Real Money Talks

Traditional families have been changing over time. Things just aren’t the same as the days of Ward and June Cleaver. Statistics show that 62% of families are either blended or headed by single parents. I am a single parent, by choice, and this choice comes with challenges and a sense of freedom. Today, I’m talking with one of my clients, Melissa Mackey, who became a single parent and asked me how to be effective and get it all done.  We discuss how no one really understands what it is like until they do it. We also talk about dealing with guilt, freedom, and allowing ourselves the space and time to do what we need to do to run our businesses and keep ourselves healthy.   Freedom will never happen if we don’t allow ourselves that space and time. In This Episode of Real Money Talks:  Practicing the art of receiving and keeping our cups full Allowing yourself space and time by not feeling guilty Traveling with babies and people offering to help Teaching our children what it takes to be fearless How nothing can really prepare you for the journey Subscribe, Rate & Share Real Money Talks!         Loral Langemeier is on a mission – to educate and empower the Real Money Talks community on how to have those important money talks that are straight, to the point, and can be applied to every aspect of your life. So, tune in every Monday, Wednesday, and Friday on iTunes to learn, ask Loral a question, and create your path to financial freedom! Don’t forget to leave a review and grab your free gifts on AskLoral.com!

Dave Hare is here to talk about money rules and due diligence. Dave and I do a lot of projects together, and I am going to have him on the show on a regular basis. We are also going to use our new marina in Texas as an example of how a deal gets done. But first, we are going to talk about due diligence and money rules and how the rules come about for people.   You can find Dave here: Loral’s Real Money Talks Ask Loral   Show Notes  [01:17] It's all about planning. These aren't deals that close in 30 days or less. These can be stressful and time consuming, and you could end up walking away from the deal. [02:10] Make sure that your investment plan is part of your money rules not part of someone else's rules. [02:53] How investing starts with money rules. [03:06] What is your exit strategy. Refinance or short term play? Begin with your leadership team. [03:33] Do you have a strong operation and finance team? Bring in someone who knows operations and who has an equity play. These answers are the key when speaking with bankers and investors. [04:19] Who has oversight on the books? Is the business or investment family owned? [04:59] Think of deals as a fix and flip. [05:46] Dave ran the numbers on a deal and realized a family member had been stealing from the rest of the family. This was a deal they had to walk away from. [06:24] Dave and Loral do thorough background checks on everybody involved when doing deals. [06:49] Numbers may or may not make sense. Make sure there are long term leasing options and good relations. Assets are your future. They need to support the business going forward. Look at the story behind the story. [08:04] Don't close before you find the story behind the story. [09:19] Dave found the marina business through networking. He signed up for meetups etc. He found this contact at one of Loral's events. [10:48] Get yourself out there. If you want to do it do it and get out there and make yourself known. [11:25] The marina deal, due diligence, background checks, Dave's due diligence list is 12 pages long. It lets the people on the other side know that you mean business. [12:25] Create a letter of intent before making a purchase agreement. A letter of intent is a non-binding contract. This gets the discussion going and let's you start working on due diligence and financing. [13:38] Look at the owners background and story, the customer base, the boats, the buildings, and everything you can look at. [14:09] How each person on the team brings something unique to the business. Never go alone especially on your first business. There is something that you will miss. [14:43] Have team members with experience, and have someone who understands finance and accounting. [15:29] You need to seek out smart knowledgeable people for your team. The buddy clubs aren't going to work because they don't have enough skill set on the team. [16:23] You have to understand what someone brings to the table and what their exit strategy is. [16:52] The components of the deal. Knowledge and experience will get you a seat at the table. Equity side and debt side. [17:36] They approached the owner who wanted to do a quick sale. Seller financing under 50% of the value of the property. Then they had to go out and find the 55% of the loan with equity partners with an option to refinance. They are doing about a million dollars in renovations. They want to rebuild the area back to it's 1950's glory days of farmers markets and bands etc. [19:34] They structured the deal with the sellers financing. This helps motivate the seller. They were also able to do a second position with the owners. The did have to pay another 1/4 percent and walk away fully financed. [20:38] Deal creativity. Carry backs etc. Use creative deal structures with the use and return of the money. First money in gets more, because they have taken the highest risk. [21:36] The rehab money won't get equity. There is quality of money. When you first start a deal, you have to give something up. [23:08] They have a one-year note that gets double digit returns. [23:36] The important thing is background checks. You have to do them. Don't be afraid to walk away if you need to. [25:30] We are here to teach you the reality of owning real assets.   Links and Resources: Ask Loral Loral’s Real Money Talks Shark Tank

Most entrepreneurs struggle with learning and doing many things at the same time. Especially, when they are just starting out. They are also usually short on time and soon learn that outsourcing and finding people who specialize in the one thing that they need is the best way to go. Still, that leaves them with the issue of finding and managing tons of different specialists. Today, I talk with a friend and colleague of mine who has developed a solution for this very problem. Alexander Ford offers a done-for-you solution where he finds, hires, and manages all the specialists for you. This solution results in cost savings. He also develops an incremental strategy so that new businesses can focus on what they need most, and in the correct order.   "A results focused strategy is more efficiently executed with a partner that implements your specific plan."     In This Episode of Real Money Talks:  Challenges of finding and hiring specialists without prior knowledge Developing an incremental strategy that serves your business best Having a results focused specialty developed by a knowledgeable partner Creating a hard infrastructure and modernizing technology Turning a website into a “cash register” Subscribe, Rate & Share Real Money Talks!         Loral Langemeier is on a mission – to educate and empower the Real Money Talks community on how to have those important money talks that are straight, to the point, and can be applied to every aspect of your life. So, tune in every Monday, Wednesday, and Friday on iTunes to learn, ask Loral a question, and create your path to financial freedom! Don’t forget to leave a review and grab your free gifts on AskLoral.com!

In the past, people could acquire their needs and made their trade through the barter or the exchange method. Back then, life was simple, and people’s needs were undisputedly more fundamental than the needs of this present generation. As time passed by, people changed. And with that, their needs also evolved. Today, money has undoubtedly become one of the necessities of life. It has become a need to survive. We are so accustomed to using money in our daily lives we don’t even stop to wonder where it came from or what it does.   Today on the Real Money Talks podcast, I’m going to share with you that the money available to you depends on how you make it – you can earn it as an employee, as an entrepreneur, or as both. Remember that how you make your money significantly impacts everything else – your taxes, deductions, relationships, and even the way you contribute to the community. My hope is that at the end of this episode, after knowing and understanding the banking system and money works, you will be able to make an educated choice about how you want money to come to you and the payoffs that go with choosing how to acquire it the wise way.     The safest thing is to get smart, to get knowledge, to get confidence, and to get access. That’s security.   In This Episode of Real Money Talks:  A brief history of the Federal Reserve Bank and the foundation of what set the world banking system in order How money comes to you – the difference between a corporate bank account and a personal bank account How you can maximize your tax strategy by understanding how the banking system works Ways you can make money by maximizing tax savings and investing in double-digit returns How to look “attractive” to financial institutions Why you need a personal relationship with the bank or the banking officers despite the quick and easily accessible online banking made available nowadays Resources Mentioned: The Creature from Jekyll Island book by G. Edward Griffin   Subscribe, Rate & Share Real Money Talks!         Loral Langemeier is on a mission – to educate and empower the Real Money Talks community on how to have those important money talks that are straight, to the point, and can be applied to every aspect of your life. So, tune in every Monday, Wednesday, and Friday on iTunes to learn, ask Loral a question, and create your path to financial freedom! Don’t forget to leave a review and grab your free gifts on AskLoral.com!

The cannabis industry is one of my favorite subjects, and it will be a regular topic on this show. Ben my partner in the cannabis industry is here to talk about how he went from being a corporate guy to operating a dispensary and more in this exciting new industry. We talk about some of the requirements and licensing details along with compliance of state and local jurisdictions. We also touch on hiring the right political consultants and understanding the ins and outs of creating a business that is scalable. We also talk about  the importance of giving back and helping the community. Show Notes [01:14] Ben has been fascinated by the industry in the last five years. He didn't know anything about it, but he kept getting pitched to. [02:07] He had a negative perception about marijuana and didn't know anything about it. Then he started learning about the medicinal benefits and was introduced to some opportunities in Colorado. [02:44] His first deal was in Colorado. He was first introduced through an attorney. After meeting patients, I quickly became fascinated by this space. [03:49] He then met other people in the space through this attorney. Entrepreneurs and dispensary owners who had their own little grow space. The regulations evolved before his eyes because it changed so rapidly. [05:03] Ben quickly learned who was growing their business and had good a operational process. [06:25] The trend of the truth in any business that you are learning about. [07:08] How there are so many expert consultants who haven't really actually built a marijuana business or built a business from the ground up. [07:59] There are a lot of moving parts in this space. Time is money and making the right move is critical. Getting the license can be a complicated process and it may involve a political aspect. [09:27] Even if the state provides you a license you need approval by your local jurisdiction. This includes a suitable location allowed by the local jurisdiction, and it has to meet the separation requirements. [10:36] You also have to be the type of operator that they want in their city. You have to get to know the people making this decision and help them to understand why you are different. [12:21] The people making these decisions want the best for their community. Separate yourself out as the best applicant by looking like a professional. You also want to be someone who is going to operate legally. [14:46] They also want people who are going to help and give back and improve the community. Be sincere and legitimate about what you are going to do. Have a realistic executable plan. [16:16] The importance of having a person on your team in the political camp. Each jurisdiction needs someone who understands the local market and the process. Be selective when choosing your political consultant. You want someone who has respect and trust of local politicians. [20:29] How a consultant can put you in front of the right people, but it is actually the package that you put together that gets you the license. [20:57] How do you get in line to get a license? It all starts with asking questions and finding the state and local processes and filling out the application. Links and Resources: Ask Loral  

If you have the intention to make money, your talents and hobbies are a great starting point. Launching a business by doing something you’re good at implies that you are serious about making money. The perks of having better tax strategies come in once you have established your business. If your sales start to weaken, assess the kind of service you provide and take it from there. In today’s episode, I share with you the upper hand in serving over selling. I also discuss how being in service to others gets you the sale. You will make a remarkable difference if you choose to serve to sell rather than selling just for the profit. I want you to get clear in your DNA that you serve lives, and that’s why you sell hard. In This Episode of Real Money Talks:  Where money comes from How your thoughts and energy affect the outcome of your financial situation Reasons why you should serve others with a lower price offer What happens when you don’t make the sale Subscribe, Rate & Share Real Money Talks!         Loral Langemeier is on a mission – to educate and empower the Real Money Talks community on how to have those important money talks that are straight, to the point, and can be applied to every aspect of your life. So, tune in every Monday, Wednesday, and Friday on iTunes to learn, ask Loral a question, and create your path to financial freedom! Don’t forget to leave a review and grab your free gifts on AskLoral.com!

Millennials approach real estate investment differently from the other generations. It’s easy to determine their preference by looking at where they put their money on - travel, wine, retail, a cup of coffee. They buy practical things and prefer open layout living spaces that are not bigger than what they would need. So, the question is, are Millennials really that far off from buying real estate? Today, I talk about some updates on the Millennial generation - their buying power and capacity, and their general mindset regarding real estate investment. I also discuss some of the characteristics of Millennials that set them apart from the older generations and the reasons behind the statistics and survey results about Millennials and their spending choices.   Millennials aren’t going to compromise their experiences in exchange for a big mortgage.   In This Episode of Real Money Talks:  Statistics of home buyers according to generation Rules of thumb for Millennials who want to invest in real estate What to do if the mortgage lender requires you to have a job Downsizing versus rightsizing Norms and statistics regarding money allocation Trends in transferring the family wealth from one generation to the next   Subscribe, Rate & Share Real Money Talks!         Loral Langemeier is on a mission – to educate and empower the Real Money Talks community on how to have those important money talks that are straight, to the point, and can be applied to every aspect of your life. So, tune in every Monday, Wednesday, and Friday on iTunes to learn, ask Loral a question, and create your path to financial freedom! Don’t forget to leave a review and grab your free gifts on AskLoral.com!

A gorgeous and intelligent lady, Jennifer Baker has worked in the gaming industry for more than 20 years. She is an expert in business development and has strived and succeeded in the corporate world. At a young age, she realized that her most favorite task is conducting small business seminars where she helps entrepreneurs and companies with their start-up businesses or turnarounds. Jennifer joins me today as she talks about the common mistakes entrepreneurs and start-up companies make regarding marketing and business development and the significance of surveying in keeping your loyal customers. She also shares several stories about how turnarounds can salvage your business and how emotional intelligence helps get the job done.   “Emotional intelligence is the most basic things that you realize are creating success in your life.” - Jennifer Warner   In This Episode of Real Money Talks:  How long in advance should you plan your marketing if you’re opening a business Differences between marketing and business development Top mistake all companies make Strategies and software for designing an excellent survey How emotional intelligence plays a part in business development   Resources Mentioned: Survey Monkey Infusionsoft Constant Contact Sales Force   Subscribe, Rate & Share Real Money Talks!         Loral Langemeier is on a mission – to educate and empower the Real Money Talks community on how to have those important money talks that are straight, to the point, and can be applied to every aspect of your life. So, tune in every Monday, Wednesday, and Friday on iTunes to learn, ask Loral a question, and create your path to financial freedom! Don’t forget to leave a review and grab your free gifts on AskLoral.com!

Being supported by the right team is so important when it comes to getting the most your of your money. You need specialized experts in all of the financial areas. Weldon Wulstein is my CFO and an extraordinary tax strategist. This year my clients have gotten back over 2 million dollars with the tax strategies that Weldon has introduced to them. Weldon is here today to talk about entities and why getting incorporated is so critical. The simplest way of explaining this is companies make money, and individuals get taxed. We will be talking about why to get incorporated. We will talk about some of the  myths like you don’t make enough to incorporate. We will touch a little on the new tax laws, but most of that will be in an upcoming episode. Today is really about how critical it is to understand and have a plan for a tax entity. You can find Weldon here: Contact Weldon at Ask Loral Show Notes [02:12] Weldon has been working in accounting since he was a bookkeeper for his parents. He started a CPA firm in 1989. [02:38] He has been creating tax strategies for oil and gas and creating entities and getting more involved with more complex tax strategies. [02:44] He owns companies and he is an entrepreneur. Weldon uses his own strategies within his own businesses. [03:19] You want your wealth team to walk the walk not just talk the talk. [03:43] Converting an S corp from an LLC. Why doesn't your current accountant suggest these money saving techniques. [04:36] Revenue versus intention. Getting a business on the side. [05:11] Sole proprietorship. You file schedule C on your personal return. You have revenues, expenses, and net income. [06:01] The net income is taxed for income and social security and medicare. That is an additional 15.3%. [06:40] Corporations and LLCs [06:56] Limited Liability Company or LLC. The reason these are set up are liability protection. [07:38] Options within an LLC. For tax purposes it can be a disregarded entity. This means it's treated the same as a sole proprietorship and everything is filed on your schedule C tax return. [08:43] If you have a partner, you can create an LLC partnership. Treated as a partnership and filing a 1065 partnership return. Gross revenue, expenses, and split income between partners. It's distributed on a K1 which is similar to a 1099. You report this on your personal return and you still have to pay that 15.3%. [10:05] You could treat the LLC as an S corp. You file an 1120F. You have to pay yourself a wage. A reasonable wage. The 15.3% social security and medicare tax is paid on that reasonable wage. Let's say you make $100,000 and pay yourself $50,000 in a wage and pull out the other $50,000 as a distribution. [11:58] Making the one election to be an S corp can save you half or more on self-employment taxes. [12:20] There is paperwork and a tax return, but most people should have a bookkeeper on their team anyway. [12:57] The importance of hiring a bookkeeper. Don't do the bookkeeping yourself at the end of the year. Getting it off of your plate is good. [14:00] You want a bookkeeping firm that understands analysis and looks at the P&L statement and reaches out to the client. This isn't typical, but being informed can help you make the right decisions. [16:14] Ask your tax preparer what their biggest client is and how many entities they have. This is to see if your tax preparer actually looks at these things. [17:05] Treat your LLC as an association or a C corp. Create a business corporation in Nevada. Treat it as an association that is taxed as a C corp. Revenue and profits get taxed for federal purposes, but there is no state tax. [18:07] This strategy can even be done in different countries. [18:32] Partnerships are a loose association between two people. Form 1065 have an agreement or file as a partnership. [19:07] General partnerships are taxed like a sole-proprietorship with revenue split between the owners. It will be taxed at the individual level and pay social security and medicare tax. There is no liability protection. You can also be liable for your partners trouble. [19:57] Limited Liability Partnerships. A general partner with a small percentage and that is where the liability lies and then there are investors with limited liability. [20:59] Family partnership. Transfers wealth to the kids without transferring control. Kids get a small interest. Which transfers the value to the heirs. [21:54] Corporations. A completely separate entity than an LLC. Corporations are proven if you follow the rules. You can be the owner, but someone else can be the director. [22:49] With the new tax law the corporate tax rate is going down from 35% to 21%. [23:12] As a C corp the C corp pays its own tax. You do pay tax on dividends. Corporations can give fringe benefits such as college expenses. Vehicles, etc. There are other ways to get funds out such as borrowing with promissory notes. There is more of an administrative requirement. [24:38] Income leveling spreading money out over different entities. [25:27] There are international restrictions. People want to invest in the US. Create and fund a C corp. The money is in the C corp and pays US tax and is in the US. Links and Resources: Contact Weldon at Ask Loral Loral’s Real Money Talks  

If you were given a chance to choose, which one would you rather have - a million dollars or true love? A survey was made to see the statistics of people who would want money and those who would prefer romance. If you stop and think about your options, you’d realize it all boils down to the choices you make and your lifestyle. Today, I talk about some of the statistics that came out as a result of this survey and the various reasons behind those numbers. I also share with you some insights about the relationship between understanding your financial path and what you need to learn to ensure financial stability regardless of your relational status and the importance of being financially literate in the choices you make. Instead of choosing, have it all. What you got to decide is to know what you want. In This Episode of Real Money Talks:  Statistics of those who would choose money over love Percentage of people who are worried about their future and stability Why baby boomers are not enjoying financial freedom Why more never-married, single people are anxious about their financial future compared to married people The significance of having money rules in your relationships Subscribe, Rate & Share Real Money Talks!         Loral Langemeier is on a mission – to educate and empower the Real Money Talks community on how to have those important money talks that are straight, to the point, and can be applied to every aspect of your life. So, tune in every Monday, Wednesday, and Friday on iTunes to learn, ask Loral a question, and create your path to financial freedom! Don’t forget to leave a review and grab your free gifts on AskLoral.com