Real Money Talks

As an entrepreneur, small business or practice owner, or high-level executive, do you ever find yourself wondering if you’re using all the tax, entity and wealth strategies available to you or if your investments are truly producing all they could be? Happily, you don’t have to put up with that any longer. I have the solution. Real Money Talks! We're having the right conversation about money.
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Now displaying: May, 2019
May 30, 2019

Conflict can be a loud disagreement or an encompassing silence that freezes out communication and progress. No matter how it is manifested, it can cost entrepreneurs, businesses, organizations, and individuals time and money that they didn’t realize. On today’s show, I have conflict resolution experts Jenn Beninger and Carson Cooper here to talk about problems created by conflict and how to find solutions.

We talk about how underlying conflict can cause turnover and cost time and money. It can arise between partners, clients, vendors, and colleagues. Jenn and Carson talk us through the many hidden costs of conflict, and then they explain some of the questions that can be asked to find out where each party is coming from to begin chipping away at a solution.

You can find Jenn & Carson here:

Ask Loral

Show Notes:

  • [01:31] Carson has been in the conflict resolution field for the last 7 years and he's been coaching for the last 10 years. He has a master's degree in negotiation, conflict resolution, and peace building. He's also worked as a lead trainer and mediator.
  • [02:05] Jenn has a bachelor's degree in psychology, and she is a master trainer in NLP. She has coached hundreds of clients in dealing with conflict.
  • [03:05] Some of the ways that conflict costs businesses money include destroying the culture and the employee and client mindset.  High turnover is another issue.
  • [05:25] Conflict can create indirect and hidden costs that just mount up.
  • [07:21] Turnover, hiring, and training is a huge cost of conflict.
  • [08:01] Entrepreneurs that have conflict with teams and vendors is also a huge loss of time as vendors and contractors are changed. This results in loss of income.
  • [09:16] Conflicts in partnerships can cost an entire deal.
  • [10:07] Trust is a confidence of a positive expectation. Distrust is where negative assumptions are made. Companies need to build trust and find out where the distrust is.
  • [12:18] Clients can show up with a presenting problem, but there is always a greater problem that is affecting them. The distrust can even affect future businesses.
  • [13:46] Become aware of the language and dangerous mindsets. Also watch out when people are really defensive or blaming or shaming.
  • [15:33] What are people saying and how are they asking questions. People come into conflict with their judgement and perspective. What does this represent to you and what is your definition of?
  • [17:09] Understand where people are coming from. In every conflict, people are protecting something. Find what they are protecting and why this conflict is so important to them.
  • [19:25] Try to set in a goal-oriented action plan where people are looking at what they want as opposed to what they don't want.
  • [21:00] Jenn and Carson are here to help support you in your solution. You can jump on a call with them and spend an hour.
  • [23:26] Look deep at the places with your life and get unstuck.
  • [23:55] The quicker you resolve the challenges in your life the more time you have to open up to bigger opportunities and more wealth.

Links and Resources:

May 16, 2019

Real estate and investments go up and down in cycles. It’s been 12 years since the last crash. Are we due for another one? There are experts who say yes, and experts who say no. My guest today is Elysia Stobbe. Elysia is an authority on mortgages and financing real estate for first time home buyers and investors. She is the author of How to Get Approved for the Best Mortgage Without Sticking a Fork in Your Eye ™ and the host of the Fork This Mortgage Podcast.

She has over 20 years experience in real estate, investing, and mortgage finance. She is here today to talk about when and why she thinks the next big crash is coming and what to do about it. We talk about using the numbers correctly to make sure that your investment has enough cash flow to make it profitable. She gives tips on finance options and the importance of due diligence. If you have questions about real estate investing, you will love this episode.

You can find Elysia here:

Ask Loral
Elysia Stobbe Website
How to Get Approved for the Best Mortgage Without Sticking a Fork in Your Eye ™
Fork This Mortgage Podcast

Show Notes

  • [01:20] During the last crash Elysia learned a hard lesson.
  • [01:48] It's time to consider what your play is if there is a crash.
  • [02:30] A lot of talking heads get paid to say that things are great.
  • [02:49] There are financial cycles. We were due for a correction fueled by volatile mortgage products.
  • [03:27] They were also mortgage products available for people with poor credit scores and who didn't have a good history of repayment. Adjustable rate mortgages were also a problem.
  • [04:10] Elysia feels we are overdue for a correction.
  • [04:48] Think about cash flow when you are investing.
  • [05:05] Make decisions by numbers not emotions.
  • [05:23] When everyone is trying to be an investor that is usually the time not to be an investor.
  • [06:50] There's a lot of information available for the public also take advice from people who you trust.
  • [07:16] Ask your mortgage professional what they're closing rate is.
  • [08:04] There are products for investors based only on cash flow. Then there are bank statement programs where we go off of the income taxes. There are many different mortgage products out there.
  • [09:04] There is even hard money lending from private lenders at high interest rates. Get pre-approved up front, so you know what your numbers are and can have a realistic cash flow.
  • [10:08] It's important to get pre-approved.
  • [10:50] Sometimes you can get seller financing at 6 or 7%. This is better than hard money lending at 14%. Look for a local investment group to find these lenders.
  • [12:05] There are also ways to use your self-directed IRA. Check fees before getting locked into a company.
  • [12:54] A lot of first-time buyers are getting multi-unit properties.
  • [13:37] Elysia is a fan of the Florida market. Other great investment options are St Louis Missouri, Dallas, Houston, Oklahoma, and Tennessee.
  • [14:29] Lower price is lower risk. Expensive properties can require a lot of money to risk to make the same cash flow. Also be aware of state laws and taxes.
  • [15:49] Consider your exit plan also.
  • [16:23] Try to get at least an 8% return but shoot for 14%.
  • [17:59] Elysia's book How to Get Approved for the Best Mortgage is for first-time home buyers but she's also working on a book for investors.
  • [18:40] The book can help you approach the Lending situation with educated questions.
  • [19:58] First time home buyers are currently getting priced out of the market.

Links and Resources:

Loral’s Real Money Talks Podcast

May 9, 2019

What does the co-founder of Oculus and the co-founder of Priceline have in common? They have both attended an event by today’s guest Eliance founder David Cogan. David is a serial entrepreneur who, even though he has an MBA, says that he knows more about making money than he does about math.

He also understands the importance of getting the right people together and putting the right systems into place to create a cash machine. He is here today to talk about his community for entrepreneurs of all sectors to help each other build better businesses and a better world.

You can find David here:

Ask Loral
David Cogan on LinkedIn
Loral Langemeier Interview

Show Notes:

  • [01:46]  David comes from Chicago where he worked for IBM. Then he moved to Atlanta and had an amazing experience working there.
  • [02:12] He didn't work for Arthur Andersen which paved the way for his success.
  • [02:35] His MBA was actually funded by IBM.
  • [03:28] David started a number of companies, he always had a passion for electronics. He started an online company that sold mid-range speakers.
  • [04:17] His product was featured in a magazine. Next thing you know, things blasted off.
  • [05:07] David is so passionate about startups and businesses.
  • [05:27] Seeing other people be happy with what you're providing is the key to success.
  • [05:58] Eliances is a community of entrepreneurs. The group is by invite only. You have a room full of people who are passionate about what they do.
  • [06:59] It's really about what the community can provide to others.
  • [08:20] Got, give, get. It's the Eliance 3G philosophy.
  • [09:40] This is where relationships are developed and business deals get paid.
  • [11:07] The founder of Dippin Dots is actually working with other Eliance members to form a new product.
  • [12:01] They have over 30 Eliance members who sit on bank boards.
  • [12:49] It's like the Disneyland for entrepreneurs.
  • [13:20] When starting a company, you are doing everything. There are a lot of challenges. You have to move forward and build processes along the way. You need to have a revenue model, because it won't last without that.
  • [17:04] David called one of his customers who gave him a no and asked him why. It was a non-threatening call that gave the people an out, but he cleaned so much information.
  • [18:29] Understand why things aren't working and fix them.
  • [18:57] Take notes and be capture every word.
  • [20:47] Everything is going to be more expensive than you thought it would be. Be resourceful. Your price will always be the wrong price. Feel out the market and adjust and be flexible.
  • [22:09] Be able to shift. Always be open. Anything you are going through, someone else has also gone through it.
  • [23:58] Everyone is human, and we all feel the same emotions.

Links and Resources:

May 2, 2019

This is a special episode where Loral Langemeier  gets interviewed by Alexander of Measurable Genius. Loral is known as The Millionaire Maker, she is the author of five New York Times bestselling books and she has written 42 total. She teaches people how to make money. She walks the walk, because she is a self made woman who grew up on a farm in Nebraska.

She always thought that she thought differently, and things started to fall into place when she discovered Think and Grow Rich. This was her first pivotal book about the possibility of getting rich. It was a conversation that made sense to her. She was tired of hanging out with the people who were doing things the old way.

She was never excited about having a job, and she never wanted to be that person. Today, Loral shares her journey and how she started it. Alexander and Loral talk about the importance of pivoting, having the right belief systems, learning, finding mentors, and the power of confidence in this eye opening interview.

You can find Loral here:

Ask Loral

Show Notes

  • [02:01] Loral was a personal trainer and aerobics instructor working her way through college. She raised her rates. Then she got certified after someone asked her about it.
  • [03:27] She majored in finance and then got a masters degree in physiology. She worked at a bank, and noticed there wasn't a fitness center. They gave her 20 Grand to build a corporate fitness center. She became an expert at helping building corporate fitness centers.
  • [04:52] She saw a need and just kept giving.
  • [05:19] Powered people work with what's real right now.
  • [08:05] As a kid Loral was pushed. She still has the school record in 440. She learned to take on challenges and succeed. She played five instruments. In college, fitness was her thing. The finance degree help with corporate fitness.
  • [10:26] Most people set goals that aren't achievable and then go and try to live someone life. Achieve and win your goals.
  • [12:31] Loral seeks help and finds mentor. She found Bob Proctor when she was 20.
  • [14:13] The fastest way to learn is to get close to the person that you want to be like. Focused and uninterrupted builds the best support.
  • [15:47] A lot of people spend time on low priority bullshit. It's a never ending value spiral.
  • [19:20] How to escape from being ran by your business. Investing is critical. It provides a path to cash control.
  • [20:34] Companies make money. Operate out of an entity. Incorporate properly and maximize taxes.
  • [21:39] Sometimes people hire who they can afford as opposed to who they need.
  • [25:21] It's important to communicate to entrepreneurs that I'm facilitating your experimentation without the context, of your business, product, brands, and personalty.
  • [27:36] Get clear and responsible about what your goals are.
  • [28:25] People have a fantasy about entrepreneur. The minute a business owner is done serving, entropy takes over. There is a function in the universe if you care.
  • [29:55] You have to put in the work.
  • [30:11] Everyone who is successful all has bad things said about them and challenges. Even the most successful people.
  • [32:47] I lived in great places and then started investing. Then I lived in Manhattan Beach. I invested where I wanted and lived where I wanted.
  • [33:59] Businesses grow the most when you hire people to do what you don't want to.
  • [34:32] Loral loves selling, teaching, and marketing.
  • [35:44] We can only focus on three things. Be accountable to what is important. Spend time in higher level thinking.
  • [37:05] Traveling and visiting different cultures widens your perspecitive.
  • [37:32] Trust yourself. Whatever it is you create it.

Links and Resources: