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: October, 2020
Oct 31, 2020

There is so much to learn in the volatile economy we are in. Never before has the world been shut down.  Nothing comes close to what this Coronavirus has done to our local and world economy. Many entrepreneurs are struggling. I have Joey Gilbert with me today.  He is a local lawyer in Reno, Nevada. 

Joey Gilbert Law opened more than ten years ago with a focus on a few distinct areas of law, Personal Injury, DUI Defense, Criminal Law, Workers Compensation, Special Use, Privileged License Law, and Immigration Law. Joey Gilbert was born in Chicago, Illinois, but was raised in Sparks, Nevada. Gilbert graduated from the University of Nevada where he was a collegiate fighter. Hard work and dedication earned him three national boxing championships. Joey Gilbert Law has also been recognized as top 10 attorney-client satisfaction for DUI/DWI Attorneys in 2016, and the national trial lawyers 2016 top 100 criminal defense, as well as Reno News and Reviews best local attorney in 2017.

Joey shares coronavirus data and updates from around the world. We talk about true economics and what it has done to our families, our elderly, and our kids. We share the data about what is happening to our economy and the economy around the world. 

Show Notes:

  • [01:10] I have Joey Gilbert with me today.  He is a local lawyer in Reno Nevada. 
  • [03:01] Joey is very proud of his background as a fighter.   
  • [04:25] He takes the same diligence, skill, and tenacity that he took into the boxing ring into the courtroom now.  
  • [07:19] The World Health Organization advocates the lockdowns are not good.  
  • [08:40] The Great Barrington Declaration is a very unique document. They are more worried about the mental and health impacts as a result of lockdowns and shutdowns of our economy versus the coronavirus itself.  
  • [10:45] A lot of the problems are from misinformation. There are going to be 10 million people starving in Africa based on bad information when Africa has some of the lowest COVID infection rates. 
  • [13:36] We should have done what Sweden and Denmark did back in May which was put protocols in place for preparing foods and protect those that we needed to protect.
  • [15:02] We are seeing double the amount of deaths in the states with the most restrictions.                
  • [17:11] Hospitals are getting paid to code death Cornavirus through the Federal Coronavirus relief packages. 
  • [17:51] A CDC study from September 2020 found evidence that most who contracted the Coronavirus frequently wore masks.  
  • [18:57] If the people most likely to contract it are wearing the masks, that just proves it is too small of a particle size for the mask to stop anyway and people aren’t wearing them right. Joey has taken a holistic approach with sunlight, Vitamin D, and Zinc instead.   
  • [21:49] Many people are really scared from all the media coverage.  
  • [24:21] We have learned so much about how to treated coronavirus since the beginning. There are known medications, treatments, and therapeutics that are working.  
  • [26:41] Many businesses didn’t have the agility to change their business models when this happened and now they are struggling.  
  • [27:29] Many studies are predicting one-third of the small businesses will shut down from the effects of the pandemic.   
  • [28:48] The repercussions are dire across the states and we won’t see the full effect for several months and even into next year.  
  • [31:15] The economy is most important to Americans right now.  
  • [33:45] Joey shares about the church lawsuit they filed in Nevada.   
  • [35:37] Research for yourself and check out other outlets that are not our mainstream news media.  
  • [37:52] Joey shares a map and data of the result when Argentina made people start wearing masks.    
  • [38:38] If you want to prevent the Coronavirus wash your hands, use your hand sanitizer, if you’re sick stay home, sanitize workspaces, and live your life.  If you have older family members that you are concerned about limit contact with them but not so much.
  • [40:01] We send our kids to college to network and meet other people.  
  • [41:08] Great Barrington Declaration reminds us that the children never get their youth back.  
  • [44:01] Joey is working on a lawsuit similar to what they did in Michigan for the state of Nevada.  

Links and Resources:

Ask Loral App
Loral on Facebook
Loral on YouTube
Loral on LinkedIn
Money Rules
Millionaire Maker Store
Real Money Talks Podcast
Integrated Wealth Systems
Joey’s Website
Great Barrington Declaration

 

Oct 27, 2020

Today we have a very interesting topic around making money.  Direct sales is an industry that has made many people billionaires and multi-millionaires. In many countries including the United States, it still has a stigma about it.  With me today is Janine Finney, who is an expert on network marketing.      

Janine Finney spent the first 30 years of her career as a sales executive in Corporate America. Then, at the age of 50, Janine began a new career that she never expected to pursue, Network Marketing.  When Janine’s daughter, Lory, shared her desire to join a Network Marketing company after graduating from college, she quickly discovered that her mom had a very different opinion about this type of business than she did. Their strongly opposing views and the battles that ensued are what inspired them to co-author a book called, “The Flip Flop CEO”, which has sold over 100,000 copies.   Then, five years later, they wrote a sequel to their first book, called, “Does the Shoe Fit? The Guide to Help You Decide.” Janine believes that many women are searching for the freedom and flexibility that Network Marketing provides, but don’t recognize it because of the stigma and misconceptions surrounding this topic.  It has become Janine’s mission is to help others understand what Network Marketing is, and is NOT!

We talk about why direct sales should be something you do or possibly add on to what you are already doing. We also talk about the misconceptions of network marketing.  Finally, Janine shares some practical steps for finding the right network marketing company for you to be successful.  

Show Notes:

  • [01:54] Janine was in the corporate world for thirty years and she realized that some people are not cut out for the cubicle world.  
  • [03:47] After doing back and forth with her daughter for over a year she decided to check into network marketing.  She found that her negative experience was not the whole profession.
  • [04:01] She went from the mindset of “I will never do this” to “I think, I was born to do this” very quickly after her research.  
  • [04:47] Janine wanted to help change the stigma of network marketing so she wrote the book, Flip Flop CEO. Her second book Does the Shoe Fit was written to help others evaluate if network marketing is a good fit for them.  
  • [06:16] Network marketing is a franchise in a box and it is so different than the perception of it.  
  • [07:11] There are still so many misconceptions about direct sales and there are so many people searching for exactly what it offers but they don’t recognize it because of the myths.
  • [08:29] There is also a huge misconception about the earning potential. Many professionals see direct sales as hobby money and it can be so much more. 
  • [09:49] A third really big myth is that they assume that all network marketing companies are the same.                    
  • [12:39] For people that are searching for a way to have more control over their future network marketing is an opportunity to have an online international virtual business in a box without the high price tag.  
  • [13:46] For people that are looking for a way to have more control over their own destiny, this is a business that can be grown alongside what you are currently doing.  
  • [14:07] People that are successful in business are successful in this business because typically they have time management skills, recognize a good income opportunity, and really understand it. It allows you to own your life, control, your time, and you can work on your own schedule.  
  • [15:00] The flexibility and freedom are here and you can make as much and little as you want to earn.  The sky's the limit and there is no glass ceiling.  
  • [16:46] This is a legitimate business that you can put a corporate structure around, do legal deductions, take business trips, and promote anywhere in the world. You can use a lot of higher strategies to build a successful business.  
  • [18:25] Janine compares direct sales to joining a gym. 
  • [19:31] Many people fail at network marketing because they don’t treat it like a business.  Do you put as much effort into it as you did your job?
  • [20:21] There is a difference between direct sales and network marketing.  
  • [20:36] The Direct Sales Association is a good place to go look at companies and find reputable companies.  Direct sales is a good option if you are looking for right now money vs. long term money. 
  • [20:56] In network marketing you are typically building a network of consumers.  People are going to shop over and over again and that is how you can build long term money.  
  • [21:21] Janine recommends looking for a company that provides consumable products if you are looking for long term residual income.  You also want to find something that you believe in and that you get hooked on yourself.  
  • [22:03] She would give friends something that she knew they would fall in love with and that they wouldn’t want to be without.  She would tell them to use it for a week and if they didn’t like it they could give it back but when they did love it she would show them how to buy it at a discount.
  • [23:29] Really think about your audience and circle of influence.  Who are you going to be able to provide a solution for? We are in the business of being a solution provider. 
  • [24:07] It is important to find something you’re passionate about because then you are going to be able to do it authentically.  If you narrow it down to three companies, interview the people in the company and find out how they are doing the business.
  • [25:21] Some first steps that Janine recommends are listening to their podcast, MLM, You Decide, and reading the book Flip Flop CEO. The Flip Flop CEO is going to give you a really good overview of what network marketing is.  
  • [26:21] Seek out objective information that isn’t biased to one specific company.

Links and Resources:

Ask Loral App
Loral on Facebook
Loral on YouTube
Loral on LinkedIn
Money Rules
Millionaire Maker Store
Real Money Talks Podcast
Integrated Wealth Systems
Flip Flop CEO
Does the Shoe Fit
Direct Sales Association
MLM, You Decide Podcast

Oct 15, 2020

In part two of our tax planning series, we are going to continue talking about getting our financial houses in order and ending the year strong.  We have Weldon Wulstein back with us again for this episode. Weldon is the CPA and owner of Wulstein Financial Services and Company.   

Weldon is going to answer all your tax questions on the show today.  He shares about the future of the airline and real estate industries.  Then we talk about what you should be doing now to prepare for the end of the year.  We wrap up our conversation talking about flip accounts and retirement plans. 

Show Notes:

  • [00:48] The recovery of the airline industry is going to depend on travel. Business travel has mostly kept the airlines afloat but that has pretty much ceased. 
  • [01:34] Private aviation is soaring right now. More companies will most likely buy their own planes.  
  • [02:42] Weldon predicts that commercial properties around the tech industries are going to be suffering. 
  • [02:56] If you want something to be deductible, get creative. 
  • [03:01] Deductions have to be ordinary, necessary and have a business purpose to them.   
  • [03:36] If you get audited you have to have the documentation to support your deductions.  If you don’t you can receive penalties and interest.  You often won’t be audited for several years so document on receipts why they are business expenses.
  • [04:48] There will be a separation between elite airlines and discount airlines.  
  • [05:43] Right now everyone needs to start by getting their accounting records up to date and in order. Then the next step is to do a review of the last three years.                   
  • [06:21] After everything is in order then you can look at what assets to invest in for tax savings. 
  • [07:12] The minimum documentation that you need to get together is a profit loss statement including total revenues and different categories of expenses.  Plus getting all tax documents together.  
  • [09:36] This year it is really key to start preparations sooner than later.  Get your stuff in order early especially this year because everything is so far behind. 
  • [11:25] The difference between the S Corp and C Corp is that the S Corp flows its income down to you personally or to the owners.  There are limitations as far as who can be an owner of an S Corp. 
  • [14:25] Before hiring a bookkeeper, do a lot of research on what they have done.  Look at some of their other work and their process.  When you find a good person, talk to their existing clients and get their feedback.  
  • [15:23] Be sure to visit our new calendar on the Integrated Wealth webpage so you can get a view of what we are doing month to month.  
  • [16:01] Next week, Scott will be talking about entities. 
  • [16:40] You need a retirement plan attached to a company so you can utilize those revenues to make your contributions.  
  • [17:03] For the cost of a self-directed plan that amount of stock you can invest in compared to the traditional is incomparable.  If you are at an upper-income level you need to have a self-directed retirement plan. Weldon recommends a 401K. 
  • [18:44] A flip account can be a great opportunity if the person really pays attention to their company and has its infrastructure in place. 
  • [21:14] It is important to get a team and stop trying to do everything on your own then you can focus on your sales. 

Links and Resources:

Ask Loral App
Loral on Facebook
Loral on YouTube
Loral on LinkedIn
Money Rules
Millionaire Maker Store
Real Money Talks Podcast
Integrated Wealth Systems
Weldon’s Website

 

 

Oct 8, 2020

We are talking about getting our financial houses in order and ending the year strong and start the new year off right. The end of the year is coming faster and sooner than we think, so the time to get everything in order is now.  We have a very special guest with us today, Weldon Wulstein. Weldon is the CPA and owner of Wulstein Financial Services and Company.   

Weldon is going to answer all your tax questions on the show today.  He shares about the different tax deadlines and why you may want and need an extension. Weldon also talks about when you would convert an LLC to an S Corp and when a C Corp could be beneficial.  Then we wrap up our conversation talking about tax deductions and business trips.  

Show Notes:

  • [01:02] We are talking about getting our financial houses in order and ending the year strong and starting the new year off right.
  • [03:20] We have a very special guest with us today, Weldon Wulstein. Weldon is a CPA. 
  • [04:22] He has liked puzzles ever since he was a little kid. He looks at each different tax strategy as a puzzle. 
  • [05:47] You need to get your books in order.  This includes your bookkeeping and entity structures now.  
  • [06:36] In a normal year, your tax return is due April 15th for individuals, but it is due March 15th for any kind of business that sends a K-1.  You do have the option to extend those.  You can do an extension up through September 15th for the entities and October 15th for personal and individual. 
  • [07:26] People often file before April if they are expecting a refund back.  
  • [08:34] You should have your taxes in order every quarter and every month of the year.  
  • [09:04] When or why would you move away from an LLC to an S Corp or C Corp?                      
  • [09:38] You can convert your LLC to an S Corp.  There is a little more work, but then you can dictate how much money is paid through salary and how much is paid through distribution as an income tax.  
  • [10:56] You don’t want to miss out on social security by not having an earned income. 
  • [11:50] The minimum you want to pay yourself a year is $7,000 assuming you are making money in the company.  It is an individual basis.  
  • [12:28] What is the benefit of extending? By October 15th they have usually selected those to be audited, so you have a slightly less chance of being audited.  
  • [13:01] If you are investing in some of the alternative investments you’re not going to get your information to file a correct return until that date anyway.  
  • [15:37] We are dealing with when you have too much money and your tax burden is high.  How you invest can reduce some of that burden. Weldon talks about real estate and oil and gas investments.
  • [16:48] Real estate can be limited based on your income if you are not a real estate professional.  Oil and gas is not going to be limited.  
  • [17:53] Taking risks really depends on your risk tolerance and what kind of investment you want to make.   Oil and gas is not an investment for everyone because you are not going to get cash out of it for a while.  
  • [19:24] Gas and oil is a true supply and demand commodity.  We are always going to need petroleum products.  Weldon and Loral both think it will recover, but are not sure on the timing.  
  • [21:31] As of right now PPE loans will be taxed to you on your bottom line.
  • [22:29] Weldon doesn’t recommend transitioning to a C Corp but adding a C Corp to your repertoire of entities can be a very useful and beneficial tool to level as an income. 
  • [24:55] Privacy is going to become really key.  
  • [26:01] The operating entity is the most important one to set up first. Then the real estate company would be next and the third priority would be setting up the C Corp. For most people it works better to do these in phases.  
  • [27:16] The rules for deductions is that it has to be ordinary and necessary and the primary purpose of that expense has to be for the production of income for the company. 
  • [27:09] Business owners really need to change their mindset. Instead of saying this is not deductible, saying what do I need to do to make this deductible.  How do I have to treat this expense to make it deductible? 
  • [28:19] For business trips to be deductible you have to document what you are doing, and why it’s a business trip. You have to be able to document the primary reason for the trip was for business. You need to keep some documentation.  

Links and Resources:

Ask Loral App
Loral on Facebook
Loral on YouTube
Loral on LinkedIn
Money Rules
Millionaire Maker Store
Real Money Talks Podcast
Weldon’s Website

Oct 2, 2020

This last quarter gets super busy and we often forget what we need to be doing to wrap up the year.  We are going to use this show to talk about financial infrastructure. Today I am going to present a lesson on the basics that have to be done during the last quarter and mostly by mid-November.  We are going to make a checklist to walk you through the steps. Most of these end of the year tasks are nonnegotiable including tax preparations.  

Your financial infrastructure is based on your entire life. In this episode, Loral breaks down the steps you need to start taking now.  She also talks about the highest financial priorities and changes you need to make that will have a huge impact on your financial infrastructure in the short and long term.  

Show Notes:

  • [01:21] There are a lot of exciting things coming up in the next month.  
  • [02:58] You always need to be open and in a marketplace.  
  • [05:35] Loral is going to present a lesson on what you need to get done this last quarter.
  • [08:12] When the holidays land does affect your financial planning.  
  • [08:45] Your financial infrastructure is based on your entire life.  
  • [09:48] Right now you really have a chance to add extra revenue.  What is your income today and what do you want it to be in 2021?
  • [10:21] You need a business on the side to make extra revenue and take deductions.  
  • [11:12] Everyone should have their first entity by the end of the year.  In most states that is an LLC.                            
  • [11:51] Many of us pay out of our personal account because our business isn’t making any money.  So you need to fund it and pay from your business account. 
  • [12:34] Right now is the time to do a big check-up.  Where are your income and expenses?
  • [14:39] Building assets is the highest priority.  You make it and invest it and then you make and spend to pay down debt.
  • [16:22] Debt is critical.  You can’t be out here making new money and paying off debt.  You have to make it and invest it and start that pattern with your kids.  
  • [18:02] Making money is your real answer. 
  • [19:01] You need to have two banks that you are banking with, if not three.  She recommends a local small bank for fast cash. 
  • [20:37] You should be meeting once or twice a year with a tax strategist. 
  • [23:24] Look at your entity as a vehicle for moving income and expenses out of it.  Don’t close entities that are not in use. Save them for another time.   
  • [25:44] Flip is a place for a bank, but it is one of your easy first investments. 
  • [28:53] Start setting some financial goals now.   
  • [30:06] Use our team for your infrastructure.  
  • [32:44] Spend the time and money to do the credit repair if you need it.  
  • [33:28] Your job is to focus on making money, investing the money, and leading your team.
  • [35:56] Use this episode as a resource and listen to it over and over again.  The checklist will help you get organized and started.  
  • [38:09] We are going to see more volatility this fall.  It will be a confusing time, but the market is going to move.     
  • [39:29] Now is a good time to dump all the coins because the banks are taking them.  It is a great option to use the coins to start an account for your children.  
  • [42:31] Next week we are really diving into entities including the details and the sequence. 

Links and Resources:

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

 

1