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Welcome to another thought-provoking episode of the Building Your Money Machine Show. Today, we’re diving into some of the most crucial changes that might impact your taxes and Social Security, especially if we see a return of a Trump administration in 2024. This episode is here to help you understand what’s on the horizon and how it could shape your financial future—without getting political!You might feel overwhelmed by the idea of rising taxes and expiring benefits, not to mention what the future holds for Social Security. Trust me, you're not alone. These are massive issues that could significantly impact your income, retirement, and overall financial security. But don't worry—I've got your back.We'll delve into two critical areas: the expiring provisions of the Tax Cuts and Jobs Act (TCJA) of 2017 and the potential changes to Social Security. We’ll break down what could happen to your taxes if these provisions expire, how they might affect different income groups, and what you can do

Welcome to another pivotal episode of the Building Your Money Machine Show! Imagine I told you that the most severe financial crisis isn't a recession or a stock market crash, but something far more subtle and pervasive — something that's happening right now. Today, we're breaking down the concept of the "Great Melt Up," a scenario that could drastically impact your finances and your freedom to live the life you desire.In this episode, I'll dissect what the Great Melt Up is, why it's happening, and most importantly, how you can protect yourself from its effects. We're not about fear-mongering here; this is about having a real, informed conversation on the economics at play and how they trickle down to affect you. From rising government debt and interest payments to spending gaps and inflationary pressures, we cover it all.By the end of this episode, you'll be equipped with actionable steps to secure your finances and stay ahead, no matter how turbulent the economic

Welcome to another insightful episode of the Building Your Money Machine Show. If you’re feeling the pressure of not having saved for retirement yet and you’re in your 40s or beyond, this episode is specifically tailored for you. I get it — the future can seem daunting if you're not financially prepared, but I'm here to tell you it's never too late to start.Many folks aged 40-49 find themselves in a precarious situation, often with less than $10,000 in retirement savings. If this sounds familiar, don't worry, there's a path forward. I’ll walk you through a comprehensive game plan: from evaluating your financial status, to building a safety net, managing debt, and finally getting into the practice of investing.But that’s not all — I also delve into investment strategies that are accessible and effective for everyone. Whether it’s leveraging employer 401(k) matching or contributing to a Roth IRA, the aim is to cultivate habits that will grow your wealth over time.So, buckle up for an ep

Welcome to another enlightening episode of the Building Your Money Machine Show. Today, we're uncovering a monumental financial event — the biggest wealth transfer in U.S. history that's unfolding right now. This $84 trillion transfer, positioned to reshape the economy, represents a golden opportunity for those who are prepared, whether they’re inheriting these riches or not.I'll break down why this isn't just about money changing hands; it’s a seismic shift in homes, businesses, and other investments that could alter the economic landscape. We’ll cover the step-up in basis benefit, how to identify and seize opportunities in real estate, agriculture, business acquisitions, and even alternative assets like art and vintage cars.Furthermore, I'll guide you on how to elevate your financial literacy, get your personal finances in order, and strategically enter the market to take full advantage of the upcoming opportunities.Buckle up for an episode filled with critical insights, practical t

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 wealth and reveal principles that connect financial freedom with living a life of meaning and purpose.We discuss the impact of memorable moments, such as shared laughter and support from loved ones, and how these enrich our lives more than any financial gain ever could.Financial freedom remains a crucial foundation, allowing us to focus on what truly matters. I'll share tips on setting up an emergency fund, automating savings and investments, and thinking long-term to ensure your financial stability.Lastly, we&apo

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 importantly, I'll show you how you can apply these skills today to accelerate your wealth-building journey and create a life of financial freedom and abundance.I'll discuss how removing emotions from financial decisions and becoming adaptable can keep you safe and ready to seize opportunities. Being resourceful isn’t about having more, but about doing more with what you have. And finally, the power of discipline—consistent action over time can make all the difference.IN TODAY’S EPISODE, I DISCUSS:Mastering the art of

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 don’t have this vital safety net in place.We’ll explore the best places to keep your emergency fund for maximum security and liquidity, such as high yield savings accounts and money market accounts. Plus, I’ll address common misconceptions and why a three to six months fund is just not enough in today's volatile economic environment.I’ll provide a practical guide on how to start building your emergency fund, from calculating your essential monthly expenses to automating your savings and reassessing your needs regu

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 classes. More importantly, we discuss how to use this knowledge as a too, not a judgment, to understand your financial health.No matter where you're starting from, it's all about being in the game and taking the steps to move forward. From tracking your spending to building a comfort fund and investing regularly, I've outlined actionable steps to help you gain control over your financial future.IN TODAY’S EPISODE, I DISCUSS: What net worth is and how to calculate itThe different financial classes based on net wo

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 common pitfalls. From hidden fees to high-interest debt, promotional offers, conflicts of interest, mortgage traps, and investment fees, we're covering it all.So, let's get started on how you can keep more of your hard-earned money in your own pockets, working for you and your financial dreams!IN TODAY’S EPISODE, I DISCUSS:Hidden fees: Monthly maintenance fees, overdraft fees, and ATM feesHigh-interest debt: Credit cards, personal loans, and payday loansPromotional offers: Understanding the fine print and avoi

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, and attainable way.I also discuss the importance of paying yourself first, investing in financial education, and handling lump sums or unexpected money wisely. These habits aren't about deprivation or massive overhauls; they're about tiny, manageable changes that compound over time to create real wealth. IN TODAY’S EPISODE, I DISCUSS: Automating your savings and investing to reduce frictionTracking your spending for 30 days to gain awarenessImplementing the 24-hour rule to curb impulse purchasesAdopting a 1% bet

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. Whether you live in the Midwest or a high-cost city like New York, the principles shared in this episode will equip you with the knowledge and tools to craft a sustainable, fulfilling financial plan.So, buckle up and get ready for an episode packed with actionable insights and a new perspective on what it truly means to be rich. IN TODAY’S EPISODE, I DISCUSS: The erosion of a million dollars' purchasing power due to inflationWhy chasing a specific number can lead to financial anxiety and dissatisfactionUnderstandi

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. Plus, I’ll share actionable tips on how you can start nurturing your fund right now, including jumpstarting it with a comfort fund and automating your savings.By following this framework, you’re not just saving money; you’re securing your financial future and giving yourself the freedom to pursue your goals without the constant worry of financial ruin from unexpected events.IN TODAY’S EPISODE, I DISCUSS: Why an emergency fund is essential for your financial stabilityThe emotional and financial benefits of having a peace of

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 like saving, investing, and planning, and how automating these actions can make the process easier. You'll hear about Warren Buffett’s secret to success—it's less about being a genius investor and more about habits, patience, and discipline.IN TODAY’S EPISODE, I DISCUSS: The misconception that high IQ translates to wealth and why that's not trueThe importance of daily financial habits and automating savings and investmentsReal-life examples illustrating the difference between high income and wealth accumu

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's often portrayed to be and how you can attain financial freedom without brutal deprivations.You’ll hear me talk about the importance of building a "money machine" — generating income streams that don't tie you to a job, and unlocking the freedom to live a life of choice.IN TODAY’S EPISODE, I DISCUSS: The burnout cost of extreme frugality in traditional F.I.R.E.Alternative approaches to financial independence that don't skimp on current joyRedefining F.I.R.E.: Making it a journey toward being &

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 job description? By the end of this episode, you'll not only understand how to construct a robust cash resource plan, but you'll also learn the practical steps to implement it successfully. Say goodbye to the negative perceptions around budgeting and hello to financial freedom and wealth-building.IN TODAY’S EPISODE, I DISCUSS: Why most budgets fail and how this failure holds you back from financial independenceThe concept of a "cash resource plan" and why it's more effective than traditional bud

 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. Recessions are simply part of the economic cycle. We'll discuss the impact of a recession on your wealth, from job loss to declining asset values.Let's navigate this together. I'll share the tools, strategies, and mindset that can shield you from economic downturns and help you seize opportunities that arise. Let’s light the path to financial freedom! IN TODAY’S EPISODE, I DISCUSS:Understanding what a recession is and its impact on your wealthHow to control your emotions to avoid making poor financial decis

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 this trait is essential or just a misconception fueled by popular culture and media. It's not about stepping on others to get ahead, but rather about building strategic relationships, making smart investments, and staying persistent.Tune in as we bust the myth that ruthlessness is a prerequisite for wealth and redirect the focus towards qualities like resilience, empathy, and strategic thinking. This episode is packed with wisdom and actionable steps to help you create your money machine without sacrificing who you

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 pitfalls of banking with traditional financial institutions. I also share the alternative routes I've taken, like using credit unions and online banks, to ensure my money works for me safely and efficiently.Curious about how to maximize your returns while keeping your money safe? Tune in to the full episode now!IN TODAY’S EPISODE, I DISCUSS:The profit-centric nature of banks and the conflict of interest it createsThe high fees and low returns offered by traditional banksThe benefits of credit unions including lower fees,

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 shared with my 40-year-old self. From the importance of automation in saving and investing, to maximizing tax-advantaged accounts, and getting serious about diversification, I cover it all. We’ll talk about investing in skills, prioritizing your future over material possessions, being selective about debt, and knowing your number for financial freedom.I also emphasize the importance of balancing health and wealth, getting comfortable with risk, and finding the right mentors and coaches to guide you. Buckle up for an epis

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 Producers, Business Creators, and Machine Constructors. Spoiler: Wealth isn't built through constant consumption or labor alone; it’s from savvy business creation and investing.Don’t let poor financial habits or fear of making money mistakes stop you. I break down the seven critical elements to overcome for financial success, and why having a vision, strategy, and actionable plan is crucial.Ready to take control of your financial future and live a life by design? Tune in now!IN TODAY’S EPISODE, I DISCUSS:Why most people