Real Money Talks

Welcome back to another weekly market update.  We have special guests joining us today on a very special topic.  Eileen E. Galbraith and Kyle Boeckman are joining us on the show today.  Eileen is known as The Credit Gal and can help you clean up your credit.  Kyle was Loral’s partner in the Make Your Kids Millionaires book.   We are going to talk about families, significant others and how do you help get them on board for this money conversation.  We are all interacting with money all day long.  So we must be talking about it especially with our family. In today’s episode, we talk about the importance of having money conversations with your family and significant other and getting on the same page for where you are headed.  Show Notes: [02:04] The end of the year is right around the corner.  Make sure you do the things on your checklist and get your infrastructure in order.  [04:04] Less than 10% of us have a money conversation growing up in our households. No one talks about it.   [06:04]  Eileen shares her story about growing up and money.  She shares how she struggled with money later in life because she was never taught about it.   [07:44] Eileen shares how she believes you have to spend money to make money.  It is a cost of doing business.   [08:15] It can be very frustrating and draining as a couple if you don’t have the same money mindset.  Money is a conversation that has to happen.   [08:58] Eileen and her husband have a money date night every week where they have a positive conversation about where their money is going to go. Sit down and have a loving and positive conversation with your partner.  When you get on the same page, miracles happen.  [10:19] Understanding the money psychology of your spouse is really important.  By understanding where they are coming from you can avoid a lot of conflicts there.  [11:20] Build a foundation with your spouse of a similar understanding of basic concepts of money so you can be on the same page.  [13:11] There are so many different ways to raise millionaire kids, but at the end of the day, you have to do it your way.   [14:13] It is important to teach your kids about money at a very early age and incorporating that into their everyday lives.   [15:01] When you are paying bills or investing, incorporate your kids into that and explain what you are doing to them. Every opportunity you can take to bring these moments into your culture is pivotal.   [18:01] Justin shares his story about being hit hard because of a lack of planning and knowledge.  [20:54] It is important to set things up properly for our loved ones.   [21:42] Whether you want to talk about money or not, at the end of someone’s life you have to.  [23:49] Loral taught her kids about money by modeling and taking them with her around the world.  [25:52] Eileen had someone meet with her husband and he shared the possibilities and how she wanted to grow.  [28:42] What do you need to talk about when it comes to money?  [29:13] There are five money categories that you need to talk about.  How are you making money as a family? [29:21] When you say you can’t afford it to kids all they hear is that they aren’t worth it and they don’t deserve it. It strikes their self-worth and at a psychological level that is often irreparable.     [29:58] Income, expenses, and cash flow are all parts of the conversation.  [30:53] The other parts of the conversation are assets and liabilities.   [31:16] Every real estate transaction affects all five of the financial categories.  [32:27] Having a common goal with your family makes all the difference.   [34:09] They don’t think of not being able to afford things anymore, they know they are able to go make fast cash if needed.   [36:45] There are three categories that help develop good money psychology.  First is their willingness to delay gratification and figuring out if they are a spender or a saver.  [37:16] The second factor is risk tolerance. Different people have different risk tolerances. The final scale is decisiveness.   [39:13] It is important to know the foundation of where they are coming from so that you can know how to go where you need to get.   [40:57] In everything you do you’re going to make a decision about money.   Loral [42:49] We often learn through repetition.  So as many times as our families hear the terms, the more they begin to pick things up.   [45:13] The fastest way we can help you is by getting some money back into your pocket.  Then you can go back to your spouse with results.   [48:19] If you are bringing kids into a blended marriage just protect whatever you have.  [49:12] It all starts with the conversation.  You have to be respectful of each other and sit down and start the conversation.  It is important to understand what is going on with money in the world right now.   [50:18] Integrate these money concepts in your everyday lives.  Money is not something to be afraid of.  It is something you need to discuss and it is a big part of our lives.  [51:37] Justin shares about a project he and Loral are working on in Topeka with real estate.   [53:33] When you are an investor in a project with a group of like-minded people you take so much more pride in that investment. [55:31] Check out the Millionaires in Training Group.  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 The Credit Gal Website Eileen on LinkedIn Kyle on LinkedIn Make Your Kids Millionaires Book

Welcome back to the weekly market awareness broadcast.  We have a number of guests with us for this episode.  We are talking about digital currency and money mentors.  2020 moved digital currency to the forefront.  Chris Kline, our digital bitcoin and cryptocurrency expert is joining us for this episode.   We kick off the episode talking about the rise of cryptocurrency in 2020. We talk about what you should do today with regards to cryptocurrency.  We have been getting so many questions about mentors.  We have several special guests joining us to discuss why it is important to have mentors, especially money mentors. Show Notes: [01:23] Check out the upcoming program, New Year, New You on January 5th.  [02:54] In this episode, we are talking about two big themes, digital currency and money mentors.   [04:08] 2020 was the ultimate test for digital currency.   [06:25]  Cryptocurrency had a chance to rise to the occasion in 2020 and mature.   [08:06] Major players are coming into mature cryptocurrencies including Square and Paypal.  [09:01] The supply is shrinking and the demand is high, so we have the perfect storm for crypto this year.  [11:51] Positioning is super important.  If your money is not where it needs to be, inside of an entity or self-directed IRA and prepared to execute a trade you have missed that opportunity.   [12:18] Because of the speed at which cryptocurrency moves, positioning is critical.   [13:00] Get off zero.  If you own zero bitcoin today, you want to own something by tomorrow and then you slowly accumulate over time or position yourself for a larger purchase.  [13:45] Chris recommends that everybody starts with bitcoin unless you have a particular coin you are passionate about.  [16:12] In Utah, Texas, and Ohio gold and silver are transactional and accepted as tinder for taxes. [19:01] A lot of entrepreneurs don’t know how to lead themselves.  They are used to being told what to do or guided by a boss.  Mentors take a similar role.   [19:54] Loral shares the story of her first mentor.      [21:01] Mentors guide you, help you avoid costly errors, share their Rolodex, experience, and provide guidance.  Masterminds are basically co-mentorship.  [22:10] Thomas shares his first experience with the book The Four Hour Work Week and attending a Three Days to Cash workshop.   [24:18] Eileen shares about her first mentor at her first job.   [26:31] She has experienced so much growth because she has the mentor that she needs.   [27:20] Oftentimes your employer is your first mentor.   [28:51] Tamara’s biggest mistake is that she didn’t ask for help.   [30:07] We all have bad experiences working with others at some level, but we can’t carry that forward.  It is what it is, grow up, move on, create from where you are, and design your life from where you are. [31:17] When you are looking for a mentor, you want to look for a group of people around the mentor who are doing what they have done.     [33:01] Always keep an open door to something new because you never know what you are going to experience.   [33:25] Chris shares about his high school principal mentoring him and his first business mentor.  [35:04] There is value in every mentorship you can find but you have to remember that nobody has all the answers.  Sometimes we even outgrow our mentors.   [37:56] Sometimes we have to transition from a mentor.  [39:26] You need to have a mentor because you are not going to figure it out on your own and their wisdom and experience will compound your path to success much faster.  [40:53] Always have a notebook available for brilliant tips. You may not need them right then, but you may use them later.  Document because you never know what you may want to go back to.  [42:42] Be a mentor always and have mentors. Always pay it forward.  [43:08] Be really clear on what you want a mentorship on and then be coachable.   [44:01] You want many mentors in different areas.   [46:27] It is important to surround yourself with people operating in their strengths and expertise.    [48:33] You will never be alone again when you get the power of a mentor. 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  

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

We have a number of special guests today talking about current events and what we have going on in the market.  We also talk about the political future and what that means for your wealth-building plan.  We are also excited to have our big winner from the last Millionaire Maker Meetup and Marketplace, Jill Wick.  Later in the episode, we are joined by Randy Tate and Kelly Korshak.  Randy Tate is the co-founder and CEO of iFlip, SAAS Financial Technology Company.  His passion is to empower all individuals to grow their wealth for the future through the use of AI investing technology. Kelly Korshak is the co-founder and chief technology officer at iFlip. His dream is to empower all individuals to grow their wealth through AI investment technology. Jill shares her experience in the last Millionaire Maker Meetup and Marketplace.  Randy and Kelly share about iFlip and the opportunity to participate in the stock market with iFlip.  They also share what is currently happening in the market and the expectations for the remainder of 2020.   Show Notes: [01:42] We are starting this episode with Jill Wick, the big winner from our last Millionaire Maker Meetup and Marketplace.  [02:13] Jill is a Rodan and Fields consultant and she sold over $800 in products over that weekend.   [04:13] Loral shares about the affiliate program.  Check out the upcoming Millionaire Maker Meetup and Marketplace and the graduate Meetup and Marketplace.  [06:48] This year lots of people just need to earn a little extra money to meet their financial goals.  The Millionaire Maker Meetup and Marketplace is a great opportunity to make that happen.   [09:13] March 2020 was when the market dropped.  It was the lowest drop since 1929.  [10:53] iFlip empowers the average person to participate in the stock market the way institutions, billionaires, or elite professionals do.  [12:28] The markets are probably going to go higher over the next two and a half months going into the inauguration.   [14:11] We are independent of foreign countries giving us oil because of the initiatives taken by the existing administration to support our domestic production of oil and gas.  [15:24] Any stock that is directly related to a virus going away through the vaccine will explode once the distribution of the vaccine becomes evident.  [17:01] Kelly is really excited about the future of real estate, oil and gas, and bitcoin. Right now is a really great time to take risks.   [18:15] There is going to be a big move to the upside in the stock market, bitcoin, and real estate.  Interest will go up a bit in the next 90 days.  [21:18] The reason the energy stocks are down is not a push toward new electric vehicles coming in the future. There will be tremendous growth in that sector, but oil and gas can proposer as well.  [22:52] Anybody that is in the oil and gas sector should stay there.  Anybody that isn’t there should get there.  Anybody that thinks this industry is going away is misinformed.   [24:57]As soon as the vaccine starts to get distribution, companies that supply restaurants or provide entertainment will jump 50% or more in a day.  [26:29] When the vaccine comes out the tide will rise and every stock including oil and gas and entertainment stocks will explode.  [26:56] Sometimes when you get in unique times like this you get the opportunity to construct and design things to do much greater over time.                   [27:38] The best time to invest in things regardless of what it is under distress or when it is scary to do it.  These times are opportunist times.   [28:51] When things look bleak that is the best time to invest not when they look good.  [30:29] Buy bitcoin as it goes up because you are buying momentum.   [31:38] You don’t buy things just to buy things. Buy them in a certain way knowing that you may buy more.  You need a buying strategy.   [32:49] Everybody should have some of their assets in the digital currency class.   [34:39] No matter what, you have got to make money and that will never change. [35:17] You have to have a plan and understand how to put money to work.  Don’t invest at all if you don’t have a rule.  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 iFlip Website Randy on LinkedIn Kelly on LinkedIn  

We are having a lot of conversations about what it takes to have your financial infrastructure locked by year-end amid this crazy pandemic.  Today we are going to be talking about real estate and learning more about how to make real estate part of your plan. We are joined by Ron Legrand today.  Ron LeGrand has been an entrepreneur since the age of eighteen. In1982, Ron entered the real estate business, innovating the industry by creating systems to buy and sell houses without risk. Today, Ron and his company, Global Publishing Inc., mentor others in the real estate business, and Ron speaks around the world on the topic. In addition to his work in real estate, Ron is also owner and operator of two restaurants, two information marketing companies, three consulting companies, and a couple of others. Ron has consistently delivered millionaires in the real estate space.   We talk about what we are seeing in the economy, the world of entrepreneurship, and real estate.  Ron shares how he used terms for buying and selling real estate.   Show Notes: [02:26] I have Ron Legrand with me today.  He is the godfather of real estate. [03:20] Ron shares the story about how he met Loral.   [04:43] After the first few months of COVID, it actually became easier to buy and sell real estate and it keeps getting better.    [06:24] The pandemic has opened up a lot of opportunities like take out and virtual options. [07:22] When the market goes down again, that is the best thing that can happen to a real estate investor.  It is easier to buy and sell.  [09:01] He doesn’t pay cash for his real estate investments.  He terms from the seller and offers terms to his buyers which makes his business easier and more profitable.   [10:10] Ron has learned the importance of getting out of his own way and letting people do what they do best so he can do what he does best.   [11:30] We have to get money in the bank and equity so that we can think and focus and build wealth from that equity.   [12:19] Terms means that you are either buying it with owner financing and he sells it with a lease purchase.  He shares how he uses terms in his purchases and sales.   [15:47] It makes no difference what is going on around us. There are always people that want to sell their houses and people that want to buy houses. This business is never going to end.   [17:01] Check out the upcoming webinar with Ron and Loral where he shares step by step the way to buy and sell real estate with terms.   [17:48] If Ron was starting all over he would start with a terms business.  [18:11] Anyone can get started with buying and selling single-family houses without money or credit.  [20:09] Real estate is a great opportunity for entrepreneurs to add to what they are already doing or make it what they want to do.    [21:22] Real estate is something you need to put into your business model.   [23:01] Check out the upcoming Virtual Meetup and Marketplace.   [24:56] We always want you to be making money and adding revenue.   [25:51] Loral is calling November 15th the year-end.  If you don’t have your paperwork done by November 15th chances of getting it through any government agency are slim to none.      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 Ron’s Website

This episode is part of a series called Getting Your Financial Infrastructure Together.  Today we are going to be talking about gold, cryptocurrency, and cash.  With me today is Chris Kline.  A Denver, Colorado native, Chris Kline was challenged to develop a way for individuals to directly invest in Bitcoin for retirement. Together with Camilo Concha and Johannes Haze, Kline co-founded Bitcoin IRA, and Kline then developed the process and exclusive partnerships to create a full-service, turnkey solution allowing investors to capitalize on the rapidly growing digital currency marketspace for their retirement portfolio while maintaining full IRS compliance. Kline holds a degree in International Finance and Leadership from the University of Colorado, Boulder. He is a contributing writer at Forbes Finance Council and FXEmpire, among other publications. We talk about what you need to be doing now to be ready to wrap up this year.  We talk about gold, retirement plans, and the top four cryptocurrencies.  Chris shares practical steps to take today to position yourself for success as we wrap up this year.  Show Notes: [02:08] Today we are talking about gold, cryptocurrency, and cash with Chris Kline.  [03:37] Chris knew that he wanted to be an entrepreneur and found himself working with retirement accounts.  He learned that you could do much more with your retirement than you could ever imagine.   [04:14] They keep innovating new ways for people to build wealth into a turn-key solution.  [05:19] This is a year to mark all other years and a new dynamic. It is exposing our weaknesses.  [06:56] Five trillion dollars have been created by the federal reserve this year.  [07:55] People are going to need qualified plans more as the tax crunch comes on. People are going to be looking for deductions which means putting money in a long-term vehicle.   [08:36] Retirement accounts can give you an advantage of lowering your income and you can’t touch it. Once you put it aside in your retirement it is in that vehicle and it has to stay in that vehicle until you are at retirement age.  It doesn’t mean you can invest it, it just means it has to stay in that vehicle.  [09:05] Self-directed IRA open up this world of opportunity.                   [10:16] Digital currency came into play in 2016.  When you see that there is this little amount of bitcoin that will ever be made compared to other things that is where it really becomes powerful.  [12:49] Only one group of people can control a particular currency. Bitcoin is truly the peoples’ currency.   [13:28] Cryptocurrency is easy to use.  You open a wallet and add cryptocurrency.   [15:23] Chris is working on a way to make gold easier to use for clients that want high frequency and use the technology.  [16:35] Check out the Millionaire Maker Meetup and Marketplace and now the Graduate Marketplace is complimentary.   [17:38] Fund your qualified plans to the maximum capacity and get into as much as you can.  Have the qualified plans completely funded.   [18:24] Positioning is huge.  Position yourself and be ready that when you see an asset you are interested in you, you can capitalize. [19:14] The Roth IRA is a golden ticket to wealth. Changes to the Roth may be coming based on the election results.    [20:32] If you have children open a Roth IRA for each of your children.   [22:34] There is still activity to the investing.   [23:05] Open your qualified plans today. Spend some time and get it done.   [24:51] Bitcoin is for money is your medium for exchange and you are holding it for wealth build.   [25:37] There are four times as much lite coin as then there will be bitcoin.   [27:21] You are going to see staking and or yield interest-bearing instruments across all coins very soon.  [30:21] Check out the Meetup and Marketplace and go make a lot of money together.   [31:01] The Department of Justice filed suit against Google for antitrust violations.   [32:01] More and more big corporations are investing in bitcoin because that is where the future is headed.   [33:34] Join us next week when we talk about real estate with a world-leading expert.  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 Chris on LinkedIn  

There is so much to learn in the volatile economy we are in. Never before has the world been shut down.  Nothing comes close to what this Coronavirus has done to our local and world economy. Many entrepreneurs are struggling. I have Joey Gilbert with me today.  He is a local lawyer in Reno, Nevada.  Joey Gilbert Law opened more than ten years ago with a focus on a few distinct areas of law, Personal Injury, DUI Defense, Criminal Law, Workers Compensation, Special Use, Privileged License Law, and Immigration Law. Joey Gilbert was born in Chicago, Illinois, but was raised in Sparks, Nevada. Gilbert graduated from the University of Nevada where he was a collegiate fighter. Hard work and dedication earned him three national boxing championships. Joey Gilbert Law has also been recognized as top 10 attorney-client satisfaction for DUI/DWI Attorneys in 2016, and the national trial lawyers 2016 top 100 criminal defense, as well as Reno News and Reviews best local attorney in 2017. Joey shares coronavirus data and updates from around the world. We talk about true economics and what it has done to our families, our elderly, and our kids. We share the data about what is happening to our economy and the economy around the world.  Show Notes: [01:10] I have Joey Gilbert with me today.  He is a local lawyer in Reno Nevada.  [03:01] Joey is very proud of his background as a fighter.    [04:25] He takes the same diligence, skill, and tenacity that he took into the boxing ring into the courtroom now.   [07:19] The World Health Organization advocates the lockdowns are not good.   [08:40] The Great Barrington Declaration is a very unique document. They are more worried about the mental and health impacts as a result of lockdowns and shutdowns of our economy versus the coronavirus itself.   [10:45] A lot of the problems are from misinformation. There are going to be 10 million people starving in Africa based on bad information when Africa has some of the lowest COVID infection rates.  [13:36] We should have done what Sweden and Denmark did back in May which was put protocols in place for preparing foods and protect those that we needed to protect. [15:02] We are seeing double the amount of deaths in the states with the most restrictions.                 [17:11] Hospitals are getting paid to code death Cornavirus through the Federal Coronavirus relief packages.  [17:51] A CDC study from September 2020 found evidence that most who contracted the Coronavirus frequently wore masks.   [18:57] If the people most likely to contract it are wearing the masks, that just proves it is too small of a particle size for the mask to stop anyway and people aren’t wearing them right. Joey has taken a holistic approach with sunlight, Vitamin D, and Zinc instead.    [21:49] Many people are really scared from all the media coverage.   [24:21] We have learned so much about how to treated coronavirus since the beginning. There are known medications, treatments, and therapeutics that are working.   [26:41] Many businesses didn’t have the agility to change their business models when this happened and now they are struggling.   [27:29] Many studies are predicting one-third of the small businesses will shut down from the effects of the pandemic.    [28:48] The repercussions are dire across the states and we won’t see the full effect for several months and even into next year.   [31:15] The economy is most important to Americans right now.   [33:45] Joey shares about the church lawsuit they filed in Nevada.    [35:37] Research for yourself and check out other outlets that are not our mainstream news media.   [37:52] Joey shares a map and data of the result when Argentina made people start wearing masks.     [38:38] If you want to prevent the Coronavirus wash your hands, use your hand sanitizer, if you’re sick stay home, sanitize workspaces, and live your life.  If you have older family members that you are concerned about limit contact with them but not so much. [40:01] We send our kids to college to network and meet other people.   [41:08] Great Barrington Declaration reminds us that the children never get their youth back.   [44:01] Joey is working on a lawsuit similar to what they did in Michigan for the state of Nevada.   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 Joey’s Website Great Barrington Declaration  

Today we have a very interesting topic around making money.  Direct sales is an industry that has made many people billionaires and multi-millionaires. In many countries including the United States, it still has a stigma about it.  With me today is Janine Finney, who is an expert on network marketing.       Janine Finney spent the first 30 years of her career as a sales executive in Corporate America. Then, at the age of 50, Janine began a new career that she never expected to pursue, Network Marketing.  When Janine’s daughter, Lory, shared her desire to join a Network Marketing company after graduating from college, she quickly discovered that her mom had a very different opinion about this type of business than she did. Their strongly opposing views and the battles that ensued are what inspired them to co-author a book called, “The Flip Flop CEO”, which has sold over 100,000 copies.   Then, five years later, they wrote a sequel to their first book, called, “Does the Shoe Fit? The Guide to Help You Decide.” Janine believes that many women are searching for the freedom and flexibility that Network Marketing provides, but don’t recognize it because of the stigma and misconceptions surrounding this topic.  It has become Janine’s mission is to help others understand what Network Marketing is, and is NOT! We talk about why direct sales should be something you do or possibly add on to what you are already doing. We also talk about the misconceptions of network marketing.  Finally, Janine shares some practical steps for finding the right network marketing company for you to be successful.   Show Notes: [01:54] Janine was in the corporate world for thirty years and she realized that some people are not cut out for the cubicle world.   [03:47] After doing back and forth with her daughter for over a year she decided to check into network marketing.  She found that her negative experience was not the whole profession. [04:01] She went from the mindset of “I will never do this” to “I think, I was born to do this” very quickly after her research.   [04:47] Janine wanted to help change the stigma of network marketing so she wrote the book, Flip Flop CEO. Her second book Does the Shoe Fit was written to help others evaluate if network marketing is a good fit for them.   [06:16] Network marketing is a franchise in a box and it is so different than the perception of it.   [07:11] There are still so many misconceptions about direct sales and there are so many people searching for exactly what it offers but they don’t recognize it because of the myths. [08:29] There is also a huge misconception about the earning potential. Many professionals see direct sales as hobby money and it can be so much more.  [09:49] A third really big myth is that they assume that all network marketing companies are the same.                     [12:39] For people that are searching for a way to have more control over their future network marketing is an opportunity to have an online international virtual business in a box without the high price tag.   [13:46] For people that are looking for a way to have more control over their own destiny, this is a business that can be grown alongside what you are currently doing.   [14:07] People that are successful in business are successful in this business because typically they have time management skills, recognize a good income opportunity, and really understand it. It allows you to own your life, control, your time, and you can work on your own schedule.   [15:00] The flexibility and freedom are here and you can make as much and little as you want to earn.  The sky's the limit and there is no glass ceiling.   [16:46] This is a legitimate business that you can put a corporate structure around, do legal deductions, take business trips, and promote anywhere in the world. You can use a lot of higher strategies to build a successful business.   [18:25] Janine compares direct sales to joining a gym.  [19:31] Many people fail at network marketing because they don’t treat it like a business.  Do you put as much effort into it as you did your job? [20:21] There is a difference between direct sales and network marketing.   [20:36] The Direct Sales Association is a good place to go look at companies and find reputable companies.  Direct sales is a good option if you are looking for right now money vs. long term money.  [20:56] In network marketing you are typically building a network of consumers.  People are going to shop over and over again and that is how you can build long term money.   [21:21] Janine recommends looking for a company that provides consumable products if you are looking for long term residual income.  You also want to find something that you believe in and that you get hooked on yourself.   [22:03] She would give friends something that she knew they would fall in love with and that they wouldn’t want to be without.  She would tell them to use it for a week and if they didn’t like it they could give it back but when they did love it she would show them how to buy it at a discount. [23:29] Really think about your audience and circle of influence.  Who are you going to be able to provide a solution for? We are in the business of being a solution provider.  [24:07] It is important to find something you’re passionate about because then you are going to be able to do it authentically.  If you narrow it down to three companies, interview the people in the company and find out how they are doing the business. [25:21] Some first steps that Janine recommends are listening to their podcast, MLM, You Decide, and reading the book Flip Flop CEO. The Flip Flop CEO is going to give you a really good overview of what network marketing is.   [26:21] Seek out objective information that isn’t biased to one specific company. 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 Flip Flop CEO Does the Shoe Fit Direct Sales Association MLM, You Decide Podcast

In part two of our tax planning series, we are going to continue talking about getting our financial houses in order and ending the year strong.  We have Weldon Wulstein back with us again for this episode. Weldon is the CPA and owner of Wulstein Financial Services and Company.    Weldon is going to answer all your tax questions on the show today.  He shares about the future of the airline and real estate industries.  Then we talk about what you should be doing now to prepare for the end of the year.  We wrap up our conversation talking about flip accounts and retirement plans.  Show Notes: [00:48] The recovery of the airline industry is going to depend on travel. Business travel has mostly kept the airlines afloat but that has pretty much ceased.  [01:34] Private aviation is soaring right now. More companies will most likely buy their own planes.   [02:42] Weldon predicts that commercial properties around the tech industries are going to be suffering.  [02:56] If you want something to be deductible, get creative.  [03:01] Deductions have to be ordinary, necessary and have a business purpose to them.    [03:36] If you get audited you have to have the documentation to support your deductions.  If you don’t you can receive penalties and interest.  You often won’t be audited for several years so document on receipts why they are business expenses. [04:48] There will be a separation between elite airlines and discount airlines.   [05:43] Right now everyone needs to start by getting their accounting records up to date and in order. Then the next step is to do a review of the last three years.                    [06:21] After everything is in order then you can look at what assets to invest in for tax savings.  [07:12] The minimum documentation that you need to get together is a profit loss statement including total revenues and different categories of expenses.  Plus getting all tax documents together.   [09:36] This year it is really key to start preparations sooner than later.  Get your stuff in order early especially this year because everything is so far behind.  [11:25] The difference between the S Corp and C Corp is that the S Corp flows its income down to you personally or to the owners.  There are limitations as far as who can be an owner of an S Corp.  [14:25] Before hiring a bookkeeper, do a lot of research on what they have done.  Look at some of their other work and their process.  When you find a good person, talk to their existing clients and get their feedback.   [15:23] Be sure to visit our new calendar on the Integrated Wealth webpage so you can get a view of what we are doing month to month.   [16:01] Next week, Scott will be talking about entities.  [16:40] You need a retirement plan attached to a company so you can utilize those revenues to make your contributions.   [17:03] For the cost of a self-directed plan that amount of stock you can invest in compared to the traditional is incomparable.  If you are at an upper-income level you need to have a self-directed retirement plan. Weldon recommends a 401K.  [18:44] A flip account can be a great opportunity if the person really pays attention to their company and has its infrastructure in place.  [21:14] It is important to get a team and stop trying to do everything on your own then you can focus on your sales.  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 Weldon’s Website    

We are talking about getting our financial houses in order and ending the year strong and start the new year off right. The end of the year is coming faster and sooner than we think, so the time to get everything in order is now.  We have a very special guest with us today, Weldon Wulstein. Weldon is the CPA and owner of Wulstein Financial Services and Company.    Weldon is going to answer all your tax questions on the show today.  He shares about the different tax deadlines and why you may want and need an extension. Weldon also talks about when you would convert an LLC to an S Corp and when a C Corp could be beneficial.  Then we wrap up our conversation talking about tax deductions and business trips.   Show Notes: [01:02] We are talking about getting our financial houses in order and ending the year strong and starting the new year off right. [03:20] We have a very special guest with us today, Weldon Wulstein. Weldon is a CPA.  [04:22] He has liked puzzles ever since he was a little kid. He looks at each different tax strategy as a puzzle.  [05:47] You need to get your books in order.  This includes your bookkeeping and entity structures now.   [06:36] In a normal year, your tax return is due April 15th for individuals, but it is due March 15th for any kind of business that sends a K-1.  You do have the option to extend those.  You can do an extension up through September 15th for the entities and October 15th for personal and individual.  [07:26] People often file before April if they are expecting a refund back.   [08:34] You should have your taxes in order every quarter and every month of the year.   [09:04] When or why would you move away from an LLC to an S Corp or C Corp?                       [09:38] You can convert your LLC to an S Corp.  There is a little more work, but then you can dictate how much money is paid through salary and how much is paid through distribution as an income tax.   [10:56] You don’t want to miss out on social security by not having an earned income.  [11:50] The minimum you want to pay yourself a year is $7,000 assuming you are making money in the company.  It is an individual basis.   [12:28] What is the benefit of extending? By October 15th they have usually selected those to be audited, so you have a slightly less chance of being audited.   [13:01] If you are investing in some of the alternative investments you’re not going to get your information to file a correct return until that date anyway.   [15:37] We are dealing with when you have too much money and your tax burden is high.  How you invest can reduce some of that burden. Weldon talks about real estate and oil and gas investments. [16:48] Real estate can be limited based on your income if you are not a real estate professional.  Oil and gas is not going to be limited.   [17:53] Taking risks really depends on your risk tolerance and what kind of investment you want to make.   Oil and gas is not an investment for everyone because you are not going to get cash out of it for a while.   [19:24] Gas and oil is a true supply and demand commodity.  We are always going to need petroleum products.  Weldon and Loral both think it will recover, but are not sure on the timing.   [21:31] As of right now PPE loans will be taxed to you on your bottom line. [22:29] Weldon doesn’t recommend transitioning to a C Corp but adding a C Corp to your repertoire of entities can be a very useful and beneficial tool to level as an income.  [24:55] Privacy is going to become really key.   [26:01] The operating entity is the most important one to set up first. Then the real estate company would be next and the third priority would be setting up the C Corp. For most people it works better to do these in phases.   [27:16] The rules for deductions is that it has to be ordinary and necessary and the primary purpose of that expense has to be for the production of income for the company.  [27:09] Business owners really need to change their mindset. Instead of saying this is not deductible, saying what do I need to do to make this deductible.  How do I have to treat this expense to make it deductible?  [28:19] For business trips to be deductible you have to document what you are doing, and why it’s a business trip. You have to be able to document the primary reason for the trip was for business. You need to keep some documentation.   Links and Resources: Ask Loral App Loral on Facebook Loral on YouTube Loral on LinkedIn Money Rules Millionaire Maker Store Real Money Talks Podcast Weldon’s Website