Real Money Talks

Valentine's Day is this week. Love is in the air, and money is always in the air. World leading relationship coach Orion Talmay is here today to talk about dating tips that will make you irresistible, even as a sales person.

In this episode, we are going to tie the relationship pieces and the money pieces together. Upward of 90% of divorces happen because the money and relationship conversations don’t happen. Orion is a brilliant and beautiful woman and the perfect guest to tackle this topic.

Get Orion’s Free eBook to Attract Your Soulmate Orion’s Method @OrionTalmay on Twitter

• [01:33] Orion shares how she was in a bad relationship and completely broken. She also knew she could rise like a Phoenix and rebuild her life. She found motivation, traveled the world, and found the love of her life.
• [02:45] She now has the best relationship of her life. It is her passion to help other women find the same thing.
• [03:29] How manifesting your ideal relationship is like building a business. Tying the relationship pieces to money.
• [04:11] With a business, you have to create a business plan. In the dating world, it is creating a vision for your dreams.
• [04:24] Getting clarity on your vision of love the same way you would with your business. Focus on what you want, do your market research, and create your love avatar.
• [05:24] Look at your dating world branding. What are you showing to the world?
• [05:59] It takes about three seconds for people to judge you by your appearance and online presence.
• [06:12] People gravitate towards your big powerful online presence and the energy that you bring.
• [06:46] Look at your product development, if you are not larger than life.
• [07:00] Marketing yourself to a potential mate is like marketing a business. However you show up anywhere is how you will show up everywhere.
• [07:56] Having two different personas is hard and creates feelings of impostor syndrome. Be genuine and don't try to appear as someone who you are not.
• [08:37] It's about showing the people who you are. People gravitate to people that are genuine.
• [09:13] Meditate and visual, but you have to take action for anything to work. Like attracts like, and you get what you focus on.
• [09:39] Orion is a big believer in the law of attraction, but you also have to take action. Get out of the house and hang out where your avatar or ideal mate is at.
• [11:07] Actionable dating tips that can be applied to sales.
• [11:13] Don't fear rejection. Don't stop dating. You have to kiss many frogs before finding that perfect date. Don't take it personally, it's not about you.
• [11:54] It's almost like you are being tested. Don't give up.
• [12:25] Keep following up with the prospect. Things change over time. People are dynamic.
• [12:56] Build the relationship and make it about them.
• [13:19] Be interested in your clients first. You are more interesting when you are interested. Listen to non-verbal cues and match people using their own language. Mirror their language.
• [14:19] Cold calls are like blind dates. Sometimes they work, sometimes they don't. Do the work before and have a good presence online. Have a funnel, so these people will be hot leads.
• [15:08] How a lot of women are too aggressive or too passive. There has to be an appropriate level of follow-up.
• [15:56] How the days of men leading the money conversation are gone.
• [16:19] Love language. The five languages of love. We all receive love in a different way, and something that is translated as love to one person, may not translate as love to another.
• [16:47] Gifts can be a primary love language. Word of affirmation or being told they are loved. Physical touch being touched and caressed. Quality time doesn't have to a lot of time, but it is being present in the moment. Acts of service take out the garbage or something useful. Gifts, words of affirmation, physical touch, quality time, and acts of service.
• [18:15] When having the conversation with your client listen to their love language.
• [18:56] How to gauge someone's love language. With client's its a pre consultation questionnaire or asking these questions in a clever way.
• [20:33] Forging that long-term commitment.
• [20:54] Gratitude is the best attitude. Always say things you love and are grateful for.
• [21:54] Activating the reticular activating system or the RAS for love.
• [23:16] Love and business is like a garden, and you have to keep adding to it.

• Ask Loral
• Dr John Demartini
• Get Orion’s Free eBook to Attract Your Soulmate
• Orion’s Method
• @OrionTalmay on Twitter

Valentine's Day is this week. Love is in the air, and money is always in the air. World leading relationship coach Orion Talmay is here today to talk about dating tips that will make you irresistible, even as a sales person.

In this episode, we are going to tie the relationship pieces and the money pieces together. Upward of 90% of divorces happen because the money and relationship conversations don’t happen. Orion is a brilliant and beautiful woman and the perfect guest to tackle this topic.

Get Orion’s Free eBook to Attract Your Soulmate
Orion’s Method
@OrionTalmay on Twitter

• [01:33] Orion shares how she was in a bad relationship and completely broken. She also knew she could rise like a Phoenix and rebuild her life. She found motivation, traveled the world, and found the love of her life.
• [02:45] She now has the best relationship of her life. It is her passion to help other women find the same thing.
• [03:29] How manifesting your ideal relationship is like building a business. Tying the relationship pieces to money.
• [04:11] With a business, you have to create a business plan. In the dating world, it is creating a vision for your dreams.
• [04:24] Getting clarity on your vision of love the same way you would with your business. Focus on what you want, do your market research, and create your love avatar.
• [05:24] Look at your dating world branding. What are you showing to the world?
• [05:59] It takes about three seconds for people to judge you by your appearance and online presence.
• [06:12] People gravitate towards your big powerful online presence and the energy that you bring.
• [06:46] Look at your product development, if you are not larger than life.
• [07:00] Marketing yourself to a potential mate is like marketing a business. However you show up anywhere is how you will show up everywhere.
• [07:56] Having two different personas is hard and creates feelings of impostor syndrome. Be genuine and don't try to appear as someone who you are not.
• [08:37] It's about showing the people who you are. People gravitate to people that are genuine.
• [09:13] Meditate and visual, but you have to take action for anything to work. Like attracts like, and you get what you focus on.
• [09:39] Orion is a big believer in the law of attraction, but you also have to take action. Get out of the house and hang out where your avatar or ideal mate is at.
• [11:07] Actionable dating tips that can be applied to sales.
• [11:13] Don't fear rejection. Don't stop dating. You have to kiss many frogs before finding that perfect date. Don't take it personally, it's not about you.
• [11:54] It's almost like you are being tested. Don't give up.
• [12:25] Keep following up with the prospect. Things change over time. People are dynamic.
• [12:56] Build the relationship and make it about them.
• [13:19] Be interested in your clients first. You are more interesting when you are interested. Listen to non-verbal cues and match people using their own language. Mirror their language.
• [14:19] Cold calls are like blind dates. Sometimes they work, sometimes they don't. Do the work before and have a good presence online. Have a funnel, so these people will be hot leads.
• [15:08] How a lot of women are too aggressive or too passive. There has to be an appropriate level of follow-up.
• [15:56] How the days of men leading the money conversation are gone.
• [16:19] Love language. The five languages of love. We all receive love in a different way, and something that is translated as love to one person, may not translate as love to another.
• [16:47] Gifts can be a primary love language. Word of affirmation or being told they are loved. Physical touch being touched and caressed. Quality time doesn't have to a lot of time, but it is being present in the moment. Acts of service take out the garbage or something useful. Gifts, words of affirmation, physical touch, quality time, and acts of service.
• [18:15] When having the conversation with your client listen to their love language.
• [18:56] How to gauge someone's love language. With client's its a pre consultation questionnaire or asking these questions in a clever way.
• [20:33] Forging that long-term commitment.
• [20:54] Gratitude is the best attitude. Always say things you love and are grateful for.
• [21:54] Activating the reticular activating system or the RAS for love.
• [23:16] Love and business is like a garden, and you have to keep adding to it.

• Ask Loral
• Dr John Demartini
• Get Orion’s Free eBook to Attract Your Soulmate
• Orion’s Method
• @OrionTalmay on Twitter

Martha Hanlon is someone who I have been friends with and known for years. She is also a smart marketer and teacher. Martha and her business Wide Awake Business has helped small business owners hone in on their marketing, sales, business development, and team development.

Today, we talk about understanding your customers by asking them questions and the three biggest challenges Martha’s customers have faced. We talk about the importance of freeing up time to focus on the important stuff and strategies for understanding and finding customers. We also talk about the importance of having a plan and using and understand metrics.

Martha's Website Wide Awake Business on Facebook

• [01:25] Martha has a business called Wide Awake Business where she works with small business owners to help with marketing, sales, business development and team development.
• [02:00] She has an MBA from Wharton and she has been working in her own small businesses since 2002.
• [02:20] Martha does a client survey to actually know what is going on in the mind of her customers. She sends out a survey every year that asks what her customers anticipate will be their three big challenges for the coming year.
• [03:14] The number three biggest challenge is not having enough time. The number two challenge is not having enough customers. The number one challenge is themselves.
• [04:16] How the owner doesn't need to waste their time on menial tasks.
• [04:54] If you have a hard time making appointments, pay someone to set the appointments for you.
• [05:36] We are booked with stuff, but a lot of it is somebody else's agenda.
• [05:58] Customer's make money. Marketing methods that are working right now. It's hard to organically grow your business on Facebook. Video is the new king in Facebook. Purposeful videos are working to get people to follow you to your offer.
• [08:18] Getting traffic to Facebook videos. Do them on a regular basis and build the value of the content. Also give viewers a way to opt in. Facebook Live is yet to be over used.
• [09:10] Don't do one thing. Share with database, boost or put an ad in, and use other methods to boost.
• [10:13] LinkedIn has had tons of changes. They keep changing their algorithm. Make connections with ideal customers. Then do something like send a personal email. Engage them ask questions about their business and what they anticipate as their biggest issue.
• [11:49] LinkedIn is about engaging. The same strategies don't work on LinkedIn and Facebook. The only thing that isn't changing is personal connection.
• [12:34] Where does your customer hangout on social media when it comes to business purposes.
• [13:06] People look on LinkedIn for consultants and coaches.
• [13:22] People look for products on Facebook.
• [13:41] The biggest mistakes are that people still think they can build an organic following on Facebook.
• [14:37] You have to encourage people to leave Facebook and go to your landing page and opt in.
• [14:57] Biggest LinkedIn mistake is not doing anything with your connections. Build communication and show off your expertise.
• [15:38] What is the next offer after the free offer. Build engagement with your funnel. Have a product funnel.
• [16:12] Product funnels provide information in bite sized pieces that are easier to absorb.
• [17:44] People who struggle with their businesses have an idea and then go out and do things. Successful people have an idea and then put a plan together.
• [18:33] Part of the plan is finding your target market. Get specific. When you know who your customer is then you can figure out how to market.
• [19:22] What is their income, age, behavior, then you can find where they are. The more clear you are on your customer profile then you can figure out how to find them. It's also important to have metrics in place.
• [20:21] What pages do people look at? How long do they stay? Find the sweet spot, then know you will have to change because people change. Stay on top of it.
• [21:08] Put systems and analytics in place.
• [21:53] Find your goal and five critical success factors to hit that goal.
• [22:44] Be courageous and ask for the price you deserve. Then have your metrics include financial information.
• [25:08] It happens because you plan and execute.

• Facebook Zero: Considering Life After the Demise of Organic Reach
• HubSpot State of Inbound 2016

Martha Hanlon is someone who I have been friends with and known for years. She is also a smart marketer and teacher. Martha and her business Wide Awake Business has helped small business owners hone in on their marketing, sales, business development, and team development.

Today, we talk about understanding your customers by asking them questions and the three biggest challenges Martha’s customers have faced. We talk about the importance of freeing up time to focus on the important stuff and strategies for understanding and finding customers. We also talk about the importance of having a plan and using and understand metrics.

Martha's Website
Wide Awake Business on Facebook

• [01:25] Martha has a business called Wide Awake Business where she works with small business owners to help with marketing, sales, business development and team development.
• [02:00] She has an MBA from Wharton and she has been working in her own small businesses since 2002.
• [02:20] Martha does a client survey to actually know what is going on in the mind of her customers. She sends out a survey every year that asks what her customers anticipate will be their three big challenges for the coming year.
• [03:14] The number three biggest challenge is not having enough time. The number two challenge is not having enough customers. The number one challenge is themselves.
• [04:16] How the owner doesn't need to waste their time on menial tasks.
• [04:54] If you have a hard time making appointments, pay someone to set the appointments for you.
• [05:36] We are booked with stuff, but a lot of it is somebody else's agenda.
• [05:58] Customer's make money. Marketing methods that are working right now. It's hard to organically grow your business on Facebook. Video is the new king in Facebook. Purposeful videos are working to get people to follow you to your offer.
• [08:18] Getting traffic to Facebook videos. Do them on a regular basis and build the value of the content. Also give viewers a way to opt in. Facebook Live is yet to be over used.
• [09:10] Don't do one thing. Share with database, boost or put an ad in, and use other methods to boost.
• [10:13] LinkedIn has had tons of changes. They keep changing their algorithm. Make connections with ideal customers. Then do something like send a personal email. Engage them ask questions about their business and what they anticipate as their biggest issue.
• [11:49] LinkedIn is about engaging. The same strategies don't work on LinkedIn and Facebook. The only thing that isn't changing is personal connection.
• [12:34] Where does your customer hangout on social media when it comes to business purposes.
• [13:06] People look on LinkedIn for consultants and coaches.
• [13:22] People look for products on Facebook.
• [13:41] The biggest mistakes are that people still think they can build an organic following on Facebook.
• [14:37] You have to encourage people to leave Facebook and go to your landing page and opt in.
• [14:57] Biggest LinkedIn mistake is not doing anything with your connections. Build communication and show off your expertise.
• [15:38] What is the next offer after the free offer. Build engagement with your funnel. Have a product funnel.
• [16:12] Product funnels provide information in bite sized pieces that are easier to absorb.
• [17:44] People who struggle with their businesses have an idea and then go out and do things. Successful people have an idea and then put a plan together.
• [18:33] Part of the plan is finding your target market. Get specific. When you know who your customer is then you can figure out how to market.
• [19:22] What is their income, age, behavior, then you can find where they are. The more clear you are on your customer profile then you can figure out how to find them. It's also important to have metrics in place.
• [20:21] What pages do people look at? How long do they stay? Find the sweet spot, then know you will have to change because people change. Stay on top of it.
• [21:08] Put systems and analytics in place.
• [21:53] Find your goal and five critical success factors to hit that goal.
• [22:44] Be courageous and ask for the price you deserve. Then have your metrics include financial information.
• [25:08] It happens because you plan and execute.

• Facebook Zero: Considering Life After the Demise of Organic Reach
• HubSpot State of Inbound 2016

Joe Campbell is the Business Development Manager at Provident Trust Group. Provident is a trust company that can self-direct your IRA. When a lot of people think of self-directed IRAs, they think of a traditional IRA where you pick from a list of investment choices where your IRA is held. There is a whole other world of self-directed IRAs that you may not be aware of.

At Provident, you can self-direct your IRA into alternative investment vehicles. It is possible to invest in many different types of real estate and real estate projects from raw land to development. Today we talk about alternative investment opportunities, getting started, Roth IRAs, traditional IRAs, types of 401k plans, having the right team and more.

You can find Joe here:

LinkedIn CI Bio

• [01:18] More traditional IRA custodians have a self-directed account which lets you choose from their products. At Provident, self-directed IRAs get you outside of Wall Street and introduce you to some of the alternative assets that are available. Things like real estate, oil & gas, and huge list of potential assets.
• [02:38] How a self-directed IRA is different from a traditional IRA. With the self-directed IRA, you can invest in things that aren't offered at a traditional IRA. Provident is an alternative asset custodian.
• [04:09] Creative kinds of deals include island development deals, a marina deal, developing raw land, or renting out land, there is a multitude of ways that real estate can come into play.
• [05:07] Emerging assets include cannabis, bitcoin, and crypto currencies.
• [06:15] You need to do vetting and educate yourself on these assets.
• [06:47] You don't want to do anything that the IRS will view as a prohibited piece of action or deal with individuals that are disqualified. You also want to do arm's length transactions and not buy a house from your parents or rent to siblings.
• [08:02] You can't pay yourself to do business on properties that are held in your IRA.
• [08:25] It's important to have a team with tax advisers, estate advisers and lawyers when doing these difficult transactions.
• [08:53] The difference between a Roth and traditional IRA. The biggest difference is paying taxes now or later. With the Roth, you know what tax brackets you will be in. Your distributions are tax free when you start taking money out at retirement age.
• [10:41] You have to pay taxes on all of your distributions when you withdraw from a traditional IRA. The Roth can be a very exciting alternative asset vehicle.
• [11:33] We don't know what the tax rate will be in 20 years. Part of the strategy is you controlling your distributions and your plan.
• [12:33] With an IRA you need to be a US citizen with earned income. With a Roth there is a top limit, but not on a traditional IRA.
• [14:00] A 401k and a solo 401k. A 401k is associated with a retirement plan at your employer. A solo 401k is a retirement plan for your business, and you and your spouse as a small business owner or entrepreneur.
• [16:01] A solo 401k is like a self-directed IRA when it comes to investing in alternative assets. It's the only plan that allows you to take out a loan.
• [17:13] If you are at a job, you can't roll over your 401k until you leave that job, but you can borrow from it.
• [18:30] When calling Joe they will ask questions and find out what phase you are in and then fill out the applications. Then the accounts will be established in less than 48 hours. To get the account ready and funded it can take about 30 days give or take.
• [20:10] People in the traditional space will want to keep you where you are with high fees and more taxes.
• [20:47] A deal where a client purchased raw land and held it for over a year. She then resold it and got a premium for it by a casino company and became a IRA millionaire.
• [21:49] Mitt Romney and former Facebook employees used their Roth IRAs to invest in startups in their developmental stages. If the startups get huge, it is exciting to talk about.
• [24:19] Educate yourself on the options that are out there. There are alternative investment strategies that you can do that may be things that you are already familiar with.

Joe Campbell is the Business Development Manager at Provident Trust Group. Provident is a trust company that can self-direct your IRA. When a lot of people think of self-directed IRAs, they think of a traditional IRA where you pick from a list of investment choices where your IRA is held. There is a whole other world of self-directed IRAs that you may not be aware of.

At Provident, you can self-direct your IRA into alternative investment vehicles. It is possible to invest in many different types of real estate and real estate projects from raw land to development. Today we talk about alternative investment opportunities, getting started, Roth IRAs, traditional IRAs, types of 401k plans, having the right team and more.

You can find Joe here:

LinkedIn
CI Bio

• [01:18] More traditional IRA custodians have a self-directed account which lets you choose from their products. At Provident, self-directed IRAs get you outside of Wall Street and introduce you to some of the alternative assets that are available. Things like real estate, oil & gas, and huge list of potential assets.
• [02:38] How a self-directed IRA is different from a traditional IRA. With the self-directed IRA, you can invest in things that aren't offered at a traditional IRA. Provident is an alternative asset custodian.
• [04:09] Creative kinds of deals include island development deals, a marina deal, developing raw land, or renting out land, there is a multitude of ways that real estate can come into play.
• [05:07] Emerging assets include cannabis, bitcoin, and crypto currencies.
• [06:15] You need to do vetting and educate yourself on these assets.
• [06:47] You don't want to do anything that the IRS will view as a prohibited piece of action or deal with individuals that are disqualified. You also want to do arm's length transactions and not buy a house from your parents or rent to siblings.
• [08:02] You can't pay yourself to do business on properties that are held in your IRA.
• [08:25] It's important to have a team with tax advisers, estate advisers and lawyers when doing these difficult transactions.
• [08:53] The difference between a Roth and traditional IRA. The biggest difference is paying taxes now or later. With the Roth, you know what tax brackets you will be in. Your distributions are tax free when you start taking money out at retirement age.
• [10:41] You have to pay taxes on all of your distributions when you withdraw from a traditional IRA. The Roth can be a very exciting alternative asset vehicle.
• [11:33] We don't know what the tax rate will be in 20 years. Part of the strategy is you controlling your distributions and your plan.
• [12:33] With an IRA you need to be a US citizen with earned income. With a Roth there is a top limit, but not on a traditional IRA.
• [14:00] A 401k and a solo 401k. A 401k is associated with a retirement plan at your employer. A solo 401k is a retirement plan for your business, and you and your spouse as a small business owner or entrepreneur.
• [16:01] A solo 401k is like a self-directed IRA when it comes to investing in alternative assets. It's the only plan that allows you to take out a loan.
• [17:13] If you are at a job, you can't roll over your 401k until you leave that job, but you can borrow from it.
• [18:30] When calling Joe they will ask questions and find out what phase you are in and then fill out the applications. Then the accounts will be established in less than 48 hours. To get the account ready and funded it can take about 30 days give or take.
• [20:10] People in the traditional space will want to keep you where you are with high fees and more taxes.
• [20:47] A deal where a client purchased raw land and held it for over a year. She then resold it and got a premium for it by a casino company and became a IRA millionaire.
• [21:49] Mitt Romney and former Facebook employees used their Roth IRAs to invest in startups in their developmental stages. If the startups get huge, it is exciting to talk about.
• [24:19] Educate yourself on the options that are out there. There are alternative investment strategies that you can do that may be things that you are already familiar with.

Weldon Wulstein is my CFO, CPA, and an extraordinary tax strategist. Last year, he helped people save or get back about 3 million dollars in taxes. Weldon is driven to  help people find tax strategies that enable them to keep more of their own money. He is so good at what he does, because he looks at it as a challenge similar to solving a puzzle.

He is here today to talk about the new tax code. This is our first of many podcasts on this topic. This tax reform bill is sweeping and has the biggest changes since the 1986 tax reform bill. A lot of the benefits are directed towards businesses and entities. Weldon shares changes and strategies to begin creating a smart tax saving strategy.

Ask Loral

[bctt tweet="'You have to know your exit strategy. Are you looking for a 3 -5 year play, or are you planning on refinancing at some point? You have to start off with the leadership team.' Dave Hare" username="liveoutloud"]

• [01:26] Weldon wants us to keep more of our money as opposed to giving it to the government. This is the goal that guides him. He sees it as a puzzle and he loves puzzles.
• [02:39] The creativity puzzle solving aspect of finances and investing.
• [03:07] How Loral and her team are the alternate finance people, similar to an alternative doctor.
• [03:32] How sweeping the tax reform bill is. It has the most significant changes since the 1986 tax reform bill.
• [04:09] There is now a 21% flat corporate tax rate.
• [05:11] The top rate bracket also went down from 39.6% to 37%.
• [05:31] Weldon's favorite change is the tax deduction that offsets taxable income for business profits. This deduction comes off of your taxable income. Any business with a net profit gets a 20% deduction of that profit.
• [07:39] Good CPAs will know what is going on, but not everyone will figure out how to utilize these reforms the best.
• [08:31] Sole proprietors are responsible for net taxes plus the 15% self-employment tax.
• [09:20] Let's say you have an s corp and pay yourself $100,000. With $50,000 on a W-2 and $50,000 as a net profit. The net profit deduction is only attached to that $50,000 net profit. You will need to find the best percentage to take as a wage versus taking it as a profit.
• [10:31] The worst parts are probably the elimination of the mortgage deduction and the elimination of property and income tax.
• [10:54] You can only deduct $10,000 a year in state income tax and property tax.
• [11:36] Your mortgage deduction is limited to a home value of $750,000.
• [12:16] States don't have to ratify these changes or at least it is not guaranteed.
• [12:59] Only a few of these items will be affected for 2017 taxes. These are mostly for 2018 and going forward. This leaves some time to plan the best tax strategies.
• [13:40] You can't just do one strategy. The plan has to be individualized.
• [14:24] Rental property write offs are still in place for mortgage interest and property taxes.  
• [15:26] These changes will encourage people to move into having an LLC or corp of some type.
• [16:08] AMT tax won't affect most people making under a million dollars.
• [17:38] There are now limitations on entertainment deductions. You can deduct the meal, but not the entertainment portion.
• [18:58] Think about changing what you are doing to fit the tax code, so that it will fit and become deductible.
• [19:50] All of the final regulations aren't out yet. Such as the use of gift cards.
• [20:50] The value of what you can transfer in an estate has been doubled to 10 million dollars indexed for inflation.
• [21:53] In about 30 days, there should be some final regulations around these questions. Payroll systems even have to be completely redone.
• [23:40] Use caution when looking stuff up on the Internet and make sure that it is up to date.

Ask Loral

Weldon Wulstein is my CFO, CPA, and an extraordinary tax strategist. Last year, he helped people save or get back about 3 million dollars in taxes. Weldon is driven to  help people find tax strategies that enable them to keep more of their own money. He is so good at what he does, because he looks at it as a challenge similar to solving a puzzle.

He is here today to talk about the new tax code. This is our first of many podcasts on this topic. This tax reform bill is sweeping and has the biggest changes since the 1986 tax reform bill. A lot of the benefits are directed towards businesses and entities. Weldon shares changes and strategies to begin creating a smart tax saving strategy.

Ask Loral

[bctt tweet="'You have to know your exit strategy. Are you looking for a 3 -5 year play, or are you planning on refinancing at some point? You have to start off with the leadership team.' Dave Hare" username="liveoutloud"]

• [01:26] Weldon wants us to keep more of our money as opposed to giving it to the government. This is the goal that guides him. He sees it as a puzzle and he loves puzzles.
• [02:39] The creativity puzzle solving aspect of finances and investing.
• [03:07] How Loral and her team are the alternate finance people, similar to an alternative doctor.
• [03:32] How sweeping the tax reform bill is. It has the most significant changes since the 1986 tax reform bill.
• [04:09] There is now a 21% flat corporate tax rate.
• [05:11] The top rate bracket also went down from 39.6% to 37%.
• [05:31] Weldon's favorite change is the tax deduction that offsets taxable income for business profits. This deduction comes off of your taxable income. Any business with a net profit gets a 20% deduction of that profit.
• [07:39] Good CPAs will know what is going on, but not everyone will figure out how to utilize these reforms the best.
• [08:31] Sole proprietors are responsible for net taxes plus the 15% self-employment tax.
• [09:20] Let's say you have an s corp and pay yourself $100,000. With $50,000 on a W-2 and $50,000 as a net profit. The net profit deduction is only attached to that $50,000 net profit. You will need to find the best percentage to take as a wage versus taking it as a profit.
• [10:31] The worst parts are probably the elimination of the mortgage deduction and the elimination of property and income tax.
• [10:54] You can only deduct $10,000 a year in state income tax and property tax.
• [11:36] Your mortgage deduction is limited to a home value of $750,000.
• [12:16] States don't have to ratify these changes or at least it is not guaranteed.
• [12:59] Only a few of these items will be affected for 2017 taxes. These are mostly for 2018 and going forward. This leaves some time to plan the best tax strategies.
• [13:40] You can't just do one strategy. The plan has to be individualized.
• [14:24] Rental property write offs are still in place for mortgage interest and property taxes.  
• [15:26] These changes will encourage people to move into having an LLC or corp of some type.
• [16:08] AMT tax won't affect most people making under a million dollars.
• [17:38] There are now limitations on entertainment deductions. You can deduct the meal, but not the entertainment portion.
• [18:58] Think about changing what you are doing to fit the tax code, so that it will fit and become deductible.
• [19:50] All of the final regulations aren't out yet. Such as the use of gift cards.
• [20:50] The value of what you can transfer in an estate has been doubled to 10 million dollars indexed for inflation.
• [21:53] In about 30 days, there should be some final regulations around these questions. Payroll systems even have to be completely redone.
• [23:40] Use caution when looking stuff up on the Internet and make sure that it is up to date.

Ask Loral

Traditional families have been changing over time. Things just aren’t the same as the days of Ward and June Cleaver. Statistics show that 62% of families are either blended or headed by single parents. I am a single parent, by choice, and this choice comes with challenges and a sense of freedom.

Today, I’m talking with one of my clients, Melissa Mackey, who became a single parent and asked me how to be effective and get it all done.  We discuss how no one really understands what it is like until they do it. We also talk about dealing with guilt, freedom, and allowing ourselves the space and time to do what we need to do to run our businesses and keep ourselves healthy.

Freedom will never happen if we don’t allow ourselves that space and time.

In This Episode of Real Money Talks: 

• Practicing the art of receiving and keeping our cups full
• Allowing yourself space and time by not feeling guilty
• Traveling with babies and people offering to help
• Teaching our children what it takes to be fearless
• How nothing can really prepare you for the journey

Subscribe, Rate & Share Real Money Talks!

Loral Langemeier is on a mission – to educate and empower the Real Money Talks community on how to have those important money talks that are straight, to the point, and can be applied to every aspect of your life. So, tune in every Monday, Wednesday, and Friday on iTunes to learn, ask Loral a question, and create your path to financial freedom! Don’t forget to leave a review and grab your free gifts on AskLoral.com!

Traditional families have been changing over time. Things just aren’t the same as the days of Ward and June Cleaver. Statistics show that 62% of families are either blended or headed by single parents. I am a single parent, by choice, and this choice comes with challenges and a sense of freedom.

Today, I’m talking with one of my clients, Melissa Mackey, who became a single parent and asked me how to be effective and get it all done.  We discuss how no one really understands what it is like until they do it. We also talk about dealing with guilt, freedom, and allowing ourselves the space and time to do what we need to do to run our businesses and keep ourselves healthy.

Freedom will never happen if we don’t allow ourselves that space and time.

In This Episode of Real Money Talks: 

• Practicing the art of receiving and keeping our cups full
• Allowing yourself space and time by not feeling guilty
• Traveling with babies and people offering to help
• Teaching our children what it takes to be fearless
• How nothing can really prepare you for the journey

Subscribe, Rate & Share Real Money Talks!

Loral Langemeier is on a mission – to educate and empower the Real Money Talks community on how to have those important money talks that are straight, to the point, and can be applied to every aspect of your life. So, tune in every Monday, Wednesday, and Friday on iTunes to learn, ask Loral a question, and create your path to financial freedom! Don’t forget to leave a review and grab your free gifts on AskLoral.com!