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Max Tax Tips To Build Your Legacy With | RMT233
Episode 2335th April 2024 • Real Money Talks • Loral Langemeier
00:00:00 00:32:32

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In this episode of Real Money Talks, Loral dives into the crucial strategies needed to navigate the complex world of taxes and investments, ensuring you're not just starting from scratch but leaping ahead towards building a substantial legacy.

Whether you're tangled in the employee mindset or struggling to grow your business, Loral's insights on living a corporate life, alongside practical tips on cash flow and investment, promise to transform your financial trajectory.

Listen in as she peels back the layers on tax deductions and the power of corporate structure, challenging the traditional financial advice that keeps you playing small.

Loral's Takeaways:

  • Intro (00:00)
  • Entrepreneurship, Side Hustles + Financial Success (02:12)
  • Tax Strategies + Business Growth (06:41)
  • Tax Strategies + Personal Finance (12:58)
  • Tax Benefits For Entrepreneurs + Independent Contractors (17:47)
  • Tax Strategies For Building Wealth + Legacy (19:39)
  • Tax Planning + Investing (24:26)

Meet Loral Langemeier:

Loral Langemeier is a money expert, sought-after speaker, entrepreneurial thought leader, and best-selling author of five books.

Her goal: to change the conversations people have about money worldwide and empower people to become millionaires.

The CEO and Founder of Live Out Loud, Inc. – a multinational organization — Loral relentlessly and candidly shares her best advice without hesitation or apology. What sets her apart from other wealth experts is her innate ability to recognize and acknowledge the skills & talents of people, inspiring them to generate wealth.

She has created, nurtured, and perfected a 3-5 year strategy to make millions for the “Average Jill and Joe.” To date, she and her team have served thousands of individuals worldwide and created hundreds of millionaires through wealth-building education keynotes, workshops, products, events, programs, and coaching services.

Loral is truly dedicated to helping men and women, from all walks of life, to become millionaires AND be able to enjoy time with their families.

She is living proof that anyone can have the life of their dreams through hard work, persistence, and getting things done in the face of opposition. As a single mother of two children, she is redefining the possibility for women to have it all and raise their children in an entrepreneurial and financially literate environment.


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Loral Langemeier:

Welcome to Real Money Talks, real strategies from the money makers and the world changers that you can use to make millions. Keep those millions, multiply your wealth, and build your team. Here's your host, author of five New York Times best sellers, money expert on Dr. Phil, CNN, CNBC, the street TV, Fox News, and the view Loral Langemeier. Welcome. We're going to talk about the Mac's tax tips for a legacy. So what do you do to actually create the maximum tax tips? Meaning what do you need to put into your life tax wise, so you can actually build a legacy because a lot of you, you're not even starting from the writing a beginning point, you're so far off of a beginning point. So let's get to it and talk about it. And again, I'm popping between three screens here. So those of you that are out here on YouTube, welcome, welcome, welcome, excited that you are here. And we have a team monitoring all of them for engagement. So go ahead and put in your comments. Those of you that are out on Instagram, if you comment live, I have a free gift for you, it'll be sent to you immediately. And the rest of you, I'll give you some gifts in a moment. But those of you on Instagram, you can come at live right now go grab some good gifts. So let's talk about it. I talk and it actually coined this phrase called Living corporate life. So to live corporate life, you can't just be an employee. So so many of you, you're just stuck being an employee, and then you've had really, really bad if any tax advice and you decided to be cheap, and stay a sole proprietor, and those of you that are sole proprietors and I'm offending you to that. So being a sole proprietor, here's the problem with it. It is based on your social security number. So it when you have just your social security number, and you who cares if you have a personal and business account, your social security number is the same. So you'll have one source of credit, one source of funding, one source of making and spending into the financial world. Well, that doesn't really work. No one tells you that because you've been listening to you know, there's there's two bodies of work right, there's the real traditional, which is Suze Orman, Dave Ramsey and the traditional houses Schwab fidelity all those guys. They're perfect at that of keeping you safe and like all by yourself. And I'm not saying it's safe, like it's great they share in the heck and never do promise this which is how do you be a millionaire so we're not the live in your means kind of people. We're the Grow Your means people and grow it as fast as you can't tell why when you can, you know, work for 2030 years, the old school, how do you become a millionaire, you save yourself to death. Why, when you can create money by making it and investing it on an accelerated speed. I mean, there are more billionaires being made today than there are millionaires being made. Why? Because they know how to accelerate the compounding power of money. They know how to arbitrage the debt. So back to my employee versus corporate life conversation, most of you are employed. And even if you have your own company, I just see it over and over and over, you're paying yourself too much. You're paying yourself too much W to payroll. So money has a quality to it. And income w two income payroll income is the highest taxed worst quality of money. So why do you as a person want a high salary? What you really want is your companies to make millions of dollars. Alright, hundreds of 1000s. For some of you getting started, you want to make hundreds of 1000s of dollars soon to be millions and then multi millions. And get that money invested as fast as you can. Don't build a big lifestyle until you have assets. So you make it and you buy. So what I did, I made money and I bought doors, I bought apartments I bought duplexes for plexes, whatever I could afford it that minute. And then I made more money and I invested more money. I didn't buy a home until I had a kid why? Because I don't need a home, I could just rent and live in one of the houses that I have, or my apartments, I would just buy doors and kind of a boring model, quite frankly, but it made me a millionaire. And it did really, really fast. So I want you to learn to that pattern. So if you're just employed, that's fine. We're not saying go quit your job. Right? We are saying I am saying you got to live corporate life, meaning you need a side hustle. And anything a side hustle in my opinion in my you know, description would be something under 100,000 Well, I can promise you making 100 or more or making less than 100. It's the same effort. You have to market you have to sell. You have to understand cash flow. Those three skills are not taught I don't care if you're an MBA at Harvard or Stanford, you're not taught to like this kind of entrepreneurial digital marketing. You're not it's not even a class that you're going to take. You're not taught how to sell like any anytime that you're supposed to be a doctor or a lawyer or naturopath or whatever you are Are practice and then you're supposed to go out and like start your own company. Right? Same with hair like you got to go be do an esthetician or be a hairstylist. And now you have to run a business, you have to learn to market, you have to resell and you have to learn cashflow. You can't just be good at the thing. No, you can't be good, just good at the thing, you've got to be a darn good entrepreneur. So your side hustle, and your hustle are going to take the same amount of effort because you've got three massive skill sets, and you don't know how to do them. So I'm going to teach you how to do them. I'm gonna teach you how to market how to sell and understand cash flow. And even if your side hustle, made an extra 2000, and it's in an S corp, or an LLC, or C Corp, any of those kinds of companies activate 81,000 pages of tax code, not 30, not 20. And a little Schedule C which is all you're going to get if you stay a sole proprietor is you're going to get about 13 to 30 deductions total, not pages, deduction choices. Why would you live so small? The other benefit of having a company and I want you to think about having two companies one for your active side hustle, let's just say like I just interviewed a bunch of firefighters and I'm working with a bunch of chiropractors and naturopaths and functional medicine doc. So whatever you're doing, right that whether you have that as a job, your side hustle like for the firemen, they're doing all sorts of cool stuff. They're doing handyman businesses, they're doing pressure washing, they're doing hauling businesses, I have a husband wife team in Chicago's called hubby for hire, so she gets the jobs. And he goes in and does all of the heavy things that the to do less than never get done. Right? I need that painted, I need that electric thing done. I need the baseboard done whatever those things are. So you can make so much money having a hustle. Right, so let's just go to six figures. So yeah, you keep your job, let's build a business where the money goes into the company, then the company activates the deductions, which is your highest tax strategy in the world. And once you start living both employee life and corporate life, now let's just say you have one active company to run your business what I call your cash machine. And I'm there we go getting my Instagram back. So let's just say you have

Loral Langemeier:

your business, I'm sorry, your company, and then you have your active cash machine, right. So use an example say you're a firefighter and you have a job. And then you have a handyman business and then a hauling business in the beginning until they make six figures, you could put them into one company and I have a whole team. And at any point you can call our office and you call us 775589200 Say I want to talk to you today about what kind of company I should have to show go to Legal Zoom and go click click click and hope to god you get the right company did given the state you live in, and the amount of money you make is going to be dependent on what company is best for you. Then I also want you to think about having an entity most likely that's an LLC, which has like private investments so you could go buy real estate in there you could go do whatever heck you else wanted to do inside of there, I'm just kept clicking my Instagram to go live again. So whatever you want to do, you're going to have an active company and a passive income real estate like an investment company. So now I want you to think about it there's you and now you have two companies now you have three credit scores you have a personal credit score with Social Security number you have a tax ID EIN number for the active company and the investment company and if you really want to understand tax strategies, I'm talking awesome tech strategies then you have to really activate the code 81,000 pages of code so got to make good old glasses on here so I'm gonna take a little cold and this is actually if you are missing it go do is go to our integrated wealth Our main website integrated wealth You Take our quiz there and here is what I want to know what best describes your financial personality right you already are going to put it in the in the in the chats right you're going to put it in and direct message me Are you somebody that describes you best up somebody who just pays too much in tax? Now I can guarantee you your answer needs to be yes if all you are is an employee and you have no companies now if you are an employee and you've had companies but it's been an LLC or an S corp and you just didn't know what to do with it so it's just kind of sat there oh you guaranteed have paid more taxes but we can fix that we could do a three year tax return review because you didn't use the company although set up which by the way note to all of you on maximize your tax tips. Never take down a company so like I started a company for real estate and then later became the Rich Dad Poor Dad the cashflow distributor I use that same company I just repurposed it and called it something else was called the DBA doing business as so don't worry about your company name. It could be ABC XYZ it could be whatever you want to call it like a company name, because that's not what's marketable. What's marketable is your URL like ask where you can ask a question make requests. So lots to teach you about how to market and how to do it right. So does your first year description of your financial personality mean that you're paying too much in taxes? Yes, if that's you, are you somebody that is, has a business, but it's not growing. Alright, so you have a business, but you have no idea how to grow it, you have no idea how to market it, sell it. I don't know how many of you have those kinds of businesses, and you have amazing things I'm gonna speak to, like just some more recent clients that we just got in, like that do amazing, amazing work, like one sells dogs doesn't have any of these social channels. So if 100 People are interested in the dog, he's only got five buyers, you're missing 95 people that you could have put in the queue for the next set of dogs you might want to sell, or the next set of whatever you're gonna sell. If you are a jewelry maker, you run out of jewelry, then you start taking pre orders you take start taking back orders, you don't ever stop taking an order. If you're managing cash flow, you have to keep the cash coming in. So if your business isn't growing, please grab those tickets and we'll see you there. Then this is one of my favorite. Your cashflow sucks. How many of you your cashflow sucks. So that's either one of two things when your cashflow sucks, is you either aren't selling enough, you're not marketing enough. You don't have really good offers, nobody wants them. And you're not asking people the obvious question. And here's how I actually speak to my people when I meet them. I'll say my name is Laura. I'm a money expert. I don't see what we bought time six time New York Time bestseller, blah, blah, blah, blah, blah. I don't see any that say my name is Lauren, the money expert. What's one thing I could help you with today? What's just one thing that I could do with you today to help you have a better life? And I hear that answer. And then I offered them a solution I've been, you know, oh, I want to be a millionaire. Well, then I go over here to this book. And I'd say great. 20 bucks, let's go get you this. Oh, I want my kids to be millionaires. Oh, well, this is $25. Let's go get one of those. I could direct the sale when I know what you want. So you gotta go, go go like and then the last question and the personality is? What do you do with your assets, some of you have what are called really lazy assets. So lazy assets are just that it is equity that is just standing still in your homes or all your real estate and not doing anything. It's just cash sitting around. It's money in a CD because of CDs two or three or 4%. And you're like sleeping on that. I mean, you should at least be beating the s&p 500. And actually, all of you that are out on my channels, would you please put in our I flip link, we'll give everybody a free gift. So I have a software, I guess I'm an owner, and I'm a huge user of it. And it actually takes you out of the market is AI driven takes you out of the market. So when the market rocks and rolls which we are in that period where it's gonna go up and down, we're gonna have all this rock and roll through the presidential year. Do you really want to lose another 30%? I mean, you already lost that in 2020 you how much it takes to get that back. And then at 2022 If you didn't adjust, and you just parked and prayed with a financial planner and didn't do anything about your money, then you probably lost another 28. So why are you doing any of that? Go grab our I flip, link and come play. So which Burt personality are you? Right? So if you had to vote and I want you to pick one as is on every channel, right? Is are you the person who pays too much tax? Is your business not growing? Does your cash flow sack? Or do you have lazy assets? Which one is the most prevalent for you when you put those in? We have a whole team who's going to call help you out. And again, we want to help you. So how do you again go back to a few tax strategies now that I've explained employee life and corporate life and we have a personal financial personality? Now we're going to switch gears a little bit. What are the biggest tax deductions that I see people miss or your accountant or your CPA or you God forbid you're doing your own taxes, that would be an absolute crisis if you're doing your own taxes, because you don't know how and you don't know 81,000 pages of tax code. So the biggest ones that are missed is your obvious your home office, your phone, your vehicle, your kids aren't employed, you're not maximizing your qualified plans, meaning putting money into your solar 401k Or your Roth IRAs, putting money away that's deductible. You're taking vacations, not business trips, everywhere I travel, I've make it a business trip. And I'm in so many varieties of companies. It doesn't matter where I go, I have a reason to be somewhere and doing business. Whether it's financially teaching people like you, or is working at a car dealership, I have a Broadway play. I've offered schools assets. Cannabis is an easy one. I know dispensaries anywhere show I visited them. So there's a whole way to write off your vacations as business trips. Now that's deductible. Other big ones. These are big ones ready for the granddaddies r&d most people forget research and development like you could start a company. Like let's say in December, you finally paid attention to me finely and you got incorporated with one of my team members or you tried to do it on your own and kind of get really great workout. You should be able to if you started the company and you have an EIN number and a tax ID number you should be able to write off r&d which is research development, education, so if you ever bought our tuition, it's 100% that education reimbursement to your company, not to you as a person, like you don't get to write off 100% of Saviour, big table or any mentoring or coaching or even books. You get to if you have a business, because it's education. So you could write all of that up. And most people forget r&d, they forget education. Here's the big big one. They don't know officer and director benefits. So officer director benefits is when you get wardrobe. You get jewelry, like many ring, I just got a new cool Amber ring. Yeah, it had to be wardrobe, I needed more bling. So a lot of you, you're not writing off enough stuff, your whole health care plan. Like I go to a hyperbaric chamber on regular basis, I do all sorts of alternative health because by the way, the healthiest and the wealthiest living the alternatives, we don't live in the sick care system, which is the same thing as a financial system, like the traditional live within your means financial system, keeps you broke and stuck. How many of you great relate to that put in the chat, like, Oh, my God, yes, it's crazy. So you don't have to live like that. It's your choice to live like that, because you're not willing to take action. And then when you finally get close to us, and you take a strategy session, a lot of you be like, Oh, well, I can't afford it. You can't afford not to get help. You don't have a fear or a mindset issue with money. You just don't know anything about money. So replace the word I have. It's risky. What Laurel talks about so scary. No, it's common sense what I talk about it, it's common sense to you if you actually want a bigger life, and you deserve a better life. And I'm not saying it from a greedy, arrogant prospective, you hear a lot of other people talk about, I'm talking about you deserve it. You deserve it. And you have gifts that you were given massive gifts, massive gifts, why are you giving more back to the world? Versus like, oh, I don't know, I'm not ready. You think I was ready to become a best seller? No, I would. If you would have told me in 1996, when I joined the Rich Dad, Poor Dad, Team 99 is when I became a millionaire. If you would have told me that I'm now about to embark on a huge career. And five New York Times bestsellers, writing, make your kids millionaires book Making my kids millionaires, I would have said you are out of your flippin mind, none of that is going to happen to me in my lifetime. Well, it all did happen. So how many of you understand that those are what I call your Yes, moments where you have this these bold, amazing moments where things just happen. And it is all extraordinary gifts, a lot of you, especially women, you actually stand it down and make excuses of why you don't deserve it or why you're not worthy of it versus lean in. You keep giving and contributing. The more you give, the more you contribute, the more you're gonna get back. That is the law of reciprocity. It happens that way. So we're inviting you to come live corporate life with us. Please, as soon as you can. We want you to live corporate life, we want you to understand it. And by the way, any of you that are 18 and older should be doing exactly what I'm talking about. When my kids are 18 My daughter be 18 in October, guess what she's getting for her birthday. She's gonna get her first LLC on her own. And she's going to be added to several of my companies, because now she will be going off to going to business school to get a marketing degree and then a master's in MBA, you say, Well, why are you sending your kids to school when they're going to be great entrepreneurs. I have my own agenda about education and trust it just what I believe that college experience does to kids on campus, not online. It provides one heck of an umbilical cord cut, so they're not living with mom anymore. And they learned to really be on their own in a safer environment, most of the time safer. But again, this is back to parenting and how you parent and that's a whole nother conversation. Let's see on maximum tax tips. Officer director benefits gives you health benefits, gives you wardrobe benefits, gives you vacation benefit or business trip bait instead of vacation benefits. It gives you house like you actually can have a housing allowance, you can have a vehicle allowance, you can have an insurance allowance, you can have all these deductions. So when you think about taxes, why you overpay is because most of you only get paid one way as a W two paycheck is too much. So then with that you get bad health care. Because anything over the Obamacare limit, which is 57,000, you're going to pay more you're gonna go from couple $100 a month in health care to 1000s of dollars. It is that distinct that you pay yourself a low low salary. So I Lorelai Mar don't make hardly any money make 42,000 single mom, fine. companies make money. Individuals get taxed. So you got to reroute how you think about money. And I don't know how about you guys, but I think this should be taught in sixth and seventh grade.

Loral Langemeier:

And then when you're 1718 you get prepared to be independent, get your own company live corporate life. And yes, you can go get a job my son's got a massive accounting job right now for a great firm in Nashville, Tennessee. That's perfect. He'll stay there for a while he's going to learn a lot. I had a five year stint being an employee. So for five years of my life, not 10 Five, I worked for Chevron. I didn't start that way. I started as a consultant that couldn't afford that helicopter insurance because they were flying me around offshore. So I had to become an employee to be under their insurance policies. Because I you know, I got to travel a lot. I did a lot I was taught a lot corporate structure. I believe those five years also what groomed me to become a great entrepreneur. Because I was leading 82 people, I was leading departments, I was leading massive, massive budgets to build offshore and refinery fitness centers. So I use it as a very entrepreneurial training, knowing I'm not very employable, I'm horrible, like, Oh, my God, tell me what to do. And I'll tell you what to do is different leadings different. So hope that gives you some ideas on where you're missing the boat. But one other big, big piece of the tax issue and some Max tax issue that feeds into the legacy issue is how you invest. Everyone wealthy I know buys real estate, everyone, we buy doors, I bought doors since I was in my 20s. Again, didn't buy my first house, I was 34. When I had my son Logan, I didn't need a house, I was traveling, I was playing, I was skiing around the world, I was having a lot of fun, quite frankly. And so I would just use the rental income, had middle job for a little while, went to be the cash flow distributor. So it all started stacking up into this interesting chapters of your life. The Living corporate life is mandatory, if you want to do this, and then the deductions are one, get ready for this, the depreciation on how you invest is the bigger one for legacy. So those of you who really, really, really want to build a legacy, you've got to build more structure. So it just can't be, you know, you and one business. So it's you a business, maybe two or three businesses, those businesses create a lot of cash flow, what do you do with the cash flow, you go invest you investing, here's the big five, the big depreciating assets, gas and oil is number one, aviation water rights, mineral rights, gas, and real estate. And those five, you've got to put that to work if you just park your money from a job in the stock market. And there's those two, where's your deductions? Where's your depreciation, you don't have enough and to pay off cheap money, like people who pay off their homes and pay off cars when you can get interest rates for what interest rates are a little higher now. So prior to this little bomb we had, thank you ministration. I mean, we were down to two and 3%. During COVID. You could get like a one and a 2% home loan. So why would you pay off that debt? At one or two, three, even I would say even 5%, anything under five? Why pay it off? That's cheap, cheap, cheap, cheap. I know people, clients have just joined us and they before they joined us, they were just closing on a property, their home interest rate is 8.2%. And it's like that's insane. I mean, that's what the some people get as an investment return. So when you think about Max tax strategies, and Max tax tips, I've given you several. But for legacy, it's how do you take these companies and then pass on the use of those companies? The good debt in those companies? How do you pass on the assets of those companies through trust, not a will those of you who want to speak to those who you think are wills enough, and your estate lawyer said they're not tell them to call our number. Again, our number is 775-588-9200. Say I want to talk to someone on laurels team immediately because I've been told the wrong stuff and you have Worldwide there's this thing called probate. When na one dies, especially if the husband wife team dies, like together or close, you're going to end up in probate unless you have a trust. And then the trust needs to own the assets in the LLC s and s corpse and C corpse and limited partnerships. Like that's how it's acted. Yes, I'm talking in US terms. And if you're around the world, in principle, different names, it's exact same thing. You just don't have the big benefits we have in America, because we have 81,000 pages of code. The next country in line has 3400 pages, that's how different our tax code is. You can use corporate structure, blended corporate structure with trust and get your tax bases down below. Like I'm talking single digits, if not all the way down to hardly anything. And you don't have to live in Puerto Rico to do it. I don't know how many people have moved to Puerto Rico because they think that was the only way to avoid paying a lot of tax that is not true corporate structure and trust structure in the United States allows all of that. So in summary, before I get to a bunch of questions, so team out there, get ready to ask a whole bunch of questions if we have them is you when you make money it got it has to be you could be employed, but you have to have a company and then the company is held in trust, that's your legacy. And then the company maximizes every deduction possible. And it also starts lending money to start other companies. So it's just like its own bank. If you really understand what I'm talking about. You gotta lean in if you're curious, lean in, say yes, I want to learn all this. Not only learn it, I want to live it, there's a big difference. Some of you can consume yourself in my book, that's not going to get you there. You got to start living it. And so as you live it, then you start investing and really understanding how to invest in you control your investments, you control your life. This is your financial plan, not your financial planners, not your CPAs This is yours. No family and I've been doing this for 25 years almost no family is the same. So every finance Your business plan needs to be designed around the family and the family's desire for legacy. And if you don't have and you don't want to legacy then just make it and spend it all I don't really care. But topping overpaying taxes. I mean, just crazy. I have clients right now that we can still do a lot of strategy for 2023 taxes. So those of you out there we have a few last moves we can make to fix last year, that those of you were like, Oh, but I just don't know. It's so scary that it pay the IRS. I mean, just pay the government Good job. Smart. So lean in and learn. Those of you again on Instagram, if you want tickets to our event coming up. It is on March 21. Is that right, Steve? I think that's right, march 21 is our next event. After that is April 11. Once a month we do these tickets were given away for free today. So put live if you're on Instagram, Li ve in the comments and we'll be sending right out to you. If you're on Tik Tok. You just took our poll, go to ask forward slash pay less tax taxes. Yeah, you gotta check my little notes. Yeah, pay less taxes T axe s so as pay less taxes, or just call our office 7755889 200. Let us help you. I don't know what else you're going to do besides stay stuck over pay taxes. And I'm not going to say broke but just stuck by stay stuck when you don't have to. Once you learn this, and you really learn and you lean in and say Oh, I cannot wait. You are gonna have so much fun it is the most creative thing you've ever done is to grow your life, grow your business, grow your wealth, grow your legacy, and pay less tax. And we have every strategy you need. So come join us. And I look forward to working with all of you and excited that you're here. I'd like some feedback in your chats really quick. How did you like this live? We went live to all three channels right at the same time. Instagram, tick tock, and here we are on YouTube straight on my camera. So how did we do? I'm excited excited to have it. Have you learned how you live it. And I can guarantee you we can help you no matter how bad a Scott and how horrible it is to say I'm in the middle of a divorce. I am too. It's super exciting. So I've been through it. I'm single mom been a single mom most of my career, there's not an excuse, you're gonna give me that we haven't helped somebody overcome, whether it's my own life or a client's life. So we're here to support and help. And I'm just gonna go down the chats really quick and see what kind of questions are out here or somebody wants to? Yeah, Gary a loving taxes are volunteer they are because a lot legally, you can hopefully totally beat that. Who else would you call it a personal investment LLC. You wouldn't call it that name. But that's how you're going to think about using it. You can put money into a flip, you could buy a piece of real estate, you could buy some life insurance, those are all great assets to buy. You can invest in gas and oil. And you gotta get some married on says I need a new LLC. Once you have an LLC, you don't need to get new, new new, you can always repurpose them, the longer you have history of the entity. So the longer you have history, say with a C Corp or an S corp or an LLC or whatever company even as Canada, you know, just companies or proprietary limiters. Whatever you have, the longer you keep making and spending through those vehicles. The more credit you established, the more viable me people will look at you say oh my gosh, look, you've got 20 something years of making hundreds of 1000s if not millions of dollars in and out. Right you like sometimes our American Express book gift can be as high as six figures. And there was one period when we were really really running and gun and it was like upwards of $200,000 a month on an American Express Bill. And mostly for Facebook ads or Instagram ads are now no tick tock cat ads at that point. But spend it you want to make it and spend it appropriately so it's deductions not expenses expenses are just you make spend make spend, make spend, that's typical people, but you're a business owner you make you use actual deductions as right so you so you're spending money you're paying for your phone, but I've had my same company pay for that by are all of my kids phones, who also worked for the company since they were born. So there's so many things that cannot wait to teach you. So somebody asked here on YouTube, what if I have a sole proprietor but it's under my name, then you need to? Well first get rid of the sole proprietor call or office you don't need to be you don't want to be a sole proprietor, you have no protection, you have very few little tax strategies. It's a waste of time. And

Loral Langemeier:

so I love Madison, you're a CPA, good lean, and I'd love to teach you our way of being a CPA because we could give you business we need CPAs we need bookkeepers desperately who believe and will work in my philosophies and formulas. So I do know where to start. I'd love to help you. That'd be phenomenal. Who else has some questions? Yeah, you're 50 is Sonya you need to get it right. Let's get it right. This would be your year. So yes, lean it. The other thing You just if you go to ask, you can ask a whole plethora of questions. We have a membership there where you come live and have a one on one and do a little makeover and stuff. Somebody on Instagram says is a good practice to buy in age self C Corp, or in various camera wants to know that it's in very specific situations, because a lot of them like my C Corp right now I would never sell it's probably worth millions of dollars, because it has moved millions in and out of it. Since I was 21. That's just a minute ago, those of you who know and you know who never do I have a course yes, we have courses, we have books, I'd say for all of you. Again, go to live if you're on Instagram who asked that question li ve and you'll get free tickets. Part of the free tickets is we give you an ebook copy of the millionaire maker and whole bunch of other free goodies. So we have lots of free stuff. And then we actually have a mentoring program and mentoring a mastermind has been going on since 2001. It's called the big table which is taking a big seat at the big table of life called money and business and play like the big people because it's just the same it's the same strategies you're just playing small because you like what you won't invest in yourself. I invest in in millions of dollars of mentoring and coaching and still support people and still have myself mentored and coached so I don't know how you're gonna roam around by yourself out there and hope to figure it out. That's scary to me that'd be a really dangerous move. I don't figure anything out myself. I always get help, help help help. I want to help you win. I want to help you become the fastest millionaire my fastest millionaires. 142 days. I think one of you should go beat it. Just went out what else you have to do. All right, appreciate you have an amazing day. Take care. Thanks for listening to The Real Money Talks podcast. Your host has been Loral Langemeier, author of five New York Times best sellers and money expert on Dr. Phil, CNN, CNBC, the street TV, Fox News and the view. Want to learn more about off Wall Street investing tax strategies and multimillion dollar business strategies. Visit live out for past episodes, show notes and resources. For some special wealth building gifts only for laurels podcast listeners, visit live out gifts. Do you have a burning question for Laurel? Visit ask to submit your question and it may just be covered on a podcast episode. So stay tuned and be sure to subscribe to get new episodes every week.



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