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I had one guy, he’s 53 years old. He said, he talked to his financial advisor and finance advisor like, yeah, you’re good, you should be able to retire by your 60s. He’s like, that’s not good enough. You know, like, thanks. Any recommendations? No, just keep doing it. Just keep saving away. And he’s got $3 million in the stock market. And I’m like, what’s your cash flow goal? He’s like, 15,000 a month, 180,000 a year, that would be fantastic. I said, how would you like to retire this year?

What would your life look like if you could replace all of your working income with simple and conservative investments that could do it for you? Over the last 13 years, we’ve helped 1000s of clients transact over half a billion dollars in simple and conservative real estate transactions, allowing them to begin replacing their working income with real estate investment income.

Each week, we’ll be pulling back the curtain on the ins and outs of real time retirement based real estate transactions that will transform your financial future, even if you have no real estate experience. This is replace your income with me, Kevin claesson, and Steve Earle. All right, well, hello, everybody and welcome to replace your income with Kevin and Steve. Hey, you got your cutie That was good. Yeah, well, that is well, I’ve been out traveling. I’ve been doing some actual work around.

The episode we aired last week, I wasn’t even on it. I was feeling really sad. I felt like I had to record an introduction so that like people would remember I exist, because you would Ryan killed it. Man. That was an awesome episode. I just barely relisted to you guessed it. Awesome. Now, when you’re doing all the work of doing all of the podcasting that what’s going on?

It’s called I’m retired. Yeah, that’s what it is. Oh, that is that the new podcast? That’s Yeah, replace your income podcast has now become the incomes replaced. I’m retired, you keep going. That’s what it is. Yeah, I do have to say, so I typically catch maybe two planes a year, in the last five weeks, I’ve caught 17 different flights. And it’s been good, it’s been up early, it’s been staying up late.

But I tell you, what, I really enjoyed the opportunity to get out into each of the markets be with our teams, you know, face to face, and take another tour of the markets and just spend some time some good quality time with the teams and, and really being on the ground, walking the homes going through them.

Gosh, it just, it really just amazing to me, the quality of individuals that we’re working with, and also the quality of the product, you know, over the years, we’ve bit by bit raised the bar in terms of the product that we deliver to our clients. And that was just reinforced as I had the opportunity to walk through, you know, dozens and dozens and dozens of homes that our clients have purchased and or are purchasing and are in the process of being rehabbed. And so it’s just a lot of fun, actually. So it really wasn’t much work. I kind of line there. It was just a lot of fun. So it was a lot of work.

It’s just the cool kind of work where you get to go walk through homes. That’s cool work. Yeah, it was. So here’s the most I mean, we I could ask you questions like What was your favorite part about your trips? Or which market Did you like the best, but what I really want to know is what was your favorite airplane snack? That’s what I want to know.

Well, there would be two choices between a cookie or pretzels. I always go with the pretzels.

See, did you fly Delta? Because the biscoff cookie is I love it. It’s one of my faves. Did you find this cookie?

I did choose those a couple of times, but more often than not I take the pretzels.

Okay, okay, look, you know what? To each their own. When you’re like me, you just go Can I go have bunk plans. And then you realize, oh, wait with current restrictions, I have to pull my mask down every time I take a bite.

So what’s going to require the least amount of bytes is kind of so I can shove a whole cookie in my mouth. That works. Just getting Well honestly, we are so glad to be back with you guys out there. Thank you, as always for tuning into the podcast. We love you, we hope these last couple episodes where we’ve been talking to market teams, that that’s been really cool. You know, we’re going to try to hopefully do more and more of that as well as more and more client case studies, as well as more amazing, incredible death defying blow your hair off your head guests like the one that we’ve got here today.

And I got to tell you, Steve, I’m so excited to have this guy on today. Because this is a guy who I don’t know, in some ways I feel like our careers, my career and his career. They kind of paralleled that kind of like run parallel in some regards. Don’t you think? So, Chris? Absolutely. Yeah. And I’ve known the who we have on the podcast today is one of the greatest financial minds that I know somebody who I have seen this man, have success, lose it all and then build it back better and more ferocious than it ever was.

Because he is a principle based guy. He is the guy that does it the right way that sir clients to a tremendous degree. And honestly, every time we go to lunch every time I hang out with this guy, I’m just blown away by how his mind works and how freaking intelligent he is when it comes to matters of money. And so we have the founder and owner of money ripples, my good friend of what maybe, I don’t know, 15 ish years. Chris miles here, Chris, what’s up, man? And Kevin, like, I’ve done hundreds of interviews. And that probably hasn’t been like the like, most heartfelt, best introduction I’ve ever gotten. Like, man, you’re gonna make me cry.

Well, bro, it’s true. And you know, I love you. And you know, you maybe it’s because you’re not just a guest on a podcast, you’re a friend, you’re somebody that Steve and I value very much just in terms of who you are as a human, as well as who you are as a professional. And so I know you get a lot of interview requests. I know you have a wildly popular podcast, that is your podcast called money ripples. The Chris miles money show. Yeah. Chris miles money show. That’s right. Your company’s money ripples. That’s right.

And I know that you get to the Chris miles money show, I know that you get hundreds of 1000s of downloads. And so the fact that you would take a little bit of time to be able to come hang out with us today means a lot. And by the way, just because we’re doing a podcast interview today, does not mean you can get out of going to lunch with me again soon. Just to be clear. This doesn’t count. No, this does not count. There’s no food consumed.

I can’t airlines snacks in the air or anything like that, right?

Yeah, that’s right. Oh, man. But honestly, Chris, thank you so much for joining us, you know, just to tell everybody, our paths, kind of, I guess, merged. Literally, probably, maybe not 15, maybe like 13 ish years ago. And Chris was a big part of a company that we had started to do a little bit of work with.

And Chris, and I just, I think found a kindred spirit in one another, even though we focused and primarily did different things as our core business. You know, there was I remember, I remember Chris, I think he came with me on one of my first ever 20 mile runs when I was training for a marathon. And by the way, Chris, and Steve, I would just say, I’m glad you’re not running consistently right now, Steve, because if I knew how fast and how far you were running, like you used to Steve, it would depress me.

But I do know how fast and how far Chris miles runs now, because we’re friends on the little app that like tracks your runs. And he goes a lot further and a lot faster than I do. But I am running a half marathon this weekend. I’ll be at a slow one. Nice. Yeah, we’ll be doing it this weekend too. Nice. Are you doing mountain Ebo? You aren’t? Are you? Yeah, actually I am. That’s the half marathon I’m doing I’ll see you there. Actually, I won’t see you because you’re gonna fish your 10k. And I’ll be at two about mile 210. k.

So but but no, I you know, Chris, thank you so much for joining us. And, Steven, we’re really excited to have you as a guest just because of your level of expertise. Maybe do a more deep dive introduction on who you are, Chris, and what you do, I know that you work with a ton of very well qualified, and very wealthy individuals.

And I know you’ve you’ve done live events in the past, you have this incredible podcast, Christmas money show, you work with high net worth individuals and help them really maximize their cash flow and their dollars. But tell us a little bit more about really what you do and what your businesses.

Yeah, I mean, really, I’m an anti financial advisor, man, like, I’ve been doing the opposite of what’s been taught there. You know, because almost 20 years ago, I started out as the mainstream conventional financial advisor, right, teach people how to save everything, spend nothing, save it in mutual funds, save it forever, hopefully, someday you have some thing. But the problem is, after three or four years of doing that business, I started to see evidence because I like evidence, I’d like to know that things work.

And after time, I start realize that a lot of clients that had decades of financial advice, they weren’t financially free. And even the financial advisors weren’t factor. I remember how, and at the end of 2005, right, between Christmas and New Year’s, I call up one of my friends, Doug, right.

And Doug actually had hired to be a financial advisor, but then quit to go do real estate investing with his dad. And I thought, All right, good luck. We’ll see how you do in a few months. So four months later, I get McCall thinking, Okay, he’s gonna be broke. He’s gonna want to have work with me again. I was completely wrong.

This guy was like, rocking it. And he’s telling me He’s like, man, Real Estate’s been awesome. I’ve doubled my dad’s income as a professor at the local university. I’m like, come on, that’s, that’s too good to be true. Right? You can’t do that. And the real estate game, you know, besides real estate doesn’t do well, stocks. And so we had this debate about what’s better stocks or real estate.

And he finally stopped me say, Chris, how many of your clients are really financially free where they don’t worry about money, not just retire, but they don’t worry about it. I said, Well, even the retired ones are watching CNN. So they’re watching that news station. No, everybody worries so yeah. Pauline, right. Now all around you.

Exactly. It’s like, yeah, they can never have peace of mind. So I’m like, well, none never more financially free. It’s like, Well, good job, Chris way to go. It’s like, Alright, well, how about this, if anybody’s got to figure it out, it should be you guys as financial advisors.

So how many of you are financially free? None of the Commission’s that you’ve been earning, but actually doing these mutual funds. And I thought about it. I even thought about the guy’s been working our office since the late 70s. And I said, well, none, and maybe this one guy is and I found out he wasn’t either. And so he’s like, well, there’s your problem.

I said, Well, give me the answer. He’s like, No, I won’t you just got an argument me why real estate sucks. So I said, Fine. I’m open, give me something he’s like, if you’re serious, listen to this, you know, local radio show on on am radio that these two real estate investors were putting on and go get the book, who took my money by Robert Kiyosaki.

And so got that book, you know, got the audio book. So listen to it, read it in three hours, right? Basically sum it up for you guys, mutual funds suck, right, in case you didn’t already know this by this point. And then and then put an advisory warning that might have been we should have had a trigger warning there. But he said that I use the S word. For word.

Yeah. So. So yeah, I mean, pretty much mutual funds think. And I knew that right? Because I knew that the real returns of the stock market weren’t what they were claiming to be. Everybody’s claiming average returns, but not actual returns. And when I realized that their actual returns are between seven and 8%, in the stock market, I was like, Well, wait, that’s kind of depressing. I run numbers and calculators for people.

And either I’d have to put in a lot more money that they weren’t planning on putting in or two and lower inflation down to like, zero, you know, it’s just a hope that we’ll have enough money in retirement. But what switch for me was in 2006, courses start to learn about real estate is that the big difference between what you learn with, you know, doing this stupid 401k with a match, which, by the way, is impossible, it won’t work, the numbers do not work to create real financial freedom. You know, it just doesn’t work.

Give me an example, say you happen to save up a million dollars into your 401k is your IRAs. Now, the old adage 20 years ago used to be the 4% rule, right is, hey, whatever you have in those mutual funds, your retirement accounts, you can live on 4% a year, and you shouldn’t run out of money.

But even when I was an advisor, even up till 15 years ago, we’re saying, well, maybe because with everybody living longer, and the rates going down, especially with bonds, and treasuries and things like that people usually retire on, if those are lower, and people are living longer, we should probably make the number two or 3%.

Now, think of this, you have a million dollars, you are a millionaire. And now you’re living on 20 30,000, a year before tax right now you’re like, you’re living below the poverty line, you’re a broke millionaire, you might even be able to get milk at the store from time to time. That’s how good it would get exactly.

Now contrast that with what you guys do, right? Like say somebody gets even just a conservative 10% cash on cash return on their money, that same million dollars. Now does it create an income stream of 20 to 30,000, year before tax? Now it’s creating a most likely a text advantage, we get to keep all this money of about $100,000 a year.

And when I started to see that everything in my life changed. I was like, Whoa, I can see the difference. I was seriously so excited because I’m like this works. And that’s where for me I like through residual streams income my business and even through like real estate, things like that. Later that year, 2006, I was 28, almost 29, I was able to become financially independent with my passive streams of income Exceeding my expenses.

Now granted was cheap back then I only needed 3500 bucks. It wasn’t hard to do. And you mentioned course had to go through the recession. That’s a whole nother conversation of 100 upside down millionaire having to dig a hole without filing for bankruptcy, but was able to come back out on top, whereas financially dependent again the second time by the end of 2016. So I always tell people like they’re like, wow, you did it twice.

I’m like, that’s nothing to brag about. It means I screwed up the first time, right? All right. Did I say wrong? Because I was gambling with my real estate. I went from the focus of cash flow to appreciation try bank on that. And that’s dumb. You don’t want to do that.

No, that’s awesome. And your story really is really cool, just from the standpoint of, and I think you bring up a good point too, which is and I don’t know how often I don’t think Steve, we’ve talked too much about this. But one of the reasons why we like real estate is we do real estate, we try to do real estate in a conservative way.

We do single family residences, primarily because they’re in the most demand there is liquidity in real estate. It’s in single family rentals, more than maybe some other things and, and there’s just a little bit more of a conservative nature when it comes to single family residences, which is why we say we’re trying to help people replace their income one property at a time over time, as opposed to sort of overextending and maybe getting too much real estate.

You know, there’s times when some of these commercial guys and stuff they get really upside down really quick. Not the commercials back. It’s just I love your story because it’s one thing to talk about getting to the point of income replacement or financial independence and it really is another thing to keep it and with real estate no matter how conservative it is, if you do real estate or any sort of if you have a financial tool that’s generating income for you, and you feel really confident and really good about the life that you’ve got, if you’re not a wise steward of those things, what you’ve built in what you have, and don’t continue to move the ball forward, you may lose some of what you’ve built.

It’s not a foregone conclusion that once you achieve some level of income replacement or financial independence, that it’s going to be there forever, you can still spend your way into trouble or recession your way into trouble if you know, you just have to be careful. And I know that’s one of the things that you’re really good at teaching people to Chris is that real estate’s an aspect of it.

But there’s other things that people can do to try to protect their money to try to protect their wealth, so that they can then they’re not having to rely on traditional financial institutions or banks, but they can take a more controlled measured role in their own financial life to create success. I’d love for you to talk a little bit about that, because it’s something that Steve and I have not talked a ton about with, replace your income listeners.

But I know it’s something you’re an expert in. Yeah, I’ll tell you. After the last recession, my mantra became boring as sexy. Right, the more and more like investment, the sexier it is to me.

And also do you think we could tell? I’d like to also say bald and chubby is sexy, Jen, that’s just more personal. So if we Is that cool. Can we just throw that in there as well?

Yeah, that’s right. The more bald, both bold, chubby and boring. It is the sexier it is right? Oh my gosh, I’m gonna be Sexiest Man of the Year.

But it’s true. Like, cuz I got caught up in the trap like a lot of people do when they’re young. And we’re seeing this in the marketplace today. Right? Because it doesn’t matter. Right now. The danger I see is that everything is going up. Everything is increasing in value. Right? Right. Doesn’t matter if you’re in stocks, real estate, crypto, I mean, even that, like even stuff, even gambling is making money right now.

And that’s a danger. Because what happens if people get lazy, right, we forget the principles that really create wealth. And so we get lazy, we start gambling, we start banking on those values going up. What I learned from last time is I did the same thing in 2007. Right, or 2006 to 2007 is that I started the right path I started going for the cash flow was focused on how do we get myself out of the rat race.

But when I did that, then I was like, Yeah, but how can I make more money? How can I start, you know, hitting home runs to just these base hits. And so I started thinking rationally in my mind, I thought, well, if I buy $100,000, house, it appreciates 10%, I make 10 grand, but if you buy a $500,000 house and regrows 10%, that’s 50 grand.

So let’s go bigger go home. And instead, I went big and lost my home, right? I foreclosed on it. Because I was trying to hit the home runs I just struck out. And and that’s a big problem that I see is that people are banking on appreciation, even people are flipping properties are getting lazy, because the markets been so friendly, that they can, you know, absorb higher costs, and they can do this or that.

And if you’re not careful, you could find yourself quickly in a hole when things start to balance out. And that’s why I say boring, sexy, like, I don’t fall for the hole trap, someone says, Hey, you can make a $50,000 on a flip of a property, which is great if you can do that.

But that’s a transactional thing, that’s a one time thing you got to repeat over and over, you can actually create your own rat race by being an active real estate investor sometimes. Whereas a passive investor and even my friends are active investors are starting to realize the only way they can create freedom is by being a passive investor by getting rentals, you know, by taking some of those, you know, those cherry picking some of their best properties and keeping those in their portfolio.

So they actually have passive income. So I don’t think $50,000 is sexy. I think it’s cool. But sexy to me is like, Hey, can I make three or 400 bucks a door? That’s sexy?

Yeah, especially if you could do it again. And again, you know, and I think the point bring up just kind of the passivity, being a real indicator of building wealth. Sometimes I think people look at a couple $100 a month and because it’s not sexy, they think, Well, I’m not going to do that. I mean, we get we hear that from people all the time.

Right? And I’m sure I’m sure you do, too, as you start to work with clients and you start to transition them into looking at things like real estate or some of the other financial tools and instruments that are out there that are also just unbeliev there’s only a handful, in my opinion, and I’m far from an expert, you’re the expert, but there’s only a handful of financial tools that I think really do for us what we expect all the other ones to do for us right.

And and real estate’s one of those and I think some insurance products are another way that we can approach that and but i think that you know, there’s just a lot of people that they want the flash, they want the SAS they want the big hit and they think that that’s what’s going to set them up for success. But we get a lot of people they’re like I mean, you know, 200 300 400 a door I don’t really know.

But for me the question is always and I know you talked about this, Chris, yesterday, I was on a call with a guy, great guy yet heard us on the radio. We advertise on a national radio big national radio show. And this guy, he was just he was impressed with the company who came and looked at the website and was very appreciative of kind of what we do.

And he’s a millionaire, okay? Meaning he has about a million dollars, that he has worked incredibly hard to save and put away. And he’s he, it’s all in stocks and annuities. And but he’s calling us and he’s going, I’ve done I’m 60, I’ve done this thing and worked really hard to great create this, but I’m not sure it’s going to be enough. I don’t know if it’s going to do what I want it to do.

And he does not currently own real estate. And so he’s looking at it. And his big thing was, he wanted to know, if he allocated two or $300,000 to real estate, what would that look like in five or seven years when he is to the point of really kind of wanting to be retired? And so we talked through that plan and talked a little bit about what that would look like.

And, you know, the initial conversation is okay, I mean, you know, one piece of real estate may not feel that impressive. I mean, when you look at what your total out of pocket is and what your cash flow is, but when you put it in the context of it’s not just that cash flow, but we’re also talking about depreciation, we’re talking about tax benefits, we’re talking about principal pay down, we’re talking about appreciation, we’re talking about hedging inflation, we’re talking about all of these things that real estate does, all of a sudden, now, the percentage returns of real spendable dollars becomes exciting, as opposed to just initially thinking okay, 234 100 a door. not that exciting.

It’s true. I talked to those same people, you know, like people that are, I had one guy, he’s 53 years old. He said, he talked to his financial advisor and finance advisor like, yeah, you’re good, you should be able to retire by your 60s. He’s like, that’s not good enough. You know, like, thanks, any, any recommendations? No, just keep doing it. Just keep saving away. And he’s got $3 million in the stock market.

And I’m like, what’s your cash flow goal? He’s like, 15,000, a month, 180,000 years? That would be fantastic. I said, how would you like to retire this year? Because seriously, with the cash you have, even after taxes, and we’ve had to do some things that minimize taxes and whatnot, right in that planning. But like, even after that, we can actually get you over 200 to 300,000 a year, you know, with the cash that you have available here.

And he’s kind of like, well, I don’t want to retire right now. Like, that’s great. Like, even better. Like right. Now, you can literally say you work because you want to not because you have to. Right? Yeah, it’s true like that people don’t see the full returns, right? Because I mean, and when I talk to my clients, we’re talking about all kinds of options. I mean, we do talk about turnkey a lot, because that’s kind of like, well, I’ll talk about that a second, why that’s probably one of the better assets you could ever be in.

But I mean, we talk about syndications and put money there. You could do short term or long term lending, you can do notes, you can do you know, land partnerships and stuff, you know, we’re trying to do things there. I mean, there’s even oil investments you can do. I mean, there’s lots of different things you can do to help you get there. But it’s got to match up with your goals where you’re trying to get there.

Like, for example, I don’t want to let somebody do a long term investment, if they have a two year goal to be financially free, you know, like, you don’t want to have to wait five, six years for that money to come back. You know, that’s this is makes sense. But I’ll tell you, like, you know, with real estate, though, especially with turnkey, how awesome is that you can be hands off, right? And be just manage the property managers, essentially, you know, I’ll give you example, my Memphis property I bought three years ago, I mean that I know you guys on the Memphis market, too. You know, Steve, you just got back from there.

And in Memphis, like it was pretty decent. I bought a house for 134,000. And it was cash flowing about 380 bucks a month. So it was about 13 to 14% cash on cash ROI right after all my costs are paid, you know, including property management fees, mortgages, everything. Well, the cool thing is that now three years later, now, the cashflow is up near getting up towards 500 bucks a month, because we’ve raised rent, right?

On top of that, there’s been appreciation. So it was 32,000 out of pocket with closing costs. But now it’s made another $90,000 above and beyond what I’ve put into it. You do the math on that three years making 90,000 from 32,000. That’s like a 280% return. Now, even if you took out the appreciation, right, say it just stayed flat. Still, I wouldn’t have a $20,000 return $20,000 even on 32,000 is about a 65% rate of return. Right? That’s still amazing for three years. I mean, yeah, and that timeframe has sustain that kind of growth.

There’s nothing your financial plan, if you say, Hey, can you give me a, you know, 20 30% rate of return on my money, they’re gonna say, I can’t guarantee any of that, you know, maybe you might have a year that does it. But you know, the average, you know, they’ll say, like, 10 12%, but the true actual average of the stock market in the last 30 years has been as of this last week 8.4% when I calculated it, right? That’s the real rate of return before taxes, but this money I’m getting, I’m not paying taxes on it.

Like that’s incredible that actually makes the return higher when you talk about tax adjusted returns and everything so it’s incredible man, like what you can do and and by the way, when Yeah, When I used to talk about using leverage, like when I leveraged my life insurance to go buy these properties, I’ll usually and I’m loaning it at 3.25, while getting paid almost six, I’m now making an extra three to 4% compound return on top of the returns I was already making on these properties.

Okay, you just touch on something that is a really profound principle and not something that we’ve talked too much about. You said that you are using your life insurance policy as a way to leverage and buy real estate. That’s something that we’ve not talked a lot about. It is a strategy that does exist, and a lot of successful folks are taking advantage of it.

We could just touch on what that is basically, we haven’t really talked too much about it. I know. It’s something that Steve and I both have studied a lot have utilized, but we just haven’t talked much about it because it’s not our core business. But I know that it’s a big part of your core business. Do you want to just touch on that? Because I think you know, with a tease like that, I think people’s ears probably perked up and we’re going Wait, what did he just say? He’s like, wait, that you’re supposed to die with that stuff. What’s.

So there’s a concept out there is pretty popular called infinite banking. Right? Here’s the thing like Dave Ramsey, Suze Orman poopoo, all over infinite banking all the time. And for good reason. Because for the most part, infinite banking policies suck. I remember I bought 115 years ago think it was the greatest thing and the conceptually it is, but the fees were so high that I end up losing it when the recession hit, I end up paying 25 ran into it and got nothing out of it.

So rule number one is even if you look at infinite banking, you can look it up online, they’re not all equal, they’re not all the same. Most of them are set up in a crappy way. But here’s the concept of how it works, especially what I call it more of a max ROI infinite banking policy, which is this becomes a tax free supercharged savings account.

Because if most the time what we do is we just take our money we have in a checking or savings account, and then we buy our real estate period. And then we get the returns from real estate. And that’s it right? Here, what I do is I take that money, instead of putting directly in the real estate, I fund that through my life insurance, I will let that go in there and have this tax free protection and in most states, by way is protected 100% from lawsuits and creditors, you can have millions of dollars in here and they can’t touch your money other than the IRS because they can get anything right.

Even your Cayman Islands account they can get to believe it or not. So anyways, so yeah, I get this money in there, the cash is in there. But I now borrow the cash is like a little line of credit, right? It’s almost like doing a HELOC from the insurance company. I borrow it to go and invest. Now why would I do that? Why would I pay interest? Well, the difference is like with a HELOC, you just pay interest. But over here, they’re paying you tax free dividends, usually to the tune of like five to 6% a year that they’re paying you.

Now when you borrow, you might borrow about 5%. I even get as you get more cash in there, you can even borrow from banks that I’m getting at 3.25% right now. But even if it’s 5% doesn’t matter, because it’s compounding faster than the interest they’re charging you.

So they’re charging less interest on that money while you’re still making money on the full amount. So what happens is that now, instead of just taking money out of my savings account that earns point nothing percent, and then I get taxed on that T little point nothing percent.

Now I’m making five 6% tax free, I’m borrowing it, I can use that cash flow for the properties that go and pay back towards that line of credit, just like you would do with a HELOC, right. Like some people talk about velocity banking where he locks, very similar strategy.

But the difference is here, that this line of credit is actually paying you money, giving you this ability to double dip, you make money in two places at the same time. So that’s why I say like, even if I get a cash on cash return on property of 12%, I’m able to net another three to 4% on top of it by using my life insurance instead of just using my savings account.

I love that. And one of the things that goes along with everything you just said, using a life insurance policy in that way is when you leave this earth, there is a there’s a massive death benefit potentially, that can go to your loved ones, right?

You were talking about the living benefits. A lot of people don’t realize there’s living benefits that come with with certain type of financial tools like these infinite banking or max ROI type of life insurance policies. But there’s also death benefits, right? There’s that as well. It’s just kind of a cool way to utilize just additional financial tools that are out there. And this is a question I’m curious on Chris, as we’re kind of like rolling towards the end of the episode.

You have all these high net worth individuals you work with you have all these successful folks that you work with, what do replace your income listeners need to know these are the two things I’d love for you to kind of address number one, what should they be aware of or be leery of with traditional financial planning or financial advisors?

And number two, why do you recommend real estate I know we talked a little bit about it, but I’d love just kind of a summary for you why you recommend real estate to your clients. So number one, what should replace your income listeners be leery of or weary of or wary of, or some other eerie word of when it comes to financial planning or financial advisors and then why real estate From your from where you sit and the way that you look at the world.

Yeah, the thing to be leery of is that here’s the question to ask you every financial adviser. Are you financially free? Even if you don’t get paid any more commissions? That’s the biggest question asked, like, are you financially free doing this stuff?

Especially if they’re older, they’ve been in the business a while, because Hey, you guys should be the experts. You should have figured out by now, right? But I will tell you this, the thing to be leery of is that to a hammer, everything looks like a nail.

Financial visors can only offer I call it Mexican food, right? Like, it’s really Mexican food in the financial world. You think about Mexican food, right? It’s always the same. It’s like lettuce, tomatoes, beans, meat, cheese, it’s always the same ingredients, but a taco to stata kvcd, it doesn’t matter. They’re all just repackaged differently.

That’s what financial advising is, it always comes down to mutual funds and insurance, annuities type of stuff. That’s it, that’s all they offer. And like I said, lackluster returns with high risk, you have high risk with lower returns, like I said, the market itself, and most people don’t even get the market returns of 8.4% last three years. That’s not impressive.

That is not enough to retire on. Especially with inflation being so high, much higher than the government claims. You can’t do it. You just can’t and try to live on two or 3%. Like already illustrated, it just doesn’t work. So understand that their perspective, they’ve been brainwashed if financial visors are very good intention, good hearted people. I was too.

But we’ve all been brainwashed by these financial companies to tell you to keep your money with them. Let them make money off your money, guaranteed cash flow off your money. Well, we just let it sit there and hope that it does something someday.

That’s why real estate is awesome to transition. Your second question, right? The second question is like, why real estate? Well, it’s for that very reason why those companies will never invest their own money in the stock market.

They want the guaranteed return. And the thing is like, yeah, real estate still aren’t guaranteed. But what other asset class has been known to create millionaires. I mean, it’s always business owners and real estate. If you look at the Forbes list, that’s what they all have in common. Usually this both. So when you look at this, it realize that even the people in just the millionaire status people that are free, I have some real estate as part of the portfolio.

Sure, they might have some stocks too. But the stocks is not what makes you free. And I know because I had an options trader hire me as a coach to teach him how to create passive income because he could have become free as an options trader, teaching people how to trade options, be successful in options trading, there’s no cash flow there, it’s always comes back to income. That’s where there’s freedom, that’s what my my shirt says, cash flow equals freedom, right?

Because when you have regular, stable, predictable income coming in each month, or each quarter each year, that’s where the freedom comes, you don’t need millions of dollars, it’s not about how much you save, is what that money is doing. So net worth is worthless, unless it’s turning into cash, or like they got to have 3 million the market.

Unless there’s cash flow, he still felt broke. That’s the main thing that real estate offers. And it’s so much more predictable, lower risk with higher returns than anything you get from your stock markets, your 401k or IRAs, Nothing can compare to that nothing.

And I always think of this too, when it comes to real estate, everything you just said Plus, it’s a tangible asset. Yeah, it’s really, it’s, it’s real, it’s not dollars reflected on an account balance that you can pull up online. This is real tangible, these are spent, I always say cold, hard spendable dollars, you know, you can actually buy milk with these dollars.

And so and I just think that, you know, without having to deplete an account balance or get taxed on money that you pull out of an account before you go to the store, right. I mean, it’s just, it’s such a cool approach. I love that, Chris, and I appreciate you joining us today. Steve, any final thoughts or questions for Chris, before we let him go?

I should tell you what, I’ve just been sitting back soaking all of this in as though I were kind of on the other side, just kind of listening to the conversation. Chris, you’re You really are a wealth of information. And a lot of this stuff. I remember way back in the day, just hearing it, understanding it. And to get this kind of refreshers, and very refreshing.

So to tell the truth, and, and, gosh, you know, this, this concept of the infinite banking, it really is powerful when and it’s like our company, right? There are many turnkey providers out there, and not all are created the same. There are many individuals like like yourself, Chris, that offer infinite banking, and you’re not all created the same, you’re not using the same types of policies and, and the real killer in that, you know, that whole scenario are the premiums, right?

And when you can get that side of it figured out, that’s when it becomes super powerful. And you’ve obviously done exactly that. So anyways, I’ve just enjoyed sitting back listening to both of you, actually, and especially you Chris, thank you so much for being on the podcast today.

You notice that he said I’ve really enjoyed listening to both of you but especially you Chris because he’s like that I mean, Kevin, Kev, I enjoy listening to you as well, like you provide some really good insights today.

And, hey, hey, I’m owed a few every now and then, right? I mean, just given you a job as well, I’ll tell you that. I love you, man.

Listen, reverse, Kevin, because when you spoke at one of my events, that’s exactly what happened to me. Like people are saying, that was such a great event. Kevin was awesome. Chris, you’re okay. But Kevin was awesome. You know, like, I could get over that for years.

I have to I just have to tell everybody you know, if you listen to replace your income, you guys know that that I wrote a book a number of years back called flip the gratitude switch. That is a big part of my life. The first time I ever got to speak about flip the gratitude switch, which at this point, I probably delivered, I don’t know, hundreds of messages, keynotes on flip the gratitude switch, if not close to 1000 I don’t know how many.

But the first one I ever gave was because my friend Chris miles invited me to his event. Chris, you invited me to your event. And you let me talk about what the gratitude switch. And I still have friends and contacts today that I met. I’m thinking of the marshals specifically, we’re at your event who have been such a tremendous supporter they’ve had us on their podcast talking about real estate, as well as talking about gratitude and and others that I connected with because you gather great people to you, Chris, because of who you are. And what you do. tell everybody where they can gather to you How can they find you? What’s the best way to learn more from your brilliant mind?

Yeah, two easy places. Either one, you go to our website, money ripples.com you can go there and there’s lots of free resources including an E book beyond rice and beans, which are ways to free up cash today. And then second place is already mentioned the Chris miles money show you can follow on iTunes, YouTube, wherever you listen to podcast.

Awesome. And I actually guys, you maybe have heard Chris’s voice on this podcast before because we did read air an episode that I did on the Chris Myles money show a while back. But Chris, I’m thankful that we had you live and in color today and that you shared your wisdom. And we’ll have to have you back. Man, I feel like we barely scratched the surface of so many things that we could talk about, and so much value that you could provide. So thank you, brother, thanks for your friendship for who you are.

And thanks for coming and spending some time with us on replace your income. Such an honor, man. Thanks. Alright, everybody. Well, that’s the show for today. Thank you so much for joining us. And a big thanks to Chris miles. And we’re so glad to have Steve back in the office. And it’s good to be with you, Steve. We’ve got more episodes come in.

Guys, I hope you enjoyed this one. As always, please rate review and share the podcast. We appreciate it. It helps us more than you know every one of those five star reviews means the world to us and we see every single one. So thank you for doing that.

And thank you for sharing this podcast with your friends and family. That’s all for today and we’ll see you next week. Thanks so much for listening to replace your income with Kevin and Steve.

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