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Finding the Right Investment with the "Cash Flow Expert" Chris Miles
In this episode, we invited Chris Miles, the "Cash Flow Expert.” Chris considers himself as a reformed “Anti-Financial Advisor.”
He is a leading authority on how to quickly create cash flow and lasting wealth for thousands of his clients, entrepreneurs, and others internationally.
Chris consistently practices and teaches small business owners how to do what no other financial advisers can or will—achieve financial prosperity, now and in the future, spending time doing what they love most.
- Who Chris is
- Why he is now a reformed “Anti-Financial Advisor”
- The kind of investing he is doing
- Helping people figure out the right investment
- Determining the right investment for people
- Knowing who you are and what you want to be doing
- His feeling when he first retired ey to finding one's purpose
- How to earn passive income and find out what you really want to do
- On Infinite Banking Strategy (Supercharge Saving Account)
- "If you do something for more than just the money, you have much higher odd of success."
- "If money is no longer an issue in your life, what would you want to spend your time doing?"
- "Creating a life that you don't feel like you need a vacation from."
- "Work because you want to and not because you have to."
RESOURCES AND LINKS FROM THIS SHOW:
Larry: Welcome to the Brain Pick-A-Pro show live from Lake Wylie, South Carolina, and all the way on the other end of the country, up in Utah, is my good friend, Chris Miles. This guy is a mover, a shaker. He’s got a podcast, the Money Show. It’s just awesome, man. This guy is just – he is moving around, he’s got so much going on, and he’s got so much to teach and share and he’s had me on his podcast so I wanted to get him on when I was learning a little bit about what he does and how he does it. I said, “Man, my people got to learn this. They need to know this.” Chris, welcome.
Chris: Hey. Thanks for having me on, man.
Larry: What’s going on?
Chris: I’m just loving life, you know. I’m just here in Utah but getting ready to go to LA pretty soon.
Larry: Oh cool, cool, that’s good. Now, do you live – go back and forth and live in both places?
Chris: Well, not necessarily. I mean, like, LA is just to go speak, you know, speaker on an event but, yeah, actually, like every winter we go and snowboard each year so anywhere warmer. So it could be – I mean this year we’re going to Hawaii or part of it and then either California or Arizona for the second part. Last year was Texas, year before that was California.
Larry: Wow, that’s cool. Now, do you have an RV?
Chris: No, no. We just go and Airbnb, you know.
Larry: That’s really cool. I love it, I love it. So, why don’t you tell our listeners a little bit about yourself. Who is Chris Miles?
Chris: I am a reformed anti-financial advisor. So, basically, I started out being the traditional financial advisor back in 2002 just right after Y2K, you know, 9/11, all that stuff.
Chris: And I did that for four years and I liked teaching people about money but I realized pretty quickly it’s a bunch of crap.
Larry: You can’t afford it, right?
Chris: Yeah, like you cannot retire on that kind of stuff. Like, I mean, I ran the numbers any way possible. I mean, unless you pretty much, you know, fluff numbers which is what financial advisors have to do to make you feel hopeful.
Chris: There’s no way that it was gonna work and I remember I met some millionaires back in 2006 and that was a shift because I thought, man, like, obviously, I wanna be what they’re doing and some of them they were in their twenties and thirties and a lot of ’em were doing real estate investing and different types of business, and I thought, man, I should learn what they’re doing versus what all this broke financial advisor tell me to do, right?
Chris: Or what I was telling people do as a broke financial advisor and so I did. I ended up eventually quitting March of 2006, quit being a financial advisor when I was at the height of my practice, and then four months later, I was able to retire when I was twenty-eight years old. So, it happened so quickly, so easily, it shocked me and shocked everybody else, right?
Larry: And that’s been a while, right?
Chris: Yeah, that was twelve years ago, you know. There’s a lot more gray hairs now.
Larry: Right, right.
Chris: You know, and I’ve been through it all. I mean, I went through the recession, you know, I was – the ambition in my twenties caught up to me in my thirties and I was – I thought I had the Midas touch and everything I would touch turn to gold and so I took unnecessary risks. I remember, recession like I went from millionaire to upside down millionaire, you know, over a million dollars in debt, $60,000 in the hole each month, had to bow back out of that with no money and no credit and did, you know, eventually paid those debts off and two years ago I was able to retire again but this time with a lot more passive income than I had before.
Chris: So now I just work ten to twenty hours a week, doing what I love and, you know, teaching and that’s why I do my podcast, Chris Miles Money Show, and just loving life.
Larry: That’s sweet, man. I love it, I love it. So, what kind of investing are you doing?
Chris: You know, I have business streams of income I have coming in. I have about fourteen different streams of income. Some of them through business, got some of the real estate, I’ve got some notes. I mean, I’ve got, you know, all kinds of stuff. I may be looking at oil and gas for this year especially for the tax breaks and that kind of breaks.
Larry: Right, right. That’s really good, man, that’s good. Now, you really, I mean, you kind of specialize in helping people figure out what is the right investment for you, right? For each individual person. Tell us a little bit about that. Let’s talk about that.
Chris: Yeah, you know, like – so, back in the day, like back about the time I retired, I was also stock coaching. You know, like I was teaching people how to trade stocks and option.
Chris: And I realized pretty quickly it was a gamble, right? And my whole job was just to get people to gamble less ’cause I knew, even trading the stock market, you’re violating real principles of wealth.
Larry: Right, right.
Chris: You know, high risk does not create high return, that’s false. Like, there’s no way 90 percent chance of losing creates a 90 percent chance of winning, right? Last I heard that doesn’t add up to a hundred, you know? It was 90 percent chance losing equals 10 percent chance of winning and that’s why most people don’t win, and so I remember like when I was teaching people how to do that, I would ask them, “Well, why did you pick this?” Like, “Why did you wanna do stock investing?” And a lot of them would say different things. I mean, they wanted freedom, they wanted control just like everybody else, right? They want their time back, their family.
Chris: But a lot of – some of ’em even just said, “I just hate dealing with people. I don’t want to deal with people anymore. I just wanna be on a computer, you know, ostracize the world,” so to speak. And what I found was the ones that actually made money, like – and I coached over two hundred people. The ones that – they made pretty good money while I was keeping them accountable and holding their hands and stuff. When they’re on their own, the only ones that really truly made more money and got better were the ones that loved it regardless of the money and I noticed that was a common thread. The ones that were just doing it for paycheck, they kinda found out they didn’t really like it that much, right? Because they didn’t even like having to go on the computer for twenty to thirty minutes a day, you know? Even though that’s all it took. They didn’t wanna have to do that because they just wanted the money, right? And as a result, they would make dumb, emotional decisions. And so I found out that, and this is true with real estate investing or any kind of investing, even in a business and everything, right, is that if you do something for more than just the money, you have a much higher odds of success than those that just try to get another paycheck. ’Cause, I mean, why would you go and do an investment only for a paycheck? I mean, that’s like going from one job to the next, right? And so a big thing that I focused on with people was, it’s like, yeah, there’s so many options, so many investments you could do, but what’s the right one for you, right? Like what’s the one that really like kinda lights you up? You know, you have to have this lifelong mission. It’s like this, you know, life mission that you have to do that investment. It could be and that’s great, but it might just be that you’re really intrigued by it, right?
Chris: And I do agree, like I think real estate should be a part of just about any portfolio. I’ve got clients where some of them say, “You know what, I really don’t wanna do a lot of real estate investing. Maybe I own my own house, maybe I’ll buy a property or two but I actually think oil and gas is fun, like I wanna get into that.”
Larry: Right, right.
Chris: Or I can like go more into, you know, this line of my business. Whatever it might be. Like, you wanna do whatever is gonna be the thing that you’ll do regardless of the money that you would do even if you retire, right? And that’s how you know you can become financially free. You don’t wanna be doing something you hate when you’re supposedly out of the rat race, right?
Larry: That’s so true. You know, I love real estate. I used to be a stock broker as well back in the eighties but I know now why they call it a broker, right?
Chris: Yeah, the broker that you and I are, right?
Larry: That’s so true, but the thing about it is I used to invest in the stock market and I don’t have any control over that. Maybe I just didn’t take the time to learn as much as I could or should, but real estate is my passion. I love real estate, but even in real estate now that I know real estate is what I do, what I wanna do, what I love, there are several things that I don’t do in real estate and I’ll never do it again and you can’t make me, you can’t make me. That’s short sales, rehabs, and tenants. I don’t want any of those three, right? So, I think that’s a big thing pointing out, like, if I had to sit in front of a computer and on the phone and work short sales every day, man, I’d rather go flip burgers at McDonald’s, right?
Larry: Yeah, so tell us a little bit about how you help people determine what is the right investment for them.
Chris: You know, a great question. I remember somebody asked me back in 2006 right before I ended up retiring the first time, right? He asked me, he says, basically he just said, “If money were no longer an issue in your life, what would you wanna spend your time doing?”
Larry: Yeah, that’s a good question.
Chris: It’s a really awesome question. Because most people never think that far ahead. Some people just try to get to the point of how can I just get out of the rat race, how do I get that extra $10,000, $20,000 a month of passive income so I can retire. Well, I’ll tell you from my own experience, I’m doing it twice, right? When you get there, it’s a shock, especially the first time. I had no clue. It was like, what would I wanna be when I grow up? What am I gonna do at this time and these resources?
Chris: Because I lacked clarity. I just kept doing the same thing. I kept doing that stock coaching, for example. It was all gravy at that point but I just kept doing it, and I’ll tell you, like, if you really get deep into it, okay, well what would I do with my time? And by the way, my answer to that guy the first time was, “Well, I guess I’ll travel more,” which I always know what people lack in their life when they tell me, “Oh, I wanna spend more time with my family.” Oh, so you’re not spending time with the family. “I wanna travel more.” Oh, so you’re not traveling at all right now, right? Like it’s always what they don’t have. I remember he asked me and I said travel more. He’s like, he kinda looked at me with disbelief. He said, “Yeah, but what are gonna do with the other forty-five weeks out of the year?” He’s like, “Sure, you’re gonna travel but you’re not gonna travel every single day of your life, are you?”
Larry: Right, right.
Chris: Well, no, that’s exhausting. He’s like, “Well, what else would you do? Like, what would you spend the majority of your time doing?” Uhm, well, I dunno. I probably would just teach ballroom dancing and, yeah, I would teach ballroom dancing, I guess. You know, ’cause I used to be one of nation’s top amateur dancers.
Larry: Wow, I didn’t know that about you.
Chris: Yeah, you know,finance, dance, they’re all kinda the same, right?
Larry: That’s awesome, I love it.
Chris: So, yeah, so I’m kinda struggling down that route and I started doing that actually, even before I was there. I started – ’cause it’s like, well, why wait? Why not just start it now? But what’s interesting is that what happened with me naturally is that people kept asking me. They kept pulling me out of retirement. That’s what’s happened. Every time I try to retire, people wanna pull me out. It’s like, “Yes, but I wanna know what you know,” and so one huge passion I have is teaching. I mean, just like teaching ballroom dance, teaching in general like especially if it makes a big difference in life, it’s a huge passion of mine. That’s why I do the podcast show, you know, that I do, right? ’Cause I love teaching, and I think that’s the key. If you find out what you would love doing and find a way to integrate that into your life now and also when you’re financially free, I’ll tell you, you probably get there faster ’cause it’s not as scary of a thing when you get there if you already know what you’re gonna do.
Larry: Right. That’s so true, man. That’s true. It sounds like the first question the person has to ask themselves is what is my purpose, what’s my vision, what is my – a lot of people call it. Is that right?
Chris: Exactly. Then you can figure out what the “what” is. Like, you know, in investments, what lines up with that, what matches. I mean, we all know. I mean, like the things you teach people, I mean, people could retire fast. I mean, they really can. They can even get a little bit of money. They could do a lot of good, you know, a lot of damage, right? But in a good way.
Larry: A lot of damage is a good analogy.
Chris: That’s right. But, yeah, there’s gotta be something that they know that really aligns with who they are and what they want to do. You know, like if it’s something that they say, yeah, that seems like a headache to me, just like you said earlier, right? I’d rather just flip burgers. Okay, well, find something that you would actually think, “This is kinda cool, this is fun.” You know, even if you have hiccups and I know you’ve had – you know, it’s not like everything is roses. Like, you’re gonna run into issues from time to time.
Larry: Oh, that’s so true man. There’s ups and downs, ebbs and flows. I mean, we just went through a thing where we downsized. I mean, we were really top heavy in our business. We had twenty-six employees at one time.
Larry: Now we’re down to like six or seven, something like that. And it can get away from you, right?
Chris: Sure can. It really can. That’s why you gotta find something you actually like beyond the money because you run those kind of headaches, you’re gonna wanna quit, you know, plain and simple. There’s no sane person in their mind who would keep going and doing something that they hate that much, right? So, that’s why you gotta find something like, you know, this really intrigues me, and that’s why even though – some people I could be like, here, you just do this, X, you know, this investment pays you 10, 12 percent, whatever it is, boom, boom, boom, boom, cool, we got the numbers, you retire, right? Like, that’s easy, but the hardest part is more like, okay, let’s match this up, let’s make sure that we’re creating a life that you don’t feel like you need a vacation from, right? Like, you really create a life that you will love when you get to that point.
Larry: That’s awesome, man. I used to know a guy that if you ask him how he is doing, his standard answer was, “I’m on vacation.” No matter where he was or what he was doing. “I’m on vacation.” That was his life though, right?
Larry: His life was a vacation. Yeah, he is a real estate investor, he is doing well, but his whole life was a vacation so he kinda pumped that up and like, yeah, my whole life is a vacation, right?
Chris: It’s like when I tell people I was able to retire, just a couple more – recently a couple years ago, like, “So you sold your business?” Like, no, I still have my business. “Well, how are you retired? You’re still working.” Like that’s because you’ve never been there. You’ve been retired. Retiring, when I first retired, was the most boring, worst time of my life. Like there’s no purpose to it, right?
Larry: I know. You sit around and watch daytime TV.
Chris: Yeah. And, you know, I found out too that everybody’s different on how they like to work or spend their time with stuff because, for example, I do a lot of the cooking and cleaning, like I just got done cooking breakfast for my family and then, alright, cool, I’m done, gotta go do an interview, you know, and I ran upstairs after I rinsed off some dishes, and here I am, right?
Larry: That’s awesome. I love it.
Chris: But it’s kind of – with my time though, like I actually like working – my sweet spot is between ten to twenty hours a week.
Chris: Like if I work over, you know, thirty, forty hours, I get burned out.
Larry: Right, right.
Chris: And then it’s, you know, #firstworldproblems, right? I almost worked forty hours this week. Oh.
Larry: Yeah, I know, right?
Chris: But I’ll tell you, I’ve worked five hours before and I lost the fire, I lost the passion in my life when I only worked five.
Chris: So I found like, okay, I almost feel like, you know, so like the fire dwindles when I work too little, if I burn out, the fire burns me out when I work too much, let’s find that little sweet spot. And everybody’s different. Some people love working forty plus hours a week. Others don’t wanna work that much at all.
Larry: So, what do you think is the key for someone to find their own purpose, vision, or why?
Chris: You know, just start asking that question. You know, really like ask yourself, if money were no issue, what would I spend my time doing? Like what do I – what am I really about? And don’t force the answer. Like some people would get stressed out like, “I don’t know.” Well, cool. Well, entertain it. Sit with the question. Let – sit with it for days or weeks. Like you’ve got time, you know? In the meantime, let’s start getting you financially free. But in the meantime, really start asking yourself, yeah, what is it? You know, what is that truly, you know, I would wanna spend my time doing? And get past the – I don’t wanna call it rhetoric necessarily but, yeah, kinda like rhetoric, right? You’ve got dogma if you’re religious but, yeah, get past the rhetoric of, you know, travel or spend time with family, like, yeah, I’m sure you wanna do all those things, but what is it that you really wanna do? Like, really have to take your place – yourself to that place and say, alright, I have the options, now what?
Larry: Awesome, awesome. When I ask myself that question, the first answer that comes to mind is be a rock star.
Chris: And what does that mean to you?
Larry: Yeah, just gonna be there, when I get up, I’m gonna play the guitar, jam with people, play out every once in a while, but without the late nights and traveling.
Chris: That’s right. That’s awesome.
Larry: Yeah, yeah.
Chris: Who says you can’t do that, you know? Prove it.
Larry: That’s exactly right. That’s exactly right. So, tell us a little bit about some of the right investments that some of your listeners, your viewers, that you’ve helped them with or that they’re using to be able to realize their own purpose and vision.
Chris: You know, I’ve read about a guy that wanna do oil and gas, you know, as a focus. Like he’s from Hawaii. I mean, it was hard because I really wanted him to do real estate, right? And this is when I started to really question, like, okay, this is where I need to be more of a guide, not so much the guru that just tells you here’s what you need to do right now.
Chris: And it kept coming up. He kept getting that resistance to real estate and I finally just said, let’s just go oil and gas then. Let’s just do that. Now, let’s reduce your risk, ’cause he was taking some really high risk in some of the deals he’s doing like, you know, I’ve got a better option for you. Here’s one that spreads the risk out, higher returns with lower risk, which is the formula, right? And that’s kinda what I like to try to find for people as well is try to connect them up to sources in case that’s a good fit. So, he was a great one there. Another lady – actually, it’s funny. She first hired me because she was looking to expand her business, so she was working her business, she was fifty-five, and as we were working together, she said, you know, this business coach I’m working with is pushing me to go bigger on my business. I don’t think I want to. I think I wanna wind down, not wind up.
Chris: And so we started to dig more into that, and I was like, well, let’s get you out of your business if you want to. Like, at least financially get you to a place where you could quit your business if you want. It will only work because you choose to, right? Work because you want to, not because you have to.
Chris: And so we did, and so with her, we took the real estate route. We did more turnkey rentals and things like that, stuff that were more hands off. She loved Alabama and so we started focusing on the Birmingham area with her and she got to the point where her passive income was over $2,500 a month which is just enough that all the other students think comfortably get her to retire, and so almost – it’s been almost two years now and she went and retired to Bali. She’s now scuba diving and occasionally teaching yoga. She’s like, “I might even earn just a little bit money just teaching yoga here and there just for fun.”
Larry: That’s awesome. That’s awesome.
Chris: But she doesn’t have to work a day at all. Like her business is basically nonexistent now, you know? So that’s the kind of stuff we do.
Larry: So she found a turnkey provider that sells turnkey properties in Birmingham and just buying up properties?
Chris: Yeah. Just connected her with that turnkey provider, said, “Here, try them out, see if they’re a good fit,” and they were and it was perfect and, yeah, it’s great. It’s been awesome.
Larry: That’s really good, man. I love it. I love it. That is awesome. What are some other things that you can share that people can do to earn passive income and find out, you know, what they really wanna do?
Chris: Yeah, you know, like I think the biggest – if they’ve been listening to your show at all, I mean, I’m sure they’ve found several ways to do that, right? Either active or passive. But there’s something to be said too. I mean, active income obviously is gonna be a much higher returning venture, you know, like that’s what I love about what you do and teach. Like I talk to my clients like which one you wanna do, you wanna be more of an active investor or a part-time active investor and a passive investor or just passive investor and I get a mix. Like some of ’em are like I think I wanna get really active into this kind of real estate investment, right? Whether it be like seller financing, they’re doing wholesaling or whatever doing. Others, they’re like, I think I wanna just go the passive route. Cool. Well, let’s find out what that is. Do we do different types of notes or opportunities there, you know? I have some people that just recently got really excited when I said, yeah, there’s a group out there that does debt collections. Like they buy debt collections for three cents on the dollar, you know, from credit card companies where the people have gone delinquent. They take it. They have their own collection agency that they own as a company. They go and they call ’em up and they might buy a $25 million portfolio for $700,000 and then turn around, in the next year, you know, get two and a half million, 10 percent of that back, with the returns, and they’re like, hey, I’ll pay you, you know, 1 percent a month just to be the financer on these deals.
Larry: Right, right.
Chris: Some people are like, that’s awesome, like I would love that, you know? And it’s kinda cool. Like if there’s something that lights ’em up like regardless of the money, they’re like this sounds really awesome. Then you tell ’em the return, then they’re even more lit up. That’s pretty cool, right? You know, that’s something that just happened this week with one of my clients.
Larry: That is really cool. That’s good. That’s good. And I know you talk a little bit too about investing to pay yourself twice. Tell us a little bit about that.
Chris: Yeah. So, like, you know, I remember like back in the day, like when I first started learning from some of these millionaires, a lot of ’em were using like different, you know, savings vehicles than I was using. Like, for example, I was about investing in mutual funds or in different products like that ’cause I used to be a mutual funds salesman, right? So of course I bought and sold mutual funds.
Chris: But, you know, like they’re saying like hey, you know what, this is what we do. We do this whole infinite banking type concept, you know, like Nelson Nash, heard of that, and they tell me the method and it was pretty cool and I remember, I did it myself, and I remember I did, you know, I bought a pretty large policy, just dumping in a bunch of money and they’re just like, yeah, this is long term. Takes five to ten years to fund it. And I remember asking at the very beginning because I had sold insurance myself for the previous four years, I said, “Was there ways I can make this better, overfund it, increase the ROI?” and the guy said no, you can’t. Like you’ll violate the tax laws. So I was like alright, I was taking it at face value. So, I just did this thing. Well, the recession hit, all of a sudden, I can’t afford to make these huge premiums, I had dumped in like $25,000 plus, couldn’t make the premiums, there was zero cash in there and I lost the policy.
Chris: I later found out that what he had said was a total fallacy. It was false. And so I came back to him, I remember I had a two-hour screaming match with him in his office. I ran my own numbers. I said here’s what I would do instead, watch this, and like you would have cash from day one, not year three.
Chris: Day one we have cash in this thing and I can beat all your numbers, have just as much as death benefits, ’cause that was his big concern was more death benefit. I was like I could do this just as good as you can. And they’re safer, and so using the strategy like whole life insurance was the strategy he was using, well, I found ways to use it to where, you know, you end up like having cash from not only day one but it’s pretty much just like free insurance, like there’s no charge to it at all by the third year.
Chris: So it’s going super fast. You know, the cool thing is you can leverage it and borrow from it like you can do from a bank. You can actually create returns in two places at once because the money is still growing, compounding in the policy, and you can take that same money and invest it somewhere else. So if I go and invest it in a real estate property, say it’s paying me, you know, 12 percent a year, thing is I’m making another 4 percent on top of it with that life insurance policy so I’m making 16 percent a year just by how I’m leveraging it. And the thing is, like other insurance agent, they don’t want you to do it to that nth degree because it cuts their commissions.
Chris: For me, I don’t give a crap ’cause I’m retired so it’s like, that was – the second time I retired, that’s what pulled me out of it was there is an investor, he was a neurosurgeon, you know, wealthy, multimillionaire, and he’s like, you know, “You taught me this strategy and it’s freaking awesome. I need you to teach people that ask me questions,” and I’m like, I don’t know, like I don’t know if I wanna do that, and I finally just said, “Hey, listen, if it doesn’t take more than five hours a week out of my time, I’ll do it,” and I’m having a lot of fun with it. Like, I kept perfecting and getting better. I was like, hey, I’m doing this better than my own policy that I created so I ended up doing a new policy for myself last year doing the same method that I have all my clients do and it’s been awesome.
Larry: Oh, that’s awesome.
Chris: So, yeah, like I dumped in $40,000 last year but I can go and take out, you know, $30,000 some odd and go and put a down payment on a property or whatever. Like it’s almost like –
Larry: That $40,000 is still working for you, plus you’re getting return on the property.
Chris: Exactly. The money is still growing and – as if nothing had happened to it. So it’s awesome.
Larry: Plus there’s a life benefit, right?
Chris: Yeah. I mean, obviously there’s the death benefit because once you die, right, but the cool thing, this is actually like life benefit, like you can actually use it while you’re alive and immediately start taking the cash flow from properties, you know, use that as down payment to cash flow fund it back in and just cycling money through it and it becomes really a supercharged daisy. It’s like a tax-free, you know, ’cause like if you look at a savings account, you earn point-nothing percent and you get tax on that point-nothing percent.
Chris: Plus you’re exposed to all creditors and lawsuits. With this one, I can earn, you know, like I said, like net, even after loaning – you know, doing the loan and everything, I can net at least about 4 percent a year, it’s tax free, which by the way you factor in the tax free part, that almost rivals a mutual fund right there, you know, based – without all the waves.
Larry: Right, right.
Chris: And I’m actually more protected from creditors and lawsuits than almost any investment strategy I can be doing.
Larry: That’s cool. Now, what part of it makes it tax free? Is it the contribution to it? The premiums? Or what?
Chris: Yeah. It’s tax – much like a Roth IRA. So, you put in after-tax money, they gross tax a third and you can pull it out tax free.
Larry: Oh, okay. You can pull it out tax free. Now, is it a loan? You have to pay it back or what?
Chris: You can do either. You can do a loan. I always say, if you do a loan, that’s easy. It’s – and that’s the preferred method, especially if you’re gonna be cycling the money and stuff, but you can do withdrawals too just like a savings account. The difference though is that, you know, unlike a Roth IRA, you have to wait until you’re fifty-nine and a half, you don’t have to do that here. There is no fifty-nine and a half rule. Like I said, there’s the death benefit part, that’s like a pure bonus if you think about it that way. But also there’s the – you can dump in way more than you can dump into a Roth. Like, for example, that neurosurgeon, we’re having him dumping a half million a year. And I’ve got other people that like bought policies and dumping like a thousand bucks a year, you know, so like –
Chris: You can do all kinds of cool things with it.
Larry: That’s cool. And just so the listeners understand and know, you mentioned a couple of things, a couple of names a minute ago. What specifically is that called?
Chris: Oh, yeah. I mean, obviously it’s more commonly referred to as the infinite banking strategy.
Chris: I usually just refer to it as a supercharged savings account because –
Larry: Here you go.
Chris: I tell you, the infinite banking people out there, I mean, even when they do it, at first, the first year you might see 50 or 60 percent of your money come back. That’s the most expensive year. Whole life, they put most insurance costs up front, right? The first two years especially.
Larry: Right, right.
Chris: I usually do it to where you get at least 75 percent the first year. Like cut the cost even more than what most of those infinite bankers, so-called, do, right?
Larry: That’s good. I love it. Man, I really appreciate this. If somebody wanted to reach out to you, how would they get in touch with you? Tell ’em about your show and what’s that about so they can start watching your show.
Chris: Yeah. You can always follow Chris Miles Money Show. It’s on iTunes or any podcast app that you look up. The big thing that I teach really about – a lot of different principles around, you know, business, investments, money, all the principles that are necessary to create financial freedom is a part of that. It’s all about cash flow. That’s my real key theme. You can also check out my website, moneyripples.com, you know, M-O-N-E-Y-R-I-P-P-L-E-S, dot com, right? I’ve even got a free e-book on there called Beyond Rice and Beans: 7 Secrets to Free Up Cash Today, so if somebody’s looking for ways to find more resources, that’s a great free book that they can download there.
Larry: That’s great, man. I love it. I really, really appreciate you being on today. This has been some really cool stuff.
Chris: Yeah, it’s been an honor, man. I had fun. I love teaching with you.
Larry: That’s awesome, man. Thank you so much. I really appreciate it. Guys, go check him out. Go check out his podcast, go to his website, and check him out and subscribe and leave him some good feedback too and leave us some feedback while you’re doing it, and we really appreciate it. Thanks a lot, buddy. I appreciate you.
Chris: You bet. Thank you.
Larry: Thanks. Take care.