Real Money Talks

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

Matt Brauning is a two-time best-selling author, master NLP trainer, entrepreneur, and leader in the field of business development. He was a self-made millionaire by the time he was 25 years old. He is the host of The Purpose Driven Entrepreneur podcast and was featured in The Journey with Brian Tracy and Bob Proctor. Matt is here today to talk about how to make money based on the seven drives or key principles that leading entrepreneurs and business people have in common. We talk about how our drives change over time, the importance of being transparent and congruent, and the surprising drive that has inspired many ultra successful people. You can find Matt here: Ask LoralThe Firebox Principle: The 7 Drives That Fuel Every Entrepreneur and Free QuizMatt BrauningMatt Brauning on LinkedIn@MattBrauning on TwitterThe Purpose Driven Entrepreneur Podcast Show Notes [01:56] Matt's book is called The Firebox Principle it's almost like a story of entrepreneurs and visionaries. [02:35] Matt always felt like he was trying to fit in and looking from the outside-in until he started his first business at 22 years old. [02:52] Entrepreneurship was what changed Matt's life. [03:04] The seven drives. [03:12] Matt look at the origin stories of visionary entrepreneurs. They had seven deep motivational drives to create what they created. [04:23] If you understand your deep unconscious drive and the reason you do what you do, your actions will be congruent and you will be driven by the correct principles. [04:25] The significance drive, the artisan drive, the world impact drive, the contribution drive, the spiritual drive, the thrive drive, and the avenger drive. [04:46] Significance is because you want to be important. Artisan is because it's beautiful. You want to change the trajectory of the Earth with the world impact drive. Contribution drive is about the people. Spiritual drive is because the Creator said so. Thrive drive is about money and success.  The avenger drive is about taking a wrong and making it right. [05:49] Drives change over time they're not a personality profile. [06:12] When Matt was young, he was driven by the significance drive. [07:42] I went from the significance drive to the contribution drive overnight. [08:04] If you find yourself shifting drives realize it but don't throw the baby out with the bathwater. [09:04] All of the drives have successful entrepreneurs behind them. [09:15] The Avenger drive is an overarching one among successful entrepreneurs. [11:15] Once you find out what your drive is wave the flag and share your story with everyone. [12:03] If your drives aren't congruent, you can always change them. [13:10] You gain wealth by having a story and real reasons and authenticity behind why you do what you do. [13:41] NLP can help behavioral change. You can take control of your brain and have influence over your life. [14:56] Association disassociation is one of the most underrated techniques in NLP. Looking through a memory in your own eyes is called associated. Watching the memory is called disassociated. [15:40] You can consciously decide when to associate. When you associate with your own eyes the motivation is higher. [16:38] The difference between what you do is based on your association in the morning. [17:03] Look through your mind's eye to accomplish the things you want to accomplish, and it will create more motivation. [17:59] We will always fail and be overwhelmed but the question is what are we going to do with it? Links and Resources: Loral’s Real Money Talks

Loral is interviewed on the Eliances Heroes Show by host David Cogan. They talk about  how Loral became The Millionaire Maker. Loral talks about how she has created a system for creating and keeping wealth. They talk about having the best systems in place and being surrounded by the best team members and mentors. They also talk about side income, passive income, and understanding the new tax codes and getting the most out of that knowledge. You can find Loral here: Ask Loral Show Notes [00:48] Loral got the name The Millionaire Maker when she was writing a book on how to become a millionaire. [00:55] A focus group from McGraw-Hill came up with this leading title. [01:21] Loral is one of today's most Innovative and visible many experts and that is because she has a system for  becoming a millionaire. [01:40] She was making millionaires, but then she had to write down how to do it. [01:49] What also sets Loral apart is that she practices what she preaches. She's a gas and oil, real estate, and cannabis millionaire. She actively practices what she coaches and mentors. [02:04] to keep on top of everything Laurel finds the best and the brightest team members for each category that she focuses on. [02:36] I find world leading experts and I partner with them. [02:46] Everyone was raised to believe that after you finish school, you get a job and save money if you can, so that someday you can retire. This means you rely on one source of money. [03:11] We need money from various sources, because there are so many variables from losing jobs the markets crashing. [03:30] Our millionaires are made with a variety of income sources including passive income. [03:36] We've dissected the 2018 tax code. You are either going to win big on this tax code, or you're going to lose. [04:27] Retirement by definition is an agricultural word that means to put cattle out to pasture to die. We want people to retire and be free. [05:30] The best way to create wealth now and to continue creating it every day is to be surrounded by the best team. Don't do it by yourself partner with somebody who knows what they're doing. [06:42] When it comes to finding the right team it's about who you know and being commuted to knowledge. Spend your time and money on learning about money. [08:48] When parents work with Loral's team, children are mentored for free. Links and Resources: Loral’s Real Money Talks

The results of marketing are leads, customers, and cash. It's difficult to overemphasize the importance of marketing. It's what all future business and earnings are based on. My guest today is Steve Sipress who is a world leader at systems that enhance marketing efforts and create better businesses.   He specializes in business systems, selling systems, and marketing systems. Steve shares his background and how he stumbled upon developing systems for sports and then for businesses. He talks about how all businesses want to attract more clients and earn more money and how systems are the way to do that. You can find Steve here: Ask Loral The WOW Strategy Help from Steve Steve Sipress Show Notes [01:55] When Steve was in law school, he wanted to create a way for all of his school friends to stay in touch. It was a game based on sports that kept them in touch. This was a form of fantasy football that he invented. [03:19] It was popular, and he started a second league. He ended up charging and he turned his hobby into a business. [04:25] People asked how he built this business. He started helping people and fell into another business. [05:23] He then became a business consultant and helps people make money with their business no matter what they do. [05:35] All businesses want to attract more clients, better clients, raise prices, and make more money. We all went to put systems in place, so we can work less and enjoy life more. [06:32] The number mistake people make is not respecting marketing. Marketing is everything. That is where the money comes from. [07:25] Marketing is what pays the bills. [07:43] The WOW strategy. The target Who that you want to attract. Then you have to give them an irresistible Offer. The Ways you get your irresistible offer in front of your ideal target customer. [09:48] Make a list of characteristics of your clients. You will find commonalities. Find out what drives them emotionally.  Getting into psychographics or why they want the money. Someone to make money to feel smart, someone to retire early, and some just want to make more money. [11:18] If your target market is everyone then your customer will be no one. You have to have an individual message for each different target client. [12:09] Everyone is different. Millennials vs baby boomers. [12:44] Use social media and do some research and find out who your clients are. Find out what they want and what makes them tick. [14:26] Mirror what they are thinking and then offer it to them. [18:06] When you care about your prospects it's not so tough to be curious and ask questions. Be honest and let them know you care about them and if you can't help them find someone who can. [19:38] People who run businesses supply jobs and keep the economy going. [20:07] Don't be afraid to talk in negative terms or use fear. Everyone has fears. [20:44] Human beings are more motivated to take action against fear. [22:15] 90% of businesses go out of businesses. They pay everyone first go into debt and then run out of money. [23:09] People taking risk and doing good should make the most money of all. [23:27] Find great people to hire. [23:52] An entrepreneur is someone who takes assets and puts them together in a way to produce more assets. Links and Resources: Loral’s Real Money Talks

Digital currency and crypto is going to be the next boom. We are fortunate that even though many fortunes have been made, it’s not too late to get into trading. My guest today is a highly recommended bitcoin expert who is one of the speakers at my event. Fli Mackie is a bitcoin expert who has made millions trading. He has his own trading method named after himself and a radio show about bitcoin. He is here today to talk about buying in the dip, the importance of giving 10% away, the potential of digital currency, and much more. You can find Fli here: Ask LoralFli Mackie on FacebookFli Mackie on TwitterFli's Website Show Notes [02:06] 10 years ago a friend of Fli's got 600 bitcoin. They knew that someday it would be worth something. [03:20] Fli has always been a trader on the market. His dad would trade and let him pick stocks as a kid. [03:46] Over the last 30 years, Fli has done really well and created his own trading method. He keeps 30% long, 30% short, and 30% liquid. He gives the other 10% away. [04:22] When the market drops it's a great time to be buying. Most people don't understand that you buy in the dip. You make your fortune buying incrementally. [05:45] Fli has been buying bitcoin for 10 years, but he got really serious about it 5 years ago. [06:30] There are 12000 exchanges where you can open up a wallet and put your money in and start trading. [07:26] Fli has a platform where you can buy, and he does all the trading. [07:53] Blockchain verifies who you are and whether you have money. It's on immutable ledger. it's going to eliminate all of the fraud. [09:19] Blockchain verification is going to be huge in all industries. Real estate can close in one day with blockchain technology. [11:09] Blockchain is going to turn social media upside down and require the advertisers to pay us. [11:50] Blockchain will turn the healthcare system upside down with smart document verification. [13:00] Digital money is online. The evolution of the internet and the evolution of money. Fiat money is inflationary. [14:30] There are a million bits in a bitcoin. There are 100 Satoshi per bit. [15:10] There is zero inflation involved with bitcoin. [15:33] If you've been buying incrementally in the dips, you have the opportunity to sell when it hits that bounce. [16:38] Trade bitcoin for other coins and buy and sell the coins as they move and buy more bitcoin. [19:41] Keeping bitcoin safe. Cold storing is downloading the codes off of the Internet and keeping them safe. The codes are only in the wallets when doing trades. [22:44] The Fli Mackie cryptocurrency show is on 1100 KFNX. Links and Resources: Loral’s Real Money Talks Fli Mackie Show

Real Estate is one of the best ways to create and grow wealth. My friend Lance Edwards is here to talk about how to get into small apartment investing and create wealth by scaling up. Lance talks about the three methods for creating deal flow including his secret weapon. Lance Edwards is a best selling author, real estate investor, teacher, and radio and TV personality. In this episode, he breaks down what small apartment investing is and how it can be so much more lucrative than single family home investing. He also talks about the advantages of direct seller negotiation including down payments, interest rates, and no personal guarantees. You can find Lance here: Deals & Dollars ClubLance on FacebookLance on Twitter Ask Loral Show Notes [01:50] Lance has been involved with real estate since 2002. He was in the process of trying to find ways to make extra money. [02:38] His first deal was a fourplex with no money down. Within 2 1/2 years he had done 50 deals using other people's money on a part-time basis. [02:55] Within three years of his start in small apartments, he was able to retire from a 20 year corporate job. [03:02] He has been doing real estate full-time since 2005. He has been teaching others how to do the same thing since 2007. [03:16] There is so much less competition was small apartments than single-family. You make bigger numbers for the same effort. Plus you can buy these properties for cash flow or flip them. [03:45] My best-selling book is How to Make Big Money in Small Apartments. [04:37] Rental houses don't have the cash flow that small apartments do. Apartments are built to be income producing vehicles. [05:17] You can buy 10 houses or one 10 unit apartment complex. Start with a small apartment building and scale up. It's all very simple math. [06:36] Learn the business and understand the basics. Then decide if you want to do it yourself or have us do it for you. We do a lot of done for you services to find sellers and buyers. At the end of the day, you need to find sellers and buyers or investors. [07:33] Three methods for deal flow are websites, brokers, or direct mail. [08:06] Brokers can give you access to pocket listings that are not available on the public websites. [08:12] The secret weapon is direct mail. This is sending mail directly to an owner asking if they are interested in selling. This cuts out the competition and gives you direct contact to negotiate for things like seller financing. [09:03] Negotiate your own down payment and interest rate with no personal guarantee. [10:29] When you sign a personal guarantee or recourse loan. The bank can take your property and come after you personally. [10:53] With seller financing, you can purchase a property with monthly installment payments for a few years. There is no credit check, everything is negotiable, and there is no personal guarantee. [11:13] If you default on the note, the seller takes the property back, but they don't come after you personally. [12:22] Flip one, flip one, flip one, hold one is the path to financial success. Create deal flow and flip properties while you cherry pick the ones you want to keep. [13:39] Use other people's money for leverage. Use private investors or self-directed IRA investors. Tap into other people's resources. The only thing that holds you back is deal flow. [15:15] The investor can be a lender or an equity partner. They loan me $50,000 and I give them 6% interest. An equity partner may get 1/3 of the property value and income. [16:56] You can negotiate the terms of your loan with your private lender. Deferring interest will boost cash flow. [18:01] Small, midsize, and large apartments. Corporations own large properties. Midsize is the space of mom and pop investors. [19:39] Everything is the same with the midsize. There are just more zeros on the check. [20:18] Forced appreciation. Increasing the net operating income. Raising rents or reducing operating costs. Raising occupancy also raises value. [25:16] Don't make the mistake of thinking that you are not qualified to get started. Links and Resources: Loral’s Real Money Talks LoopNet MLS Make to Make Big Money in Small Apartments

Amanda Holbrook from Specialized IRA Services is here with me today. We are talking about self-directed IRAs. We go into the details of how you can open one or how you can transfer an old 401(k) into one. True self-direction is not limited to stocks and bonds. Self-directed accounts allow you to get off of Wall Street and onto Main Street by investing in tangible assets. When it comes to making and keeping money, tax advantages as well as having capitol to invest are major advantages. Having a team to help you set up something like a self-directed account can make it easy to begin earning and saving like never before. Amanda shares strategies and clears up misconceptions about this smart retirement strategy. You can find Amanda here: Ask Loral Show Notes [02:27] Amanda started out working in the conventional lending industry. She then discovered peer-to-peer investing. Then she found out with the self-directed IRA, we can be private lenders to each other. [03:11] Self-Directed IRAs are the vehicle that lets you invest in something that you know. [03:31] True self-direction is not being limited to stocks, bonds and mutual funds. You can also invest in the nontraditional space. [04:34] With a self-directed IRA you have a lot more creative opportunities to get double-digit returns on your money. [04:51] Anyone with a social security number and earned income can have a Roth IRA. [05:16] With an old employer 401K it is to roll it into a self-directed IRA. [05:39] With a Roth IRA you pay the tax on the seed not the crop. [05:44] Get your kids started with a Roth IRA. It's how to build the trust fund babies of tomorrow. [05:52] The entire point is to get the money off of Wall Street and back onto Main Street. [06:28] Get professional pictures of your baby done and issue them a 1099 for the Roth seed. The limit for the year is $5500. [07:13] If this $5500 grows at 10% until your baby is 591/2, you have over 2.5 million of tax free income for your child. Take action today to set your children up monumentally for tomorrow. [08:12] There are three steps to moving a 401k. Once you have deposited the funds, you can pick a non-traditional investment. [09:20] There are no tax consequences as long as you keep the vehicle the same. It's a lateral move. [09:45] Self-directed means you are not limited to, stocks, bonds and mutual funds anymore. [12:04] A Roth IRA is a big piece of how you can keep your money. The taxes are already paid. [12:24] A Roth solo 401(k) is the account to have for self-employed people. You can put 18,500 in the tax-free portion and up to 36,000 in the tax-deferred portion. [13:35] Your Roth IRA can also be zero cost capital. You can take a loan out and pay yourself back. [14:47] You can bite tangible assets like gold, real estate, and other investments. You can have tangible investments that are insured in your tax-free account. [15:58] When you purchase a property and do a deal you do it in the name of your IRA. It is all about how you title the property. All expenses come from the account and all profits go back into the account. [16:49] You can also be a lender. When the money is made payable it's payable to your account. This is how the money grows tax-free. Month after month after month. [17:41] Things that can't be included are life insurance policies, collectibles like artwork, and you can't fund yourself in a business dealing. [18:30] You can't benefit out of the retirement account in the here and now. Your spouse is also off-limits. Aunts, uncles, nieces, nephews, are all okay to do business with. [19:33] Things to look for when finding the team. Find people who practice what they preach. Find innovators who also execute. [21:27] Knowledge doesn't just make you successful. Execution leads to the success. [21:45] Look for experience behind the table. Make sure you are dealing with a fully licensed custodian and make sure you understand the fees. [22:23] There are set up, annual, and transaction fees. Specialized gives unlimited buy sell transactions for a flat fee of $250 a year. [24:17] Think about whether you want to just dip your toe in the water or get your whole family on board with specialized platinum service. [24:28] To take action, you decide, deposit, and direct. Links and Resources: Loral’s Real Money Talks

If you feel like you missed out on some of the big earning opportunities of the past, you are in luck. There are three big learning opportunities right now. The cannabis industry, blockchain technology, and cryptocurrencies are changing everything. There are huge opportunities in this space. I’ll be in Las Vegas in October talking about these opportunities with a team of experts. I'll also be at the Big Table Mastermind in November. My guest today is Don Beavers a researcher, coder, and a crypto expert. He describes himself as a guy who knows a lot about math. Today, we talk about some of the new opportunities that are opening up and how to get in on the ground floor. You can find Don here: Ask Loral Don on LinkedIn Don on Twitter Show Notes [02:11] Blockchain is a method of data storage. It's a distributive ledger. It's like a giant spreadsheet that is duplicated thousands of times on a network of computers that also keeps it updated. [02:54] The data is public and easily verifiable. It doesn't have a single location or a single point of failure. [03:40] When transactions occur, the data is encoded in digital data or encrypted. Each block is connected to the one before it and the one after it and it creates a chain. [04:52] Blockchain provides you with an immutable indelible record of your transactions or data. A software interface using blockchain will be customized by the industry. [06:51] One way to invest in blockchain is to invest in companies that are already adopting the technology. You can also participate in the industry by offering your own tokens for services. [09:36] Blockchain and Bitcoin are two different things. Blockchain is the technology behind crypto, but blockchain can be used for other platforms. [11:05] Don got into blockchain, because he is building a rocket and wants to track every component going into that rocket. [12:14] Blockchain is so economical and easy to work with that you can use it to track every single instance of something. It's perfect for financial data and medical records. [14:27] Don got into blockchain when one of his friends website was hacked. The data was encrypted and the hacker demanded bitcoin. [15:22] He was able to recover the website and started looking at the technology behind bitcoin. He realized the potential for blockchain. [15:55] Blockchain is going to make the world a better place. [17:11] One of the most amazing opportunities out there is pharmaceuticals and the marijuana related industries. [17:29] This industry requires a large amount of data acquisition. Blockchain is the perfect solution to handle the infrastructure for this data. [18:18] At the October event, Don is going to talk about how blockchain is going to make the cannabis industry viable and about cryptocurrencies that are safe to invest in. [19:12] When you get to know blockchain, you will catch the excitement, because it is going to absolutely change the world. Links and Resources: Loral’s Real Money Talks IBM Blockchain