Malcolm Forbes, the founder of Forbes magazine once said, The biggest mistake people make in life is not making a living at doing what they most enjoy. Loral Langemeier would say that may be true, but it’s not where you should start out as you are looking to create financial freedom.

There is little doubt that Loral enjoys what she does. What she does is make millionaires. Loral is the founder and CEO of Live Out Loud (www.liveoutloud.com) , mentoring thousands across the country along their way to financial freedom. It’s been reported that she has made over 200 people millionaires, and many thousands more are on their way as a result of Loral’s coaching.

She believes that Americans have a choice in their financial decisions, and that anyone can learn to act, think and make money the way the wealthy do and have for generations. Loral’s programs include her Wealth Cycle strategies, which teach people how to generate cash and build wealth through a continuous cycle of assets and income. As part of the Wealth Cycle she presents how anyone can capitalize on their skills and passions, generate cash, and make millions through building what she calls cash machines.

Loral presents Millionaire Maker events across the country. She’s also a participating author in the movie and book, The Secret. She’s a guest columnist on www.Gather.com and for www.TheStreet.com, which is an in-depth financial analysis and news website, co-founded by CNBC Mad Money host, Jim Cramer.

She’s been featured in USA Today, The Wall Street Journal, and The New York Times, as well as on CNN, Fox News, www.ABCNews.com, www.Forbes.com and www.BusinessWeek.com. All three of Loral’s books have become New York Times bestsellers.

Lynn Pierce, conducted the following interview of Loral. Lynn is the founder of Women’s Business Empowerment Summit, one of the most exciting annual events for women entrepreneurs. She is known as the success architect, and teaches authors, experts and entrepreneurs how to combine business and personal development to reach the pinnacle of success and live the life of their dreams. You can learn more about Lynn by going to www.LynnPierce.com.

LYNN PIERCE: Loral, I’d like to start off by asking you if you would share with us how your passions led you to the work that you do today.

LORAL LANGEMEIER: How did my passions lead me? I have so many; it was sort of this food chain. I think everyone’s life, when you’re in something and you’re not sure why you’re in it, the answer lies before you. I really believe that everything that we get into-whether it’s the thing you love, or it’s something that, I think, skill-wise you needed to learn-leads you to being able to do the thing you do.

What leads me to doing my passion? I’m really going to go what I would consider a step further and say it’s really my life’s work; it’s to change people’s conversation with money. We’re not taught, and the more I get into the instruction with the thousands and thousands of people I work with, it’s sad. Nothing is more heartbreaking. I know we have a lot of questions to get through, Lynn, but I’m going to have to bring in the economy, the media and the damage I think they’re doing to peoples’ conversation with money. It’s sad. I have so many passions, and they’ve all accumulated. That’s probably my simplest answer.

LYNN PIERCE: Let’s talk about what some of your passions are, and how they led you to the work that you do.

LORAL LANGEMEIER: I love people. I love speaking. I love teaching. I love sports, so that created my little competitive edge and probably a tough responsibility and accountability edge. I was a collegiate athlete; I played hoops in college. I was in sports all my life. There’s this discipline and accountability, I call it, in having lived that passion. What other passions? People, play, dinner parties, wine, fun. You know me, Lynn, I’ve got a bunch!

I know they accumulate into who I’ve become through it. I’m in a very serious conversation; money, sex and God are the most intense conversations. I think that more than most who are out there having this conversation, I make it fun. I think I make it accountable and responsible. I think I’m very serious when I need to be serious and, again, if it wasn’t for all those passions accumulated, I don’t know that I would be doing it as well as I do it.

LYNN PIERCE: I think it’s very interesting bringing the sports into it, and like you were saying, the passion for basketball and the accountability. One thing that I know is also a passion of yours is ‘team’, and how that plays into the sports concept. You have a very interesting story of how your life progressed and how you got into doing what you’re doing. I’d really love for you to share a little bit about how you got your start.

LORAL LANGEMEIER: I grew up on a farm in Nebraska. I still have a majority of my family who thinks what I do is crazy; they just really don’t understand it. I shouldn’t say they think I’m crazy; I think they think it’s interesting. It’s not how we grew up. It wasn’t the conversation. It was very scarce, Don’t ask for money. In high school, I had my own business. I put myself through college and had my own business.

I did that for quite a while. I always knew how to make money. I got the entrepreneurial think pretty naturally. Then I went to work for Chevron, which is a very interesting opportunity. Again, it was the passion of being able to teach people. At that point, I had a master’s degree in exercise physiology. I was doing completely different things. That’s why this works, Healthy Wealthy nWise, because I’ve done all of them.

I was really working with individuals and employees. I would say that five years into that I knew that I was just a horrible employee. You talk about ‘passion’ and ‘team’. No one can do it by themselves. I learned early on, and I think those five years in corporate America really showed me a different perspective of ‘team’. When I say I was a horrible employee it was because I always had opinions.

I always had opinions that we should be bringing in experts instead of learning. I think a lot of people have this theory that you should learn your weaknesses. I don’t think so. I think you strengthen your strengths and you hire your weaknesses. You actually model that and get it out. I have this huge bootstrap story of going into entrepreneurials, working my way through college, going down to New Orleans, working on offshore oil rigs while I was at Chevron.

Then I went overseas and back to San Francisco. Then I wanted to get back into the wealth industry, so I met Kiyosaki at that point, when no one knew who he was. I saw his game and said, Oh, my gosh! What an extraordinary teaching tool. I saw it as a straddle move for those of you who have jobs and who want to straddle out. It was a straddle move from Chevron out, back into entrepreneurialism.

I was the master distributor, helped start a lot of the cash-flow clubs that are all over the country. I did that until 2001. Then I was ready for my own work. I think that the biggest piece that I saw missing that still had never been talked about is peoples’ ability to create their own cash. I think when you learn to create your own money and you learn this passion of working with people in teams, you’re off and running.

I just got back from a three-day workshop, Lynn, where we had 225 people, and 104 people made new money for the first time in their lives. One hundred four out of 225 people for the first time in their lives; some only made $2, some of them only made $23, but it doesn’t matter. The amount doesn’t matter; it’s the fact that you actually asked for money doing something that you had a passion for doing.

I’m holding it right now. I even bought for $1.00, a little angel rock. It was an angel stone. It was a great little dollar-idea this person came with. I think as we get into our conversation, Lynn, people will really see that everyone on this phone call is doing something that, if they asked for the money, they would be on their way to millionaire status faster than any other concept.

LYNN PIERCE: Were these people who were asking for money about what they were already doing, or were you asking them to come up with something new?

LORAL LANGEMEIER: Both. There were a lot in the room who already had something they were doing, but they didn’t know how to make money doing it. Several people were scrapbooking. One woman said, I just have this natural ability; I love organizing. She was so cute, I’m actually neurotic about it. I’ll never forget her funny face. She said, I can’t stand messes. I just organize people’s stuff.

I go into their home, I go into their closets. I said, Have you ever asked for money? Oh, no! I couldn’t do that. I’m just being a helpful friend. I said, Stay poor. Go ask for the money. There are people who do photography, scrapbooking, tutoring, carpooling. Everyone on this call-in fact, I would assert that everyone in the world-is doing something that if they actually turned their head, their mindset, about it into a business, what I call a cash machine, you would be making additional money tomorrow.

Some of them, Lynn, had something they were doing and they just never had asked for the money. Then there were some who clearly needed some help identifying, What is my skill set? A nurse said, What should I do? I said, What do you do for hobbies in your extra time? She said, My mother and some of her cronies, as she called them, like to be driven around town because none of them have licenses any more.

She said, I drive around elderly people and help them get groceries. I do that mainly to help my mom and her friends. I said, Make that a business and expand it. She said, I love it. I take them shopping. I play Bingo with them. She takes them to their card games. I said, Make that like an elderly transportation business if you’re already doing it. If you wanted to add on, you could add some nursing and care on.

If you don’t want to be certified, just make it like a personal concierge to focus on elderly and older baby-boomer folks. A lot of people-and this is interesting-have the skills and they’re in the ballpark; they just can’t entrepreneurialize it. A woman was there who said, I have an in-home daycare. I love teaching children. She’s very good at it. It wouldn’t occur to her to make that more of an entrepreneurial act.

I said, You are an entrepreneur. It was so funny, but she said, No, I’m not. I just help moms with their kids. I could tell you story after story after story of all these people who, whether they ask for the cash or not, are doing something they wanted to do. They’re dog-walkers, house-sitters, writers. A woman who is in large, large corporate America said, I love copywriting, and I took sales copywriting classes. You know, like I know, Lynn, that’s a rare skill set.

I said, Oh, my gosh! You could make hundreds of thousands of dollars if you had the right business model for that. I’m giving so many examples because I want everyone to see that they can do it. I think the biggest message is that whatever you’re doing, you can turn it into more of a business, make more money, keep more money, create wealth faster.

LYNN PIERCE: For a lot of these examples that you’re giving, I’m thinking, I bet a lot of listeners on this call have kids who are in college who they would love to start making their own money. First of all, what made you think of starting your own business? What kind of business did you start?

LORAL LANGEMEIER: I’ll start earlier. I have, again, siblings out on the farm, so we mowed lawns and did a lot of farm-type activities. In college, I was a personal trainer. I would do personal training and aerobics instruction. I remember there were times during my junior/ senior year, I’d be teaching 16 to 18 hours a week of classes. I was going to school, getting a double degree, and playing hoops. It was a little crazy.

LYNN PIERCE: You were kind of busy.

LORAL LANGEMEIER: Yes. What happened was that no one else had really created the corporate niche. That’s why I got so busy. It was out of sheer necessity that I got a bunch of my girlfriends at the time who worked out a lot and knew how to teach aerobics to take my classes. I subbed the work to them. Then I kind of got it. That’s when I really got the entrepreneurial spirit. I don’t have to do all this work. I just have to manifest all the work.

We probably quadrupled in the next year by me getting all the corporate fitness jobs. That’s when Chevron called and said, I understand you teach inside corporate America, and you teach health, fitness and nutrition. I said, Yes, and they said, Can you work on an oil rig? I said, A what? I’m from Nebraska. I didn’t know what an oil rig was! They said, We’ll just give you a trip to New Orleans.

I was all about that. I was 24 years old, single, party, New Orleans. Sure, I’ll come down. I didn’t even know what I was getting myself into. We flew offshore. They gave me these steel-toe boots, these big overalls, and a hard hat. We flew offshore. It’s like a little city out there. It was fascinating. I had no idea this was happening or that this even existed.

On the flight back in, they said, We have this huge budget. We want 272 fitness centers on these rigs, and we’d like to give you the contract. Here’s the big message to the story. I said, Yes, and I figured out how to do it. I think when you do that, you absolutely change the results in your life.

LYNN PIERCE: That is huge for people to hear.

LORAL LANGEMEIER: I had no idea. I said yes. I’ll just go through the little micro decision. I looked at the guy without smirking or saying anything, because my internal dialogue was saying, You can’t even teach them. A lot of these guys had very thick Cajun accents. A lot of them were illiterate; they didn’t read or write. I had never been in that kind of culture or environment, flying offshore in helicopters.

I had no idea tactically how to get it done. What I do know is that I know enough about my confidence and ability to get stuff done that I’d figured it out. I said, Absolutely, I’ll do that. It was a multimillion-dollar contract. It launched me on my way, and then I got smart. This is where I strengthened my strengths and I hired my weaknesses. I went down to LSU, and I talked to the professor. He said, You little Yankee girl. You did not get that job. I said, I did. Right here’s the contract, dear.

I said, I’ll give you a percent, and this speaks to the team part, if you help me. You have a whole bunch of students who could do this thing. We’ve got to leverage. There is not enough of me. I would only be on a rig, for 272 fitness centers, once or twice a year. We’ve got to divide and conquer. It’s a great internship program. I can pay them a little bit of money.

That’s what we did. Three years later, we built 272 fitness centers. We had engineering groups. LSU made a bunch of money that I had to gift to them because they couldn’t take it. Nonetheless, it’s a fabulous story. Really, it’s a principle that I live my life by. I had kind of done it before, Lynn, but never was I that bold to lay it on the line. I’ll tell you, when you lay it on the line, you close all the doors behind you.

This means you only have you to deal with and what’s in front of you. That’s when I think commitment really starts. There’s no going back. I think a lot of people leave that back door open and say, I’ll try it. When you’re that committed, when you say yes and figure out how, there’s no ‘trying’ about that. That pretty much means you’re going to do it. You’re pretty much in at that point.

LYNN PIERCE: That also not only led to money, it led to confidence, it led to a whole different type of team that you put together, but also it gave you inside knowledge of a very lucrative area of investments that most people would never have the opportunity to have access to. You never know where an opportunity is going to take you.

LORAL LANGEMEIER: Absolutely, absolutely. Let me just speak to ‘team’ a little bit, Lynn. I think when people hear ‘team,’ a lot of people on the call may not know. If you come from corporate America, that’s not what we’re talking about. I’m jumping down our list a little bit, but I’m going to put it in here. I think the biggest thing is I’ve really been working-and you know how many thousands and thousands of people I work with-on how to get the sequence right.

What do you do at the right time to really get your money conversation and action straight? One of the first team members who has to happen-man or woman-is life support. It took me awhile to even figure this out. This is only, probably, the last two- or three-year conversation, because that came pretty easily for me. I just always had life support, meaning I stopped cleaning my house a long time ago.

I had other people helping cook, get groceries, run errands, or do dry cleaning. That takes 10 to 20 hours a week depending on how many kids you have, what kind of life you have, the chaos, and the commute. If you can start ratcheting that part of your life back, you now have time. The biggest excuse most people have, because we haven’t been ‘team taught’, is to do something yourself.

To just live a life is a lot of work. We live up here in Tahoe. A new, whole thing that came into our life was snow, shoveling snow. That is like an enormous task. You talk about life support! Either you’re tucked in for a few days or you go have somebody help you get five feet of snow out of your driveway so you can back out of the garage. Everybody has their funny little story about their extra thing they have to do.

I’ve got two kids: one who’s 16 months and one who’s eight. All that has to be taken care of. I promise you, once you get your life supported, you will get a lot of life back, then, to work on your passion and your thing. I’m not saying that your own personal life and your kids are not your passion. I’m talking about making and creating new cash in your life, and making and creating new cash with the thing you like to do, you’ve got to free yourself up.

Get your head space around it. There’s so much minor day-to-day stuff that people get into, they aren’t even freed up psychologically or emotionally to be able to really pursue something they want to pursue.

LYNN PIERCE: While we’re talking about that, in your latest book, The Millionaire Maker’s Guide to Creating a Cash Machine for Life, you say that people shouldn’t make their first business venture what they’re passionate about. Isn’t passion what really distinguishes super-successful people?

LORAL LANGEMEIER: Here’s my funny thing that I always say. There was a book that was written, Do What You Love and the Money Will Come. I was also in The Secret. Obviously, it was hands-down a homerun worldwide. There is a piece that I believe, and I know a lot of my other co-authors believe-you know a lot of them too, Lynn-was a little too edited out, or really edited out if we’re honest, was the move-your-feet and actionable part.

Here’s what I would say. Do what you love and the money will come. It will not if you like to just sit on the couch and eat bonbons. It’s not coming. You have got to move your feet toward what it is you want. I really think the actionable part is what the universe really sees as commitment. I go very, very tactical.

I say if you already know something and you’ve made money at it, I can help you learn entrepreneurial skills, and we can do all that. Then there’s somebody who’s never ever made money, and let’s just say this writer who I met this weekend. Outside of corporate America she’s never made money writing. It was funny. She said, I don’t like to write anymore. I’m just frustrated. I don’t want to write.

I said, I would challenge that. I would think that at some point in your life you loved writing, and if you actually knew how to make money at writing, you’d love it again. She said, That’s a great perspective. I bet I would! A lot of people fall away from their passions when they can’t figure out how to make it make money. The problem is that I think they’re pushing on the wrong thing.

They don’t need to be pushing on their passion and that technical thing; they need to learn to be an entrepreneur, those very skills that we were never taught. I’ll just list them off: marketing, sales, finance and leadership. When you learn marketing, sales, finance and leadership, you’re doing the thing you know how to do. She wanted to do something different. She wanted to do a different cash machine.

I said, No. If you’re going to do this quickly, then you write. In fact, I gave her the first writing job. I said, You rewrite this workshop on my website. Give me two pages of a rewrite of what you will experience. If I like it, I’ll hire you. I’ll put it up on my website, give you the credit for it, and now you’ve launched your writing business. I said, If you’re no good, then there’s something else we’ve got to work on.

If you’re as good as you say you are, I’ll give you your first job. I challenged her to do it. She’s delivering tomorrow. We’ll see how she does. That’s an exact example of: do what you know while we teach you how to market, sell, do finance and lead. Now, as an entrepreneur-I truly have seen it; not just know it, I’ve seen it-you can do any widget. She wanted to kind of move off and do a network marketing company.

I said, You get to do that when you’re more of an entrepreneur. Without any entrepreneurial skills, especially marketing and sales, you can move to a different widget, but that widget is still not going to make you money because you still don’t know how to create. Marketing is all about creating. I think that you need to do your first one to get up and running and be an entrepreneur.

Then, do what you love as many times as you want, because as long as you’re an entrepreneur, this is really the core of what we want to teach you: How do you really create cash, sustain cash, maintain cash, keep the cash, cycle cash.

LYNN PIERCE: How does she stay excited and motivated if she’s not necessarily passionate about this business at this particular point? How does she keep that moving?

LORAL LANGEMEIER: You should have seen how excited she was when I gave her the work. It was something new and creative outside of her work. In fact, she was nervous. When people get challenged, they get this nervous, excited energy, and they don’t know if they’re nervous, excited or scared. She got there, but here’s the thing. In a million years she would never have asked me for a job or a gig.

She would have never had the guts to ask me for a job. Part of what I think people need is a little boost towards what it is. Then, especially if she creates good work tomorrow and I pay her by Friday, I think she’s going to be very, very excited about her passion again.

LYNN PIERCE: Cash is a great way to stay excited and motivated when you’re doing something that you’re not quite sure is still your passion; funny how that works.

LORAL LANGEMEIER: I think it’s hysterical. One of the caveats, I have to say, on the call is I don’t believe money is most important. A lot of people hear it that way, Loral just thinks money is the most important thing. No, but it has the most impact. I’m pretty certain about that. It has a lot of impact.

LYNN PIERCE: Cash is a powerful motivator. In your books you talk about Wealth Cycles and Lifestyle Cycles. We’ve touched a little bit on the lifestyle, but can you talk about what the difference is between the two?

LORAL LANGEMEIER: Lifestyle Cycle is what we’re inherently going to move toward. The way that most people are taught, especially since the Industrial Age, is that really the predominant force in America around money is: Get good grades, get a job and they’ll take care of you forever. New statistics would say-and this is a startling statistic-that for all of the college kids starting school today and given four years, 70% of the jobs haven’t even been created.

That’s how fast we’re going to change in the next four years. That’s an amazing statistic. The problem that’s going on in the financial conversation is that most people are straddled. They’re still caught between this, Yes, but I should get good grades, get a good job, and have somebody take care of me forever. They’ll give me a pension plan and a health plan. That is so rare to find, if at all, in this economy anymore.

Then there’s the old school, Go get out of debt and maximize your 401k, and then invest in mutual funds. That’s never going to create you a millionaire. Then there’s a whole other school that says, Deny yourself a latte, and in 35 years you’ll be worth $1,000,009. That whole conversation is negative. It’s restrictive. It doesn’t work. It’s never created a millionaire. I wouldn’t even suggest it created financial security.

It’s interesting, but what we’re taught is that whole Lifestyle Cycle. Get a job and then go build a big life. Then around and around you go your whole life, managing getting out of debt. A Wealth Cycle is this. If you have a job, keep it until you’ve learned to create some of your own money. Then once you’ve created your own money, create a variable source of income, which is really that cash machine.

As you generate money, our whole Wealth Cycle premise is that you put the money to work initially in what we call a wealth account, which is an account that’s just an interest-bearing account, while you stockpile your cash. Then go shopping for new assets. That’s like a whole other conversation we could have another time. You invest in real estate. Instead of gas and oil stocks, you invest in the well itself. Instead of stocks on the market, you invest in private business.

I’m a huge advocate of double-digit returns, private investing. I have a whole book out about that, too. The Wealth Cycle is making a lot of money, putting it away through corporate structure, maximizing your tax benefit, and then bringing it back up for passive income through great investing. There are a lot of pieces to the Wealth Cycle; you really can start that Wealth Cycle, create it, and drive it forward with your kids.

Both my children have Wealth Cycles already started, which are starting to be maintained and grown. There’s a big difference. I would say it this way to bottom-line it. The Wealth Cycle you’ve created, you’re making money, putting it away and creating the certainty upfront, whereas the Lifestyle Cycle, I think you build a big life and then you try to catch up your whole life. I want you to see cash flow and assets first. Then go build a big life. If you do it in that right order, you’ll have money for the rest of your life.

LYNN PIERCE: I really like the fact that the way you teach, you’re not telling people that they have to give up their latte. They don’t have to go on a diet and give everything up. Instead, they just have to make a little bit more money. You teach them how to do that so that they can have what they want. Living on a debt diet is a pretty depressing way to live. I love all the tools that you have available for people.

If people who are listening right now would like to look at some of the things that you offer, they can go to …

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For more information about Loral Langmeier and her MillionaireMaker programs, please go to www.liveoutloud.com

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