Info

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.
RSS Feed
2021
August
July
June
May
April
March
February
January


2020
December
November
October
September
August
July
June
May
April
March
February
January


2019
December
November
October
September
August
July
June
May
April
March
February
January


2018
December
November
October
September
August
July
June
May
April
March
February
January


2017
December
November
October
September
August
May
April
March
February


All Episodes
Archives
Now displaying: September, 2020
Sep 17, 2020

As a general rule, those who typically become successful entrepreneurs are the people who come up with unique solutions to problems or challenges. This rule has continued to be proven true, again and again, in the technology space, especially as the world becomes more accustomed to the “here and now” provided by the increasing ease and portability of devices.

Along with the innovation model, technology has enabled the “fast cash” model to start popping up in completely new ways. As a result, a completely new wave of start-ups have appeared that allow all of us to make money on the side with our spare cash, our extra space, or our vehicles when we’re not

In this episode, Loral is talking about the Fast Cash Model.  Adam and Thomas share their wisdom as well.  We talk about ways for kids and adults to make fast cash.  We also talk about great ways to start making fast cash now and finish 2020 strong. 

Show Notes:

  • [02:57] What in your ask-tell-ask is right there and really quick. 
  • [03:59] Fast cash is if you needed money by tonight. We need to have an urgency to cash.
  • [04:04] If you keep telling yourself you don’t have enough to save them you will never have enough to start saving for retirement. 
  • [06:19] Right around your community you could get fast cash. It is just trading time.  
  • [07:05] Another place to earn fast cash is online.  
  • [07:52] Often we avoid the initial sale because we want more money for the work.  It is a database building.  
  • [09:59] Daily we are giving our stuff for free when someone would gladly pay for it.  
  • [11:15] Listen to what people are saying. That is their problem.  People will always pay money to fix their problems.  
  • [11:28] Consolidated information into a new bundle and selling it is brilliant and saves people tons of time.  People don’t have the time to find the information so they will pay you for it.                               
  • [14:01] Twenty dollars doesn’t sound like much, but when you get ten or twenty people purchasing your product or service it really adds up.  20 dollars is nothing for people, but if you get $400 that changes everything. 
  • [16:11] There is a value to paying.  The exchange of money creates the value.  
  • [19:09] You're not starting with your big ticket item. It is like the end cap item at the grocery store to get the conversation started. 
  • [21:22] Think about what your skill is and what you do everyday.  
  • [23:52] When you're making fast cash it doesn’t necessarily have to be within your wheelhouse even. 
  • [25:37] Adam shares a story about a guy that wanted to bring goodness to other people. 
  • [28:13] He shares about how the guy had one million dollars in his bank account one week after filing bankruptcy. 
  • [29:41] If you don’t have something to sell then be an affiliate.  
  • [31:51] Inside your own dialogue you need to create the urgency to make money.   
  • [33:01] We need to get out of the make it, spend it pattern and get into the make it, invest it pattern.  
  • [36:35] Most of us don’t know what to look for because we have never looked at a deal before.     
  • [37:10] Take this time to look at deals from an educational standpoint.  
  • [38:26] You can do a lot of things to get your cash away from your spending habits.  
  • [40:36] Check out the upcoming tables.  
  • [43:01] The Virtual Meetup and Marketplace and Graduate Marketplace are coming up soon. 
  • [45:15] The goal is for you to learn all these things so you are not strapped to a desk and someone else giving you a paycheck.  
  • [47:47] Ask the question why because that why becomes an opportunity.  
  • [49:31] We are heading to the finish line and there is a lot to do.  

Links and Resources:

Ask Loral App
Loral on Facebook
Loral on YouTube
Loral on LinkedIn
Money Rules
Millionaire Maker Store
Real Money Talks Podcast

Sep 10, 2020

We have a number of guests with us today. We have several of our top finishers from the Virtual Meetup and Marketplace in August, but we also have a very special guest, Joe Hamel. Joe Hamel is the president and founder of Hamel Advisory Services. 

Many people have heard of self-directed IRAs but they don’t have them in place. It doesn’t matter if you have a lot of money to start.  Just put in $50 and get it going.  Once you start making money you need a place for the new money to go. There needs to be a place to put it away so you don’t spend it right after you make it.  

In this episode, Joe shares the kind of qualified plans you can open. He talks about the differences between a traditional and Roth IRA. Then we finish the episode with Erin and Deborah sharing their success and top takeaways from the Virtual Meetup and Marketplace. 

Show Notes:

  • [01:54] It doesn’t matter if you have a lot of money to put in a self-directed IRA.  Start with $50 to get it going and so you have a place for the new money to go.  
  • [03:19] A lot of people are waiting for some magical moment and that isn’t going to happen because you keep spending your Monday.  
  • [04:04] If you keep telling yourself you don’t have enough to save them you will never have enough to start saving for retirement. 
  • [04:17] An IRA is your own individual retirement account.  
  • [05:00] Joe suggests having an IRA that is completely removed and not connected to your checking account.  It is important to start even if it is small amounts. 
  • [07:54] When you set up a self-directed IRA you can inject capital through the form of contributions or the form of a rollover from a former or existing IRA. 
  • [08:21] Depending on your age, the contribution limits do change. Right now $6,000 is the maximum contribution each year, but there are no minimums.  
  • [08:55] The biggest difference between the Roth and traditional IRA is the taxation on those accounts.  
  • [09:13] The traditional IRA is an account that has not been taxed on the front end.
  • [10:50] You can always remove money, but there is an early distribution penalty prior to 59 ½ years. 
  • [11:33] If you have not taken any distributions at the age of 70 ½ the IRS will require you to start taking at least the minimum distributions.  Once you are 70 ½ you can no longer make contributions to a traditional IRA either. 
  • [13:42] On the Roth IRA you are going to pay taxes on the initial contributions during the first five years.  
  • [14:54] The early distribution penalty applies to both traditional and Roth prior to age 59 ½. 
  • [15:55] With the Roth IRA you are paying taxes upfront on the initial amount. With the traditional IRA, you pay taxes at the end. 
  • [16:44] With the Roth IRA there is no 70 ½ requirement.  
  • [17:44] The biggest difference between the Roth and the traditional IRA is the amount of taxes.
  • [20:02] If you are no longer employed that money can be moved out of a qualified 401K account into a qualified self-directed vehicle of your choosing. 
  • [22:01] The first step is just to take action and open the IRA account that is right for you. 
  • [23:27] Roth IRA is a great vehicle because there are not taxes as long as you make your contributions and adhere to the IRS rules.  
  • [24:44] You want to make sure you keep your retirement money in a retirement account and don’t use it for quick fixes.  
  • [26:34] Solo K is a great self-employed plan. It is created for a small business owner. It functions just like a 401K would work for a major employer.  
  • [28:15] The Solo K allows you to make contributions to both the traditional and the Roth. It also has the ability to take out a loan.
  • [30:39] Instead of paying your children allowances you can make contributions into their Roth IRA. It is a great way to give your kids a jumpstart.
  • [31:51] A flip account is a great way to save cash instead of a savings account.
  • [34:38] Joe’s company holds everything in house as a custodian. 
  • [36:11] They are one of the only custodians out there that are willing and able to accept some of the new and emerging asset classes. 
  • [38:47] We have to complete the tasks on our checklist to actually see results.
  • [40:27] We are going back to our Virtual Meetup and Marketplace for the rest of the episode. New options to join the Virtual Meetup and Marketplace or the Graduate Marketplace this month and in the coming months. 
  • [43:01] Megan won the last Virtual Meetup and Marketplace. She made over $8600. We will be featuring Megan at another time. 
  • [43:41] Erin was in second place and Deborah was right behind her in third place by only $20.
  • [44:03] Erin sold $941 of her summit and her life coaching. Erin learned about marketing, the pitch, tax structures, investments, and how to grow her business.  
  • [45:59] Prior to the Virtual Meetup and Marketplace, Erin was doing everything incorrectly and now her mindset has completely changed.
  • [46:17] Deborah sold name drawings and logos and made over $800 and really built her momentum.
  • [47:57] Erin learned to start selling now and not wait. 
  • [48:30] Deborah learned that she had a lot of avenues already at her fingertips.
  • [49:23] The obvious is right in front of you.  You just haven’t decided to monetize it.
  • [50:58] Erin’s motto is “first the courage, then the confidence.” Have the courage to put yourself out there so you build up that confidence. 
  • [51:49] Put yourself out there and stay the course.  
  • [54:35] The two calls of action are to get a call with Joe and then get signed up for the Virtual Meetup and Marketplace or the Graduate Marketplace.

Links and Resources:

Ask Loral App
Loral on Facebook
Loral on YouTube
Loral on LinkedIn
Money Rules
Millionaire Maker Store
Real Money Talks Podcast
Joe’s Website
Three Feet from Gold

 

Sep 3, 2020

On today’s episode, I am joined by Eileen E. Galbraith also known as the Credit Gal.  We are going to talk about your credit, business funding, and ways to fix your finances right away.

Eileen E. Galbraith is your Savvy Credit Business Woman, aka The Credit Gal. She works with individuals and small business owners, specifically with those who are seeking to grow their business. Entrepreneurs hire her to maximize their capital because most are turning over couch cushions to invest in their business, putting their families, credit, and growth at risk. So, she positions them to get the money they need, protect their assets, and leverage their genius. 

In this episode, we start out talking about personal credit because it is the foundation.  We talk about optimizing your own personal credit to build your business credit.  Eileen talks about beginning steps to make your business official so you can become a fundable and creditable business.  

Show Notes:

  • [00:58] Eileen E. Galbraith is your Savvy Credit Business Woman, aka The Credit Gal.
  • [01:27] The very first thing you want to do is get a copy of your personal credit report and continue to get your credit report every year. 78% of credit reports are wrong.   
  • [02:01] Your credit follows you everywhere.  
  • [03:39] You want to make sure your personal data is correct and optimize these areas. 
  • [04:02] After you verify your personal information you then need to check all your accounts are reporting properly. 
  • [04:58] Once we have maximized your credit report, we look at if there are any ways to optimize your credit score. 
  • [05:59] Your FICO credit score goes from 300 to 850. 
  • [06:22] You want to make sure your business is fundable and creditable.  You also need to be incorporated around your EIN. 
  • [07:28] Then open your business checking account using your business documentation and EIN right away. 
  • [07:52] The underwriting guidelines say your business opened the day you opened your business checking account.    
  • [10:12] 35% of your FICO score is how you pay your bills.  
  • [10:55] Your goal should be to use less than 20% of the credit you have available. 
  • [11:57] There is only one determining factor for business credit and that is how you pay your bills.  
  • [12:50] You want to have a D-U-N-S number for your business.  
  • [15:04] The beauty of business credit is that you can get the business credit lines and credit cards without personally guaranteeing them.  If someone comes to sue your business they can’t come after you on a personal side.  
  • [16:58] Eileen recommends three to six months of reserves in your personal and business world.  
  • [18:12] The more address you have listed on your credit report the harder it is for the underwriting to get your qualified.  The goal is to have two addresses. 
  • [19:04] Your bank account should be set up in the name of your corporation.
  • [20:36] Many use a personal credit card in the beginning before they transfer that to a business credit card and that can be used to verify funds. 
  • [22:27] You can dispute anything that is inaccurate, misleading, or erroneous on your credit report.  There is a process to follow to dispute something. 
  • [24:13] It does take time to reverse errors on your credit report.  Prior to COVID dispute letters had to be responded to within 30 days. Since COVID they have a 45-day window to respond back. 
  • [26:37] When you join a network marketing company you want to start an entity as soon as you can. You also want to set up the business checking account and all the commissions should go into this account.  Any expenses should go through that same account.
  • [28:04] You can text or call Eileen to book a free 30-minute consult at (610) 609-1526 or eileen@thecreditgal.com
  • [28:55] Entrepreneurs don’t realize how important it is to establish their business in the name of their business and how much it can benefit them. It is something you want to start now instead of later because it is going to give you so many more options to grow your business.  

Links and Resources:

Ask Loral App
Loral on Facebook
Loral on YouTube
Loral on LinkedIn
Money Rules
Millionaire Maker Store
The Credit Gal Website
Eileen on LinkedIn
Annual Credit Report

 

1