In today's episode, Alex and Aziz welcome a special repeat guest, Chris Miles, who recently visited the show and shared his inspiring story of achieving financial freedom despite setbacks. This time around, Chris delves deeper into the specific tactics, strategies, asset classes, and tools he uses and teaches others to use to attain financial freedom in a shorter timeframe. It's a must-listen episode where you'll want your notebook handy to take notes.
[00:00:00]
About the Guest
[00:04:39]
Chris was a financial advisor but left the industry after realizing it wasn't helping people achieve financial freedom. He became financially independent through business and real estate but lost everything in the recession and went over a million dollars in debt. He worked his way back to financial freedom and now teaches others how to do the same. He focuses on helping people get out of the rat race by strategizing and connecting them with deals that enable them to work because they want to, not because they have to.
Strategies for Achieving Financial Freedom
[00:07:19]
Several strategies can help individuals achieve financial freedom, including:
Turnkey Real Estate: Buy renovated, managed properties for passive income with little management required, but it can be expensive and have lower returns.
Franchising: Invest in an established brand recognition and support business model, providing a stable income with less risk and time investment. However, initial investment and ongoing fees can be high.
Funds: Invest in mutual or exchange-traded funds for diversification and professional management, but management fees and market fluctuations can impact returns.
Syndications: Pool funds with other investors to invest in larger real estate projects to access bigger investments. However, there is a higher risk due to market performance and syndicator expertise.
Short-term lending: Lend money through peer-to-peer platforms for high returns, but it involves a higher level of risk, requiring careful evaluation of borrowers and potential default risks.
Partnerships: Collaborate with others to invest in real estate or businesses, with access to larger investments and shared risks and rewards, but conflicts and disagreements may arise, and success depends on the expertise of all involved.
Debt versus Equity Fund
[00:19:53]
Debt funds usually pay a fixed interest rate and have a lower risk but no potential for gains beyond that rate. Equity funds offer potential for gains beyond a minimum rate and the possibility of tax benefits but also carry more risk. Syndications are similar to funds but maybe for a specific property or deal. They often require accreditation and offer a percentage ownership in the asset. Syndications can cover many assets, including apartments, warehouses, self-storage, car washes, and oil and gas.
How to Start Investing with Small Amounts of Money
[00:44:26]
If you want to invest with little money, consider infinite banking or funds with a low minimum investment. However, don't stress if you don't have at least $50-100k yet. Focus on building your savings to at least $100k before investing in more advanced options like syndications. Turnkey properties and lower investment funds are good options for those with less than a quarter million dollars. Focus on increasing income and managing expenses to build momentum towards your investment goals.
To connect with Chris:
YouTube: YouTube
Apple Podcast: Money Ripples
Money Ripples website: https://moneyripples.com/
LinkedIn: LinkedIn
About the GuestStrategies for Achieving Financial FreedomDebt versus Equity FundHow to Start Investing with Small Amounts of MoneyResources:Twitter: Twitter
