Guide to Finance

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Video on Do What You Can. Hire What You Can't.

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Do What You Can. Hire What You Can't.
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Some people make money. Loral Langemeier makes millionaires. She's the founder and CEO of Live Out Loud, a mentoring program that helps thousands find wealth, and she's the author of "The Millionaire Maker" series, including "The Millionaire Maker: Act, Think, and Make Money the Way the Wealthy Do". Loral was also a contributor to the highly successful book and film, "The Secret".
Loral Langemeier's passions include teaching, money, play, people, sports, dinner parties, wine, and fun. It seems just about everything is her passion. As a child living on a farm in Nebraska, money was a hush-hush subject. It wasn't right to ask for money. That's what Loral does today, though. Not only does she do it, but she teaches others to do it as well, turning some into millionaires.
Loral believes that you can turn anything into a profitable business. She sees people every day who perform services for free. Can you write? Why not get paid for it? Can you paint? Why not charge people for murals in children's rooms? Can you drive? Why not run errands for people who are unable or too busy to do it themselves?
Loral became a millionaire in her 30's after starting her own business as a teenager. How? Plain and simple: she asked for money. One of her passions had always been sports and fitness, so she decided to become a personal trainer. In college, she taught her friends how to host aerobic workout sessions.
Those aerobics classes led to an extremely profitable business. Chevron handed Loral a multi-million dollar contract to bring her business to offshore oil rigs. No one can handle over 200 fitness centers alone, so she was able to grow her business exponentially in a very short amount of time.
Loral Langemeier's motto might sound something like, "Strengthen Your Strengths. Hire Your Weaknesses." All that really means is, "don't waste your time." You'll never build a business if you're in your basement trying to figure out how to build a spreadsheet. You have to hit the ground running, and that means you can't get bogged down with things you don't already know how to do well.
Of course, not everyone can hire a full staff in the beginning. It's important to start with a couple of key people who can multi-task or work seasonally. That means that someone who failed math three times should hire an accountant. Someone who knows nothing about advertising should hire a marketing manager. Most importantly, if it's worth doing, it's worth being paid well to do it. It won't take long before you can afford a full staff.
Not getting bogged down in the details doesn't only apply to your business. It also applies to your life. People are into so many little things these days that they don't have time to breathe. Cut out the things that aren't essential or that can be handled by someone else. Focus on your business so that you can get out of the rat race to free up time with your family.
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