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Millionaire maker

Pat Patera, 9/29/2008

Financial author, consultant and strategist Loral Langemeier of Zephyr Cove landed a slot on the Dr. Phil show as its “Money Matters” expert. The second hour-long program airs today.

The program portrays the results of a long consultancy Langemeier conducted with a selected family. She assessed the family’s situation and prepared a plan to guide it to new cash over a six-month span.

“It gets my message to 9 million viewers,” says Langemeier. “We’re not taught how to be entrepreneurs. It’s a fresh message in this economy,”

But landing the plum spot took 14 years of work as a financial coach, followed by a winding path through the offices of Hollywood.

“There was a lot of vetting involved,” the Lake Tahoe consultant says.

Also involved was work by the multiple public relations firms she retains.

“I have different teams of experts for each endeavor,” she explains. “Most Americans think they need to be a lone ranger. People become millionaires by having great teams.”

A homeowner in Zephyr Cove, Langemeier moved her business there last year, but found some drawbacks to working from Lake Tahoe.

“There’s not a large work pool. That’s challenge number one two and three,” she says. “I had to do a lot of virtual hires.”

And, she adds, clients sometimes whine about driving up the mountain in the snow for seminars.

But a greater difficulty taints the entire field of personal finance consultants.

The industry as a whole has promised results and delivered very little,” says Langemeier, leading to skepticism among consumers who haven’t gotten results.

And consultants can face difficulties getting their clients to take action.

“In this economy, people are paralyzed. A lot of people are shocked by what it does take to become wealthy,” Langemeier says. “You have to live it. Every day.”

Next, Langemeier wants to get her program into the school systems. She’s proposing it in Douglas and ElDorado counties and in Colorado, which mandated financial education in grades K-8.

Langemeier authored the Millionaire Maker book series and created “The Million-aire Maker Game”, a board game that teaches people how to build wealth. (She’ll host a Millionaire Maker Game Night at Siena Spa Casino Hotel ballroom from 6-9 p.m. Oct. 22.)

Raised on a Nebraska farm, Langemeier earned a degree in finance, built several businesses and grew her current business, “Live Out Loud,” into a $19 million company in five years.

She teaches seminars to tell people how to turn their skills into business ventures and has appeared on television news shows including Jim Cramer’s “Mad Money.”