008 Understanding the Number for Wealth Creation

Hey there, real quick before we jump into the episode, listen, if your earnings treadmill hasn't set you free yet, running faster won't either. Listen, hustle without principles just going to burn you out. So here's what I want for you. I want you to join me for my money machine experience live. It is three free trainings. Deep dive into how to escape the treadmill and build a money machine that actually works for you. All right, grab your spot here by going to moneymachinelive.com and I'll see you in the free training.

This is the affluent Entrepreneur show for entrepreneurs that want to operate at a high level and achieve financial liberation. I'm your host, Mel Abraham, and I'll be sharing with you what it takes to create success beyond wealth so you can have a richer, more fulfilling lifestyle. In this show, you'll learn how business and money intersect so you can scale your business, scale your money, and scale your life while creating a deeper impact and living with complete freedom. Because that's what it really means to be an affluent entrepreneur.

Hey there, Mel Abraham here, and welcome to this episode of the Affluent Entrepreneur show. And in this episode, we're going to talk about understanding the number for wealth creation. And hit. Here's the deal. One of the things that I see all the time is that people don't know where they're going with their money, with their wealth. They haven't figured out the destination. I mean, think about this for a moment. You decide that you want to take a road trip, but you're not sure where the road trip goes. You're just going to jump in the car and start driving. Okay, now, it could be a really cool adventure because you have no idea. And it's just exploring. But that's fine for taking a road trip adventure. Just see where it goes. But just see where it goes. Attitude and mindset with your wealth and your money and your financial future, your financial liberation, your financial independence. Yet not a good strategy. Okay, so because here's the deal. If we don't really have an idea of where we want to get to, where we need to get to, what's our goal? What's our desire? What's our target? We can't create a plan that's going to get you there. We can't map it out. You know, the other thing that happens is that if you're not sure where you're going, you don't ever know when you get there. And it reminds me of the time that I had that bike accident. I've told this story before, but, you know, in 2009, I got in a really bad mountain bike accident, flipped my bike because a shoelace got stuck in the chain, and I clipped the front brake, flipped the bike, came down on my head, out cold on the concrete, and ended up with a grade four concussion. And to the point where I was stuttering, it was hard for me to speak. I had no feeling on the right side of the body. And I had dear, dear friend come by and say, I'm going to take you out. I'm going to get you out of the house. As I was going through the healing process and the rehabilitation process. And so there I was with the neck brace on and all that. And we go to one of our favorite pastrami shops when I used to eat pastrami, and he was sitting across from me, and he said, how much is enough? I go, what are you talking about? He says, no, how much is enough? I said, I'm not sure I understand what you're asking. He said, here's what I know. This accident that you had was because you were angry. Because you were angry, you were distracted, you were running, you were on the treadmill, and you just feel like you need to keep running, running, running, running. When will you know that it's no longer time to run? How much is enough? And it finally hit me. See, the reality is, I didn't have back then, when that happened, I didn't truly have a definitive number. I didn't truly know what my destination is with my wealth, with my money, with my financial future. I didn't know what that was. So I was never going to know if I got there. I was never going to know if I already passed it. I was never going to know any of that because all I was doing was saying, just run, keep running, run, run, run for us. Run. That's what it felt like. I just kind of running. And so there's a lot of folks that seem to do that. They just get on the treadmill. It's what I call treadmill entrepreneurs. And we get on the treadmill and we start running. We say, all right, I'm just going to keep generating. And as long as I can keep generating, I'm good. And you just keep running. And then to generate more, the only way you know how is to run faster and run longer, run harder. And all of a sud. There's a breakdown, there's an accident, there's something. And so my question for you is, do you know what your number is now? Maybe you do, maybe you Don't. But we're going to talk about the math behind the number. We're going to talk about the variables that you need to consider for the number, we're going to talk about the mistakes that most people make with getting to the number. Because what I don't want you doing is chasing the moon if you don't need to. I don't want you overshooting. Now it's a great problem to have, let's face it, if you need a million dollars, if that ends up being a number and you end up with 2 million, that's a great problem. Unless in order to get to the 2 million, you stressed yourself out, you depleted your health, you affected your relationships, you didn't have the experiences and you didn't live the richer lifestyle on the journey and it cost you life to get that extra million when you didn't really need to. Alternatively, maybe you undershoot it. Now all of a sudden you think that a million dollars is enough and really a million and a half is what you need and now you've undershot it. So it's really important for us to get clear on what that number is, why that number, how we got to the number and what it's there to support. Now here's the thing, Most people in the financial services industry, they come at this question with income based solutions and an income based plan. Here's what I mean by this, is that they look at it and they say, oh, you're making $60,000 a year, let's replace the $60,000 a year. And so they're basing their analysis and their plan based on replacing your income, which is fine, but it may not be the right number. What I think we need to do is rather than focus on the income and replacing the income, and we need to focus on the lifestyle. Everything we do, everything I do is lifestyle based. Now everything that we do we look at through the eyes of how does it affect our lifestyle, how does it affect my customers lifestyle, how does it affect my team's lifestyle, how does it affect my family's lifestyle? How does it affect lifestyle? Because every business, every financial, every money equation has lifestyle, has a variable in it. We just don't realize it. Okay, so, so we look at it from a lifestyle based solution and say let's start with understanding what the lifestyle is that we want. What is it that we're trying to create, what is the vision for the life in the affluence blueprint, we spend time with the clients and our members to go through and create that affluence vision. What is the vision? So we can come to a plan to get them to the vision based upon the lifestyle that they want to create, not based on income stream that they happen to have. Because lord knows if the income isn't going to pay for the lifestyle you want, then we need to change that. See. So I want us to spend time understanding how do we get to the lifestyle based solution of your wealth creation so we can make that happen. And I'm going to take you back. We're going to go down memory lane a little bit because I think it's really important to understand where some of this starts to come from. And that is this, is that there's this idea back when called pension plans. And so what ended up happening is that in the 1800s, military personnel would get a pension for the services that they rendered. So when they, when they were disabled or when they retired, when they stopped serving the armed forces, they would get a check every month, they would get a lifetime income. It wasn't necessarily 100% of their income, but there was a military pension that they got. And around the late 1800s, private companies started to look at this and say, God, we could do this for our employees also. And in fact, in 1875, American Express was the first company to create a private pension plan for its employees because they understood something, at least at that time. These employees are dedicating decades of their life, if not their whole working life, to working for our company. And we want to take care of them now. It had a twofold effect. It allowed them as employees to get comfortable that they had lifetime income, a pension, a check that they would get every month.

Once they retired. The other thing that it did is it allowed American Express and other private companies, when they all started to jump on the bandwagon, to retain their employees longer. Because the employees knew that as long as I stay working here, for every year I work, I get more in, the pension that I check gets bigger, I get more out of it. And so what ends up happening, what ended up happening back in the early 1900s and into the, literally into the 1950s, 60s and 70s, is that you had a high, high level of retention. People working 30, 40, 50 years with the same employer, the same company, because they know they were building up their pension, they were building up that lifetime income stream, that lifetime check that was going to come to them. My wife Stephanie, her first job, she worked 22 years for the same company, which is really unheard of in that time because what happened? And we'll talk about why this happened or partially why that's happened. But by 2014, by 2014, the average tenure for an employee in a job was less than five years, 4.6 years, based on the Bureau of Labor Statistics. Okay, 4.6 years. It wasn't 40 years like, like it was before. It wasn't 30, 40, 50 years. So you weren't getting the tenure in there. And now does that have to do only with pension? No, it's a variety of things, but that was one of the things that would keep people in play and in place. Now, what happened to pensions? What happened to this whole idea of lifestyle income? Now, here's what happened. Part of it was that as these companies were putting these pensions in to take care of their employees, and I sit on a pension committee for one of the companies that I'm on the board of directors for, and we run the pension plan, we run the investments, we do all of those things or make sure that our employees and the recipients are taken care of, that we're watching the account for them. In effect, they realized that people were, one, living longer, so their monthly checks had to last longer, which made it more expensive. Two, interest rates dropped. And there's a lot of math to this, but, but it was just getting really expensive to keep pension plans in place. And right around the late 70s, 1978 or so, the government decided to put in something called a 401k. They created the possibility of doing a 401k. Now, here's where the difference is. One, the pension plan is what we call a defined benefit type of plan. In other words, it says to the employee, it says to you, it says to whoever is the participant, it says you're going to get a specific benefit at a specific date, and you're going to get that benefit every month from that date on. So it defines the benefit that you're going to get. Okay, what happened with the advent of IRAs and SEPs and 401s and all that was that we moved away from a defined benefit type of structure to what we call a defined contribution type of structure. I don't mean to get technical, but I think it's an important distinction that the public did not understand. And I think this is why we're where we're at, because it's important to realize where we've gone. The defined contribution structure says to the businesses and the individuals, to you yourself, you can put a specific amount of contribution into a plan every year. For instance, IRA's in the US right now, you can put in $6,000 unless you're over the age of 50, 401ks profit sharings, that ranges between 20 and $50,000 or so, give or take. So they say to you, you can put that much in and it's up to you. It's an optional thing. You put the money in and that's it. Here's where the problem lies. One, a defined contribution, a 401 and IRA, you're just putting money in. There is no guaranteed income. There is no lifetime stream of income. There is none of that. The only promise you get is that when you go to retire, there will be a pot, a kettle, a pool, hopefully a large pool of cash investments and money available for you to live on and retire on. The problem is that pot, that kettle, that pool isn't enough to cover your lifetime of income. In fact, a recent study of that was done by the Wall Street Journal said that effectively, those people that have head of households between the ages of 55 and 70, the balance in their 401k plan is only enough to allow them to provide them about $8,000 a year in income. $8,000 a year, $700 a month. It's nothing. It's very, very little. And the problem with that is because one, it wasn't properly funded. Two, it wasn't properly funded primarily because it was not properly understood that it was a contribution based plan and not a benefit based plan and people didn't understand it. Here's what caused this issue, I believe, and this is my take on it, and we're going to get into the math behind what you need to do to make sure you have the right number. Okay? And I'm going to give you a tool to make it easy to come up with. But here's what happened. When we talk about a defined benefit plan, a pension plan, y' all only had one decision to make and that was how long am I going to work for? Because the company themselves would contribute to the plan on your behalf based upon the number of years of service that you had. Like they would say they would contribute 1 1/2, 1 1/2 percent. You'd get 1.5% of your salary for every year of service. So if you worked 40 years, you'd get 60% of your salary as a benefit. So your only decision was how long you're going to work and when you were going to retire. Because the company would set up a pension plan committee just like I'm part of, to manage the investment portfolio. To manage it, to make sure that the money is there for you to retire on and have that lifetime of income. So you only had to make a decision of how long you're going to be there, and the investing decisions and the management decisions, and all of that was taken care of somewhere else. When they brought in the IRAs, when they brought in the 401k, when they brought in the contribution types of plans, what happened is now you had a lot of decisions to make. The first decision is, do I participate? The second decision is, how much do I participate? How much of my salary or my income am I going to put in there? Then you sit back and say, okay, I'm participating. Where do I invest it? How do I invest it? What do I invest it in? What's a good portfolio? What takes on more risk, what doesn't take on risk? Then you have to ask another question. How long do I invest it for? And what happens when things change? All of a sudden you have children or you have grandchildren, or Instead of being 20, 30, 40 years old, you're now 50 and 60. How do you change the investments? All those decisions landed in your lap or into the public's lap. So now all of a sudden, instead of making a single decision of how long you're going to work, you had to make all these other decisions to make sure that your plan had enough money in it to make that happen. But they never told us that. We never realized it. We weren't educated in it. We didn't. I don't. I remember when I first left college, I went to work for one of the downtown Los Angeles consulting firms. And HR came in and gave us all the forms and I had to choose things. I had to choose which medical plan I wanted to be on. I had to choose my 401k investments. I had to choose how much I was going to put in, what they were matching, all that stuff. I was a college grad. I didn't know. There was no training, there was no education, there was no pathway, there was no handholding to allow us to, to learn. Hence, what ends up happening is that we end up in a situation where 401ks and personal retirement accounts are not funded at a level to give you the financial wealth that you need to give you the liberation and freedom that you deserve. Okay? And remember, this is all about how do we scale our money so we can scale our life? And so that's the backstory of where we are. But now with companies not doing a defined benefit, pension type of structure, it does rest on our shoulders, it does land in our lap. It is our responsibility to make sure that our wealth creation plan works for us, that it's a lifestyle based plan to make it happen. Now, having said that, here's what the financial services industry will tell you and I'm going to walk you through some math and I'll do the math for you, but then we're going to talk about the flaws in it. I'm going to tell you the things that you need to consider and how to do it differently so you don't fall short or you don't stress yourself running a lot farther than you needed to run. Okay? So the rule of thumb that if you talk to a financial services person is that you take your current income and you multiply it by 25 and that should give you the amount that you need at the date of retirement. So you can then draw out 4% per year and live off of it. So let's just do some math. I'm going to jump to my iPad. We'll do some math. I'll do the math for you. And for those of you that are listening and not watching, totally fine. I'll make sure that these notes are in the show notes for you. So we'll make sure that the link is there to make that happen. All right? And then we're going to give you, I'm going to give you a link also to, to a specific tool that's going to help you kind of play around with this math so you get an idea of what you need to do and how to do it. So, so here's the thing. Let's just run through some numbers. If we assume, if we assume that we have $60,000 a year and we just do the, the ballpark math that they say to do, you multiply it by 25. And so what that tells you is that you need approximately a million 5, $1.5 million as a machine so you can then generate the income to live off of. And the way they generate the income is they assume that you're going to live off of 4% of it. 4% of that is going to give you your $60,000. Okay, so now you know that in order to live off of $60,000, I'm going to draw down 4%. That's the withdrawal rate that they've been using for years. And so I need a million and a half dollars. Here's the problem with this. This is the mistake that I think they're making is again, they're focused on the current income, the question that really should be asked is, is $60,000, the right number is $60,000. The number that you need to support the lifestyle you desire is $60,000. The number you need to support the lifestyle you desire. Because if it isn't, then this mathematical exercise is useless, okay? Because what we're really trying to do is create a lifestyle, plan an affluent life that is funded by a financial machine that you are completely liberated and independent from. Let's look at something that happens. So let's play around with these numbers. And so if this is example one, let's look at example two. Let's assume that, yes, you're earning $60,000, but really the lifestyle you're trying to support in retirement only costs $40,000, okay? And so now I multiply that by 25. And instead of needing a million and a half, all you need is a million dollars to create the $40,000. Now think about this, think about this. If we don't understand the lifestyle plan, what ends up happening is you're chasing a million and a half dollar target when you really only needed to chase a million dollar target. Now, great, you get a million and a half bucks. It gives you flexibility, but not at the risk of your health or the sacrifice of your health and that type of thing. I just want you to be conscious and aware, intentional with what you're doing and know what that number might be. And look, if all you need is $40,000 a year to support the lifestyle, which means you're going to work off of a million dollar number, if it's a 4% drawdown and you end up with a million and a half dollars, you've got room for margin of safety, which is a great thing. But I want you to be able to do that consciously and not arbitrarily. Okay, let's look at it the other way. What happens in the other way? If we go in example three, where we turn around and say instead of $60,000, maybe I'm earning $60,000 right now, but when I retire, I want to travel a lot more. Like my wife and I, we travel a lot, but we want to travel a lot more when we retire. So maybe instead of 60,000, it's going to cost me to live $70,000. So 70,000 times 25 equals $1,750,000. Okay? So once again, if we look at this, if I'm playing the game based on a $60,000 number, but I need to live the game based on a $70,000 number, I've got a $250,000 gap here that I wasn't aware of. Okay? So what we really need to do is understand the lifestyle that we're trying to create and the price tag on that lifestyle. So we can then figure out what the size of the machine is that we're trying to create to make that lifestyle happen, to give you that liberation, to give you that freedom to know that you can live the lifestyle. Now, I'm all for building it as large as you want, as long as it's conscious and you're not just running for the sake of running, that you're not on the treadmill going, I'm just going to keep going and keep going, keep going and see how big it can get at what price. How much is enough? As my friend said, how much is enough? So let's look at the things that I think are missing in this formula that they use, because I think that there's some things to consider in how we do this. And there's four inputs, four things that will affect the amount that you need and how you're going to grow your wealth. And so if we look at those four things, you're going to look at it. Now, the first thing is going to be driven by this whole idea of income. Okay? It's one of the first things. Income. How much income are you earning? Now, let's be clear. This idea of income, I'm talking about not just your gross income, but the expenses. What are you spending on? Lifestyle. So we know what's left over. So we need to know what that income is to really start to make that happen. Because income is one of the key components to building wealth. But income itself does not create wealth. Income solely creates cash flow. What you do with it, how you invest it, how you save it, all those things, that's what creates wealth. Too often we think, I got income, so I'm good. That's not the case. That's not the case. There's plenty of people that make a lot of money and they got nothing to show for it. They've got no peace of mind. They got no investment, they've got no financial freedom. They got no financial. They are trapped on the treadmill, running as fast as they can because they have set up a lifestyle that doesn't make sense. So the first variable is to understand your income. The second variable is to really get clear on your savings rate. What do I mean by that? Savings rate? This is the percentage of your income that you're going to put away into Retirement, into investment accounts, into all the things that you want to invest in. So it's the amount that you're going to put away. Your savings rate will have a direct impact on the size of the machine and the speed in which you create the machine that you're trying to create. Now, we tell our clients and the people that we work with that over time, I truly want you moving to a point where you're putting 15 to 20 to 25, even 25% away on an ongoing basis to still to build that machine. Here's the thing. If we can front load your investing earlier in your life, time will do the heavy lifting. I look at my son and his wife, 30 and 27 years old, three homes and a multi million dollar net worth. They're at 27 and 30. They stay on the game, stay on task to 35 years old. Then the foot soldiers, the money itself will do all the heavy lifting to grow. They did all the work up front. So let's front load your investing to allow the time value, money compounding and growth to do the heavy lifting. We'll talk more about it about that in other episodes. But so here's the thing. We want income, savings rate. Then the third characteristic or the third input, the third thing that will impact our ability to grow our wealth is investment returns. How much are you earning on the investments? In other words, what are the investment returns that we're getting in here? Now, let me get really, really clear here. We want higher investment returns, okay? We want higher investment returns. However, higher investment returns doesn't come without a cost. The relationship between higher returns on an investment means typically higher risk in the investment. Okay, let me say that again. The relationship of higher returns in the investment typically means higher risks in the investment. So there's a reason that when you put money into a savings account right now you get 0.2%. But if I go and loan money out to someone on a piece of real property, a trust deed, like I become a lender, I get 10 or 12%, I get much greater returns, I get much more income from it. But I'm taking on the risk that this person is going to default on the loan and now I have to go after them for collection, foreclosure on the property, all of those things. So understand that higher returns typically come with higher risk. And so your risk level, your risk type, tolerance level is dependent upon your individual circumstances. The younger you are, you know, do you have a bunch of kids? Do you not, you know, the stage and age of life all Those things, like at my age, I don't take a lot of risks anymore. I mean, I do, but with portions of the portfolio strategically, but I don't need to go after aggressive returns to make anything because I front loaded the investment portfolio and it built it enough that I can do that. Now, My son, at 30 years old and 27, I got some clients that are in their mid-30s. They have the ability to take on a little more risk because they have a longer Runway. I'm going to be 60 this year, so understand, I just. What I really want to make sure you're clear on is the fact that, that investment returns are not that they're connected to risk. So higher returns, higher risk. Typically we don't just go after big returns because that means that we're taking on undue risk. But there needs to be a balance. You want to use a risk tolerance assessment. We do that with our clients in the Affluence blueprint. They go through an assessment to understand what's an appropriate investment based upon their circumstances in their lives to make that happen. And so I think that we can look at it in a lot of different ways to make that happen. Then the fourth piece of this, the fourth piece of this, and I touched on this already, but the fourth piece of this is time. Okay, Time. The more time you have between putting the money in and needing the money out, the more time will do the heavy lifting for growing the investments. And so instead of looking at this whole thing in the sense of, well, let's just take an arbitrary 25 and draw 4%, what I think is more important is you start to understand what do I need? What's my savings rate? What do I think I can earn on it? You know, my investment plan. And then how much time do I have before I'm going to need it? And when we do that, we can start to look at things in a way that we can interpret it. Now I have a tool that you'll get access to. Just we'll put the links in the show notes, called the Lifestyle Wealth Calculator is to allow you to put some of these inputs in and then it'll give you the numbers that you're looking at so you'll be able to look at and go, well, what happens if I need it in 20 years? What happens if I need it in 30 years? What happens if I only earn 3% or I earn 8%? What happens if I save 4%, 10%, 20%? You'll be able to see the numbers and you'll see what it's going to take for you to get to the number for your lifestyle plan. It makes it really easy. But I want to walk through this with you. Let's walk through some numbers so you can see how this is going to play out through that. And so if we look at this and we'll use the same $60,000. So if I use $60,000 and I say let's assume that I'm going to save $5,000 a year, $5,000 a year on $60,000 is about an 8.3% savings rate. Okay, 8.3% savings rate. If I invest that over time at, say it's 8%, okay, for 30 years, okay, that's going to give me approximately $618,000. Okay? So if you think about those four variables, here's the income, here's the savings rate. So we're going to want to try and push your savings rate up as high as possible. This is the investment returns and this is time. But this will give you the math behind it. Now let's play around this. Let's see what happens when the savings rate changes. So we do the same $60,000, but instead of saving $5,000, we double it. And so we're going to put away $10,000. So $10,000 puts us at about a 16.6% savings rate. So it puts us up there at the lower end of the range, where I'd love for you to be. And then now all of a sudden your time and everything's the same. But now instead of $600,000, you're going to have over $1,244,000. Okay, so we over double it when we do that. So the savings rate has an impact. Now let's assume that we go to the full 20% here. So I go to 20%, which means that I'm going to go to $12,000 saved, which is, you know, 20% savings rate. That's going to get you instead of 600,000 instead of 1.2 million, it's going to get you just shy of 1.5 million. So it's going to put you about 1 million, 4, 90. Okay, point being is this. You see that if I change, if I change any of these things, my income, my savings rate, my return, or my time, it will change what we end up with over time. This is the way we need to do the math. Now, like I said, you don't need to do the math the way I did it. And I've got something that will do the math for you and we'll put the link in the show notes. But my point is this is that it is important for you to understand, it is important for you to get clear on what your lifestyle plan is. Not your income plan from the lifestyle plan. We bring it backwards and say, what's the income we need? What's the savings rate, the income, the returns? How do we get to the number that we're trying to get to? Because when we get to that number, we build a machine that can support not an income stream, but support the lifestyle through the income stream. We need to make that happen. Hopefully this makes sense to you. All right, so hopefully this, this, you found this valid. If you have questions about this, because I know I did some math here and some of my, some of my sessions, some of my episodes are going to be a little more technical and, and things like that. I get it. But here's the deal. Your wealth, your financial freedom, your affluent life is on the other side of that math equation. I will help you with the mathematics, I will help you with, with, with the numbers part of it. We'll get you through that. But here's the thing. No one else is taking care of your lifetime income other than you anymore. And I don't see at this point that we're going to be seeing pension plans coming back into the game again. Social Security in the US Is a pittance compared to what you, you're probably going to need, if it's even available. So here's the thing. It's getting the reins back. It's taking control back and part in the first part of taking control and is getting the awareness and the understanding of what that number is, what it looks like. So we can put a proper plan in place to make that number happen. So to carry this conversation further, do me a favor. What I'd love for you to do is join our affluence entrepreneur Facebook group. You know, we'll put the link in the show notes. You can go to melabraham.comgroup and join that group. This is where we have sane, safe conversations around richness or money, wealth, business, business growth and life in general so we can have real conversations about people that are making a difference by being affluent entrepreneurs, people that are having an impact so you can live that richer lifestyle but have a deeper impact at the same time. People that want to live with complete freedom and not be subjected to any kind of other things other than the definition of life for them, they don't want to be put into limitations. So let's have real conversations. Let's have a great community of that and that's what we're doing over there. I get in there, I do lives. So join me in that community, the Affluent Entrepreneur Facebook group. Also, we'll put the link in the show notes plus we'll put the link in the show notes for the lifestyle wealth calculator. And I look forward to seeing you continuing our journey, continuing the conversation as we move forward. And if you have questions or something comes up or something in your life, money, debt, this and that, post the questions, let me be your guide. Let me help you. Let me help you move forward. And some of those questions I'll answer in the group. Some of them, we'll bring them on the show and we'll do Q and A shows and in some cases, I'd love to bring some of you on the show and do some real time mentoring, coaching to help you through. All right. In the meantime, I look forward to seeing you in the next episode, hearing from you and having the conversation. Keep living and affluent life. We'll talk soon. Cheers. Bye. Thank you for listening to the Affluent Entrepreneurship with me, your host, Mel Abraham. If you want to achieve financial liberation to create an affluent lifestyle, join me in the Affluent Entrepreneur Facebook group now by going to melabraham.com group and I'll see you there.

And that's it for this episode of Building youg Money Machine where we help you learn how to master your money, eliminate financial stress and live a life of choice. If you found this valuable or helpful to you, here's what I'd love for you to do. If you do me a favor, go to Apple, Apple Podcast or wherever you're listening to this podcast and rate and review the show. It helps us tremendously to keep us at the top of the list so we can continue to get this information and this message out to people. Because I truly believe that financial freedom your birthright and I want to help each and every one of you claim it. Thanks so much.