Keeping Your Money Out of Prison w/Chris Miles
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Episode Description
Welcome to the Freedom Point Real Estate podcast! Jeremy Dyer and guest Chris Miles talk cash flow, early retirement, financial advice, and more in today's episode.
Chris Miles, the Cash Flow Expert and Anti-Financial Advisor, is a leading authority teaching entrepreneurs and professionals how to get their money working for them TODAY! He’s an author, podcast host of the Money Ripples Podcast, has been featured in US News, CNN Money, Entrepreneurs on Fire, BiggerPockets, and has a proven reputation with his company, Money Ripples (https://moneyripples.com/) getting his clients fast, financial results. In fact, his personal clients have increased their cash flow by $300+ Million in the last 13 years!
CONNECT WITH CHRIS MILES!
Website: https://moneyripples.com/
LinkedIn: https://www.linkedin.com/in/chriscmiles/
Podcast: https://moneyripples.com/blog/
Email: info@moneyripples.com
CONNECT WITH JEREMY DYER!
Website: https://startingpointcapital.com/
Instagram: https://www.instagram.com/startingpointcapital/
LinkedIn: https://www.linkedin.com/in/jeremydyer
Facebook: https://www.facebook.com/startingpointcapital
Book a Call! https://calendly.com/startingpointcapital/discuss-investing-with-jeremy-dyer?month=2023-12
Summary
Tip #1: Unconventional Investment Wisdom
Chris challenges traditional investment advice, urging listeners to avoid blindly following the masses. He notes, "When everybody tells you to buy stocks, that's the very time you should never buy stocks."
Tip #2: Diversifying Income Sources
Explore how diversifying income sources beyond the stock market can lead to more robust and reliable financial portfolios. Chris shares a success story where a client transformed a million-dollar pension into a diversified income stream generating $130,000 annually.
Tip #3: Rethinking Retirement Strategies
Questioning conventional retirement wisdom, Chris reveals the pitfalls of relying solely on 401(k)s. He emphasizes the importance of generating income that won't run out, stating, "I wanted income to come off and then not have to worry about running out of money. That, to me, is beautiful."
Tip #4: Uncovering Hidden Cash Flow
Discover unconventional ways to increase cash flow without immediate investments. Chris recounts a case where refinancing a client's home freed up $4,000 per month, demonstrating the power of strategic financial planning.
Tip #5: Capitalizing on Equity
Explore the potential of unlocking equity from existing investments, especially in real estate. Chris shares how redirecting equity from a low-return rental property to higher-yield opportunities can significantly boost passive income.
Tip #6: Navigating Real Estate Market Shifts
Addressing the current distress in the multifamily real estate market, Chris advises caution in the short term but sees long-term potential. He suggests storing up cash for future opportunities when distressed properties may present excellent investment prospects.
Tip #7: Diversification and Dollar-Cost Averaging
Highlighting the importance of diversification, Chris recommends leveraging short-term lending and diversifying investments to navigate market fluctuations. He emphasizes, "Diversification really is a key to be able to weather any kind of storm."
Tip #8: The Power of Strategic Financing
Discussing the role of interest rates, Chris advocates for strategic financing. He suggests securing long-term financing with current rates, allowing flexibility to refinance later if needed, emphasizing the significance of good deal structuring.
Tip #9: Investing in Boring Markets
Encouraging investors to look beyond hot markets, Chris points to the stability of the Midwest and Southeast. He notes, "The boring markets are always the ones you want to look for," emphasizing the value of stability over trends.
Tip #10: Using Money as a Tool for Blessing Others
Aligning wealth with purpose, Chris discusses the concept of money ripples. He shares stories of clients using freed-up cash to enhance their lives and bless others, embodying the idea that "as you're blessed financially, you have a greater capacity to bless the lives of those around you."
