A Conversation With Loral Langemeier

(PRWEB) 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. I’m Andy O’Bryan 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:

Let’s start by getting a little background on who you are and how you got to where you are today.

Loral Langemeier:

Oh, that’s 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 can’t.” That’s 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 I’m 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 I’ve 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 Master’s 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 it’s my turn, and started Live Out Loud and what’s 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 don’t know how and so that’s 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. It’s exciting.

AudioMotivation:

That’s why you're known as the millionaire maker, I would think.

Loral Langemeier:

Exactly.

AudioMotivation:

And now you speak about a major paradigm shift that’s 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:

I’m going to say it’s 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, we’re really teaching them how to live a corporate lifestyle because everyone that I know that’s 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 we’ve saved doctors hundreds of thousands-- chiropractors hundreds of thousands. I think one of the top tax strategy savings we’ve done for somebody is one hundred and fifty nine thousand dollars.

And if you're paying that tax year after year after year, it doesn’t work. And so all those how-tos are fine, but if they don’t change their mindset, if they don’t 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. I’m going to speak about women first off because there are so many women who think they don’t deserve it; they’re not worth it; it’s not their role to be the income earner or wealth builder.

A lot of people don’t think that they have enough knowledge and they don’t 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 you’ll never make money.” So everyone has something that’s been embedded early in their life around that conversation with money, and it got reinforced most of their life. And now as adults, it’s one of the biggest things that we work with is people’s psychology around how you receive it. I always say, “God doesn’t 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 there’s a fantasy that people, when they become wealthy, just play golf all day or just sit around on an island. I’d 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 people’s psychology is, “Well, I was so bad at math. I mean, how would I ever know finance and numbers?” Well, finance isn’t math. It’s 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 someone’s psychology and orientation to what’s possible when you're a wealth builder. So it’s 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, they’ll do it. I mean, we’ve 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. It’s our core program. In fact, we’re going to have a book out about it in probably about three weeks, which I’m very excited about. And the recipe, I’ll 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 nobody’s 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 entity’s 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 I’m 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. It’s totally possible if they're willing to change their lifestyle.

What we see though a lot, Andy, is we’ll see people who look good. They’re in the right neighborhoods. Their kid’s 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 it’s very sophisticated once people get a foundation.    

And the Wealth Cycles Program is absolutely doable for anybody that’s, really, in their teens to eighty, ninety years old. It’s 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. You’ve 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. They’ll 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. There’s 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 let’s switch gears for a moment to real estate because I know that’s a big one, and I’d love to know, I mean, I’m someone who’s bought a couple of houses. That’s 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 I’d go buy real estate and then I’d get more cash and do it again. It’s 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 you’re 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 there’s an enormous amount of education. Can anybody do it? Absolutely. Again, it’s back to your kind of vision. Is it the life you want? Is it a fast path to cash?

I’m going to be a contrarian against all the infomercials who want everybody’s money for their tape programs and say, “No, it’s 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, “I’m now a real estate investor and I’m building a business for this.” It’s absolutely doable. We help people quit their jobs and totally become real estate investors. I’ve 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, we’ve helped a lot of people who’ve 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 it’s one of the greatest wealth builders. You know, I became a millionaire at thirty four doing it and I mean that in gross assets, we’re heading to over fifty million in gross assets, and we’ve 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 we’re growing so quickly is called Get Real, which stands for Get Real Estate As Leverage. One thing we’ll 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 there’s so many people who are interested in it. Very doable, very exciting and what I love probably the most about it is that it’s really a team sport. There’s a lot of people that will be in the business and there’s 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, we’re 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, “It’s 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. It’s, “This is how I’m going to run my life as a wealth builder.”

And now one of the ways that you’ll 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 couldn’t 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 I’ll tell you, knowledge is experience. I mean, go to the streets and partner up with somebody who knows how to do real estate so you’ve 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, it’s 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. I’ve partnered with a lot of people to do real estate across the country, and different people have money, different people have real estate. And I’ll 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, I’m 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, it’s learned, and what I always talk about is that part of your success is this whole team sport concept and here’s a really good secret I’ll tell you. It’s my $400 to Success Secret. It’s for four hundred dollars a month; you go hire somebody for ten dollars an hour, ten hours a week. That’s 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 you’ve 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, I’ll do it myself. I’ll 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 people’s knowledge. It’s 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 Loral’s Big Table. That’s at your website as well.

Loral Langemeier:

Well, that’s my Direct Mentor Program. That’s where people work directly with me and this started in December of ‘02, so it’s not even two years old. It’s been enormously successful. We’ve 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 what’s 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. We’re doing a lot of asset generation, so everyone that’s 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 it’s 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 that’s 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, it’s about one hundred and twenty days in between. We’re working on 120-day goals. Everyone is on a small mastermind group. We do coaching. It’s just a really intense group that is totally committed to team for one year and then at year two, anybody who’s 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 it’s very exciting. We do deals together. One of my two partners, we’re creating an IRA bank together, and we do and I said real estate, stock trading, gas and oil, I mean so much happens and it’s true. It’s not just education. It’s education blended with all this experience and again, it’s back to that teleseminar. When you combine those two things, it’s 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, that’s not possible,” because I’ve never seen anybody do it. I’ve seen a lot of people do just education. I've seen a lot of people do just investing, but we combine it together and it’s just an incredible community of wealth builders.

AudioMotivation:

Loral, I’m 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 there’s 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. It’s a free strategy session. If you don’t want to ever hear from us again, you don’t have to, but it’s a great time of thirty minutes, that you’ll spend with a very highly trained strategist who will help the person coming to the site that’s looking for some education of where they are versus where they want to go and where’s the gap, and what might be some actions. So it’s 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. It’s six CDs with a workbook, so I’d 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 we’re very different than a lot of people in the marketplace. We’re a really tight community. Our relationships are very long. People aren’t in and out of our programs and we really want to build a community because it’s 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 don’t have to argue with somebody about, “I don’t want my real estate in LLC and I don’t want that contract. I don’t want to pay the bills for that, when people just know how to do good business in our community.” So I do it because I’m 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 can’t 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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