Episode 123: Creating Your Individual Year End Tax Strategy
Episode 102: Overcoming Your Fear of Making High-End and Big-Ticket Sales
‘You can leverage, grow, and create cash anywhere in the world if you learn the art of high-ticket sales.’ -Wendy Stevens Click To Tweet
Everybody wants to make those high-end big-ticket sales, but most people are too afraid to do it. My guest today, is Wendy Stevens. She has been on the show before talking about 7 Figure LinkedIn Marketing. She is part of my team and the Big Table. Today, we talk about something that we both do, and that is actually make those big-ticket sales.
Some of the things we discuss is taking a funnel and expanding it, so that 7-figures is a reachable and likely goal. We talk about the number one thing you can do to quelch your fears, not seem desperate, and avoid repelling customers. We talk about putting every variable in your favor and prospect positioning. Along with a way to double your closing rates. We also talk about the 5 questions you can ask a prospect in order to get a yes on these important sales calls and interviews.
You can find Wendy here:
Ask Loral
Wendy’s Website
Wendy on LinkedIn
Wendy on Twitter
Wendy on Facebook
Wendy’s YouTube Channel
Show Notes
[01:47] The funnel is the very first most important thing.- [02:13] You need to have more than one lead in your funnel.
- [02:23] You need to have multiple qualified leads and prospects.
- [02:35] You do not want to appear desperate when trying to sell a big ticket item.
- [03:00] The art of high ticket cells begins with eloquence and eye contact. Your vibration comes through the nanosecond you first encounter the prospect.
- [03:34] When you learn the skill of high ticket sales you can just date and then get married.
- [04:20] Step one is to put every variable in your favor and properly position your prospect. Use a brilliant video before you even get together.
- [05:02] People double their closing rates just by sending a video up front.
- [05:48] You can also have somebody send you their top three reasons why they want to talk to you.
- [06:04] Write down who, what, how, where, and when. Be genuinely curious.
- [09:03] One of the best things Wendy ever did was go to Loral’s Big Table.
- [09:44] If Wendy lost everything today and had to start over, she could generate quality prospects by proper positioning, posture, and getting on the phone.
- [10:12] Find out the emotional impact of whether your prospect is or isn’t reaching their goal.
- [10:39] Five questions to get to the pain point.
- [10:50] If you could change one thing in the world right now what would it be?
- [11:30] Be comfortable with silence and allow the prospect to answer.
- [16:13] On a scale of 1 to 10 how important is it for you to create generational wealth?
- [19:01] If you want something bad enough, you will figure out how to get it.
- [21:22] The third question is: What is your pain level?
- [21:48] How important is it for you to do what you are trying to do?
- [22:43] If they are sure it matters to them, then asked them why it matters. If they aren’t ready, say that you will get back to them.
- [23:47] Ask yourself how many prospects you need to talk to in order to get to a yes.
- [26:36] We are also going to do a limited workshop on how to achieve high-ticket sales.
- [26:51] There is an absolute formula to this.
- [27:02] Make sure you’re being aware of the four personality types and paying attention to everything that your prospect is doing.
- [27:10] Notice whether they are committed and if there’s a personal impact. If there is no passion, then take it away.
- [27:35] Begin the commitment process by charging them immediately.
- [28:21] Ask powerful questions and then be quiet and just let it sit.
[01:47] The funnel is the very first most important thing.
Links and Resources:
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Episode 98: Reducing Taxes and Liability with Corporate Entities
‘We created our business to bridge the gap between the asset protection side and the tax side of financial services.’ -Scott Arden Click To Tweet
Getting off of Wall Street and alternative investments are one of my favorite topics. Today, Scott Arden the COO and co-founder of Controller’s Ltd. a company that offers a wide range of financial services including bookkeeping, payroll, CFO/controller services, cash-flow management, and tax planning is here.
We talk about asset allocation, diversification, and making the most of alternative investments. Some of the things we discuss are choosing the right corporate structure or multiple structures to reduce taxes and liability issues. We also talk about the steps to begin building the best type of structure for your businesses.
You can find Scott here:
‘True asset protection can only be achieved by utilizing multiple entity structures.’ -Scott Arden Click To Tweet
Show Notes
[01:20] Scott and his co-founder discovered a breakdown between the asset protection side of business and the tax planning side and decided to bridge that gap. - [02:03] They want everyone on the financial team to be on the same page and have the same plan in mind moving forward.
- [02:26] The breakdown comes from a lack of integration and the lawyers not talking to the accountants unless the client knows how to facilitate those conversations.
- [02:43] Most people abdicate their total financial control to a CPA, a lawyer, and maybe a financial planner.
- [03:06] The first step in diversification of assets. Make sure that your current house is in order.
- [03:47] True asset protection can only be achieved by using multiple entity structures.
- [04:29] Once everything is in order, then it is time to take on that new business deal.
- [05:02] Building full asset protection.
- [05:25] The entity you should choose depends on the type of business that you are going into. A lot of businesses starting out use LLCs or S Corps.
- [06:04] As you get more comfortable with different investments, it is time to bring on different companies.
- [06:12] Creating an LLC structure can allow for passive investments, deductions, and liability protection.
- [06:37] As things become more profitable, you will want to look at tax strategies and building a nest egg for funding additional deals.
- [06:56] Depending on how diverse your assets are you could go into a multi-tiered structure.
- [07:24] Dividing assets and liabilities into companies. Different businesses have different liability factors.
- [08:35] Defining the effective liabilities in each business.You don’t want to combine all of your different businesses into one entity and all businesses responsible for an accident in one of the businesses.
- [08:52] You can put your equipment in a separate LLC and lease it back to the company to avoid liability issues.
- [09:00] Scott’s company does a comprehensive analysis of what the client has and how many entity structures should be put in place.
- [09:42] Own nothing and control everything. Nevada offers an asset protection trust.
- [10:16] Everyone with assets should have a living trust. An asset protection trust means you own nothing, but control everything. These can protect everything that you earn and pass it to beneficiaries.
- [11:41] The wealthy live within corporate structures.
- [11:56] Insurance can separate out some of the liability. Use of corporate structures can legally encumber assets using multiple entities creating friendly liens to protect the assets.
- [13:27] Investment risk comes down to identifying your expectations and comfort level.
- [14:34] Being the first lien position on a note. Flipping Wall Street is a robotic trader. Equity investing has always been on the playing field.
- [15:44] Equity investing is more secure. Starting out in debt is more stressful and reduces the amount of risk that you can take.
- [17:26] Step one: get your current house in order. Step two: identify expectations. Step three: Research.
- [18:07] Speak with someone who has experience. Learn from people who know.
- [18:48] You can’t learn the variables of a deal in a textbook. A deal is when all parties feel that it works.
- [19:26] Lowering taxes through multiple entities. Corporations and LLCs offer far more tax deduction options than individuals.
- [21:06] Corporate write-offs can offer you more use of your money up front.
[01:20] Scott and
Links and Resources:
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Episode 95: Using NLP to Create Massive Impact in Your Business and Your Life
‘I knew there was something more than real estate. I wanted to change people’s lives and become a life coach.’ -Matt Brauning Click To Tweet
My company and podcast is about making money, keeping money, and investing money wisely. Communication is the key to increasing the potential of money and exploring the best options to keep, make, and grow money. I am a huge fan of neuro linguistic programming or NLP when it comes to having conversations about money that influence people in the right way.
Matt Brauning is a speaker, best selling author, and master NLP trainer. He became a self-made millionaire by the time he was 25. He runs seminars all over the world and has worked with Tony Robbins, was in the movie “The Journey” with Brian Tracy and Bob Proctor, and has worked with countless Fortune 100 companies. Today, Matt shares some of the amazing potential that NLP offers to improve our business and our lives.
You can find Matt here:
Ask Loral
Matt Brauning
Evolution
Matt Brauning on Facebook
The Purpose Driven Entrepreneur Podcast
Matt Brauning on LinkedIn
@MattBrauning on Twitter
Total Freedom From Addictions
Show Notes
[02:48] What Matt and Loral do are so collaborative and integrative. NLP and communication is critical for success. - [03:15] Matt started out in financial services and real estate.
- [03:22] When Matt was 18, he worked with brothers who were in the mortgage business. He learned everything about credit and mortgages and took his first vacation to Cancun at 18 and bought his first house at 19.
- [04:02] By the time he was 25, he had a five million-dollar portfolio and was a self-made millionaire.
- [04:28] After going to a Tony Robbins seminar, Matt fell in love with the concept of changing lives and changing patterns, and he knew that there was something more for him to do.
- [05:03] Matt wanted to change people’s lives and became a life coach.
- [05:29] New seasons and coming into the season change. Whether you’re going into real estate or getting out of real estate there are seasons and times for change.
- [05:43] What is NLP and why is it important? The lost user manual for the brain.
- [06:43] The way we imagine our memories both past and future visions are what NLP centers on quite a bit. A shift in the way we internalize processes and the way that we internalize memories.
- [07:08] Reliving memories over and over again make them more vivid. Pretty soon we are reliving lives.
- [07:16] The ways that our brain works is so complex. Science hasn’t even scratched the surface.
- [08:31] NLP is about looking at what my subjective interaction with my environment is.
- [08:57] NLP is a study of why we do what we do and how to change deep unconscious habits that don’t serve us.
- [09:33] Why having a high awareness is so critical for being successful.
- [09:57] People think of NLP and personal development in general as just goal setting or positive thinking.
- [10:20] Positive thinking isn’t the message. The message is positive habits.
- [10:35] Our habits are everything. The behavior we do over and over again. What do we do with surplus money in the bank. We all have unconscious desires and habits.
- [11:47] Rewiring the mind to conquer severe phobias. Judging things by what the outcome is.
- [12:56] Phobias are habits. Look at the unconscious neural pattern that establishes the habit in the first place.
- [14:51] Unconscious or deep ingrained phobias. Surface level and deep level.
- [16:46] It’s too late to intervene when you’re already in the middle of the behavior.
- [17:25] Go back to the exact moment when you are doing the undesired behavior and then go back an hour before that behavior. Find the exact trigger second in time. Scramble that picture in your mind, and you can’t play the pattern again.
- [19:22] Every habit whether good or bad has a trigger that starts it.
- [19:54] It’s all attitudes and habits. But before that there’s always a trigger. We need to get to the heart of the trigger.
- [20:13] These skills will enhance your life, your education, your relationships, and your ability to create wealth and money.
- [20:27] These communication and presentation skills have enabled me to raise large amounts of money.
- [21:24] How to get started with NLP.
- [21:36] Find an immersive seminar type environment. Find a live place to learn and try this information.
[02:48] What Matt and Loral do are so collaborative and integrative. NLP and communication is critical for success.
Links and Resources:
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Episode 89: Expanding Your Money Mindset with Michelle Nedelec
'There is absolutely a difference between an employee mindset and the mindset required for an entrepreneurial role.' -Michelle Nedelec Click To Tweet
Michelle Nedelec the founder and owner of Success Therapy and the author of Business Ownership Mindset is here to talk about fostering and developing a true entrepreneurial mindset.
Too many entrepreneurs start a business, but still have that employee mindset. We talk about the differences in mindsets for employees, entrepreneurs, and business owners. Running a business is not the same as buying a job. Michelle gives advice for removing yourself from your business and thinking like an owner instead of an employee.
You can find Michelle here:
'There is a different way of thinking that needs to be embraced in order to take on staff, take on business, and step out of the business in order to run it.' -Michelle Nedelec Click To TweetShow Notes
[01:28] Michelle’s book is called the Business Ownership Mindset, because a business owner’s mindset needs to be completely different than an employee mindset.- [02:20] How many entrepreneurs still do not have the business ownership mindset.
- [02:55] The first mistake a lot of people make is checking their email first thing hoping that a client has put in an order. They are looking for direction from someone else. Which is completely the wrong way to look at business.
- [04:04] How business owners need to be the ones running the show. They have to figure out what they want and then tell the team how to get it done.
- [04:10] It’s a completely different way of looking at things and business owners and leaders have to be able to do that.
- [04:21] Michelle focuses on the concepts that need to be owned as an entrepreneur first and then a business owner. You have to have an entrepreneurial mindset first.
- [05:00] When you really understand how to take the focus of control internally and start directing what is going on in your business.
- [06:01] The success therapy process which helps people get to the root cause of why they do what they do.
- [06:15] The three ways we change our beliefs include reason, repetition, and emotional charge.
- [06:38] It doesn’t take 21 days to form a new habit. The more emotionally involved you are the faster you will change.
- [06:57] Seeing how people who already have the millionaire mindset operate can help you develop that same mindset.
- [07:06] These people aren’t afraid of what other people think of them. They’re not afraid of making the tough choices and they have internal control.
- [07:34] If someone else is making you angry, then you are giving them control. Once you take control of things then you can do something about it.
- [09:04] When you have resistance towards something you are rejecting the part of you that could be good at that.
- [10:55] The line of knowing when to hire versus when you should be doing it yourself. If you have a lot of resistance towards something, you should probably learn how to do it. You can hire someone but understand what they’re doing and how they do it.
- [12:01] If your company is running effectively without you in it, you have probably learned the business mindset.
- [13:02] Plan what you want your day to look like first thing in the morning.
- [14:00] Look at areas of your business that cause anxiety and decide what action you can take right now to improve that.
- [14:38] You can find business ownership mindset on Amazon. Michelle wrote the book by having an interview with a friend and transcribing it. She wanted to get it out of her head, because it was occupying mental space.
- [16:33] By getting your book out of you more content will come to you.
- [16:37] Michelle also wants to write a book about strategic building or how to think strategically. Too many entrepreneurs think tactically and don’t have a overall big picture strategy.
- [17:16] She also wants to write about systematizing a business.
- [18:10] How important it is to design an organizational chart of your business without you in it.
[01:28] Michelle’s book is called the Business Ownership Mindset, because a business owner’s mindset needs to be completely different than an employee mindset.Links and Resources:
- Loral’s Real Money Talks
- Business Ownership Mindset: The ultimate guide to freedom and self-expression through building a seven figure business
- The E-Myth
- Ask Loral
- Success Therapy
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Episode 88: Questions That You Should Ask Your Accountant with Weldon Wulstein
'I love creating tax strategies, because I see it as a puzzle.' -Weldon Wulstein Click To Tweet
It’s tax time, and I have my partner and tax expert Weldon Wulstein here to share with you everything you need to know to get the most out of your money and tax savings. A lot of people are underserved, because they don’t ask their accountants the right questions. Weldon is here to share some of the questions that you should ask your accountant.
A lot of people assume that the accountant will just take care of everything. That is not always the case, so you need to know these questions. Even worse, if you’re doing your own taxes, you really need to know about these concepts. We also talk about incorporating and tax entities.
You can find Weldon here:
Ask Loral
Wulstein Financial Services
Weldon Wulstein on Twitter
Show Notes
[01:37] Weldon has been in the tax world since 1989. He cut his teeth in the oil and gas industry.- [01:59] He moved up to Tahoe as a lifestyle choice. Using technology he converted his practice to an international practice.
- [02:22] Weldon loves the puzzle aspect of tax strategy.
- [03:04] The US tax code is upward of 80,000 pages.
- [03:13] Weldon is also it’s experienced in cross-border taxation.
- [03:26] This is not just the US-based podcast. In principle, even though, the company names are different they operate very similarly.
- [03:56] How all of the tax deductions are not in TurboTax. You need to set up an entity and a strategy that fits your situation.
- [04:11] Why do accountants tell people not to get incorporated?
- [05:07] The problem to having a certain number before you incorporate is that some people are never fully focused on their business.
- [05:24] Treat your business like a company, and your mind will start treating your expenses like business expenses.
- [05:37] There are processes to write off business expenses as legitimate expenses.
- [05:59] When you incorporate, you do have to have an annual meeting and do some administrative work.
- [06:03] This work is minimal for the benefits that you will get out of it. There are so many strategies that you are missing if you are not using a corporate or entity structure.
- [06:32] When you have income in your company it is time to set up the entity. If you wait, you will have to redo all of your contracts.
- [07:57] When you start your company that is technically the first day you are in business. So if you’ve been a sole proprietor for 10 years and then you incorporate it’s like starting over when you apply for credit.
- [08:27] Put your money in the right account because companies make money and individuals get taxed.
- [09:11] Keep in mind, there is a big difference between tax compliance and tax strategy. Tax strategy happens now for the year.
- [10:10] Guidelines for filing an extension.
- [11:46] You can wait until your extension date to fund your retirement plan.
- [12:41] Writing off the home office is not a red flag for the IRS. If your expenses are ordinary and necessary and directly related to the production of that income then you can take that deduction.
- [13:28] As long as you’re documenting what you are doing getting audited isn’t that big of a deal.
- [13:40] Have a business person’s thought process not an employee thought process.
- [13:57] You now can’t write off entertainment expenses.
- [14:36] A mistake people make is not doing their bookkeeping for last year until now. It’s a lot harder to remember stuff from last year.
- [15:17] Don’t cheat yourself out of deductions by not keeping good records.
- [15:40] Things that are going to affect people this new tax year.
- [15:55] If you have a W-2, you cannot deduct your employee expenses.
- [16:35] The limitation of income and property taxes. Property tax deductions are now limited to 10 grand.
- [17:00] New mortgage write offs are now limited to $750,000.
- [17:18] You can still write off rental property mortgage interest.
- [17:37] Flow-through of business income. You will get a 20% deduction off of this taxable income. Convert your business into an S corporation so you can run your income through your company and get that big 20% deduction.
- [18:25] Sole proprietors get the deduction, as well but they have to pay the Medicare and Social Security tax.
- [19:42] This tax law was designed for high income real estate moguls.
- [21:35] The first thing you need to do is set up your entity.
- [21:43] Get your ID numbers, get a bank account, and get a credit card account that is used only for your business.
- [22:05] Then get bookkeeping in place.
- [22:12] Your monthly profit and loss information is key to help plan your future strategy.
- [23:05] Get your stuff done now. Don’t wait until the last minute.
- [23:25] What do you do if you haven’t filed your taxes in years? File your current year’s taxes. You can order what has been reported to the IRS and reconstruct the tax documents.
[01:37] Weldon has been in the tax world since 1989. He cut his teeth in the oil and gas industry.
Links and Resources:
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The Loral Langemeier Show Audio: August 30, 2010
Loral interviews sales expert, Eric Lofholm!
The Loral Langemeier Show Audio: August 2, 2010
Loral interviews Danny Kofke, author of “How to Survive (and perhaps thrive) On a Teacher’s Salary!”
