How to Invest in ETFs & Index Fund to Create Wealth

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 is all this talk about investing in ETFs and index funds mean? Should we be doing it? Does it make sense? What the heck is it? Well, in this episode of the Affluent Entrepreneur Show, I'm going to break it all down for you. We're going to talk about gambling, we're going to talk about trading, and we're going to talk about investing, and we're going to talk about ETFs and index funds. Welcome to this episode of the Affluent Entrepreneur Show. Let's do this thing. This is the Affluent Entrepreneur show for entrepreneurs that want to operate at a high level and achieve by 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. Foreign.

Welcome to this episode of the Affluent Entrepreneur Show. This one, we're going to dig into the idea of index funds, ETFs, mutual funds, what are they? How do you look at them? Should we be investing in them or maybe should we pick individual stocks? What are we doing? So here's, here's the thing. The idea of index investing is something that came from a, a gentleman by the name of John Vogel. In fact, he was kind of the godfather of creating index funds. He was kind of, he was, he was the spearheading of, of Vanguard and, and, and all this stuff. And it's this question of is passive investing versus active investing better? Which one's better? And statistics have shown that many times active investing, which is investing where we're trying to time the ins and the outs of the market on a long term basis.

The active traders, active investors, the actively managed portfolios over the long term do not outpace the market. That when you go to these professionally managed funds. They don't outpace the market. And so if they can't outpace the market in the long term, why not just invest in the market itself? Why not just invest in the index and say, let me just go along for the ride with the market? The market has returned anywhere between 8 to 12%. In, in the long term, the market typically goes up 8 out of 10, 10 years. So. So why not just do that? And so we're going to talk about that in this episode. But before we do that, I need a little cya. Okay. I'm going to talk about index funds and everything. I'm going to talk about some of the funds that you could look at. But I want to be really clear. None of it's, none of it is specific investment advice for you. I'm not telling you to go buy a fund. I'm not telling you to go buy an index or an etf. I'm simply talking about them in generalities so you can look at them. This whole show is about. It is an informational show. It's an educational show for you because you're not my client. I can't, I can't give you specific advice, but it's to allow you to equip yourself to do more research, to get more advice to make sure that you have the proper context without bias of someone trying to sell you an insurance policy, an investment, or something where they're getting a commission. So let's just be clear.

None of this is specific investment bias. And I'm not telling you to buy a thing, but I am telling you to understand some of these things so you can make informed decisions down the road. All right? So first things first. We're going to talk about this idea of gambling versus investing versus trading, because they're different. Now let's just deal with gambling right from the get go. Gambling, we don't do. Gambling is things like GameStop. All right? I don't know if you listen to that or if you watch that whole GameStop kind of trajectory. GameStop went from like 20 bucks a share all the way up to almost 400 bucks a share.

A lot of people made a whole lot of money and that came crashing down and a lot of people lost a whole lot of money. There was no basis for it other than people talking about it. There was no basis for it other than a Reddit string that kept saying, we're going to hang, we're going to buy and hold, buy and hold, buy and hold, buy and hold. They were Trying to get at what we call a short squeeze and everything. And I'm not going to go into that, but the point being is that there was no, there was no analysis, there was no logic. There was nothing around it other than gambling.

And if you want to do it, that's fine. I have actually speculative investments, but it's a very narrow, narrow sliver and I understand that they could go to zero. Now, would I be happy? No. But would I be devastated? Absolutely not. Okay. And so, but people got into GameStop thinking this was, this was their ticket to the promised land. And then when it came crashing down, they lost everything. They just got hammered. That's gambling. Because there was no system, there was no process, there was nothing. It was pure emotion, it was pure adrenaline and, and it was, it was pure this talk, this almost like a pump and dump. I'm sorry. All right, so if you choose to do it, I. That's on you. But I wouldn't put my retirement in and I certainly wouldn't bet the farm on it. All right, and, and everything. So what we talk about is really playing the long term game. I want to talk about investing for the long term. I want to talk about what it is to build sustainable, permanent wealth. I want to talk about what it is to give you financial freedom to build a machine that at its core will take care of you, your family, and the generations beyond. When it's done correctly, that's the objective. And so I want to break down the difference between investing and trading, because I do both. But they're not the same thing. Not only are they not the same thing, they need a different mindset, they need another tool set. They need a different attitude, they need a different approach. I don't do it in the same accounts. And, and they can't, they can't mix. You can do them, but they can't mix. But I want to, I want us to, to understand the difference first and then we'll talk about index and ETFs in a moment. So let, let's jump to my iPad and those of you that might be listening, I'll make sure that you get the graphic. We'll hook it up in the show notes or go to my YouTube channel. Check it out. All right. Watch the video or go to the webpage to, to make it happen too. So, all right, so let's jump to the iPad. We're going to talk about the idea of trading versus end investing. The first thing to understand is trading.

Trading is a job. It's going to require you to sit in front of your computer and watch what the stock is doing to decide do you hit the trigger to buy or do you hit the trigger to sell. Whatever you do, it is a job. Okay. Investing is a long term buy and hold. They're very different.

And they, they come at it differently. So we're going to look at it from a lot of different levels as to why they're different and so you can get a perspective. The first thing that I want us to understand is let's just look at what is it? Okay, what is it? Trading is buying and selling based on price movements. We're watching what the price of the stock is doing. Is it going up there? And a lot of time they're doing candlesticks and things like that. So we're buying and selling based on charts and price movements. Whereas in investing it's a buy and hold based on stock value. We're looking at the company, the fundamentals of the company. We're looking at their earnings per share, we're looking at their growth, we're looking at their business model, we're looking at their revenue model, looking at the out outlook. And it is a long term strategy that comes into play. So one is based on, on short price movements, the other is based on long term vision for the company. The second aspect is what's the timeline? How long, how long are we into these things? Trading is short term, quick entry, quick as exit. It could be minutes that you're in, it could be hours or it could be days, but it is short term, quick trades. That's why you have to sit at your computer, stare at it and say, oh, out. Okay. Whereas the timeline on investing is long term. It's minimum five years, but I think it's 10 years and beyond. 10 years and beyond. You've, if you've heard me talk about the wealth flatline, we need to eat up that wealth flatline. That is time that eats up that wealth flatline. And so it's a, it's a distant, the exit is way distant from the, from the entry. In other words, we get in today and we're sitting on it for the long term. Okay. And, and so they're very different timelines, which means that they're very different tactics and strategies that, that work. The third thing I want to look at is how are these viewed from a tax standpoint. And so since the trading is short term.

Taxes are going to be taxed at the highest ordinary tax rates. Okay. Basically you're in and out. So the way the Tax law works, at least in the US is in order to get favorable tax treatment capital gains rates, then you have to hold something for more than a year. As long as you hold it more than a year, you get favorable capital gains rates. And in fact depending on the rest of your income, you could actually sell something for a gain and pay zero in tax if your income is low enough. But the maximum you pay, not including state, okay, the maximum you're ever going to pay if you hold a Stock over, over 10 years at least under the current law is 20% not including state. But on the ordinary side you could be paying double that in.

In taxes because, because they're all short term and you don't get the favorable treatment of capital gains. So that's another difference. The other difference is, is we look at riskiness.

The risk in trading is high due to the speed and the short term in nature. In other words that you trying to get in and out and you're trying to take little pieces to get, get enough profits and if you miss it, you may be out of luck. Okay, Whereas, whereas the, the long term investing, the risk is lower because it's long term. So it may have some variability the short term volatility. But it doesn't mean that I'm going to jump out now. If things shift then I may jump, jump out. But it's a conscious choice. Here's the other thing to think about when it comes to your investing. One of the things that, that I do with any investments, real estate, stocks, bonds, whatever it is, the question I ask myself before I get in.

Is how am I going to get out?

What is the trigger? What is the reason? What is going to get me out of this? And, and the reason we do this is, and you should be doing this whether you're trading or investing, is that if we know our exit before we make the enter.

We won't allow our emotions to play games with us. If we get into an investment, it's going the wrong way. Well now we justify, we rationalize them and we make excuses for not playing our game plan. So we always plan the exit and the entrance. We don't just go into something without knowing how we're going to get out of it. And so when we know that, it makes it easier. So for instance there's, when it comes to trading especially or even investing, you can do it. There's something called stop losses where what you basically can do is set a stop loss that says if I buy a stock for a hundred dollars, but it drops to $90 automatically get me out. So it's a safety cushion, it's a safety net that protects you if the stock goes against you and you happen to not be watching it and, and everything. So you want to, you want to understand those and have those in place when it makes sense. But there's ways to do that. The key though is this. If you're going into an investment or you're going into a trade without knowing what the exit from the trade or the investment is, you're playing a game that's going to get you in trouble because you're going to allow your emotions get in. When your emotions get involved in your financial decisions, those financial decisions are typically not good. All right, so we define the exit before we, before we get into it. Number five is what, what kind of securities can you do in trading? The only securities you can do is stocks and options. Quick entry, quick exit, stocks and options. Okay. Whereas on the investing side you have access to all kinds of things. Stocks, bonds, ETFs, mutual funds, notes, trust deeds, all kinds of, of investing things that you can do long term alternatives. But we can't trade those, we can invest in those. They're long term. Then what's the intention? The intention of a trader is to create ongoing profits from entry and exits. I'm just going to go in and out, in and out, in and out, make a little money, little money, stack it up to make a lot of money. Okay, now you see where the job comes in. The intent with long term investing is capital appreciation. The stock price is going to go up. We're going to get dividends out or they're going to reinvest the dividends. But we're going to, we're going to create an increasing value in, in our investments. So, so the intent is for capital appreciation and growth and, or dividends. Whereas the other one is transactional trading is transactional to get little profits from the entries and exits.

What are the tools? Okay, tools meaning that how they look at things.

With traders, typically they do something called tech technical analysis. In other words, what they're doing is, remember I set up here that they're basing it on price movements. They're looking at the charts, they're looking at what the price is doing. They're looking at moving averages, they're looking at and other statistics on the charts. They're basically playing the charts. The charts can be looked at as investors emotions, graft. All right? And depending on what's going on, they'll make the decision based on what the chart is telling them that's called technical analysis. The tools that are primarily used for investing, called fundamental analysis. Others, we're going to look at their balance sheets, we're going to look at their profit loss, we're going to look at their financial statements, we're going to see how much kind of in earnings per share are. We're going to look at their ratios, we're going to see what their growth patterns are. We're going to read the footnotes, we're going to do all the, the, the more fundamental look and say, we're going to understand this business and say, what's the outlook? Different tools. Now, can they mix? Absolutely. But the primary tool for a trader is technical analysis. The primary tool for an investor is fundamental analysis. Then last thing is this. What's the strategy? The strategy for a trader is to buy low, sell high or sell short. And buy and buy low. Okay, so in other words, sell high and, and, and buy. So, so they're basically transacting, trying to just get in and get out. The strategy for an investor is to buy and hold for company growth. These are the differences. Now here's where the challenge comes in is if we're not careful, if we're not careful, we, we start to buy into individual stocks. Now if, if you've been with me for any length of time, you know that I'm not a proponent at the very beginning of people buying into individual stocks. And the reason for it is, I think it takes on too much risk. Let's just look at Facebook for a moment. Facebook at one point was approaching $400 a share. They announced their earnings. They didn't hit their earnings. They said that their membership and subscribers have tapered off there. We're looking at the possibility of pulling out of the EU because of privacy concerns. And their stock price in a moment literally dropped 100 points. A hundred bucks. It went down and then it kept going down and it dropped. It dropped by 50%, more than 50% of its value. Now.

If that was everything you owned, you're, you're feeling a whole lot of pain when you lose half the value or more. Okay. And so one of the, one of the risks to investing in a single company is if something happens with that company.

It, you could take a huge, huge loss. This is why investing in ETFs and index funds become so important, especially when you first start out. Now, do I have individual stock investments? Absolutely, I do. But it's not where I started. I started with index funds and ETFs and the majority of my investing is in index funds and ETFs. And, and let me explain what they are and why they're so important. So let's jump back to the iPad.

Here's what's going to happen. Let's say that you want to invest into a bunch of individual stocks, because that's an option, okay? And those individual stocks, you know, could be here. I've got Exxon, I got Microsoft, I got Apple, I've got Boeing, Walmart, Disney, Coca Cola, Amazon, Tesla. So there, there's effectively nine stocks here. And if I wanted to buy all of them, I could if I had the cash. The problem is, is I don't have the cash to do it because a lot of these stocks are a couple hundred dollars a share. So what am I going to do? If I have a thousand bucks, I'm going to buy one share of each. It is, doesn't really give me a lot of, you know, versatility and diversity and in what we do. Now, here's the other side of it is that that not only will it cost me more to try and build a portfolio, but if I don't have that and say I just buy one, let's say I buy Disney because that's all I have the money for and Disney decides to tank. It's a problem. So individual stock investing at the beginning requires more money and takes on more risk.

The difference with using a fund or an ETF and index is this, that, that. When you do this, what happens is you're investing in the, in a bucket. And that bucket will then go out and buy a bunch of stocks. So they may buy the, the, the Exxon and the Mobile and the, the Disney and the Apple and the Tesla and all that, and they have it in a bucket. And they buy thousands of shares because they have thousands of investors that are investing in the bucket. So when you buy an interest in an ETF or an index or mutual fund, you're actually buying a piece of all of those things. Now watch what happens. Let's go back to the Facebook example. If you only own Facebook when it was close to 400 and it tanked, you get hurt really badly. But if you owned a fund, an ETF or an index that happened to have a piece of it being Facebook. If Facebook was only 3% of what the fund owned, yes, Facebook would still drop the 50%, but the fund won't drop as much. In other words, the diversification that you got by having it, having it all in that bucket makes it safer for you, okay? So it takes less money to get access to more stocks, and it's less risky because of the diversification. So think about it this way. Every morning I, I make a shake, and one of the things that I do in my shake is I put a whole lemon in, in my shake every morning, okay? And so what happens is that I will inevitably go get a bag of lemons. I mean, I literally go to Costco and get a bag of lemons and we put them in basket, and every morning I take it, take a lemon out, and inevitably, if I don't get through the lemons quickly enough, one of them starts to get moldy and goes bad. Now, if I take that lemon that's moldy and I toss it out and I clean the other lemons, I can still use the other lemons and they're fine. That's what a fund allows us to do, is that if one stock goes bad, the fund still has all the other stocks to, to prop it up and to continue to, to grow. If, for instance, you invest in a fund that is the S P 500, those are the 500 top stocks of the S P. If one goes bad, two go bad, five go bad. You still got 495 others that are doing well. This is the reason that I think that we need to think it through and say, how do we do the things that we want to do to try and reduce our risk and increase our probability of long term investing success? Because, remember, the objective is to sit back and say, I want to build a machine, a money machine that's going to be able to continually throw off cash flow so I can pay my bills or grow the machine bigger or both.

So with that, what's the difference between an ETF and an index fund? And then I want to walk you through the steps to make the investment. So when we talk about what's the difference between an index fund and an etf, it's this. Both are similar in the sense that they offer diversification, both will offer low cost. And this is important if we talk about a mutual fund. Typically mutual funds are actively managed mutual funds. And because they're actively managed, they need managers on board, they need analysts on board, and they're going to have much more expenses, which that's going to eat into your return. So you can get, you can get at it by using an index fund or etf, which are passive investments. They're not actively managed. They're just following if they're going to invest in The S&P 500. They got the 500 stocks. That's it? That's it. There isn't a lot of choice and decision there for someone to manage. Is it part of the s and P500? If it is, great. If it isn't, no sweat. So they both offer diversification, they both offer low cost. They both typically offer long, long term, strong long term returns. If you look at the stock market over the long term, 8 out of 10 years it goes up. On average the market's returning 8 to 12% now. Are there down years? Certainly there are. Okay. We had a down year. Just, just in, in 2022. 2022. We, we got hit 20% down. Okay.

So is there volatility? Yes. Will the ETFs and the index funds get hit with it? Yes, because they're following the market. But long term they will continue to grow. Okay, here's where the difference is.

If I'm investing in an index fund, they trade like a mutual fund. So let's say I want to buy an index fund. The way they trade is that I say that I want to buy and say I'm going to buy. I put the buy in in the morning. I don't get the purchase until after the market closes. So we, we put the buy or sell order and it doesn't matter which one it is. And it doesn't execute until after the market closes. So it, it, we don't really know where we're getting in or out at until the market closes. An ETF is more like a stock. If I buy, want to buy a stock, I put the order in, in moments it's executed and I own it. If I want to sell it, I put the, the order in in moments and it sold. An ETF is like a stock. So if I want to know specifically what I'm buying and at what price I'm buying it at, I use an ETF because it'll execute during the day. Just like a stock. It doesn't wait till the end of the day.

The other difference is that some of these index funds and ETFs have minimums, but generally the ETFs have lower minimums. Some of the index funds might require a minimum investment of $5,000, $1,000. It depends on what they are. So ETFs have lower minimums. It gives you a little easier access. And generally speaking, ETFs are more tax efficient. In other words, they're not going to trigger attacks because they're not doing a lot of transactions in the process. And you don't get with tax, but they're very, very similar. Like I said, both law costs, you get the diversification and you have the opportunity to, to have a basket of stocks in a portfolio that's diversified. This is where I tell people when you're first starting out, I want you to start out with index funds and ETFs. I want to make it as easy as possible. I want you to look after trying to figure out which individual stock is the right stock, how many stocks you're going to own, which, how many shares of each stock. The there's too much friction there and there's too much risk there if you aren't trained in stock picking and that's not an easy thing to do. So I will tell people, especially starting out, start with index funds, start with ETFs, start with, with a basket of stocks. And, and what that looks like. So how do you do this and what does this look like? So let me take you through eight steps and the first step is this. You're going to need to open an account. You're going to need to open a brokerage account. It's going to be at Fidelity, it's going to be at TD Ameritrade, it's going to be at Schwab, it's going to be at Vanguard, some discount broker that doesn't charge a whole boatload of fees. Okay. They're all pretty similar. You might look at it and see what's their customer service like, what's their, their app like and that type of thing. I'm not a fan of things like I'm going to be straight. I'm not a fan of, of things like Robinhood. Anything that gamifies investing is, what they're doing is they're stirring up emotions. Investing. When your emotions go up, your, your financial intellect goes down and you make bad decisions. So I don't, I don't subscribe to any of those types of apps that are gamifying you doing transactions to what they're promoting you to do and is to turn your account and do transactions over and over again. They're stirring emotions. I want you to make.

Sound logical analyzed financial choices for the long term. Okay, so open up a brokerage account. Step number one. Step number two, know your objective. What are you trying to accomplish? What do we, what are we doing? Is this short term, Is this long term? If it's, if it's short term money, I wouldn't put it in the market short term meaning five years or less. If you need the money, and in five years, and you need it to be at a certain level, put it in a high yield cash account. At least you know that it's insured and you know that you're getting a set return. Could you, could you make more in the market? Yes, if it went, if it went way up. But what happens if the market decides to decline? What happens if we, we hit a recession? What happens if the Fed speaks and the thing tanks and right when you need the money, it's not there anymore. So know your objective going in. Hey, number three, decide on the mix. Decide on the mix. What, what do you need? Because.

When we talk about the mix, you could buy domestic stocks, I can buy just the s and P500. I can buy tech stock fund, I could buy international funds, I could buy a sector, I can buy a real estate sector, a banking sector. You gotta decide on the mix. And the way you decide on a mix, and we're not talking about it here is your risk profile and your capacity to expect, to accept risk. The reality is, is that, that everyone is different. The reality is that we should be investing based upon our circumstances. That's why when I hear commentators say just invest a percent, the same percentage no matter what age or stage of life is, I don't know. We don't do that because it matters about your age, your stage of life. It matters where you're, what, how much in assets you have. It matters to, to understand that risk. It's not the same for everyone. And so it's important for you to decide what kind of mix you want before you start to pick the funds that you're trying to buy. So you can pick the funds that you want to buy. And it could be any. Like if you were going to do a A, S&P 500 or total stock market fund, you could go to Vanguard's vtsax. Let me be clear. I'm not recommending it. I'm not not recommending. I'm just saying it is a way to invest in the total stock market. It's a total stock market fund. Schwab has a similar one, SWTS. X is the ticker symbol. IShares is an IWV. Wilshire 5000 is a WF IVX. You have all kinds of different ways to get access to a bucket of stocks, but you got to decide which ones you want to go through and why you want that mix. So now you decide the mix. You pick the index funds and the number five, you buy the shares. You literally go into that well, you got to put money in the account, so you got to have cash in that brokerage account when you open it. And then you buy the shares. You say, I'm going to buy, you know, 40 units or 40 shares of VTS X and I'm going to buy 30 of this and 20 of that. You buy the shares.

Number six, you keep buying.

We do dollar cost averaging where we're, we are buying. No matter what the market's doing, we are buying on a monthly basis, on a regular basis. The market dips tremendously. We, we double in on our buying. So the point is that I want you to stay in the game of buying because when that market ramps up, remember 8 out of 10 years, it goes up. If it's going up 8 out of 10 years, I want to be there when this puppy decides to fly, all right? And when it does, that's when you, when you start to really.

Build the wealth and make the money back. So it's important for you to, to look at that then. Number seven, track your progress over the long term. Track the progress. In other words, you don't set it and forget it. Remember, my perspective is that there is no such thing as passive income, okay? Your, your relationship with your income, with your money and your wealth is just that. It is a relationship. And if we take a passive approach to the relationship.

Just like any other relationship, it will wither and die. I've been married to my beautiful bride for 12 years this year. But if I took a passive approach to our relationship, we'd have never made it by past 12 days. Down with her, all right? And the same thing with your money. So I want you to track it. I want you to check the pulse, I want you to make sure that it's doing what you want it to do and see if there's any adjustments to do. And then the last, the last piece of this is always, always keep a long term view. Remember, this is the long game we're playing. This isn't trading, it's certainly not gambling. It is wealth creation. And what we're trying to do is build this long term machine that will grow over time so we can generate the cash flow to live off of down the road. This is what gave me the flexibility to shut down my businesses when I got diagnosed with cancer. To take the cash out of the cash flow coming from the investments, to allow us to live without selling things, without eroding things, without declining. In fact, our net worth went up in the middle of that. Maybe it didn't go up as fast as it would have if I kept on working, but it still went up. In other words, the machine was large enough that it was generating enough income for me and my wife and, and our life to continue in the way it was while I was focusing on my healing and still grow the machine bigger. And then when I came back to it after the cancer, we put the money back into the machine and let it keep growing. But we didn't sell things, we didn't decline, we didn't lose things, we didn't do any of that. Now that takes time, that takes discipline, and that takes a process. But that's why we're here. That's why we do what we do with the affluence blueprint and the wealth priority ladder and some of the things that, that we teach and we talk about. So I, I hope this gave you a little more perspective of ETFs and index funds. What they are, how to look at them, what you need to do, get invested in them. When you're first starting out, this is the game I want you to play and really start getting in the game, getting used to looking at these things, getting used to understanding them and, and be part of it. Because until you get on the field of wealth creation, okay, wealth creation is not a spectator sport. You gotta be on the field, you gotta be running, you gotta be working, and you gotta be working it. I got news for you. The reality is this, when you have the proper process, you simply need to, to work the process for the process to work. But too often we don't work the process. So I hope this helps, I hope this gives you a perspective. And I'm gonna do another episode and another show episode, specifically on a, on a specific type of index fund called the Target index fund, Target date index fund, which will talk, it'll even simplify it even more. So watch for that coming out and we'll make sure that, that you, you know about it. So in the meantime, if you have questions, if you have thoughts or you have something you need help with, reach out to me. I'd love to hear from you. Okay, you can go to ask mel now.com. you can leave me a note, you can leave me a message, you can leave me a voicemail, you can leave me those. I'll answer your questions on the show because we do Q and A shows and in fact, in some cases I might reach out to you and say, would you be willing to come on the show and let's have a conversation, Let me coach you, let me help you and do that because that's what. What this is all about. I want you to. To feel safe and have a place where you can come and have a conversation without the bias of someone trying to sell you an investment, sell you an insurance policy or. Or anything like that, but simply because I want you to live into your birthright, which to me is financial freedom. All right. I hope you got something out of this, and I look forward to seeing you on the road until we get a chance to see each other, talk to each other, or on another episode, Always, always strive to live a life that outweighs you. Cheers. 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 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 Podcasts, 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.