‘Money is in your life. Why don’t you know about it?’ -Loral Langemeier Click To Tweet
How many of you have ever wanted to become a millionaire? Grow a successful business? Have a nice portfolio, and know that you don’t have to work for ever and ever for the rest of your life? Would you like to build generational wealth? Money doesn’t stop, you need to know how to grow and protect it.
If you would like to know the answer to these questions, take a seat at the big table and choose to become a millionaire? Today’s podcast is from a Big Table webinar presented by Loral about becoming a millionaire and starting with a money makeover. She is also joined by Scott Arden of Controllers, Ltd. to talk about taxes and entities.
You can find Scott here:‘When are you going to commit to learning about money and learn how to act, think and make money the way the wealthy do?’ -Loral Langemeier Click To Tweet
- [01:40] Today we learn how to become a millionaire.
- [01:41] Money starts the day you walk onto the planet and stops the day you walk off. The problem is many of us aren’t taught about money.
- [03:25] So what? Now what? Most people don’t talk about money.
- [03:51] Wealthy people have very open conversations about money and share information and team members.
- [04:06] Today’s podcast is a recording of a webinar that actually does a money makeover.
- [04:30] Loral grew up in Nebraska and earned a finance business degree. She tried working in a bank and then got a Masters degree in exercise physiology.
- [05:00] She then became a health consultant.
- [05:09] Being hired by Chevron was one of her aha moments, and Loral wrote a book about it. At Chevron, she helped build fitness centers on offshore oil rigs.
- [05:58] She then worked at the corporate headquarters in San Francisco. She traveled all over the world building corporate fitness centers.
- [06:09] In 1996, she dropped everything to promote Robert Kiyosaki’s cashflow game.
- [06:53] After Rich Dad Poor Dad, Loral started her first company Live Out Loud.
- [06:57] She has been Shark Tanking businesses since 1999.
- [07:37] Being part of a community and being able to talk to anybody you want about money is so important.
- [07:56] Loral has had real estate companies, gas and oil companies, and she’s currently heavy into the cannabis world.
- [08:35] In 1933, the banking system was formed. Seven of the wealthiest families in the world collaborated on how to build an economy.
- [09:07] Loral is a huge fan of getting off of Wall Street.
- [10:54] The system is designed so the rich get richer and the poor get poorer.
- [11:13] We have to deal with money anyway, why not learn to do it right?
- [12:11] Teaching people to get jobs creates a lot of employees.
- [13:07] As you get wealthier, we teach you how to save on taxes and only pay yourself what you need.
- [14:21] Relying on others to pay you is risky. Debt is a way to leverage your money to become a millionaire.
- [18:44] When you have a business, there are so many ways to write things off. Living your life inside corporate life.
- [20:35] You need to understand how to live this lifestyle and how to teach your kids to live it.
- [21:22] Debt is just the cost of money.
- [22:03] You have to get out of sole proprietor land and get committed.
- [22:24] Scott Arden with Controllers, Ltd. is here to talk about entities.
- [22:33] Scott is an entity and tax and compliance expert.
- [23:39] Scott has been in the asset planning and protection industry for 22 years.
- [23:55] He worked for one of the top asset protection firms and now has his own company.
- [24:03] There is a huge breakdown between people’s entities and their tax side.
- [24:25] Scott and his partner bridge that gap.
- [25:25] LLCs are the most widely used entity. They can be taxed with four different methods. It is the most flexible method.
- [26:50] S Corp is an election to allow profit and losses to pass through.
- [27:19] Limited partnerships are great for estate planning and asset protections.
- [27:44] Trusts like revocable trusts are great for passing assets. Irrevocable trust grants assets to beneficiaries.
- [30:00] The tax code is now written more for corporate owners.
- [31:03] Using a C Corp structure, you can have a flat tax rate of 21% regardless of how much you make.
- [32:19] The biggest deduction is qualified business income. We are allowed to take a 20% deduction right off the top.
- [33:12] Service based individuals are not afforded this deduction, so there are different strategies that need to be deployed.
- [33:59] There are no more meal and entertainment deductions. Trusts have changed.
- [36:13] Have a team support you to live your life like a business.
- [37:29] We can look at your tax information and generate a custom report that is specific to you. It will outline your deductions, and it is all backed up by the IRS publications.
- [40:27] Discover what you want and how you want to get there. This information is in my book The Millionaire Maker.
- [43:05] Loral shares the Money Makeover and asks when is your Freedom Day?
- [44:45] A gap analysis looks at where you are versus where you want and puts a plan together.
- [45:17] The Big Table is a mastermind for you and your family for the rest of your life.
Links and Resources:
- Loral’s Real Money Talks
- Robert Kiyosaki
- Sharon Lechter
- Books by Loral Langemeier
- The Millionaire Maker’s Guide to Wealth Cycle Investing: Build Your Assets Into a Lifetime of Financial Freedom