Real Money Talks

Getting off of Wall Street and alternative investments are one of my favorite topics. Today, Scott Arden the COO and co-founder of Controller’s Ltd. a company that offers a wide range of financial services including bookkeeping, payroll, CFO/controller services, cash-flow management, and tax planning is here.   We talk about asset allocation, diversification, and making the most of alternative investments. Some of the things we discuss are choosing the right corporate structure or multiple structures to reduce taxes and liability issues. We also talk about the steps to begin building the best type of structure for your businesses. You can find Scott here: Scott on Linkedin Ask Loral Show Notes [01:20] Scott and his co-founder discovered a breakdown between the asset protection side of business and the tax planning side and decided to bridge that gap.  [02:03] They want everyone on the financial team to be on the same page and have the same plan in mind moving forward.  [02:26] The breakdown comes from a lack of integration and the lawyers not talking to the accountants unless the client knows how to facilitate those conversations.  [02:43] Most people abdicate their total financial control to a CPA, a lawyer, and maybe a financial planner.   [03:06] The first step in diversification of assets. Make sure that your current house is in order.   [03:47] True asset protection can only be achieved by using multiple entity structures.   [04:29] Once everything is in order, then it is time to take on that new business deal.   [05:02] Building full asset protection.   [05:25] The entity you should choose depends on the type of business that you are going into. A lot of businesses starting out use LLCs or S Corps.   [06:04] As you get more comfortable with different investments, it is time to bring on different companies.   [06:12] Creating an LLC structure can allow for passive investments, deductions, and liability protection.  [06:37] As things become more profitable, you will want to look at tax strategies and building a nest egg for funding additional deals.   [06:56] Depending on how diverse your assets are you could go into a multi-tiered structure.  [07:24] Dividing assets and liabilities into companies. Different businesses have different liability factors.   [08:35] Defining the effective liabilities in each business.You don't want to combine all of your different businesses into one entity and all businesses responsible for an accident in one of the businesses.  [08:52] You can put your equipment in a separate LLC and lease it back to the company to avoid liability issues.  [09:00] Scott's company does a comprehensive analysis of what the client has and how many entity structures should be put in place.  [09:42] Own nothing and control everything. Nevada offers an asset protection trust.   [10:16] Everyone with assets should have a living trust. An asset protection trust means you own nothing, but control everything. These can protect everything that you earn and pass it to beneficiaries.   [11:41] The wealthy live within corporate structures.   [11:56] Insurance can separate out some of the liability. Use of corporate structures can legally encumber assets using multiple entities creating friendly liens to protect the assets.   [13:27] Investment risk comes down to identifying your expectations and comfort level.   [14:34] Being the first lien position on a note. Flipping Wall Street is a robotic trader. Equity investing has always been on the playing field.   [15:44] Equity investing is more secure. Starting out in debt is more stressful and reduces the amount of risk that you can take.   [17:26] Step one: get your current house in order. Step two: identify expectations. Step three: Research.   [18:07] Speak with someone who has experience. Learn from people who know.   [18:48] You can't learn the variables of a deal in a textbook. A deal is when all parties feel that it works.  [19:26] Lowering taxes through multiple entities. Corporations and LLCs offer far more tax deduction options than individuals.   [21:06] Corporate write-offs can offer you more use of your money up front.  Links and Resources:  Loral’s Real Money Talks  Dale Carnegie  John D Rockefeller 

I have a very special guest today. Maria Watson is a nutraceutical veteran who has built and consulted with companies that have earned millions of dollars. Every episode is about investing, growing, and keeping your money. This episode is no different. I have just partnered with Maria on a manufacturing facility that is known for quality. At this facility, we will be producing different supplement lines.  We focus on wealth but are also strong believers in health and the power of quality supplements. In this episode, Maria shares her contagious enthusiasm for health, supplements, and quality control. We talk about our new partnership, and the exciting potential for creating and growing wealth. I am super excited to introduce Maria and dive more into this topic.   You can find Maria here:  Perfect Vitamin Products Ask Loral  Show Notes  [01:38] Maria Watson is 62 years old. In 1987, she lost her three year old son to a drunk driver. She then spent three years being overly medicated for depression.   [02:16] She was certain that she would never get out of that dark state.  [02:25] She was introduced to an amino acid supplement that literally gave Maria her brain back.  [02:43] Maria wanted people to feel good too and shared the information about the supplement, but she never correlated it with money.  [03:10] She eventually realized that this product could be monetized. Although, she got into the manufacturing process mostly to control the quality.  [03:41] Loral and her partner Ben are about to start breaking ground on a 23-acre cannabis facility.   [04:27] They have also been trying to find ways for Canadians to save money on taxes.  [04:44] They are buying three dispensaries and contracting growers.   [05:21] When you are in the space of making money and making deals, things come to you.   [05:26] Ben found Maria and now they have made a manufacturing deal. The intention is to be a partner and eventually buy Maria out.   [06:11] The goal for the plant is to keep people healthy while making a lot of money.   [06:12] Maria is more focused on the health side of the business.   [06:40] Maria started out with amino acids and then learned about hormone replacement, iodine, nitric oxide, and then cannabis.   [06:57] With the partnership, Maria's 28 years of nutraceutical knowledge can be combined with the cannabis industry to make quality products and change lives.   [07:49] Hemp and CBD can immediately reduce anxiety without getting you high. Cash comes with solving massive problems.  [08:07] What matters to Maria is doing it right.   [08:48] Maria got into the supplement business because of a need. She married her husband who owned Vitamin Research Products. They built that company up, but her husband had concerns about the regulatory environment.  [09:43] They built an amazing manufacturing facility from the ground up. Her husband sold the business, and they retired.  [10:28] Maria didn't want to be retired, and around the same time the buyers of the business wanted to renegotiate the deal, and Maria got the manufacturing facility back.   [11:16] Maria decided to start over again from scratch.  [11:54] She rehired her employees and started purchasing equipment.   [12:50] Partnering with Loral has enabled Maria to find new customers. Including the private line for Alzheimer's specialist Dr. Trinh, another customer who has a private line on Amazon, and a private line for Loral.   [13:08] Loral has believed in supplements all of her life.   [14:28] How everybody thinks they are supposed to take calcium, but not all calcium works the same. Plus, you need to take vitamin D3 and K2 with the calcium.   [15:22] Nutrients are not all created equal, so it is important to educate people and your followers about what to take.   [15:37] Maria's products at her old company were known for quality and having the right nutrients at the right level to be effective.   [15:57] All of the lines made at the facility will be made right with the proper products, combinations, and amounts.  [16:37] The combined group has certifications that no other group in the US have. These are verified certifications that involve physical audits.  [17:50] Maria welcomes the audits, because she wants to prove that she is doing it right in this world. They will have the certifications to ensure purity and dosage requirements.   [19:21] The certifications make the facility more marketable and help prove the quality of the products.  [20:20] Finding clients and learning how to cut yourself into the deal.  [20:58] The original amino acid supplement that Maria took was from an MLM company. She never really understood the payment plan. When the quality of the product changed, she was forced into manufacturing.   [21:40] MLMs sometimes destroy the integrity of the product, because so many people need to get paid.   [22:29] You don't have to do everything yourself. Look for people you know that can help with a deal.  [22:46] Maria's plant has research and development and food scientists that are part of her team.   [23:16] Maria's group can create products that get results. The team that Loral is putting together will be able to make money.  [23:57] Loral wasn't dissing MLMs. She loves MLMs done right. It is an exciting time with the green rush and all of the infused product lines hitting the market.  [24:49] There is so much to be uncovered. The potential is there. Especially in the anti-aging group. Hemp components may even be able to be utilized for weight loss.  [25:27] Loral, Ben and Maria will do a future panel and podcast.   [25:28] The goal is to help people to engage in the conversation of making more money, keeping more money, and better tax strategies.   Links and Resources:  Loral’s Real Money Talks  International Cannabis and Cannabinoids Institute  Health Brain Club With Dr. Trinh  Loral Langemeier on Facebook 

As some of you may know, I'm a five-time New York Times best-selling author. I love books. Books are like our brains on paper. I'm even thinking about coming out with another book to write about all of the blockchain, cryptocurrency, and cannabis millionaires that are being made. It's possible to create huge amounts of revenue with the right book and the right plan and product behind it.    Today, Melanie and Jenn from Elite Publishing are here to talk about why you should write a book for your business. Having a book can be a wonderful tool for making money and opening the door to bigger and better opportunities. Melanie and Jenn break down how to get started, book publishing best practices, and why you should throw perfectionism out the window and get to work.   You can find Melanie & Jenn here:  Elite Online Publishing Elite Online Publishing on Facebook Free Book Ask Loral  Show Notes  [02:06] Melanie owned TV stations and Jenn ran a web company. They were both always growing and learning.   [02:28] At a conference, Jenn had a great idea. Melanie was donating a vacation to the Dominican Republic to charity. They both already had best sellers on Amazon, but Jenn wanted to do a book writing retreat in the Dominican Republic.   [02:58] Our little book writing retreat joint venture started our company, Elite Online Publishing, and now we have over 1500 of our own books on Amazon and over 60 authors published on Amazon.   [03:22] Why do people need a book for their business. It is an asset that will generate you income. It raises your authority and expertise. It will get you media and speaker gigs and open doors.   [04:03] How writing Enthusiastic You took Joshua Evans career to the next level and now he gets $12,000 speaking gigs, he spoke on The Queen Mary, he got the franchise for TEDx in Texas. This was all because he was an author of a book.  [04:18] John Cody wrote about mobile marketing and then spoke at a medical tourism conferences. He recorded the interviews and launched a podcast and ended up being a consultant for the Country of Belize.  [05:10] Marilynn Barber's Dress Like You Mean Business led to a news anchor segment.  [05:37] The value of a book can't be quantified. The book is an asset you have around for the rest of your life.  [06:05] Books can make a little money, but it is the business around the money that matters.    [06:16] Books allow credibility to raise funds for projects. You don't know where the trajectory of a book will land.   [06:58] Myths around writing a book. Loral likes interviews and recordings to send to editing.   [07:28] I lot of people don't think they have time to write a book, but they can talk a book. Otter.ai is great for transcription. You can talk a book really quickly.   [08:41] What technology today we have all the time in the world. We can also repurpose our content.  [08:54] We love to repurpose and curate blog post content. This even turned into The Minimalist Movie.   [09:40] What's the fastest best way to write a book.   [10:30] The 10 x 10 x 3 method. People are asking you about your expertise all the time.Take five minutes and write down all the questions you get asked and then take another five minutes and write out all the questions that should be asked. Then layer these questions with a story. Then give the aha moment that ties is all together.   [12:03] You could even start putting your book out on a Facebook live.   [12:45] Using Createspace. There are other companies like this you can use. You want your book in every readers hand, so you need an ebook and a paperback book.   [14:54] Having your book on Audible is also a great revenue stream. Having a hardback is also a great lasting expert platform to have.   [15:32] You want to have 135 pages so that the title of the book will be on the binding. In 2017 the fastest growing trend is audio books.   [16:23] Send your book to a CEO's office because the physical book will get past the gatekeeper.   [16:55] Each chapter should send the reader somewhere, have all of your social contacts, have someplace to send your reader in the first couple of pages. Be sure to have an Amazon author page with a call to action in the first couple of pages of the book.   [18:22] Get the book out of your head as fast as you can.  [18:55] If you don't get the first book out another one isn't coming.   [19:49] You're not going to grow if you don't start. Nothing is going to come to you if you continue to hold everything.   [20:32] Yes is the answer. Figure out a way to get around the obstacles.   [21:27] Excuses. There are no excuses from not knowing what to say to not having the money. Figure out a way to make it work. It is a long-term investment. You just need to make up your mind to have a book as an asset.   [22:55] It's super important to have a great cover.  [23:31] Have a great title and subtitle. Use software to search the keywords and categories. Have a call to action in every story.  [23:52] Throw your ego and perfectionism out the door and then just get the first one done. Get it started and do it.  Links and Resources:  Loral’s Real Money Talks  Enthusiastic YOU!: Rediscover Your Passion & Energy: Tools For Success in Your Daily Life  Dress Like You Mean Business: A Dress Strategy to Get the Career You Want  Otter Transcription App  The Millionaire Maker  Yes Energy  CreateSpace  Audible  Books to Bucks: The Top 20 Ways to Make Money with Your Book (even if you haven't written it yet)   

My company and podcast is about making money, keeping money, and investing money wisely. Communication is the key to increasing the potential of money and exploring the best options to keep, make, and grow money. I am a huge fan of neuro linguistic programming or NLP when it comes to having conversations about money that influence people in the right way.  Matt Brauning is a speaker, best selling author, and master NLP trainer. He became a self-made millionaire by the time he was 25. He runs seminars all over the world and has worked with Tony Robbins, was in the movie “The Journey” with Brian Tracy and Bob Proctor, and has worked with countless Fortune 100 companies. Today, Matt shares some of the amazing potential that NLP offers to improve our business and our lives.  You can find Matt here:  Ask Loral Matt Brauning Evolution Matt Brauning on Facebook The Purpose Driven Entrepreneur Podcast Matt Brauning on LinkedIn @MattBrauning on Twitter Total Freedom From Addictions  Show Notes  [02:48] What Matt and Loral do are so collaborative and integrative. NLP and communication is critical for success.  [03:15] Matt started out in financial services and real estate.  [03:22] When Matt was 18, he worked with brothers who were in the mortgage business. He learned everything about credit and mortgages and took his first vacation to Cancun at 18 and bought his first house at 19.   [04:02] By the time he was 25, he had a five million-dollar portfolio and was a self-made millionaire.  [04:28] After going to a Tony Robbins seminar, Matt fell in love with the concept of changing lives and changing patterns, and he knew that there was something more for him to do.  [05:03] Matt wanted to change people's lives and became a life coach.  [05:29] New seasons and coming into the season change. Whether you're going into real estate or getting out of real estate there are seasons and times for change.  [05:43] What is NLP and why is it important? The lost user manual for the brain.   [06:43] The way we imagine our memories both past and future visions are what NLP centers on quite a bit. A shift in the way we internalize processes and the way that we internalize memories.   [07:08] Reliving memories over and over again make them more vivid. Pretty soon we are reliving lives.  [07:16] The ways that our brain works is so complex. Science hasn’t even scratched the surface.  [08:31] NLP is about looking at what my subjective interaction with my environment is.  [08:57] NLP is a study of why we do what we do and how to change deep unconscious habits that don't serve us.  [09:33] Why having a high awareness is so critical for being successful.  [09:57] People think of NLP and personal development in general as just goal setting or positive thinking.   [10:20] Positive thinking isn't the message. The message is positive habits.   [10:35] Our habits are everything. The behavior we do over and over again. What do we do with surplus money in the bank. We all have unconscious desires and habits.   [11:47] Rewiring the mind to conquer severe phobias. Judging things by what the outcome is.  [12:56] Phobias are habits. Look at the unconscious neural pattern that establishes the habit in the first place.  [14:51] Unconscious or deep ingrained phobias. Surface level and deep level.  [16:46] It's too late to intervene when you're already in the middle of the behavior.  [17:25] Go back to the exact moment when you are doing the undesired behavior and then go back an hour before that behavior. Find the exact trigger second in time. Scramble that picture in your mind, and you can't play the pattern again.   [19:22] Every habit whether good or bad has a trigger that starts it.  [19:54] It's all attitudes and habits. But before that there's always a trigger. We need to get to the heart of the trigger.  [20:13] These skills will enhance your life, your education, your relationships, and your ability to create wealth and money.  [20:27] These communication and presentation skills have enabled me to raise large amounts of money.  [21:24] How to get started with NLP.   [21:36] Find an immersive seminar type environment. Find a live place to learn and try this information.  Links and Resources:  Loral’s Real Money Talks  The Journey  Tony Robbins  Brian Tracy  Bob Proctor  The Secret   

I have to admit, I actually underestimated the power of what is needed to do great SEO. SEO is critical and needed for every business. Today, we are going to discuss how high quality websites and podcasts contribute to SEO, the components of really great SEO, and more with my SEO Specialist and SEO prodigy Chloe Spencer. Chloe Spencer is the Marketing Manager & SEO Specialist for Live Out Loud. Chloe started her first company when she was 14 with a Neopet website that ranked at the top of Google and made her thousands of dollars a month. She now runs an SEO and marketing agency. She has been featured on ABC, MSNBC, Huffington Post and more. You can find Chloe here: Chloe Spencer Chloe’s MSNBC Interview Ask Loral Show Notes [01:46] Chloe has 26 SEO clients. Today, we are going to talk about how Chloe got into SEO. [02:16] Chloe's dad is Stephan Spencer one of the top SEO experts in the world. He was a great mentor, but he didn't build her company for her. [02:26] Her first site was a virtual pet site that she monetized with AdSense. It ranked at the top of Google and she received tens of thousands of daily page views. [03:08] When she was 16, she started speaking professionally, and she started doing SEO for clients at 19. She is also a brilliant SEO coach. [03:59] How high quality websites and podcasts contribute to SEO. Components that contribute to really great SEO. [04:14] Search Engine Optimization has two pillars on page SEO and off page SEO. [04:27] On page includes content, keywords, technical SEO, page speed, etc. Off page is about link building and building authority using targeted keywords. Content quality has to be compelling, but off page SEO is almost more important, because Google is concerned with trustworthiness determined by who is linking to you. [05:24] You need high-quality sites linking to you in order to have the ability to rank. [05:38] Majestic is the top tool to check link authority. Look at the trust flow metric. Aim for a 20 or 30 at the least. [06:55] You build trust flow by building up your links. Be careful that you don't hurt your SEO with link building. [07:31] Spammy links are going to be really detrimental to your SEO and your rankings because they really lower your link authority. [07:37] Spammy links can actually get you a manual penalty from Google. [08:03] Black hat links might work for a little bit but sooner or later Google finds out and it will come back to bite you. [08:10] Do your link building correctly by being clever and creative. Create really amazing and compelling content. [08:22] Don't just post your blog content on your little corner of the Internet. Push it out to the world and get some eyeballs on it. Work with influencers, advertising, and SEO those articles, so you get some traffic and eyeballs on it. [09:21] Black hat link building is going against Google's guidelines and doing things like mass article generation and low-quality links back to your site. Things like link directories and link farms or mass comments or low quality blog posts. [10:10] The worst is comment spamming blogs. Often, these are no-follow and don’t pass any link juice. [11:07] Shady link schemes will get you penalized. The difference between black hat and white hat is really just following Google's guidelines. [11:18] White hat focuses on creating awesome user content. [13:07] Ask your potential SEO firm if link quality or link quantity is the most important. High quality links are the most important. It's all about quality not quantity. [13:53] The Yoast SEO plugin is good for optimizing title tags and meta descriptions, but don't worry about the whole red light green light aspect that it gives you. The title tag is your title attribute. It's at the top of your browser window. It is the most important spot for your keyword and shows up in the search results. [15:49] Focusing on keyword density could get you close to keyword stuffing. It's about where your keywords are. Title tags, heading, subheadings, once or twice in the body. [16:20] SEO in social media. SEO is critical to rank in Google. Social media marketing is still necessary. [18:41] Using social media to drive traffic to your website can help with SEO. Google does look at how much traffic you are getting. [19:55] Google Search Console and Google Analytics. These are necessary for every website. [20:33] Moz Keyword Explorer. [21:22] One of the biggest mistakes people make is not using keyword research tools. Moz is fantastic. [21:41] Rank Ranger is great for tracking rankings. It's important to track your mobile rankings as well as your desktop rankings. It's also important to make sure that your site is mobile friendly. [22:13] Link Research Tools are awesome for looking at your own link profile. [22:35] Use Link Research Tools to run a link detox report and then disavow any low-quality links. [22:40] Pitchbox is really great for reaching out to bloggers and influencers. [23:26] The number one thing that everyone needs to know about SEO is that it takes time and it is ongoing. Links and Resources: Chloe Spencer Chloe’s MSNBC Interview Ask Loral Loral’s Real Money Talks Majestic Yoast SEO Plugin Google Search Console Google Analytics Moz Keyword Explorer Rank Ranger Link Research Tools Pitchbox  

Alzheimer’s is a devastating disease that is growing in the United States. Sometimes referred to as the slow death, because people’s minds go while there bodies stay healthy. Dr. Dung Trinh is a world leading brain and Alzheimer's researcher who has dedicated his time studying the brain and trying to eradicate the disease. We talk about research, prevention, new treatments, and where there is and isn’t a place for marijuana. Studies have shown that medical marijuana has exciting promise for treatment of disease and also exciting investment potential. You can find Dr. Dung Trinh here: Healthy Brain Club Dr. Dung Trinh on LinkedIn @iggyigette on Twitter ToungueOut Show Notes [01:17] Dr. Trinh has been a physician since 1999. He is an internist and does a lot of geriatric medicine. [01:36] After 17 years he was successful in reducing heart disease, cutting back on strokes, and helping with diabetes. His Alzheimer's patients were challenge, because he didn't have the tools to treat them at this point. [02:39] Alzheimer's is devastating for the family members. People have to quit work or take time off because we just don't have the resources to care for everyone. [02:50] The long Is when your brain is gone but your body continues. [03:05] After watching helplessly as his Alzheimer's patients suffered, Dr. Trinh decided to focus exclusively on the brain. [03:17] He is involved in Alzheimer's research. They run clinical trials and are looking for a cure. [03:50] A healthy brain has about 100 billion brain cells. The brain cells talk to each other. Patterns of connections are formed. Each pattern can be viewed as a memory, thought, or feeling. [04:39] Amyloid beta is the plaque or protein that builds up excessively in Alzheimer patients. When enough of this occurs the patterns of communication or memories are broke up. [05:45] All Alzheimer's patients have the amyloid plaque in their brain, but not all people with amyloid plaque get Alzheimer's. [05:55] Even if you have the plaque we can bend the curve to help avoid the diagnosis. That is exactly what I do. [06:35] Dr. Trinh is an educator in the community with the Healthy Brain Club. He does education on Alzheimer's risk reduction. [07:04] Prevention is first and foremost. They do clinical research for pharma products testing. [08:04] They are now using immunotherapy. They prime the immune system to recognize the cancer as the bad guy. [09:11] They are now bringing the technology of immunotherapy over to Alzheimer's treatment. [09:50] Medical marijuana and Alzheimers. Published reports are showing cannabis treating ailments. Dr. Trinh's worldview was that pot was bad. Now he is slowly looking at how Marijuana can be used responsibility. [12:42] The data does show that using marijuana for the wrong reasons can be detrimental. [13:27] Medical marijuana can be used to help people in a responsible way. [14:43] It's super early to look at dosing. Cannabis is illegal at the federal level. [16:05] There is early research on PubMed. The studies are exploding. God doesn't create evil plants, just humans abuse them. [17:38] The US government owns the patent to medical marijuana. [18:43] Dr. Trinh runs the Healthy Brain Club. Their purpose is to bring about awareness of Alzheimer's and reduce risk. [19:48] The cannabis club is the largest club in a large Southern California retirement community. [22:06] Medical studies and research have shown that marijuana in a developing brain causes damage. Anything abused causes damage. [24:02] This is an evolving conversation that needs to happen. Links and Resources: Loral’s Real Money Talks PubMed

My friend Anze Mofor is here to discuss the importance of attending a live event to help anchor your financial future. Then I discuss the 10 habits of Millionaires. Becoming a millionaire doesn’t happen by accident. There are certain things that millionaires do to help cultivate an environment that increases their wealth. I talk about these things along with how important it is to have the right knowledge, team, and a strategy to move your wealth forward.  You can find Anze here:  Ask Loral  Anze Mofor  Show Notes [03:48] How it is preferable to learn how to make money as opposed to giving someone your time for money.  [05:02] There is so much to learn about money. Laurel has been studying millionaire habits for over two decades.  [05:47] The cannabis and crypto world is going to make the dot com look like the dot bomb.  [06:44] Loral's team is very cohesive, and they all work together on your behalf. You will walk out with a money plan if you attend one of her events.  [07:13] The money makeovers that they do are one of the most jaw-dropping things that they do. You will learn things that you didn't even know.  [07:37] How Loral's workshops are so exciting that nobody wants to take a break.  [09:22] At Loral's real estate events, her and her team will actually take you out and show you the projects.  [09:42] How most people don't have a money plan but they need a money plan.  [10:22] 50% of Loral's students get money back on their taxes. They know how to create a strategic plan. Once you have the plan, you have to work the plan.  [10:41] They also teach about debt. Debt can be your best friend. Good debt can be used to raise capital.  [12:34] Habits are just ingrained in you. Today, we are going to be talking about the 10 Habits of Millionaires and you can follow along with our PDF download. Our team will also follow up with you and do a mini money makeover.   [13:41] Do you have someone in your world that you can call and ask any money question? That is why our community exists.  [13:52] Millionaires have a team of people that they work with year over year, and they constantly add new people to the team.  [14:14] 1. Our peer group is comprised of other successful wealthy people. Millionaires hang out with millionaires.   [14:39] 2. We have many mentors annually. You move through mentors on a regular basis.You are the some of the people that you hang out with.  [15:49] You have to have a team that understands all the nuances of taxes, entities, and so much more.  [16:13] Cannabis and cryptocurrency are taking the world by storm. You can be a part of things, or you can sit on the sidelines.  [17:25] In the next 5 to 10 years, digital currency is going to be how we exchange money. It's going to change and revolutionize exchange rates, banking systems, and everything.  [17:35] It's the biggest disruptor since The Creature on Jekyll Island.  [18:30] A mentor will save you taxes and increase your returns. The money you spend on a mentor is well spent. A mentor will also save you from extremely costly errors.  [19:45] If you spend $22 a day with us for three years, you can become a millionaire.   in  [20:46] It's priceless to have a mentor help you avoid errors and speed up your money making timeline.  [21:27] We don't spend a day wondering what we should do, we call someone and get their advice.  [21:57] We also join masterminds and speak at other masterminds.  [22:21] We'll stockpile or money in savings, we invest in double-digit returns. We do diversify it.  [23:27] We have ninja tax strategists to understand how to live the corporate life. They help us strategize on how to move our money and keep our money.  [24:16] We create strategic multiple streams of income. When there's a lot of money surging in one place, we actually separate that.  [25:39] Companies make money, and individuals get taxes. We invest together. We operate as business owners. This makes our taxation and protection of assets different.  [26:07] You have to have a legal and tax team around you to separate your finances in this way. Loral has spent 20 years finding the best team.  [27:05] Lean and learn this conversation about money.  [27:10] We get up and do what it takes to get the results without making any excuses.  [27:41] We manage or transfer the risk. It's only risky if you don't have any knowledge.  [30:44] We can help you by doing a quick little mini analysis makeover.  [31:12] The biggest thing we'll handle for you is debt. We don't care if you have debt, we are going to teach you how to manage it and how to make money.  Links and Resources: Loral’s Real Money Talks  Live Out Loud Events  The Creature from Jekyll Island: A Second Look at the Federal Reserve  Habits Download 

Peter Anthony Wynn the CEO and Founder of You Will Change the World a place that connects authors and speakers to a larger infrastructure sits down with me today to talk about having a money mindset. How doing the same thing as everyone else is not the way to free yourself and make truly life changing money.   You need to think outside of the box, and be open to alternative investments and methods that make your money work for you. It’s not hard once you understand the system and have the right team in place. Find the right people and education to change your finances and your money mindset.   You can find Peter here:  Off Wall Street Assets Workshop Ask Loral You Will Change the World  Show Notes  [00:56] Peter Anthony Wynn is the CEO and founder of You Will Change the World. Where he connects authors and speakers and helps them connect to create a larger infrastructure.   [01:21] As much as you want to give, you still have to give back to yourself.   [02:49] How people really need to learn about money. They need an alignment of the team, so that together there is a plan.   [03:52] People are confused when they come at money with a mindset of protect all I have when they should be compounding it and letting it grow.  [04:02] How you becoming a millionaire isn't your accountant's priority.  [04:42] How Loral is introducing people to the ecosystem of success.  [06:09] What is heartbreaking is when people say they want help but they don't move.  [06:29] It's about understanding that you have amazing potential and that you can do anything.  [06:55] How Wall Street is the most unsafe investment if you look at it behind the scenes.  [08:22] You are not going to become amazingly successful by staying broke.  [08:46] Most people want to help somebody, but most people can't even help themselves.  [10:54] Go out and figure it out. Understand how to manipulate your debt so that it is serving you.  [11:37] Change your social circle to answer the biggest questions or you'll never grow.  [13:05] How Loral is pulling back the curtain and sharing with the public the opportunities that are available to us today.  [14:05] There are 81,000 pages of tax deductions. There are only a few things you can't deduct if you are truly living a corporate life.  [14:56] When people have term insurance they have death insurance not life insurance. They are just wasting their money.  [15:23] Everyone has a gift or a talent that they are not bringing to the world because they are scared or afraid that they might fail.  [16:33] If you're going to change her life, you need a strategy. You are going to have to invest in more education.  [18:20] Providing a product or service with amazing value to make money. People fail because they don't understand money or how to manage their resources.   [20:00] You don't have to be great to start, but you have to start to be great.  [21:43] The number one reason people don't succeed in business is because they don't know what business they are in.  [22:16] You need to know how to market and get your great stuff out to the world.  [24:04] How people need to get past the fear and go out and share their product. Leaders need to be decisive. If it perfectly fine to make mistakes.   [25:50] If you can share a feeling and make it an experience, you will own that market.  [28:55] Pre-sell your stuff, so you have the believe that it's worth it.  [29:27] If people don't give you money, then don't move or design the webinar.  [30:22] Loral shares a story about how she found a partner in the cannabis industry. They did a webinar and asked if there was interest in a workshop. Then they designed the workshop according to what the attendees wanted.   [34:14] Becoming a millionaire isn't hard. There is just a system you have to follow.  [35:32] After Loral's workshop, you will be so motivated that you will go out and find the money to make the investments in your portfolio.  Links and Resources:  Loral’s Real Money Talks  Off Wall Street Assets Workshop  Ask Loral  You Will Change the World   

Michelle Nedelec the founder and owner of Success Therapy and the author of Business Ownership Mindset is here to talk about fostering and developing a true entrepreneurial mindset. Too many entrepreneurs start a business, but still have that employee mindset. We talk about the differences in mindsets for employees, entrepreneurs, and business owners. Running a business is not the same as buying a job. Michelle gives advice for removing yourself from your business and thinking like an owner instead of an employee.  You can find Michelle here: Ask Loral Success Therapy Show Notes [01:28] Michelle's book is called the Business Ownership Mindset, because a business owner’s mindset needs to be completely different than an employee mindset.  [02:20] How many entrepreneurs still do not have the business ownership mindset.  [02:55] The first mistake a lot of people make is checking their email first thing hoping that a client has put in an order. They are looking for direction from someone else. Which is completely the wrong way to look at business.  [04:04] How business owners need to be the ones running the show. They have to figure out what they want and then tell the team how to get it done.  [04:10] It's a completely different way of looking at things and business owners and leaders have to be able to do that.  [04:21] Michelle focuses on the concepts that need to be owned as an entrepreneur first and then a business owner. You have to have an entrepreneurial mindset first.   [05:00] When you really understand how to take the focus of control internally and start directing what is going on in your business.  [06:01] The success therapy process which helps people get to the root cause of why they do what they do.  [06:15] The three ways we change our beliefs include reason, repetition, and emotional charge.  [06:38] It doesn't take 21 days to form a new habit. The more emotionally involved you are the faster you will change.  [06:57] Seeing how people who already have the millionaire mindset operate can help you develop that same mindset.  [07:06] These people aren't afraid of what other people think of them. They're not afraid of making the tough choices and they have internal control.  [07:34] If someone else is making you angry, then you are giving them control. Once you take control of things then you can do something about it.  [09:04] When you have resistance towards something you are rejecting the part of you that could be good at that.  [10:55] The line of knowing when to hire versus when you should be doing it yourself. If you have a lot of resistance towards something, you should probably learn how to do it. You can hire someone but understand what they're doing and how they do it.  [12:01] If your company is running effectively without you in it, you have probably learned the business mindset.  [13:02] Plan what you want your day to look like first thing in the morning.  [14:00] Look at areas of your business that cause anxiety and decide what action you can take right now to improve that.  [14:38] You can find business ownership mindset on Amazon. Michelle wrote the book by having an interview with a friend and transcribing it. She wanted to get it out of her head, because it was occupying mental space.  [16:33] By getting your book out of you more content will come to you.  [16:37] Michelle also wants to write a book about strategic building or how to think strategically. Too many entrepreneurs think tactically and don't have a overall big picture strategy.  [17:16] She also wants to write about systematizing a business.  [18:10] How important it is to design an organizational chart of your business without you in it.  Links and Resources: Loral’s Real Money Talks  Business Ownership Mindset: The ultimate guide to freedom and self-expression through building a seven figure business  The E-Myth  Ask Loral  Success Therapy 

It's tax time, and I have my partner and tax expert Weldon Wulstein here to share with you everything you need to know to get the most out of your money and tax savings. A lot of people are underserved, because they don't ask their accountants the right questions. Weldon is here to share some of the questions that you should ask your accountant. A lot of people assume that the accountant will just take care of everything. That is not always the case, so you need to know these questions. Even worse, if you're doing your own taxes, you really need to know about these concepts. We also talk about incorporating and tax entities. You can find Weldon here: Ask Loral Wulstein Financial Services Weldon Wulstein on Twitter Show Notes [01:37] Weldon has been in the tax world since 1989. He cut his teeth in the oil and gas industry. [01:59] He moved up to Tahoe as a lifestyle choice. Using technology he converted his practice to an international practice. [02:22] Weldon loves the puzzle aspect of tax strategy. [03:04] The US tax code is upward of 80,000 pages. [03:13] Weldon is also it's experienced in cross-border taxation. [03:26] This is not just the US-based podcast. In principle, even though, the company names are different they operate very similarly. [03:56] How all of the tax deductions are not in TurboTax. You need to set up an entity and a strategy that fits your situation. [04:11] Why do accountants tell people not to get incorporated? [05:07] The problem to having a certain number before you incorporate is that some people are never fully focused on their business. [05:24] Treat your business like a company, and your mind will start treating your expenses like business expenses. [05:37] There are processes to write off business expenses as legitimate expenses. [05:59] When you incorporate, you do have to have an annual meeting and do some administrative work. [06:03] This work is minimal for the benefits that you will get out of it. There are so many strategies that you are missing if you are not using a corporate or entity structure. [06:32] When you have income in your company it is time to set up the entity. If you wait, you will have to redo all of your contracts. [07:57] When you start your company that is technically the first day you are in business. So if you've been a sole proprietor for 10 years and then you incorporate it's like starting over when you apply for credit. [08:27] Put your money in the right account because companies make money and individuals get taxed. [09:11] Keep in mind, there is a big difference between tax compliance and tax strategy. Tax strategy happens now for the year. [10:10] Guidelines for filing an extension. [11:46] You can wait until your extension date to fund your retirement plan. [12:41] Writing off the home office is not a red flag for the IRS. If your expenses are ordinary and necessary and directly related to the production of that income then you can take that deduction. [13:28] As long as you're documenting what you are doing getting audited isn't that big of a deal. [13:40] Have a business person's thought process not an employee thought process. [13:57] You now can't write off entertainment expenses. [14:36] A mistake people make is not doing their bookkeeping for last year until now. It's a lot harder to remember stuff from last year. [15:17] Don't cheat yourself out of deductions by not keeping good records. [15:40] Things that are going to affect people this new tax year. [15:55] If you have a W-2, you cannot deduct your employee expenses. [16:35] The limitation of income and property taxes. Property tax deductions are now limited to 10 grand. [17:00] New mortgage write offs are now limited to $750,000. [17:18] You can still write off rental property mortgage interest. [17:37] Flow-through of business income. You will get a 20% deduction off of this taxable income. Convert your business into an S corporation so you can run your income through your company and get that big 20% deduction. [18:25] Sole proprietors get the deduction, as well but they have to pay the Medicare and Social Security tax. [19:42] This tax law was designed for high income real estate moguls. [21:35] The first thing you need to do is set up your entity. [21:43] Get your ID numbers, get a bank account, and get a credit card account that is used only for your business. [22:05] Then get bookkeeping in place. [22:12] Your monthly profit and loss information is key to help plan your future strategy. [23:05] Get your stuff done now. Don't wait until the last minute. [23:25] What do you do if you haven't filed your taxes in years? File your current year's taxes. You can order what has been reported to the IRS and reconstruct the tax documents. Links and Resources: Ask Loral