Why A Million Dollars Doesn't Make You Rich

Building Your Money Machine

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 inflation
• Why chasing a specific number can lead to financial anxiety and dissatisfaction
• Understanding and leveraging the four wealth drivers: income, savings/investing rate, returns, and time
• Creating a vision for your life and aligning it with your financial strategy

RECOMMENDED EPISODES FOR YOU

If you liked this episode, click here to enjoy these and more: https://melabraham.com/show/

• The F.U.N.D. Method For Building & Managing Your Emergency Fund
• Why Smart People Are Not Always Rich
• Why The F.I.R.E Movement Is A Pipe-dream
• How To Budget And Safe Without Feeling Trapped
• How To Build And Preserve Wealth During A Recession
• Do You Have To Be RUTHLESS To Get Rich?
• Why I No Longer Use Banks (as a Millionaire)

RECOMMENDED VIDEOS FOR YOU

If you liked this video, you'll love these ones:

• The F.U.N.D. Method For Building & Managing Your Emergency Fund: https://youtu.be/oWFGkpLySag
• Why Smart People Are Not Always Rich: https://youtu.be/KknyOr-IU8A
• Why The F.I.R.E Movement Is A Pipe-dream: https://youtu.be/ynXhohQvMYk
• How To Budget & Save WITHOUT Feeling Trapped: https://youtu.be/979xsNd6P-4
• How To Build And Preserve Wealth During a Recession: https://youtu.be/rF6gq3ApdRc
• Do You Have To Be RUTHLESS To Get Rich?: https://youtu.be/MF19BtrrcN0

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Capítulos

1. Understanding wealth: It's about freedom, not numbers. (00:00:00)

2. Build financial systems, not just accumulate money. (00:05:15)

3. Focus on experiences, not just accumulating money. (00:07:18)

4. Tailor risk strategy to age and circumstances. (00:12:11)

5. Long-term view: invest wisely with appropriate risk. (00:15:01)

6. $100K milestone crucial for wealth growth. (00:16:51)

7. Focus on lifestyle, not just bank accounts. (00:20:23)