A Conversation With Loral Langemeier

AudioMotivation.com interviewed Loral Langemeier on the subject of wealth building and financial growth, both personally and professionally. What follows is the transcript of this session.

August 20, 2004 -- A Conversation With Loral Langemeier

Loral Langemeier M.A CPPC and founder of Live Out Loud, empowers people to build wealth and achieve financial success. Her success stories include helping people become self-made entrepreneurs, achieving a net worth of over $1million in less than 4 years, and creating on-going wealth by investing in real-estate, stock, and venture capital opportunities. For more information visit http://www.liveoutloud.com .

For more information on access to the actual audio of this interview, as well as access to the growing library of interview sessions available at AudioMotivation.com, visit http://www.audiomotivation.com .

AudioMotivation:
Welcome to AudioMotivation.com. Im Andy OBryan and today we are thrilled to have along with us Loral Langemeier. Loral, thank you for joining us today.

Loral Langemeier:
Well, thank you. I appreciate being on the call with you.

AudioMotivation:
Lets start by getting a little background on who you are and how you got to where you are today.

Loral Langemeier:
Oh, thats always a good question. Well, I grew up in Nebraska on a big farm-ranch, so for all of you who say, Well, she lives in a bigger city on the West Coast and she can do it; I cant. Thats not true. I grew up in a very large family, fairly entrepreneurial, and started my first business when I was 12, did another one when I was 17, 24, just kept building them. And Im a major business builder. A lot of people say, Well, all of this is real estate. Well, I get really wealthy doing real estate, but I really love building businesses and Ive been building businesses most of my life in one form or another. I have had mentors as early as I can remember in my teens. I started in the wealth industry. I have a finance degree, so one of my mentors was a local banker who taught me a lot about banking and investing and bank finance, and then decided to go into the health industry, got a Masters Degree in Human Development and Human Behavior, Exercise Physiology, was in the health industry for a long time, and again, just found great mentors that could really help me move through those since I was almost twenty seven.

And about that same time, I met Robert Kiyosaki, had been looking for a path to get back to the wealth industry and how I really wanted to do it, and became the only coach, facilitator, trainer and distributor for the Rich Dad Poor Dad series, did that for about five years, and while I was doing that, picked up probably seventeen other speaker people that we promoted. And so we were representing some of the top wealth builders in the country, putting programs together, coaching programs, selling their products, had licensing, and really learned the industry.

And then about two and a half years ago, decided its my turn, and started Live Out Loud and whats different about what we do at Live Out Loud is what I call the how-to tactical people because what I saw with a lot of things is, they were great concepts, but how do you get it done? How do you get passive income over expenses when you barely get income over expenses, much less passive income?

So we really created coaching and mentoring one-by-one programs that are how-to, tactical, how do you really create a millionaire, not just market what you do, but really tactically support somebody, and then create a self-sufficient person; so much so that I always say, If you put me in another part of the country, I will be back up and making money in twenty four hours, easy.

Because when you know how to do it, you can turn it around. Most people dont know how and so thats what I think is really different about my background, specifically. I love going with straight to tactics and marketing and I can see money, and it really helps transfer that skill, helping other people do it. Its exciting.

AudioMotivation:
Thats why you're known as the millionaire maker, I would think.

Loral Langemeier:
Exactly.

AudioMotivation:
And now you speak about a major paradigm shift thats necessary for someone to become a millionaire and/or to achieve any kind of wealth or abundance in their lives. What is this shift that must be made and how difficult is that for the average person?

Loral Langemeier:
Im going to say its one of the most critical things that we do is having people see themselves living a different life and a bigger life. And at the mentoring level, which is really when people work directly with me, were really teaching them how to live a corporate lifestyle because everyone that I know thats wealthy runs their life through corporate structures and they do have multiple businesses, and part of that is tax. I mean, we help people save so much money on strategic tax planning and entity structuring and business strategy that weve saved doctors hundreds of thousands-- chiropractors hundreds of thousands. I think one of the top tax strategy savings weve done for somebody is one hundred and fifty nine thousand dollars.

And if you're paying that tax year after year after year, it doesnt work. And so all those how-tos are fine, but if they dont change their mindset, if they dont change how they see themselves being around their relationship with money, none of those how-tos matter. And just from deservability issues, there are so many. Im going to speak about women first off because there are so many women who think they dont deserve it; theyre not worth it; its not their role to be the income earner or wealth builder.

A lot of people dont think that they have enough knowledge and they dont trust themselves. You know, my famous one that I got growing up was, You have to work hard for money. You know, growing up on a farm-ranch, I was hugely conditioned, You have to work hard, work hard, work hard or youll never make money. So everyone has something thats been embedded early in their life around that conversation with money, and it got reinforced most of their life. And now as adults, its one of the biggest things that we work with is peoples psychology around how you receive it. I always say, God doesnt deliver to chaos, so you better have a clear plan for your wealth.

And before you can even have the clear plan, you have to have a clear sense of who you want to become in it. I think theres a fantasy that people, when they become wealthy, just play golf all day or just sit around on an island. Id say they do that more than the average, but the truth is, they're busy being in the activities of a wealth builder, which is looking at their money and analyzing deals. And, you know, part of a lot of peoples psychology is, Well, I was so bad at math. I mean, how would I ever know finance and numbers? Well, finance isnt math. Its very different.

So this orientation, I think, is one of the most critical pieces. A mentor program with me is a year long. We spend an enormous amount of time shifting someones psychology and orientation to whats possible when you're a wealth builder. So its real, real-life transition.

AudioMotivation:
Now your program, Building Your Wealth Cycles, it talks about acting, thinking, living, breathing like a millionaire. Now what about someone who has a big debt load or any other kind of financial struggle, is that hard for them to adapt that type of thinking?

Loral Langemeier:
In the beginning it is and over time, as long as they're diligent, theyll do it. I mean, weve had people in less than four months offload $59,000 worth of debt, and the Building Your Wealth Cycles is what I call our recipe to wealth. Its our core program. In fact, were going to have a book out about it in probably about three weeks, which Im very excited about. And the recipe, Ill just go through them very quickly. Your financial psychology is step number one. Step two is getting a baseline, and absolutely knowing where you are. That is a huge psychological hurdle for people to really know where they are, all the way down to every penny.

We also work with, what they call, most people call it a budget; I call it a forecast because I think budget is like a diet and nobodys going to do it. So we work on spending forecasts. We work on what I call freedom day goals, to have the want-to life versus have-to life. How much money do you really want to make in setting financial realistic goals. And then we work on entitys tax. We look at insurance. We look, all the way from life insurance to disability insurance. Like what do you really need, given the life that you're building?

And we have a five-step debt plan, so I think getting in debt is a lot like getting overweight, and I think what people struggle with and then Im going to use the word struggle because I see it in a lot of our coaching with our clients, is just like you have to make lifestyle choices to change and lose weight, you have got to make lifestyle choices and change to lose the debt. And I can pretty much say with one hundred percent certainty, people will not become really, really wealth if they are carrying a lot of consumer debt. You can carry a little bit, but for the most part, we offload that very, very quickly and get you into revenue, get our clients into revenue and income-producing activities and asset-producing activities, but the debt has to be managed. Its totally possible if they're willing to change their lifestyle.

What we see though a lot, Andy, is well see people who look good. Theyre in the right neighborhoods. Their kids in the right school. You know, it all looks good and they would rather look good and be poor because they're not willing to really downsize their lifestyle to get right-side-up, and unless you get right-side-up, then the rest of what we do, which is step number six, is the acceleration of your wealth. We do very advanced investing strategies. We help people build wealth teams and contract the partnerships. So its very sophisticated once people get a foundation.    

And the Wealth Cycles Program is absolutely doable for anybody thats, really, in their teens to eighty, ninety years old. Its a very timeless program and anybody can jump in where they are to whether they have, and I really say this sincerely, whether they have the tenacity or the want-to. Youve really got to have the want-to in your soul to be a wealth builder.

AudioMotivation:
So now this is at your sight, right, LiveOutLoud.com?

Loral Langemeier:
Yes. They can go to LiveOutLoud.com. Theyll see a lot of this. The other, for the women on the call, you can go to WealthDiva.com and we have a great report called the Eight Fundamentals of Building a Sustainable Lifelong Wealth for Women. Theres a great report on the Live Out Loud site for a building wealth team, so a lot of that material is out on the sites and clearly on taped programs.

AudioMotivation:
Now lets switch gears for a moment to real estate because I know thats a big one, and Id love to know, I mean, Im someone whos bought a couple of houses. Thats about it and lived in them and I just wonder, how hard is real estate investing? It seems like so many people have made so much money through that, but it seems complicated to most people, I would think. Can you give us some tips and advice for getting started in real estate and getting aboard that road to wealth?

Loral Langemeier:
Absolutely. How I actually got into real estate was I built businesses that had quite a bit of cash and what I teach all business owners is take part of that cash and then go build another asset. So what I did early in my career was that I would take cash from my business and start another LLC, which then Id go buy real estate and then Id get more cash and do it again. Its a one-asset book. Another asset builds another asset.    

The biggest challenge we see with people is they will not get focused on a very specific niche. So just like you go to medical school and you have to decide on what kind of doctor you're going to be, you go to school and you learn what kind of real estate investor youre going to be. Are you going to do small, single-family? Are you going to do duplexes, four-plexes? Are you going to do raw land? Are you going to do commercial? Are you going to do multi-units? Which one are you going to do? And them from there, I think theres an enormous amount of education. Can anybody do it? Absolutely. Again, its back to your kind of vision. Is it the life you want? Is it a fast path to cash?

Im going to be a contrarian against all the infomercials who want everybodys money for their tape programs and say, No, its typically not a fast path to cash. It gets faster when you run your real estate like a business. And what we see a lot of times is, people want just get-rich fast schemes to run real estate like an investment.

What I see is when you really run your real estate like a business, you really are hanging your shield out there saying, Im now a real estate investor and Im building a business for this. Its absolutely doable. We help people quit their jobs and totally become real estate investors. Ive transitioned so many people out of their jobs from sales jobs to pilots to airline attendants to IT consultants to coaches to speakers. I mean, weve helped a lot of people whove quit their jobs become real estate investors full time, but it takes, depending on how much money and how much they already know, anywhere from 6 months to a year to get somebody fully in the business.

Very doable and to me its one of the greatest wealth builders. You know, I became a millionaire at thirty four doing it and I mean that in gross assets, were heading to over fifty million in gross assets, and weve done it literally in about three or four years.

AudioMotivation:
Now you help people also at Live Out Loud to find out more about that as well.

Loral Langemeier:
Absolutely. And at another website, one of my primary real estate companies that were growing so quickly is called Get Real, which stands for Get Real Estate As Leverage. One thing well do is we take people on real estate tours now. We have a tour called In the Streets and they can find that on GetRealInc.net, and we do a real estate coaching program specifically for our wealth builders because theres so many people who are interested in it. Very doable, very exciting and what I love probably the most about it is that its really a team sport. Theres a lot of people that will be in the business and theres very few people that do real estate that do it solo.

AudioMotivation:
Now you have a teleseminar called Knowledge Equals Success. What are some of the secrets to prosperity in that teleseminar that you could divulge to us here?

Loral Langemeier:
Well, I think that knowledge is power. I think in the money world, we always say, Cash flow is king and knowledge is power. And knowledge and experience will get you an enormous amount of success. So to me, when I talk about knowledge, I always partner it right next to experience. You know, were going to go back to the psychology we talked about earlier and so many people have a psychology that they can't do real estate. I mean, Its just so risky. or, No one in our family has ever done it. You're going to lose all your money. I mean, those are the kind of conversations people really hear. In working with us we, number one, get you a wealth plan. I think you have to have a wealth plan even before you start doing your real estate investing because your wealth plan is your most comprehensive holding of your life. Its, This is how Im going to run my life as a wealth builder.

And now one of the ways that youll do it is through real estate. Another way might be through a business. Another way might be through the market or different ways, but if you just take real estate, for example, and if somebody held that belief that they couldnt do real estate or they had fear about it, one of my sayings is, Most people play to not lose in the world versus playing to win. So we teach you how to play to win with the right kind of knowledge, and Ill tell you, knowledge is experience. I mean, go to the streets and partner up with somebody who knows how to do real estate so youve leveraged your time and your risk, and nothing will absolutely wipe out that psychology of real estate is scary and risky than the knowledge and experience of doing it because then your psychology can't say, Well, its still scary, because now you own real estate.

AudioMotivation:
Right.

Loral Langemeier:
And you did it and you did it successfully with a team of people and we do partner with a lot of people. Ive partnered with a lot of people to do real estate across the country, and different people have money, different people have real estate. And Ill tell you, nothing will accelerate your success more than knowledge and experience together. The pieces that we put in to help build the puzzle around that entire teleseminar though is the right kind of mentors and the right team players.

So I think when you take the different personalities, for example, Im a huge driver, a big marketer, stage speaker. I had to learn to be an analyst. Being an analyst was not something that was a supernatural ability for me. Wealth building and kind of being opposite of your natural personality and skill types, its learned, and what I always talk about is that part of your success is this whole team sport concept and heres a really good secret Ill tell you. Its my $400 to Success Secret. Its for four hundred dollars a month; you go hire somebody for ten dollars an hour, ten hours a week. Thats one hundred dollars a week. So for four hundred dollars a month, you personally would get back forty hours of revenue producing time back into your month. So instead of having 4 weeks of revenue-producing activities, you're going to have five, because youve given yourself for four hundred dollars that forty hours. And real wealth builders can probably make that four hundred, at least four thousand; if not ten thousand dollars when they do it right and they have a plan.

So getting help, I think one of the biggest obstacles, especially, and women do it more than men -- is, Well, Ill do it myself. Ill do it myself, and they never hire support. And I think one of the huge things, I have my life so supported by the most amazing people and the most amazing teams, and people have got to get that support in their life.

So those are some of the things that we talk about, you know, use other peoples knowledge. Its huge leverage. I have other people that are way smarter than me working with me on my teams. I leverage their knowledge for success as well.

AudioMotivation:
Well, because then you can do all the things that you're good at. I mean, anyone should be focusing on their strengths, I would think.

Loral Langemeier:
Absolutely.

AudioMotivation:
Now tell us about Lorals Big Table. Thats at your website as well.

Loral Langemeier:
Well, thats my Direct Mentor Program. Thats where people work directly with me and this started in December of 02, so its not even two years old. Its been enormously successful. Weve really created documented millionaires. We have an extraordinary continuation rate where we have, you know, upward of seventy five, eighty percent of each class and each table that comes together, stays together to do whats called the alumni. So our success rate has been extraordinary and what we do is we take those seven steps of building your wealth cycle and over the course of the year, not just write out a wealth plan, we actually are implementing it. You're designing businesses, creating real estate plans. Were doing a lot of asset generation, so everyone thats coming in, if they do have some debt, they're on a debt plan right away, and then out in the streets learning how to either generate more income or generate more assets.

Now that might be through real estate; it might be through business, but its comprehensive wealth building at a very tactical level. Each table has no more than forty people that are there and everyone has their own goals. And I think one of the most extraordinary pieces thats taught in that is you get to see how thirty nine other people create wealth. You're going to see how thirty nine other people are going to generate assets, the passive income.

You're going to see so much and the team gets so tight. We meet three times a year in northern California and every time we meet, its about one hundred and twenty days in between. Were working on 120-day goals. Everyone is on a small mastermind group. We do coaching. Its just a really intense group that is totally committed to team for one year and then at year two, anybody whos gone through the whole first year then joins up and we cross all tables. So right now, we have six of our nine tables completely in the alumni program.

So its very exciting. We do deals together. One of my two partners, were creating an IRA bank together, and we do and I said real estate, stock trading, gas and oil, I mean so much happens and its true. Its not just education. Its education blended with all this experience and again, its back to that teleseminar. When you combine those two things, its extraordinary power.

AudioMotivation:
That sounds so exciting.

Loral Langemeier:
It is exciting. You know, if people would have told me in December when I started it that this is what it would become, because I know that the people helped create the direction that it went, I would have said, Oh, thats not possible, because Ive never seen anybody do it. Ive seen a lot of people do just education. I've seen a lot of people do just investing, but we combine it together and its just an incredible community of wealth builders.

AudioMotivation:
Loral, Im at your site, LiveOutLoud.com looking through here and I am just overwhelmed by all the links to products, services, your newsletter. I mean, can you maybe just give us a rundown of some of the things the first-time visitor will find there at LiveOutLoud.com?

Loral Langemeier:
Absolutely. When you first get on the site, I think theres a message from me that welcomes you to the site and talks a little bit about who we are and our philosophy. Definitely register for our free newsletter and get that Building your Wealth Team Report. The other thing is, you can register for an action strategy session. Its a free strategy session. If you dont want to ever hear from us again, you dont have to, but its a great time of thirty minutes, that youll spend with a very highly trained strategist who will help the person coming to the site thats looking for some education of where they are versus where they want to go and wheres the gap, and what might be some actions. So its just a free opportunity for those to get some action planning in the direction of the Wealth Cycle Program.

And the other thing I would go to is the Wealth Cycle Program. Its six CDs with a workbook, so Id go visit some of the products. And then the second place that I would go as far as links is teleseminars. We offer hours and hours and hours of free education that I teach, or partners of mine teach, and sign up for some free teleseminars and get to know who we are and how were very different than a lot of people in the marketplace. Were a really tight community. Our relationships are very long. People arent in and out of our programs and we really want to build a community because its just so rare to find.

You know, people say, Why do you do it, Loral? I want a community of people that can have like-minded relationships and like-minded investing partners. You know, I dont have to argue with somebody about, I dont want my real estate in LLC and I dont want that contract. I dont want to pay the bills for that, when people just know how to do good business in our community. So I do it because Im getting a lot of cool friends that I love hanging out with. So again, I would register for all the free stuff. The two links I would direct you to are clearly the teleseminar links and the product tapes.

AudioMotivation:
Well, Loral Langemeier, I just cant wait to send everybody over there, and I appreciate you joining us here at AudioMotivation.com and I wish you all the best in the coming months.

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