Chris Miles, the Anti-Financial Advisor, teaches entrepreneurs & professionals how to get their money working for them TODAY! He’s an author and podcast host of the Money Ripples Podcast.

Subscribe

Apple | Spotify | iHeart

Guest Resources

Money Ripples Website – Create Freedom and Prosperity Today.

Money Ripples Podcast – Listen to Money Ripples Podcast.

Money Ripples LinkedIn – Checkout Money Ripple LinkedIn.

Profit First – Your business is about to become permanently profitable.

The Pumpkin Plan – A Simple Strategy to Grow a Remarkable Business in Any Field.

3 Value Bombs

1) Don’t put your money in retirement plans because they don’t work. Its all about how much income is coming in to pay for your lifestyle. Its important to make sure you just don’t have your business to build up but also you have other streams of income coming in so you can work because you want to and not because you have to.

2) Focus on things that bring more on the business. Find those profit centers that create the most revenue, best clients and least expenses.

3) Don’t re-invest in your business. Re-investing in your business means you are not profitable and you will constantly spend more money and will be trapped. You have to take your profit home by buying real investments like real estate that create passive income.

Sponsors

HubSpot: Get ready for growth, without the growing pains! Visit HubSpot.com/spotlight to see the dozens of major product updates that’ll make impossible growth feel impossibly easy!

Vanta: Helps SaaS businesses of all sizes manage risk and prove security in real time. Vanta has a special offer waiting for you of $1,000 off at Vanta.com/fire!

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: Why Every Entrepreneur NEEDS Passive Income NOW

[1:15] – Chris shares something that he believes about becoming successful that most people disagree with.

• Most people believe that its all about working harder and working smarter but he believes in working right. Doing the right things in the right way will give more leverage and make you more happier.

[2:01] –  Chris shares  why he is called the Anti-Financial Advisor.

• When he was in college he wanted to be an entrepreneur to achieve financial stability. He dropped out in college and became a financial advisor for 4 years.
• After 4 years, his dad reached out to him and asked him to be his financial advisor because he wanted to retire. He checked his dad’s financial account and saw that his money will only last for the next 5 years. He then realized that no matter how hard and how long someone works, no one will be financially free because money will run always run out.
• He then took the path of investing to real estate. He quit his job as a financial supervisor and never teach about money again. The following year he had enough passive income coming from his investments and he was able to retire at the age of 28. This was also the time people asked him how he did it and the “Anti-Financial Supervisor” stick to him because he tells people the opposite of what financial advisors tells.
• Don’t put your money in retirement plans because they don’t work. Its all about how much income is coming in to pay for your lifestyle. Its important to make sure you just don’t have your business to build up but also you have other streams of income coming in so you can work because you want to and not because you have to.

[6:42] – Chris talks about where most entrepreneurs LOSE their money.

• Entrepreneurs lose their money in watching it to drive and build their business but not on how to keep it from losing the money. They are not tracking their money and are more focused on profit or revenue than keeping it. They should focus on how to make their business profitable.
• There are 2 books that helped him, Profit First and The Pumpkin Plan by Mike Michalowicz. It made him focus more on what is the most profitable and best marketing strategies into his business. He cut off the unnecessary things in his marketing and freed up a ton of cash flow which then created more profit.
• Entrepreneurs lost the most money that they don’t see in the first place all because they are focused much on doing everything. Focus on things that bring more on the business. Find those profit centers that create the most revenue, best clients and least expenses.

[10:31] – A timeout to thank our sponsors!

• HubSpot: Get ready for growth, without the growing pains! Visit HubSpot.com/spotlight to see the dozens of major product updates that’ll make impossible growth feel impossibly easy!
• Vanta: Helps SaaS businesses of all sizes manage risk and prove security in real time. Vanta has a special offer waiting for you of $1,000 off at Vanta.com/fire!

[14:54] – Chris shares why he believes that every business owner needs passive income outside of their business.

• One thing that happens to entrepreneurs is they get stuck or trapped in their business and some of them think that the solution to this is to sell off the business. That doesn’t have to happen if they build systems in their business where they can buy back their time. This means having more people and more systems that can create passive income outside their business.
• Chris also tells that one of the things that make him more money in his business is when he didn’t need the money.
• Don’t re-invest in your business. Re-investing in your business means you are not profitable and you will constantly spend more money and will be trapped. You have to take your profit home by buying real investments like real estate.
• He buys real properties and lends his money out for real estate investors and becomes a bank for them.

[18:39] – Chris shares some stories of Entrepreneurs and how to increase cash flow.

• He has a raw land partnership where they buy wholesale raw land and sell it on retail. He gets the cash flow on monthly payments. He also has rental properties that generate income monthly.
• Being in business for a mission and not for commission. He is now in business to help and serve people and ironically making more money in his business because he don’t need the money.
• Lending money with interest but instead of compounding interest, you are compounding income.
• Don’t just focus on trying to build money on your business but as you get profits from your business make that cash work for you by using it to generate multiple streams of income.

[19:23] – Chris gives his one key takeaway.

• Don’t re-invest everything you have in your business, be profitable and keep some of the profit to generate multiple streams of passive income so that you work because you want to and not because you have to.

[20:13] – Call to action.

• Money Ripples Website – Create Freedom and Prosperity Today.
• Money Ripples Podcast – Listen to Money Ripples Podcast.
• Money Ripples LinkedIn – Checkout Money Ripple LinkedIn.
• Profit First – Your business is about to become permanently profitable.
• The Pumpkin Plan – A Simple Strategy to Grow a Remarkable Business in Any Field.

[20:34] – Thank you to our Sponsor!

• HubSpot: Get ready for growth, without the growing pains! Visit HubSpot.com/spotlight to see the dozens of major product updates that’ll make impossible growth feel impossibly easy!
• Vanta: Helps SaaS businesses of all sizes manage risk and prove security in real time. Vanta has a special offer waiting for you of $1,000 off at Vanta.com/fire!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!

Subscribe