Episode 242: MIND Yo’ Money with Mel Abraham

The Mind Your Business Podcast

James Wedmore

Entrepreneur, Business, Businessmindset, Entrepreneurship, Entrepreneurialmindset, Management

4.8 • 1.8K Ratings

🗓️ 4 March 2019

⏱️ 85 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode I’m joined by my good friend, and returning guest to the podcast, Mel Abraham, to discuss something that no one seems to be talking about. You’re going to hear why being a successful entrepreneur means so much more than just making money! This is a longer episode, but one that really is required listening for anyone in business.

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In the episode you’ll hear:

My own past money issues that I’ve worked through and how I did it
What we should be looking for instead of just more money
The common mistakes Mel sees entrepreneurs making when it comes to their money mindsets
A way to reframe how we view taxes and the investments we make in our business
What the “Profit First” system is all about
How fixed and variable costs differ and the importance of knowing this
What amount we should be putting away for the future and a good profit margin goal to aim for
Why someone being an “overnight success” is a myth

For full show notes and links, visit: http://mindyourbusinesspodcast.com/podcast/242

Transcript

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0:00.0	You're listening to the Mind Your Business Podcast.
0:03.4	Episode number 242.
0:06.8	In today's episode, we're talking about
0:09.8	how to Mind your money.
0:12.8	So much goodness.
0:13.8	So stay tuned. I'm James Wedmore and I've built a multiple seven-figure internet business that offers the financial
0:25.5	freedom to do what I want when I want.
0:28.8	And I'm the first to say that hard work and hustle are not essential ingredients for your success.
0:35.6	So how do you build a thriving business from the inside out? Now with over 2 million
0:42.4	downloads this is the Mind Your Business Podcast.
0:46.0	What's up ladies and gentlemen, James Wilmer here,
0:51.0	hey, thank you so much for tuning into another episode of the Mind Your
0:54.4	Business Podcast. We've got a special one in store for you. I brought my good buddy, my returning
1:00.3	guest, Mr. Mel Abraham back for his third episode here on the podcast to talk
1:05.4	about something that I've been really wanting to get him on the show for so long
1:08.1	which is all about managing your money. Holy cow this is is the thing that nobody's talking about.
1:14.6	People want to keep talking about making more money,
1:17.1	which is awesome. I love money, money, money, money, money, money, money,
1:19.6	do you love money?
1:20.6	Well, you better because you're in business and the function of a business is to make money.
1:25.3	But what do we do with that money? Right? If I give you a bucket with a hole in it and I say,
1:30.0	fill this bucket with money, more money isn't going to solve the problem of money
	...

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