This is a special episode where Loral Langemeier  gets interviewed by Alexander of Measurable Genius. Loral is known as The Millionaire Maker, she is the author of five New York Times bestselling books and she has written 42 total. She teaches people how to make money. She walks the walk, because she is a self made woman who grew up on a farm in Nebraska.

She always thought that she thought differently, and things started to fall into place when she discovered Think and Grow Rich. This was her first pivotal book about the possibility of getting rich. It was a conversation that made sense to her. She was tired of hanging out with the people who were doing things the old way.

She was never excited about having a job, and she never wanted to be that person. Today, Loral shares her journey and how she started it. Alexander and Loral talk about the importance of pivoting, having the right belief systems, learning, finding mentors, and the power of confidence in this eye opening interview.

You can find Loral here:

Ask Loral

Show Notes:

• [02:01] Loral was a personal trainer and aerobics instructor working her way through college. She raised her rates. Then she got certified after someone asked her about it.
• [03:27] She majored in finance and then got a masters degree in physiology. She worked at a bank, and noticed there wasn’t a fitness center. They gave her 20 Grand to build a corporate fitness center. She became an expert at helping building corporate fitness centers.
• [04:52] She saw a need and just kept giving.
• [05:19] Powered people work with what’s real right now.
• [08:05] As a kid Loral was pushed. She still has the school record in 440. She learned to take on challenges and succeed. She played five instruments. In college, fitness was her thing. The finance degree help with corporate fitness.
• [10:26] Most people set goals that aren’t achievable and then go and try to live someone life. Achieve and win your goals.
• [12:31] Loral seeks help and finds mentor. She found Bob Proctor when she was 20.
• [14:13] The fastest way to learn is to get close to the person that you want to be like. Focused and uninterrupted builds the best support.
• [15:47] A lot of people spend time on low priority bullshit. It’s a never ending value spiral.
• [19:20] How to escape from being ran by your business. Investing is critical. It provides a path to cash control.
• [20:34] Companies make money. Operate out of an entity. Incorporate properly and maximize taxes.
• [21:39] Sometimes people hire who they can afford as opposed to who they need.
• [25:21] It’s important to communicate to entrepreneurs that I’m facilitating your experimentation without the context, of your business, product, brands, and personalty.
• [27:36] Get clear and responsible about what your goals are.
• [28:25] People have a fantasy about entrepreneur. The minute a business owner is done serving, entropy takes over. There is a function in the universe if you care.
• [29:55] You have to put in the work.
• [30:11] Everyone who is successful all has bad things said about them and challenges. Even the most successful people.
• [32:47] I lived in great places and then started investing. Then I lived in Manhattan Beach. I invested where I wanted and lived where I wanted.
• [33:59] Businesses grow the most when you hire people to do what you don’t want to.
• [34:32] Loral loves selling, teaching, and marketing.
• [35:44] We can only focus on three things. Be accountable to what is important. Spend time in higher level thinking.
• [37:05] Traveling and visiting different cultures widens your perspecitive.
• [37:32] Trust yourself. Whatever it is you create it.

Links and Resources:

• Loral’s Real Money Talks
• Think and Grow Rich
• Measurable Genius
• Bob Proctor
• Yes Energy

A topic that comes up over and over when we are doing business is Canada. My husband is Canadian. There are a lot of Canadians that want to do business with us here in the US. Here to talk about doing business with Canada is Dave Hare who is a licensed CPA both in the US and Canada.

Dave is a cross-border CPA. He has done corporate business both in the US and Canada. Then he decided to leave the corporate world behind and venture out on his own. He owns 5 multi unit properties and is a successful real estate investor. He recently signed a 5 million dollar deal. Dave talks about the differences between US and Canadian tax entities and cross border investing to maximize your money.

You can find Dave here:

DHare77@gmail.com

Show Notes

• [01:24] Dave got his degree in Michigan. Then he worked for several years for public accounting firms. After he became a CPA, he went over to the Canadian side and work for companies like Caterpillar and Volkswagen.
• [02:01] Eventually, Dave decided to branch out on his own and do his own thing instead of working for corporations.
• [02:18] Dave approached Loral about investing in real estate about a year and a half ago. He signed up for the big table. Now he has five multi unit properties.
• [03:10] Dave learned how to raise money through Loral, and he became pretty good at it.
• [03:26] Dave became part of Loral’s team in September. Dave drove 37 hours to get to Tahoe and begin working with Loral.
• [03:47] They have been working on some solid deals including the marina deal and major renovations. He also recently signed a $50 million contract.
• [04:31] Dave surrounded himself with the right people and the right team. Build a diverse team that will provide you the expertise you need.
• [05:09] It’s tough to find it’s cross-border team members.
• [05:21] Three business structures that apply in Canada are partnerships, limited companies, and sole proprietors.
• [05:50] Partnerships are where you join with someone to set up a business. You will have a partnership return. Each partner does their own taxes. The tax write offs go to your personal tax returns. Any money you make on the partnership returns go straight to your taxes.
• [06:20] You have to be careful because of liability issues and tax issues.
• [06:36] Sole proprietorship’s in Canada give you write offs towards your T4 income. This is a great tax strategy from that standpoint.
• [07:57] You want to make sure you protect your personal assets like your house and your vehicle. You have to be careful with liability issues with a sole venture.
• [08:55] As a sole proprietor, you may be able to write off 10 to 20% of your house if its use for your business. If you use more than that you might be able to use it as a carryover.
• [10:12] With the company, the carry forward losses can be used now and in the future.
• [10:29] If you have T4 income and you start making more money your taxes will be high, so you might want to look at other entities at that point.
• [11:12] You might want to move into a limited company. You will have more flexibility on write offs.
• [12:04] If you work from your house, your business will take a 10 to 20% of your house expenses.
• [13:05] In Canada, you can now write off entertainment expenses if you take out the entire office. You can now write off 50%.
• [13:56] For business driving, you can use electronic tracking and write that off. You need to be very careful about your record keeping and the rules.
• [14:36] As a sole proprietor, everything is questioned.
• [15:05] The benefits of setting up an entity in getting Incorporated. Set up a limited liability company to protect your assets. You will also have more right off opportunities. You can also protect yourself by having an operating agreement or contract.
• [16:23] If you have a company in Canada, you can also set up a US structure like a c corp.
• [18:55] Be careful of withholding taxes when setting up entities for businesses that are cross-border.
• [19:59] Make sure you set things up right from the beginning.
• [20:21] You can avoid exchange rates by keeping your money someplace where the tax rates are lowest like the US and then using a US credit card.
• [22:42] To talk to Dave,you need to think about trusts, whether you have children involved, whether you can send money down to the US, and possible insurance products. The plan needs to be individually tailored to you.

Links and Resources:

• Ask Loral
• DHare77@gmail.com