Real Money Talks

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

This last quarter gets super busy and we often forget what we need to be doing to wrap up the year.  We are going to use this show to talk about financial infrastructure. Today I am going to present a lesson on the basics that have to be done during the last quarter and mostly by mid-November.  We are going to make a checklist to walk you through the steps. Most of these end of the year tasks are nonnegotiable including tax preparations.   Your financial infrastructure is based on your entire life. In this episode, Loral breaks down the steps you need to start taking now.  She also talks about the highest financial priorities and changes you need to make that will have a huge impact on your financial infrastructure in the short and long term.   Show Notes: [01:21] There are a lot of exciting things coming up in the next month.   [02:58] You always need to be open and in a marketplace.   [05:35] Loral is going to present a lesson on what you need to get done this last quarter. [08:12] When the holidays land does affect your financial planning.   [08:45] Your financial infrastructure is based on your entire life.   [09:48] Right now you really have a chance to add extra revenue.  What is your income today and what do you want it to be in 2021? [10:21] You need a business on the side to make extra revenue and take deductions.   [11:12] Everyone should have their first entity by the end of the year.  In most states that is an LLC.                             [11:51] Many of us pay out of our personal account because our business isn’t making any money.  So you need to fund it and pay from your business account.  [12:34] Right now is the time to do a big check-up.  Where are your income and expenses? [14:39] Building assets is the highest priority.  You make it and invest it and then you make and spend to pay down debt. [16:22] Debt is critical.  You can’t be out here making new money and paying off debt.  You have to make it and invest it and start that pattern with your kids.   [18:02] Making money is your real answer.  [19:01] You need to have two banks that you are banking with, if not three.  She recommends a local small bank for fast cash.  [20:37] You should be meeting once or twice a year with a tax strategist.  [23:24] Look at your entity as a vehicle for moving income and expenses out of it.  Don’t close entities that are not in use. Save them for another time.    [25:44] Flip is a place for a bank, but it is one of your easy first investments.  [28:53] Start setting some financial goals now.    [30:06] Use our team for your infrastructure.   [32:44] Spend the time and money to do the credit repair if you need it.   [33:28] Your job is to focus on making money, investing the money, and leading your team. [35:56] Use this episode as a resource and listen to it over and over again.  The checklist will help you get organized and started.   [38:09] We are going to see more volatility this fall.  It will be a confusing time, but the market is going to move.      [39:29] Now is a good time to dump all the coins because the banks are taking them.  It is a great option to use the coins to start an account for your children.   [42:31] Next week we are really diving into entities including the details and the sequence.  Links and Resources: Ask Loral App Loral on Facebook Loral on YouTube Loral on LinkedIn Money Rules Millionaire Maker Store Real Money Talks Podcast  

As a general rule, those who typically become successful entrepreneurs are the people who come up with unique solutions to problems or challenges. This rule has continued to be proven true, again and again, in the technology space, especially as the world becomes more accustomed to the “here and now” provided by the increasing ease and portability of devices. Along with the innovation model, technology has enabled the “fast cash” model to start popping up in completely new ways. As a result, a completely new wave of start-ups have appeared that allow all of us to make money on the side with our spare cash, our extra space, or our vehicles when we’re not In this episode, Loral is talking about the Fast Cash Model.  Adam and Thomas share their wisdom as well.  We talk about ways for kids and adults to make fast cash.  We also talk about great ways to start making fast cash now and finish 2020 strong.  Show Notes: [02:57] What in your ask-tell-ask is right there and really quick.  [03:59] Fast cash is if you needed money by tonight. We need to have an urgency to cash. [04:04] If you keep telling yourself you don’t have enough to save them you will never have enough to start saving for retirement.  [06:19] Right around your community you could get fast cash. It is just trading time.   [07:05] Another place to earn fast cash is online.   [07:52] Often we avoid the initial sale because we want more money for the work.  It is a database building.   [09:59] Daily we are giving our stuff for free when someone would gladly pay for it.   [11:15] Listen to what people are saying. That is their problem.  People will always pay money to fix their problems.   [11:28] Consolidated information into a new bundle and selling it is brilliant and saves people tons of time.  People don’t have the time to find the information so they will pay you for it.                                [14:01] Twenty dollars doesn’t sound like much, but when you get ten or twenty people purchasing your product or service it really adds up.  20 dollars is nothing for people, but if you get $400 that changes everything.  [16:11] There is a value to paying.  The exchange of money creates the value.   [19:09] You're not starting with your big ticket item. It is like the end cap item at the grocery store to get the conversation started.  [21:22] Think about what your skill is and what you do everyday.   [23:52] When you're making fast cash it doesn’t necessarily have to be within your wheelhouse even.  [25:37] Adam shares a story about a guy that wanted to bring goodness to other people.  [28:13] He shares about how the guy had one million dollars in his bank account one week after filing bankruptcy.  [29:41] If you don’t have something to sell then be an affiliate.   [31:51] Inside your own dialogue you need to create the urgency to make money.    [33:01] We need to get out of the make it, spend it pattern and get into the make it, invest it pattern.   [36:35] Most of us don’t know what to look for because we have never looked at a deal before.      [37:10] Take this time to look at deals from an educational standpoint.   [38:26] You can do a lot of things to get your cash away from your spending habits.   [40:36] Check out the upcoming tables.   [43:01] The Virtual Meetup and Marketplace and Graduate Marketplace are coming up soon.  [45:15] The goal is for you to learn all these things so you are not strapped to a desk and someone else giving you a paycheck.   [47:47] Ask the question why because that why becomes an opportunity.   [49:31] We are heading to the finish line and there is a lot to do.   Links and Resources: Ask Loral App Loral on Facebook Loral on YouTube Loral on LinkedIn Money Rules Millionaire Maker Store Real Money Talks Podcast

We have a number of guests with us today. We have several of our top finishers from the Virtual Meetup and Marketplace in August, but we also have a very special guest, Joe Hamel. Joe Hamel is the president and founder of Hamel Advisory Services.  Many people have heard of self-directed IRAs but they don’t have them in place. It doesn’t matter if you have a lot of money to start.  Just put in $50 and get it going.  Once you start making money you need a place for the new money to go. There needs to be a place to put it away so you don’t spend it right after you make it.   In this episode, Joe shares the kind of qualified plans you can open. He talks about the differences between a traditional and Roth IRA. Then we finish the episode with Erin and Deborah sharing their success and top takeaways from the Virtual Meetup and Marketplace.  Show Notes: [01:54] It doesn’t matter if you have a lot of money to put in a self-directed IRA.  Start with $50 to get it going and so you have a place for the new money to go.   [03:19] A lot of people are waiting for some magical moment and that isn’t going to happen because you keep spending your Monday.   [04:04] If you keep telling yourself you don’t have enough to save them you will never have enough to start saving for retirement.  [04:17] An IRA is your own individual retirement account.   [05:00] Joe suggests having an IRA that is completely removed and not connected to your checking account.  It is important to start even if it is small amounts.  [07:54] When you set up a self-directed IRA you can inject capital through the form of contributions or the form of a rollover from a former or existing IRA.  [08:21] Depending on your age, the contribution limits do change. Right now $6,000 is the maximum contribution each year, but there are no minimums.   [08:55] The biggest difference between the Roth and traditional IRA is the taxation on those accounts.   [09:13] The traditional IRA is an account that has not been taxed on the front end. [10:50] You can always remove money, but there is an early distribution penalty prior to 59 ½ years.  [11:33] If you have not taken any distributions at the age of 70 ½ the IRS will require you to start taking at least the minimum distributions.  Once you are 70 ½ you can no longer make contributions to a traditional IRA either.  [13:42] On the Roth IRA you are going to pay taxes on the initial contributions during the first five years.   [14:54] The early distribution penalty applies to both traditional and Roth prior to age 59 ½.  [15:55] With the Roth IRA you are paying taxes upfront on the initial amount. With the traditional IRA, you pay taxes at the end.  [16:44] With the Roth IRA there is no 70 ½ requirement.   [17:44] The biggest difference between the Roth and the traditional IRA is the amount of taxes. [20:02] If you are no longer employed that money can be moved out of a qualified 401K account into a qualified self-directed vehicle of your choosing.  [22:01] The first step is just to take action and open the IRA account that is right for you.  [23:27] Roth IRA is a great vehicle because there are not taxes as long as you make your contributions and adhere to the IRS rules.   [24:44] You want to make sure you keep your retirement money in a retirement account and don’t use it for quick fixes.   [26:34] Solo K is a great self-employed plan. It is created for a small business owner. It functions just like a 401K would work for a major employer.   [28:15] The Solo K allows you to make contributions to both the traditional and the Roth. It also has the ability to take out a loan. [30:39] Instead of paying your children allowances you can make contributions into their Roth IRA. It is a great way to give your kids a jumpstart. [31:51] A flip account is a great way to save cash instead of a savings account. [34:38] Joe’s company holds everything in house as a custodian.  [36:11] They are one of the only custodians out there that are willing and able to accept some of the new and emerging asset classes.  [38:47] We have to complete the tasks on our checklist to actually see results. [40:27] We are going back to our Virtual Meetup and Marketplace for the rest of the episode. New options to join the Virtual Meetup and Marketplace or the Graduate Marketplace this month and in the coming months.  [43:01] Megan won the last Virtual Meetup and Marketplace. She made over $8600. We will be featuring Megan at another time.  [43:41] Erin was in second place and Deborah was right behind her in third place by only $20. [44:03] Erin sold $941 of her summit and her life coaching. Erin learned about marketing, the pitch, tax structures, investments, and how to grow her business.   [45:59] Prior to the Virtual Meetup and Marketplace, Erin was doing everything incorrectly and now her mindset has completely changed. [46:17] Deborah sold name drawings and logos and made over $800 and really built her momentum. [47:57] Erin learned to start selling now and not wait.  [48:30] Deborah learned that she had a lot of avenues already at her fingertips. [49:23] The obvious is right in front of you.  You just haven’t decided to monetize it. [50:58] Erin’s motto is “first the courage, then the confidence.” Have the courage to put yourself out there so you build up that confidence.  [51:49] Put yourself out there and stay the course.   [54:35] The two calls of action are to get a call with Joe and then get signed up for the Virtual Meetup and Marketplace or the Graduate Marketplace. Links and Resources: Ask Loral App Loral on Facebook Loral on YouTube Loral on LinkedIn Money Rules Millionaire Maker Store Real Money Talks Podcast Joe’s Website Three Feet from Gold