Here are some of Loral's money-making tactics:
- Get organized, Loral says. Before you make any moves with your money, track your spending, sort through your assets and figure out exactly where you are financially.
- Put your money into assets, such as oil well operations, instead of stock, such as an oil company's stock. Loral says other options for this include real estate, business ventures and self-directed Individual Retirement Accounts.
- Take your skill set, or what Loral calls your "cash machine," and figure out how to get paid for it—not as a hobby, but as a real business. Bank on your skills that are marketable, and not just the ones you enjoy doing.
- Find people who have done what you want to do and learn from their experiences.
- Build a team to fill in the gaps. Recognize that you can't do everything well—if you're poor at accounting, hire someone to take care of that aspect of your business.