This is part two of the New Year New You Webinar where Loral kicks off the new year with a new brand. In this part, Loral talks about how millionaires think about debt and money differently.
She talks about the advantages of having write-offs, how debt can be used strategically, how to invest with OPM or other people’s money, and choosing freedom over retirement. We also meet Walt and David who will be talking about crypto and blockchain.
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Show Notes
- [00:40] People have no idea how millionaires live. Your car and your computer are deductible. We used debt as leverage. OPM is other people's money to invest in business.
- [01:05] We use the money and make money on money. We pay down credit-card debt strategically. We don't retire, we choose freedom.
- [01:21] What is your freedom day number? Is it 20,000 a month? Is it a hundred thousand a month?
- [01:55] This is Loral's 22nd year in the financial education space. She buys and sells businesses like a shark. Her team brokers businesses.
- [02:52] Real estate needs to be structured right. It needs to be in an LLC or a trust and have a management company.
- [03:18] If you like to go wine tasting, you can incorporate and write off all of your wine travel and expenditures.
- [04:24] You have hobbies that could be businesses, but you don't run them like a business and you don't get the deductions.
- [04:29] Loral and the team have revamped the way they are going to work with people to help them get the best out of life.
- [04:52] We're also going to have a blockchain, crypto, and cannabis workshop with leaders from all over the world.
- [05:32] There are tons of loan and grant opportunities for veterans. They have access to grants that can get up to $250,000. The problem is a lot of them don't know how to run a business.
- [06:46] Our goal this year is to work very closely with veterans and help them buy greenhouses. Greenhouses aren't considered cannabis, they are considered real estate.
- [08:30] These principles apply everywhere in the world including Canada.
- [10:49] When you're not integrated, you have to go out and try to find each individual team member that you need to deal with. Then you are hoping that everything somehow comes together.
- [12:02] Our goal with helping you integrate your team is to just use the team that I've found which has taken 20 years to perfect.
- [12:27] There are eight areas of your life that you need to focus on money, personal development and career, health, spirituality, family, fun, friends, and physical environment.
- [13:53] Pick only a few to focus on and evaluate, so you can discover what you need to do to get you where you need to go.
- [14:21] Stop hanging out with people who don't have the same goals as you. Stop complaining and telling stories about 20 years ago. Stop spending without learning about money.
- [14:42] Masterminding and coaching can help you with these things.
- [15:04] Look at the areas and then consider a start, stop, and continue for each area.
- [17:06] Pick the one or two top areas that you are going to focus on this year. Discover your A, B, and C goals in each category. A goals are the non-negotiable ones.
- [20:11] What did you accomplish? What do you want? It's all about income and assets. Making money and investing money are the number one ways to become a millionaire.
- [24:37] Tax reform 2018 was a game-changer. If you understand the strategies around corporations, trusts and investing the chances of you becoming a millionaire in 3 to 5 years is very high.
- [27:20] David and Walt are here to talk about crypto.
- [27:57] David started dabbling in crypto in 2013. He then dug into blockchain which is the technology underneath cryptocurrency.
- [29:14] He then started working on a music coin. This coin utilizes a smart contract system where every time a song is played the artist earns cryptocurrency.
- [30:06] David and Walt also started tokenizing a business that Walt started.
- [30:19] Walt was so excited about the whole crypto revolution that is about to blossom into a giant industry.
- [31:33] Walt has a talent token coin. Most corporations are moving towards blockchain.
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