Episode 133: Talking Crypto With Walt and David A New Year a New You Part 3
Episode 126: The Future of Digital Money with Joel Comm
I have an old friend on the show today. Joel Comm has been a staple in the digital space for a long time. He is the author of 15 books and the co-host of the mega successful Bad Crypto podcast. He is here today to talk about the future of crypto and more.
We discuss how things have evolved in the digital marketing space and Joel’s own evolution including the creation of his crypto podcast. We talk about the benefits of blockchain as a technology that will revolutionize the future. We talk about the importance of getting in on the ground floor of new markets and the importance of always having fun.
You can find Joel here:
Ask Loral
Bad Crypto Podcast
Fun Formula Book
Show Notes
- [01:49] Joel Comm has been an internet entrepreneur since 1995.
- [02:11] He has since written 15 books. He has worked in the online marketing space and the affiliate marketing space and the social media space. He has also embraced all forms of online media from blogging to podcasting to videos.
- [02:24] In 2017, he started dabbling in crypto currency and was absolutely enthralled.
- [02:39] Joel and his friend Travis Wright would talk about bitcoin and blockchain and everything crypto. They then decided to start a show about it and the Bad Crypto Podcast was created.
- [02:41] The purpose of the show was to make crypto easy-to-understand for regular people.
- [02:59] They started in July of 2017 and have had over 7 million downloads.
- [03:35] You don’t do the books and the speaking tours until you’ve had the success.
- [03:44] Joel began his digital career trading websites that sold things. One he cracked the code on affiliate marketing and advertising, he started teaching others how to do it.
- [04:26] He wrote about and spoke about how he was making money.
- [05:23] We now know that social media companies don’t have our best interest at heart and we are actually the product.
- [05:51] Blockchain is a great solution because it brings transparency back to various activities. It creates a public ledger of activity, but privacy is woven into it.
- [06:23] Blockchain is either going to lead to new solutions and more freedom and opportunity for us or we’re facing a really dystopian Big Brother future.
- [07:38] Blockchain is really just a fancy database. Blockchain is decentralized, because no one power or authority has power over it.
- [08:44] Solutions built on blockchain give people the power to invest in projects in a way that they would like.
- [09:44] In March 2017, Joel started learning about crypto. He and Travis were talking about crypto a lot. 3 months later they started their show.
- [11:00] Part of it was timing and two regular guys talking about crypto.
- [12:13] Bitcoin is merely a better form of digital payment. There are many different types of coins and tokens. With ethereum we have the ability to go beyond just payments. We can write smart contracts.
- [13:06] There are even tokens that empower musicians to be paid more fairly for online downloads.
- [14:42] Crypto is kind of circa 1997 where the internet was.
- [16:11] They do four shows a week and two or three are usually interviews. They never make recommendations.
- [19:44] Joel’s fifteenth book is the The Fun Formula: How Curiosity, Risk-Taking, and Serendipity Can Revolutionize How You Work.
- [20:47] The fun formula helps liberate people from the hustle and grind.
Links and Resources:
Episode 124: Controlling Your Retirement with a Self-Directed IRA
Edwin Kelly from Specialized IRA Services is here today to talk about the advantages and flexibility with a self-directed IRA. Whether you need income or tax savings, there are savings and investment vehicles that can help you meet your goals that aren’t tied to the ups and downs of the market.
Today, he talks about how everyone needs a customized plan that fits their circumstances, and he talks about the benefits of using a Roth to withdraw tax-free income. It’s also possible to make creative investments like real estate. You are in the driver’s seat and can invest in anything that is legally allowed by the government.
You can find Edwin here:
“Anyone who has a company-sponsored retirement plan is used to only having 5 to 10 mutual fund options. If they don't like those options, the company doesn't give them any other alternatives.” -Edwin Kelly Click To TweetShow Notes
- [01:12] Edwin is a custodian of IRAs.
- [01:36] When he was young, he read and studied about some of the great businessmen.
- [01:55] He knew he wanted to be in business, and he was looking for a niche.
- [02:01] From study, he noticed that starting a business in a new industry allows your business to expand as the industry expands.
- [02:14] He wanted to find something that would solve serious financial problems and seemed new. He discovered self-directed retirement accounts although they weren’t really new.
- [02:51] Company-sponsored retirement plans haven’t worked as well for people as they thought they would, because of company limitations on investments.
- [03:27] A self-directed space allows someone to get complete control over their retirement account and invest in anything allowed by the government. The possibilities are endless.
- [03:35] Edwin found that there wasn’t a company doing what he was trying to do and he wanted to enable people to be able to invest in what they wanted.
- [04:01] There is some confusion about self-directed IRAs. There’s what people call self-directed and then there is truly self-directed.
- [05:09] Most investment banks offer a self-directed fund where you can pick anything that they offer. This is limited to stocks, bonds, mutual funds, and CDs.
- [05:18] A better question to ask is can you buy a foreclosed property with your retirement account and have your retirement account pay to fix it up and then put a tenant in there and collect rent tax free.
- [05:49] A true self-directed retirement account has a custodian who allows you to invest in anything that the government allows you to invest in without restrictions.
- [06:24] There are probably less than 30 firms who specialize in what Edwin’s firm does.
- [07:43] The government tells you what you can’t do. You can’t buy life insurance inside your retirement account. You can’t buy collectibles and no self-dealing. Most everything else is allowed.
- [10:27] At Specialized they create custom plans for their clients. They use individual retirement accounts. Small business retirement plans like solo 401(k)s. The last category is tax-advantaged specialty accounts.
- [12:25] The Roth vehicle is the only one that allows us to go from forever tax to never tax. All income is not subject to tax.
- [14:34] You can invest in an LLC and it can hold all kinds of assets.
- [16:02] Self-directed retirement accounts are going to be part of your picture not all of the tools. Look at your rate of return and see where it makes sense to put something into a retirement account. Consult with an expert and optimize.
- [20:10] Edwin gives an example of the power of compound interest.
- [23:40] An example of a 53 year-old attorney who opened a Roth late. He then built a real estate portfolio within that Roth using leverage. His monthly distribution is now $40,000 a month tax free. He built that in 14 years.
Links and Resources:
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Episode 116: The Secret Weapon for Creating Cash Flow With Small Apartment Investing
Episode 112: Focusing on the Wants and Needs of Your Customer
Episode 105: Using Pass Through-Entities to Take Advantage of 2018 Tax Law Changes
We are all about making money, growing money, and keeping your money. One of the best ways you can keep your money is to be smart about your tax structure. The new tax laws have passed, and 2018 has a lot of changes for small business owners and investors. My partner and guest Mike Giorgi is here to talk about all of the new changes and how to get the most out of them.
We talk about the importance of a team to really help you set things up correctly. Depending on your circumstances, you may need to create a pass-through entity to take advantage of the 20% QBI deduction. Mike talks about setting up your corporate structure correctly, planning, and monthly check-ins. We also have a checklist for you and a lot of great advice for keeping the money that you have earned.
You can find Mike here:
Ask Loral
StartAssetEducation@gmail.com
Show Notes
- [02:28] 2018 tax code. The changes are amazing for the rich.
- [02:48] There are a lot of changes that need to be made if you are investing or a service company or doing business in general.
- [02:59] People who are not service individuals like attorneys or realtors can get the 20% qualified income deduction.
- [04:30] We have found a work around to get this deduction by having a management company.
- [05:09] You need to have these types of conversations with your corporate compliance people.
- [06:13] Doctors and professionals can lower their taxes by having money flow through their practice or management company.
- [08:59] A 21% flat tax is an amazing thing especially for professionals.
- [09:13] Have a management company that performs non-professionally licensed tasks with an S election, so you can get pass through income and your QBI deduction.
- [09:42] Associative entertainment deductions are gone. Travel meals are limited to 50%.
- [10:43] If you think about it, the trade offs are worth it.
- [11:15] Get your tax team involved and ask about the effective tax rates of your current entities and what changes you may need to make with the new laws.
- [11:49] Create a plan and create a budget. You need to document everything.
- [12:31] Have a resolution and plan backing up that resolution. Check and recheck your plan on a monthly basis and make sure you are doing everything in that documentation.
- [12:59] Find a professional team, put a plan in place, and document everything.
- [14:08] Be sure to issue your corporate stock if you have an LLC. Make sure there is another officer in the annual minutes.
- [15:20] Document a special resolution for anything that is special. Track large changes.
- [15:48] Have cash flow in your proceedings.
- [16:32] Email StartAssetEducation@gmail.com
- [17:21] Anyone making $175,000 to $200,000 needs to talk to Mike. There is a phase out that starts at these numbers. They need to be spread out across the structure.
Links and Resources:
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Episode 104: Virtual Tours for Easier, Faster, and Better Real Estate Marketing
We have all heard the old adage that real estate is the fastest way to create wealth. My guest, Tim Denbo is a friend and community member who was involved in the real estate industry when he saw a pain point and decided to do something about it. He had the vision and skill set to create a tool that makes it easier to market real estate across the industry from selling, renting, residential, and commercial.
VirtualTourCafe is a tool that helps real estate marketers create websites, virtual tours, and flyers easier, faster, and better. Tim talks about all of the benefits of his tool from being more cost effective to the real savings of selling or renting faster. He also talks about staging, photography, his book, and virtual staging. He even shares a story where a seller was going to give up, then tried the virtual staging tool and sold the property in a week.
You can find Tim here:
Ask Loral
VirtualTourCafe
Get Your Free Report
Show Notes
- [01:08] VirtualTourCafe is to help people involved in real estate to better market their properties. Tools, presence, and exposure.
- [02:02] This is a system that makes things easy for people who aren’t tech savvy. Creates property websites, virtual tours, and flyers.
- [02:49] People can log into their own account and create tools that will help them do things fast and easy.
- [02:55] Tim also wrote How to Photograph and Market Houses to Sell Fast.
- [03:16] He wrote this book in response to people’s questions about how to get the best pictures for their listings.
- [04:12] Tim was affected by the crash of 2008. This gave him an opportunity to rethink what he was going to do with his life, and he got into real estate.
- [04:43] He noticed other agents needed help photographing and marketing their properties.
- [04:50] He had a lightbulb moment and decided to automate the process.
- [05:02] It took a team of developers and programmers about six months to launch VirtualTourCafe back in 2008.
- [05:26] Now they have users in every state and several different countries.
- [05:34] What is virtual staging? How does it work?
- [05:47] They just launched RealEZPhotoFix. Virtual staging is taking a digital photo and adding furniture to make it looked staged.
- [07:35] It is okay for realtors and real estate agents to use virtually staged photos as long as they disclose the fact.
- [07:57] In real estate, it’s all about disclosure especially if you are licensed.
- [08:36] Physically staging homes can cost thousands of dollars.
- [08:57] A digitally staged photo is $32.
- [09:38] Some buyers have a hard time visualizing what the room will look like. Having the perception of what it will look like can increase sales.
- [10:18] The real value is being able to sell the property quicker.
- [11:45] This techniques enables sellers to get the property on the market while it is still being prepared.
- [12:23] They can do 3D rendering and finish a room that is under construction. They can also be clutter a messy room.
- [13:17] When taking pictures, level the camera and keep it straight.
- [13:54] Lighting is also very important. Turn on all the lights and take photos that aren’t facing the window.
- [15:15] Put the toilet seats down.
- [15:32] With furniture less is more. Get rid of as much as you can.
- [16:58] Take a shot of the front of the house with some blue sky.
Links and Resources:
- Loral’s Real Money Talks
- How to Photograph and Market Houses to Sell Fast
- RealEZPhotoFix
- Ask Loral
- VirtualTourCafe
- Get Your Free Report
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Episode 95: Using NLP to Create Massive Impact in Your Business and Your Life
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.
Links and Resources:
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