Episode 562: What to do with the money your business brings in

We've been getting a lot of great feedback on the Financial Friday editions with Mel Abraham, so we thought we'd keep the conversation going today! We cover so much in this episode, including a look at what to do with the money that your business brings in, more investment strategies from Mel, and a reminder why you'll always want to keep the lifestyle piece in mind as you build your business!  Having Mel as one of my closest friends has absolutely changed my life because of what he has personally shared with me about simple wealth principles that can change everything…and now it's your turn! If you're an entrepreneur looking for more freedom, then you absolutely need to attend Mel's free once-a-year training that is happening right now, so head on over to www.jameswedmore.com/mel to get registered, and below are some details to give you an idea of some of the key dates and incredible value you will get from Mel's training:  August 31, 2023 - The Affluent Entrepreneur LIVE - Training #1 - THE AFFLUENCE JOURNEY. This first training makes the case for building a MONEY MACHINE and the things that hold you back. You will walk away understanding the 4 stages of the Affluence Journey, where you fit in the journey as well as what it takes to move to the 4th stage of AFFLUENCE. You will also understand and work through the 4 types of money stories and scripts that have limited your wealth and how to conquer them. And with the money stories conquered we will give them the 3 pillars that all AFFLUENT ENTREPRENEURS have in place to give you a RICHER LIFESTYLE, DEEPER IMPACT and COMPLETE FREEDOM. September 5, 2023 - The Affluent Entrepreneur LIVE - Training #2 - THE 5 WEALTH PRINCIPLES EVERY AFFLUENT ENTREPRENEUR NEEDS and YOUR LIFESTYLE WEALTH TARGET. Now that they have a foundation for becoming an AFFLUENT ENTREPRENEUR, in this session, they will understand the 5 core wealth principles that are universal patterns of behavior that will drive their wealth and financial independence. You'll understand the FIVE INCOMES that are used to create financial freedom. You'll set your lifestyle wealth target so you know what your ultimate goal is. With this you can set the right plan and strategy to get you there.  September 7, 2023 - The Affluent Entrepreneur LIVE - Training #3 - THE 9 ACCELERATORS OF THE AFFLUENCE BLUEPRINT In this session, you'll go deeper into THE AFFLUENCE BLUEPRINT™ process by understanding the 9 ACCELERATORS OF THE AFFLUENCE BLUEPRINT and know exactly where you are on each accelerator so you know specifically where you need to work to move you forward. You'll understand the ONE big mistake that most people and especially TREADMILL ENTREPRENEURS make that puts their whole financial existence at risk. Then you'll understand the 4 journeys you can be on financially and the path to define your journey on your own terms. In this episode you'll hear: Some of Mel's big investment rules, and what the says about investing in individual stocks  How the affluent have a much different relationship with money than most people do  What Mel credits for giving him his biggest financial lessons  A look at his "LeapFrog Funding" concept and what he would do with profits generated from a launch  How Mel and his team uses dollar-cost averaging when investing in the market  The way he looks at real estate investing and what opportunities exist in this space right now  What to do to improve the health of a business that has little to no profit margin Our thoughts on charging your worth and remembering the lifestyle that you want as an entrepreneur  For full show notes and links, visit: https://www.mindyourbusinesspodcast.com/blog/562