Real Money Talks

If you have the intention to make money, your talents and hobbies are a great starting point. Launching a business by doing something you’re good at implies that you are serious about making money. The perks of having better tax strategies come in once you have established your business. If your sales start to weaken, assess the kind of service you provide and take it from there.

In today’s episode, I share with you the upper hand in serving over selling. I also discuss how being in service to others gets you the sale. You will make a remarkable difference if you choose to serve to sell rather than selling just for the profit.

I want you to get clear in your DNA that you serve lives, and that’s why you sell hard.

In This Episode of Real Money Talks: 

• Where money comes from
• How your thoughts and energy affect the outcome of your financial situation
• Reasons why you should serve others with a lower price offer
• What happens when you don’t make the sale

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!

Millennials approach real estate investment differently from the other generations. It’s easy to determine their preference by looking at where they put their money on - travel, wine, retail, a cup of coffee. They buy practical things and prefer open layout living spaces that are not bigger than what they would need. So, the question is, are Millennials really that far off from buying real estate?

Today, I talk about some updates on the Millennial generation - their buying power and capacity, and their general mindset regarding real estate investment. I also discuss some of the characteristics of Millennials that set them apart from the older generations and the reasons behind the statistics and survey results about Millennials and their spending choices.

Millennials aren’t going to compromise their experiences in exchange for a big mortgage.

In This Episode of Real Money Talks: 

• Statistics of home buyers according to generation
• Rules of thumb for Millennials who want to invest in real estate
• What to do if the mortgage lender requires you to have a job
• Downsizing versus rightsizing
• Norms and statistics regarding money allocation
• Trends in transferring the family wealth from one generation to the next

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!

Millennials approach real estate investment differently from the other generations. It’s easy to determine their preference by looking at where they put their money on - travel, wine, retail, a cup of coffee. They buy practical things and prefer open layout living spaces that are not bigger than what they would need. So, the question is, are Millennials really that far off from buying real estate?

Today, I talk about some updates on the Millennial generation - their buying power and capacity, and their general mindset regarding real estate investment. I also discuss some of the characteristics of Millennials that set them apart from the older generations and the reasons behind the statistics and survey results about Millennials and their spending choices.

Millennials aren’t going to compromise their experiences in exchange for a big mortgage.

In This Episode of Real Money Talks: 

• Statistics of home buyers according to generation
• Rules of thumb for Millennials who want to invest in real estate
• What to do if the mortgage lender requires you to have a job
• Downsizing versus rightsizing
• Norms and statistics regarding money allocation
• Trends in transferring the family wealth from one generation to the next

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!

A gorgeous and intelligent lady, Jennifer Baker has worked in the gaming industry for more than 20 years. She is an expert in business development and has strived and succeeded in the corporate world. At a young age, she realized that her most favorite task is conducting small business seminars where she helps entrepreneurs and companies with their start-up businesses or turnarounds.

Jennifer joins me today as she talks about the common mistakes entrepreneurs and start-up companies make regarding marketing and business development and the significance of surveying in keeping your loyal customers. She also shares several stories about how turnarounds can salvage your business and how emotional intelligence helps get the job done.

“Emotional intelligence is the most basic things that you realize are creating success in your life.” - Jennifer Warner

In This Episode of Real Money Talks: 

• How long in advance should you plan your marketing if you’re opening a business
• Differences between marketing and business development
• Top mistake all companies make
• Strategies and software for designing an excellent survey
• How emotional intelligence plays a part in business development

Resources Mentioned:

• Survey Monkey
• Infusionsoft
• Constant Contact
• Sales Force

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!

A gorgeous and intelligent lady, Jennifer Baker has worked in the gaming industry for more than 20 years. She is an expert in business development and has strived and succeeded in the corporate world. At a young age, she realized that her most favorite task is conducting small business seminars where she helps entrepreneurs and companies with their start-up businesses or turnarounds.

Jennifer joins me today as she talks about the common mistakes entrepreneurs and start-up companies make regarding marketing and business development and the significance of surveying in keeping your loyal customers. She also shares several stories about how turnarounds can salvage your business and how emotional intelligence helps get the job done.

“Emotional intelligence is the most basic things that you realize are creating success in your life.” - Jennifer Warner

In This Episode of Real Money Talks: 

• How long in advance should you plan your marketing if you’re opening a business
• Differences between marketing and business development
• Top mistake all companies make
• Strategies and software for designing an excellent survey
• How emotional intelligence plays a part in business development

Resources Mentioned:

• Survey Monkey
• Infusionsoft
• Constant Contact
• Sales Force

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!

A gorgeous and intelligent lady, Jennifer Baker has worked in the gaming industry for more than 20 years. She is an expert in business development and has strived and succeeded in the corporate world. At a young age, she realized that her most favorite task is conducting small business seminars where she helps entrepreneurs and companies with their start-up businesses or turnarounds.

Jennifer joins me today as she talks about the common mistakes entrepreneurs and start-up companies make regarding marketing and business development and the significance of surveying in keeping your loyal customers. She also shares several stories about how turnarounds can salvage your business and how emotional intelligence helps get the job done.

“Emotional intelligence is the most basic things that you realize are creating success in your life.” - Jennifer Warner

In This Episode of Real Money Talks: 

• How long in advance should you plan your marketing if you’re opening a business
• Differences between marketing and business development
• Top mistake all companies make
• Strategies and software for designing an excellent survey
• How emotional intelligence plays a part in business development

Resources Mentioned:

• Survey Monkey
• Infusionsoft
• Constant Contact
• Sales Force

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!

Being supported by the right team is so important when it comes to getting the most your of your money. You need specialized experts in all of the financial areas. Weldon Wulstein is my CFO and an extraordinary tax strategist. This year my clients have gotten back over 2 million dollars with the tax strategies that Weldon has introduced to them.

Weldon is here today to talk about entities and why getting incorporated is so critical. The simplest way of explaining this is companies make money, and individuals get taxed. We will be talking about why to get incorporated. We will talk about some of the  myths like you don’t make enough to incorporate. We will touch a little on the new tax laws, but most of that will be in an upcoming episode. Today is really about how critical it is to understand and have a plan for a tax entity.

Contact Weldon at Ask Loral

• [02:12] Weldon has been working in accounting since he was a bookkeeper for his parents. He started a CPA firm in 1989.
• [02:38] He has been creating tax strategies for oil and gas and creating entities and getting more involved with more complex tax strategies.
• [02:44] He owns companies and he is an entrepreneur. Weldon uses his own strategies within his own businesses.
• [03:19] You want your wealth team to walk the walk not just talk the talk.
• [03:43] Converting an S corp from an LLC. Why doesn't your current accountant suggest these money saving techniques.
• [04:36] Revenue versus intention. Getting a business on the side.
• [05:11] Sole proprietorship. You file schedule C on your personal return. You have revenues, expenses, and net income.
• [06:01] The net income is taxed for income and social security and medicare. That is an additional 15.3%.
• [06:40] Corporations and LLCs
• [06:56] Limited Liability Company or LLC. The reason these are set up are liability protection.
• [07:38] Options within an LLC. For tax purposes it can be a disregarded entity. This means it's treated the same as a sole proprietorship and everything is filed on your schedule C tax return.
• [08:43] If you have a partner, you can create an LLC partnership. Treated as a partnership and filing a 1065 partnership return. Gross revenue, expenses, and split income between partners. It's distributed on a K1 which is similar to a 1099. You report this on your personal return and you still have to pay that 15.3%.
• [10:05] You could treat the LLC as an S corp. You file an 1120F. You have to pay yourself a wage. A reasonable wage. The 15.3% social security and medicare tax is paid on that reasonable wage. Let's say you make $100,000 and pay yourself $50,000 in a wage and pull out the other $50,000 as a distribution.
• [11:58] Making the one election to be an S corp can save you half or more on self-employment taxes.
• [12:20] There is paperwork and a tax return, but most people should have a bookkeeper on their team anyway.
• [12:57] The importance of hiring a bookkeeper. Don't do the bookkeeping yourself at the end of the year. Getting it off of your plate is good.
• [14:00] You want a bookkeeping firm that understands analysis and looks at the P&L statement and reaches out to the client. This isn't typical, but being informed can help you make the right decisions.
• [16:14] Ask your tax preparer what their biggest client is and how many entities they have. This is to see if your tax preparer actually looks at these things.
• [17:05] Treat your LLC as an association or a C corp. Create a business corporation in Nevada. Treat it as an association that is taxed as a C corp. Revenue and profits get taxed for federal purposes, but there is no state tax.
• [18:07] This strategy can even be done in different countries.
• [18:32] Partnerships are a loose association between two people. Form 1065 have an agreement or file as a partnership.
• [19:07] General partnerships are taxed like a sole-proprietorship with revenue split between the owners. It will be taxed at the individual level and pay social security and medicare tax. There is no liability protection. You can also be liable for your partners trouble.
• [19:57] Limited Liability Partnerships. A general partner with a small percentage and that is where the liability lies and then there are investors with limited liability.
• [20:59] Family partnership. Transfers wealth to the kids without transferring control. Kids get a small interest. Which transfers the value to the heirs.
• [21:54] Corporations. A completely separate entity than an LLC. Corporations are proven if you follow the rules. You can be the owner, but someone else can be the director.
• [22:49] With the new tax law the corporate tax rate is going down from 35% to 21%.
• [23:12] As a C corp the C corp pays its own tax. You do pay tax on dividends. Corporations can give fringe benefits such as college expenses. Vehicles, etc. There are other ways to get funds out such as borrowing with promissory notes. There is more of an administrative requirement.
• [24:38] Income leveling spreading money out over different entities.
• [25:27] There are international restrictions. People want to invest in the US. Create and fund a C corp. The money is in the C corp and pays US tax and is in the US.

• Contact Weldon at Ask Loral
• Loral’s Real Money Talks

Being supported by the right team is so important when it comes to getting the most your of your money. You need specialized experts in all of the financial areas. Weldon Wulstein is my CFO and an extraordinary tax strategist. This year my clients have gotten back over 2 million dollars with the tax strategies that Weldon has introduced to them.

Weldon is here today to talk about entities and why getting incorporated is so critical. The simplest way of explaining this is companies make money, and individuals get taxed. We will be talking about why to get incorporated. We will talk about some of the  myths like you don’t make enough to incorporate. We will touch a little on the new tax laws, but most of that will be in an upcoming episode. Today is really about how critical it is to understand and have a plan for a tax entity.

Contact Weldon at Ask Loral

• [02:12] Weldon has been working in accounting since he was a bookkeeper for his parents. He started a CPA firm in 1989.
• [02:38] He has been creating tax strategies for oil and gas and creating entities and getting more involved with more complex tax strategies.
• [02:44] He owns companies and he is an entrepreneur. Weldon uses his own strategies within his own businesses.
• [03:19] You want your wealth team to walk the walk not just talk the talk.
• [03:43] Converting an S corp from an LLC. Why doesn't your current accountant suggest these money saving techniques.
• [04:36] Revenue versus intention. Getting a business on the side.
• [05:11] Sole proprietorship. You file schedule C on your personal return. You have revenues, expenses, and net income.
• [06:01] The net income is taxed for income and social security and medicare. That is an additional 15.3%.
• [06:40] Corporations and LLCs
• [06:56] Limited Liability Company or LLC. The reason these are set up are liability protection.
• [07:38] Options within an LLC. For tax purposes it can be a disregarded entity. This means it's treated the same as a sole proprietorship and everything is filed on your schedule C tax return.
• [08:43] If you have a partner, you can create an LLC partnership. Treated as a partnership and filing a 1065 partnership return. Gross revenue, expenses, and split income between partners. It's distributed on a K1 which is similar to a 1099. You report this on your personal return and you still have to pay that 15.3%.
• [10:05] You could treat the LLC as an S corp. You file an 1120F. You have to pay yourself a wage. A reasonable wage. The 15.3% social security and medicare tax is paid on that reasonable wage. Let's say you make $100,000 and pay yourself $50,000 in a wage and pull out the other $50,000 as a distribution.
• [11:58] Making the one election to be an S corp can save you half or more on self-employment taxes.
• [12:20] There is paperwork and a tax return, but most people should have a bookkeeper on their team anyway.
• [12:57] The importance of hiring a bookkeeper. Don't do the bookkeeping yourself at the end of the year. Getting it off of your plate is good.
• [14:00] You want a bookkeeping firm that understands analysis and looks at the P&L statement and reaches out to the client. This isn't typical, but being informed can help you make the right decisions.
• [16:14] Ask your tax preparer what their biggest client is and how many entities they have. This is to see if your tax preparer actually looks at these things.
• [17:05] Treat your LLC as an association or a C corp. Create a business corporation in Nevada. Treat it as an association that is taxed as a C corp. Revenue and profits get taxed for federal purposes, but there is no state tax.
• [18:07] This strategy can even be done in different countries.
• [18:32] Partnerships are a loose association between two people. Form 1065 have an agreement or file as a partnership.
• [19:07] General partnerships are taxed like a sole-proprietorship with revenue split between the owners. It will be taxed at the individual level and pay social security and medicare tax. There is no liability protection. You can also be liable for your partners trouble.
• [19:57] Limited Liability Partnerships. A general partner with a small percentage and that is where the liability lies and then there are investors with limited liability.
• [20:59] Family partnership. Transfers wealth to the kids without transferring control. Kids get a small interest. Which transfers the value to the heirs.
• [21:54] Corporations. A completely separate entity than an LLC. Corporations are proven if you follow the rules. You can be the owner, but someone else can be the director.
• [22:49] With the new tax law the corporate tax rate is going down from 35% to 21%.
• [23:12] As a C corp the C corp pays its own tax. You do pay tax on dividends. Corporations can give fringe benefits such as college expenses. Vehicles, etc. There are other ways to get funds out such as borrowing with promissory notes. There is more of an administrative requirement.
• [24:38] Income leveling spreading money out over different entities.
• [25:27] There are international restrictions. People want to invest in the US. Create and fund a C corp. The money is in the C corp and pays US tax and is in the US.

• Contact Weldon at Ask Loral
• Loral’s Real Money Talks

Being supported by the right team is so important when it comes to getting the most your of your money. You need specialized experts in all of the financial areas. Weldon Wulstein is my CFO and an extraordinary tax strategist. This year my clients have gotten back over 2 million dollars with the tax strategies that Weldon has introduced to them.

Weldon is here today to talk about entities and why getting incorporated is so critical. The simplest way of explaining this is companies make money, and individuals get taxed. We will be talking about why to get incorporated. We will talk about some of the  myths like you don’t make enough to incorporate. We will touch a little on the new tax laws, but most of that will be in an upcoming episode. Today is really about how critical it is to understand and have a plan for a tax entity.

Contact Weldon at Ask Loral

• [02:12] Weldon has been working in accounting since he was a bookkeeper for his parents. He started a CPA firm in 1989.
• [02:38] He has been creating tax strategies for oil and gas and creating entities and getting more involved with more complex tax strategies.
• [02:44] He owns companies and he is an entrepreneur. Weldon uses his own strategies within his own businesses.
• [03:19] You want your wealth team to walk the walk not just talk the talk.
• [03:43] Converting an S corp from an LLC. Why doesn't your current accountant suggest these money saving techniques.
• [04:36] Revenue versus intention. Getting a business on the side.
• [05:11] Sole proprietorship. You file schedule C on your personal return. You have revenues, expenses, and net income.
• [06:01] The net income is taxed for income and social security and medicare. That is an additional 15.3%.
• [06:40] Corporations and LLCs
• [06:56] Limited Liability Company or LLC. The reason these are set up are liability protection.
• [07:38] Options within an LLC. For tax purposes it can be a disregarded entity. This means it's treated the same as a sole proprietorship and everything is filed on your schedule C tax return.
• [08:43] If you have a partner, you can create an LLC partnership. Treated as a partnership and filing a 1065 partnership return. Gross revenue, expenses, and split income between partners. It's distributed on a K1 which is similar to a 1099. You report this on your personal return and you still have to pay that 15.3%.
• [10:05] You could treat the LLC as an S corp. You file an 1120F. You have to pay yourself a wage. A reasonable wage. The 15.3% social security and medicare tax is paid on that reasonable wage. Let's say you make $100,000 and pay yourself $50,000 in a wage and pull out the other $50,000 as a distribution.
• [11:58] Making the one election to be an S corp can save you half or more on self-employment taxes.
• [12:20] There is paperwork and a tax return, but most people should have a bookkeeper on their team anyway.
• [12:57] The importance of hiring a bookkeeper. Don't do the bookkeeping yourself at the end of the year. Getting it off of your plate is good.
• [14:00] You want a bookkeeping firm that understands analysis and looks at the P&L statement and reaches out to the client. This isn't typical, but being informed can help you make the right decisions.
• [16:14] Ask your tax preparer what their biggest client is and how many entities they have. This is to see if your tax preparer actually looks at these things.
• [17:05] Treat your LLC as an association or a C corp. Create a business corporation in Nevada. Treat it as an association that is taxed as a C corp. Revenue and profits get taxed for federal purposes, but there is no state tax.
• [18:07] This strategy can even be done in different countries.
• [18:32] Partnerships are a loose association between two people. Form 1065 have an agreement or file as a partnership.
• [19:07] General partnerships are taxed like a sole-proprietorship with revenue split between the owners. It will be taxed at the individual level and pay social security and medicare tax. There is no liability protection. You can also be liable for your partners trouble.
• [19:57] Limited Liability Partnerships. A general partner with a small percentage and that is where the liability lies and then there are investors with limited liability.
• [20:59] Family partnership. Transfers wealth to the kids without transferring control. Kids get a small interest. Which transfers the value to the heirs.
• [21:54] Corporations. A completely separate entity than an LLC. Corporations are proven if you follow the rules. You can be the owner, but someone else can be the director.
• [22:49] With the new tax law the corporate tax rate is going down from 35% to 21%.
• [23:12] As a C corp the C corp pays its own tax. You do pay tax on dividends. Corporations can give fringe benefits such as college expenses. Vehicles, etc. There are other ways to get funds out such as borrowing with promissory notes. There is more of an administrative requirement.
• [24:38] Income leveling spreading money out over different entities.
• [25:27] There are international restrictions. People want to invest in the US. Create and fund a C corp. The money is in the C corp and pays US tax and is in the US.

• Contact Weldon at Ask Loral
• Loral’s Real Money Talks

If you were given a chance to choose, which one would you rather have - a million dollars or true love? A survey was made to see the statistics of people who would want money and those who would prefer romance. If you stop and think about your options, you’d realize it all boils down to the choices you make and your lifestyle.

Today, I talk about some of the statistics that came out as a result of this survey and the various reasons behind those numbers. I also share with you some insights about the relationship between understanding your financial path and what you need to learn to ensure financial stability regardless of your relational status and the importance of being financially literate in the choices you make.

Instead of choosing, have it all. What you got to decide is to know what you want.

In This Episode of Real Money Talks: 

• Statistics of those who would choose money over love
• Percentage of people who are worried about their future and stability
• Why baby boomers are not enjoying financial freedom
• Why more never-married, single people are anxious about their financial future compared to married people
• The significance of having money rules in your relationships

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