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Content provided by Mel H Abraham, CPA, CVA, ASA, Mel H Abraham, CPA, CVA, and ASA. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Mel H Abraham, CPA, CVA, ASA, Mel H Abraham, CPA, CVA, and ASA or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.
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14 Hidden Expenses That Silently Destroy Your Wealth

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Manage episode 486406935 series 1281827
Content provided by Mel H Abraham, CPA, CVA, ASA, Mel H Abraham, CPA, CVA, and ASA. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Mel H Abraham, CPA, CVA, ASA, Mel H Abraham, CPA, CVA, and ASA or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.

Welcome to another powerful episode of the Building Your Money Machine Show! Today, I’m shining a light on a topic that’s often overlooked but crucial for anyone serious about building real wealth: hidden expenses that sneakily drain your financial future.

I’m breaking down the 14 silent money leaks that could be quietly destroying your wealth right under your nose. These aren’t just theoretical concepts. Many of these come straight from my own experience and from the real-life journeys of my clients.

We’ll dig into three main categories: investing leaks, protection leaks, and lifestyle leaks. I’ll walk you through how these leaks happen, and—most importantly—how you can plug them to accelerate your path to financial freedom.

On the lifestyle side, I’ll reveal the dangers of lifestyle creep, high-interest debt, car depreciation, emotional spending, last-minute purchases, and more. For your safety net, I’ll share why you must be proactive about negotiating big expenses, maximizing your employee benefits, making smart insurance decisions, and taking your health seriously.

IN TODAY’S EPISODE, I DISCUSS:

  • The 14 biggest wealth leaks—broken down
  • The silent danger of inflation and why your savings alone may not be enough
  • How investment fees and opportunity costs of delayed investing add up to huge losses over time
  • The power of tax-advantaged accounts to keep more in your pocket and less with the government
  • Lifestyle creep: why increased earnings shouldn’t lead to unchecked spending
  • The wealth-eroding trap of credit card interest and car depreciation

RECOMMENDED EPISODES FOR YOU

If you liked this episode, click here to enjoy these and more:
https://melabraham.com/show/

  • 40 Years as an Accountant - This is What Rich People Regret Most
  • Why You Need To Start Automating Wealth Creation
  • 10 Things Worth Buying EVEN If You're Short On Cash
  • 8 Signs You're Not Ready For Retirement
  • How to SURVIVE and THRIVE During a Recession

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If you liked this video, you'll love these ones:

ORDER MY NEW USA TODAY BESTSELLING BOOK:

Building Your Money Machine: How to Get Your Money to Work Harder For You Than You Did For It!

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.

When you do you’ll also get over $1100 in wealth resources & bonuses for FREE!

TAKE THE FINANCIAL FREEDOM QUIZ:

Take this free quiz to see where you are on the path to financial freedom and what your next steps are to move you to a new financial destiny at http://www.YourFinancialFreedomQuiz.com

  continue reading

429 episodes

Artwork
iconShare
 
Manage episode 486406935 series 1281827
Content provided by Mel H Abraham, CPA, CVA, ASA, Mel H Abraham, CPA, CVA, and ASA. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Mel H Abraham, CPA, CVA, ASA, Mel H Abraham, CPA, CVA, and ASA or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.

Welcome to another powerful episode of the Building Your Money Machine Show! Today, I’m shining a light on a topic that’s often overlooked but crucial for anyone serious about building real wealth: hidden expenses that sneakily drain your financial future.

I’m breaking down the 14 silent money leaks that could be quietly destroying your wealth right under your nose. These aren’t just theoretical concepts. Many of these come straight from my own experience and from the real-life journeys of my clients.

We’ll dig into three main categories: investing leaks, protection leaks, and lifestyle leaks. I’ll walk you through how these leaks happen, and—most importantly—how you can plug them to accelerate your path to financial freedom.

On the lifestyle side, I’ll reveal the dangers of lifestyle creep, high-interest debt, car depreciation, emotional spending, last-minute purchases, and more. For your safety net, I’ll share why you must be proactive about negotiating big expenses, maximizing your employee benefits, making smart insurance decisions, and taking your health seriously.

IN TODAY’S EPISODE, I DISCUSS:

  • The 14 biggest wealth leaks—broken down
  • The silent danger of inflation and why your savings alone may not be enough
  • How investment fees and opportunity costs of delayed investing add up to huge losses over time
  • The power of tax-advantaged accounts to keep more in your pocket and less with the government
  • Lifestyle creep: why increased earnings shouldn’t lead to unchecked spending
  • The wealth-eroding trap of credit card interest and car depreciation

RECOMMENDED EPISODES FOR YOU

If you liked this episode, click here to enjoy these and more:
https://melabraham.com/show/

  • 40 Years as an Accountant - This is What Rich People Regret Most
  • Why You Need To Start Automating Wealth Creation
  • 10 Things Worth Buying EVEN If You're Short On Cash
  • 8 Signs You're Not Ready For Retirement
  • How to SURVIVE and THRIVE During a Recession

RECOMMENDED VIDEOS FOR YOU

If you liked this video, you'll love these ones:

ORDER MY NEW USA TODAY BESTSELLING BOOK:

Building Your Money Machine: How to Get Your Money to Work Harder For You Than You Did For It!

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.

When you do you’ll also get over $1100 in wealth resources & bonuses for FREE!

TAKE THE FINANCIAL FREEDOM QUIZ:

Take this free quiz to see where you are on the path to financial freedom and what your next steps are to move you to a new financial destiny at http://www.YourFinancialFreedomQuiz.com

  continue reading

429 episodes

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