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This Week’s Guest:
Let’s be honest: we’d all like to make more money, and put that money to even better use for us. Whether you’re still working for “the man” and trying to figure out how best to put your paycheck to use, or already a successful entrepreneur who knows about passive income and letting your money work for you, there’s always more to know and powerful ways to make your money work harder.
Today’s guest, Loral Langemeier, is an expert in all matters money-related. She talks the talk and walks the walk, which aligns perfectly with her philosophy of only listening to advice from people who are successful and know what they’re doing. This is the problem with financial planners; most of them aren’t wealthy, and therefore can’t successfully guide you in creating wealth. Loral is the bestselling author of several books, was in the film The Secret, and has been on many TV shows to share her strategies for how the average person can make millions.
Find Out More About Loral Here:
In This Episode:
- [02:12] – Loral talks about money rules, what they are, and why you need them. She reveals that 83% of people in their later years don’t have a financial plan, and talks about the compounding power of money.
- [06:07] – If you play by the traditional rules, you’re not going to succeed with having a bountiful retirement, Stephan points out. Loral then talks more about the problems with 401ks, IRAs, and the word “retirement” itself.
- [09:45] – Loral explains that payroll money is the worst kind, and talks about the difference between employee money and entrepreneur money.
- [11:21] – Even if you’re making money on payroll, you can have your own entity, Stephan explains.
- [12:13] – Loral chimes in with some very specific examples to illustrate what she has been talking about and to clarify the use of dividing one business into separate parts.
- [17:48] – Stephan draws out what Loral has been saying about accountants being historians rather than strategists. He offers an example of his own to clarify this. Loral then talks more about the importance of getting good counsel.
- [23:00] – Loral returns to something that Stephan has mentioned about having a 401k as an entrepreneur. She then talks about her money rules contract.
- [25:30] – We hear another example from Stephan about setting up a company and the benefits of changing the type of corporation later.
- [27:34] – Loral talks about her workspace in Nevada, and why your two (or more) companies shouldn’t have the same tax year end.
- [33:23] – Stephan discusses making your money work for you.
- [34:10] – Loral offers listeners a gift, which she calls her Millionaire Matrix. She then talks about some businesses that are easy to start with.
- [38:39] – We hear why Loral thinks the stock market is a scary place to put your money, and how she recommends investing it instead.
- [39:40] – Stephan brings up the concept of paying yourself first and relates that to what Loral has been saying, which goes a step further.
- [41:25] – Loral talks more about having wealth accounts and how to use them.
- [45:28] – We learn one of the big differences between real estate companies and businesses. She then talks about using one of your companies to lend money to another company.
- [48:13] – Loral offers some advice for listeners who don’t know how to do the things she’s been talking about, or who feel fear around money.
- [48:48] – Stephan discusses some of the financial things he’s learned over the last five or six years.
- [51:41] – Loral reveals the problem that comes with being involved in real estate: tenants. She then talks about the risk of receiving an unplanned inheritance.
- [54:57] – There are two kinds of trusts, Stephan explains. He then asks Loral what the urgency is about setting up a trust if you’re still relatively young.
- [58:45] – Always take advice from the people who have the result, Loral suggests.
- [59:37] – Loral offers some resources for listeners, recommending they visit askloral.com and loralsgifts.com.
Links and Resources:
The Big Table
Loral Langemeier on Wikipedia
Loral Langemeier on YouTube
The Millionaire Maker
Ray Poteet on the Optimized Geek