The Affluent Entrepreneur Show

Are You Really Living a Rich Life or a Bankrupt One?

December 04, 2023 Mel H Abraham, CPA, CVA, ASA Episode 184
The Affluent Entrepreneur Show
Are You Really Living a Rich Life or a Bankrupt One?
Show Notes Transcript Chapter Markers

Have you ever wondered if you're truly living a rich life or one that feels bankrupt on the inside? 

Join me in a thought-provoking episode where we dive deep into the meaning of wealth and fulfillment that extends beyond the surface.

This isn't your typical episode. I'll be replaying a mentoring session with one of my elite clients, where we delved into the challenges of business, fulfillment, and life. 

We explored why focusing only on profits and systems can leave us feeling empty and how to build a business that aligns with the richness of lifestyle, legacy, and values.

Discover how aligning your business decisions with a rich life above the line can lead to true affluence. Tune in and start your journey to a life that's not just financially successful, but deeply fulfilling and enduring

IN TODAY’S EPISODE, I DISCUSS: 

  • The importance of measuring wealth in time and making each moment count
  • The common mistake entrepreneurs make of focusing solely on profits and success
  • The game-changing framework for prioritizing values, meaning, lifestyle, and legacy

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Mel Abraham [00:00:00]:

Here's a question for you.

Mel Abraham [00:00:01]:

You're working really hard. You're really digging in. You're making money, you're doing all the right things.

Mel Abraham [00:00:08]:

And everything from the outside looks good. Everything on the inside feels horrible.

Mel Abraham [00:00:16]:

Well, in this episode, it's a very different episode of the Affluent Entrepreneur Show. This episode, I was actually on one of my mentoring calls with one of.

Mel Abraham [00:00:25]:

My elite clients, and she was going.

Mel Abraham [00:00:30]:

Through some difficult challenges when it comes to business and fulfillment and life and everything.

Mel Abraham [00:00:36]:

We talk a lot about richness in life.

Mel Abraham [00:00:41]:

See, I truly believe that we should be measuring our wealth in time, not just time itself, but how time is used. The memories, the moments, and making each one matter.

Mel Abraham [00:00:55]:

And the mistake that I made and.

Mel Abraham [00:00:58]:

The mistake that so many, especially entrepreneurs.

Mel Abraham [00:01:01]:

Make is we get so focused on.

Mel Abraham [00:01:05]:

Profits, we get so focused on systems, we get so focused on scale, we.

Mel Abraham [00:01:09]:

Get so focused on revenue, we forget about life, we forget about living, we forget about the things that matter.

Mel Abraham [00:01:19]:

And in this conversation that I had with her, I started to talk through a framework that I've used for years, but I haven't taught it for a while. But it's a framework that allowed me to start to understand how to do.

Mel Abraham [00:01:31]:

Business in a way that not only is successful, profitable, highly lucrative, but much more highly fulfilling to know that I'm living true to a calling, living true.

Mel Abraham [00:01:47]:

To my values, true to my meaning. So what I decided to do is I've taken her out of the conversation, is to replay that conversation. You won't see her. You don't know who she is. I am going to keep her confidential because that's what we do with our clients. You might hear a little bit of her voice, but that's it. But I want you to eavesdrop on this conversation. And then on the other side of.

Mel Abraham [00:02:16]:

It, I'll be back to close it out, because I think it's important for us to start reflecting on how we do things.

Mel Abraham [00:02:25]:

Are we driven by accomplishing, achieving, and.

Mel Abraham [00:02:28]:

Acquiring, and where does it get us? Or are we driven by living fully, fully expressed the Richness, each moment that has? Because I can tell you, when we.

Mel Abraham [00:02:42]:

Talk about the affluence blueprint, that's what.

Mel Abraham [00:02:44]:

We'Re trying to do.

Mel Abraham [00:02:46]:

We can build the bank accounts, we can build the investments, we can create.

Mel Abraham [00:02:49]:

The wealth without the fulfillment, without the joy, without the pleasure, without all of that, it's bankrupt. So I hope that you enjoyed this.

Mel Abraham [00:03:00]:

Episode of the Affluent, entrepreneurial, very different, but very needed. And I'll see you on the other side. Complete the conversation this is the affluent.

Mel Abraham [00:03:10]:

Entrepreneur show for entrepreneurs that want to operate 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.

Mel Abraham [00:03:33]:

And living with complete freedom.

Mel Abraham [00:03:35]:

Because that's what it really means to be an athlete entrepreneur.

Mel Abraham [00:03:44]:

And this sounds like what you were drawing out a little bit, that this framework that I hadn't taught in a while, but it came out of the drawing from Jeremy. 

Client[00:04:07]: 

Yeah.

Mel Abraham [00:04:08]:

It's what I call the analyst framework. And what happens is that. As a.

Mel Abraham [00:04:09]:

Business owner, I had a business model.

Mel Abraham [00:04:17]:

Okay?

Mel Abraham [00:04:18]:

And business really is pretty doggone easy. To be successful in business.

Mel Abraham [00:04:28]:

We need.

Mel Abraham [00:04:29]:

To focus on minimizing the downside, okay? And while at the same time maximizing the upside. That's all business is trying to do. That's all we're ever trying to do in business. And so that's what we're doing. And it really comes down to, what's my business model? What's my revenue model, what's my business model? And as someone that was a left brain thinker, that was a CPA.

Mel Abraham [00:05:11]:

I.

Mel Abraham [00:05:12]:

Actually did this really well. I had it down, just like you do. But what I didn't realize is that all that shit's below the line. And Jeremy drew a picture, and Jeremy showed me something else, and he showed me what was missing, which is above the line. What's the lifestyle I'm building? What does that look like? Not just for me, but for him. What's the legacy? Not that I'm leaving, but the legacy that I'm living. What does he and everyone else outside of me see and feel? That part is all driven by meaning and values. And the problem is, if we don't do this first and clarify this first, we may put systems and processes and a model down here in place that are great, but we lose this.

Mel Abraham [00:06:56]:

This is where our fulfillment is. This is where our joy is. This is where our pleasure is.

Mel Abraham [00:07:11]:

And what we really need to do is start here and then build there.

Client [00:07:19]:

I did it backwards.

Mel Abraham [00:07:21]:

So did I. Because we know this down here, you and I come from this space. It's easy to think in these ways. But what ends up happening is then we're fitting the life, the meaning, the lifestyle, into the cracks of what's left over. That doesn't work. Not long term, because we get here, and all of this is working. I got the downside working. The upside is going, models going, we're making money.

Mel Abraham [00:08:00]:

We're doing that. And you sit back and you wonder, why the hell do I feel so empty? Why do I feel like it doesn't feel good? And from the outside, people think that I should be doing really well. Why am I miserable? It's because we went from the bottom.

Mel Abraham [00:08:20]:

Up and not the top down.

Mel Abraham [00:08:25]:

It's the very reason that in the affluence blueprint, now, in any financial conversation starts with lifestyle vision. The affluence vision first and works down, not from the income up. Because if in the process of building something, we lose access to the meaning, we lose access to the values, we lose the lifestyle we want. We erode the legacy we should be living, not leaving. We feel empty. It's a lot of people. It was me, too. And I still find myself there at times.

Mel Abraham [00:09:05]:

We're not immune to it. We just got to be aware of it. September eigth went in for a scan. I saw a shadowing. It reconnected me, saying, oh, crap, I've been living below the line. How do I get it back above the line? Obviously, it turned out to be nothing, but it really put it back in my face again. WhAt am I missing? What did I give up? Why am I not living up there? We need to allow everything above the line, the meaning, the lifestyle legacy, to inform what we do below the line. Or although the systems, the model, and everything we do could be valid, could be great, could be astronomical, it won't feel good.

Mel Abraham [00:09:51]:

And you'll wonder why, when from the outside and from all other measures, you should be ecstatic, and you're not. Space and batteries will give you the time to, over time, define what's above the line, what really matters, and then, as you make the decisions below the line, to connect them and say, does it move me closer to what I want above the line, does it align? And is it congruent with what's above the line?

Mel Abraham [00:10:27]:

And if not, you might have to pass.

Mel Abraham [00:10:31]:

All right, I hope that you found this meaningful. I hope that you found this helpful.

Mel Abraham [00:10:35]:

I hope that in the process, you'll.

Mel Abraham [00:10:38]:

Take the time to maybe draw out the framework for yourself and start asking the questions, exploring the answers of the.

Mel Abraham [00:10:45]:

Questions of what is the lifestyle I want? What's the meaning? What's the values?

Mel Abraham [00:10:51]:

What's the legacy? Not that we're going to leave, but that we are trying to live each.

Mel Abraham [00:10:57]:

And every moment to ask those questions.

Mel Abraham [00:11:00]:

Now, some of them, I get it.

Mel Abraham [00:11:02]:

The answers may not be at the.

Mel Abraham [00:11:04]:

Tip of your tongue. They may be things that you have.

Mel Abraham [00:11:06]:

To think through, you have to think about.

Mel Abraham [00:11:09]:

They might be things that you need to discuss with your partner.

Mel Abraham [00:11:14]:

But whatever it is, what does it.

Mel Abraham [00:11:17]:

Take for you to get above the line, to allow above the line, the lifestyle, the legacy, the meaning, the values, to inform what you're doing?

Mel Abraham [00:11:26]:

Below the line. Profits without fulfillment is not success. Wealth without richness is not living. And I hope that you get a chance to see that.

Mel Abraham [00:11:41]:

If there are questions, if you have.

Mel Abraham [00:11:43]:

Comments, I'd love to hear from you.

Mel Abraham [00:11:45]:

This was a conversation, like I said.

Mel Abraham [00:11:48]:

With one of my elite one on one clients.

Mel Abraham [00:11:51]:

But I thought that it was such an important conversation that too often we don't have with ourselves, with the people.

Mel Abraham [00:11:57]:

That we care about, and with the world. And maybe it's time we do. Maybe it's time we don't get caught up in all of the social media.

Mel Abraham [00:12:07]:

The media, and all the other stuff that can drag us away from what's above the line. And I hope in this journey that you get a chance to live truly above the line and allow what is.

Mel Abraham [00:12:17]:

Above the line to inform everything that's below the line.

Mel Abraham [00:12:21]:

And in that process, you find that you can live a life fully expressed. You find that you live a life full of richness, and you find that you live a life that outlives you. I hope you enjoyed it, and I look forward to seeing another episode. Cheers.

Mel Abraham [00:12:39]:

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.

Introduction
Exploration of the Analyst Framework
Reflection and questions
Discover a life fully expressed and rich