Managing money is a lot more fun when you have the money you want.

I want to introduce you to Loral Langemeier, the "Money Expert" on the Dr. Phil Show. Loral's books include The Millionaire Maker, The Millionaire Maker’s Guide to Cash Machines for Life, and The Millionaire Maker's Guide to Wealth Cycle Investing. Her practical approach shows how anyone can learn to think, act, and become wealthy.  

Loral defines a cash machine as a business that you can get up and running immediately. The steps to a cash machine are

1. Discover the skills you already have.
2. Generate a business idea based on those skills.
3. Model the idea after a similar business.
4. Test the sales potential through revenue modeling.
5. Design a cash machine plan.
6. Build a team.
7. Develop the marketing and sales strategies.

A cash machine is probably NOT your dream business. The idea is to learn while you earn. You want to create a business that

• Is profitable
• You can eventually build or convert into something you enjoy
• Doesn't take over your life forever
• Generates wealth
• Serves your vision

Then you can take your money and skills into creating a dream business.

Loral takes you step by step through this process in The Millionaire Maker’s Guide to Cash Machines for Life.

Here's just a sampling of other money advice that Loral offers.

Pay Yourself First

We have all heard this advice, but do you do it? Even if it's only $1 a week at first, get started.

Legal Entities and Taxes

Learn about legal business entities and how they can protect your personal assets, protect you from being held personally liable for legal obligations, keep your finance and financial dealings private, and maximize your tax savings.

Do You Want to be an Active or Passive Investor?

Active investors get directly involved in the investment. They may become general partners or take a role in the management of a business or particular venture. In contrast, a passive investor essentially only puts up money, sits back, lets others do the work, and waits for profits to roll in.

Your Money Rules

Money rules help you decide how you use credit cards, balance your checkbook, pay off your debt, or pay yourself first. They determine how we handle money, think about wealth, and run our finances.

Most people didn't set their own money rules; they inherited or adopted them from others. Usually they integrated the rules without question because they came from people loved and respected, and because talking about money was taboo.

If the concept of money rules is new to you, you may not have the knowledge to make some of your rules non-negotiable at this time. However, you soon will if you continue to educate yourself on each of the investment strategies you are considering. If you stay focused on your goals and are flexible, your money rules will clearly evolve.

For more details, see Your Wealth Cycle Foundation or attend one of Loral's free managing  money Webinars.

More about Loral's approach to making and managing money:

• Create a financial baseline. Know where you are. Organize your financial filing cabinet.
• Plan for your financial freedom day.
• Manage your lifestyle. Build assets before you buy more and bigger stuff.
• If you have psychological blocks about money (and most people do), deal with them.
• If needed, make a debt-reduction plan and then move on. “Focusing on debt gets you nothing but sleepless and worried. You have the skills and traits to be a millionaire, but because our educational and financial systems are broken, you’ve not been taught how to develop your own natural resources to generate wealth,” says Loral.
• Generate wealth through building a business.

Following Loral's advice can help you have all the money you want to manage.