The Economic Truth with Our Expert Ensemble

We have a superstar episode with a number of guests we are going to be speaking with today.  We are excited to get their take on everything going on and get a market update.  We are joined by an expert ensemble including Ron LeGrand, Randy Tate, Kelly Korshak, Chris Kline, Ken Stark, and Warren Taryle.

Right now we are living in challenging and uncertain times.  In this climate of uncertainty, what do we need to be doing? What should we be doing in these uncertain times in the market?  We are going to talk about real estate, mortgages, taxes, digital currency, and more.  Now is the time to get your infrastructure in order for the year-end.  

Show Notes:

• [02:57] Our expert panel is talking about what we need to be doing in these uncertain times. 
• [04:51] Our expert panel includes Randy Tate, Kelly Korshak, Chris Kline, Ken Stark, and Warren Taryle.
• [05:23] The market rallied after the election. A divided Congress is good for business.   
• [06:28]  Kelly predicts that in the first quarter of 2021 that the market is going to go higher.  One of the main reasons is the vaccine.  
• [08:57] We are going higher in the market but not without a lot of volatility. 
• [09:31] This year bitcoin has proven itself in uncertain times. It is a stable asset.  
• [11:01] Diversification helps folks so they don’t have to put all their eggs in one basket and hope for one market.  There are so many opportunities out there that diversification is fundamental. 
• [12:53] Quit worrying about all the things you can’t control and worry about the market in your house.  Get your cash flow up and it won’t bother you as much.  
• [14:00] Anyone can purchase single-family real estate on terms and start making money quickly.  Terms are when you buy with owner financing and put lease options, tenants, buyers in the property. 
• [16:37] Most people are hoping for another round of tax cuts to come through. 
• [18:15] If there is anything changing with the tax cut, it is either going to affect everybody or nobody. 
• [19:58] Start your company, get it making money, and start taking the legal deductions. 
• [21:12] There is no way you survive this without having your own business.  Start becoming a significant investor. 
• [23:28] Real estate is typically the vehicle that pulls us out of recession.  Values continue to go up and rates continue to stay low.       
• [24:13] Rates are going to continue to stay low, demand continues to be high for real estate,  and supply continues to stay short.    
• [25:56] High deductions categories include real estate and gas and oil. 
• [26:51] With the end of the year coming, oil and gas is a great tax break if it makes sense investment-wise. 
• [27:38] If you don’t have your money rolls set, you better get them set. 
• [29:52] The only thing you can control right now is what’s going on in your family’s household.  
• [30:58] If you are employed make sure you have a company with an EIN and bank account so you can do legal deductions. Have a year-end tax planning session. 
• [33:12] Don’t go buy random coins at random exchanges. There are a lot of reputation risks in new spaces.  The stock has been around for a long time so they have weeded out the bad guys.   
• [35:36] The U.S. is still the best place to invest. Keeping your money domestically is wise. 
• [37:44] Overregulation in many industries should be a concern for all Americans.  
• [38:22] We have to be very wary of all the risks that remain in our society now and especially over the next six months.  There is a lot to invest in out there, but the potholes are large. 
• [39:57] Position yourself and your money so when the opportunity arises you can maximize. 
• [41:03] We have to be flexible and ready to make changes in our lives and how we have set things up. We can’t get locked into one mindset. The proper entity structure is the number one building block in a tax strategy.
• [43:29] If you have an S Corp don’t forget to do something with your year-end payroll.
• [45:07] Make it a huge priority to have your house in order.  

Links and Resources:

Ask Loral App Loral on Facebook Loral on YouTube Loral on LinkedIn Money Rules Millionaire Maker Store Real Money Talks Podcast Integrated Wealth Systems Affiliate Sign-Up Ron’s Website iFlip Website Randy on LinkedIn Kelly on LinkedIn Taryle Accounting