Loral Langemeier is Dr Phil’s resident money expert, leading entrepreneurial speaker and a single, working mother. Known as the Millionaire Maker, Langemeier has literally helped thousands of businesses and people across the world generate cash and build wealth. She is a five-time best-selling author and the Founder of Live Out Loud Australia, a company that provides education and networking opportunities to entrepreneurial Australians. She has appeared on CNN, CNBC, The Wall Street Journal, The New York Times, Forbes and Fox and is a regular on Australian television.
Describe yourself in 3 words: Yes-energy, Disciplined, Committed.
What is your life motto? Have it all, however you want it all. I don’t think life is balanced – balance would mean you have it all at the same time. I think that you live life to have it all, however it is you want it all.
When did you start pursuing your career and how long did it take to become successful? I think we all start our career as we’re growing up; it’s the kind of experiences we have that guide us to the skill sets and the education we gravitate towards. My first business was at 17 (I loved athletics), where I was a personal trainer and aerobics instructor.
I also loved finance and had a huge curiosity for how so few people made a lot of money, so I got a finance degree and as I didn’t really want to go to work, I got a master’s degree in exercise physiology and put them together. Then in my early twenties, I would say I became very successful designing fitness centres – Chevron was my biggest company; I designed 272 fitness centres on offshore oil rigs.
I then got sick of corporate America, so in 1996 I made a huge transition from the fitness and corporate world to entrepreneurial start-ups, designing for Kawasaki. In 2001 I started Live Out Loud; so you can say I’ve had 3 lives.
I became a millionaire at 34 and now I teach people how to become millionaires, I love it and know how to do it.
How much time and effort did you dedicate to pursuing your dream?
Every day. I also see my dreams as very inclusive of life of having it all. I run, I motor-cross, I love mountain biking; I do a lot of extreme sports, they have to be a part of my life as that’s part of my dream. I have two amazing children, I love being a mother – also part of my dream. I think you’re dream has to include it all, and it’s not just about money, money helps you have it all but it’s not fulfilment. It’s all about the journey. Being successful is not an on and off switch, it’s a way of being. You’re always on.
What are the challenges in your line of work? I think the idea of “I was too young” to do what I was doing (because I became a millionaire fairly young). I was usually in a community of people much older so the pitch was, “You’re too young. You’re a woman.” – No matter what anyone says you really have to stand for what you want. Even if you’re told you can’t do it, you have to stand for what you want. [How did you overcome the comment of “you’re too young?”] I was 27, teaching a millionaire game and people we’re saying, “Why are you a millionaire? You’re so young.” I said, it’s not about age, it’s about experience and commitment – I’m really committed. I would even combat it.
Have an answer and keep moving forward:
“I have a lot of experience, I’m committed, if you’re committed come on let’s go.”
There’s a point where everyone is beginning a business and you’re not making enough of money and I teach and train people about the concept that if you don’t spend you’re money right, you don’t grow. I think I went through a period of not knowing what to do and how to get going.
What is the mistake that taught you an extremely valuable lesson? Not having a team fast enough. If you don’t have a team, you go to a class for 12 weeks and then you stop and go to a class and try to learn more, so you spend more time trying to learn all the parts, when really you’re not that good at it after 12 weeks and you should have just hired someone else to do it. You’re good at certain parts, but not all of it.
What is the best piece of advice you have been given to date? Continue to say yes and figure out how. Keep looking for the opportunity; it’s always around. Once you start saying no and once you start backing down from things the momentum of that lack of commitment really shows up quickly. It might be daunting, and you feel like there is no more in me, you have to keep doing it. Energy creates energy; it’s in infinite supply.
In your mind, is formal training essential? I think formal training is okay; it’s not designed to be applicable for entrepreneurial training. I think the formal training is so you’re good at something, I got good at finance because I was trained, but I wasn’t trained in the way that I was an entrepreneur, it was different. I think it helps with discipline and learning the skills. I think people get out of school and use it as an excuse; experience outperforms MBA every time.
Do you think having a mentor is important? How would you go about getting one for this industry? I think it’s mandatory. Find somebody who has done what you want to do, find somebody who has the result, not that wants to do it together; it’s not a team building exercise. Someone that walks in the light, who drives the car you want…don’t just pick and take advice from anyone who just says they are good at the topic. They have to have the result and the bank account. I think a lot of people spend money on coaching and mentoring from people, who have ideas about something, but they don’t have the result – it’s a waste.
I think you have to be willing to pay for it sometimes and be clear on what you want from someone. It’s not just about hanging out and being groovy; if they tell you to do something, you better do it!
What are some steps those starting out can take to start/further their career? Pick a track, I’d find mentors and find people who are doing it and get as close to them as you can. Now if you want to make money, find something that you could sell. If you want to make money, go into businesses that need things like setting up computers, social media and so on, there are so many more mature babies, [Gen X] who could use help with.
What kept you going when you weren’t at your best? I think the thing that always gets me back to my best is staying healthy; I run, I ski, I love being in nature that’s why I go to Lake Tahoe – I mean 7200feet…I say, I’m constantly in high altitude so I’m always close to god. I’m spiritual in my health and my family – they’re lovingly supportive.
Do you believe that ‘making it’ is about luck and being in the right place at the right time? I think that helps, but I think that you’re only in the right time at the right place when you’re doing the right thing for your soul and your life. If you’re screwing around and not intentional, you’re also not going to attract the right kind of people. I know people who are in their thirties and fourties that are still just partying. I like a party too, but I’m not here to check-out. I think a lot of people have a lot of check-out behaviours; a lot of sitting on the couch, over sleeping – the reason people sleep in is because they don’t have any motivation and no purposeful energy.