How to Become a Millionaire with a Low Income

Рет қаралды 16,188

Күн бұрын

Are you ready to discover how you can become a millionaire even with a low income? It’s not just a dream, it's within reach!
In today’s episode, I break down the myth that you need a high income to build wealth. Using the inspirational story of Ronald Reed, a janitor who amassed an $8 million estate, I illustrate how ordinary, everyday actions can lead to extraordinary financial results. I'll walk you through the four wealth drivers you need to master: controlling your income, maximizing your savings rate, achieving solid returns, and leveraging time. Plus, I share the essential traits and behaviors that most millionaires have in common.
Want to take control of your financial destiny and start your journey to millionaire status? Tune in to the full episode now!
IN TODAY’S EPISODE, I DISCUSS:
-The inspiring journey of Ronald Reed and his extraordinary financial success
-The four wealth drivers matrix and why it’s crucial for building wealth
-The exponential importance of time in your investment strategy
PRE-ORDER MY NEW BOOK:
Building Your Money Machine: How to Get Your Money to Work Harder For You Than You Did For It!
www.yourmoneymachinebook.com
The key to building the life you desire and deserve is to build your Money Machine-a powerful system designed to generate income that’s no longer tied to your work or efforts. This step-by-step guide goes beyond the general idea of personal finance and wealth creation and reveals the holistic approach to transforming your relationship with money to allow you to enjoy financial freedom and peace of mind.
Part money philosophy, part money mindset, part strategy, and part tactical action, these powerful frameworks will show you how to build your money machine.
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★ WHO IS MEL ABRAHAM ★
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I’m a CPA by education but an entrepreneur by exhilaration, entrepreneur and author of the #1 Bestseller, The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans & Freedom. I’m the founder of Thoughtpreneur™ Academy & Business Breakthrough Academy where I help entrepreneurs bring their businesses to the world and build the lifestyle that they want. I have helped and advised some of today’s top entrepreneurs to build their businesses, create their wealth and find financial independence.
After finding a cancerous tumor in my bladder larger than a baseball in June 2019, I began to openly teach The Affluence Blueprint™ because my cancer journey spotlighted the immediate and urgent need for entrepreneurs to find “financial liberation” and peace of mind. Most entrepreneurs are building a financial house of cards and don’t even realize it…and traditional financial advice will not work for them.
Now it’s your turn!
Meet Mel at melabraham.com/
Cheers,
Mel
==== Time Stamps ====
00:00 Frugal janitor accumulates wealth through consistent savings.
05:03 Wealth driven by strategic financial decisions.
09:13 Start investing now to achieve financial freedom.
10:38 Time is money: invest $158 monthly.
15:53 Importance of attitude, discipline, choices, recipe. Get "Building Your Money Machine" book.
19:20 Setting goals, tracking progress, with strong ethic.
23:29 Prioritize saving and investing for future wealth.
24:41 Invest in ETFs and index funds long-term.

Пікірлер: 50

@MelAbraham 2 ай бұрын

To go deeper, pre-order my new book, Building Your Money Machine: How to Get Your Money to Work Harder For You Than You Did For It! When you do you’ll also get over $1300 in wealth resources & bonuses for FREE! CLICK YourMoneyMachineBook.com

@j7cars182 Ай бұрын

50/30/20 rule will help you get to financial freedom!

@tomTom-lb5cu 10 күн бұрын

I did the same with 2 kids and a stay at home wife, our choice. I didn’t do as well as Ronald Read but we lived a very comfortable middle class lifestyle. But net worth hit that plateau that everybody dreams of way before retirement age. And I never made over 100k in my best year (from my job). It’s real possible so glad to finally see someone that is opening the eyes of lower paid employees.

@QLDavis01 Ай бұрын

To Add On: PLEASE MAKE SURE Your Spouse/Significant Other Is On Board!

@UNDERDOG18UNDERDOG18 19 күн бұрын

That’s me! Never made much despite multiple STEM degrees from a good state university. Ave wages, crossed line at 50.

@gh-dw3tg Ай бұрын

fantastic video...keep rockin

@yolandatoles7598 Ай бұрын

Thank you so much for the breakdown. I'm 54 and I am currently getting out of debt for the next 2 years. I will start investing heavily in 2027. I might fall short of becoming a millionaire, but I'm teaching my children these principles in their youth.

@MelAbraham Ай бұрын

You can do it! Love that you're teaching them

@afrivox Ай бұрын

Wow..thought I was behind. Still struggling to buy a house at 49. No debt but as soon as I get a mortgage then I will be in deep debt

@lt2246 5 күн бұрын

Checkout the book “The Richest Man In Babylon”. It is a simple read and lays out an easy approach to getting out of debt while at the same time saving in order to take advantage of compound interest.

@MelAbraham 5 күн бұрын

@@lt2246 One of my favorite books

@blackgrandpa7652 Ай бұрын

Thanks coach for keeping me focused shout out from Brampton ontario Canada 🇨🇦

@FreshWaterWindsurfer Ай бұрын

Thanks Mel!

@UsefulDonkey99 Ай бұрын

Great video Mel!

@stephendegenaro6387 Ай бұрын

Hey Mel, Came across your KZfaq channel listened to 2 videos. So much great info, I got your book on audible. Up to chapter 25 whilst painting walls today. Lookjng forward to be doing the worksheets. Great going man. 🙌🏽😎

@michaelcummings8744 Ай бұрын

Love this!!!

@MelAbraham Ай бұрын

Thank you - more to come

@foodmens Ай бұрын

Im a simple man. I see a Mel Abraham video? I like I subscribe and I hit the notification bell. Set it to all notifications 😊

@BULLARDtheOKIE Ай бұрын

I just did the same

@foodmens Ай бұрын

@@BULLARDtheOKIEa toast to you sir, A man of Of Culture

@buckbyrd45 Ай бұрын

The breakdown was great. Thank You.

@MelAbraham Ай бұрын

Awesome to hear thank you. More to come

@montrellhaskins40 Ай бұрын

Great vid!!! just earned a new subscriber

@MelAbraham Ай бұрын

Thanks for the sub!

@joycewanjiru6597 5 күн бұрын

When you are young @below 45yrs invest in Stock market,land, rental if possible,compound your money (-benefit of time), After 50yrs minimize risk put little money in stock companies ,do with real (rentals)estate and more government securities like bonds and bill and mmf But live well without denying yourself good things of this Life, at any stage of your life, 🇰🇪 God bless Kenya

@Divyv520 Ай бұрын

Hey Mel , very good video . I can do better editing in your videos which can help you to get more engagement in your videos . Pls lmk what do you think ?

@jonny777bike 18 күн бұрын

The best time to invest is when you're 18 or if you have parents who set up a UGMA account.

@jonny777bike 18 күн бұрын

It also depends what your age is.

@economicdevelopmentplannin8715 Ай бұрын

Domestic migration works too. Move to where the high income jobs are plentiful compared to the cost of housing.

@economicdevelopmentplannin8715 Ай бұрын

DC area PG county specifically

@jonny777bike 18 күн бұрын

The more income the more I invest.

@KKLee-yt9ic 7 күн бұрын

The thing is we can’t take $ with us when we die.

@GRINDETHIKSMIXTAPESHOW 29 күн бұрын

Warren Buffet said it himself that cash is not wealth

@GRINDETHIKSMIXTAPESHOW 29 күн бұрын

A person that is flipping fries at McDonald's can build wealth hey even me i make under 40 k a year and im building wealth

@vincentbryan1962 17 күн бұрын

I hate when you guys say that. INVEST INVEST INVEST. “But I won’t tell you what to invest in”… it’s like the only reason you want to “help” us is to grow your channel and get KZfaq revenue. You don’t REALLY want to help us. It’s just on the surface. Be real. Be personal man. If you did you’d be a little bit different than 99% of these KZfaq money experts.

@vincentbryan1962 17 күн бұрын

But it’s all about money. What should we expect in the first place.

@tclondon 15 күн бұрын

Worst thing you can do as an investor is wait to be told what to invest in... Get educated & make your own decisions. It's hard but very rewarding.. & will work if you put in the time.. ✌🏾

@vincentbryan1962 15 күн бұрын

@@tclondonwhat’s even worse is taking generic and vague advice from someone else. Do you think people who go out of their way to search and watch videos is “waiting” on you to tell them what to do. It’s generic. It’s vague. It’s not actually helping. Do you understand

@rolandosouffrain7957 Ай бұрын

At age 25 to 65? At what interest rate? At 10% $846,206 not a millionaire

@raymondpicardjr3069 17 күн бұрын

So many of you, Finance KZfaqrs now I wait and watch your initial introduction to your videos just to hear about your book and your course eventually.. boo hoo

@raymondpicardjr3069 17 күн бұрын

Why is 1 million dollars the number EVERY “finance youtubers” mention? $1,000,000 in 20,30,40 or even 50yrs w/inflation is not going to be at its current value.

@michaelbalfour3170 17 күн бұрын

It's a good target to live comfortably. It will still grow and by 2050 it will have grown alot.

@marton349 Ай бұрын

Its virtually impossible unless You have no overheads You have decades ahead You eat dust.

@afrivox Ай бұрын

True. Some of these talking heads seem to assume that everyone has some spare cash. In many cities these days, mom and dad have to work , at times 3 jobs combined, just to keep their heads above the water. They don't have 1000 saved for emergency, let alone investing towards a million dollar. And it is funny how they come with one single anecdote from maybe 1950 and assume that's the norm. I even doubt that millionaires next door survey from Ramsey, unless you count somebody's dwelling in, which makes almost anyone in big Metropolitans who bought like 20 years ago, a millionaire...on paper.

@TreyConnor-lf3ll Ай бұрын

Sounds like a waste to be a millionaire and working as a janitor.

@R_Ali 16 күн бұрын

If it was possible you wouldn’t be wasting your time here 😅

@user-my7eg3dy3f Ай бұрын

What's the benefit of investing except your kids getting into good school and you're retirement life becoming easier.? Anyways you can't enjoy your youth.

@stevenbury3980 26 күн бұрын

Have you worked a full time job? Do you know the feeling of doing that for twenty years? That’s lack of freedom. Investing CREATES freedom.