Real Money Talks

This is one of the best economies I've ever seen. I'm always working to help you maximize your earnings and investments. This episode is about one of the best asset classes you have. That is you, your entrepreneurial venture, and what you're doing to make your business really thrive. To help me do that today, my longtime friend Bill Walsh is here. Bill is an extraordinary marketer who builds big teams. He has a whole company and brand around Powerteams that he is an expert at building. We talk about how 2020 is the year to make money. We also talk about the three most important things each business needs. We talk about leadership, vision, mission, goals, and sales. Bill touches on the importance of taking the time to build a real business plan that focuses on the mission of customers served. We also talk about the thing that kills most entrepreneurial ventures. It’s called busyville. We also talk about self-doubt. This episode will give you great advice and actionable steps to make your business thrive and not just survive. You can find Bill here: Ask Loral Powerteam International BLITZ Your Wealth Plan! Call for your strategy session 775-588-9200 Show Notes: [01:20] Loral and Bill have known each other for at least 15 years.  [02:53] After Bill left school, he became a trader. Then he worked on doing turnarounds where he would just fix businesses.  [03:13] Fixing businesses was always like a game of chess. Did they have the right product, price, and team in place? [03:35] They have been creating events to help entrepreneurs take their ideas from concept to cash generating business.  [03:52] A leader needs to have a clear vision of where a business is going.  [04:10] There needs to be a mission and a process.  [04:31] Goals are really nothing more than a mile marker that moves you closer to the vision. [04:40] Without a great leader, the business will fail.  [05:07] You also have to make sure you have the money to sustain business and the ability to make sales and take credit cards. [07:40] For a business to really thrive, an entrepreneur needs to learn how to delegate, so that they can focus on what is most important. [08:12] Find mentors that have done it. If they haven't lived it, they don't know it. You need to be out in the field with people who build real businesses. [08:37] The real zone is where the entrepreneur wakes up early and goes to bed late. Work 100 hours a week, so that you don't have to work 40. [09:00] Have habits of learning. Hire a coach and transition from employee to entrepreneur.  [09:45] Systems win and people fail. Have a product that's priced to sell and priced for profit. Have a form of lead generation. Without qualified leads you don't have anyone to sell to. [10:24] Become a subject matter expert. You can have a book, website, social media presence, or podcast. Use a free special report for your lead generation special. [10:31] You can make free audio to create a special report to get people to opt in with pure education.  [11:24] Give away great content and let the buyer buy. [11:45] You can use Instagram to get real followers through IGTV. [12:02] You can use Linked Helper to go after executives on LinkedIn. [12:28] You need real qualified leads that go through a mobile optin. [13:00] You can edit video with InShot. Traffic will come when you serve customers. [13:49] Don't be afraid to spend money on good printed material. Also learn how to speak. [14:20] Success for entrepreneurs is being consistently persistent and not waiting for things to happen. [14:54] You also have to make sure that you ask for the sale. [16:08] Start with one tool at a time. Start with G Suite. You could use Design Pickle for graphic design. [17:02] If you're not real tech savvy, find someone on Upwork to help you. [18:45] Your assets can be used in multiple formats. [20:21] Choose the social media platform where your customers live and distribute to the rest. [21:36] Get a good business card and a good postcard and a good corporate brochure. Then follow through if the customer calls. [22:41] Within 4 hours of your potential customers opt-in, they should get a newsletter and an educational five minute video. [23:13] After a text opt-in, give them stuff for free. [24:09] The less you try to force the sale, the easier it becomes. [24:36] Follow up every 2 weeks indefinitely.  [24:53] You always have to be accountable and have daily ratios.  Links and Resources: Ask Loral Anchor Free Conference Call 99 Design Pixly IGTV Linked Helper InShot G Suite Design Pickle Upwork VeeScope

Friend and Big Table member Joey is here to share an investment opportunity that he is involved with. Coro is an app and a platform that is making global money transactions faster, easier and cheaper. Joey is joined by David from Coro to talk about the new platform. We have talked about opportunities in crypto and blockchain and how blockchain is the technology behind the crypto currencies. David highlights some of the limitations of blockchain and how Coro has overcome these limitations.  Bitcoin technology can be slow. The technology and the token are also connected. There is also a highly regulated environment that gets very complex when it comes to global transactions. Coro uses a faster more secure hashgraph consensus algorithm. Coro is also getting licensed in each country they are going to operate in, so they will be in compliance with all regulations. David shares his enthusiasm for this new platform and why it’s worth learning more about.  You can find Lindsay here: Ask Loral BLITZ Your Wealth Plan! Call for your strategy session 775-588-9200 Show Notes: [03:11] David is a professional investor.  [04:24] Crypto has been around for about a decade now. [05:02] David has a background in fintech.  [05:53] Bitcoin is designed with a limited supply. There's even digital mining. There are some things that mimic gold. There's a physical barrier to real gold. [06:54] There are now 40,000 other digital currencies. There is no limitation to creating other digital currencies. That's one flaw with cryptocurrency and the second one is speed. Digital transactions are slow. [07:56] Bitcoin is two pieces of technology melded together. One is Bitcoin which represents the network and the other one is the token itself. You can't use the network without employing the token. [10:08] Blockchain and crypto haven't evolved to a point where the potential can be realized. [11:17] The fourth challenge that Bitcoin faces is the highly regulated environment. [12:09] IBM and Linux created a blockchain system that doesn't require a token as part of it. You don't need a token to record money on a ledger. The ledger is the heart of the system. [13:03] Most distributed ledger technologies are blockchain-based. There is also Directed Acyclic Graph or DAG which is really fast.  [13:33] With DAG, there is no token necessary, it's super fast, and accurate.  [13:47] Coro is a global money transition platform committed to making cross border transactions cheaper, faster and more secure. They use the hashgraph consensus algorithm. [14:09] Coro is regulated in every country they operate in.  [14:52] They see an opportunity set in resolving a couple of the bottlenecks in financial transactions by being able to send money in real time and sending without limits.  [15:08] There are limitations to how much you can spend with mobile apps. [15:58] David believes the next financial problem is on the horizon. Gold is a stable currency. Coro also allows transactions with gold using the most modern technology.  [17:12] He thinks as financial instability increases that there will be a growing preference for consumers and commercial clients to transact in gold. [18:00] The advantage of crypto is the technology, but you have to understand it. [19:02] Money has to have three characteristics. One is value. It's a medium of exchange. There's a unit to count it. [21:47] Coro rolls out in the US next year. It allows people to send money with confidence and convenience.  [22:48] They also hope to introduce Coro to Venezuela. [23:17] The bottlenecks for financial inclusion are regulations. [23:40] Coro streamlines the compliance into the technology. [24:01] Coro will provide financial services to smartphone users. The soft launch happens next year. Visit AskLoral to get involved.   Links and Resources: Ask Loral

What ancient health practice has been gaining recent popularity? If you guessed fasting, you are correct. Lindsay McCue is one of my clients and a health, food, and fasting expert. On today’s show, Lindsay is here to talk about fasting, the different types of fasting, and the surprising health benefits. She shares how different forms of intermittent fasting can be used to begin the fasting process and jump start healing. We also talk about autophagy, water fasting, fast mimicking, and more.   Lindsay shares how giving our bodies a rest from food and digestion gives our bodies a chance to heal. A fasting state or state that mimics fasting can help clean our bodies from old cells and stored toxins and begin the healing process. Lindsay talks about how fasting can flip the switch on our health and help heal our guts and send stem cells to areas in need of regeneration.  You can find Lindsay here: Ask Loral BLITZ Your Wealth Plan! Call for your strategy session 775-588-9200 Show Notes: [01:20] Fasting is a powerful way to allow our bodies to heal.  [02:02] Lindsay has always been interested in health and nutrition. She was in the army for a long time and being at her peak performance was very important.  [03:01] Fasting is abstaining from food and drink for a certain amount of time. This allows our bodies to use what is stored. Fasting allows our bodies to tap into that innate ability to heal ourselves. [03:58] Intermittent fasting is just not eating for a certain amount of time during the day.  [05:04] The seven ways to fast include intermittent fasting. You can also do a 24, 36, or 48 hour fast. There's also a fast mimicking diet. Autophagy fasting, dry fasting, and water fasts for 3 to 5 days.  [06:13] To activate autophagy the minimum is 13 hours while we are sleeping. This cleans house and stimulates human growth hormone. [07:41] Intermittent fasting is a great way to get started, and then you can experiment with other types of fasts. [08:08] Fasting stresses the body in a good way the same way that exercise does. [08:30] The longer we fast over 24 hours, we secrete stem cells which can help repair our gut. [09:20] Without health we don't get to enjoy our wealth. [10:19] Gut permeability allows toxins to cause inflammation. Fasting is one of the fastest ways to decrease inflammation. [12:32] Fasting forces calorie restriction in a way that you don't feel deprived.  [14:12] The best time for women to be strict with eating is at the first two weeks of their cycle. [15:01] Growing children need nutritious food and meals, but less sugary snacks.  [16:13] Fasting resets our system and helps us to get in a more natural state with a natural desire for food. Fasting also helps us lose weight and tap into our innate ability to heal. [16:49] Toxins get stored in our fat cells and are released when we fast. What helps is electrolytes and salt and water. [17:29] A 3-day water fast is equivalent to flipping the switch. We can regulate our genetic expression to our lifestyle. [20:57] Start with daily intermittent fasting. Live more whole food based.  [22:14] You can do a 3 day water fast for a couple of times a year. What we eat is as important as when and as much as we eat. [24:19] Become a fat burner through keto. Lower carbs and increase fat.  Links and Resources: Valter Longo Switch On Health Solutions

One of the biggest questions my clients have is how to make more money. The answer is really a four-letter word. It all comes down to sales or the word sale. You sell more, and if you are doing it right, you make more. I have an extraordinary expert here to tell you how to make money today. Kayvon Kay was Canada's #1 pharmaceutical sales rep. He has also created a multimillion dollar program.  Kayvon is a master at closing high ticket sales. He is an expert keynote speaker and the creator of the One-Call-Closer Methodology. Having the ability to close is crucial for anyone selling anything. Through experience and hard work Kayvon has mastered the art of high ticket closes. Even though, he faced adversity growing up, he had a knack for sales. He had the conviction and belief that he was selling the solution to the problem. Today, he shares his story, conviction, belief, and sales wisdom with us.  You can find Kayvon here:BLITZ Your Wealth Plan!Call for your strategy session 775-588-9200 Ask Loral Show Notes: [01:36] No matter what Kayvon was trying to do as a kid, he always had the knack to sell. He had the conviction and belief that what he was offering was a solution. He used to sell himself on getting out of trouble.  [03:04] A salesperson's job is to get the client to sell themselves on the solution. [04:39] The world of sales has changed. Now people have options and control. Sales people need to sell the emotion.  [05:39] You don't get what you want, you get what you close. Sales is just a transference of emotions for connection. [07:06] Sales people need to set their foundation and be completely in harmony with what they want and need.  [09:06] Ask the right questions at the right time with finesse.  [09:54] Don't ask yes or no close ended questions. [10:15] A redirect question is when you get them to open up.  [12:58] Kayvon is constantly closing himself and the people around him.  [13:32] You have to have the three Cs which are conviction, clarity, and conviction.  [14:39] If I call you, I'm a salesperson. If you call me, I'm an expert. Kayvon only does inbound for high ticket items.  [15:05] You can use marketing assets to create authority and a sales funnel. When they call you, they are already 80% sold.  [17:07] High ticket is in the mind of the closer. For the market, it's around two grand to $2,500. [20:23] Kayvon took his sales skills and tweaked them and mastered sales.  [22:32] If you don't believe in what you offer, the phone will feel like it's 1000 pounds.  [24:09] If the phones aren't reason, you need to start dialing. Find the solution to problems.  [25:01] Look at your CRM as a gold mine.  [26:09] Databases are one of the biggest assets that you can build. [26:44] At the end of a sale don't thank the customer, congratulate them.  [28:56] Kayvon is going to be at The Big Table event.  Links and Resources: Kayvon Kay

Do you love the outdoors? How about the gentle ambiance of a scented torch burning during a twilight beach event? If you are listening to this podcast, there is a good chance you like business, entrepreneurship, and money. Today’s guest combined her love of outdoor ambiance and TIKI Torches to create a product that enabled her to take that leap off the corporate cliff.  After 25 years, Gina Seneca was able to leave her corporate employment and devote her energy full-time to a product that she truly loves and believes in. She didn’t just take the leap, though. She spent two years slowly building the business while maintaining her already established career. She also did her due diligence and hit the pavement to make sure that her market research was spot on and that there was a demand and desire for her product.  Her product is a twist on the traditional TIKI Torch which has been a backyard staple for the last 50 years. Gina has always loved outdoor entertaining, but she noticed some things that could be improved on the traditional torches. She started writing down her ideas and features until she was sure that she had a great product that would beat the competition. Gina Seneca is here today, to tell us all about her product the KiKi Torch. She explains what sets this product apart and what market it would suit best. She also shares her origin story in business and with the product. She even shares info on investing, startups, mentors, and finding out more.  You can find Gina here: BLITZ Your Wealth Plan!Call for your strategy session 775-588-9200Ask Loral Show Notes: [02:11] Gina spent a good portion of her career in health care. She was in this arena for over 25 years and made six figures.  [02:36] Gina was ready to leave the corporate world and chase her dream. [03:11] Someone had told Gina, if you're going to take the leap, just jump straight down and do it. [03:33] There are layers of funding needed when creating a product. For two years, Gina continued working her job and paid for her new startup along the way. [04:02] She took the jump in June of this year and finally left the corporate job to devote her time to her new startup. [04:05] Gina has finally perfected her wonderful product the KiKi torch. [05:02] Gina needed to take the jump, because she needed the time to work on her business. She was tired of burning her candle on both ends.  [05:30] You have to do your research and your homework. Create a list of things you need to do and make sure that you know your costs.  [06:52] Find a mentor to help guide you when you have burning questions that you don't know the answer to. [07:58] Gina had TIKI Torches in her yard for 25 years. She started writing down her product ideas for the perfect TIKI Torch and her list of features grew.  [10:01] She didn't want her competitors oil in her torch, so she started making an oil with a light eucalyptus scent. She plans on adding other scents like lavender and citrus.  [11:11] KiKi Torches are one of a kind personalized torches. You can insert an image or a logo into the clear cylinder. They also offer four heights. It's also lightweight and well designed. It's also rust proof. The oil canister is also wide mouthed, no funnel needed.  [13:19] It also comes with the eucalyptus fuel.  [13:37] Gina talked to people in order to validate her idea. Her target market uses their outdoor space or hosts events. Brides are a number one segment she is looking at.  [14:33] It can also be used as signage. She is also targeting high end hotels, RVers, and beach weddings. It's also a great realtor gift.  [16:27] Gina's molds are paid for in full. The average price is $59.99. She's hoping for next year to be about $350,000 to $400,000 in revenue. She's looking for her first large run of 10,000 units. [18:12] Gina is looking for a strategic partner who knows how to scale a product.  [18:31] There are three giant players that the KiKi Torch is competing with. [20:22] You can reach Gina at (954) 993-9378. Links and Resources: Gina Seneca on LinkedInKiKi TorchesKiKi Torches on Facebookinfo@KiKiTorches.comKiKi Torches on Instagram(954) 993-9378

Entrepreneurs and business owners often talk about setting goals, accomplishing what’s important, and finding balance in life. Business and life strategist Gary Coxe is here to talk about how time balance isn’t always possible but what is possible is finding goals that are in balance with your beliefs and values.  Gary coaches clients to break through their self-imposed limitations. He has been seen on shows like The View, Dr. Phil, and more. We had an interesting discussion about how we need to believe our goals and how if we don’t believe them, we can’t feel them. He also explains why it’s so important to clear out past trauma so those feelings don’t continue to resurface.  You can find Gary here: BLITZ Your Wealth Plan! Ask Loral Gary Coxe Show Notes: [01:33] When Gary was 15, the second business he started was doing over $100,000 a year.  [01:56] He then got married, and his wife told him that the baby she just had was not his. Then his grandfather and step father die of cancer. His uncle was killed in a plane crash. His father was shot and died. He had gone through a huge series of losses by the time he was 21 years old.  [02:42] If we learn how to clean the negatives from our past out, we create emotional freedom. Then we are able to be a lot more successful. [03:18] To be more successful, we have to take on more risk. There comes side effects and challenges with that risk. [04:07] We have to take risks to get better. When we fail while taking that risk, we relive all of the emotional pain from the past. [04:14] We don't want to feel that pain when taking our business or finances to the next level.  [05:06] Knowing what you need to do but not doing it is often a sign that you have things stuck at your emotional hard drive. [05:26] We all create different stories. We need to be aware of our stories and mental processes.  [07:23] Ask how you reward the behaviors that are not working towards your success. [08:37] We have to have leverage to make change. Value and belief are to make change.  [10:00] For every belief we act on, we get a result. We need to be able to identify or limiting beliefs. [10:40] We need to go from a limiting belief to an empowering belief. Find strategies to believe your belief.  [12:15] Be a leader of your feelings, not a slave to your feelings.  [13:03] You know a belief is empowering if when you say it you feel it.  [13:41] When you find a strategy to make the feelings match the words, change will happen.  [14:09] Feeling connectivity. Learn to understand how you can make a feeling match a belief. This creates emotional freedom. [15:41] When my feelings are not in harmony with my goals, ignore my feelings. [16:21] We either ignore or reward our feelings. If our feelings aren't congruent with our goals we need to ignore them. [18:25] Write down your goals, because how you feel about them is a powerful measuring chart.  [19:19] You can't balance time. Write down your goals everyday. You can have a balancing of values and beliefs. Links and Resources: Integrated Wealth Systems

Robert Jones is the Founder of the only independent non-franchised networking group called Network Together. He stumbled on this amazing opportunity by chance with a failed attempt to connect at a Chamber of Commerce. He now has over 1200 members, and they are growing at a rapid pace. His group not only nurtures members in self-confidence, mindset, and public speaking, it also creates growth opportunities for individuals and their businesses. He was surprised by how much he loved networking and people. According to Robert, having the proper mindset and being authentic to your true self is the ticket to success.    You can find Robert here: BLITZ Your Wealth Plan!Ask LoralNetwork TogetherRobert Jones on LinkedInNetwork Together on FacebookNetwork ExpoRobert@NeworkTogether.net Show Notes: [02:42] Robert grew up in Texas and then served in the Marines for 10 years. After the Marines, he went to college and majored in business and psychology. He then went to school for statistical analysis in Arizona.  [03:28] He then started a company in San Diego, but wanted to be closer to family and moved to Arizona. [04:38] For awhile, he floundered in business and invested in real estate that he lost in 2008. [05:04] After a bad Chamber of Commerce experience, Robert decided to found and create Network Together. There was a need for an alternative network style group.  [07:13] At least two guests go to the Network Together chapter each week.  [07:38] If you are anywhere near passionate about what you do, you should at least bring in 7 new clients from 100 Network Together guests each year. [08:08] The value is being seen and just having the confidence to ask. [08:40] Some people have a fear of money. They don't know how to manage money. They don't look at money as a friend, they look at it as an adversary. [08:50] The first pillar we have is public speaking. This creates confidence and makes people more valuable to their peers.  [09:40] Having the power of voice to speak will translate into doing better business.  [10:43] The first place you have to find value is within yourself. [12:08] There is training, one on ones, and webinars to help people get to their self-worth.  [12:29] Rank worth is what makes you stand out in your industry. Your five most ideal clients are your triumphs.  [14:22] Acceptance is so valuable.  [16:12] Time is a limit we can do nothing about. Everything starts with a foundation. What are your goals for the day? Do your revenue bringing tasks first.  [18:12] Break your goals down to actions. Write them down and see what the outcomes are.  [19:32] Pattern interrupt. It's not about disruption, it's about awareness. Do a time audit. Write down what you do and your results for the next five days. Implement impactful things from you time audit.  [23:38] Learn to be true and authentic to who you are.  Links and Resources: Integrated Wealth Systems

Dr. Trinh is a board certified physician and public speaker who focuses on health and education. He has been the head of several research projects and non-profits. He is also the founder of TongueOut a non-profit that gives back by going to countries like Vietnam and providing medical treatment, surgery, and other support.  Vietnam is one of the many third world countries without a safety net. Elderly people often go blind from cataracts, because they don’t have access to sight saving surgery. This is just one of the many things that TongueOut helps remedy. Dr. Trinh shares his amazing refugee story, why he believes so strongly in giving back, how we can help, and he shares some of the opportunities opening up in Vietnam.  You can find Guest here: BLITZ Your Wealth Plan!  Ask Loral Show Notes: [01:15] Dr. Trihn is a board-certified physician and public speaker who focuses on education and health education. [01:41] It's his goal to educate the public on the importance of prevention and preventive health. He also has a team of researchers actively conducting clinical trials for brain health conditions such as depression, anxiety, migraines, and Alzheimer's. [02:40] TongueOut takes groups of doctors and students to help people all around the world. They just helped fund and do low cost eye surgeries for blind people in Vietnam.  [04:34] Leprosy still exists in the third world. They spend time and hug people with leprosy. They also have medical clinics, food distribution, and water filtration systems for poor communities. [06:42] They also go to orphanages in many countries.  [08:47] Dr. Trinh was five on April 30th, 1975. This was the day the Vietnam war ended. On April 29th, he was on the airport tarmac with his mom and siblings. He saw Chinook helicopters landing in front of them. The back would open people would run in. At one point it was the turn for his family to run into the back of the Chinook helicopter. [11:43] He was one of the lucky kids to get rescued. The helicopter landed on the U.S. Midway aircraft carrier. The were first taken to Guam. They couldn't enter the states until they had a sponsor. [13:38] He was taken to Orange county and bussed to Camp Pendleton and they lived in a tent city as a refugee.  [14:24] Tent city was built by Marines. They had a week to build it. It housed over 20,000 refugees.  [15:06] Dr. Trinh introduced the man who built the tent city at his recent TongueOut fundraiser event. He was very grateful to introduce him. Dr. Trinh is grateful for the opportunities in the US. TongueOut is how he gives back.  [17:11] Loral and Dr. Trinh are going to be doing a series of workshops.  [17:54] PPP stands for purpose, passion, and profits. We need money to fulfill our purpose and passion.  [18:58] Integrated Health and Wealth plays a big role in giving back. [20:00] We have a Big Table community and want to take a group to Vietnam with the purpose of giving back. [13:34] His family was Buddhist, but they ended up with a Christian sponsor and this was his first introduction to Christianity.  [21:59] Dr. Trinh is also well connected with manufacturing and can make some introductions to people from The Big Table.  [23:05] You can connect or donate at TongueOut.org. Dr. Trinh is excited to take The Big Table group to Viet Links and Resources: Integrated Wealth SystemsTongueOut TongueOut on Facebook  

Jen Devore Richter is a business breakthrough specialist. She is the owner of Boss Women Rock which is a training program for women business owners. She is also the author of the Boss Women Rock book and podcast. Jen helps business professionals with her results oriented approach.  On this podcast, we are doing something a bit different. Instead of Loral interviewing Jen, we are playing a replay of Jen’s Boss Women Rock podcast where Jen interviewed Loral. This is the perfect opportunity to get to know Loral better and find out how she really feels about women and business.  We learn about Loral’s background during the different segments of her life. Loral also shares her philosophy of educating the entire family about money so that the legacy being built can be shared and grown by the entire family. This episode is packed full of Loral’s wisdom and advice with Jen’s unique interview approach.  You can find Jen Devore Richter here: Take Action Today! Ask Loral Jen Devore Richter Show Notes: [02:22] Loral coaches her clients to segment the chapters of their life. A defining moment in Loral's life was when she was 24 years old and got a multi-million dollar contract to build fitness centers on offshore oil rigs.  [03:03] She had a huge corporate budget. This defined her as taking lead and living by vision. [03:29] In 1996, she worked for Robert Kiyosaki and put the Cash Flow game on the map.  [03:39] In 2001, she started Live Out Loud and now has 80 or 90 employees worldwide. She has also been building the Big Table community. [03:57] Now Loral helps families get exposure to money in a way never taught. The evolution of her business has been very organic. [05:29] It's great to have a message, but your business model needs to support your financially.  [06:11] What is your revenue model? How are you going to make money? Have you made your first sale or is the plan on a quick sale after development.  [07:29] Talk about the money you want to make not the thing you want to sell.  [08:27] Loral forces the revenue model inside the business model.  [09:25] Women should stand in their power and not any level of ego. Know what you are really good at. How you behave as an expert has a much different energy and tone.  [11:23] You aren't playing hard in the game if nothing is on the Internet about you. People who do well have lovers and haters.  [12:36] Get in the high value ticket mark. Don't be the beginner starter.  [13:54] Design an organization chart without you in it. You are the CEO. Loral's coaches are millionaire experts who are paid well. [16:41] Opportunities come to you everyday. Say yes, and find the team to do it. Don't process through your own filter. You don't have to do everything, you just have to lead it.  [19:56] I'm not ready or I have to think about it are two of the greatest excuses. Women also have problems spending money on themselves.  [21:51] Your mentors are not your friends. You friends and family are in the same experience and result level. Be who you need to be and get mentors.  [22:51] Women need to stand up in their power, their pricing, and be a model for their children. Links and Resources: Apply now to get The Integrated Wealth Blitz on demand! Sharon Lechter Robert Kiyosaki  Just Met Loral Boss Women Rock: Go From Best-Kept Secret to Sought After Expert Millionaire Mindset - an Interview with Loral Langemeier 'The Millionaire Maker'

So many new entrepreneurs and small business owners make the mistake of tangling their personal and business finances together. There are so many reasons why this is a bad idea. From having tax issues to lowering credit scores to making you personally liable for business problems, you don’t want to do this. This episode will teach all of the reasons why these accounts should be separate.  My guest today is finance coach Eileen E. Galbraith. On today’s show, we discuss the difference between personal and business credit and how to set things up the right way. Eileen shares the 10 foundations of establishing business credit and how doing so can improve your credit score in your business and your personal accounts. Eileen learned the importance of this from a personal experience and is passionate about helping business owners set things up the best way possible.   You can find Eileen E. Galbraith here: Ask LoralThe Credit GalEileen E. Galbraith on LinkedIn@EileenGal1 on Twitter Show Notes: [02:21] It's so much better to be prepared than to have to rush around for the needed cash. It's good to find out what you qualify for and the terms for future business.  [02:37] Eileen can also help you repair your credit. No matter what shape your credit is in, it's important to build it back up for your business.  [02:51] Not being able to find capital is one of the reasons why many businesses go under. [03:23] Eileen used her own personal experience of rebuilding her credit after bankruptcy to start a business. Getting into business financing helped her teach something that she went through herself. [04:24] There are five different factors that determine the credit score with personal credit. Everything you do affects you personally. [04:36] With business credit, you can build credit in the name of the business without the liability. Your borrowing power also increases. Set up your entity and then start to build your business credit.  [05:35] Using personal credit for your business puts too much risk on you and your assets. [06:03] The only thing that determines your business credit score is how you pay your bills. [06:37] Everything should be separate. Build a spreadsheet and analyze your expenses.  [07:39] You don't want to commingle funds because of compliance issues and taxes.  [08:25] 35% of your personal FICO score is how you pay your bills. 30% is the ratio of available credit to used credit. [09:05] Look at your credit report and see where you are and then build a strategy around that. [10:23] Have detailed list of credit cards and all of the details. 65% of your FICO score is how you use your credit and pay your bills. [11:52] Don't apply for credit before you have the foundations of your business established. [13:19] Eileen does an extensive analysis starting with personal credit. She looks at how your bills are reported on your credit report. Then they determine how things can get paid down and creates a plan of action.  [15:09] The foundations of business credit include actually having a business. The three credit reporting agencies are Dun & Bradstreet, Experian, and Equifax. [16:32] Dun & Bradstreet are the number one business reporting agency. [18:05] Foundations for building business credit. Establish your business as an entity.  Get your EIN number and your DUN number. Set up a business checking account. You'll need to take your paperwork and articles of incorporation to the bank. This is where you get a business credit card using your EIN.   [19:19] You need to have a website have a landline and a fax number. Don't let your business address be a P.O. Box. All of your paperwork has to match the same.  [22:05] Every business entity should have its own business credit card. [23:03] Identity protection can help monitor against fraud. Make sure your bank covers fraud. Use antivirus and don't use public Wi-Fi. Links and Resources: Loral’s Real Money Talks Dun & Bradstreet Experian Equifax