Real Money Talks

I recently held my A New Year A New You webinar which was designed to help you end 2018 right and set up 2019 for success. This is part 3 or the webinar where I talk to crypto and blockchain experts Walt and Dave. These guys have made a fortune developing their own cryptocurrency and investing in existing coins. They know everything about crypto from starting a coin, to investing, to all of the legal and compliance issues. They will be my expert advisor on an upcoming crypto series that we’re presenting. In this episode, we talk about everything crypto from how to get started, to the difference between digital currency and blockchain, and everything in between. You can find Loral here: Ask Loral Show Notes [01:03] In 1913, The Federal Reserve was founded to build a more stable and secure financial system. [01:49] By the 1970s, the US dollar was no longer backed by physical gold. [02:10] By printing money, the supply of the u.s. dollar is infinite, but the purchasing power goes down. [03:02] Walt is part of the Off Wall Street show. Walt is one of the first experts with a system on how to get your account right. [03:47] We are planning a six-week webinar with Walt and David. It's going to be heavy on content. We will help you set up your account and your wallet and make sure that it is secure. [04:09] You will learn in 6 weeks what it took Walt & David a decade to learn. [05:36] The challenge with learning about a massive new paradigm is time. It would take you years to learn to keep points that we are going to talk about. [06:12] I tracked cryptocurrency everyday. I wanted to go deeper and deeper to really understand it at the fundamental level, so that I could incorporate it into my own business. [06:20] We are going to cover the basics, and then we are going to talk how to build new things. [06:46] By the end of things we will even teach you how to tokenize your own business. [07:10] Our fast track information will save you over a year of research. [07:27] We have navigated through compliance and so much more. The cryptocurrency world is the future. [08:46] Different coins have different value just like different exchanges from all around the world. Digital currency will level the playing field. [09:23] It will level the playing field in the international exchange rate. [09:44] The digital market is tracked with the blockchain. Crypto can also alleviate exchange fees. [10:31] Blockchain is about efficiency and the removal of fraud. It also removes unnecessary middlemen. [11:36] Cryptocurrency is a new asset class. If you wanted to compare it to the stock market, you would have to go back to the first 10 years of the stock market. [12:04] There are optimal periods to move your assets in and out of crypto. It doesn't mirror the market or even real estate. [13:03] To get started dig into podcasts and start going to workshops and figure stuff out. [14:05] How do you vet a new coin? Look at the team and if the project is already built. Don't invest in a plan on a napkin. [15:13] Things are more structured now, and there is more regulation. There are also more projects that people can create with blockchain technology. [16:24] Our team will help you integrate your own tax system with lawyers and entities. [21:07] It's legal to own, buy and sell cryptocurrency. [21:39] It's also exciting to tokenize a business. [23:10] The clients are purely digital and stored in a software wallet that is secure. Physical coins are usually a novelty. [25:17] There is value to the coins. You trade crypto on exchanges. Bitshares is a decentralized exchange. [30:14] Behind the scenes, big players are trying to get their hands on bitcoin and want to control it. Right now, there is opportunity out there. [34:06] There are gambling sites built on EOS where you can get daily dividends based on revenue. [35:21] Once coins are mined out, and there is no more supply, they will continue to rise in value. Links and Resources: The Purchasing Power of the US Dollar Since 1913 (775)430-4323 Bitshares

This is part two of the New Year New You Webinar where Loral kicks off the new year with a new brand. In this part, Loral talks about how millionaires think about debt and money differently. She talks about the advantages of having write-offs, how debt can be used strategically, how to invest with OPM or other people’s money, and choosing freedom over retirement. We also meet Walt and David who will be talking about crypto and blockchain. You can find Loral here: Ask LoralBooks by Loral Show Notes [00:40] People have no idea how millionaires live. Your car and your computer are deductible. We used debt as leverage. OPM is other people's money to invest in business. [01:05] We use the money and make money on money. We pay down credit-card debt strategically. We don't retire, we choose freedom. [01:21] What is your freedom day number? Is it 20,000 a month? Is it a hundred thousand a month? [01:55] This is Loral's 22nd year in the financial education space. She buys and sells businesses like a shark. Her team brokers businesses. [02:52] Real estate needs to be structured right. It needs to be in an LLC or a trust and have a management company. [03:18] If you like to go wine tasting, you can incorporate and write off all of your wine travel and expenditures. [04:24] You have hobbies that could be businesses, but you don't run them like a business and you don't get the deductions. [04:29] Loral and the team have revamped the way they are going to work with people to help them get the best out of life. [04:52] We're also going to have a blockchain, crypto, and cannabis workshop with leaders from all over the world. [05:32] There are tons of loan and grant opportunities for veterans. They have access to grants that can get up to $250,000. The problem is a lot of them don't know how to run a business. [06:46] Our goal this year is to work very closely with veterans and help them buy greenhouses. Greenhouses aren't considered cannabis, they are considered real estate. [08:30] These principles apply everywhere in the world including Canada. [10:49] When you're not integrated, you have to go out and try to find each individual team member that you need to deal with. Then you are hoping that everything somehow comes together. [12:02] Our goal with helping you integrate your team is to just use the team that I've found which has taken 20 years to perfect. [12:27] There are eight areas of your life that you need to focus on money, personal development and career, health, spirituality, family, fun, friends, and physical environment. [13:53] Pick only a few to focus on and evaluate, so you can discover what you need to do to get you where you need to go. [14:21] Stop hanging out with people who don't have the same goals as you. Stop complaining and telling stories about 20 years ago.  Stop spending without learning about money. [14:42] Masterminding and coaching can help you with these things. [15:04] Look at the areas and then consider a start, stop, and continue for each area. [17:06] Pick the one or two top areas that you are going to focus on this year. Discover your A, B, and C goals in each category. A goals are the non-negotiable ones. [20:11] What did you accomplish? What do you want? It's all about income and assets. Making money and investing money are the number one ways to become a millionaire. [24:37] Tax reform 2018 was a game-changer. If you understand the strategies around corporations, trusts and investing the chances of you becoming a millionaire in 3 to 5 years is very high. [27:20] David and Walt are here to talk about crypto. [27:57] David started dabbling in crypto in 2013. He then dug into blockchain which is the technology underneath cryptocurrency. [29:14] He then started working on a music coin. This coin utilizes a smart contract system where every time a song is played the artist earns cryptocurrency. [30:06] David and Walt also started tokenizing a business that Walt started. [30:19] Walt was so excited about the whole crypto revolution that is about to blossom into a giant industry. [31:33] Walt has a talent token coin. Most corporations are moving towards blockchain. Links and Resources: Loral’s Real Money Talks Ask Loral App Events Bob Proctor Millionaire Maker

This is part one of the New Year New You Webinar where I kick off my new year with a new brand. Brian asks the audience questions like what goals are they trying to accomplish this year, so the team and I can understand how to best help. The feedback helps us make the event as worthwhile as possible. This call is about how my team can help you, but you need to make the commitment. How many times have you made the same resolution year after year? Today is about finishing 2018 off right and kicking off 2019 in a way that gets results. I talk about opportunities like digital currency, blockchain, cannabis, and crypto and how more generational wealth has changed in the last 20 months than ever before in history. You can find Loral here: Ask Loral Books by Loral Show Notes [01:30] What goals are you trying to accomplish this year? [01:46] Some answers include double income, more time, more time painting, more involved in investing, developing passive income, developing cannabis money, growing my business, and more. [02:42] Loral is a five time New York Times bestselling author. She has done wonders for people and their finances. [03:44] A lot of people have the same goals year after year and never really get the shift. [03:58] How many years have you said you were going to make more money or lose weight? [04:19] Digital currency will change our financial structure around the world. [04:28] I talk the BCC or the blockchain, crypto, and cannabis Industries. [05:04] Loral has partners in the cannabis space. [06:04] The team can do a lot for you, but you have to make the commitment. [06:42] What we're taught about creating wealth is completely wrong. We are going to talk about completely different ways to create wealth. [07:22] We left the brand Live Out Loud behind in 2018. [08:01] We'll be using are apps this year. [08:22] It's tough to market BCC things like cannabis and crypto when you can't use Facebook and the internet. [09:21] Our content isn't changing, we are just getting clear about how we speak about what we do. [10:15] We are going to be the integrated facilitators to help you form your team and to let you use our team. The academy is there to guide you. [11:07] Big Table members will still be table members plus bonuses. [13:32] A lot of the last Ask Loral was about completing 2018. We put all of our products on sale so that you could treat yourself for the holiday. [15:36] We have added a lot of team members. [16:59] Commitments aren't negotiable. Commitments get results. How you get to the results is negotiable. [17:53] Most resolutions fail in about 10 days. It's time to get motivated and get serious. [18:44] It's time to pay to properly learn about money. Financially you fail, because your sequencing isn't right. [19:31] It's important to get incorporated right away. The timing of how you spend your money and how you make it is so critical. [21:33] I'm challenging you to commit to nail two things this year. I hope money is one of them. [22:26] Shifting your physical environment can change your monitor environment. [22:55] We're taught to get a job to make money. You are then taxed at the highest rate. [23:33] Let us do a 3-year tax review. Our average client gets around $40,000 back. [24:24] One of the problems with this method is that things aren't deductible. You also think that debt and credit cards are bad. [26:20] Retirement has nothing to do with having financial freedom. [26:57] You don't want to get left behind with where we are going financially. [27:23] Employees have been making companies rich for a while. [27:46] The whole system was created in 1933 on Jekyll Island. [28:24] The education system taught people how to specialize to be a worker. [28:46] You can money away tax-free in a Solo IRA. Then you can also have a Roth IRA. [29:53] Don't go on vacations go on business trips. Links and Resources: Loral’s Real Money Talks Ask Loral App Events

John Ferguson has been involved in sales for the last 18 years. He started out selling real estate and soon realized that he needed a system for high-ticket items. He spent two years immersing himself in the world of sales and created a system that can be replicated over and over. In this episode, we talk about who this system is for and how sales are the root of the success of a business. John talks about knowing your audience and your message and why it is important to qualify leads. He gives several sales tips and information about setting up a team and system. He even shares his favorite headset that he has used to close countless sales. You can find John here: Ask Loral John Ferguson on Instagram John Ferguson on Facebook Show Notes [01:29] When John first started out, he began investing in real estate. He soon realized that he didn't have the proper system in place for high ticket sales. [02:18] He began a two-year personal development quest. He started learning the ins-and-outs of sales, speaking, network marketing, and high ticket sales over the telephone. [02:37] It's been a phenomenal whirlwind over the last 18 years helping influencers including himself in the business of high ticket sales over the telephone. [03:13] We all know that we have to sell and enroll new clients in our business or we won't make any money. [03:47] John helps people develop a system from marketing to product to sales team that makes sense for them. [04:38] Your sales team needs to match your product in your company. You can't scale without doing this. [05:02] John has helped MLM companies and influencers and coaches in the real estate and fitness industry. He has even helped medical practitioners. [05:35] John service is for the person or business who wants to take their sales to the next level. [06:43] It's easiest to teach people who are new to sales. Then you can start at the beginning. [08:01] Blue Parrot VXi 450 is the headset John recommends. [10:38] Know your message, and know your audience are the next two steps. You also want to qualify the lead coming into your system. [11:20] You have to establish rules in order to have long-term success. [11:36] You'll have to ask broad-based, intermediate, and pointed questions to know if this prospect is qualified. [12:05] The sales process comes after the lead is qualified. [12:23] A setup call can create an opportunity for the closer to make the deal. [14:28] The pros of being your own sales closer is that you don't have to share the revenue. It can look odd to be the presenter and the closer. [16:48] You actually want to get the customer to chase you. [17:15] Having a sales team creates dedicated people focusing on sales, and you can focus on other things that are more important. [18:52] Design your script in a way that speaks to the audience, but make sure you have specific points engineered in. [19:42] You should have a script on every single call. Every single call is the same and different. Same sales and different person. [20:25] Help people get out of the way to get the services they need. You can connect with their personality type. [21:28] Great sales people find ways to eliminate objections before they are. [22:06] Ask the right questions in the right order to enroll people. [24:01] Turn objections into expectations. [25:08] To get your sales people motivated by sales, they need to earn commissions. [28:49] You can follow John on Instagram and Facebook. Links and Resources: Loral’s Real Money Talks Blue Parrot VXi 450

This episode is turned upside down as Brian K. Wright from Success Profiles interviews Loral. Loral shares the industries that first made her a millionaire and how she is excited for today’s new opportunities like cannabis and crypto. Loral talks about the importance of marketing your books and what it takes to become a bestselling author. She also gives us a quick glimpse into her upcoming book. Loral talks about mindset, understanding money, and having the right team in place. You can find Justin here: Ask Loral Show Notes [03:49] Loral is a five-time New York Times bestselling author. Her new book The Green Rush Millionaires will be coming out next year. [04:17] She is heavily into the cannabis, CBD oil, and health space. She first became a millionaire in the gas and oil and real estate spaces. [04:31] Getting a job and just saving will only keep you small and stuck. [04:46] Companies make money and individuals get taxed. If you're serious about keeping your money, get Incorporated. [05:37] Her cannabis business has 23 acres in Cathedral City and 32 acres in Hawthorne Nevada. They have nine licenses and are putting green houses up right now. [06:10] These are exciting times to be alive, get wealthy, and a write books about it. [06:39] Debt for wealthy people is one of the biggest tools we use. Debt is just the cost of money. [07:22] Most people don't know how to invest. Why would you pay off debt when it is cheap. Instead of being scared about money get educated about it. [08:11] People are scared of money because they don't understand it. [09:14] Take some time and play the Millionaire Maker game and learn to understand money. Understand how it can work for you and be a massive benefit in your life. [09:53] The goal to win the game is to become a millionaire. [10:24] On page 194 of The Millionaire Maker book Loral talks about how to handle debt. [10:38] Transition your debt from personal debt to company debt. Use zero interest credit cards. If you can get cheap money, then why pay it off? [12:01] Focus on how to make more money. [12:46] For an author to become a best-seller you have to stage and organize sales, so you can presell your book. [14:00] Loral uses people's input to generate chapters. This encourages them to buy. [15:06] Loral has a launch calendar to nail a bestseller. You have to as involved in the launch and the post launch process. Have a goal in mind. [16:38] Get with someone who knows the process. Involve other people in the content. [17:12] A book is a great brochure. [17:27] You need a team. An accountant that knows marketing. [19:34] Everybody's an author and everybody should have a book. Have a post-launch plan to recover the time you spend on the book and the book launch. [20:08]  Ask, tell, ask. Come up with some different ideas. Write your book collaboratively. Find out what people want to know. Get input from a focus group. [21:50] The faster you talk and are interviewed the more information you get down. You should use a ghost editor that can grammatically sort out what you say and talk your book out. [24:32] Share content and help other people. Don't wait for the perfect book. [26:40] Use CreateSpace and learn how to market yourself. [27:49] Having a high profile VA that could work with you in your office for awhile would be great. [28:53] You need to be a month out and get ahead of yourself. You need to organize yourself to use them right. [29:40] Grow coaching to invest in real estate. Partner with someone who has already done it. [30:25] Get a sales team to help you sell. Partner with people on real estate. [31:53] A business structure forms a book. Links and Resources: Loral’s Real Money Talks The Millionaire Maker Game "Experience Your Fastest Path to Cash!" The Millionaire Maker: Act, Think, and Make Money the Way the Wealthy Do Sharon Lechter Brian@LiveOutLoud.com

We are kicking off 2019 with financial predictions. Will be talking about the stock market, real estate, cannabis, and more. Today, we are talking about cryptocurrency, digital currency, and blockchain. I have two recent partners and world leading experts here today to talk everything crypto, blockchain, and digital currency. David has a background in blockchain and Musicoin development and Walt has a trading background. Together they talk about what the future has in store for these technologies. They give some tips on learning about investments. They talk about regulation issues and how congress is struggling with new technology and old laws. They also talk about how impactful these technologies will become. You can find Walt and David here: Ask Loral Show Notes [01:57] David started working at home on web development and then really started digging into blockchain in 2013. [02:59] Blockchain technology is going to have a huge impact. He first started working on Musicoin and then another music technology before he met up with Walt. [03:54] David loves the process of building stuff through blockchain and making it work. [04:05] Walt started out trading bitcoin and crypto currencies. [04:42] He started looking into blockchain and brought David into his team. [05:07] They have an amazing way to use an altcoin. [05:34] Blockchain will create the biggest distribution of wealth that the world has probably ever seen. [06:14] More wealth has been moved through bitcoin than any other wealth movement time in our history. [07:02] Coinbase is the largest crypto wallet in the world. They are gaining over a million users a day. [08:56] In the last six months, the price of Bitcoin has started to stabilize. [09:38] Giant transactions happen in the OTC world. [10:43] A lot of private sellers have their coins in cold storage wallets. [11:19] When the market flips it's going to be very difficult to buy cryptocurrencies. [11:42] There is a one-week hold before you can transfer your currency if you are investing through Coinbase. [12:13] Investing in crypto can be a long-term play. That's how the big investors are looking at it. [13:35] Smart folks are working on infrastructure and development during the bear markets. [14:24] January 3rd 2009 the first block was mined on bitcoin. [15:12] Blockchain technology is what is underneath Bitcoin, so the two do go hand-in-hand. [15:48] Industries like banking and payments are getting majorly disrupted right now. Especially in third world countries and places where banking is more difficult. [16:12] Other sectors that are using this technology include voting, healthcare, music, and many more. [16:50] Blockchain opens up technology for entrepreneurs like the world has never seen. [17:13] Almost every entrepreneur and startup is moving towards blockchain technology. [18:02] Companies like IBM are building their own blockchain. Amazon is working on something. Overstock has their own version. [18:36] Investors are interested in anything that is tied to blockchain. [19:49] The smartest and most acting development isn't happening in Bitcoin. [20:35] Altcoins are usually traded against Bitcoin, but there are many many different types of coins. [22:24] When investing in altcoins it's very important to take a look at the project. [23:41] Developed projects that you can actually see may be safer bets. [24:09] There are already specialized blockchain lawyers available. There is some red tape to go through on the development side. [25:12] There's going to be a four-week webinar series with a Q&A. Go to Ask Loral to find out more. [26:08] The SEC is very involved with crypto. The regulatory agencies are trying to take this new paradigm and pull it back with laws established in the thirties and the forties. There are no easy answers. The debate is going on in Congress right now. [27:41] The ICO approach is beginning to get controlled. Especially as it applies to crowdfunding. [28:28] If your token doesn't have a wide use case then you probably shouldn't build it. [29:03] The future of development is going to be investors wanting to see the reality of what you are building. [31:35] If Congress doesn't do the right thing and not over-regulate that will be good, because we don't want to push Innovation overseas. Links and Resources: Loral’s Real Money Talks Musicoin Coinbase Four Week Webinar

I have an old friend on the show today. Joel Comm has been a staple in the digital space for a long time. He is the author of 15 books and the co-host of the mega successful Bad Crypto podcast. He is here today to talk about the future of crypto and more. We discuss how things have evolved in the digital marketing space and Joel’s own evolution including the creation of his crypto podcast. We talk about the benefits of blockchain as a technology that will revolutionize the future. We talk about the importance of getting in on the ground floor of new markets and the importance of always having fun. You can find Joel here: Ask Loral Bad Crypto Podcast Fun Formula Book Show Notes [01:49] Joel Comm has been an internet entrepreneur since 1995. [02:11] He has since written 15 books. He has worked in the online marketing space and the affiliate marketing space and the social media space. He has also embraced all forms of online media from blogging to podcasting to videos. [02:24] In 2017, he started dabbling in crypto currency and was absolutely enthralled. [02:39] Joel and his friend Travis Wright would talk about bitcoin and blockchain and everything crypto. They then decided to start a show about it and the Bad Crypto Podcast was created. [02:41] The purpose of the show was to make crypto easy-to-understand for regular people. [02:59] They started in July of 2017 and have had over 7 million downloads. [03:35] You don't do the books and the speaking tours until you've had the success. [03:44] Joel began his digital career trading websites that sold things. One he cracked the code on affiliate marketing and advertising, he started teaching others how to do it. [04:26] He wrote about and spoke about how he was making money. [05:23] We now know that social media companies don't have our best interest at heart and we are actually the product. [05:51] Blockchain is a great solution because it brings transparency back to various activities. It creates a public ledger of activity, but privacy is woven into it. [06:23] Blockchain is either going to lead to new solutions and more freedom and opportunity for us or we're facing a really dystopian Big Brother future. [07:38] Blockchain is really just a fancy database. Blockchain is decentralized, because no one power or authority has power over it. [08:44] Solutions built on blockchain give people the power to invest in projects in a way that they would like. [09:44] In March 2017, Joel started learning about crypto. He and Travis were talking about crypto a lot. 3 months later they started their show. [11:00] Part of it was timing and two regular guys talking about crypto. [12:13] Bitcoin is merely a better form of digital payment. There are many different types of coins and tokens. With ethereum we have the ability to go beyond just payments. We can write smart contracts. [13:06] There are even tokens that empower musicians to be paid more fairly for online downloads. [14:42] Crypto is kind of circa 1997 where the internet was. [16:11] They do four shows a week and two or three are usually interviews. They never make recommendations. [19:44] Joel's fifteenth book is the The Fun Formula: How Curiosity, Risk-Taking, and Serendipity Can Revolutionize How You Work. [20:47] The fun formula helps liberate people from the hustle and grind. Links and Resources: Loral’s Real Money Talks The AdSense Code: What Google Never Told You about Making Money with Adsense The Fun Formula: How Curiosity, Risk-Taking, and Serendipity Can Revolutionize How You Work

My friend Jay Fiset is back to talk about joint ventures, masterminds, and the advantages of each. Jay has been a businessman and entrepreneur for years. He is also a staple in the personal development space. Today, Jay talks about how joint ventures can give you leverage and access that you wouldn't normally have. He also talks about how once you have built relationships and influence, you can leverage that to create your own mastermind group. This group can be a resource to take everyone's business to the next level. You can find Justin here: Ask Loral Show Notes [02:09] Jay has been an entrepreneur for 33 years, and he has spent most of his time in the personal transformation space. [02:27] He runs The Creator's Code which has been attended by 40,000 people from all over the world. [02:30] About six or seven years ago he created Mastermind to Millions. He had already been teaching how to have mastermind groups and just made it to the public. [03:43] He has also had real estate and several businesses. He would invest his money elsewhere. [04:28] Jay teaches authors and coaches how to create a mastermind for an additional stream of revenue. [04:38] Masterminds are one of the fastest ways to create income. When done well it gives us access to network resources. [05:00] We can 10x or 15x our access to resources experience and wisdom by masterminding with people who are movers and shakers. [05:24] It's one thing to go to a mastermind, but it's a completely different thing to run one. [05:39] When you create your own little mastermind joint-venture syndicate you can begin to strategically and wisely put together a team of people that can go out and print money. [07:06] Joint ventures are one of the fastest ways to make money. [07:45] Hand select people for deal flow in cannabis, crypto, AI, etc.  Ride the wave of technology that is coming. Just one great deal will create multiple seven figures. [10:25] The first step is to join joint-venture communities. [11:09] Everybody listening should join Jay's community globally. [12:35] Jay built his reputation by strategically attending events and targeting certain people. [12:52] Once you figure out who you want to support and start supporting them things start to move. [14:29] Being onstage didn't take Loral long to gain a massive following. [17:18] Start with a smaller group not a larger group. [18:54] You can always start a JV group before you start a mastermind group. [19:21] It takes influence and traction to launch a mastermind and the way to get there is through joint ventures. [20:04] The money and conversion happens when we are strategically borrowing the influence of other people that we are partnering with. Links and Resources: Loral’s Real Money Talks Brian Tracy Les Brown Zig Ziglar Mark Victor Hansen JV Checklist Mastermind to Millions

Edwin Kelly from Specialized IRA Services is here today to talk about the advantages and flexibility with a self-directed IRA. Whether you need income or tax savings, there are savings and investment vehicles that can help you meet your goals that aren’t tied to the ups and downs of the market. Today, he talks about how everyone needs a customized plan that fits their circumstances, and he talks about the benefits of using a Roth to withdraw tax-free income. It’s also possible to make creative investments like real estate. You are in the driver’s seat and can invest in anything that is legally allowed by the government. You can find Edwin here: Ask Loral Show Notes [01:12] Edwin is a custodian of IRAs. [01:36] When he was young, he read and studied about some of the great businessmen. [01:55] He knew he wanted to be in business, and he was looking for a niche. [02:01] From study, he noticed that starting a business in a new industry allows your business to expand as the industry expands. [02:14] He wanted to find something that would solve serious financial problems and seemed new. He discovered self-directed retirement accounts although they weren't really new. [02:51] Company-sponsored retirement plans haven't worked as well for people as they thought they would, because of company limitations on investments. [03:27] A self-directed space allows someone to get complete control over their retirement account and invest in anything allowed by the government. The possibilities are endless. [03:35] Edwin found that there wasn't a company doing what he was trying to do and he wanted to enable people to be able to invest in what they wanted. [04:01] There is some confusion about self-directed IRAs. There's what people call self-directed and then there is truly self-directed. [05:09] Most investment banks offer a self-directed fund where you can pick anything that they offer. This is limited to stocks, bonds, mutual funds, and CDs. [05:18] A better question to ask is can you buy a foreclosed property with your retirement account and have your retirement account pay to fix it up and then put a tenant in there and collect rent tax free. [05:49] A true self-directed retirement account has a custodian who allows you to invest in anything that the government allows you to invest in without restrictions. [06:24] There are probably less than 30 firms who specialize in what Edwin's firm does. [07:43] The government tells you what you can't do. You can't buy life insurance inside your retirement account. You can't buy collectibles and no self-dealing. Most everything else is allowed. [10:27] At Specialized they create custom plans for their clients. They use individual retirement accounts. Small business retirement plans like solo 401(k)s. The last category is tax-advantaged specialty accounts. [12:25] The Roth vehicle is the only one that allows us to go from forever tax to never tax. All income is not subject to tax. [14:34] You can invest in an LLC and it can hold all kinds of assets. [16:02] Self-directed retirement accounts are going to be part of your picture not all of the tools. Look at your rate of return and see where it makes sense to put something into a retirement account. Consult with an expert and optimize. [20:10] Edwin gives an example of the power of compound interest. [23:40] An example of a 53 year-old attorney who opened a Roth late. He then built a real estate portfolio within that Roth using leverage. His monthly distribution is now $40,000 a month tax free. He built that in 14 years. Links and Resources: Loral’s Real Money Talks Specialized IRA Services

I usually keep my podcast evergreen, but it's getting near the end of the year, and I have to talk about the big five. You have to get incorporated if you are serious about getting rich. Companies make money individuals get taxed. You have to get your qualified plans, and review your trusts, insurance, wills, and a whole list of other things. Scott Arden from Controllers, Ltd. is here today to talk about the importance of tax entities and why it's so critical to have the correct entity in the year that you want to save on taxes. You can find Scott here: Ask Loral Controllers, Ltd. (866) 786-3462 Show Notes [02:07] Scott started his first company when he was 19. This is when he first started learning about what he could deduct and how to protect his assets. [02:35] He wanted to know what he could and couldn't do, so he dove into the tax code. [02:59] He was in the asset protection industry for about 20 years. [03:12] He and his business partner wanted to bridge the gap between the legal side and the tax side of companies and they started Controllers, Ltd. [03:23] Tax professionals need to talk to each other on a consistent basis. [03:39] Tax entities are not just about tax savings. There's also liability protection involved. [04:54] Businesses high risk. The premise of corporations and LLCs is to protect assets. [05:27] There are different entity structures. An LLC is kind of a hybrid between a partnership and a corporation. [05:47] A corporation is a separate legal entity. It pays its own taxes. [06:32] Scott has a whole list of questions that will help people determine which type of entity they should create. [07:28] Timing is critical. You want to make sure that you are getting the most bang for your buck in the way of tax deductions. [07:45] Sole proprietors get smashed with self-employment taxes and limited deductions. [08:05] There is still time to take some tax deductions in 2018. If you are a sole proprietor, you can create an entity that has a fiscal year ending as opposed to a calendar your ending. [08:41] You can also put in place a management company that will be overseeing the operations of the business. You can then pay the company for the rest of this year in the first quarter of next year. This allows us to take extra expenses and deductions that will reduce the 2018 tax liability. [10:06] Some of the deductions that you can claim include retirement account, home office account, vehicle account, investments, and more. [12:11] If you've been a sole proprietor for 20 years and you incorporate today, you will lose your past 20 years of credit. [13:25] It's essential to have a proper accounting system in place. You do have to maintain minutes and resolutions. There are quite a few compliance issues that you need to understand. [13:56] The company needs to be able to defend the different deductions that you take throughout the year. There needs to be corresponding minutes and resolutions to back up the transactions. You will also need corresponding documents like an ownership certificate. You want to make sure you clearly separate the corporation from the business owner. [15:32] Fund your company,m so you can pay the proper deductions out of that fund instead of your private money. [16:15] Don't commingle your funds and make sure you know your financials. You can also get your own corporate credit card. [17:57] An example of how a couple went from 50% tax to about 11% tax by partnering with the world's largest wine company. [19:05] Another example of taking advantage of depreciation of an asset to offset taxes with an online store. [19:37] You can take a distribution and then invest it in an asset that will give you a high depreciation. [20:21] Many accountants just barely get people by and overlook smart tax savings. [20:52] You want a professional will who will present ideas that will help you save on taxes. [21:22] Tax planning should be done throughout the year. Links and Resources: Loral’s Real Money Talks