There's no question whatsoever right now that we're in times of extreme economic uncertainty.
Today I’m speaking with Mel Abraham, financial advisor to Brendon Burchard and nationally best selling author.
He’s been an entrepreneur for over 40 years and helped companies make tens of millions of dollars in sales. He’s going to discuss the three keys to thrive in financial uncertainty.
Mel’s experience as a single father is what lead him to seeking out a different way of doing business.
As a CPA, he was inundated with work in an effort to keep a roof over his and his son’s head, but his son didn’t care about the profits, he just wanted time with his dad.
So, Mel explored different ways to do business while also being able to be present with his son and he was successful – he built both his wealth and their relationship.
But in 2019 he was hit with a life-shattering piece of news: despite having always taken good care of his body and having no family history, he had a 7.5cm tumor in his bladder. Cancer.
Mel’s diagnosis was severe enough that his doctor warned him when they removed the tumor, there was a chance that he would end up losing his prostate as well and may wind up needing a bag and a tube if he lost his bladder too.
What Mel took from this experience was the mindset of being prepared when life happens, because it will.
Mel shut down his businesses at the time so focus himself solely on beating his cancer.
But using the lessons he had learned in his career on how to do business differently, he didn’t have to struggle financially during that time.
He’s now two years cleared from cancer. But when he was struggling with it emotionally, he knew he couldn’t focus on the angst and the negativity of the experience, but instead he felt a calling to serve and help people navigate their financial lives in a way that when life happens they’ll be okay.
You have to find your pain and turn it into purpose.
There exists a sea of negativity that is more prevalent today than it ever was, primarily because news is so prevalent with phones and social media, and almost all of it is negative pessimism.
But we need to understand those platform are there for views, not our best interest, and the best way to do that is to stir up viewer’s fears.
Mel has lived through seven recessions, eight bear markets, 40 rate hikes by the fed, the SNL crisis in the 1980s, the banking crisis in the 2000s, the .com bubble burst, the Great Recession.
But he made it through all of that he not only did he make it through but he was able to build throughout. At times, fear did get to him and he pulled back and let that fear drive his action. But, he did the math on it and if he had never stopped investing, just continually invested since the first recession he was in, he would now be $3.9 million richer just by staying in the game.
It takes 6 months to diagnose a recession because a recession is two consecutive quarters of GDP decline.
The average length of a recession is only eleven months.
So, by the time a recession has been diagnosed, there are good odds that the recession will be over by the end of the year.
So we shouldn’t allow the media to focus our gaze on something and cause us to freak out.
Bear markets on average are only 2 out of 10 years, whereas bull markets are 8 out of 10.
If you participate in the 8 out of 10 it will far outweigh those 2 years that the market is down. It will pass.
There’s no indication that there’s any permanence to a recession. It’s cyclical.
What is permanent is inaction.
When you eliminate the fear mongering it brings you a sense of peace and certainty and control in times when the world is going crazy.
Many people are raised in a household where they are told not to discuss money.
But money is one of the greatest stressors in relationships, it’s the number 2 cause behind infidelity for divorce.
Financial wellness is the missing link between mental and personal wellness.
We need to talk about it so we can now use it for the positive good it’s meant to be.
You need to become a student of it for the sake of richness in your life.
Build a community around you of people who know better than you about the game.
Fear keeps us out of the game.
No one is infallible to mistakes but what matters is that you take the first step you can to get in the game.
Your wealth creation is mostly a behavioral issue and not a money issue.
You need to have clarity and acceptance about where you are and use it as the stepping stone to a new future. Just change your behaviors.
It could be how you live your life, how to use your debt, how you’re spending, if you’re earning at your highest potential, if you’re asking for all you’re worth.
All of these are behaviors that when stacked and shifted can change your financial world.
You also have to move your emotions aside and make informed financial decisions.
Don’t let your emotions drive you but instead make what you know from analysis drive you. You will make mistakes but you have to treat the mistakes as an opportunity for education.
Changing your behaviors over the long-term will lead you to the ultimate freedom of choice in your life.
You need sustainable wealth.
We have to create a system of behaviors that have proven over time to build wealth and embed that system into your lifestyle.
You can’t really cut expenses to build wealth but you can cut expenses to give you the margin to build wealth.
You need to make the hard decisions around what are your needs versus wants.
Don’t bother with trying to match the lifestyle of everyone else around you, focus instead on your personal definition of success.
Get clear on what you want in your life and put blinders on to what everyone else is doing.
You need to live to your vision.
And if you’re in a relationship, you need to have a clear conversation to make sure you both are living to the vision you both have.
Mel and I are going to be doing a zoom call that I’ll host and on that call we are going to be discussing the three keys to thrive amid financial chaos.
There’s no sales pitch on this, it’s just an opportunity for you to learn.
Mel will walk you through the principles and when you start to put them in place it will shift your financial trajectory.
You may think you have so much time to get things right because you’re still young but the greatest wealth creation building lever is time.
What is more important is not the amount you’re going to put away, it’s your behavior and getting you into the game.
On the other hand, if you’re older and think you don’t have enough time, that’s still not a reason to not get in the game.
Rather than throw your hands up and say it’s too late, get in the game right away and you’ll be building wealth that you wouldn’t have seen otherwise.
We will give you the principles to take control and the direction to go.
More millionaires are made during recessions than any other time, it ought to be you. It is one of the greatest times in human history for you to take control of your wealth and build a legacy that lasts beyond you and leaves your family and you prepared for when life happens.
So please join our totally free zoom session, Three Keys to Survive in Financial Chaos, on August 11th at 10am central time.
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