Welcome to another episode of the Building Your Money Machine Show. Today, we're touching on a topic that goes beyond just dollars and cents — we're diving into the true richness of life by focusing on generosity, gratitude, and the moments that truly matter. This conversation might be a bit different from our usual technical discussions, but it's essential because real wealth encompasses more than just money. We'll explore how generosity and gratitude lie at the core of true...
Nov 28, 2024•29 min•Ep. 277
Welcome to another powerful episode of the Building Your Money Machine Show . Today, we're unpacking the essential skills that set the wealthy apart from the rest. Join me as I break down the six key skills that the wealthiest people I've known have mastered to build their fortunes. These skills aren't about where you were born or how much you earn; they're about patience, financial literacy, emotional intelligence, adaptability, resourcefulness, and discipline. More importan...
Nov 25, 2024•21 min•Ep. 276
Welcome to another valuable episode of the Building Your Money Machine Show ! In today’s episode, I’m diving into a critical topic that I’ve been passionate about for over a decade, but that many still overlook—the importance of having a sufficiently sized emergency fund. In this episode, I reveal why you should aim for a 9 to 18 months emergency fund. Through my personal experiences and professional insights, I'll show you how to protect your wealth effectively and what could happen if you...
Nov 21, 2024•20 min•Ep. 275
Welcome to the Building Your Money Machine Show ! Have you ever wondered where you truly stand financially? In today's episode, we're breaking down the truth behind net worth and what it actually means. No matter where you are financially—whether in the upper, middle, or lower class—this episode is about gaining clarity and understanding what you need to do to move forward. I delve into what net worth is, how to calculate it, and what the statistics say about different financial classe...
Nov 18, 2024•25 min•Ep. 274
Welcome to another eye-opening episode of the Building Your Money Machine Show ! Ever get the feeling that your bank is making more money off of you than you're earning from them? Or how about that never-ending cycle of interest and fees that just won't quit? If that's ever crossed your mind, today’s episode is definitely for you. Today we’re diving into six crucial ways financial institutions can take advantage of you and, more importantly, how you can protect yourself from these...
Nov 14, 2024•30 min•Ep. 273
Welcome to another empowering episode of the Building Your Money Machine Show . Today, we're transforming your perspective on wealth-building by focusing on the power of tiny, realistic habits. I’m diving into the 10 tiny habits that make a significant financial difference over time. From automating your savings and investments to tracking your spending without judgment, these actions take the friction out of your financial decisions and lead you toward wealth in a manageable, practical, an...
Nov 11, 2024•28 min•Ep. 272
Welcome to another eye-opening episode of the Building Your Money Machine Show ! I'm Mel Abraham, your host, and today we’re tackling one of the biggest financial misconceptions - the belief that becoming a millionaire makes you rich. This episode is going to challenge the traditional notion of wealth and set you on the path to true financial freedom, crafted around the life you want to live. Remember, wealth is about freedom and the ability to make choices unbound by financial constraints....
Nov 07, 2024•24 min•Ep. 271
Welcome to another exciting episode of the Building Your Money Machine Show . Today's episode is absolutely crucial if the thought of a medical bill, job loss, or major car repair sends a wave of panic through you. We’re talking about building and managing your emergency fund using my F.U.N.D. method—because life happens and you need to be prepared for it. Ever wondered how much is enough for an emergency fund? Or what expenses should it cover? I’ll be answering these questions and more. Pl...
Nov 04, 2024•23 min•Ep. 270
Welcome to another compelling episode of the Building Your Money Machine Show . Have you ever wondered why some of the smartest people struggle with money while others seem to thrive financially despite having, let's just say, less intelligence? Well, this episode is for you. In this episode, I delve into why intelligence alone doesn't guarantee wealth and unravel the time-tested principles that truly drive financial success. We’ll also discuss the importance of daily financial habits ...
Oct 31, 2024•19 min•Ep. 269
Welcome to another engaging episode of the Building Your Money Machine Show . Today, we're exploring a provocative question — is the F.I.R.E. Movement merely a pipe dream? I've been there, contemplating the idea of extreme frugality to retire decades early. But let's face it, spending all your life sacrificing today's happiness for a distant dream isn't everyone's cup of tea. In this episode, I’ll delve into why traditional F.I.R.E. might not be the golden ticket it...
Oct 28, 2024•32 min•Ep. 268
Welcome to another episode of the Building Your Money Machine Show . Today, we're going to tackle a topic that, while essential, tends to make people cringe: budgeting. Why do most people fail at budgeting, even though it’s one of the most critical tools for building wealth and achieving financial freedom? Many view budgeting like dieting—restrictive, boring, and hard to stick to. But what if I told you that it's not about deprivation, but rather about giving your money an intentional ...
Oct 24, 2024•27 min•Ep. 267
Welcome to another empowering episode of the Building Your Money Machine Show ! Today, we're breaking down the hype around the economy and recession, and I’m sharing some real, actionable insights on how to build and preserve wealth during such challenging times. The key here is not just survival but thriving, whether the market is up, down, or sideways. In this episode, I delve deep into what a recession actually means, why it happens, and most importantly, why you shouldn't panic. Re...
Oct 21, 2024•29 min•Ep. 266
Welcome to another thought-provoking episode of the Building Your Money Machine Show . Today, we tackle a question that often lurks in the minds of aspiring entrepreneurs and seasoned business owners alike: "Do You Have To Be RUTHLESS To Get Rich?" Join me, your host Mel Abraham, as we explore the myths and realities around wealth-building and the principles that truly drive financial success. I dive deep into what it means to be “ruthless” in the context of financial gain, and whether...
Oct 17, 2024•27 min•Ep. 265
Ready to learn why I no longer use banks despite being a millionaire? In this episode, I dive into the reasons why banks might not be the best place for your money and where you should consider putting it instead. In today's episode of Building Your Money Machine Show , I unpack the operational focus of banks and how their profit-driven priorities can impact your financial growth. From high fees and low interest rates to subpar portfolio performance and biased advice, I break down the pitfa...
Oct 14, 2024•29 min•Ep. 264
Welcome to another insightful episode of the Building Your Money Machine Show . Today, we’re diving deep into the financial lessons I wish I had known when I was in my 40s — lessons that can set you on the fast track to financial freedom, regardless of your age. Whether you're in your 20s, 30s, 40s, 50s, or even 60s, this episode is packed with actionable advice to help you navigate the path to wealth more effectively. At 63 years young, I reflect on the 11 critical strategies I would have ...
Oct 09, 2024•28 min•Ep. 263
In today’s episode, I dive into the reality that most people won't achieve financial freedom—and it's not just about the numbers. Let’s look deeper into why 78% of Americans are stuck living paycheck to paycheck, and what we can do about it. I explore the importance of financial literacy and how it’s essential for anyone looking to break free from the paycheck-to-paycheck cycle. You'll discover the four key characters in our economic system: Conspicuous Consumers, Constant Produce...
Oct 07, 2024•31 min•Ep. 262
Are you ready to outsmart the game of money? It’s not just about making money; it's about mastering the art of financial strategy! In today’s episode, I delve into the principles that can help you build and sustain wealth. I talk about the power of negotiation and the importance of embracing a win-win mentality. From understanding the true value in transactions to practicing regular money audits, I share actionable strategies that wealthy individuals use to keep their financial health in ch...
Oct 03, 2024•32 min•Ep. 261
Are you ready to uncover the myths and truths behind life insurance? It's time to demystify what the insurance industry might be keeping under wraps! In today’s episode, I dive deep into the world of whole life insurance versus term life insurance. I'll break down the costs, benefits, and potential pitfalls of each type of policy. We'll explore how investing the premium differences in an S&P 500 Index Fund could potentially lead to significant financial growth over time. And o...
Sep 30, 2024•31 min•Ep. 260
Are you ready to uncover the habits that might be silently eroding your wealth journey? It's not just about how much money you make; it's about the behaviors, choices, and habits that define your financial future! In today’s episode, I dive deep into the alarming financial habits that many of us fall into without even realizing it. From aimless spending to normalizing debt, I break down these detrimental practices and provide actionable solutions to reverse the damage. I walk you throu...
Sep 26, 2024•26 min•Ep. 259
Ready to change your financial future with your first $10K? It's not just a small step—it's the start of something monumental! In today's episode, I delve into why saving your first $10K can be a game-changer in your financial journey. I share the inspiring story of Sylvia Bloom—a legal secretary who amassed over $9 million by focusing on key wealth drivers. You'll learn why it's not about how much you make but what you do with your money that matters. We break down the ...
Sep 23, 2024•26 min•Ep. 258
Are you ready to uncover the real reasons behind the common regrets of the wealthy? It’s not just about having money; it’s about living a fulfilling, meaningful life! In today’s episode, I dive deep into the 12 most common regrets of rich people and how you can avoid falling into the same traps. From the emptiness that possessions can bring without meaningful relationships to the significance of prioritizing health over success, I cover it all. I also share my personal experiences and valuable l...
Sep 19, 2024•33 min•Ep. 257
Ready to build wealth simply and effectively? Say goodbye to convoluted strategies and confusion! In today's episode of the Building Your Money Machine Podcast, I dive into the four key assets I would focus on if I were building wealth from scratch. I share how investing in yourself, diversified ETF's, real estate, and businesses can set you on the path to financial freedom. Learn how to align these investments with your lifestyle, leverage your expertise, and make informed decisions f...
Sep 16, 2024•26 min•Ep. 256
Ever wonder what sets the financially free apart from the rest of us? It’s all about leveraging the right assets. In today’s episode, I dive deep into the nine assets that are making people rich and allowing them to live lives of choice and freedom. From cash for liquidity and opportunities to the power of index funds and real estate, I cover it all. Plus, I’ll share the story of how a six-year-old highlighted the importance of breaking free from the earnings-efforts treadmill. If you're re...
Sep 12, 2024•27 min•Ep. 255
Are you prepared to uncover the truth about life insurance? It's not just about avoiding unnecessary expenses; it's about securing your financial future! In today’s episode, I dispel the myths and clarify the misconceptions surrounding life insurance. I delve into the reasons why you might not need to buy life insurance, the different types of policies available, and the factors you need to consider before making a decision. From term policies to permanent life insurance, I break it al...
Sep 09, 2024•28 min•Ep. 254
Do you ever feel like you're just throwing money away? It’s time to stop the madness and take control of your financial future! In today’s episode, I dive into 10 things that are a complete waste of your money and how you can avoid them. From the education that doesn't pay off, to the hidden costs of high bank and investment fees, I cover it all. I also go into why lottery tickets and gambling never add up, why convenience stores might as well be called overpriced stores, and the pitfa...
Sep 05, 2024•32 min•Ep. 253
Understanding how to smartly handle debt can drastically change your financial well-being and reduce stress in your life. In today’s episode, I tackle some of the worst financial decisions you can make and how to avoid them. From the pitfalls of over-leveraging in real estate to neglecting your investment portfolio, I break down what you should steer clear of to maintain financial health. I share personal stories, including a costly investment mistake I made, to highlight the importance of every...
Sep 02, 2024•33 min•Ep. 252
Are you ready to take control of your retirement savings and ensure you're on the right path to financial freedom? In today’s episode, I dive into the crucial topic of how much you should save in your 401K by age, drawing insights from a comprehensive 23-year Vanguard study involving 5 million participants. Whether you're just starting your career or planning your retirement, you'll find valuable information on setting realistic financial goals, maximizing those employer matches, ...
Aug 29, 2024•33 min•Ep. 251
Ready to elevate your thinking and unlock the path to financial freedom? In today’s episode, I dive into the six levels of thinking for those who want to get rich. It's not just about the tactics or the strategies; it’s about shifting your mindset. I outline each of the six levels, from survival thinking to legacy thinking, and discuss how mastering these levels can transform your financial behaviors and results. Whether you're just starting out and focused on immediate needs or you&ap...
Aug 26, 2024•21 min•Ep. 250
Do you feel trapped in a job that isn't fulfilling you? Do you feel like there's more you could be doing with your life and your finances? If so, you're not alone, and this episode is for you! In today’s episode, I unveil a powerful framework that has transformed the lives of many of my clients and myself - the Entrepreneur Transition Formula. I'll walk you through the steps to transition from a nine-to-five job to entrepreneurship without recklessness, giving you the tools t...
Aug 22, 2024•21 min•Ep. 249
Are you ready to discover the money lessons that can change your financial future forever? It's not just about making money; it's about creating a life you love and achieving true financial freedom! In today’s episode, I dive into the essential money lessons that transformed my relationship with finances and put me on the path to wealth. I emphasize the importance of consistent long-term investing, understanding the difference between productive and destructive debt, and the necessity ...
Aug 19, 2024•34 min•Ep. 248
