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: September, 2018
Sep 27, 2018

Real estate is one of the fastest paths to becoming a millionaire. My friend and mentor Ron LeGrand is here today to talk about how to get started investing in real estate and why it is such a great investment.

Ron also shares his outlook on the market. It’s possible to mitigate risk and even make money on a downturn. There will always be people who want to buy houses and people who want to sell houses. Ron has been a successful real estate investor for 36 years, and he teaches other people to do the same.

You can find Ron here:

Ask Loral
Ron's Website
Ron on YouTube
Ron on Twitter
Ron on Facebook

[bctt tweet="‘I'm a firm believer in multiple income streams. Real estate is just one vehicle for creating income.’ -Ron LeGrand" username="liveoutloud"]

Show Notes

  • [01:39] Ron started out with nothing and knowing nothing. All of a sudden, things clicked. He was a mechanic at a service station and decided he didn't want to do that anymore.
  • [01:58] He started looking for an alternative, and what he found was real estate.
  • [02:24] Ron is a firm believer in multiple income streams. Real estate is just one vehicle to create income.
  • [02:31] Ron has multiple businesses and has learned how to get out of the way and let people do what they do best.
  • [02:47] Real estate today is more systematized and automated than it ever has been. We have built step-by-step systems for people. We even have a whole team of virtual assistance.
  • [03:12] We have virtual assistance that call sellers and do all the things that entrepreneurs don't want to do, so that we can sit back and do what we are supposed to do and that is make decisions.
  • [03:16] Ron buys three or four houses a month and it hardly takes any of his time.
  • [03:40] Real estate has been very good to Ron, but like any other business, you have to learn how to do it correctly.
  • [04:16] Ron shares his outlook on today's real estate market. He has seen five real estate cycles of ups and downs in the last 36 years.
  • [04:40] There has never been a year when you couldn't buy and sell houses.
  • [04:55] There will be a correction, because there always is one. We just don't know when it will happen.
  • [05:16] Guaranteeing debt is the number one biggest mistake that you can make.
  • [05:31] The worst that can happen in a downturn is you lose assets that you got for free anyway.
  • [06:43] Real estate is just a mutual fund with a house on it. Too many people are in a hurry to sell the property, which is really the golden goose that is bringing them money.
  • [07:28] You can free up capital by letting real estate generate money.
  • [08:36] The five steps to business. Locate prospects. Prescreen those prospects. Construct and present offers. Follow-up and get it in writing. Get it into cash quickly.
  • [10:09] The entire process is now automated. All I have to do is decide who I want to buy from and then agree upon the terms.
  • [10:41] The Gold Club can help you find prospects.
  • [13:08] The ugly house side is about price. The pretty house side is about terms.
  • [14:19] Look for people who will give you great terms like nothing down and a low monthly payment.
  • [15:30] IRA money as a source of funding. You can use IRA money to pay cash for houses that you get at a deep discount. You can then flip them right away or after a rehab. Your profit goes back into the IRA tax-free.
  • [17:14] There is no limit with how much profit your IRA can make.
  • [17:33] You don't need money to buy a house with nothing down.
  • [18:37] You can also borrow money from a private lender. A lot of this money comes from people's IRAs.
  • [20:12] It's hard for some people to stop doing everything and let other team members help them. But it really is the way to be successful with a real estate system.

Links and Resources:

Sep 20, 2018

Customers are the backbone of almost any business. On this podcast, we focus on making money, keeping money, investing money, and having an integrated ninja team to help along the way. My guest today, is Zackary Babcock from the Underdog Empowerment Podcast. Zachary’s ninja skill is understanding and focusing on the customer.

Today, we talk about how to focusing on your customer. We talk about finding out what your customers wants and needs and offering solutions to their problems. Zackary shares tips on how to create a customer avatar, even if you don’t have existing customers. He also shares his inspiring story of picking himself up when he had hit rock bottom.

You can find Zackary here:

Ask Loral
Underdog Empowerment Podcast

Show Notes

  • [01:54] Zachary spent over five years in prison stemming from drug charges. When he came home it was difficult to find a job. He started working at a bar and grill. Then he was hired at a clothing store, had tremendous sales, got promoted, and then fired for being a felon
  • [03:06] He ended up going back to prison and missed the birth of his children because of it.
  • [03:23] When he got out of prison, he became involved with a network marketing opportunity. He knew this wasn't his true calling, and eventually made the jump into coaching.
  • [03:58] Zackary didn't really have success until he started studying his audience and asking what are their core values and their core needs.
  • [04:58] He got crystal clear on the types of problems that his audience was having.
  • [05:05] If you don't have clients, you can still create customer profiles by targeting the type of people you would like to work for.
  • [06:00] The offer has to be relevant to the customer's core values and needs. Your message also has to resonate with the customer.
  • [08:26] Instead of a traditional funnel, Zackary likes to use a relationship funnel. He skips the introductory offer and goes straight to the core offer.
  • [10:12] You can still down sale to people who don't purchase the offer.
  • [10:42] The main problem that Zackary solves is helping people get started. They need grit and tenacity, not every single resource.
  • [12:20] Zackary likes to use Clickfunnels, content from Russell Brunson, TubeBuddy, Dropbox, Photoshop, and more.
  • [13:55] Zackary hires copywriters to help attract organic traffic. People buy for emotion not features.
  • [15:42] Video quality production makes a difference, but you don't have to make it too complicated. The most important thing is having good content and attracting the right people.
  • [16:54] Don't compare your chapter 1 to someone else's chapter 26. Don't compare yourself to anyone but yourself from yesterday.
  • [18:09] Get clear on who you are serving and the problem that you solving.

Links and Resources:

Sep 13, 2018

Cryptocurrency is going to change the way we do banking. If we don’t keep up with this technology, it will take off without us. Matthew Herrick is the co-founder and CEO of Ledger Leap an enterprise blockchain solution. This is an exciting episode where Matthew clears up misconceptions about what bitcoin, blockchain, ICOs, and ethereum actually are.

He talks about smart contracts and how he and his partner used the blockchain platform to create a real estate platform that gets buyers reduced commissions of 1%. This platform also simplifies and speeds up the real estate process and saves brokers time, money, and acquisition costs. He then used his existing infrastructure to launch a business to help others use blockchain technology to create token based businesses.

You can find Scott here:

Ask Loral
Ledger Leap
Deed Coin Launch
Deed Coin

Show Notes

  • [01:36] Ledger Leap came about by accident after Matthew and his co-founder created a real estate platform powered by blockchain.
  • [02:08] They created the largest real estate brokerage referral network. They had to build all of the tools to make things work.
  • [02:45] After creating the real estate product, they had the team in place to create more products.
  • [03:53] OpenTable saw his work and wanted some advice. His team was in place, so they just built the platform. This led to the business of Ledger Leap.
  • [04:28] Blockchain is a technology that solves problems. It was secretly created by Satoshi Nakamoto. It was released upon the world in the form of bitcoin.
  • [05:27] Bitcoin allowed people to transfer currency all over the world with no central control and almost no fees.
  • [05:47] The cost was just the amount of power to do the computer transaction.
  • [05:51] Bitcoin threw the world for a loop. Once bitcoin gained notoriety, people discovered that blockchain can make other things work.
  • [06:07] This thing that makes bitcoin work can be used for other things. Then we saw the evolution of the smart contract which is Ethereum. Ethereum is not a cryptocurrency.
  • [06:12] Etherium is a program for building platforms on blockchain.
  • [06:21] The coin ethereum is used as gas to push the smart contracts built by ethereum out of the nest.
  • [06:39] There are also equities that have been turned into digital currencies.
  • [07:22] How blockchain is used for Matthew's real estate platform. They tokenize real estate commissions.
  • [08:16] Consumers have pushed back against 6% real estate fees. Each percentage point is broken up into 10 tokens. Brokers need to make some money so they set a stop at 10%.
  • [09:42] Sellers can pay 1% instead of 10%. People didn't think brokers would get on board, but they did because client acquisition is hard.
  • [10:05] Each broker within a 50 mile radius is in charge of the coin holders in that area.
  • [10:29] The real estate platform is called Deed Coin and it works similar to Trello. Administrative backed work can be done on the platform. This speeds up the process with all of the different vendors required.
  • [12:25] Redfin doubled in 6 months because they brought commissions down to 4%.
  • [13:29] An ICO is an initial coin offering. Which is similar to an initial public offering or IPO. This makes people think that it is an investment.
  • [15:01] You shouldn't get to ask for money unless you have a project, build a thing, and have a platform.
  • [15:19] At Ledger Leap they only look at token sales. If it doesn't exist, stay the heck away from it.
  • [15:49] Ledger fund helps you build and takes a percentage of the token fund. But it has to be a business that has been running for at least a year.
  • [16:46] The product or platform has to at least have users or a very convincing pitch.
  • [17:06] At Ledger Leap we get to be the change that we want to see.
  • [17:35] Bitcoin is a great hedge against regular currency. It's a digital value that can't be taken away.
  • [20:04] If you can feel it, hold it, or touch it then it doesn't need to be on blockchain.
  • [22:16] If you don't understand how a token operates, don't invest in it.
  • [22:40] If you don't understand how the technology works, stay away from ICO's and invest in existing technologies like bitcoin.
  • [23:22] Blockchain is excellent for shipping companies and supply chain and logistics. There would be no such thing as accounting errors with blockchain. It's perfect for storing information like titles and deeds.
  • [24:45] Blockchain is the best bookkeeper in the world.

Links and Resources:

Sep 6, 2018

How many of you have ever wanted to become a millionaire? Grow a successful business? Have a nice portfolio, and know that you don’t have to work for ever and ever for the rest of your life? Would you like to build generational wealth? Money doesn’t stop, you need to know how to grow and protect it.

If you would like to know the answer to these questions, take a seat at the big table and choose to become a millionaire? Today’s podcast is from a Big Table webinar presented by Loral about becoming a millionaire and starting with a money makeover. She is also joined by Scott Arden of Controllers, Ltd. to talk about taxes and entities.

You can find Scott here:

Ask Loral
Controllers, Ltd.

Show Notes

  • [01:40] Today we learn how to become a millionaire.
  • [01:41] Money starts the day you walk onto the planet and stops the day you walk off. The problem is many of us aren't taught about money.
  • [03:25] So what? Now what? Most people don't talk about money.
  • [03:51] Wealthy people have very open conversations about money and share information and team members.
  • [04:06] Today's podcast is a recording of a webinar that actually does a money makeover.
  • [04:30] Loral grew up in Nebraska and earned a finance business degree. She tried working in a bank and then got a Masters degree in exercise physiology.
  • [05:00] She then became a health consultant.
  • [05:09] Being hired by Chevron was one of her aha moments, and Loral wrote a book about it. At Chevron, she helped build fitness centers on offshore oil rigs.
  • [05:58] She then worked at the corporate headquarters in San Francisco. She traveled all over the world building corporate fitness centers.
  • [06:09] In 1996, she dropped everything to promote Robert Kiyosaki's cashflow game.
  • [06:53] After Rich Dad Poor Dad, Loral started her first company Live Out Loud.
  • [06:57] She has been Shark Tanking businesses since 1999.
  • [07:37] Being part of a community and being able to talk to anybody you want about money is so important.
  • [07:56] Loral has had real estate companies, gas and oil companies, and she's currently heavy into the cannabis world.
  • [08:35] In 1933, the banking system was formed. Seven of the wealthiest families in the world collaborated on how to build an economy.
  • [09:07] Loral is a huge fan of getting off of Wall Street.
  • [10:54] The system is designed so the rich get richer and the poor get poorer.
  • [11:13] We have to deal with money anyway, why not learn to do it right?
  • [12:11] Teaching people to get jobs creates a lot of employees.
  • [13:07] As you get wealthier, we teach you how to save on taxes and only pay yourself what you need.
  • [14:21] Relying on others to pay you is risky. Debt is a way to leverage your money to become a millionaire.
  • [18:44] When you have a business, there are so many ways to write things off. Living your life inside corporate life.
  • [20:35] You need to understand how to live this lifestyle and how to teach your kids to live it.
  • [21:22] Debt is just the cost of money.
  • [22:03] You have to get out of sole proprietor land and get committed.
  • [22:24] Scott Arden with Controllers, Ltd. is here to talk about entities.
  • [22:33] Scott is an entity and tax and compliance expert.
  • [23:39] Scott has been in the asset planning and protection industry for 22 years.
  • [23:55] He worked for one of the top asset protection firms and now has his own company.
  • [24:03] There is a huge breakdown between people's entities and their tax side.
  • [24:25] Scott and his partner bridge that gap.
  • [25:25] LLCs are the most widely used entity. They can be taxed with four different methods. It is the most flexible method.
  • [26:50] S Corp is an election to allow profit and losses to pass through.
  • [27:19] Limited partnerships are great for estate planning and asset protections.
  • [27:44] Trusts like revocable trusts are great for passing assets. Irrevocable trust grants assets to beneficiaries.
  • [30:00] The tax code is now written more for corporate owners.
  • [31:03] Using a C Corp structure, you can have a flat tax rate of 21% regardless of how much you make.
  • [32:19] The biggest deduction is qualified business income. We are allowed to take a 20% deduction right off the top.
  • [33:12] Service based individuals are not afforded this deduction, so there are different strategies that need to be deployed.
  • [33:59] There are no more meal and entertainment deductions. Trusts have changed.
  • [36:13] Have a team support you to live your life like a business.
  • [37:29] We can look at your tax information and generate a custom report that is specific to you. It will outline your deductions, and it is all backed up by the IRS publications.
  • [40:27] Discover what you want and how you want to get there. This information is in my book The Millionaire Maker.
  • [43:05] Loral shares the Money Makeover and asks when is your Freedom Day?
  • [44:45] A gap analysis looks at where you are versus where you want and puts a plan together.
  • [45:17] The Big Table is a mastermind for you and your family for the rest of your life.

Links and Resources: