Phil: Loral Langemeier is here and let’s see her visit with Greg and Brandy at their house.
Loral: Did you have money put away?
Loral: Do you guys feel like you have any plan?
Loral: When income changes from 240 — last year it was at 70 and this year it’s worth 15. When income patterns change that drastically, there’s ways to intervene earlier which could have given us a lot more solutions than we have today. I mean we’re really at the kind of end of the rope.
Phil: What do you see needing to happen in the next 90 days? What’s that plan?
Loral: I think that for sure, we need two incomes again. Brandy has proven in the past she knows how to make money. She’s patterned that she can make money. I think also the blaming as you mentioned is critical. We’ve got to have you both own your balance sheet.
We’ve got to start working on a credit score which will help when they will start making more money. We got to restructure the debt. Their credit score is below 400. And you can run from creditors but you can’t run from your credit score and I know I bring that back because it’s about you being able to get into an apartment or even rent a house.
Phil: So one of the things that Loral has talked about is you’ve got to create new money, right?
Loral: You have to and she has proven in the past she can do it, Dr. Phil. She has watched another family five days a week. She cleaned another family’s house, did all their cleaning. Then came home and did hers. So she has proven she knows how to make money and it was way undercharged. I mean she should be making $500, $600, $700 a week doing that. She could go back to that. She has also helped in the past with Greg’s business which is another option. So instead of seeing an interfering with Greg’s business, she could help be on phone calls, doing the lead generation. There’s a lot that these guys can do together.
She’s brilliant. If she can take $125 for six bodies and make that into a week’s worth of food, that’s like an architect with 125 bucks. I mean you can do this. You can use that skill.
Phil: These girls are amazing.
Brandy: Oh my gosh. I feel relieved. I’m like there’s hope.
Phil: There is hope. This will work out. It truly will.
Loral: I mean you have to think. What could an extra $500 to $1000 do for you a month? It could do quite a bit. The first thing you have to really do is get focused on creating money. Most people as they make money are focused on paying down debt.
Female Speaker: Paying down debt, for sure.
Loral: Right. So it’s the opposite. It’s let’s create money. Are you doing something already in your life? Ninety percent of people raised their hand that if you asked for the cash, you should be paid for it. They’re like, “Oh yeah, I’m doing photography. I’m doing websites. I write.”
I met a woman the other day. So hysterical. We made up our little company, cash machine for her called Granny’s Nanny. She’s driving elderly people around.
Female Speaker: So this is stuff that people are already doing.
Loral: Already doing. You’re already doing it. You just haven’t asked for the money. In my first book, The Millionaire Maker, my favorite stories is dog walker. She’s a 23-year-old executive assistant when I met her. She’s making a quarter of a million dollars walking dogs, doing errands for people, just being like a little personal concierge but primarily focused on dogs. It’s part of just knowing that you deserve it and it’s asking. I think so many people are scared to say, “Oh, Bev, it’s $500 for that.”
I have a woman that has seven children and she quickly quit her job and she’s cleaning houses. I have an 18-year-old who is doing commercial cleaning while he’s in college and he’s making up toward of $100,000. He gets up at 1:00 in the morning. He has got a little crew now. They do commercial buildings. There’s so much money to be had. Most people just aren’t asking for the money. They’re just really living on a fixed income.