by Loral Langemeier
Member since:
January 26, 2007

Transcript for Live Chat with Loral Langemeier: April 10th, 3-4PM EST (12-1PM PST)

April 10, 2007 01:37 PM EDT (Updated: April 10, 2007 04:49 PM EDT)
views: 218 | comments: 59

Hello All,

Thank you for supporting my group the Millionaire Maker and for all of your insightful comments and questions.

I'm excited to have a conversation with all of you today and am interested to find out what questions you have in store for me! To join the chat, type your comments or questions in the comment box below. The chat runs from 3-4PM EST (12-1PM PST).

 Let's talk Wealth Cycles, Financial Freedom, Millions, and more…

  ~Loral

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 Loral Langemeier is the founder of Live Out Loud, a coaching and seminar company that teaches wealth building techniques. Learn tips from the financial strategist at The Millionaire Maker.  Please join us by clicking here.

 

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Comments: 59

Ask The Author Moderator Apr 10, 2007, 2:39pm EDT
Loral, Welcome to Gather. We are looking forward to the insightful answers you have to our member's questions about financial success during this afternoon's live chat.
Steph B. Apr 10, 2007, 2:54pm EDT
Hi Loral, I am newly hearing impaired and looking for a way to be self supported, I have some savings that I am looking to invest in dividend stocks.
Loral Langemeier Apr 10, 2007, 2:58pm EDT
Hello, So great to be here with everyone today!
Amy T. Apr 10, 2007, 3:00pm EDT
Hi Loral
This is exciting to be able to chat. I have a couple of questions right off.

1. Can a commissioned sales person be considered a cash machine - I'm studying to get my real estate brokers lisence so I can become a mortgage broker.

2. What is an amount of $$ to save before investigating an investment opportunity? And what sort of Wealth Account should we save in? Like an ING Direct savings account?
Loral Langemeier Apr 10, 2007, 3:01pm EDT
Steph- What I educate on is direct investing. That means putting your money into businesses directly as part of your wealth cycle. Have you had a chance to read The Millionaire Maker's Guide to Wealth Cycle Investing?
Steph B. Apr 10, 2007, 3:03pm EDT
Not yet, I am new to this Gather group, although I have a lot of experience in the stock market.
Liz Gellar Apr 10, 2007, 3:04pm EDT
Loral, you motivated a lot of people and made it seem to be an attainable goal to make millions. Was there anyone who inspired you, helping you realize this is possible?
Loral Langemeier Apr 10, 2007, 3:09pm EDT
Amy- As long as you set yourself up as a legal business, can generate cash right away and is a business you can grow and have a sound exit strategy you will have a Cash Machine.
The amount of money to save depends on your individual situation, what you have determined as your finanical freedom day and how you will get there. I suggest you check out The Millionaire Maker: Act, Think and Make Money the Way the Wealthy Do, it shows all the steps for getting started.
Amy T. Apr 10, 2007, 3:09pm EDT
Loral, II'm half way done with your first book and find it very encouraging and helpful. I know you're probably in the process of answering questions and I don't want to be a question hog. But I do have another:

How do you find your mentors? My social circles certainly do not include millionaires or even people with high ambitions about becoming wealthy. Do I join a wealth buiding club? I'm starting to become involved with one, but unil I begin my new career and start making money, I don't have much to contribute - money or experience.
Daniel Beatty Apr 10, 2007, 3:10pm EDT
Loral, where is the best place to purchase your book - The Millionaire Maker's Guide to Wealth Cycle Investing? Amazon or your own website?
Loral Langemeier Apr 10, 2007, 3:11pm EDT
Liz-Yes of course. Along the way I have had MANY great mentors. Looking to those who are where you want to be is so important to getting there yourself. EVERYONE needs a mentor.
Amy T. Apr 10, 2007, 3:12pm EDT
Follow-up question: So I would set myself up as a legal business even if I'm a mortgage broker with a local firm?

My husband and I run a side eBay business, would we set up an entity with that?
Michael G. Apr 10, 2007, 3:12pm EDT
Loral,
My husband and I own a yoga studio, and while it makes a modest income, it is not sufficient to fund our larger dreams or aspirations. Our business coach recommended your book, which we will purchase today. He also recommended that we seek out other businesses to invest in that might generate a greater return on our investment, and provide a greater source of income for ourselves and to fund future ventures. Do you have any recommendations about where to start investing in other businesses? And, at what level can you begin to invest in businesses? Can we start as low as a few hundred dollars and work up to larger investment amounts?
Ask The Author Moderator Apr 10, 2007, 3:13pm EDT
Loral, Bhumika Ghimire asks: Is there a way to buy shares without going to the brokers because I want to save on commission?
Loral Langemeier Apr 10, 2007, 3:15pm EDT
Amy- You can find mentors anywhere, expand your circles and yes do join organizations and groups with similar goals as yours. Being in communities with like minded individuals will get you started and you will meet more and more people. Check out the internet, dont be afraid to make calls to strangers. You will be amazed at how willing they are to help.
Sharyn B. Apr 10, 2007, 3:15pm EDT
Loral, I am also wondering about finding mentors. I feel I can identify a team but finding a mentor is difficult. Do you have any suggestions?
Michael G. Apr 10, 2007, 3:16pm EDT
A tag onto my last question, is it possible to invest in businesses without necessarily having any money yourself?
Loral Langemeier Apr 10, 2007, 3:16pm EDT
Daniel- Amazon is great or your local Barnes and Noble bookstore will work as well. My website actually directs you to these places as well.
Loral Langemeier Apr 10, 2007, 3:18pm EDT
Amy- You really should start working on building your team, your team should include lawyers, accountants and others who can help you set up entities that will work best for you.
Steph B. Apr 10, 2007, 3:19pm EDT
Most mentors that I have found just want you to sign up for their classes and into what they are selling??
Loral Langemeier Apr 10, 2007, 3:22pm EDT
Michael- First of all you need a plan; that starts with a financial analysis, determining your financial baseline and what your financial freedom day goal is.
It is too much to detail here but you will see it all in my book that you said you are going to purchase. Check out my website for free Team Made Millionaire Events near you.
Loral Langemeier Apr 10, 2007, 3:24pm EDT
Bhumika- You really need to learn about direct investing, and eliminating the middle man commissions.
Ask The Author Moderator Apr 10, 2007, 3:26pm EDT
Andrea S. sent in this question: Unfortunately I am in a catch 22 situation with credit card debt. I have several cards with a balance on them. I have no way to pay more than the minimum on them as a stay at home mom of a 2 year old and my husband works 2 jobs. We are having to use the cards at the end of the month for prescriptions, gas, groceries, and diapers. Our credit score is excellent. Would it be hurtful to do a debt consolidation plan? We own our house and took out equity loan 3 years ago to replace our windows. I feel stuck and seem to get further in debt because of the interest. Any advice or direction would be greatly appreciated. Thank you so much.
Ann Oxford Apr 10, 2007, 3:27pm EDT
Loral, What do you think of our ever increasing reliance on credit and credit cards? How can we teach our kids how to be responsible? I remember my parents, who lived through The Depression paid for everything in cash. When my dad finally went to buy a refrigerator at Sears (in the 50s) on credit, he was turned down because he had no credit rating! I have been fairly conservative with my use of credit and tried to teach my kids. But they are eyeballs deep in credit card debt and school loans.
Loral Langemeier Apr 10, 2007, 3:27pm EDT
Sharyn B. - Finding mentors can be as easy as looking at individuals on your team, people within your community or anyone else you come across that is living the life you want. Don't be afraid to make that first call.
Loral Langemeier Apr 10, 2007, 3:30pm EDT
Michael- What you are asking about is referred to as OPM- other people's money. We have many people in the Live Out Loud community who have leveraged OPM to get started. There lengthy description in both Millionaire Maker Books for the details.
George Demirakos Apr 10, 2007, 3:32pm EDT
hi Loral,
I am a physical therapist from Montreal. What businesses would you recommend that I go into..
Loral Langemeier Apr 10, 2007, 3:33pm EDT
Steph- A mentor is someone who is living the life you want to lead, not necessarily a coach. Figure out where you want to be then find someone who is already there and has done it before, that is a mentor.
Sharyn B. Apr 10, 2007, 3:37pm EDT
Loral, The "living the life you want to lead" part of the definition of mentor is the tough one for me. I don't know anyone who is doing that.
Loral Langemeier Apr 10, 2007, 3:38pm EDT
Andrea- Yours is not a unique situation. I always say, you need to focus on creating cash, not how much debt you have. What you are asking for is a financial makeover, which I do for audience members at my free Team Made Millionaire Seminar, but it would require much more detial to get into it. The underlying factor is that what you need is a Cash Machine and a debt management plan- focus on how you can start a Cash Machine, to create more cash now, not on your debt.
Loral Langemeier Apr 10, 2007, 3:40pm EDT
Hey Everyone, there are a ton of great questions coming in. I will do my best to get to as many as possible and in as much detail as we have time for here. Thanks for being here!
Amy T. Apr 10, 2007, 3:40pm EDT
Any strategies to keep on leading my wealth once I become very elderly? How do wealthy seniors do it if they become senile, disabled, etc? Leading your wealth before becoming quite elderly should be easy - it's afterward when I'm pushing 90 that I'm wondering about...
Ask The Author Moderator Apr 10, 2007, 3:41pm EDT
Lela Keith from Toronto asks: I saw you at the Wealth Expo in Toronto. I listen to almost all speakers, including Donald Trump. However, nobody made more sense then you did.
I found your book "Millionaire Maker"at the local bookstore and did not stop reading it for days. So here is my question: is there a "Wealth Circle" program in Canada?
Steph B. Apr 10, 2007, 3:42pm EDT
Loral, I have a lot of experience in finances/accounting , stocks and real estate investing. I read that you teach what you want to learn. Perhaps I should mentor others and we can go forward together? What do you think?
Loral Langemeier Apr 10, 2007, 3:45pm EDT
Ann- Kids are never too young to begin a different conversation about money or as it sounds in your case about learning how to build thier own Cash Machines so that they are not reliant on credit cards. You need to teach them how to get into their own wealth cycle, focusing on generating cash, not debt. They need a plan too!
Daniel Beatty Apr 10, 2007, 3:45pm EDT
Steph - do you trade stocks or options or both?
Steph B. Apr 10, 2007, 3:46pm EDT
both
Loral Langemeier Apr 10, 2007, 3:49pm EDT
George- I would need to hear what your skill sets are before I could help you determine what Cash Machine would be best. However, from what you have said, have you considered opening your own physical therapy business? Whatever your skill sets are is what will determine your Cash Machine. I talk all about skill sets and building Cash Machines based off of these in my new book that comes out in June, The Millionaire Maker's Guide to a Cash Machine for Life.
Daniel Beatty Apr 10, 2007, 3:49pm EDT
Loral - I have 4 kids 2 are 8 and 6 and they are learning money management with their allowance and how to separate it into 3 groups. My 8 year old is now learning about internet marketing, real estate, stock/options trading. Why? Because he wanted to know what I do all day on the computer...LOL. So now I think might be a good time to teach him about using credit and the difference between good debt and bad debt.
Ask The Author Moderator Apr 10, 2007, 3:51pm EDT
Jeff M. asks: I really want to put some money away for retirement but my company doesn't have a 401k program. What are some options?
Sharyn B. Apr 10, 2007, 3:52pm EDT
Loral, I've figured out much of what you say on my own -- what I want to stop doing, what I want to do (that won't generate much income), and a cash machine to drive everything, including future investing. Would your upcoming book alone be best for me or Millionaire Maker along with it?
Loral Langemeier Apr 10, 2007, 3:53pm EDT
Sharyn- There is always someone out there who has done or is doing what you want to do. You might not know them and it might not be exactly the same situation, but I am confident you can find someone who is close to what you are looking for. You will have to take that first step in finding them and initiating a conversation with them.
Ask The Author Moderator Apr 10, 2007, 3:53pm EDT
Unfortunately, we have to wrap up this chat by 4 p.m. ET. Loral will try to answer as many questions as she can.
Loral Langemeier Apr 10, 2007, 3:56pm EDT
Amy - TEAM, TEAM, TEAM. It is about having people who you trust on your team. If you are setting wealth cycle up today then by the time you are 90 your team should be in place and those whom you trust will be able to continue the wealth cycle for you.
Loral Langemeier Apr 10, 2007, 3:58pm EDT
Lela- Thank you for your kind words. Glad you enjoyed the seminar and book. My events are currently mostly in the states, keep checking our website as we expand to be international. The good news is the principles I teach are universal and can be applied no matter what country you are in.
George Demirakos Apr 10, 2007, 3:59pm EDT
Hi Loral,
I am a self-employed physical therapist for 5 years make 70,000 per year. Do very well by myself, but is opening a clinic right for me, or will it take a long time to become wealthy. I have no debt , no liabilities and assets of $90,000..financial goal $1,000,000 in assets + $10,000 passive income per month
Loral Langemeier Apr 10, 2007, 4:01pm EDT
Steph- Mentoring is a wonderful thing. I think you would really enjoy it.
Steph B. Apr 10, 2007, 4:02pm EDT
Thank you Loral, and thanks for a wonderful live talk. I believe I will.
Ask The Author Moderator Apr 10, 2007, 4:04pm EDT
Loral, thank you for joining us this afternoon! We appreciate your sharing your expertise and insight with us. And many thanks to the Gather members who participated and sent in questions. Until next time.
Loral Langemeier Apr 10, 2007, 4:04pm EDT
Daniel- I totally agree with you. That is GREAT! Kids are never too young to start learing about money. My son knows about all that I do and understands a lot more about money at his age than I did.
Amy T. Apr 10, 2007, 4:04pm EDT
Thank you Loral for this live chat! I've certainly benefitted from it. :) :)
Ms. Meacham: Money Maven Apr 10, 2007, 4:05pm EDT
Hi Loral. Great thread!
Loral Langemeier Apr 10, 2007, 4:14pm EDT
Thank you all for being here. GREAT QUESTIONS! I look forward to having another chat with all of you. For more information on my company please visit www.liveoutloud.com or call 888-262-2402 to set up a free strategy session with one of the Live Out Loud Strategists.
Daniel Beatty Apr 10, 2007, 4:17pm EDT
Good discussion, wish it could have gone quicker and wish you had more time to answer more questions. I really would have liked to hear your response to George's question about whether to open up his own clinic. I had struggled with this question for a couple of years.

I had decided against it. I am still working three days a week at my specialty vet practice but I do not have my own clinic. The other days of the week I am doing other things that I love that make a ton more money!
Daniel Beatty Apr 10, 2007, 4:22pm EDT
Jim - how do you think they have made a lot of money??? Selling information...LOL

The other reason is because there is a desire to do so. I have a similar desire to teach people how to do something, so I am pursuing that dream. Is there something wrong with making money while you do it?
Ian M. Apr 10, 2007, 7:15pm EDT
Jim, she's in a position to help people make money, and that's a reason to write the book.
Machiavelli Dayupay Apr 11, 2007, 4:29pm EDT
I am doing my first book and using some similar strategy...

At this time of my life it is quite amazing to see such an amazon woman... a lady bent of conquest...a good role model...

very encouraging...
Perpetua D. Apr 11, 2007, 10:06pm EDT
Helo Loral,

Awesome, tread... I would like to learn more of becoming a millionaire, however action is one thing we all have to plan. My first is getting one of your books , I'll check if you have one on the bookstores here in my place, otherwise I need to get one here on the net. Next is to be around your conference online to learn some more and apply what you recommend. Thanks for being such a good mentor.
Carol Lloyd Apr 14, 2007, 3:47am EDT
this is just a reworking of something done in the 80s There is nothing new except the people...

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