Real Money Talks How to Have a Healthy Money Mindset
In this special episode of the podcast, Loral is interviewed by Michelle from the New Mid podcast. Loral explains that the "normal" system we grow up in does not set us up for financial freedom. In the episode, Loral shares strategies for both adults and children on how to make their money work for them. She also shares how to grow wealth in mid-life.
Loral was single and expecting her first child when she realized she needed to rely on herself. The system that we are raised in does not set us up for financial freedom. At that moment she chose to make a great life. After receiving the most Influential Woman in Radio award in 2017, she had a meeting with her boss only to be unexpectedly let go from the company she had helped build. What could have been a roadblock for success turned out to be the best thing that could've happened to her.
Show Notes:
[01:32] Loral shares about her journey and what drives her. She committed her life to study how people really become millionaires.
[03:36] You get what you create and think about. Don’t speak to fear at all. If you want to be wealthy, you will be in good debt.
[05:46] Lean in and learn it instead of fearing it. Learn about it and you won’t fear it.
[07:08] Women outlive men statistically. The new statistic is that women outlive men by 8 to 10 years now.
[08:51] It is everyone’s responsibility to know the money. Even if you’re not the primary one making it. You need to know where it is and how to access it.
[09:21] So what, now what. So what, it has happened. Now, what do you want to do about it? At this moment choose and make it the greatest life that you want to make it.
[11:42] Loral has a whole structure on how to get your kids through college not as a cost, but instead as a deduction. She starts with her kids when they are born.
[12:34] Start talking about money with your kids now. You should have Monopoly, The Cash Flow Game, and The Millionaire Maker Game. Play them in this order.
[14:02] Kids cannot begin building their own credit until they are eighteen.
[15:30] Never pay your kids an allowance. An allowance is like a paycheck so you are conditioning them to be an employee.
[16:08] Start with a checking and savings account when they are born. At 10, they get a car savings account. They have six years to earn their car.
[18:44] A job isn’t where the money comes from. It just happens to be your choice for right now.
[19:28] Being an entity is an intention to live your life.
[20:03] If you are an individual you don’t get the benefit of a lot of deductions. When you get an entity it is different because you legally own a company.
[21:58] School designed you to become an employee.
[23:54] Your first $100,000 for everybody is the toughest money you will ever make because we are conditioned to be employees.
[24:21] Mentors are so important. Entrepreneurs have to lead entrepreneurs. We have to help each other get through that first part.
[25:41] Grab Loral’s Virtual Swag Bag here.
[26:54] Do not use a credit card to invest. Once you make your money, put it to work and invest it.
[27:42] Women are starting businesses faster because their need for money is typically so much higher. Women tend to move toward that six-figure mark but not to the seven. Only 3% of percent of women on the planet go into the millions in a business.
[28:11] You want to change lives, make a million bucks. A lot of women don’t get to where high, high money is made.
[29:05] Your first six are the roughest six, you might as well go to seven. You already have the hard work done.
Links and Resources:
Ask Loral App: https://apple.co/3eIgGcX
Loral on Facebook: https://www.facebook.com/askloral/
Loral on YouTube: https://www.youtube.com/user/lorallive/videos
Loral on LinkedIn: https://www.linkedin.com/in/lorallangemeier/
Money Rules: https://integratedwealthsystems.com/money-rules/
Millionaire Maker Store: https://millionairemakerstore.com/
Real Money Talks Podcast: https://integratedwealthsystems.com/podcast/
Integrated Wealth Systems: https://integratedwealthsystems.com/
Affiliate Sign-Up: https://integratedwealthsystems.com/affiliates
The New Mid Podcast: https://www.thenewmid.com/podcast/lorallangemeier
Think and Grow Rich for Women: https://shopintegratedwealthsystems.com/products/think-grow-rich-for-women
Loral’s Virtual Swag Bag: https://justmetloral.com/podcasts/