034 5 Elements of a Millionaire Mind

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. Hey there. Welcome to this episode of the affluent entrepreneur show. In this episode, we're talking about the five things you need to build to have a millionaire mind. It's the foundation of your financial destiny. I'm going to introduce you to a framework. I know I'm the framework guy, but these things are key. Let's get it right. I'll see you in this episode.

This is the affluent entrepreneur show for entrepreneurs that want to operate at a high level and achieve financial, 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. Welcome to this episode of the affluent entrepreneur show. This one's going to be a cool one, but they all are, I guess. At least I think so. They're exciting. I always enjoy doing this. I. I enjoy having conversations with each and every one of you, the people that have reached out to me and we've had some conversations by messenger and that type of thing. Man, you are a blessing to me. It's a joy. So make sure you're reaching out, make sure you're following, make sure you're. You're in the community with us because what we're trying to do is raise the tide for all ships in the affluent entrepreneur space. It's to help you to live a life that is richer, that is more impactful, and that has complete freedom. And that's the whole idea of the affluence blueprint. And so this episode, this episode is something that I actually did live, but I wanted to formalize it in an episode, give you the framework. It's about what I call the five builds of a millionaire mind. What are the five things that you need to build to have a solid foundation for your financial destiny. And this is the thing that a lot of people don't think about it. They want to talk about, you know, figure out. They get ahold of me and they think, I'm an accountant, I'm a financial guy. Let's just talk money, let's just talk dollars. In fact, I sit on some boards of directors as an outside director, so I'm a paid director on a number of companies and that type of thing. And it's part of one arm of my business is me and me being directors on companies. And. And inevitably they think I'm going to come there and talk about columns and rows and things like that and say, let's figure all this stuff out. Let's do the math. And that, which I do, but not before we do some of the stuff in the head, some of the stuff in the mind. They always do some of the stuff, especially in business. What's the culture like? What's the values like? We start doing some of the softer, softer, right brain emotional stuff. Because I think that actually drives business more so than the left side, the logical stuff. So we'll get to both of that, all of that. But this is why I'm saying that let's give you the five things you need to build, need to, have to have what I call a millionaire mind. And in order to then do the things that millionaires do so you can have the things that many years have. And so let me jump to the. I'm going to jump to the iPad. Those of you that are listening only, I'll make sure that we hook up the graphics in the show notes so you have access to it. Or you can also Watch this on YouTube, watch this.

On my page and get a chance to see me live. Well, not live, recorded live, to do this. All right, so the five builds of millionaire mind. Here's the thing. This is about how do we build a foundation to your financial destiny? In the verse, very first thing. The very first thing is to have a plan. Do you have a plan? Do you have a vision for what you want? Here's the deal. Here's the deal. Too often we're running a race and we have no idea where the finish line is. I'm just going to earn as much as I can for as long as I can. And whatever I have, I have. Not a great strategy. I mean, it could work, but it's not gonna. It's. It's not certain. So one of the things that I think we need to understand is, is each of you have to have a. A vision for your life. And if you're in a committed relationship, I want to invite you to have a vision for you as a couple. My wife and I, we have a vision for our life. Now, we have some individual elements of our visions for our lives, but we actually have a combined vision for our life. What we want, how we want to live, what we want to experience, the things we want to do, the experiences we want to have, the things that matter, values and that kind of thing. Know your lifestyle. That's important because it's. Until you know your lifestyle, we don't know what the number is that you need to meet. If we're going to build affluence, which is not opulence. It's about living a richer lifestyle based on your definition of what that lifestyle is. Let's not get cut off in income. You might not need a lot to live the. The lifestyle that you deem to be rich. And I don't care what other people say about it, as long as it's moral, as long as it's ethical, as long as it's not hurting someone, and as long as it's legal, you get to live your life your way. I'm okay with that. You could be in a tent in Montana or a yacht in Monaco. Doesn't matter. It's your definition, it's your choice. Heck, it's your life. Bronnie Ware, seven regrets of dying. One of the biggest regrets that she's a hospice nurse. One of the biggest regrets that she found in talking to these people that were on their last days on this earth was that they didn't live the life they wanted. I want you to figure that out. I want you to live the life you want. Not what your parents said, not what your peers think, not what school says, society says, media says, Social media says none of that. But you in the mirror and the people that are close to you. If you're in a committed relationship, you want to be on the same page. You may not be on the same line, but you want to be on the same page. Once you know what that lifestyle is, we got to create the plan you have to build. The first build is to build a plan to the lifestyle that you want. Build a plan to the lifestyle that you want. That leads us to the second stage. The second stage of this, the second build of this is to build your knowledge. Look, we all have to start somewhere. We all have to start somewhere. Now, you might sit back and go, I'm not good at investing. I don't know anything about investing. I'm not good with money. That's good. But it's a learnable skill. And when you understand the lifestyle you're going towards, the impetus, the incentive to learn that skill goes way up because you know that's what's waiting on the other side. So we need to look at it and so build your knowledge. Now it could be simply committing to reading 20 minutes a day, listening to a podcast, watching my show every week, sending questions in, getting into a program, getting into something. For instance, we've like, I've talked about this. We've got a program called the seven day Money Plan Workshop. The seven day Money Plan Challenge. It's free. Seven days is a seven day crash course on figuring out your money's foundation, getting the plan in place for that. If you want to go to it, take it. Seven days. Short snippets over the seven days go to the money plan workshop.com themoney plan workshop.com jump in. But start building knowledge in the areas that you want most of the people especially. One of the rules that I have when it comes to investing that I teach people in the affluence blueprint is this idea of we never invest in things we don't understand. Well, that means that we need knowledge comes from books, it comes from podcasts, it comes from videos, it comes from training, it comes from enrolling in programs, it comes from mentoring and coaching, it comes from getting advice, all of those things. Commit to building your knowledge. Not that you need to be at a high level expertise, but at a high enough level of knowledge to make informed decisions. Okay, that leads me to number three. Number three is to build your habits. Okay? Build your habits. Here's the thing. Wealth is behavioral and not mathematical. It is somewhat mathematical, but it's the math behind your behaviors that matter. In other words, you are where you are. I am where I am because of the past behaviors that I made. Here's the beautiful thing about that. First off, the first thing is that you say, oh crap, if you're not in a good place, you're going, oh crap, I just screwed up. I'm not in a good place. This is. And you start beating yourself up, okay, I'm going to invite you not to do that. The big bad stick of the past that has no business in this game because it's just going to make you feel bad, you're going to blame yourself, you're going to beat yourself up. And trust me, when you start beating Yourself up. The last thing you want to do is then take additional action because you lost confidence, you lost certainty. All those things that start to come into play. I went through this when I got hit with that Ponzi scheme. Oh, my God. I said I was worth it. I was. I wasn't smart. I'm a. I'm a cpa. I'm a financial guy. I'm advising people. I have no business being in this business. I was horrible till I realized, wait a second. It's just one decision. Well, a couple of decisions, but it doesn't define me. It defined a behavior at the time. And if I analyze the behavior and learn from it, then I won't duplicate the behavior that got me into the bad deal. So when we understand that we need to build our habits and it builds our habits, that's when all of a sudden we start to shift things. So the question you got to ask yourself at this stage is, what habits do I have that are habitual, Meaning that you do them without thinking that either erode my wealth, erode my freedom, erode my peace of mind, and then we gotta find a way to fix them, which we can. And what habits do I have that elevate my wealth, elevate my freedom, and elevate my peace of mind? And those we need to fuel, we need to support, we need to feed. Okay? And if you're not sure, now's the time to start taking stock. Asking yourself every time you do something unconsciously, whether it's buying something that's an emotional buy, whether it's making money or you start to see something and you make a statement that's negative about money or wealth or a person, what is that representing in yourself? Build powerful habits to build your wealth. The millionaire mind is built on behaviors. The millionaire status, the wealthy status, the affluent entrepreneur is based on a set of behaviors.

That are proven and work. They're habits that drive the results.

That leads me to then number four, and that is this. To build resilience. To build resilience. Two things here. One is to avoid straying. Now, some of this we can do in by building a process. And what I mean is I don't want you to get distracted. Okay? This is one of the reasons that I, with the people in affluence blueprint and some of the people we work with that I have them actually transfer money. So they're trying to build an investment fund that they can invest. That's going to be their money machine. That's going to give them the freedom down the road. Because here's the thing. Affluent entrepreneurs realize that their business isn't where they get the freedom. Their business is where they get their cash flow. Their job is where they get the cash flow. But how they use the cash flow to build a second machine, a money machine, that's what gives them the freedom. And so when we do that, we make that work. But here's why we move money is because I don't want it in your eye shot. If it's sitting in the account, there's this. Sometimes there can be an urging or a yearning. Go, I could spend that. And I have said this before, my wife loves to make. She's great at baking and cooking and all that stuff. I am fortunate, and I'm fortunate that I can keep my waistline. But she cooks healthy for me. She does amazing stuff. But even a ton of healthy stuff is not good for you. So she makes these cakes, and she makes them in a way that are no sugar, no grain, and no dairy, but they're phenomenal. Chocolate chip cookies, all that stuff. And we have this, like, bakery, like, display, like cake display with this clear glass cover on it. And she takes. When she bakes something, she puts them on display in the kitchen. And there I am walking by that display every day. And I walk by and I go, huh, that one can't hurt. Pick up the glass cover, I take one of the cookies out and I eat it. Later in the day, I'm walking by the display again, oh, okay. Lift up the COVID and I eat another one. By the end of the day, I might have eaten four or five of those cookies.

This is no different than your money. Okay? So that's why I wanted out of sight, out of mind. Right? Now that display, that thing is empty. I said, honey, let's not put anything in there for a little while, all right? Out of sight, out of mind. Same thing with money. That's one of the reasons that we do this, that I want to build resilience into a process. So money comes in, we'll have it automatically transferred. So we put it on automation. We don't see it in the bank account. That is our wealth account. That's our investment account. That's our peace of mind fund, our comfort fund. We talked about all of those in the episode where we talk about the wealth priority ladder. So this is the thing that we want to do, is to avoid the distractions that can throw us off course.

So keeping focus. The second part of resilience is this, is that I want you to Build discipline. I know some people think discipline is a bad word, but it's not. But it's necessary. The discipline. Now, I don't mean that you need to be infallible. Hear me, because trust me, I'm not infallible. You just heard that I. I'm eating the cookies. So I am not infallible. But I want you to have the discipline that when you falter, you get back up without judgment, without beating yourself up and say, what did I learn? How am I going to shift and change things? The Ponzi scheme created a whole set of rules of investing that I now I teach and I've used with my clients and I, my son and his wife. This is why they've built the kind of net worth that they've built and the freedom that they have at 31 and 28 years old, because I learned from it. It was a hard learning. It was an expensive learning. But I don't expect you to be infallible. I just want you to, when you falter, if you falter, to go ahead and dust yourself off. Don't judge yourself. You're human. I'm human. Okay with it. Be okay with what happened. Be okay with where you're at and say, what did I learn? What did I learn about me? What can I do to make sure it doesn't happen? What did I learn about other things? What were the emotions involved? What were the triggers involved? And when you understand that, then you can set going back to the one the build before. You can set different habits to make sure that it doesn't happen again. So now you get yourself back on track. Back on track. And then the last piece of this framework is this is life. Build a life. Build a life. It drives everything you do. I don't want you to have a living. I want you to have a life. Life that matters. A life that's full, a life that's fulfilling, a life that's meaningful. A life that does everything. So the reason we create affluence, the reason I work with people just like you to help you build financial independence, is not for the finance. It's not for the money. It's for the life that you get to live. It's for the life you get to give to your spouse, to your loved ones, to your children, to your grandchildren. I get to give a life to my son, his wife, to my granddaughter, to my wife, to my puppy, Budo. And we don't give it to him in the sense of silver spoon, but we give them experiences. We give Them the love we get behind causes. So what is it in your life that drives all these other bills? Because when we understand what the life is, now that we're talking about lifestyle and plan, but everything you do is for the life, not the living, because the living is about getting bills paid, but the life.

Is about living a life that is vibrant, that is meaningful, and that is fulfilling. And so these are the five builds of a millionaire mind. Every millionaire that I've worked with, especially in the affluent entrepreneur space, with the principles and the prescriptions that we teach and everything, this is the game that they're playing. They understand this, that they know that they have to build a plan. They have to build their knowledge. They have to create and build habits that matter and that are meaningful and they build resilience. So in the end, they build a life. I hope that this helps you. I hope that you can start to look at things through this optic, through this lens, and how that might shift and change things. When you bring these things into your life, they become part of you. Things will change. A lot of things will change. You change. And when you change, the results change. All right, I hope that this was a value. If you have questions, if you have anything that comes up with money, wealth, life, business, let me know. I'm here for you. I'm your money mentor in your back pocket. I'm here to help. Okay? So just let me know DM me and we'll make sure that we get an answer. We'll make sure that we guide you on your path to a whole new financial destiny that gives you life. All right, until the next episode, until the next show, remember this, always, always live a life that outlives you. Cheers. Bye.

Thank you for listening to the affluent entrepreneur show 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 Melbourne, belabraham.com forward/group, and I'll see you there.

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