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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: December, 2018
Dec 27, 2018

My friend Jay Fiset is back to talk about joint ventures, masterminds, and the advantages of each. Jay has been a businessman and entrepreneur for years. He is also a staple in the personal development space.

Today, Jay talks about how joint ventures can give you leverage and access that you wouldn't normally have. He also talks about how once you have built relationships and influence, you can leverage that to create your own mastermind group. This group can be a resource to take everyone's business to the next level.

You can find Justin here:

Ask Loral

Show Notes

  • [02:09] Jay has been an entrepreneur for 33 years, and he has spent most of his time in the personal transformation space.
  • [02:27] He runs The Creator's Code which has been attended by 40,000 people from all over the world.
  • [02:30] About six or seven years ago he created Mastermind to Millions. He had already been teaching how to have mastermind groups and just made it to the public.
  • [03:43] He has also had real estate and several businesses. He would invest his money elsewhere.
  • [04:28] Jay teaches authors and coaches how to create a mastermind for an additional stream of revenue.
  • [04:38] Masterminds are one of the fastest ways to create income. When done well it gives us access to network resources.
  • [05:00] We can 10x or 15x our access to resources experience and wisdom by masterminding with people who are movers and shakers.
  • [05:24] It's one thing to go to a mastermind, but it's a completely different thing to run one.
  • [05:39] When you create your own little mastermind joint-venture syndicate you can begin to strategically and wisely put together a team of people that can go out and print money.
  • [07:06] Joint ventures are one of the fastest ways to make money.
  • [07:45] Hand select people for deal flow in cannabis, crypto, AI, etc.  Ride the wave of technology that is coming. Just one great deal will create multiple seven figures.
  • [10:25] The first step is to join joint-venture communities.
  • [11:09] Everybody listening should join Jay's community globally.
  • [12:35] Jay built his reputation by strategically attending events and targeting certain people.
  • [12:52] Once you figure out who you want to support and start supporting them things start to move.
  • [14:29] Being onstage didn't take Loral long to gain a massive following.
  • [17:18] Start with a smaller group not a larger group.
  • [18:54] You can always start a JV group before you start a mastermind group.
  • [19:21] It takes influence and traction to launch a mastermind and the way to get there is through joint ventures.
  • [20:04] The money and conversion happens when we are strategically borrowing the influence of other people that we are partnering with.

Links and Resources:

Dec 20, 2018

Edwin Kelly from Specialized IRA Services is here today to talk about the advantages and flexibility with a self-directed IRA. Whether you need income or tax savings, there are savings and investment vehicles that can help you meet your goals that aren’t tied to the ups and downs of the market.

Today, he talks about how everyone needs a customized plan that fits their circumstances, and he talks about the benefits of using a Roth to withdraw tax-free income. It’s also possible to make creative investments like real estate. You are in the driver’s seat and can invest in anything that is legally allowed by the government.

You can find Edwin here:

Ask Loral

Show Notes

  • [01:12] Edwin is a custodian of IRAs.
  • [01:36] When he was young, he read and studied about some of the great businessmen.
  • [01:55] He knew he wanted to be in business, and he was looking for a niche.
  • [02:01] From study, he noticed that starting a business in a new industry allows your business to expand as the industry expands.
  • [02:14] He wanted to find something that would solve serious financial problems and seemed new. He discovered self-directed retirement accounts although they weren't really new.
  • [02:51] Company-sponsored retirement plans haven't worked as well for people as they thought they would, because of company limitations on investments.
  • [03:27] A self-directed space allows someone to get complete control over their retirement account and invest in anything allowed by the government. The possibilities are endless.
  • [03:35] Edwin found that there wasn't a company doing what he was trying to do and he wanted to enable people to be able to invest in what they wanted.
  • [04:01] There is some confusion about self-directed IRAs. There's what people call self-directed and then there is truly self-directed.
  • [05:09] Most investment banks offer a self-directed fund where you can pick anything that they offer. This is limited to stocks, bonds, mutual funds, and CDs.
  • [05:18] A better question to ask is can you buy a foreclosed property with your retirement account and have your retirement account pay to fix it up and then put a tenant in there and collect rent tax free.
  • [05:49] A true self-directed retirement account has a custodian who allows you to invest in anything that the government allows you to invest in without restrictions.
  • [06:24] There are probably less than 30 firms who specialize in what Edwin's firm does.
  • [07:43] The government tells you what you can't do. You can't buy life insurance inside your retirement account. You can't buy collectibles and no self-dealing. Most everything else is allowed.
  • [10:27] At Specialized they create custom plans for their clients. They use individual retirement accounts. Small business retirement plans like solo 401(k)s. The last category is tax-advantaged specialty accounts.
  • [12:25] The Roth vehicle is the only one that allows us to go from forever tax to never tax. All income is not subject to tax.
  • [14:34] You can invest in an LLC and it can hold all kinds of assets.
  • [16:02] Self-directed retirement accounts are going to be part of your picture not all of the tools. Look at your rate of return and see where it makes sense to put something into a retirement account. Consult with an expert and optimize.
  • [20:10] Edwin gives an example of the power of compound interest.
  • [23:40] An example of a 53 year-old attorney who opened a Roth late. He then built a real estate portfolio within that Roth using leverage. His monthly distribution is now $40,000 a month tax free. He built that in 14 years.

Links and Resources:

Dec 13, 2018

I usually keep my podcast evergreen, but it's getting near the end of the year, and I have to talk about the big five. You have to get incorporated if you are serious about getting rich. Companies make money individuals get taxed.

You have to get your qualified plans, and review your trusts, insurance, wills, and a whole list of other things. Scott Arden from Controllers, Ltd. is here today to talk about the importance of tax entities and why it's so critical to have the correct entity in the year that you want to save on taxes.

You can find Scott here:

Ask Loral
Controllers, Ltd.
(866) 786-3462

Show Notes

  • [02:07] Scott started his first company when he was 19. This is when he first started learning about what he could deduct and how to protect his assets.
  • [02:35] He wanted to know what he could and couldn't do, so he dove into the tax code.
  • [02:59] He was in the asset protection industry for about 20 years.
  • [03:12] He and his business partner wanted to bridge the gap between the legal side and the tax side of companies and they started Controllers, Ltd.
  • [03:23] Tax professionals need to talk to each other on a consistent basis.
  • [03:39] Tax entities are not just about tax savings. There's also liability protection involved.
  • [04:54] Businesses high risk. The premise of corporations and LLCs is to protect assets.
  • [05:27] There are different entity structures. An LLC is kind of a hybrid between a partnership and a corporation.
  • [05:47] A corporation is a separate legal entity. It pays its own taxes.
  • [06:32] Scott has a whole list of questions that will help people determine which type of entity they should create.
  • [07:28] Timing is critical. You want to make sure that you are getting the most bang for your buck in the way of tax deductions.
  • [07:45] Sole proprietors get smashed with self-employment taxes and limited deductions.
  • [08:05] There is still time to take some tax deductions in 2018. If you are a sole proprietor, you can create an entity that has a fiscal year ending as opposed to a calendar your ending.
  • [08:41] You can also put in place a management company that will be overseeing the operations of the business. You can then pay the company for the rest of this year in the first quarter of next year. This allows us to take extra expenses and deductions that will reduce the 2018 tax liability.
  • [10:06] Some of the deductions that you can claim include retirement account, home office account, vehicle account, investments, and more.
  • [12:11] If you've been a sole proprietor for 20 years and you incorporate today, you will lose your past 20 years of credit.
  • [13:25] It's essential to have a proper accounting system in place. You do have to maintain minutes and resolutions. There are quite a few compliance issues that you need to understand.
  • [13:56] The company needs to be able to defend the different deductions that you take throughout the year. There needs to be corresponding minutes and resolutions to back up the transactions. You will also need corresponding documents like an ownership certificate. You want to make sure you clearly separate the corporation from the business owner.
  • [15:32] Fund your company,m so you can pay the proper deductions out of that fund instead of your private money.
  • [16:15] Don't commingle your funds and make sure you know your financials. You can also get your own corporate credit card.
  • [17:57] An example of how a couple went from 50% tax to about 11% tax by partnering with the world's largest wine company.
  • [19:05] Another example of taking advantage of depreciation of an asset to offset taxes with an online store.
  • [19:37] You can take a distribution and then invest it in an asset that will give you a high depreciation.
  • [20:21] Many accountants just barely get people by and overlook smart tax savings.
  • [20:52] You want a professional will who will present ideas that will help you save on taxes.
  • [21:22] Tax planning should be done throughout the year.

Links and Resources:

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