“Go away from the traditional stuff and start to do things to actually generate passive income now.” Chris Miles
Today we welcome a special guest to the podcast, Mr. Chris miles. Chris has a very rich background in personal finance. He's an author and the host of a podcast called The Chris miles money show. Chris has spent many years serving clients as a classically trained financial planner and investment advisor. Now Chris is the CEO of his own financial consulting firm, Money Ripples.
In today’s episode, Chris will talk about his transition from being a financial advisor to how he was able to retire within a few months after switching to real estate, and his current passion of teaching about passive investment options.
Listen in!
- I actually started in the industry, not intending to become a financial advisor but a business consultant.
- I was trained on how to sell the different types of mutual funds and different investments out there.
- Later a friend of mine introduced me to real estate which enabled me to become financially independent in just a matter of months.
- I was able to retire for the second time into 2016, this time with over five figures a month of passive income.
- I doubted whether what I was doing was working when I started to see some commonalities where people that had invested in traditional investment vehicles weren't financially free.
- While working as a financial advisor I knew deep down that I was probably over promising and under delivering and that's where the epiphany happened.
- Switch to passive income mindset versus just accumulation mindset was big, because I started seeing the reality in terms of the returns and tax advantages.
- My favorite passive income instruments is doing what's referred to as turnkey real estate investing.
- Turnkey real estate investing involves paying up for property that is ready to be rented out and having the managers of the property taking care of everything else.
- I also invest in things like syndications where we pool money with other people to buy a big project and get a percentage ownership that pays you passive income.
- I did realize there are so many options out there one can invest in rather than in mediocre returning mutual funds.
- The reason why I do what I do is because we're trying to reverse this financial education that has happened over decades from financial institutions.
- Even though I've proven it to work, people still need to make sure they do it with the right amount of guidance and doing the right direction so that they are getting there as quickly and safely as possible.
- The risks are there but you don't want to bank on just hoping that's prices go up, rather making sure that you're getting paid on your investments.
- I advise people to go away from the traditional stuff and start to do things to actually generate passive income now.
- Financial advisors get paid commissions at a rate that investors in traditional assets don’t get paid at.
