Episode 12: What You Need to Know to be Prepared for Rising Interest Rates with Weldon Wulstein
President Trump has said many times that he will be raising our interest rates while he is in office, and while I don’t believe we will see a significant increase until at least late-Summer or early-Fall, I do believe that we should prepare ourselves before it happens. That is why I’ve decided to sit down with my CFO and Senior Tax Strategist, Weldon Wulstein, to get his opinion on what it would mean for our listeners if President Trump does, in fact, raise interest rates in the United States.
Weldon Wulstein joins me on the show today to share his advice, thoughts, and opinions on what might happen when the interest rates go up, how it will affect our currency, and what consumers need to know to properly prepare themselves for this increase.
“Banks are already anticipating an increase in interest rates.” – Weldon Wulstein
In This Episode of Real Money Talks:
- How rising interest rates may affect consumers credit card debts and car loans.
- Will a rise in interest rates make it more difficult to get a mortgage?
- How the increase will affect other currencies, such as gold.
- Why he believes it’s better to stay off Wall Street.
Weldon Wulstein’s Advice to Consumers:
- Consider fixing your variable mortgage or interest rates.
- Check your credit card cap.
- Watch the market and pay attention to it.
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Loral Langemeier is on a mission – to educate and empower the Loral’s 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!
Episode 11: How Do You Go into Business with a Friend or a Partner
Today on the Real Money Talks podcast, I want to talk about how to go into business with a friend or partner. Many entrepreneurs often come to a point in their business when they start to consider working with a friend, but often, it can be way more complicated and emotional than entering business with a partner.
There are many things you should consider before jumping into a joint venture or partnership with someone – especially with a friend. So, today, I want to give you some food for thought on this to prepare you for the things that can happen and teach you how to go into a joint venture and sustain a healthy relationship with your team.
The best thinking is done in the beginning.
In This Episode of Real Money Talks:
- What you should consider before entering a joint venture partnership.
- How to maintain a healthy relationship with your partners.
- Considering the goals, outcomes, and duration of the deal.
- Choosing the right people on your team.
- Creating an exit strategy – before the deal is done.
- Who should be on the team?
- What are their roles?
- How will they be compensated?
- What do you think is fair from where you sit?
- How do you operationalize the deal and what is the operating agreement?
- How will you divorce the business?
- Why you should have your own legal team.
Things to Consider Before Entering a Partnership:
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Loral Langemeier is on a mission – to educate and empower the Loral’s 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!
Episode 10: Single Parenthood and Entrepreneurship – How I Did It and How You Can Do It
Over 60-percent of school-aged children today are raised by a single parent or blended family. Unfortunately, there are not many resources available to help parents – especially single entrepreneur parents – learn techniques and strategies to get everything done while running a successful business and providing the attention and nurturing care that children need.
Today on the Real Money Talks podcast, I’m going to share the story of my personal journey as an investor and entrepreneur while raising a child as a single mother. I want to share the strategies and formula that I used to be able to continue growing my business without sacrificing quality time with my son. My hope is that you use my story and formula as inspiration and motivation to figure out a formula that works for you and to know that – if I can do it, so can you!
Design your life.
In This Episode of Real Money Talks:
- How to increase the capacity of your day.
- Becoming a calendar guru and learning the art of “future pacing.”
- How to hire household help.
- Dividing the roles of your nanny.
- The benefits of aligning your nanny’s philosophies with your own.
- Communicating with your kids and holding family meetings.
- The benefits of hiring a cross-cultural nanny.
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Loral Langemeier is on a mission – to educate and empower the Loral’s 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!
Episode 9: How Your Daily Tactics Fulfill Your Overall Strategy
To make money – I’m talking serious money – you need a plan. In today’s business society, many small businesses, entrepreneurs, and startups tend to leave their business plan behind and “wing it” in their business and industry. What these business owners often don’t realize is that by not creating a sound business plan and sticking to it, they are ultimately setting themselves up for failure.
That’s why in today’s Real Money Talks conversations, I’m going to talk about how your vision for your business helps you create the strategies and tactics necessary to reach your goals and achieve success. I want you to really understand how the daily tactics and tasks you do for your business helps you fulfill that strategy and impact the overall success of your business while creating financial freedom for yourself and your family.
You don’t have personal values and professional values. As an entrepreneur, you can’t divide yourself.
In This Episode of Real Money Talks:
- The components of an operational business plan.
- The difference between strategies, tactics, and KPIs and how they help you reach your vision.
- What visionary companies need in their business plan?
- Why you need two to six strategies to help you reach your business.
- The types of strategies you can use in your business to help you reach your goals.
- Business tactics are everything that it takes – all the daily tasks – to get the work done to reach your goals.
Mentioned in This Episode:
- Loral’s Business Plan Program
- Built to Last book by Jim Collins
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Loral Langemeier is on a mission – to educate and empower the Loral’s 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!
Episode 8: How to Stay Motivated When Times Get Tough
The truth is, tough times are going to happen. There’s no way to dodge it, run from it, or avoid it. It’s simply part of life; part of business. So how do you stay motivated, empowered, energetic and driven when you encounter these tough times?
Many successful people have their own methods to staying motivated when hard, stressful times enter their lives. Today, I’m going to share with you several tips that I have used and taught to my students on how to stay motivated through the toughest times in your life, your business, or your career. Here’s a secret – it’s not about time management. It’s about self-management.
Remember: A goal is a dream with a deadline.
In This Episode of Real Money Talks:
- Find the goal or mission that is beyond yourself.
- Set daily revenue-producing goals.
- Get a coach, a mentor, or get involved in a mastermind.
- Assess your money, your personal development and growth, your physical space, your health and spirituality, your friends, family, and significant relationships. Find the gap that provides you the most motivation.
- Give yourself permission to take some time off.
- What the R.A.L.T. Principal is and how you can use it to stay motivated.
Loral’s R.A.L.T. Principal:
- Results
- Action
- Language
- Thinking
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Loral Langemeier is on a mission – to educate and empower the Loral’s 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!
Episode 7: Doing Your Due Diligence
On today’s episodes of Real Money Talks, I’m diving deep into what you need to do in order to keep the money you earn. As I’ve said many times, earning money is easy – the hard part for many people is often keeping that money and putting it to work for you. One of the best ways to manage and keep your money is ensuring you are doing your due diligence.
Due diligence helps you identify risks, mitigate risks, take responsibility for those risks, and helps you make educated decisions based on the information and data you’ve collected. That’s why today, I want to share with you my five-step formula to ensure you’re doing your due diligence before deciding to invest your hard-earned money into an investment deal.
Due diligence is the art of determining real risks.
In This Episode of Real Money Talks:
- What is due diligence and how can you learn it.
- Investing alone is a higher risk because you have no one to banter ideas or brainstorm discoveries.
- Dig through the data of what you are looking for.
- Once you’ve identified an investment, conduct a deeper dive of the data – look at their QuickBooks or accounting files, customer records, sales systems, marketing processes, and websites.
- The type of questions you should ask during the discussion process.
- Ask yourself: Is this problem big enough? Is the industry big enough?
- Discovery is the longest period of the due diligence process.
- The diagnosis process helps determine if the deal would go against your money rules.
Loral’s 5-Ds Formula for Due Diligence:
- Data
- Discussion
- Discovery
- Diagnosis
- Decision
Resources Mentioned:
The Millionaire Maker’s Guide to Wealth Cycle Investing
Subscribe, Rate & Share Real Money Talks!
Loral Langemeier is on a mission – to educate and empower the Loral’s 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!
Episode 6: Why You Should Never Give Your Kids an Allowance
Growing up, your parents probably gave you an allowance each week. Perhaps if you cleaned your room or washed the dishes every night, you’d earn five or ten bucks. On today’s episode, I want to share with you why you should not give your kids an allowance, what you should be doing instead in order to truly prepare them for their future, and how you can begin teaching them financial literacy at a very early age.
There’s huge benefits to helping your child get set up financially earlier, rather than later.
In This Episode of Real Money Talks:
- Teaching your kids that certain things are worth more than others.
- How to figure out – together – the tasks they can do, the things they want to do, and the things you need done.
- Creating a “contract” or agreement with your child.
- Giving incentives or bonuses.
- Developing an insurance policy.
- Teaching older children to leverage the time of others.
- Creating forecasts and budgets with your child.
Loral’s 6 Steps to Teaching Your Child Financial Literacy:
- Come up with a list.
- Put a price on each task.
- Put an agreement into place.
- Have regular “meetings.”
- Add insurance.
- Add leverage.
Subscribe, Rate & Share Real Money Talks!
Loral Langemeier is on a mission – to educate and empower the Loral’s 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!
Episode 5: Real Money Talks – The 7 Point System That Can Make You A Millionaire
Take control of the wheel of your life called finance. Let’s get it going.
Loral’s 7-Point System to Becoming a Millionaire:
- Your relationship to money:
- Do you have “Yes Energy?”
- Know where you are:
- Know your starting point
- Know your P&L’s and balance sheets
- Know your income cashflow and expenses
- Know your assets, liability, and net worth
- Have a Freedom Day:
- Your Freedom Day is based on monthly cashflow
- Decide how much money you want to make each month this year
- Your relationship to debt:
- It’s not about “bad debt”
- “Good debt” is debt you can leverage
- Keep your money:
- Companies make money, individuals get taxed
- Get incorporated
- Your money needs to make money:
- Invest your money wisely
- Do it with a team:
- Be a “team-made millionaire”
Mentioned in this episode: