Okay. All right! We are
live. Jay, how are you doing?
I am so thankful to be live right here
on another Real Estate Investing with Jay
Conner show. So we are live.
And so before we get kicked off with the
official show we'll give just a couple
of minutes for people
to come on in. So Scott,
tell us what is what's going on down
South with the latest corona virus?
Well, the good thing I saw on your
email, you called it the Apocalypse?
Apocalypse. Yeah! Well it's just,
it is kind of like everything
is crashing economically.
People are stuck in their homes,
their lives are being totally changed.
And the good news here in Metagene
Columbia is in the last 24 hours,
zero new Corona virus identifications
or cases going on and no new deaths.
So who knows?
We've been on lock down about for
two weeks, two and a bit weeks.
And maybe that has stopped everything.
I can't imagine how anybody is getting
anything because when I look out on the
streets, there's one person walking
to the grocery store, you know,
at that end and another one at this end,
and they're nowhere near each other.
So I think we're doing
a pretty good job of not
spreading the virus.
Yeah. Well, I heard on the news this
morning and by the way, folks has,
you're now just coming on we're
going to be kicking off the show.
You're officially in just a moment,
but in the meantime, as you arrive,
go ahead and type in the
comment bar below the video.
Your name and your city and
state that you're tuning in from.
I always love to see where
everybody is coming from.
And so say hello to everybody and
type in the comment bar. Yeah,
I saw in the news this morning, Scott,
that for the first time,
it looks like New York city and our,
the state of New York's state of New York.
The actual number of cases have,
they're either right at the peak or very
close to the peak started to decline.
And that's great. Yeah.
I don't know if you had heard that or
not. No, I hadn't had time to check that
because today is Jay day
right? Or we call Jay day.
I wake up, I get dressed, brush
my teeth, I shower, get past,
brush my teeth, get dressed,
whatever order it is,
and then I get on and I basically spend
the whole day with you with a few hour
breaks here, there. So Jay day,
it's my favorite day of the week.
So I'm going to go ahead and
give everybody a little heads up.
If you are here on the show and you're
here because you got an email from me my
apologies. The guests
that we had lined up,
Robert Martinez is not able to join us
today and we have rescheduled him for a
little bit later. So anyway,
apologies on that email,
but I'm glad you're here
anyway because we gonna
open it up for open Q and A for you to
ask any questions that you got going on.
And I'll answer your real estate
investing questions right here.
So in the meantime if you've tuned in
and you haven't put in the comment bar
yet,
type in your name and just say hello to
everybody and the city and state that
you're tuning in from.
And we're going to start up the
official show here in just a second.
But I always like to see where
folks are coming in from.
And I'm also done is I'm trying to move
back and forth between the private chat
and the live chat. There we go.
So what I've also done is I have my notes
here with me where the live event that
I just finished up a few weeks ago
here in Eastern North Carolina,
the live event that I've finished up we'd
have this thing that I do called aha!
Moments when people really learn something
that they can use in their business.
They write it down their Aha!
Moment cards and they turn it in.
And so I've got 77 Aha!
Moment cards here. Well,
welcome Theresa and
Larry. Good to see you.
Theresa and Larry and are in my
mastermind group. And as a matter of fact,
we had a fantastic mastermind
call yesterday for about
an hour long bringing up
bringing each other up to date on what's
going on and how we can thrive and
survive in the midst of the
uncertainty and welcome Louis,
all the way from Washington D.C.
Louis. We're glad to have you.
Everybody else say hello
as you come into the room.
Give us your name and your city and
state that you're coming in from.
Because we love to know who is joining us.
So Scott,
I'm going to go ahead and move forward
and I'm on the cover some information on
some of the Aha! Moment cards that
were turned in. And in the meantime,
folks, as you're coming in let us
know where you are, who you are,
where you're coming in from and any kind
of question that you may have and we'll
get your questions answered.
So we're going to you the,
the official opening of the
show starting right now.
Well, hello everybody!
And welcome back to another episode of
Real Estate Investing with Jay Conner.
I'm Jay Conner,
The Private Money Authority coming
to you live right now from Morehead,
City, North Carolina.
And we are live streaming on our Facebook
page on different YouTube channels and
other platforms. And so if you're watching
live, we're glad to hear, you here,
you can ask your questions in the
comment bar right below the video,
whether you're watching on YouTube
or you're watching on Facebook,
either one of those. I want
this to be interactive.
And if you are listening to the podcast,
you may be listening in on iTunes
or one of our YouTube channels.
Be sure to subscribe and
on iTunes rate and review.
We love your comments. So what we're
going to be doing today, or by the way,
if this is your first time
on tuning into our show,
we talk about all things related
to real estate investing;
here on the show.
What I'm known for if you're brand new
is of course the funding of our deals
getting funding for your
deals by using private money.
I became known as the Private
Money Authority back in
2011 because I got cut off
from the banks way back in 2009 and it
ended up being a blessing in disguise.
And even though we are going through
these uncertain times right now and people
are, you know, dealing with
the unknown I can promise you,
I don't know what all
is gonna come out of it,
but there's going to be some
opportunities and there's going to be some
blessings in disguise that come from it.
As I relate to when I was cut
off from the banks back in 2009,
I mean that was the biggest
blessing in disguise by the,
as it relates to funding from a deals,
I wouldn't have had any reason to
look for other ways to fund my deals.
So because of that crisis and
the global financial crisis,
then, you know, a lot of good
came out of that as well.
And so I've got a big announcement
to go ahead and start getting out to
everybody right now. And that is,
here's one of the opportunities it's
already come out of the crisis that we're
in now. And that is my next event.
In June we have already decided that
that is going to be a virtual event,
a virtual live event.
And so folks won't be coming to Morehead
City here in Eastern North Carolina for
the live event that will be virtual
and it's going to be a 3 days event.
In fact I need to pull the
actual date right up here.
It's in June, so just
a few short weeks away.
It'll be here before we know it.
So the actual dates for
the live event is June 10,
11 and 12 June 10, 11 and 12.
And of course my mastermind members,
we always meet the two days prior to that
and depending on how things go and for
the reopen things back or the
country's been opened back up,
we made the in person or if not,
we'll do our mastermind
meeting virtually as well.
So everybody go ahead and Mark your
calendar June 10 11 and 12 for the real
estate investing cash flow conference.
And I'm going to give you a special link
and so we can put that special link up.
And then Scott's already, my
producers already beat me to it.
So you can go to
www.JayConner.com/LiveEvent.
And you can go ahead and get registered
there and we're going to make it happen
regardless.
So if you're just tuning into the show
we love to hear where folks are coming in
from. So in the comment
section below the video,
go ahead and put your name and your
city in your state as to where you are
viewing in from and say hello.
We'd just love to hear where
people were coming from.
So I'm looking here at the Aha!
Moments that were turned
in at the last live event.
And I see I can interrupt
you for just a second.
We've got a special guest joining
us. Oh, we do? Yes, he's arrived.
Awesome. So we do have
Chris with us. We do.
And he's a last minute replacement
for Robert who was unable to be here.
So really appreciate Chris
taking time out of his busy day.
To be with us and I'll
cue you up for the intro.
Okay. Excellent.
Well folks I'm so excited to have
my guest here on the show today.
We've got Chris Miles and Chris has
been on the show before and he was a
fantastic guest and I got a special thank
you for Chris to come in on the show
here. We had actually another guest lined
up that could not make it on the show.
So at the last minute, Scott,
my producer reached out to Chris and
invited Chris to see if he could join us
today on the show and I'm
just so excited to have him.
So before I actually
start talking with Chris,
let me tell you just a little bit about
Chris as we have had him on the show
before and he's known as the
Cash Flow Expert. In fact,
he's also known as the
Anti Financial Advisor.
Anyway, Chris,
he's a leading authority on how to
quickly create cash flow and as important
lasting wealth for thousands of
his clients, entrepreneurs and etc.
He's been featured all over the place.
He's been featured in US News, CNN,
moneybankrate.com,
and he's got a fantastic reputation
for getting his clients life altering
financial results.
And the name of his company
that he advises people from
is called Money Ripples,
Money Ripples. So anyway, his background,
he was a financial advisor for many years.
I was a stock coach and he
came to the, realization
that the financial advising industry
was not really showing anyone how to
quickly and slightly become
financially prosperous today.
And in fact it's really timely that Chris
could come on today because I believe
in fact, Chris and he was able to
retire back when he was 28 years old.
And I think Chris has been preparing
for what we are now in with this crisis
that we've got going on, since
the last financial crisis.
And I'm definitely going to want to
visit with Chris about that. So Scott,
let's bring Chris right on here out of
the green room and on the front stage.
So, Chris, how are you doing my man?
Just fantastic. Jay, how are you?
I'm doing fantastic.
I'm so appreciative and glad that you
could join us here on the show in the last
minute because we send the email
blast out yesterday and today.
So we've got all these people that
we're anticipating and I'll tell ya,
it might be a blessing in disguise that
you are actually able to be here. So,
again, folks, if you're just joining the
show we want to know where you're from.
So if you're watching on the live stream
right now putting in your name in the
comment bar below the video, your
names and your city and state.
And as Chris and I visit you can ask
Chris any question about the information
that he has.
So Chris tell my audience what is it
about what you do that you would call
yourself an Anti financial advisor?
Cause the stock market stinks. That's
why sure does today, doesn't it,
it stinks all the time. You know, even
when it's going up, it's not great,
you know? I mean, sure, it
seems that's when it's going up,
but the truth is that and this is
what I realized when I was a financial
advisor, right? During the
whole Y20K era, you know,
after 9 11 and did that all the
way through the mid two thousands.
And I'll tell you when
you run the numbers,
when you look at real numbers of
the market, right? Like for example,
the S and P 500, you know,
it's only average seven and a half
percent for the last 30 years.
Like the true rate of return,
not the average that they all throw out
there on billboards practically. Right?
But the true rate of return is
only seven and half percent.
And I mean and that's with all the
ups and the downs lesson, right?
And you know, I had,
I had a guy reached out to me recently
from the state of Washington and he said,
he had actually talked to me
last fall and he's like, well,
I've got $1 million in the stock
market. I want to retire next year.
But I'm not, you know, I'm not sure if
I should keep it going the way it is.
And I said, you know, I can't tell
you legally to cash the money out,
but I will tell you the market is
way, way higher than it should be.
Way higher than it naturally should be at.
Because markets don't go up for 10
years straight like it did. That's,
that's completely against history, right?
Usually if it goes up
for 10 years to go in,
a balance has to go down for five years
after that. Right? So I told them,
I said, you know,
this might be a good time to move
into more conservative things.
Get out into the out of
the stock market, you know,
into treasuries or whatever it might be,
your money markets instead just get
on the sidelines. And he didn't do it.
And he texted me freaking out
two weeks ago saying, Chris,
I just lost $200,000. I was like,
maybe I should work five
more years. And that,
that is why it doesn't work, you know,
because my dad was the
same boat after Y2K.
He was 60 years old thinking he was going
to be able to retire and what happens?
Market slams down on him
and he says, nevermind.
And he works another decade plus,
you know and that's the thing is that
the things that we do with like real
estate investing and things outside of
what financial advisors offer there is
where there's actually a hope.
There's actually a chance
of a real financial freedom.
It doesn't happen throwing your money
in gambling at the stock market.
Those are not investors.
Those are gamblers.
People that are actually
becoming financially free
like even like I did where I
retired twice.
It's from us doing things that create
income and cash flow that come in,
whether you're working or
not. That is the true key.
If you're just joining
us here on the show,
we've got as our special guest today,
Chris Miles known as the Cash Flow
Expert and he's got some very,
very strong advice that's unconventional
that actually will pay off for you in
the long term. If you're just
joining us, be sure and say hello.
Put your comments in the comment bar.
We got Bart and the Bart
and Guy team from Orlando,
Florida. We got Angela
from Ilan, North Carolina.
We got Steve from Douglasville, Georgia.
We've got D Harrell from Charlotte.
Just welcome to everybody.
So as Chris is sharing with you his
information today type in the comment bar,
particularly here if
you're on the live stream,
any kind of questions you got for Chris.
So I would think one of
the first questions people
would want to know, Chris,
is what if I'm not investing in the stock
market what should I be investing in
and how can I become financially free
and quickly and also build long-term
wealth? And I know you've got a
laundry list of different strategies,
but start us off with one and let's
drill down on it a little bit.
Yeah. So if you look at
the traditional model,
you're supposed to save
up money forever, right?
And build it up and say you
get up to 1 million bucks.
Now if you get to the point you say,
I've got $1 million, can I retire?
The answer is probably going to be no,
because in the traditional way of doing
it, doing things the mainstream way,
they're financial advisors,
if they're good, they'll say,
you can only pull out 2 or 3% a
year so you don't run out of money.
Because the thing is you're gonna have
to have inflation and everything else to
fight against, right? So think about
this. You have million bucks, 2% a year,
that's $20,000 a year. Congratulations.
You are a broke millionaire.
You went from millionaire to living on
below poverty level, right? You know,
that's not what it should be. Ultimately,
the whole reason we're told to throw our
money and then get 401k matches and all
that stuff that really
don't add up to being much.
The reason we're told to do that so we
can accumulate and then live up live on
less than the interest. Right? But,
the real reason why we want it
ourselves, not what they tell us to do,
what what we want is we want income, we
want cash flow. And the way to do that.
Like for example, Jay, I know you
guys do things with like hard money.
Like if somebody can like
go and lend you guys money,
you'll pay them a set return
every single year or a
quarter or whatever, right?
You pay them regular income,
you know that.
I think that's the key because you cannot
have financial peace and freedom if
you don't have predictability.
If you don't know what you're going
to be making from one day the next,
because a virus comes and all of a sudden
your retirement just dropped by 25,
30% and a couple of weeks
that's going to rock your world.
And if you're pulling money out
while it's dropping, it drops faster.
So then even if the money
market comes back up,
it can't get back up to where it was
again. So you want predictability, right?
Well that right there,
that right there is first
a writer downer, as I say.
Okay.
I mean when it comes to
particularly retirement years,
you want the money to keep printing,
right? You want the money printing.
I don't want like money just
sitting there that I'm sucking out.
Right. You know,
and I'm so glad you bought with this
point because particularly my senior
private lenders,
they love our private lending program
because nothing's coming out of their
principal. They're not pulling
anything out of the principal.
And when you say predictable income,
they know exactly the rate of return
that they're going to get. You know,
as of today, I'm playing my
private lenders 8% so they know,
so 8% so, Hey, I say you, you
make an excellent example,
Chris. You make it, you make the next
appointment. If you've got $1 million,
which would, I'd rather
do pull 2% out per year
and now it's going down or take a $
millions and earn 8% a year and nothing's
coming out of the principal.
It doesn't take a math genius
to figure out, Hey, can I,
can I pull out 20 or 30,000 a year?
As long as the market smiles
on me the right way. Right.
Versus 80,000 a year no matter what.
Right? And now people might say, well,
real estate sounds risky. Well,
it depends how it's being done.
The truth is that 8% for a lot of us
that are investors that know what we're
doing we
would do that all day long because we
know we make more than 8% you know,
even with weird markets
and everything else,
we know that 8% of very
conservative return to keep paying.
So that's a difference that, I mean if
you to look at apples-apples, right?
20,000 versus 80,000 that means
instead of having you know,
that's a millions of a million right now,
if you want to have that
same 20,000 a year income,
you can either save up 1 million bucks
in your 401k or you have a quarter
million that you invest with
Jay and you get the same return.
It's leverage.
It's actually making your
money work harder for you
so you don't have to work so
stinking hard for that money.
Excellent point! If you're just joining
us, we've got on the show today.
My special guest, Chris Miles
known as The Cash Flow Expert.
And if you're just joining us, be
sure and put in the comment bar.
If you're on the live stream
watching live give us your name.
Say hello and your city
and state that you're from.
I see we've got Marie
with us from Toledo, Ohio.
We've got Kevin from
Waynesboro, Pennsylvania.
So welcome to the show. All right Chris.
So let's just continue on
with the same question.
So you laid the foundation,
the foundation being we don't want to
touch the principle, we want reliable,
predictable income. So being a
private money lender could be a way,
but before we even get to the
point of having a $ million
how do we,
how do we get to the point of saving
up and having a $ million that we can
invest once we do get to retirement year?
Yeah,
so few places I usually look for when I
look at my clients situation and trying
to find the resource, right? I'll
tell you with this current market,
if you're looking for real time advice
right now with the virus and everything
going on, the advice I've given all
my clients is three things. Get lean,
get liquid and get out,
right? So get lean means,
you know, really being consciously
aware of what you're earning,
what you're spending. Just
watching the money coming in,
like knowing exactly what the numbers are.
Because when you don't know the numbers,
you tend to just kind of guess, right?
If you've ever seen the movie
Robin hood men in tights you know,
there's a part in there, there's the
character Blinken who's the blind servant,
right? And Blinken's up on a Watchtower
and Robin hood asked him, he says,
Blinken, what are you doing up
there? He's like, I'm guessing,
I'm guessing no one's coming. He's like,
that's ridiculous. Get down. You know,
like, you know, that's what, that's
kind of what happens is when,
when you don't know your numbers,
you're just guessing, right?
You're just looking at what's available
in your checking account and that's kind
of what you think is what's going on.
So really like don't have to be cheap.
I don't want you to be cheap and live
on rice and beans like some people will
teach, but just be really
aware of what you're making,
what you're spending and knowing those
numbers. Second thing I said get liquid.
This is huge. Cash is King right now,
especially with everything going on.
Cause I'll tell you like now on the
other great investment opportunities
currently right now, but there will
be even more opportunities later too.
And there always are, right? There's
always opportunities. So getting liquid.
So what does that mean? Like One
makes sure we have cash savings,
we have emergency reserves. Make sure you
have that money there. It's protected.
Two.
Here's a key thing I've had people do and
I think the clock is running out right
now, is if you have equity in your home,
find ways to get access to it. You know,
a lot of times I've had people look at
home equity line of credits because the
rates has dropped a percent and
a half, over three weeks. I mean,
just drop like a rock.
I mean usually you'll see how many lines
of credit around four and a quarter
percent give or take.
Well that's cheap money because even
if you have money at four and a quarter
percent and you're earning
Jay like 8%, right?
That's what the banks are doing
to you. Every time that you,
you give them money in a savings account,
they pay you point nothing percent.
But they go and loan that
money out on, you know,
car loans at three or 4%
mortgages at four or 5%. I mean,
they're making money off your money.
You're just doing the same thing. Reverse.
And so getting that money out and
even if you don't need the money,
even if you don't know where to put that
money, I even said, people are like,
listen, get the max line of credit they'll
give you and then cash it out like,
and move it to another bank. Don't
keep it the same bank, move it over.
Because the last recession,
if I learned anything from being
burned in the last recession was,
is that banks don't always give you your
money. If you have a line of credit,
open a home equity line of credit open,
they can cut it down with no warning.
And that happened left and right
with people with great credit,
perfect credit and people
with bad credit didn't matter.
So right now as your perfect
opportunity to say, Hey,
I want low interest money that I can
leverage. Get it out of your home.
It's not paying you a dime in your home,
but you can get paid a lot
more getting it outside.
Give an example how the
guy I talked to today,
he's getting three and a quarter percent
by locking it in for 15 years. I said,
Hey, get that cash all out. Lock
in the rate at three and a quarter,
which is amazing right now.
He'll get $200,000 out.
It'll cost him $810 a month.
Now that 200,000 I mean, we use
the same, same number, 8% right?
That's right there.
16,000 a year. You know,
that's about 1300 bucks a month,
but he's paying 800 months.
He's making $500 a month for free. I
mean, that's no money out of pocket,
you know? So that's what people
don't realize they can get.
You know what's so cool about that
strategy is you can't measure the rate of
return because when you're
also known as arbitrage,
right?
Because when you're getting money from
the bank on a home equity line and you're
loaning it out at a higher rate, I
can't even measure the rate of return.
It's infinity because I'm not
even lending out my money.
I'm not somebody else's money and
I'm making money on their money.
That's not even my money. Right?
Yeah. That's the thing. If it cost
them 810 bucks a month, you know,
to get that money out. But
he's making $811 a month.
He has now made an infinite
rate of return on that $1 again,
he hasn't put any money into
it. That's a beautiful thing.
So that's what I mean by getting liquid
is getting all the cash available in
your hands. Now getting out,
that also means like, Hey,
you've probably got mutual funds. You
might have IRAs. By the way, right now,
if you have anything you could say,
even say you're being affected by
the virus in any way, shape or form,
you can get money out of an IRA before
you're 59 and a half without that 10%
penalty. You just have to say, Hey,
the virus is effecting my hours or my job
or this or that and my finances. Cool.
All right, we'll give
you the money. You know,
you will have to pay taxes on money
because you haven't paid it yet,
but that's fine.
You're going to pay taxes and retirement
anyways and technically right now,
this, these next two years are the
lowest years and decades for taxes.
After this year, the Texas go back up.
So why would we want to get tax more in
a couple of years? Right? So, I mean,
consider that option. I'm not saying
liquidate everything. I'm just saying,
one option I look at is, Hey,
if we can liquidate money
of IRAs or whatnot or 401ks,
we can get access to that money with
less penalties because of a virus right
now. This could be your
opportune moment to say, great,
now I can take that money and turn
that into real income. Right? That is,
that's what's so fun.
I love it. So it was,
Yeah!
Get Lean that which means don't
be doing expenses that you,
that you don't have to, we only
want essential expenses. Right!
And not that we haven't been here in
the word essential a lot lately, right?
Yeah. And Get Liquid.
So get all the cash out of the
equity that you can and you know,
if nothing else, sit on cash. And thirdly,
Get Out.
So my producer Scott told me that since
you were so gracious to come on the
show,
you're the last minute that you were
going to have to jump off at the bottom of
the hour. Is that correct?
I got a few more minutes, but yeah. Yeah.
Okay. So what, you got 5, 10 minutes?
Yup, exactly. Excellent. Okay,
so we're going to take advantage
of your graciousness. All right.
So when you advise your clients,
is there a formula or a way that
you come up with advising them,
and it may vary from client to client
or you may have one set formula,
but how and what do you
advise your clients?
How much cash do they need to have on
hand for themselves for their business,
for when the next crisis comes
along? This totally unexpected.
When I say totally unexpected, I
mean prior to a couple of weeks ago,
I mean, we didn't know, I mean
three weeks ago we had no idea that,
that our world would be looking like
it is now. How do you figure that?
you know, yeah, cash reserves
are absolutely essential. Right?
So I recommend at least six months
of expenses, right? So again,
talking about getting lean, I said,
make sure you know what your expenses
and your income is. Understand that.
Like if you're, say your expenses
are $8,000 a month, right?
If they're $8,000 a
month, times that by six,
you're going to want about $50,000
sitting in cash that you're not touching.
You're not investing with it, that
it's available there just in case.
Because the truth is we don't know.
And this goes for business too
because a lot of businesses right now,
and we're going to see this,
businesses are going to start
showing them going out of,
well going out of business because
they don't have enough cash reserves.
Some of them might only have about a
month to two months and then they're out.
They're completely out of business and
they're hoping and praying for this bill
on might not to show up just in the
Nick of time, which it may or may not,
right? Especially if it moves
at the speed of the government.
We know it doesn't move very fast. So,
um, there's going to be a lot of changes.
So having those reserves, both in
business and personal business,
I say minimum three months,
personal at least six months. Right?
And then here's the, here's the next
objection people have, they'll say, yeah,
but Chris, that's a lot of money I
could be using to make me more money.
That's just sitting there doing nothing.
Especially if you put in the bank
earning point. Nothing percent. Right?
So my recommendation is,
well let's split it up and let's
make sure that it's all liquid,
but it's not just all sitting
in earning 0.1% in checking.
Right? So our savings account
that you have at your bank.
So my six months reserves, I split
up, cause my wife, for example,
the last weekend she said, Chris,
we want make sure we have
more reserves just in case,
even though we have lots of income
streams coming in, she's like,
I just need that security, right?
So she wants $160,000 sitting on
the sidelines. So I say, great,
I will do that. But two thirds of it
needs to be sitting in the life insurance.
So I have a life insurance
savings that I use.
We talked about on a previous show,
but I'll keep that money there because
I'm earning four or 5% tax free on that
money. So I keep that money sitting
there. So I'll have like, you know,
about 160,000, about a hundred thousand
earning way better than my bank.
Plus it's tax free and it's protected
from creditors and lawsuits.
The other 50, 60,000
that's sitting in savings,
whether it be in the bank earning nothing
or seeing an online savings account
where I might earn like one
and a half percent right now.
So I'll have money split up between
those so I can get to it quickly.
The life insurance money will take me
about a week to week and a half to get.
So I have that kind of
that kind of that you know,
ladder type of strategy where if
I have to get to it immediately,
I've got the bank, I've
got the online savings,
but if I know it's going to be big and
then I can have time to request the money
from my insurance too. So
that's what I do with my money.
Excellent! One of our viewers,
Teresa invited one of
my mastermind members,
she had her question is what's
the 3d things? So one more time.
Tell everybody what those, what those
3d things were and what they're for?
Yeah, get lean, get liquid and get out.
So get lean was you make
sure you tighten the belt,
be very aware of your expenses,
make sure you know how much money is
coming into so you know how much money is
coming in and out, right? Two is get
liquid, so get, make sure you have,
just like we talked about
with the savings, make sure
you cash on hand. Three,
get out means that's primarily referring
to your stock market investments,
right? Mutual funds, IRAs, 401ks.
You may not be able to get it all
out cause it could be massive tax
consequences. But that
is a thing that I'll,
I promise you we are entering a recession.
They've already promised
that it is a recession.
Never ever have I seen a recession
where the market didn't go down.
And when the market goes down,
it takes usually at least two or three
years to hit bottom right now we've
already had a week of it going back up
and it's kinda like now settling a little
bit. Don't think this is
the lowest it's going to go.
So if you want to preserve it, you have.
It might just mean moving it to a money
market type of account within your IRA
or 401k. You may have to cash
it cash out or liquidate it,
but you might want to move it
into something that's safer.
Money markets or treasuries or you know,
government bonds, something like that,
which aren't always totally safe. Right?
But it's better than
being the stock market,
which could all of a sudden drop
like a rock, like we've already seen.
I see this an opportunity to get
your money moved over, get it safe,
preserve what you have right now.
Whatever you've lost, preserve it,
minimize it. If you can cash it out,
that can be a great opportunity to
make a lot more cash flow money.
And that's the whole goal is how can
we take all these resources and money,
turn it into actual income, right? Income
that can actually replace your income.
So if you do get laid off, you're
not stressed, you're not worried,
you don't have to worry about
having the cash reserves. You know,
that's what I keep
telling my wife is, Hey,
I have three of my income streams cut
off. I still have 12 others. You know,
I'm still okay. But
again, it's of all of his,
about how to protect yourself, have
a good defense and a good offense.
That's awesome. Chris. Well, Chris,
I'm sure my folks are gonna want to
reach out to you and people you're in the
towns we're going through right now
for sure. Need some extra hand holding.
And so how can people continue the
conversation with you and contact you?
Yeah, you can actually go to my website,
moneyripples.com. That's M O, N, E Y,
R, I P. P L E. S has a Scott
just put on there right there.
So moneyripples.com or you
can even check out my show,
the Chris Miles Money Show that
you can find on iTunes as well.
That's awesome. Chris parting
words and final thoughts that you'd like
to share with people given the times
we're in?
Yeah, I'll tell you again that
get lean, get liquid and get out.
Remember those words because
the time is short, right?
There are going to be things changing.
You will be so grateful that you have
cash in your hands to take advantage of
opportunities coming right now. The
second thing I would say is just overall,
if you want real financial freedom,
it's not from how much money you throw
in your 401k because there is no freedom
in the stock market. There is no
freedom. When you don't have certainty,
you want predictability. The best way
to get freedom is creating cash flow.
When you have more income coming in,
other streams of income coming in
that is not just from one, you know,
one table leg that's wobbly,
but you've got multiple legs,
multiple streams of income coming in.
This is where we create more options,
and when you have more options,
that is when you have freedom.
Real financial freedom comes from having
options and options come from having
multiple streams of income and cash flow.
That's awesome! Chris, thank you so much
for coming on today. I appreciate you,
my friend.
Hey, it's been a pleasure,
Jay. So appreciate being here.
Thank you. All right,
folks. There you have it.
A wrap for another episode of real
estate investing with Jay Conner.
I'm Jay Conner, the
Private Money Authority,
wishing you all the best and here's to
taking your business to the next level.
We'll see you on the next
show and bye for now.
