We are so excited to be presenting session one of the Blitz. One of Loral’s greatest strengths is pulling people together who are experts in certain areas. She believes in surrounding herself with the smartest people who specialize in specific things that can help you earn more money and keep your money. She brings together the best people and invites them to join her team.
Before we get going, ask yourself if you are interested or committed. I’ll let you in on a little secret. The people who are actually committed to creating wealth and keeping that wealth and having more success in their lives are the ones that actually do so. Committed people are the ones who do the homework assignments that we give out. Committed people are the ones that are actually seeking change and the ones who actually achieve change.
Loral is extremely experienced in money, taxes, law, accounting, investing, capital raising, and debt financing. On this show, Loral along with her panel of experts are going to educate you about what the wealthy do to make money, grow money, and keep that money. The collective experience of the team that you are going to meet in this show and the next show is amazing. Collectively we are offering hundreds of years of experience. We want to be the money experts on speed dial. No matter what your question is.
This episode is session one of Loral’s webinar for the Integrated Wealth Blitz. She is joined by three panel experts to talk about forming tax entities like LLCs and the benefits and rules of compliance to do so. The panel also talks about tax savings, liability, and funding options to have money to invest and grow. This is the online version of Loral’s 3 Day Workshops where people learn how to make, keep, and invest their money using techniques taught by Loral and her team of experts.
You can find Gary here:“Money changes and your life situation changes all the time. We need to know where you are and where you want to go.” -Loral Langemeier Click To Tweet
- [04:03] Being committed versus being interested and having regrets for not starting sooner.
- [05:11] Scott shares a video with Steve Harvey about being committed and jumping.
- [07:53] Loral shares a quick video about having mentors, being an entrepreneur, getting wealthy, and more.
- [12:09] We aren’t advisors. We can’t advise. What we can do is answer your questions, educate you, and get you to the right person that can help you.
- [12:45] Over the next two sessions, you are going to learn to have a lifestyle where you do things the way that rich people do.
- [15:05] Attendees of this workshop will have a strategy session that helps them get where they want to go.
- [15:32] There will be a blueprint and structure of non-negotiable things you have to do.
- [15:47] A strategy session is just a gap analysis like in Chapter 2 of The Millionaire Maker book.
- [16:43] Money changes and your life situation changes all the time. We need to know where you are and where you want to go.
- [17:04] We need to know what you need to do to generate more income and have more cash flow on your asset side.
- [19:03] It’s our strategists job to be your guide and our coach’s job to educate you on how.
- 00:21:09] Loral started the brand as Live Out Loud, but now it’s Integrated Wealth Systems.
- [22:44] One of the most critical things that you will learn today is off Wall Street investing.
- [27:52] Money is in an infinite loop. Every transaction every day involves money.
- [32:38] When you make money as an entrepreneur, you need to put money away.
- [34:24] When it comes to money, you don’t have to learn everything, you just need to have the right team.
- [35:27] Wealthy people live by potential and consistent result not their checking account amount.
- [40:23] We’ve all come from entrepreneurial roots.
- [51:42] You have to have an entity to take full deductions. You can still keep your W-2 job, but you also need an entrepreneurial venture to form an and get write offs.
- [53:25] Entrepreneurs can have solo 401Ks which can allow them to invest in whatever they want. Debt is the cost of money, so having credit cards and credit is critical.
- [01:00:14] If you want to be a millionaire, you have to decide to do it and then we can help you. We don’t retire, we have freedom day, and we have multiple end of the year tax filings.
- [01:01:49] You don’t get to be casual in one part of your life and amazing in another part of your life. Success breeds success.
- [01:06:42] Blockchain is a technology that stores, locks, and informs data. Crypto and blockchain is the future of money. Cryptocurrency is currency.
- [01:13:46] Today’s first panel expert is Scott, who is an entity and tax expert.
- [01:14:08] There are a lot of reasons to set up a business entity including liability components.
- [01:15:02] Corporations are typically taxed at a lower rate. C Corps have a flat rate of 21% across the board. You also get more deductions.
- [01:16:20] There are some responsibilities that come with having an entity like formal documentation, minutes, and resolutions.
- [01:17:25] Artificial entities need a voice and a thought process.
- [01:18:22] Things that need to be documented include hiring, firing, leasing a vehicle, and anything that has to do with corporate structure and money.
- [01:20:04] A lot of people form corporations but less than 10% are in compliance. Legal structures have to be treated with respect. If challenged in an audit, you will need your corporate documents like minutes and resolutions. Without the documentation, you can lose your liability protection.
- [01:24:53] Minutes and resolutions are imperative when it comes to having an LLC or a corporation.
- [01:25:57] Scott and the team have put together a cool software that will help you manage all of these tasks.
- [01:31:22] Tax expert Weldon is here to help answer questions about corporate taxes and compliance.
- [01:33:06] Entities should be utilized for the best tax purposes. It’s a great strategy as long as you have a business purpose for it.
- [01:34:36] The key to taxes is the percentage you’re paying.
- [01:35:16] Real estate expenses are great for reducing taxes.
- [01:40:42] A tax professional can help you find all of your appropriate deductions.
- [01:45:10] People who get 1099s should incorporate, especially in California.
- [01:47:30] Not filing taxes is looked at as intentional misconduct.
- [01:49:50] You would have to set up a separate company to enjoy tax benefits from a different state. You do need to keep your physical location.
- [01:53:50] You can have multiple companies in different states.
- [01:55:19] Real estate notes would probably be put into an LLC.
- [01:57:17] Weldon shares ninja tax strategies for reducing tax liability including investing in the oil and gas industry.
- [02:02:54] Debt is the cost of money. We are talking about funding.
- [02:05:34] Look at your debt and see if it’s good or bad debt. The goal is to use money at the cheapest rate.
- [02:08:24] There are smart ways to use 0% money, but you need to be coached to do it properly.
- [02:09:39] We have a video from Bruce which is all about getting phenomenal money. [02:10:35] Funding is a must for startups and business. Funding means options and that’s what it’s all about.
- [02:12:52] Bruce shares the components of credit including utilization ratios that should be below 30%.
- [02:15:44] Bruce shares success stories of people who got 0% funding through his platform.
- [02:20:43] If you have bad credit, it’s time to clean it up.
- [02:22:46] You can also get credit through your corporations. Business credit can qualify you for more than an individual.
- [02:34:28] Loral shares how clients in the wine business have legitimate companies, go wine tasting, travel, and write it off.
- [02:37:36] You can be creative about starting businesses that are out of the box or revolve around your interests.
- [02:38:51] Keep your job and have a company.
- [02:40:48] We can save you time by helping you figure things out much faster than you would on your own. You become a millionaire by hanging out with millionaires.
- [02:41:29] It’s all about mindset and getting started.
Links and Resources:
Integrated Wealth Systems
Loral Langemeier on Instagram
The Millionaire Maker: Act, Think, and Make Money the Way the Wealthy Do
The Millionaire Maker’s Guide to Wealth Cycle Investing: Build Your Assets Into a Lifetime of Financial Freedom
Loral Langemeier on YouTube
Think and Grow Rich