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Now displaying: August, 2019
Aug 29, 2019

Dr. Trinh is a board certified physician and public speaker who focuses on health and education. He has been the head of several research projects and non-profits. He is also the founder of TongueOut a non-profit that gives back by going to countries like Vietnam and providing medical treatment, surgery, and other support. 

Vietnam is one of the many third world countries without a safety net. Elderly people often go blind from cataracts, because they don’t have access to sight saving surgery. This is just one of the many things that TongueOut helps remedy. Dr. Trinh shares his amazing refugee story, why he believes so strongly in giving back, how we can help, and he shares some of the opportunities opening up in Vietnam. 

You can find Guest here:

BLITZ Your Wealth Plan! 
Ask Loral

Show Notes:

  • [01:15] Dr. Trihn is a board-certified physician and public speaker who focuses on education and health education.
  • [01:41] It's his goal to educate the public on the importance of prevention and preventive health. He also has a team of researchers actively conducting clinical trials for brain health conditions such as depression, anxiety, migraines, and Alzheimer's.
  • [02:40] TongueOut takes groups of doctors and students to help people all around the world. They just helped fund and do low cost eye surgeries for blind people in Vietnam. 
  • [04:34] Leprosy still exists in the third world. They spend time and hug people with leprosy. They also have medical clinics, food distribution, and water filtration systems for poor communities.
  • [06:42] They also go to orphanages in many countries. 
  • [08:47] Dr. Trinh was five on April 30th, 1975. This was the day the Vietnam war ended. On April 29th, he was on the airport tarmac with his mom and siblings. He saw Chinook helicopters landing in front of them. The back would open people would run in. At one point it was the turn for his family to run into the back of the Chinook helicopter.
  • [11:43] He was one of the lucky kids to get rescued. The helicopter landed on the U.S. Midway aircraft carrier. The were first taken to Guam. They couldn't enter the states until they had a sponsor.
  • [13:38] He was taken to Orange county and bussed to Camp Pendleton and they lived in a tent city as a refugee. 
  • [14:24] Tent city was built by Marines. They had a week to build it. It housed over 20,000 refugees. 
  • [15:06] Dr. Trinh introduced the man who built the tent city at his recent TongueOut fundraiser event. He was very grateful to introduce him. Dr. Trinh is grateful for the opportunities in the US. TongueOut is how he gives back. 
  • [17:11] Loral and Dr. Trinh are going to be doing a series of workshops. 
  • [17:54] PPP stands for purpose, passion, and profits. We need money to fulfill our purpose and passion. 
  • [18:58] Integrated Health and Wealth plays a big role in giving back.
  • [20:00] We have a Big Table community and want to take a group to Vietnam with the purpose of giving back.
  • [13:34] His family was Buddhist, but they ended up with a Christian sponsor and this was his first introduction to Christianity. 
  • [21:59] Dr. Trinh is also well connected with manufacturing and can make some introductions to people from The Big Table. 
  • [23:05] You can connect or donate at TongueOut.org. Dr. Trinh is excited to take The Big Table group to Viet

Links and Resources:

Integrated Wealth Systems
TongueOut
TongueOut on Facebook

 

Aug 22, 2019

Jen Devore Richter is a business breakthrough specialist. She is the owner of Boss Women Rock which is a training program for women business owners. She is also the author of the Boss Women Rock book and podcast. Jen helps business professionals with her results oriented approach. 

On this podcast, we are doing something a bit different. Instead of Loral interviewing Jen, we are playing a replay of Jen’s Boss Women Rock podcast where Jen interviewed Loral. This is the perfect opportunity to get to know Loral better and find out how she really feels about women and business. 

We learn about Loral’s background during the different segments of her life. Loral also shares her philosophy of educating the entire family about money so that the legacy being built can be shared and grown by the entire family. This episode is packed full of Loral’s wisdom and advice with Jen’s unique interview approach. 

You can find Jen Devore Richter here:

Take Action Today!

Ask Loral

Jen Devore Richter

Show Notes:

  • [02:22] Loral coaches her clients to segment the chapters of their life. A defining moment in Loral's life was when she was 24 years old and got a multi-million dollar contract to build fitness centers on offshore oil rigs. 
  • [03:03] She had a huge corporate budget. This defined her as taking lead and living by vision.
  • [03:29] In 1996, she worked for Robert Kiyosaki and put the Cash Flow game on the map. 
  • [03:39] In 2001, she started Live Out Loud and now has 80 or 90 employees worldwide. She has also been building the Big Table community.
  • [03:57] Now Loral helps families get exposure to money in a way never taught. The evolution of her business has been very organic.
  • [05:29] It's great to have a message, but your business model needs to support your financially. 
  • [06:11] What is your revenue model? How are you going to make money? Have you made your first sale or is the plan on a quick sale after development. 
  • [07:29] Talk about the money you want to make not the thing you want to sell. 
  • [08:27] Loral forces the revenue model inside the business model. 
  • [09:25] Women should stand in their power and not any level of ego. Know what you are really good at. How you behave as an expert has a much different energy and tone. 
  • [11:23] You aren't playing hard in the game if nothing is on the Internet about you. People who do well have lovers and haters. 
  • [12:36] Get in the high value ticket mark. Don't be the beginner starter. 
  • [13:54] Design an organization chart without you in it. You are the CEO. Loral's coaches are millionaire experts who are paid well.
  • [16:41] Opportunities come to you everyday. Say yes, and find the team to do it. Don't process through your own filter. You don't have to do everything, you just have to lead it. 
  • [19:56] I'm not ready or I have to think about it are two of the greatest excuses. Women also have problems spending money on themselves. 
  • [21:51] Your mentors are not your friends. You friends and family are in the same experience and result level. Be who you need to be and get mentors. 
  • [22:51] Women need to stand up in their power, their pricing, and be a model for their children.

Links and Resources:

Apply now to get The Integrated Wealth Blitz on demand!

Sharon Lechter

Robert Kiyosaki 

Just Met Loral

Boss Women Rock: Go From Best-Kept Secret to Sought After Expert

Millionaire Mindset - an Interview with Loral Langemeier 'The Millionaire Maker'

Aug 16, 2019

Tim Kristovich is a contractor turned land developer. He is also a friend of mine and a father who runs his business with his family. In this episode, Tim shares how he got into development and some of the dynamics of working with family in a business. We also talk about the ins and outs of investing in land development. The Boise area is booming right now. With 36% of the market being transplants from California. 

These people are discovering that they have more buying power and that Boise is a wonderful place to live. The only problem is the housing market can’t keep up with the demand. That is where Tim comes in. He finds parcels of land to develop and build on. People who invest not only get to make a profit, but he shares the progress every step of the way. This is a great episode to learn about investing in land development. 

You can find Tim Kristovich here:

Take Action Today!
Ask Loral
KristyConstruction@gmail.com

Show Notes:

  • [01:41] Tim started as a general contractor. He was trying to find property to build on and decided to start developing his own properties. 
  • [02:33] There was a shortage of lots to build on for Tim and other contractors. Contractors build houses, so they need a place to build.
  • [03:09] Developing was a niche with a huge niche. They can't develop them fast enough.
  • [03:38] The Boise market is unique. They had a slow down in 2008, but growth has taken off in the last five years. They have a housing shortage, and the quality of life is what is spurring them on. 
  • [05:16] There's a great downtown and wonderful outdoor life. It's an amazing spot to live. 
  • [06:39] Tim works with his family and adult children. In a family business, you have to sit back and be the partner and the boss at times. You have to set the rules when you first start. 
  • [08:52] Tim raised his kids to think like an entrepreneur. 
  • [10:18] The downside of land development is having a lot of money at stake. In a booming economy the cost of land is going up. A downturn can create a shortage of buyers.
  • [11:17] Buying right and having an exit strategy is the best way to look at things as a company. 
  • [12:34] An upside for an investor is having land in the portfolio.
  • [13:06] When they need a certain amount of money to get a property, an investor can come in and invest. The investor gets their money back when the blocks start selling. This is a chance to participate in the development side without having to do all of the leg work that needs to be done.
  • [13:39] Tim sends his investors videos, so that they can keep an eye on the progress of the development.
  • [14:11] After 18 months, they get paid back the principal with interest.
  • [15:47] The first phase is raising money to acquire the property. The next phase is raising money for the construction. They want to have the majority of the money raised by the time the plans are approved. The last phase is the actual build-out.
  • [17:32] As money is raised, further projects can begin. Doing it in smaller sections helps ensure against having a large investment if there is a downturn.
  • [19:29] The biggest risks are probably not having enough capital or having the projects fall behind schedule. An economic downturn is also a risk when it comes to people buying houses.
  • [21:11] The notes are secured with the deed of trust on the land. Everything goes through a third party like a title company where the construction loans are set up.
  • [22:10] There are a lot of markets that are exploding right now like Boise and Montana.

Links and Resources:

Apply now to get The Integrated Wealth Blitz on demand!

Aug 8, 2019

So many new entrepreneurs and small business owners make the mistake of tangling their personal and business finances together. There are so many reasons why this is a bad idea. From having tax issues to lowering credit scores to making you personally liable for business problems, you don’t want to do this. This episode will teach all of the reasons why these accounts should be separate. 

My guest today is finance coach Eileen E. Galbraith. On today’s show, we discuss the difference between personal and business credit and how to set things up the right way. Eileen shares the 10 foundations of establishing business credit and how doing so can improve your credit score in your business and your personal accounts. Eileen learned the importance of this from a personal experience and is passionate about helping business owners set things up the best way possible.  

You can find Eileen E. Galbraith here:

Ask Loral
The Credit Gal
Eileen E. Galbraith on LinkedIn
@EileenGal1 on Twitter

Show Notes:

  • [02:21] It's so much better to be prepared than to have to rush around for the needed cash. It's good to find out what you qualify for and the terms for future business. 
  • [02:37] Eileen can also help you repair your credit. No matter what shape your credit is in, it's important to build it back up for your business. 
  • [02:51] Not being able to find capital is one of the reasons why many businesses go under.
  • [03:23] Eileen used her own personal experience of rebuilding her credit after bankruptcy to start a business. Getting into business financing helped her teach something that she went through herself.
  • [04:24] There are five different factors that determine the credit score with personal credit. Everything you do affects you personally.
  • [04:36] With business credit, you can build credit in the name of the business without the liability. Your borrowing power also increases. Set up your entity and then start to build your business credit. 
  • [05:35] Using personal credit for your business puts too much risk on you and your assets.
  • [06:03] The only thing that determines your business credit score is how you pay your bills.
  • [06:37] Everything should be separate. Build a spreadsheet and analyze your expenses. 
  • [07:39] You don't want to commingle funds because of compliance issues and taxes. 
  • [08:25] 35% of your personal FICO score is how you pay your bills. 30% is the ratio of available credit to used credit.
  • [09:05] Look at your credit report and see where you are and then build a strategy around that.
  • [10:23] Have detailed list of credit cards and all of the details. 65% of your FICO score is how you use your credit and pay your bills.
  • [11:52] Don't apply for credit before you have the foundations of your business established.
  • [13:19] Eileen does an extensive analysis starting with personal credit. She looks at how your bills are reported on your credit report. Then they determine how things can get paid down and creates a plan of action. 
  • [15:09] The foundations of business credit include actually having a business. The three credit reporting agencies are Dun & Bradstreet, Experian, and Equifax.
  • [16:32] Dun & Bradstreet are the number one business reporting agency.
  • [18:05] Foundations for building business credit. Establish your business as an entity.  Get your EIN number and your DUN number. Set up a business checking account. You'll need to take your paperwork and articles of incorporation to the bank. This is where you get a business credit card using your EIN.  
  • [19:19] You need to have a website have a landline and a fax number. Don't let your business address be a P.O. Box. All of your paperwork has to match the same. 
  • [22:05] Every business entity should have its own business credit card.
  • [23:03] Identity protection can help monitor against fraud. Make sure your bank covers fraud. Use antivirus and don't use public Wi-Fi.

Links and Resources:

1