048 Generate and Scale Your Income

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. What's one of the best ways to generate and scale your income and why? Stick around and let's find out.

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 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 here and welcome to this episode of the Affluent Entrepreneur show. And in this episode we're going to talk about what's one of the best ways to generate and scale your income and why. And the way we're going to do this is I'm going to take you back to some of the core pillars of the affluence blueprint, the process that I use when I'm working with my clients, my one on one clients, or in my groups or in my program, the affluence blueprint. And so one of the things to understand is this, is that when it comes down to and I'm going to be, there's a framework associated with this. We'll make sure that it is in the show notes. So, so for those of you that are listening and not watching, make sure you get to the show notes page, download the resources. They're there for free. They're there to support you. They're there to help you on your journey. So. So when we talk about the affluence frame, the affluence blueprint framework and the process, one of the things that we start to look at is the most important thing is to realize just like the name of the show, it's about you being an affluent entrepreneur. But the affluent entrepreneur has three critical outcomes. Outcomes in my mind. And it's not just Mine, it is. It's what I've seen as I've traveled, as I've worked with folks, and I've seen these common outcomes with all people that truly feel affluent, live an affluent life. The first is this, that they live a richer lifestyle. And, and I. I've spoken deeper on that, but they live a richer lifestyle. It's not just, like Zach said, it's not just about the money. It's about the experience, it's about the feelings, it's about the richness they have in their life. The second critical outcome, the second critical outcome is about deeper impact. It's about knowing that what we do matters. But not only that, it matters to the external, to the customer, if you will, but it also matters to the right and left, the people we love, the people that are in our lives, the people that we care about. And then lastly, it matters to you because to have a deeper impact, it's about who you become in the process. Remember I said that there's a Harvard study that talked about happiness, and they studied 4,000 millionaires. 4,000 millionaires were studied and they talked about happiness. And in that process, they said what made them happy. And one of the key characters, one of the highest rated characteristics, was not how much money they made, rather it was how they made the money they made. And so it's who they become in the process. It's who they became in the process to. To make the money and to do the things that matter. So deeper impact is the second critical outcome. The third critical outcome is complete freedom, Truly complete freedom. It's truly about this idea of not just financial freedom, because financial freedom is actually the minimum that we're looking for. It's a minimum standard. But what we want to make sure is that we have time freedom and we have mind freedom. So freedom to do what we want with our time, when we want it, and that we have the peace of mind, know that everything's taken care of. And so that's the critical outcomes. And when we have those in place in our life, that's when you're living as an affluent entrepreneur. See, the idea is this, is that too often we end up on a treadmill and the entrepreneurial treadmill. We get into business because we want to do business and want to have an impact. We want to make a difference and we want to have that freedom. And then we find that we're trapped by our business. We're running on the treadmill of sales and customers and marketing and all those things. We're not seeing Our children, we're not seeing our spouse, we're not seeing the people that we care about, because we're working late, late hours, early mornings, and doing those things. And the only way we know to scale, the only way we know to build more is to run faster, run harder, run longer. And then all of a sudden, the treadmill becomes the dread mill. And when it becomes the dreadmill, you can't get off. You just don't see an end in sight. And so what we need to understand is how do we get off the bed the dreadmill, how do we get off the treadmill? How do we never even get to the dreadmill? And the ideas is really the elements of the affluent blueprint and being an affluent entrepreneur. So that's the key. So what are the elements? Let's talk about the elements real quickly again. The first is this is that there needs to be a system to generate cash to generate income. Now, if you don't have. If you don't have a business yet or, and you're starting a business, we need to put some things in place to start generating income. We'll talk about some things you can do today that will help you out if you have a business in place. And it's about how do you scale? Because the reality is the generate pillar is really how do you go from a drip to a flood of cash flow? If we're. When we are successful to go from a drip to a flood of cash flow, what ends up happening is that this is how we make the money. This is how we can scale the money. This is how we can make the difference in the things that we want to do. Now, the second pillar, the second pillar is all about accumulation. It's having a system to accumulate. How do we then take the income that we're creating? There are entrepreneurs out there that I have worked with and that I see often that are really good at making the money, that just not good at keeping the money. And that might be you. You might be looking at going, I'm making a lot of money, but at the end of the day, I don't know where it went. I don't know where it went. You know, you may have heard me talk about my dear, dear friend, Brandon Lucero. Half a million dollars in revenue, $40,000. Okay? Those kinds of things we need to stop. We need to figure out how do we take the money we're generating, use it for a lifestyle, but use it to build the wealth to accumulate. And so we need to convert it into assets, and so the accumulate pillar is really about how do you go from income to assets, how do you multiply the money you're creating so it works harder for you than you ever had to work for. It leads us to the third pillar, and that is this whole idea of insulate. And when we talk about insulate, this is about shielding it from the hazards that are out there, the risks that are out there, the risk of loss, lawsuits, all the kinds of things that could get you to lose it, protection in there. So we move you effectively from a place of being exposed to being protected. And so the three pillars really generates about making it accumulate is about multiplying it, and insulate is about shielding it. Now, in today's session, in today's session, the bottom line is I want us to have a conversation around the generate pillar. Because if we don't have a conversation around the generate pillar, if we don't get the generate right, well, guess what? We ain't got no money. And if we don't have any money, there's nothing to accumulate and build wealth and build the financial freedom and the financial independence you deserve. Now, remember this. I believe that financial independence is a birthright. We just need to go out and claim it the right way. And that's what this show is about. So with that as the groundwork for the work that we're doing, what I want to do is start to talk about, well, how do we do this? How do we make this happen? And here's the thing. You may be in a job, you may have a business, you may have something going on, you're just starting out, you may have maybe doing six figures already. I'm not sure exactly where you're at, but that's okay. The bottom line is wherever you're at, we want it to scale. The bottom line is wherever you're at, we want it to grow. The bottom line is that we need to pull more cash out so we can use it to build our wealth. Now, this could be in the form of a side hustle. This could be in the form of another job, or escalating what you're currently doing, elevating what you're currently doing, putting something else into what you're currently doing. Maybe, maybe you are doing teaching at a school and you could do tutoring after school to create an additional income stream. And there's a reason for that. We'll talk about the math behind that. But here's the thing. So often people will come to me and go, man, what can I do? I need more income I want to get more income. What can I do? What can I do? And they say it as if there aren't a lot of options. Now, I got to tell you, there's plenty of options out there to. To be able to. To generate more income. You know, the fact is, is that I just went and did a search. Top side Hustles. Now, when you look at the Top side Hustles, there are so many available. If we just start to look at them now. I put 45 side hustles on a list. There's hundreds of ways to make money. Everything from teaching English online to selling stuff on Etsy, selling stuff on Amazon, being a dj. I'm just looking at the list. Renting out storage space or you have extra parking that you might be able to rent out our room. Those all create income. Now, some of them you might look at and go, that's not what I want to do. For instance, one of the on the list was to assemble IKEA furniture. Okay, if you have ever. Let me know if you have ever tried to assemble IKEA furniture, stick a needle in my eye, please, because I've done it. I remember putting together a table for my mom, you know, when we moved her into a new place. And I'm putting together a table. Okay. Mind you, it was a bit my fault in the sense that I didn't fully read the instructions and directions, which is typical for me. By the time I got it together, the last piece wouldn't fit because I had one piece the wrong way. And so I had to completely take it apart and put it back together again. Those of you that have put together IKEA furniture, you feel my pain. But there might be those of you out there that are handy and want to do that, where you're putting together IKEA furniture, assembling Amazon furniture, and you're doing that for a fee. You know, being a tour guide, I got a really good friend out there in Sedona, and he's starting. He's looking at trying to start a business to be a tour guide for hiking trails and all of that type of stuff. So there's so many different ways that you can take your talents, your skills, your passions, and start to monetize them. And so it's a matter of finding what works. But now on this show, I want to talk about one way. I want to talk about what I think is one of the fastest ways and easiest ways to start to generate additional income, to build something that. That truly, truly can scale your income and give you leverage and Time back when you start to build it, right? And that is creating a digital income stream. Now, I am not talking about cryptocurrency. I'm not talking about Bitcoin and Ethereum or any of the dodgy coin or any of that stuff. What I'm talking about is a digital income stream. In other words, an income stream that's driven by digital products, by doing something online that takes your knowledge, your skills, your information, your experience, and sells it. And there's a framework for doing this. Now, some people will say, well, and this is not just so we're clear, I am not a get rich quick kind of dude. And this isn't about getting rich quick. This is about truly serving. This is about doing the right thing. This is about making a difference in people's lives. Here's the bottom line. No matter what it is you choose to do, the only way you make money at it is when the value of what you provide, the value of what you provide is greater than the value you're asking them to give up. In their minds, that's the price. So what we need to do is, as we start to look at how can I make more money? We need to look at it not from the money standpoint, but the value standpoint to ask ourselves, how can I provide value in other people's lives? Now, one of the ways to do that is to help them eliminate the pain, help them to solve a problem, help them to make something easier with a distinct way of doing things. And the idea behind creating a digital program or a digital product or something online that you get to sell is one of the easiest, most scalable ways to do it. Give you, for instance, fact of the matter is that you all know that at some point, at some level, I pulled myself out of the business because of the cancer. Effectively two years ago, I had a financial machine to protect, to, to be able to provide for my lifestyle. But I also had a digital business, a business that allowed me to sell products and programs and trainings and, and stuff that I didn't have to be involved with necessarily. And so in the year, in a year's time where it was a pandemic, most things were shut down. I pulled myself out of the business because of the cancer and all that stuff. We still did well in the seven figures, okay? We still did those kinds of things because of the kind of program or because of the kind of source income source it is. And this is what I want for you. You can drive for Uber, you can do deliveries, all that stuff. But that becomes physical and it's capped. I want something that you can scale and walk them through it. So let's talk about what that takes and kind of the three elements of building that and we'll go deeper in some of this stuff. This is all about how do you generate, scale and create additional income? And we'll see why that's important because I'm going to do some math for you in a second. All right, but before we do that, let's just look at the framework that will start to drive everything. And that is this idea behind what does it take to create digital income? And digital income requires a couple things. The first that it requires is this idea of a content that's distinct. So I call it content distinction. Listen, we live in a information.

Overwhelm society that we've got stuff coming at us left and right, whether it's social media, whether it's media, whether it's physical mail, email, it's coming at us all the time. So we're in information overload. So if you truly want to sell your knowledge, your expertise, your wisdom, and we can talk about how do you figure out what that is, then what we need to do is find a distinction. We need to stand out. Okay. And so we need to look at how do we stand out to make that happen. Now, there's a couple things that we can talk about in this space, but let me give you the other two items and then we'll talk about the elements of each of these that can work through and this becomes your checklist of what I want you to start doing. So the first piece is this idea of content, content distinction. The second is that you need to create an irresistible offer.

Something that people are going, heck, I want that. Okay, so what are you going to offer them? What's the offer you're going to make? Let's face it. And I get it, some people say I don't like selling. I'm not one that sells. In fact, I say that I don't sell. I inform, they make the decision. As long as I answer their questions, as long as I stand in the conviction of the value I create, the transformation I offer. Let's make sure that they're their other questions are answered. And we have people at two places. They're either at the red light saying, not for me, or at the green light saying, absolutely, I'm in. What my job is, is to make sure that no one is left at the yellow light. The yellow light of indecision is the most dangerous place to Be for anyone. And so what we want to do is make sure that we're informing versus selling. Informing and answer questions and with conviction about the transformation value you provide. Now they can make an informed decision either one way or the other. But we need to make an irresistible offer. If you don't make any offers, you won't make any money. We need to be willing to put ourselves out there and make the ask if you will. To make the ask if you will. If you don't ask, you'll never try. I don't know if I told this story, but I literally, I was in, in Las Vegas with my parents. I was 12 and a half years old at the time. We were in the Tropicana Hotel at the time. This was early in the career of Zigfried and Roy when they were alive and they were playing at the Tropicana. And I literally picked up the house phone in the hotel. Not, no, I'm just a kid, but I picked up the house phone and asked to be transferred to Sikvit Naroy. And lo and behold, they transferred me backstage to the showroom. This was in the morning. And Siegfried says, where are you? And I said, well, I'm outside the showroom. He says, stay there. And Siegfried comes out and talks with me and then turns around and says, are you going to be at the show tonight? I said, well, I didn't think about it. I didn't know I could. He says, oh, you're going to be at the show tonight and you're going to be my guest, front row. So he had my parents and myself sit in the front row. If we don't make the ask, we'll never know. So what we want to do is make sure that we make the ask. And then the third piece of this, if we've got the content distinction and we'll talk about what's involved with that. And the irresistible offer is to make sure that we create a profit pathway. A profit pathway. Now this is, this is the process and the journey that your customers are going to go on. This isn't about. You don't get introduced to someone and then try to sell them right from the get go. This is why I think the whole concept of an elevator pitch kind of drives me wild. Can you imagine being locked in a steel cage in the elevator? You can't get out of it, soundproof and everything, and someone's pitching you that you don't know. So I get what the elevator pitch is all about and everything. But when you start to think about it literally, it's a crazy concept. But here's the deal. So content distinction, irresistible offer, and a profit pathway. Why is this important? Watch what happens when we get the content distinction and the irresistible offer. Right? When we get that dialed in, you get higher conversions. Okay. And when we get the irresistible offer and the profit pathway dialed in, you get higher cash flow. And when you get the profit pathway and the content distinction dialed in, you actually get higher leverage. And what I mean by that is that you leverage your time, just like I did in the past two years, to allow things to go without me being involved. Remember, the idea here is that your freedom, one of your freedoms is financial freedom. The other freedom is time freedom. And digital programs are one of the ways to be able to do that, to get both your time and your cash flow so we can start to accumulate and build wealth. So let me dig a little bit deeper. Hopefully you're staying with me here. Let's take a little bit deeper and understand what needs to happen when it comes to content distinction. And there's a couple things to think about. If you truly want to be paid, highly paid, for what you know, okay, to command premium fees, okay, we can't expect to command premium fees if we don't bring premium thinking to the things that we do. If you're going to create an educational program, if you're going to create an information product, if you're going to create a training program, something online that teaches or trains, okay, high margin, low cost, high profit. And once it's done and you've got it working, it's a cash flow machine, then you need to bring premium thinking to it. What, what that means is that you got to think deeper about the topic than anyone else has. You need to look at how you. How you build it. Now, the other part of this is that I want you to think deeper about your topic. Come with your own perspective. Now, granted, they say there's nothing new under the sun. I totally get it. But you can build something new on the shoulders of those who came before by giving your unique spin, your unique perspective on that. And one of the ways to do that is to build something called a unique methodology. And a unique methodology has a couple of components to it. In fact, I'm going to do another episode. I'll do the next episode. We'll talk about what are the components of a unique methodology. Because when you have that unique methodology in place, this starts to get you to look at things differently. But more importantly, it gets your customers to look at you differently, it gets your customers to look at you differently and it gives you this last piece of content distinction, and that is premium positioning. I want you to be positioned as the premium provider. We don't want to be the Walmart of our industry. We don't want to be the Neiman Marcus, the Nordstrom's of our industry. We want to be the high, high level provider that is seen with distinction in the marketplace. So we need deeper thinking, we need a unique methodology and we need premium positioning to make that happen. And like I said, the next episode, I'll go deeper on the whole idea of a unique methodology. What are the components? What do you need to do to make that happen? When it comes to irresistible offer, the offer that you create has to, and I talk about this in the thinking hierarchy, but the offer has to solve a pervasive problem or need that your customer has. Okay, pervasive problem or need that your customer has is if your customer doesn't want to solve the problem, they don't see it as a problem. They're not buying from you, they're not looking for it, which means you get no sales, which means you get no cash flow, which means you get no profits. So we're not generating income and we're not scaling income so we can accumulate wealth. Remember, this is the very beginning stages. We need to create something that's going to generate cash flow to allow us to create the wealth that we're trying to create, to give us the financial liberation, independence that we deserve. The offer, when you craft, the offer needs to speak to their soul as well as to their brain. It needs to touch them in a way that they're pulled from the heart and the mind at the same time. It needs to be that irresistible that they say, I have got to have it. Okay, now let's get really real here. It's not about how to make the offer because we can use all kinds of manipulative tactics to try and sell someone, leverage someone and do that. And when I see that happen, oh, it turns my gut. And if I have a chance, I call it out for what it is. And so we need to be real, authentic, sincere, and we need to know that what we do actually solves the problem. We're going to get the results that we promised. So we're going to make a emotionally compelling offer that serves a pervasive problem that gets the results that your customer is looking for. Okay, so that's the irresistible offer piece. Then there's the profit pathway. The profit pathway is the customer journey. How do we get them in? From stranger to prospect lead to customer to raving fan. Okay, stranger, prospect lead, customer raving fan. The way we do this is to build campaigns and build sequences that allow that to happen with emails and systems that make this happen. The beautiful thing in today's world with a technology is that it's pretty easy to do and it's relatively inexpensive to make it happen. And that's the beauty behind this as one of the sources of your income as you move forward. Because now I can create an automated system and process that generates income on a regular basis without me being part of it every single day. Once the system is set up to send out the emails, to nurture the prospect, to move them down the customer journey, and then make the offer in a compelling way, you can generate income every day while you sleep. Okay? That's the beautiful thing with this. And this is why I chose this to talk about saying it's important for us to look at how can we generate the income? Now some people will say, why are we talking about this, Mel? Are we talking about affluence? Yes, we are. Remember, the whole idea here is how do we scale our business so we can scale our money and ultimately scale our life? And so this is one of the elements, because generating income, generating cash flow becomes really important. And so one of the things to think about is this. Let's just play some numbers. Let's just look at what the possibility could be here. Okay? What the possibility could be here. And so if we just created a course and we made $200 on that course, or $1,000 on that course, or let's just say we made $400 on that course, $450 on that course, and I took one course sale and put that away every month and invested it on a regular basis. What could that turn into? What could that turn into? Well, if we look at numbers. If we just look at numbers, and this is where we start to look at how time does all the heavy lifting for us, how time starts to. To drive everything, Everything that we. We want. So here's the thing. Let's just play around. Let's assume that I sell a course for $400, I create a program for $400, and I sell a few of them a month. You know, four or five of them a month. It's not a lot of money. But I take the first two sales every month. It's. I take the first two sales every month, $800 every single month, and I put it away into an investment account. And I earned 8% over 30 years, $800. Two course sales every single month turns into $1.2 million.

In 30 years. And now you might go, well, I don't want 30 years. Well, okay, just shy of half a million dollars in 20 years. Okay. Bottom line is, what I want you to understand is that if we're looking for a way, a vehicle to create wealth and give us time and leverage, a digital product, an online process or program or teaching is one of the best ways and quickest ways to do it, because it's high margin. And once we have it working, it's low input, low effort. And the fact of the matter is, is that if we're disciplined and we follow the investing principles that we talk about in the affluence blueprint, the fact of the matter is that just a little bit consistently over time builds a lot over time. Let's say that, for instance, you decide to take three sales a month and put it away in an account. Three sales a month is. Is $1,400 14 or no, three sales a month, $1,200. I can do math. $1,200. At $1,200 over 30 years. $1.8 million, man. And if you do it over 20 years, it's about three quarters of a million. My point is this. This becomes a way that you get a chance to start to build wealth, create an income stream that allows you to build wealth and over time, leverage yourself out so you get your time back to make that happen. This is why I love this as one of the the best ways to generate income or scale your income. You know, you could have a bricks and mortar business, and there may be some things you can do online that you can teach or train. For instance, maybe it's a restaurant. And some restaurants did this during the pandemic, where you start teaching cooking classes online, where you start doing that online. And instead of doing it live, you may do it live the first time, but then after that it's done in a recorded basis so you don't have to be there. And you're leveraging the same expertise that you're using in the restaurant for selling in a membership system or a training system of some sort. And now you've leveraged your time back, you're making additional income. That income goes to build your financial machine to give you the financial independence. So hopefully this makes sense to you. Hopefully you're starting to see the importance of this. And this is why I wanted to talk about this. I've had the question come up about Mel. What's the best way to generate additional income? What's the best way to scale income? Now, I'm not saying, and I can't guarantee, you know, that you can generate income or do any of that stuff, because I don't. I'm not you. I don't know what kind of effort you're in. I don't know what kind of you're going to put in. I don't know your situation. I don't know your market. I don't know your customer. I don't know your message. There's a lot that goes into it. And in fact, I don't spend a lot of time teaching how to build products and programs. But I want you to understand that this becomes important to look at as a revenue source, as a cash flow source, as an income stream, one of your income streams. When we talk about the five incomes that allow you to leverage your time back and start to build your and accumulate wealth. So here's the deal. What I'd love for you to do is start to look in your life and say, what do I know? What are my strengths? What are my skills? What are the things that I might be able to sell or maybe I'm already selling? And how do I scale it? How do I leverage it? How do I do it in a way that gives me time back, increases the margin? Now, important is that you are bringing premium thinking so you can charge premium dollars to make that happen. Okay, we'll talk more about that and we'll talk about that whole unique methodology in the next episode. So make sure you tune in for that. So I hope you have found this of value. And do me a favor. A couple things. The frameworks that I talked about here will be in the show notes. So go to the show notes. If you're just listening, go to the show notes. You can download the graphics if you haven't done so already. Make sure that you subscribe. Come on, we're on a journey together. We're going to make a difference. We're going to change your financial destiny together. And do me a favor, while you're there, leave me a rating and a review. Say hi. Tell me what you think, and maybe I'll read your review on one of my upcoming episodes. And if you have questions that are coming up, just like this was generated from a question. If you have questions that are coming up, do me a favor, send them to me. DM me, reach out to me, because I'll do an episode about it or I'll do a live about it. The point is that I want us to have real conversations about what it takes to scale your business, scale your money, so we can scale your life. So thanks for being here on this episode and I look forward to seeing you or talking to you on a future episode and the next episode of the Affluent Entrepreneur Show. 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 is your birthright and I want to help each and every one of you claim it. Thanks so much.