Report on the Women's Power Summit - Part 2

In part one of my report on the Women's Poweryou should strengthen your strengths and hire your
Summit, I summarized a presentation by Jeanetteweaknesses. In other words, hire out the things that
Cates, the Tech Tamer, on how to play to win withyou do not do well or do not like to do - don't spend
your expertise by creating cash flow from what youtime and money learning how to do them yourself.
know. In this article I'll introduce you to another oneInstead, work on strengthening the skills that you are
of my mentors, Loral Langmeier, The Millionairegood at and enjoy doing.
Maker. Loral gave a presentation on how to play toIn order to make $100,000 per year, you need to
win with your money.make $400 per day. Ask yourself, "What am I going
Loral Langmeier grew up on a farm in Nebraska. At ato do to make $400 a day?" In order to make $400
very young age she decided that she was going toa day, you will need to say "no" to some things and
be a millionaire. She started her first business at the"yes" to others. What are you willing to say no to
age of 17 and at the same time started working withand what are you willing to say yes to in order to
mentors in the finance and wealth industry. She set ameet your goal? For example, meeting your goal may
goal to be a millionaire by the time she was 35 andmean saying yes to things like; spending time with
actually became a millionaire when she was 34.successful people, getting your life supported by
Among her mentors are well know personal successhiring a house cleaner or organizer, and building a
guru Bob Proctor and financial educator Robertteam for success. It might mean saying no to;
Kiyosaki. She is the author of the best seller, Thenegative people, negative thinking, and using negative
Millionaire Maker, and her new book, The Millionairelanguage.
Maker's Guide to Wealth Cycle Investing. Now aYou'll need to have specific goals about what you
multi-millionaire, she is a master coach and financialwant your net worth to be, what assets you want
strategist who has helped thousands of individualsto have, and how much you want to make. Your
take control of their finances and become millionaires.goals might look something like this:
She is the founder of Live Out Loud, a coaching andHave a net worth of 1.8 Million
seminar company that teaches her trade markedOwn 4 Million in real estate
Wealth Cycle program.Have a passive income of $120,000 per year
Loral's approach on "how to play to win with yourHave nationally diversified assets
money" is refreshing and different from what youPay no taxes
may have heard from other wealth building gurus orNow ask yourself, "What are the non-negotiable
financial planners. One mistake that she sees peopleactivities that I need to do each day in order to
making with their money is paying down their debtreach my goals?" These activities should include
first. Many financial planners will tell you to get out ofjournaling each day and spending time with
debt and they make that a priority over saving andlike-minded people. Another question to ask yourself
investing. Loral says that once you pay down youris, "Who do I need on my team right away in order
debt, you have nothing. Now you have no debt, butto meet my goals?" Your team may include; a house
you also have no savings and no assets. The thing tocleaner, an organizer or assistant, a marketing or
do is work on accumulating assets that will pay yoursales person, a bookkeeper, and a CPA.
debt. Then when your debt is paid off you haveMost of the things that we have been talking about
assets that are generating an income for you.so far have to do with what Loral refers to as your
Another thing that a lot of people don't do right is"Cash Machine." Your cash machine is just on of the
that they try to do everything themselves. Loralbuilding blocks in Loral's wealth building cycle. To find
says that there really are no "self-made" millionaires.out more about Loral's Wealth Cycles and to find out
She say's that millionaires make their fortunes byhow you can become a millionaire, read Loral's books
relying on a lot of advisors and support people. TheyThe Millionaire Maker and The Millionaire Maker's Guide
do it with the help of a "team." She claims that into Wealth Cycle Investing.
order to get the best and highest use of your time