Chris Miles- the Anti-Financial Advisor

ABOUT:

Chris Miles is the anti- financial advisor. After being a financial planner for 4 years, he realized that what we have been taught was wrong. He started analyzing numbers and realized they didn’t add up. Now he focuses on alternative investments. When he put in real numbers, he realized the S&P is only getting about 7%. Even trying to adjust for inflation means you are not making much money on what may be your primary investment strategy.

He works more as a consultant, advisor and connector. Using alternative investments to create cashflow from your money is more beneficial.

He finds that doctors are inundated with people who want to manage their money, but they all really do the same thing. Doctors feel that if an advisor is gambling their money, they might as well handle it themselves so at least they have themselves to blame.

What would it take to live on $60,000 per year only investing in the stockmarket if you want to retire in 20 years? You’ll need to save over $8300 per month! Financial advisor can finesse the numbers to make it look like you will have 4 times the money you would actually have.

As an example, he purchased a rental property in Memphis two years ago, and it is returning about $320 per month after putting down $32,000. That’s 1% per month or 12% per year as a cash on cash return. He’s had the same renter, made $7,000 in cash flow, $3000 paid down on his mortgage, and has not paid taxes on it due to depreciation. Adding in the $17,000 increase in value, he’s made $27,000 on $32,000 in only 2 years.

So why do people keep doing the same old things? It’s herd mentality. Finance is big business and the spend a lot to get you to believe in its success.

THE ENTREPRENEUR BIG 3: 

What is your productivity tip? 

A morning ritual of drinking water, working out, pray, meditate, read scriptures or learn. You could do some of it while commuting. It sets the day right.

Share a tool that has helped you as an Entrepreneur.

Look at quickbooks for your business a few times a month. On a personal level, Mint is a great and simple tool to track your money.

What is your favorite business book? 

The Holy Scriptures are number one, but “Rich Dad, Poor Dad” is a great one as well. “The Pumpkin Plan” by Mike Michalowicz is a definite must-read. Using those principles allowed him to 10X his profits.

LEARNING FROM THE PAST:

What’s a mistake that you made that you learned a good lesson? 

The divorce was an obvious one, but he has actually retired twice now. That’s not a good thing. In a business partnership, his partner told him to focus on what they were doing and dump all of his multiple streams of income. He did that just before 2008. The real estate business was going down and he wasn’t tracking his money. When he finally sat down to look, he realized he was overspending by $16,000 per month and had gone from millionaire to upside-down millionaire. Had to foreclose on his house a week before his fourth child was born. He was the one who was supposed to know how to handle money. He decided to focus on helping people find money. By 2016 he was out of debt and able to retire again. He felt like he lacked integrity because he was trying to teach people how to do something when he failed.

With what is happening now, he says attitude and gratitude are essential to surviving and thriving during a struggle. 

What advice would you give to your younger self?

Listen to your gut. Even if someone else says something, if it doesn’t feel right, don’t do it. Know that it will get better.

Reverse Engineer Your Business or Side Hustle

Listen to the “Chris Miles Money Ripples Podcast”. Find a mentor that can help you. You don’t have to do it exactly like them, but let them guide you.

You can reach him at [email protected]