What to Do Now to Lower Taxes Before Year End

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. It's been said that there are two things people dislike the most. One is going to the dentist, the other paying taxes. I don't know about the dentist because my father in law was a dentist, so I got to be nice about that. But on the taxes side, who wants to pay taxes? So in this episode of the Affluent entrepreneur show, we're going to talk about what you need to do now today to start to reduce your taxes before you ever get to the year end. Because once you hit December 31st, it's too late. All right, so let's do some things to keep more money in your pocket and out of the coffers of the government. The legal way, the right way, the proper way, the affluence way. I'll see you in this episode of the Affluent entrepreneur show soon. This is the Affluent Entrepreneur show for entrepreneurs that want to operate at 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 athlete entrepreneur.

All right, welcome to this episode of the Affluent Entrepreneur show. This one? Yeah, it's going to be a fun one. I mean, we're talking taxes. I mean, why? I mean, come on, Taxes is always fun. Listen, as I am filming this, this is effectively a day or two after the filing deadline for individual returns in the US everything needed to be in by October 16th. And so it's. If you put your returns on extension and you just file them, it is right on the top of your mind. And you're probably looking at me going, mel, just got done with taxes. I don't want to deal with taxes. I don't want to have to deal with it. But taxes is something that ain't going away. All right? And if you truly want to reduce the. To minimize your taxes, you actually have to do it now. You actually have to do it before you ever get to the end of the year. Otherwise, it's too late. Your options are gone. You may have one or two or three different options after the year end, but now you have all of them. Pretty much all of them. So what I want to do in this episode is really start to break down the things to consider, especially as a business owner, as you're moving into the end of the year. And I want you to actually think about having a conversation and a meeting with your tax advisor, your tax strategist, your tax planner, whoever it is that you're working with. And if they're not the type that wants to have a meeting with you early, then they're probably not the type that should have your business. I'm sorry, but affluent entrepreneurs, people that are trying to build wealth, people on the path to financial freedom, they're going to manage their cash. And the way they manage management class is they maximize and optimize their cash flow, their investments, their wealth growth, and they minimize their taxes in a legal way. And the way you do that is you plan for it, you get ahead of the game, and you don't wait for it to hit. And if your advisors aren't there to do that, then they shouldn't be your advisors, frankly. They're there to facilitate you achieving your financial freedom dreams, not to make excuses not to fit you into a box, not to do any of that, but to help you facilitate that. And if they're not, get a different advisor team. I know that's rough. I know that's tough. But my. My calling, my job. This show is all about you finding the path to financial freedom. That means I want you to surround yourself with the people that are going to carry you there, the people that are going to nurture that. The people are going to fuel that. And if you're with an advisor that isn't, then we need a new advisor. All right? But that's not what this show is about. This show's about taxes. Let's talk about taxes. Let's talk about some of the things that you ought to be thinking about as you move forward. Because putting your head in the sand is not. Is. Is truly not an option. It truly is not an option. The. The fact is, is that it is coming whether you like it or not. You have a partner whether you like it or not. And that partner is the government and just so. So we're clear on how they look at taxes. The general basic tax law is everything you receive is taxable. Whether you receive it in cash, check charged, and people write checks anymore, charge, barter.

Anything that you receive is taxable and nothing you spend is deductible. That's the basic law. The rest of the volumes are all the exceptions. So they give you exceptions for things that maybe aren't going to be taxed. So they give you a benefit of that. They give you some and they give you the exceptions to allow you to deduct things. So, but know that every dollar that comes in, every pound that comes in, every, every barter that comes in is taxable under the tax code unless it's exempt from it based on the tax code. And nothing you spend is deductible unless it's given to you by the tax code. So when we talk about this, you've got a partner in life, and that partner in life, aside from your, your wife or your husband or, or significant other or your partner, is going to be the tax code. If you're making money, they're going to take a piece. So the key is understanding how do we make sure that they're taking the smallest piece possible and how they help us subsidize the things that we do. Number two is to look at this and believe that I don't think that relying on professionals solely is enough. It's just not. Okay, I want you to be educated and enough. I don't want you to be a cpa. I don't want you to be a tax strategist. But I want you to have enough of an understanding that you can have the right conversation, that you can ask the right con. The. The, the right questions that you can sit back and go, this doesn't make sense or it doesn't sound right for me. So, so having. Having an advisor just isn't enough. And do not. You don't abdicate. You don't just relinquish control to your professionals. The second is you want to understand that basic tax law that I. And then from there is to realize this. When it comes to your business and deductions, the general rule is if it's ordinary and necessary for the conduct of your business and the generation of income, it is deductible. That's the general rule. There's still exceptions. Okay, Tax code is complicated, complicated, complicated. There is no tax simplification. They've unfortunately used the tax code to initiate and spur parts of the economy. And give benefits to different people. And now it's this convoluted structure that is drives economics in a lot of things. And so you want to look at things and say, is it ordinary and necessary? And there's documentation involved with doing that to allow for a deduction. Then know the differences between deductions and credits. I'm going to show you an example of that. Because they're not the same thing and one is more valuable than the other. And then also know that there's a difference between capital gains and ordinary income.

There are two different tax rates. Actually, there's multiple tax rates. And so your maximum capital gains, which is on an asset that you held for a year or more for over a year, is 20%. It could be zero percent, depending on your income. But your ordinary income, wages, business income, all that stuff is taxed at what we call ordinary rates. It can be above the 20% rate. So be aware that there are different tax rates for different types of income. And then last is this.

Always, always when you get your returns from your advisors, from your preparers, review them, you're signing them under penalty of perjury. I get it. They created them, they built them, but they built them from your stuff. You want to make sure you understand the numbers before you sign on the dotted line. You want to make sure that it represents what you think you, you had before you sign on the dotted line. That's, that's. So that's kind of the way I think that we need to consider this. Then if we look at it, we need to understand how the tax system flows because it's very different. There's two tax systems at play here. The first tax system is what we grew up with as an employee, as a wage earner. The second tax system is more for a business owner, and they're slightly different. And I have a flowchart that I'm going to walk you through on the iPad. If you're listening.

On the podcast, go to the YouTube, go to my website, go to this episode and you'll get access to the graphics for that to make it easy for you to follow. Okay, so let's just look at the tale of two tax systems. The first is this, that we have money that comes in. Remember I said everything that comes in is taxable. So money that comes in, and when it comes in as an employee, it comes in usually in the form of salaries or wages. And as salaries and wages come in, you pay the taxes. So remember, I remember when I was first started working, I was working in retail. Clothing retail. All right. And, and I got my first paycheck and I looked at it, I go, well I'm supposed to be getting. Now mind you, this was a while ago. I was getting $5 an hour. 505 an hour, okay. Woo hoo. I was making a lot of money, 505 an hour. And I did the math. 505 an hour at 20 hours I should have made like a hundred bucks, right? But then my net check came in, it was like $70. I said, where'd the rest go?

Introduction to taxes. I go, wait, wait, they took 30% of my money? Yep. And they kept 30% of my money. So, so realize that the employee gets paid, but before they get paid, the government takes their cut on it. And so they pay their taxes and they then pay their bills with what's left. Okay, so an employee pays taxes first, then has what's left to pay pay the bills. But a business is a little different. A business is a little different in the sense that the business generates revenue and that revenue then is used to pay business expenses, the ordinary necessary business expenses. Then whatever is left over in the business.

You'Re going to pay taxes on depending on the kind of entity you are. Now there's this net that's in there and now if it's pass through, that number is going to be put on your personal return.

You can take out profits in the form of wages, you can take out profits in the form of dividends, or you can take out profits in the form of distributions. Some are taxable, some are not. So in the business realm, depending on the entity structure, you actually have a lot of different ways to get the money out in doing that. But the point of this is, is to realize that the business expenses that you're paying in the business are paid before the taxes are paid.

And then beyond that is when all of a sudden you get to pay your taxes personally. And so if we have things that are business expenses that we benefit from, we can get it paid before taxes. In the end, after you pay taxes, then you get to pay your bills. So you see that there's a lot of different steps from a business owner standpoint. Before you get to paying your bills that allow you to use the tax code to get a benefit. And then in the end, once you're done, whatever left over after you're paying your bills from the business and or from wages is where you're going to build your life and your legacy. Now.

I like you to like you to make sure that you Put investing as a priority in here that we're not forsaking our financial future in, in order to have a current lifestyle that we, that, that maybe we can't afford. So you know, is part of the wealth priority ladder and the affluence blueprint. And the things that I talk about in my upcoming book is that you start to understand what the priority of every dollar that comes in and how you're going to do it to go out. So you make sure that you preserve those things. Okay, But I just want you to, to understand that if you're a wage earner, your taxes come out before you pay expenses. If you're a business, there might be some expenses that come out before you pay taxes and then the rest will be after tax. That leads me to, this is to understanding the difference between credits and deductions. And that's another flowchart because you can make the tax code your friend. You can sit back and say when I understand the equation I can, I can use the variables to make it work. So let's just look at how your taxes are calculated. And I'll do some numbers here too. So you earn the income, you get some deductions. So you get minus some deductions here. And these deductions, remember this is on the tax return. This is not your expenses. So, so the deductions are by the tax code allowed deductions, okay?

That equals your taxable income. So you take all the income that they're telling you that you have to pay. If it's, remember everything's taxable unless it's excluded. So all the non excluded income is taxable. Then you take whatever deductions they're going to allow allowable deductions at a personal level. It's going to be things like the mortgage, real estate taxes, contributions, things like that, ok?

And so you take that and you end up with taxable income in there and you multiply it by your tax rate and that's going to give you your actual tax that you owe.

So the deductions are before the calculation of the tax and then after you calculate the tax there's this other element that might be there which are called tax credits.

So tax credits.

Are deducted directly from the tax and the, so that results in the net tax you pay. So here's how you think about this. Tax credits could be anything like a child care credit. But if you think about this, a deduction is like getting a discount at the cash register, okay? Because you're not gonna, you don't Offset anything. But a credit is like you have a gift card. So if I have a thousand dollar credit, I'm gonna get a thousand dollars off my taxes. If I have a thousand dollar deduction, it's gonna reduce my income to get to taxes. Watch the numbers because this will make sense when you see the numbers. Let's say that I made $5,000, okay? The legal deductions that I'm allowed, you can't see that. So let me get rid of some of this so you can see it.

Is $1,000. So I made a 5,000. I have deductions of a thousand. That gives me taxable income of $4,000. Let's make the math easy. Let's use a tax rate of 25%. So I'm going to pay 25% tax on the 4000. That's going to give me a total tax of $1,000.

So what happens if I have a tax credit? Let's say that I have a $500 tax credit. Could be a child tax credit, could be anything, could be solar, it could be all kinds of weird credits that they give. And that means that you pay $500 in tax. So hopefully this starts to demonstrate that the value of a deduction is only valuable to the extent of the tax rate. But the value of the credit is dollar for dollar against the tax. When you understand that now you can sit back and say, oh, I see the value of the deduction. Because here's what happens. I hear this, I used to hear this all the time when I was doing a lot of tax prep where they would look at me and say, oh, but Mel.

You know, I'm going to go rent a bigger office or I'm going to go buy a vehicle. I go, but do you need the vehicle? No. Okay, but why are you getting it then? Because I'm going to get a tax deduction for it. So let's say they rent another office for 1,000 bucks.

They that, yeah, it's going to reduce their taxes, but it's not going to reduce it by $1,000. It's not a tax credit. It's a tax deduction. If you're at a 25% bracket, $1,000 benefits you 250 bucks, but you're still out the thousand. Maybe it reduced your taxes by 250, so you're out 750. We don't, we don't make buying decisions for tax reasons only because in the end, wouldn't you have been better off keeping the 750 in your pocket and paying the 250 in tax. I know it doesn't feel good to pay tax, I understand that. But buying stuff you don't need just so you don't pay a fraction of it to the government doesn't make financial sense. But we want to minimize it.

At every possible way as we move forward. So with that, I want to walk you through some things to consider on how this could look and what are the things that I want you to discuss or look at in your tax realm to make that happen. So let's look at the things you should consider as we move forward. All right, so the first thing is this is that these are. The first thing is I want to walk through some general considerations. I'm going to give you some specific things to, to look at and consider as, as you, you move forward on this. Okay? And the first is this. I want you to review all your income and expenses now, primarily for business owners. You should be looking at your profit and loss statements. Okay? You should be looking at all the income coming in. You should be looking at all the expenses that are going out. You should be looking at, do you have additional expenses coming between now and the end of the year? Do you have, or are you doing a launch or something that's coming between now and the end of the year? Review them, make sure that they're classified, right? Make sure that they're correct. Make sure that there's nothing missing. If you've paid for things personally, which I don't recommend, sometimes it happens, make sure that those are reimbursed through the business so you can get them validly done, properly done, talk to your tax advisor on it to make sure that they're deductible. Then the second thing I want you to do is to look at your equipment needs. If by chance you're sitting back saying, I need to get a new computer, I need to get a new desk, I need to get some new furniture that you were intending to pay, not just to get a tax deduction that you were intending to buy. Maybe you're going to buy it in January or February or something. Maybe what you do is you accelerate the purchase of that equipment into this year to accelerate the deductions. So you reduce your tax this year. So you want to look at equipment needs, asset needs, things that you might be looking to buy in the first part of the next year that maybe you accelerate this year. If you are an inventory based business, not service based. If you have an inventory based business, you want to look at Your inventory. And if you have bad inventory, slow moving inventory, things that aren't going to be selling, you're not going to sell, you might want to readjust that inventory and write off the bad inventory to make that to, to take the deduction in this year. Then the other thing to look at is does it make sense for you to have a retirement plan in, in your, your business and maybe you don't have it, maybe you're a solo, you know, a solopreneur, totally fine. But you can put a solo 401k in, but you got to get it done before the end of the year. You can put a regular 401k. And although it becomes a little more problematic because you have employees that you paid before you need to talk retirement plan specialist, what we call a third party administrator to look at. Are there things that we can do a SEP, a 401k solo 401k, are there retirement plan types of considerations that I can get in place before the end of the year to make it work and reduce my taxes? The beautiful thing with this, especially if you're in a solo situation, is you're taking money that's going to give you a valid and legal deduction.

Against your income. So you are going to pay less taxes, but that money's going back to you in the form of retirement. Yeah, you can't get it until after 59 and a half. Totally get it. So it's locked up a bit. But you need to do that and you need to plan for your financial future anyways. Why not use it if you're in a high income bracket? Use plans, 401ks, profit sharing, defined benefit plans, you know, those kinds of things to move money that could otherwise go to the government, to your own back pocket. All right, so look at retirement plans and see if it makes sense. Then look at bonus considerations if you have employees, look, if you have a team.

I One of the things that for me is, is a real hot button was someone says, you know, they're self made. Ain't no one self made. Ain't no one self made. Just there's no ifs, ands or. But I am a product of something bigger than greater than me. I am a product of the mentors, the guides, the coaches, my clients, my family, my relations. I am a product of all of that. And for me to say that I am self made is an egotistical, I'm sorry, it is a very strong term, but it disregards all the things that fed into me to create me. It also means team. And if you have employees that are helping you be successful, if you have team members that are helping you grow and to live a lifestyle that you want, you got to make sure. You ought to make sure that you're taking care of the team members at the base at the best level. And so maybe, maybe they might be deserving of a bonus at the end. And consider it. It becomes a deduction for you. It's income to them, but it's a way to do that. You know, are there things that you can do for your employees that. That can make it work? Then review your business structure. There are so many people that I'm, I'm here. I was just talking to someone that isn't. They're an llc and they shouldn't be an llc. And by. And I did an episode, one of my episodes on, on the show. You can go back and listen to it. We'll hook it up in the show. Notes with, with Meg Summerall that she literally, by changing her business structure after we had a conversation, she literally saved over $25,000 in taxes. Your business structure could be costing you a lot in taxes if it's not the right business structure. You need to have a conversation with your, your specialist, your tax planner, your tax strategist to see if that makes. Makes sense for you. So these are some specific things, general things I want you to do. I want to now look at.

The more specific things that you want to do. But at the same time, all of this requires you to meet with your advisors to have the conversation with them to do that. And like I said at the very beginning of this episode, if they're not willing to meet with you early now, they may have just got done with tax season a few days ago, because like I said, this is being filmed right after that. So give them, give them a week to breathe, but they still need to get, get with you before the end of the year because your planning opportunities go away if we don't do that. All right? And then look at, look at credits when you talk with them. Are there any eligible credits that you can bring to your business that might, might facilitate? Like, we had one client that was research and development credits that were being missed, and those research and development credits ended up giving them tens of thousands of dollars in refunds because of the amended returns and things like that. So meet with your advisors, look at credit eligibility. If they're not in tune with it again, find the advisors that are going to maximize your deductions legally so you can Optimize your wealth for your future by putting the most money in your pocket. All right, so let's talk about some very specific things I want you to look at with your advisors and your next steps. Okay? So the first thing that I want you to do is really start to look at this thing called Section 179. If you're buying equipment. This is one of the beautiful things that if you're buying equipment, this is. This is something where you can accelerate and get a full deduction. Here's how the IRS works. The IRS looks at things and says if you buy something that's going to last more than a year, then you don't take the full deduction today. So here's what I mean by that. Let's say that, and we'll do it easy. Let's say you buy a piece of equipment for $5,000. The IRS will look at it and say you need to depreciate it over five years. That means you'll get. You'll pay the 5,000 this year, but you'll get the deduction $1,000 a year for the next five years. But what Section 179 allows you to do is Section 179 allows you to accelerate that expense and take it in the year that you purchase. This is why I said to review the equipment needs going forward. Because if you have equipment needs and you have the ability to do this, as long as it's tangible personal property, that means it can't be walls, it can't be a building, but tangible personal computers, desks, things like that, and it's used greater than 50% in your business. You can take a immediate deduction for it in the year that you purchased it, even if it's not fully paid for. And you can go up to 1 million 160 in deductions limited by your income in that space. So you want to look at section 179. It is a way to accelerate deductions into a year that you might have big income that allows us to move, move through it and get, get the benefits of a deduction at a faster rate. The second thing I want you to look at is this is meals and entertainment. The rules changed back at one point. We were able to get 100% on meals. It's still a situation where you can no longer take any deductions. 0%. 0% for entertainment. Okay, but you can now. You can still take some deduction for meals, but it's only 50% of the meals. Now you have to Document what the work was discussed, what was the purpose of the meeting, and, and all the, the, the elements to justify and support the deduction.

As long as it's over. The. They, there's a diminutive rule. If it's less than $75, you're cool. But, but if it's more than $75, you want to document all of that in a diary and have the receipts and all that, and you get a deduction. You only get 50%. So if you spend $100 talking business, you're going to get a $50 deduction for it. But it's better than nothing. But entertainment, entertainment is not, is, is typically not deductible. Then go back and look at retirement plans again. I talked about it in, in the prior segment here, but personally, if you don't have something in the business, then look at things like an IRA, you can go $67,500. You have 60 $500 if you're under $57,500 if you're over 50. And you can, this one, you can get contributed by, you know, April 15th of the following year. So you have a little bit of time. But that deduction, if you happen to have a 401k, could be limited in everything. But look at things like a 401k, look at a SEP, look at a SEP IRA, possibly, you know, 25%, but you gotta put it on all, all people. You could go up to $66,000 in deductions with the right retirement plan in place. That will keep money going into an account for you, but give you a tax deduction now. So I would look at retirement plans and, and talk with your tax strategist about the retirement plans and what opportunities you have. Now, I said this before, but I want to say it again. You need to make sure that you have 100% of your income. All of it. All of it. That means if it's sitting in your PayPal account, your Venmo account, your Zelle account, make sure that it's on your income statement that you're considering all of it because it is all taxable. Just because you, you can't close your eyes to it and say, well, I don't see it, and it's not taxable. No, it is taxable. So make sure that you have all of that in place. And then you might want to look at crypto transactions because here's, here's the deal.

Everyone talks about crypto, and I don't do a whole lot of crypto for a Variety of reasons, and maybe I'll do an episode about it. But.

The way they see crypto transactions, when I say they, the government, the irs, and I did a whole episode on this, is they see it as a capital transaction, like you own a stock, like you own an asset. So think about this. When you go and buy a coffee, you pay your overpriced $7 for your 780 calorie mocha latte, whipped cream with chocolate, whatever. You know, you pay your, your overpriced $7 for it, and, and that's it, you're done. You, you, you paid seven bucks. You got your coffee. If you paid that with crypto, you would pay it with $7 worth of crypto. But now you have to go back to every crypto transaction, say that $7. How much did I buy the crypto for? If I bought the crypto for $4 and I used, and it went up to $7 and I used it to buy something, then not only did you pay $7 for the coffee, but now there's the difference between $7 and $4 is $3. And you have a taxable gain on the use of crypto. And so you need to be aware that crypto transactions, when you're using it to pay for things, can cost you taxes. If you're not careful and you need to track them and work through that, that then leads to. This is charitable donations.

You may want to get in, in there to look at. Are there donations or charities that we can give to, to reduce our taxes? You know, real estate taxes and state taxes right now are limited to a maximum of $10,000 on your return. Charitable donations are not. They're limited by the level of your income.

And so if you have a charitable nature and you want to make a contribution or a donation to something, then you might want to do it at the.

Before the end of the year. Okay. And so when you look at it from that perspective, you can use it as a planning vehicle, a planning tool. From, from that perspective. Now, the last thing here that I want you to specifically think about is, is that.

Does it make sense to be an S corporation? Many people, they start out and they say, I'm an llc, and that's what I am. And that's great. When you start out, you can be an llc. When you start out, it's fine. But when your income goes above a certain level, it's far more costly to be an LLC than it is to be an S corporation. And this is how this client, Meg Sumrall, saved over 25,000 in taxes. We made an election. Now some people will say, well, it's too late to make the election. It's not. There is a way to make a late s election, and there's paperwork and there'll be expenses with it. But she. We did it late for her, and she still saved a ton of money. And now she saves it year after year, you know, so you want to look at it through those eyes. And then the last thing I want you to think about is this.

Is this.

A refund isn't a gift. It's a mistake. I hear this all the time. Oh, man, I got a refund. And now as a gift, so good. No, it just means you gave the government too much money too early and you had to wait for it to come back with no interest. It's a mistake. What we should be doing is paying enough of our tax in to avoid penalties, to pay enough of our tax in to maybe not have a payment. But we're not using the government and overpaying taxes as a savings account because they're not good stewards of our money. Not in that way. I'd rather take that excess cash, not give it to the government. Put it in a high yield cash savings account at 5, 5.3% and put it out of sight, out of mind, and let it grow. All right. All right. So that's it for taxes. And in this episode, I have another episode. I'm going to talk more about personal taxes and things you can do coming up. But this is for you as business owners, more importantly, that it is important for you to take a hold of your tax situation today. Now, before the end of the year, your opportunities to plan, your opportunities to reduce, your opportunities to minimize your taxes go away after December 31st. And if you need to get things dialed in, then it's important for you to get with your advisors, have the conversations, walk through the process. Because if you're in the 30% bracket or the 40% bracket or even the 20% bracket, every dollar saved, put 20, 30, 40 cents back in your pocket. And if we use retirement accounts to do it, not only do you get the tax savings, the money still comes back to you in the form of being in your retirement account. It's really important for you to be proactive. As much as you hate taxes just like you hate dentists, I don't know. I don't know why they're hated. I don't know why. But.

It'S important because if what you're trying to do is find your path to financial freedom. One of the eroders of your wealth is taxes. So we have to legally minimize our taxes, maximize our cash to to our pockets so we can accelerate our path to wealth and financial freedom. I hope that you found this helpful. I know that it was a little more complicated. There was more stuff to it and details to it. I promise I got lighter episodes coming. This is important. It's that important that I wanted you to go through it. If you need to go back and listen to it, watch it again, slow it down, do what you need to. But I promise you, if you take the steps before the year end to minimize and reduce your taxes, you will reap the benefits for years to come. Because not only do you save the taxes today, if you invest it, you will get the compounded growth on all of that tax savings for your future. Right? I hope that you enjoyed this episode of the Affluent entrepreneur Show. Stay in touch, stay on the game, stay on the path to financial freedom. I want to be able to be there to guide you, to help you, to, to work with you in any way possible. All right? That means that if you have questions, reach out to me, go to askmelnow.com leave me your questions, we'll bring them on here and we'll get them answered. Okay? It doesn't matter what it is. If we're trying to boost your income, if we're trying to increase your sales, if we're trying to do anything that's going to accelerate your wealth, get you to financial freedom, bring it. Let's have a conversation around it right till I get a chance to see you on the road in another episode or as I'm speaking, always, always strive live a life that outlives you. Cheers. 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 melabraham.com group and I'll see you there.

And that's it for this episode of building your 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.