Show Notes

Returning guest from Episode 84, Chris Miles, shares his transformative journey from a traditional financial advisor to an anti-financial advisor emphasizing the importance of alternative investments for achieving financial independence. He discusses the limitations of conventional financial advice and the power of passive income. Chris also highlights the mindset shifts necessary for successful investing, encouraging listeners to overcome risk aversion and explore diverse investment strategies. We talk about the comparative risks of real estate and stock market investments, emphasizing the importance of preserving capital and understanding market dynamics. He shares insights on smart investment strategies, including diversification and risk management, while also addressing the common issue of lifestyle creep as income increases. Chris highlights his personal journey and the lessons learned in his upcoming book, 'Upside Down Millionaire', which will focus on overcoming financial adversity and achieving financial independence.

Chris is the host of the Money Ripples Podcast where he talks about different ways to look at life and money.  (https://moneyripples.com/)

The Money Ripples Podcast may be found on:

- iTunes (https://podcasts.apple.com/us/podcast/money-ripples-podcast/id895555599)

- Spotify (https://open.spotify.com/show/3ptp5AxwOHC1qvtpgRusJ3)

- YouTube (https://www.youtube.com/@moneyrippleswithchrismiles)

Takeaways

• Chris transitioned from a traditional financial advisor to an anti-financial advisor.
• Chris's journey involved overcoming significant debt to achieve financial independence.
• Real estate investing can yield higher returns compared to traditional investments.
• Passive income is crucial for financial freedom.
• Mindset shifts are essential for overcoming risk aversion in investing.
• Many people are misled by traditional financial advice that promotes 401ks and mutual funds.
• Chris emphasizes the importance of ensuring the return OF capital over just the return ON capital.
• Real estate has historically been a safer investment compared to the stock market.
• Preserving capital is more important than following the crowd in investments.
• Investing for cash flow can yield significantly higher returns than traditional methods.
• Diversification is key to reducing risk in any investment strategy.
• Understanding your financial goals is crucial for effective investment planning.
• Monitoring expenses regularly can help avoid lifestyle creep.
• Investing in real estate requires careful consideration of market conditions.
• Financial companies often profit regardless of market performance, highlighting the need for personal investment control.
• It's essential to balance risk and reward in investment decisions.
• Building a solid cash reserve is vital for financial security.