Ask the Expert: Millionaire Maker - Loral Langemeier

Amplifyou Intro/Outro: 00:00:03

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Michelle Abraham: 00:00:44

Hello Hello Amplify You family Michelle Abraham here today and have I got an amazing guest for you today, guys. I have gotten one of our amazing clients and feature podcasters lorilynn Mar here, and she is the millionaire maker. And oh my gosh, so many other things I want to tell you about her. But first, let's just say hi, hey, Laura, how are you? I'm good. Thanks. How are you doing today?

Loral Langemeier: 00:01:07

I'm great. And I can't wait to teach people how to be millionaires.

Michelle Abraham: 00:01:09

I love it. So let me just share a little bit more about you with our audience. And I know like I feel like most people already know who you are from your name. You've been on so many international stages, your entrepreneurial thought leader, Speaker been on tons of TV New York Times bestselling author five times. And I just think that I actually saw you speak in Vancouver probably about 15 years ago. And I was just like, you'd flown there in a private jet with your daughter. And your speaking I was like, I want to do that. And I just thought that was so cool. I'm so I'm very honored to have you here with us today on our podcast, and our entrepreneurs listening today. They start their business with like the the goal of being a millionaire. I would say most people do that's kind

Loral Langemeier: 00:01:58

of just like 100 How about at least 100,000 there?

Michelle Abraham: 00:02:01

Why is the 100,000 some of them start smaller, but I know their end goal is being a millionaire, why or not many people, especially women not making it to that millions,

Loral Langemeier: 00:02:11

it's shocking, only 3% of women make it to the millions. I don't know if it's some psychological thing about the old role playing of the war dude Klaver day of, if I start a business, you know, I'm going to be extra money for the family versus I am the money for the family. Right. And as a single mom, right, and I chose parenting in 1999 going to be a mom and he didn't want to be a dad. So that was pretty easy. But I but psychologically, I went into it very differently. Like I was gonna jam, I'm gonna make single parenting the coolest thing ever, and be the coolest mom and take my kids all over the world, and fly private plane 90% of their entire lives. That's all they've ever flown. In fact, my son's becoming a pilot, my daughter's just took her first helicopter ride to become a helicopter pilot. So play around everywhere.

Loral Langemeier: 00:03:01

What happens with most people is because you're taught that to get to actually make money, you have to have a job. And if you need more money, you get another job. What's not introduced early enough in life is being an entrepreneur. And most people don't know how to walk into being an entrepreneur. Some people are not designed to be it's better to be on a team. Women though, for example. I mean, it's fascinating to me, because I kind of laugh at the statistics are like, Oh my gosh, the pandemic has had so many people get to the workforce, it's like, they've all been in the workforce, I think the difference is they decided actually really getting the worst, like really create service and be an entrepreneur. But the number one mistake Michelle, that people make is they stay a solopreneur or you know that, that that just under their own, you know, whether it's a social security number to candidates or SSN number, you can't operate under yourself, you need to have a company with a different bank account, corporate structure, where you get to like legally write off all the deductions that you have with it. And most people I think, just say I'm gonna do a business, like as a side hustle to make a little money. And I think you know me well enough, I make fun of side hustles if you're going to create a side, hustle, hustle. Like the difference between a side hustle and a hustle in my vernacular is 100,000 if you're gonna go for it, don't get out of bed for less than 100 grand, it's a lot of work to be an entrepreneur. And I know that a lot of people tell you that. And as a mom, and if you're a woman out there and you have kids, bring them along with you, like bring them on this journey, put them in, you know, employment, your company. So I know I think there's a lot of reasons as you heard, I just like downloaded hundreds of like tons of reasons why. I think the biggest one though, is there's not a lot of us mentors. You know, Sharon Lechter was the only really woman mentor who was an available mentor like you could look at the Oprah's of the world and you know the whoever whatever the Martha Stewart has been amazingly financially successful. Elon has been successful. There's been TV people, but who's been out in the streets really helping and then being evey. ailable because there's a lot of CEO women, but they're not mentoring. So when you really think about women who want to look at women and want to be a mom and want to be a wife or want to be a partner, and don't know how to put it together, I think women just back out and play small. I don't think so. I know. So I've been doing this for too long. And I listened to him. And I think they should lean in and totally be the nurturer and the caregiver. I mean, I am I care for so many of my clients like you, do you care for me? Well, you know.

Loral Langemeier: 00:05:28

Well, thank you. And so

Loral Langemeier: 00:05:31

I think my massive step up and let us help you become amazing because you are, you just aren't ready to monetize yourself?

Michelle Abraham: 00:05:39

How would you suggest the first steps for someone to just like, step up and step into it? Call me. So

Loral Langemeier: 00:05:48

talk to me. So the one thing I do have is I have a site called Ask laurel.com sk ello. Arielle, you can ask me any questions 24/7. If you want to do the $17 membership, you can but it's really a free site for people to ask questions. And I'm all over on social primarily tick tock, Instagram and YouTube. And the reason I say those is it's just engage like lean in and say it this isn't beyond me. Like I grew up in a farm in Nebraska, I didn't grow up with any conversation with money. Most people never grew up with conversation with money. So I made a lot of this up. I've also paid for a lot of mentoring. And I think for the first step is to lean in and say, I want this I want to make at least go for 100,000 Let's say 120, that's 10,000 a month any anybody listening your podcast could easily do 10,000 A month divided by four that's 250 a week divided by five that's 500 all day. Don't tell me No, everyone listening cannot make 500 Most of my teenage kids that are, you know, on their way to make millions are making 500 to 1000 a day.

Michelle Abraham: 00:06:45

Wow. And we're how are they making the money? Is it like through their own like expertise? Or is it like what do you think the best strategy is?

Loral Langemeier: 00:06:54

So I think the only strategy in the beginning is do what you know how to do. And you may not like some of the stuff you know how to do like, I've got men who are handyman and very mechanical, or women who are really great house cleaners because their mom made him clean all the time. And they hate it or teachers who need to be a tutor. I mean, do what you know how to do naturally. And that's easy. And I would say more service based is better. Because to produce a product like I have a client right now producing this amazing CBD. Right I have clients that do direct sales companies, products and invention, take capital, and honestly amazing distribution. Because I know when this when this product started, I had just gotten injured a couple of years ago and he made the best CBD like literally this stuff. It's over 900 Exact immediate absorption CBD and it's the highest grade that's not crap, is that olive oil, which was most people CBD. My point is he almost broke. Like so many people who start inventions and products. They use all their money to get their patents, their trademarks, all the things which you need. But don't start that way have that be your second or third company. Don't start with the stuff that's going to cost an ungodly amount of money. To get started, like right now in print on demand. You can go to Amazon and do a print on demand book. I mean, you don't do a big New York time. It's a best seller as a starting point. You know, my first like big book that actually got me this book was I partnered with Jay Conrad Levinson, guerilla marketing guy and I just said I want to do a grill a wealth book. And he said, I don't do that. It took me a year to get that deal. I said Yeah, but I'm gorilla like in wealth building. So let me use your gorilla and not market your money. And so finally in 2004 I got him to partner with me. So I think in the beginning, like I just knew enough about money and I needed a vehicle to get my message out from that McGraw Hill called it gave me a seven figure contract so I think just do what you want to do. Even though you might not like it like I have some like women who were stay home moms and they had like I've made so many women jewelry or artists millionaires shockingly enough because they are so good. You just don't use Etsy and you know Pinterest like really get your brand out like get a podcast about an artist millionaire brag about it. That's the other part though. Michelle women do not like to talk about themselves. They have such an overcome of I'm gonna get out and I'm gonna say You know, I'm amazing. I like you say you're amazing. And we don't say with any arrogance, we say it because we're confident we know we serve lives and we help people so I think if the moms can take that energy and and eliminate the guilt, eliminate the oh my gosh, I'm going to tell the world you're not saying that you're amazing. I'm amazing and helping you is what you need to be telling them. But start with a simple stuff. Easy stuff that you know how to do. I have a new client. She's super fun. And she loves being a mom she's got eight kids lives in Utah. She you can just kind of know that whole neighborhood, big houses and I said so. She her company's called every mother needs a mother. So instead of having all the kids in the neighborhood just run around chaotically and no aftercare and then like the parents get home late. She does. Now she like she sets up tutoring in her house, she's formalized at all obviously, she sets up snacks, she sets up activities. So it's a place where people get to go. And then she cooks and delivers food to the family. So they have healthier food, not just fast food. So she just kind of made this six figure business around what uh, she already is doing. She's already feeding eight. I mean, why not feed? You know, I think she's feeding a buck 8200 Right now, so. So it's just I could go on and on, like, what do you like to do? What are you good at? Like my daughter, she's 16. She's amazing. She's a dancer. So she's learned to put on makeup, fake eyelashes, do her hair, all dance, I mean, all by herself, where I see moms still doing that for their 16 year olds looks like you put on your own stuff. So like I told her, I said, why don't you start a little mentoring class for these up and coming dancers? I mean, she's known for her face and her makeup. So teach people what makeup to buy, how to do it, how to keep your skin healthy. So I don't know if she's going to do that. That's an idea right now. But like, I'm thinking like that, something that you know that you can easily transfer to other people and make some money?

Michelle Abraham: 00:11:07

Yeah, and I mean, I like that you're saying that it doesn't have to be something you love right away. I mean, could eventually be something you love, but just get started. And I think that's the key is just get started. So you were mentioning earlier about corporations and how you need to have a corporation company behind your business. So how is it too early right from the get go to start a corporation? Or do you need to have a little bit of revenue coming in first?

Loral Langemeier: 00:11:31

Nope, nope, it's old, old fashioned CPAs. And accountants will tell you you do. I would say it's not about the money you make. It's about the intention you want to live. And you should all write that down. So if you want to, like activate the tax code in your country, and this is a worldwide principle, the US is definitely the dominant force. There's four corporate structures, trust structures, and 81,000 pages of code versus Canada, there are four corporate structures and trust structures, 3400 pages of code, the difference between 81,000 Like you guys can't write off your kids as fast as we can write off our kids, we can write off our vehicles, entertainment food wardrobe. Like, there's just so many more. So a lot of our higher net worth clients around the world do form their companies with us. And I have a company that does that for you, and they'll tell you what to do. But like when my kids were 18 for the birthday, that's how aggressive they are adult start writing your life off, like live your life, what I call it corporate life. So regardless, I mean, even if they, I'd say here's the here's the legal definition, is if you have a legal intent to make money, then you start your company right now, it because then you can activate the code. If you stay a sole proprietor, you only get about 13 depending on the country 13 To 30 deductions. Wow, yeah, get them to like this little baby right here. You don't get to do this, you get to do in your company, like I Loral Langemeier bone, don't own a phone, I don't own a house, I don't own a car. I don't own a lot of jewelry. Because that's just not Laurel as a person. My companies make me do all these things you guys get. So I teach core living corporate life and like my plane that I flew up and met you originally on that was a corporate asset of a company on that. And it flew me and my team around because I got around a lot faster, we can make the company and we could serve more people. So I think just a mom's out to kind of come out. And you know, the other thing, I just got to speak to moms, because John Demartini was my like, most amazing mentor in being a single mom. Because there's this part where you know, guilt creeps in. Oh, my gosh, I should just be a mom all the time. But like he said, you know, did you really I grew up at a huge Nebraska family. So I had aunts and uncles, he said you didn't have just one mom and one dad raising you. And so I'll never forget, my son was like seven and kind of resenting that we were hauling around the world and doing all this and I wasn't at some of his sporting events. And so we made a family. So I picked five family, five men, five women to put around my son and my daughter, and then we have done now. So just build yourself a family around your community and support each other. Maybe you each all support each other. Do your businesses together, do a collaborative business together. There's a lot of ways to eliminate I have to be the only one raising my kids like, No, I mean, I've got I have had women and men and my, my kids lives and have lots of culture. I mean, they've traveled all over the world. But now that like speak different languages and just expose to the world is not just your one way of seeing it. Yeah, I

Michelle Abraham: 00:14:28

love that idea so much. We just got back from our team retreat in Mexico, I took our team members there and my kids came, they came to the one where we took our clients on a few months ago and just that exposure to different cultures, different people. I think that alone is really helpful for them to see and to see us like having a business and making our own money and doing our own choices and being able to afford those things because of those choices we've made I think has been really helpful in them growing up. So if you were to ask your kids, Laura Well, it's been one of the therapy Favorite Things like growing up with a mum and entrepreneurial Mum, what would you say that? What would they say?

Loral Langemeier: 00:15:07

Well, I know they would be different at this point, both of both of them would say, they've been to six or seven continents, they've traveled the world they've seen a lot. So they know they're extremely privileged from that perspective. I would say the, both of them would say their adult, their ability to interact and get out behind this thing with cultures and people from all over the world, and especially my son. I mean, he remembers meeting and flying on helicopters with Tony Ryan Blair, Colin Powell. I mean, Trump, we did the whole Trump tour, whether you like him or not, I mean, he puts on pretty world class stuff. I mean, the Kiyosaki, we're all doing our exposure and their exposure, which now fast forward. So I was talking about my son, he's 23 years old. You don't think he knows how to build a Rolodex, you don't think he knows how to build the database. He's in Congress right now. He was going to be an intern. He is an intern. I said, yeah. But speak to the like, you know, like, go straight up. If you want to meet a congressman, or go meet who you want to meet, you're in Washington, DC, for God's sakes, as you guys talk to the intern son party with him on the weekend, but like, during the day, go take them out for coffee. Anyway, fast forward, he's only been there about a little over a month, and he just got a massive job. Like he moved from intern to and, and he's got to be a CPA. So all of that, I think the interaction, the cultural interaction, the openness to just people just knowing how to make their own money at boat, my boat, my kids, I could set him free today, doesn't matter what I'm doing for generational wealth, that's just going to be additive. Because I want a huge generational legacy around the work that I've done. But my kids both could go make their money and be totally independent today. And they do things like tutor. And again, get your kids as a mom, that's like, you know, don't become the bank. I don't care how old they are. My kids started little companies when they were four. I mean, clearly I'm around and I'm helping them but have them not think Oh, mom and dad or the bank, I have to go ask them for money. What could they do? Like my kids, both tutors still do today, my daughter nanny, she does a lot of graphics. She does video editing. He does all of our travel. He's a complete travel agent. He knows how to book travel and build up credit card credit points like crazy. So engage them, have them be part of the family dynamic. And I think the moms, especially speaking to moms out there, you're gonna have a way better experience in being an entrepreneur, because you're not gonna feel guilty. They're gonna come along. I hate them when they come along. Like my kids did order forms. I mean, you remember my daughter, she passed out card picked up cards, and I said order forms. She got paid that day very specifically for those tasks. So there's a visual immediate gratification to it. Not like it's just part of a paycheck they don't see.

Michelle Abraham: 00:17:44

Amazing. What do you wish people knew about making money that is not talked about a lot.

Loral Langemeier: 00:17:50

It's easy. It's easy. When you have a heart of serving somebody. And I I have a great actually want to give everybody listening, give I put it well put it in the show notes to tickets to my millionaire intensive. So every three weeks of our whole day from 10 to six Pacific time. I teach, like what it takes to be a millionaire for the first two hours. And then I teach a bunch of marketing. And then we go into a marketplace, where literally, if you're just watching this today, you could just say what could I do today to make some money? And I think that that transfer of my energy and thinking of what's my skill set? So say you're an admin assistant or an accountant and you work inside a big corporation, what can't you be a bookkeeper on the side? Couldn't you do a VA service and just support other people you do what my son does, I mean, book travel for people, if you'd like to be a travel agent, there's there's so many things that they could do, I think bring them along is a huge part of that message. And making money is easy. So I think part of that to Michelle is make it fun. Like what could you do and think instead of saying oh my gosh, I gotta go sell Michelle, biometric package, and I get all worried and freaked out about it. No, I'm going to serve her life. I'm going to teach her how to be a millionaire, but teach her how to about company how to use her company, right? So when you think of how many lives can I help you get up from that energy versus oh my gosh, I have to meet those goals today. Well, yeah, you got to make your sales goals but you're also making service goals. How many humans are you helping? Helping 10 And 12 isn't enough like you are the big life help hundreds 1000s I've helped millions, millions of years I've been doing this. So when you switch that and I think women have to switch that Michelle, I think women have such a weird energy about selling and then they give it away. Okay, so another big tip. This is my problem I deal with my trillion dollar tip. This is a big trillion is write down your money rules, which are in here live a whole chapter on how they write down your money rules, and then write down your charity rules. So when you are clear as a especially a woman about that, like I give all kids financial literacy for free. So as long as the parent comes as my client so I can shape them up and train them properly. Really, the kids, I don't care how long that they say a client because I have a lifetime membership. So a kid, I could meet a kid, I have, I've met kids at 12. And now they're 24. And they're getting married. They're having babies, though 30 They don't ever have to pay me. So I, my charity is your children. So you bring them along, I will mentor them. And for the rest of you know, as long as I'm doing this work, which should probably be the day I die. So my rule, though, that what that helps me with Michelle is when people say, Well, I don't make a lot of money. And I'm a single mom, I will say God made me a single mom. So I can avoid that. That's not even an excuse. So what I'm a single mom to, I don't get deals, I don't get breaks, because I'm a single mom grow up and make some money. So that's the energy that I teach with it. It's also money's not hard to make. It's fun to make. You're helping people, I want you to hear that. And you're not going to discount. I won't discount adults. You're all capable. I'll discount your kids. In fact, your kids can come for free. You don't have any gets on their tax deductible. So notice, my my, I have a strong voice in what I say. My rules and I think women, especially at beginning women in business, they totally they don't really discount they give so much away for free. And then they wonder why they don't have any money. Because you didn't ask for it. You gave it all away. In kind of not giving. It's about charity rules and money rules. Business Rules.

Michelle Abraham: 00:21:20

Those are great. It's so good. You have so many Laurel isms. And one of the ones I love is like lazy Assa. Oh, why don't you just dive into that word for a minute? Because I think that will have helps propel people.

Loral Langemeier: 00:21:34

Yeah. Well, the reason I talked about lazy assets a lot. And again, like in my career, I had to go back and teach people how to make money to get the voice to go, you know, to learn to invest is if you're not making a lot, you don't need to learn a lot about investing because you're just going to make and spend. That's the pattern of broke people. When you make and your attention is I want to go buy property. Like I think my daughter would be an amazing interior designer. I know she would I mean her ability to craft an entire city in Minecraft. The one way her mind works is fascinating. So I'm gonna go out and buy probably a duplex or four Plex with her. And we're gonna go rehab together my daughter. She's like, Mom, you're crazy. I said, Yep, I probably am. But I know once you get the rhythm of it, because of like, just her own room is like her her friends come over her room ago. Oh my gosh, let me just her own little interior designer of her room. I said you can do this like and she would be amazing. But again, I am going to go give her the experience of it. If she doesn't like it, we'll flip the house make some money, we'll be done. She likes it. That could be a new, you know, career path for her. Yeah, what if you engage your kids, don't leave them back there and say, you know, this is my personal life and this is my professional life. You have a life. Bring them all.

Michelle Abraham: 00:22:48

I love it. So resonate with that we moved off a grid we live like on a lake, we're gonna take a boat to my house like, and my kids were like, now they're immersed in like they have to see me wearing the hat. It's a part of our heart of our life. So I just resonate with that a lot. LAUREL I know your time is so precious. And we want to thank you so much for having me and for being here with us today. And spending the time where can we you're gonna give a couple tickets away to your event we're gonna put that in the show notes link where else can we connect with you as Laurel go ask questions there.

Loral Langemeier: 00:23:21

Asklaurel.com is asking any questions there and to get the tickets in fact we'll we'll code them so we know everybody's come from your direction. If you go to Laurel Lor A L dot club you can get actually an e book copy of the millionaire maker I just remembered this link and you can get two tickets to the millionaire intensive and it's every three weeks so we're doing one March 16 So I'm not sure when we're podcast is airing but every three weeks on a Thursday or here dive and I teach it I don't sell it out to you know my protegees I teach it so I want to be with you front facing and help you with your money and business issues.

Michelle Abraham: 00:23:59

I love it. Well thank you so much for being here with us today. You've given a lot of insight to our audience and a lot of things for them to think about and I just love the your attitude of just get started and make it a business right from the get go because you're setting that intention, you know right from the beginning. So thanks so much Laurel, have a fabulous day and amplify your family go out there. Go get Laura's book go to ask her Oh, go get the tickets or event she will change your life and you will not regret it. Have a great day everyone.