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EP 238: The Money Stuff With Mel Abraham

October 22, 2021 Bobby Klinck

Today I’m talking with my friend Mel Abraham about how entrepreneurs should be handling their money. Unfortunately, this is an area where a lot of online business owners get in trouble, so I figured it was time to call in an expert for a frank discussion. 

Mel was an accounting professional for years, and now he teaches people how to use their business to create financial independence in their lives. In this episode, he shares the basics of business finances and how his own personal health crisis inspired him to make financial education his focus.

What You'll Learn in Today's Episode

  • What caused Mel to pivot from accounting to online business and how it turned out
  • The first product he created
  • Why Mel didn’t go all in with his online business at first
  • The 3 things you need to do to start your online business
    • Preparation
    • Evaluation
    • Execution
  • How hard work fits into the business equation
  • Why turning your passion into a business changes your relationship with your passion
  • Why you need a plan and a safety cushion before you go all in
  • Why you need to have a realistic plan for investing in your business
  • What a burn rate is and why you need to know this number
  • Why it’s easier than ever to start a business and why that’s both good and bad for you
  • Why you need to be an expert before you market yourself
  • Why you need to focus on doing the work to set yourself apart as an expert
  • How a health crisis changes Mel’s life and business
  • How Mel’s money machine allowed him to focus on his health
  • Why a money machine is not your business but is leveraged income
  • Why time is more valuable than money
  • The truth behind the hours for dollars myth
  • The problem with the advice to reinvest all your business proceeds back into your business