stop bringing income because I choose to stop speaking and working and doing those things. Let's see what happens if the market goes up 20%. Let's see what happens if expenses go up 10%. So you're beating it up in a way

that you know what can happen with the numbers. So you're building a plan so you can test the options, the alternatives, the worst case scenario. Here's how I would look at it. You should at least have three plans. Best case, worst case, and most probable. Best case, worst case, most probable. If it makes sense under all three scenarios, then you know that it makes sense to move forward potentially. And you know what the worst case is. So. So you want a vetted plan before you start this

journey. Okay. The second piece of this is to do what I call a micro launch. Burning the boats isn't the way to do this. Before you make a transition, before you make a shift, before you make this, I want you to test it. You might have done the investigative interviews. You might have done a lot of the things, and it makes sense, and you think that it's all good. So you're ready to go. You don't, you don't cut off your lifelines until you have

tested it. When you put things to a test in the real world, in real marketing, with real customers, to see if they're buying, to see if they're doing things, to see if you're enjoying it now you get the reality. I think Mike Tyson's the one that said that everyone has a fight plan until they get punched in the face. And this micro launch is for you to test it in a committed way, but a safe way that doesn't. You're not sitting back saying, this has

to work, otherwise I'm out on the streets. There is a difference between being committed and being reckless. Me quitting my job on a whim on a Friday night was reckless. Frankly, it was reckless. Now, I survived it because I didn't have a lot of commitments and I was single and all of that stuff. But if I had a family and I was the primary wage earner, totally reckless. So I want to microlaunch it in a way

that I start to understand. And then the third piece of this is that you're going to look at what are the meaningful metrics or assessment. Cause now you have a vetted plan, you did a microlaunch. Now you need to assess what it told you. And from there, you can then move to the next stage. Okay? Because when you do that properly, now we got something to work with. So what's the next stage? All right, let's look at this. Because the next stage is, hey, let's go do this thing. And so

now you go to a place of. Of execution. Execution, okay? This is a preparations about thinking, evaluations about analyzing, and execution is about doing. Okay. Execution is about taking your idea and getting results. By taking your idea and getting results, the evaluation is about going from naive to empowered. And preparation is about going from sketchy to confident. All right? That's how we're going to do this. But I. There's three things here that you need to think about,

okay? And the first one's really important. It's what I call scale threshold. And this is gonna be different for everyone. But this is the point where you can see that the endeavor, the idea, the business, the project, the side hustle, makes sense. There's a point where you are gonna cross a threshold. Now, in my situation, when I was going to jump ship or do something, my scale threshold should have been somewhere around 30% of my income. In other words, I should have

started doing something. And once I knew that I could generate 30% of my income on a part time basis. That was my threshold. If I could do that when I went on full time, I could get not only 100%, but beyond 100%. So the question is, what's your scale threshold? What is that tipping point in this project, this side hustle, this new endeavor, this transition, that you can sit back and say one of a couple of things. One, this has proved itself out that I can make

money at it. This proved itself out that I've got some legs underneath it and I have the ability to build it. Now you can choose to make an orderly transition. My dear friend, Amy Porterfield, she set a date for her transition from her job to her own thing, twelve months away. And she slowly tested, did some things, had some side hustles, some side things in place, and then made that, that choice and

moved as she hit those metrics. That's what this is about, is that, that there's a scale threshold that you're going to hit and you need to define that upfront where you have the confidence to step out and make this happen. That leads to the second piece of this. And, and that is this. There is nothing you're gonna do that doesn't require others. And they could be employees, but they could be contractors, or they could be advisors, they could be mentors, they could be coaches. Who's your

performing team? Who's your performing team that's gonna support you and help you on this journey? When we get that, we start to dial this in in a way that starts to make sense. So you wanna make sure and say, who are the people I need as advisors, as mentors, as coaches, as employees, as team members, as contractors? Who's going to make it easier, more successful and more productive for me to do it? Now, I'm going to warn you here, from a financial standpoint, I do not want you going into

and hiring a bunch of people and getting this huge overhead. I want you to manage your fixed expenses down and keep everything as variable expenses, especially in the early years, to kind of cement the profitability. But if you're thinking of moving from a job to an entrepreneurial endeavor, all of this stuff you need to think about if you want to raise the probability of success that leads to this last piece in the execution phase. And that is really starting to evaluate the financial

viability, okay. By looking at the numbers, following the metrics, and making sure that you've got things working in a way that makes sense. This is the formula that I use. I used it for myself. In other transitions, I used it for my clients, but literally, we take them through the three, the three stages of preparation, evaluation and execution. And we have the

three elements to each that drive everything you do. Hopefully you use this as a checklist to, if you're sitting back saying, I want to get out of the nine to five, I want to get out of my job, I'm not sure how to do it. I want to do my own thing. I think I can do it better. And you're not sure. Use this as the checklist and the recipe in combination with some of the other stuff I teach. I actually build some things out in my book. Building your money

machine. Check it out. Okay. Make sure you're doing that. There's a couple things I want to. Just as I, as I close this one out, just so you start to see how this comes into being, is this, is that when you're good at doing this and you do the preparation and the evaluation properly, you're going to find that you have complete clarity in your path, in your journey and what matters. When you spend the time and you have the evaluation and the execution dialed

in. The evaluation, the execution dialed in. Now you'll have some comfort in moving forward because you have something that's working and you have evaluated it properly to make it happen. And then when you have the execution and the preparation done right now, all of a sudden you're going to feel

like you're living your calling. And I think that's what we're trying to do, is that we're trying to create and transition from something that makes us feel poor, that makes us feel trapped, that makes us not feel fulfilled, whether that's a job or a business, and move and transition to something that is going to be wonderful for the bank account, that's going to be successful financially, that's going to create cash flow and give us the vehicle for us to build financial freedom and build our

money machine, but at the same time, allow us to find fulfillment, to feel like we're in alignment with our values, with our desires, with our vision for our life, to live rich life. All right, so if you're sitting back and trying to struggle, feel like you're struggling on some of this stuff, take this formula, use it as a checklist. One step at a time. Do it the smart way.

Take the time to do the work, test the process, check your results, check yourself, and raise the probability of success in your transition so you can have a bank account that's building and a life that's fulfilling all right. I hope you found this of value. If you have questions or anything comes up, do me a favor. Let me know. Let me see if I can help you. Let me see if I can light the path on your journey to financial freedom to help you make that

happen. If you're not subscribed to our channel, subscribe to the channel. It helps us. It keeps us in play. I am putting content out regularly, and the whole purpose of this is this. I'm on a crusade to light the path to financial freedom for a million families. And I want one of those

families to be. And in that process, I'm going to be putting out more content, more stuff, and more resources and training based on my decades of experience as a CPA, as an advisor, as a board member, as an entrepreneur myself, and as someone that has built the journey to financial freedom. And I want to take you along for the ride. All right? Until I see you in another episode or on the road or as I'm out there speaking, always, always strive to live a life that outlives

you. Thank you for listening to the affluent entrepreneurship with me, your host, Mel Abraham. If you want to achieve financial liberation to create an affluent lifestyle, join me in the affluent entrepreneur Facebook group now by going to melabraham.com group, and I'll see you there.