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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: May, 2021
May 28, 2021

On this episode, Mike Bosma is interviewing Loral on his podcast, Bosma on Business.  

Loral shares her elevator pitch, all about how she got started in business and became a millionaire.  She also talks about how making the leap into entrepreneurship can be scary, changing the mindset from being an employee, and how important it is to focus on cash flow. 

 

Show Notes:

[01:44] Loral shares her elevator pitch. 

[03:32] Loral shares how she got into her business and became a millionaire.  

[06:08] Mike shares how similar he and Loral’s paths are and how they almost crossed. 

[08:36] Loral’s whole attitude about life is that you say yes and figure it out. 

[10:39] Taking the leap into entrepreneurship can be scary.  So she buttoned down her expenses and she ramped up her cash flow.  

[11:02] You have to decide to get up every day and intentionally drive cash flow for your family.  You have to focus on cash flow. 

[12:15] There is a technique for hiring the right people to help you through all this.  

[13:44] Mike shares about his jump into entrepreneurship.  

[15:53] Loral’s goal is to help people make money as fast as they can through the Marketplace. 

[16:37] Making money and having money be a conversation in a healthy way in a family is a huge piece. 

[17:50] Whatever you know how to do, figure how you convert it to today’s environment and make money immediately.

[19:29] You can sell anything if you are providing value. 

[19:53] Loral shares about the Big Table, her ongoing mentoring, and mastermind. 

[20:41] Everything you do touches money. 

[23:23] Stand back and take in the uncomfortable feeling that comes when selling and then merge into it. 

[24:20] A lot of times people don’t have an agenda.  You have to be really clear about your agenda. 

[25:44] What do you want because right now you have an opportunity.  Start with what you want.

[26:42] Never has the world needed more partnerships and money collaborations than now. 

[29:07] Next you need to understand money at an investing level and not just the real estate and stock market. 

[30:23] Active money-making and active investing are what create millionaires.  You have to make it and learn to lead your investments. 

[32:15] Make money every day.

[33:42] Grab Loral’s free ticket and resources here

 

Links and Resources:

Ask Loral App: https://apple.co/3eIgGcX 

Loral on Facebook: https://www.facebook.com/askloral/ 

Loral on YouTube: https://www.youtube.com/user/lorallive/videos 

Loral on LinkedIn: https://www.linkedin.com/in/lorallangemeier/ 

Money Rules: https://integratedwealthsystems.com/money-rules/ 

Millionaire Maker Store: https://millionairemakerstore.com/ 

Real Money Talks Podcast: https://integratedwealthsystems.com/podcast/ 

Integrated Wealth Systems: https://integratedwealthsystems.com/ 

Affiliate Sign-Up: https://integratedwealthsystems.com/affiliates

May 21, 2021

In this special episode of the podcast, Loral is interviewed by Michelle from the New Mid podcast. Loral explains that the "normal" system we grow up in does not set us up for financial freedom. In the episode, Loral shares strategies for both adults and children on how to make their money work for them. She also shares how to grow wealth in mid-life. 

Loral was single and expecting her first child when she realized she needed to rely on herself. The system that we are raised in does not set us up for financial freedom. At that moment she chose to make a great life. After receiving the most Influential Woman in Radio award in 2017, she had a meeting with her boss only to be unexpectedly let go from the company she had helped build. What could have been a roadblock for success turned out to be the best thing that could've happened to her.

Show Notes:

[01:32] Loral shares about her journey and what drives her.  She committed her life to study how people really become millionaires.  

[03:36] You get what you create and think about. Don’t speak to fear at all.  If you want to be wealthy, you will be in good debt.  

[05:46] Lean in and learn it instead of fearing it. Learn about it and you won’t fear it. 

[07:08] Women outlive men statistically.  The new statistic is that women outlive men by 8 to 10 years now.  

[08:51] It is everyone’s responsibility to know the money.  Even if you’re not the primary one making it. You need to know where it is and how to access it. 

[09:21] So what, now what. So what, it has happened.  Now, what do you want to do about it? At this moment choose and make it the greatest life that you want to make it. 

[11:42] Loral has a whole structure on how to get your kids through college not as a cost, but instead as a deduction.  She starts with her kids when they are born. 

[12:34] Start talking about money with your kids now.  You should have Monopoly, The Cash Flow Game, and The Millionaire Maker Game. Play them in this order. 

[14:02] Kids cannot begin building their own credit until they are eighteen.  

[15:30] Never pay your kids an allowance.  An allowance is like a paycheck so you are conditioning them to be an employee. 

[16:08] Start with a checking and savings account when they are born.  At 10, they get a car savings account.  They have six years to earn their car. 

[18:44] A job isn’t where the money comes from.  It just happens to be your choice for right now.  

[19:28] Being an entity is an intention to live your life.   

[20:03] If you are an individual you don’t get the benefit of a lot of deductions. When you get an entity it is different because you legally own a company.  

[21:58] School designed you to become an employee. 

[23:54] Your first $100,000 for everybody is the toughest money you will ever make because we are conditioned to be employees.  

[24:21] Mentors are so important.  Entrepreneurs have to lead entrepreneurs. We have to help each other get through that first part. 

[25:41] Grab Loral’s Virtual Swag Bag here

[26:54] Do not use a credit card to invest. Once you make your money, put it to work and invest it.  

[27:42] Women are starting businesses faster because their need for money is typically so much higher.  Women tend to move toward that six-figure mark but not to the seven.  Only 3% of percent of women on the planet go into the millions in a business. 

[28:11] You want to change lives, make a million bucks. A lot of women don’t get to where high, high money is made. 

[29:05] Your first six are the roughest six, you might as well go to seven. You already have the hard work done.  

Links and Resources:

Ask Loral App: https://apple.co/3eIgGcX 

Loral on Facebook: https://www.facebook.com/askloral/ 

Loral on YouTube: https://www.youtube.com/user/lorallive/videos 

Loral on LinkedIn: https://www.linkedin.com/in/lorallangemeier/ 

Money Rules: https://integratedwealthsystems.com/money-rules/ 

Millionaire Maker Store: https://millionairemakerstore.com/ 

Real Money Talks Podcast: https://integratedwealthsystems.com/podcast/ 

Integrated Wealth Systems: https://integratedwealthsystems.com/ 

Affiliate Sign-Up: https://integratedwealthsystems.com/affiliates

The New Mid Podcast: https://www.thenewmid.com/podcast/lorallangemeier

Think and Grow Rich for Women: https://shopintegratedwealthsystems.com/products/think-grow-rich-for-women

Loral’s Virtual Swag Bag: https://justmetloral.com/podcasts/

 

May 14, 2021

Get Sharon and Loral Book Bundle Here: http://askloral.com/sharon

Sharon Lechter is joining us on the podcast today.  Sharon Lechter is an entrepreneur, author, philanthropist, international speaker, and Chartered Global Management Accountant. Regarded as a global expert on financial literacy, Sharon has served as a national spokeswoman and Presidential Adviser on the topic for two US Presidents. She will be sharing her new book, Exit Pass. 

In this episode, Sharon shares everything you need to know about financial literacy.  She shares about what intellectual property is and how you can define, highlight, and protect your intangible assets to get the most out of your company. She also talks about business systems, mistakes to avoid, and things to think about as a new entrepreneur. 

 

Show Notes:

[02:12] Sharon got her degree in accounting.  Around the age of 25, she decided to jump into entrepreneurship.  

[03:46] In December of 1992 she dedicated the rest of her career to financial literacy. They teach the power of buying, building, and creating income-producing assets.  

[05:58] Sharon also served President Bush on the first president’s Advisory Council on Financial Literacy.  She served President Bush and President Obama.  

[05:50] She has also written twenty-six books. Her new book is called Exit Rich. 

[07:40] Business systems are what allows your business to scale. It is what allows you to manage your business.  

[09:08] When you start your business, you should be thinking about your exit from the start so you build a business, not a job.   

[10:14] If you build the right systems and have the right people in your company, you get your time back because you have people running your systems.  You are getting your time back.    

[11:48] It is so important to understand what you need to have in place to secure the rights and ownership of your intellectual property.  

[13:26] Most people haven’t identified what intellectual property they actually have.  

[14:39] The better that you can define, outline, and highlight and protect your intangible assets, the higher price you are going to get. 

[15:38] Understanding from the very beginning positioning yourself to be able to identify who you are and how you stand up. 

[16:44] Don’t manage people. Manage systems. 

[18:28] As a business owner wanting to sell, you protect your people. 

[20:03] Brokers have the experience to make sure you have all the documentation in place and they also have buyers ready to purchase. 

[22:12] When you have somebody as an independent contractor it is so important to have a written agreement. 

[24:12] “The person with the biggest database wins.” -Bob Proctor 

[25:50] Give your followers a gift to get them to come home to your database so you own those names.  You can continue to maintain that relationship and have a lifetime value of customers.  

[26:18] Social media isn’t necessarily sustainable because we are not in control of that destiny.  The social media platforms are your lead generation. 

[27:23] Grab Sharon’s new book Exit Rich here

[28:11] One idea can add incredible evaluation or add sales because it is helping you streamline your operations whether you are exiting or not. 

[28:54] You want to structure your business so it can become an economic engine that supports you and your family for generations. 

 

Links and Resources:

Ask Loral App: https://apple.co/3eIgGcX 

Loral on Facebook: https://www.facebook.com/askloral/ 

Loral on YouTube: https://www.youtube.com/user/lorallive/videos 

Loral on LinkedIn: https://www.linkedin.com/in/lorallangemeier/ 

Money Rules: https://integratedwealthsystems.com/money-rules/ 

Millionaire Maker Store: https://millionairemakerstore.com/ 

Real Money Talks Podcast: https://integratedwealthsystems.com/podcast/ 

Integrated Wealth Systems: https://integratedwealthsystems.com/ 

Affiliate Sign-Up: https://integratedwealthsystems.com/affiliates 

Exit Rich: http://www.askloral.com/sharon 

May 7, 2021

In this episode, we are going to talk about insurance.  There is life insurance and death insurance.  Today we are focusing on life insurance. Today I am joined by Jason Henderson.  Jason is an insurance expert who is going to talk about why you need life insurance.  

In this episode, Jason shares everything you need to know about cash-value insurance.  He shares ways to get started as well as questions you need to be asking yourself to take advantage of extra cash flow now.  He also talks about the numerous benefits including more cash flow and tax benefits.  

 

Show Notes:

[01:09] You need a trust to avoid probate.  You need a doable power of attorney with everything going on with COVID. Life insurance is going to recession-proof and economy-proof your portfolio.  A lot of people are too heavy in one asset class.  

[01:35] Jason has been doing insurance work for about sixteen years previous to those years he was a scientist. 

[03:05] Jason shares why he pivoted from science to insurance. 

[03:58] Insurance isn’t a necessary evil.  It is an asset. 

[04:44] There is a different type of life insurance where you actually become the first beneficiary of the policy.  It is a type of insurance meant to help in tough times so you are able to do what you set out to do in life.  

[05:30] With this type of insurance you are actually buying a portion of the insurance company that can be sold.  It is an asset that is guaranteed to increase in value every single year.  

[07:24] Cash-value life insurance is not changed very much based on the current presidential administration.  

[08:11] The death benefit comes income tax-free to your beneficiaries. 

[09:28] Cash-value life insurance already has disability and long-term care built into it.  

[11:01] A policy can be designed toward cash value accumulation or towards death benefits.  

[11:55] If you design it right a major portion of your first year’s premium is going to be available in cash for you to use.  Each year you are going to have access to even more. 

[13:57] Most people when they talk about life insurance they talk in terms of death benefits.  

[14:27] It is all about the cash and using that cash to build wealth in other ways. 

[16:18] We always want to avoid being audited.  We don’t want to do anything to get sideways with the IRS. 

[17:35] Click here to schedule your appointment with Jason.   

[18:24] There is no right, wrong, absolute answer in the financial and insurance industry. There is the individual answer. 

[19:42] You NEED some insurance. If you owe someone or love someone you need insurance. 

[20:10] The other part is how much do you want to deposit each year and have access to more money?

[21:58] Jason shares some of the questions people need to be thinking about prior to scheduling a call. 

[24:17] There are two types of insurance companies.  There are stock companies and mutual companies. 

[25:09] It is sometimes called participating insurance because you participate in the company profit.  

[27:13] Grab an appointment with Jason and figure this out.  

[29:06] People need to be extremely strategic with their money and where they are going to put it given the new administration. 

[29:20] The world is your oyster.  This makes everything possible. 

 

Links and Resources:

Ask Loral App: https://apple.co/3w3sXi7

Loral on Facebook: https://www.facebook.com/askloral/

Loral on YouTube: https://www.youtube.com/user/lorallive/videos

Loral on LinkedIn: https://www.linkedin.com/in/lorallangemeier/

Money Rules: https://integratedwealthsystems.com/money-rules/

Millionaire Maker Store: https://millionairemakerstore.com/

Real Money Talks Podcast: https://integratedwealthsystems.com/podcast/

Integrated Wealth Systems: https://integratedwealthsystems.com/

Affiliate Sign-Up: https://integratedwealthsystems.com/affiliates

Schedule an Appointment with Jason: http://www.askloral.com/insurance




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