Debt to millionaire with eight questions in eight minutes? It’s like magic when this wealth expert, Loral Langemeier uses just eight insightful minutes to start Kansas resident Jim Quinlan down the path from debt to millions.
Jim Quinlan, a personal trainer in Topeka Kansas, was savvy enough to start a business but still struggled to pay rent, much less invest. In just eight minutes of advice, Jim’s financial future moved away from debt and headed toward financial security. He got coaching help from the woman known as “The Millionaire Maker.”
“Once I have all the information about someone’s Financial Baseline, I can come up with a plan for wealth pretty quickly.” says Loral Langemeier, a single mom, millionaire, and author of The Millionaire Maker.
Loral started Jim with question number one: “What is your monthly income?” Unlike a surprising number of people, Jim knew this amount exactly. “My business grosses $80,000 a year, and I pay myself $635 a week.” However, he was paying personal income taxes on his weekly salary, so he wasn’t enjoying the entire $635.
“What are your monthly expenditures?” Loral asked him next. Jim spends around $3,000 a month, not counting business expenses. A clue that his finances were upside down. It was pretty simple: each month he was spending more than he was making.
“What assets do you have?” Loral continued. “My business is it, I guess,” he replied, explaining that he rented his apartment. Then he added that he also had $5,000 in a SEP he created.
Loral barreled on to question four. “What are your liabilities?”
“Well, I owe some money on my business, about $30,000,” Jim responded.
Then Loral asked question number five, a simple question that pushes people’s minds a little bit further in regards to the previous question (and you’d be surprised how well it works!) “What else?” she prodded.
And so on through question eight…
Through this session, Jim set his financial goals: pay off his debts, grow his business by 150%, get $100,000 invested into assets, and raise his monthly income after expenses to $5000.
With the proper guidance and a personal commitment to being manager of his own wealth, Jim was able to achieve his financial goals in the projected one year’s time that he chose. Loral and her team of millionaire mentors say there’s nothing that Jim did that anyone else can’t do too.
Loral’s company, Live Out Loud, provides financial expertise through coaches, mentors and peer-to-peer wealth builders, each of whom is a verifiable millionaire.
