EP416: Chris Miles — Preparing for a Recession & Stocking Up On Cash Reserves

May 25, 2020

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Chris Miles is the 'Cash Flow Expert' and a leading authority on how to quickly create cash flow and lasting wealth. He is the perfect guest to have on today's show as we are getting ready to experience a market crash. Chris shares his thoughts on how to create multiple income streams, how to get cash reserves quickly, and why he doesn't believe in the stock market! Stay towards the end as Chris answers some Facebook Live questions!

Key Takeaways:

Chris considers himself the anti-financial advisor.
When 2008 hit, Chris went from being a millionaire to being an upside-down millionaire.
Are we going into a recession?
Business owners will survive if they've got cash reverses and the ability to pivot.
What can business owners do to better prepare themselves right now?
How much value are you adding to the marketplace? That's the key here.
What kind of business do you want? Learn to ask yourself better questions and you'll get better answers.
Chris is seeing the writing on the wall. Get your money out of the lines of credit.
Should people sell their homes right now?
You're going to see the market drop in the next two to three years, minimum.
Cash is key and there will be a lot of opportunities on sale! This is a great time to have cash for you to go invest.
Don't gamble on the stock market.
The future is being able to leverage private capital.
The Fed has told the banks that they have their back. No one actually has reserves on hand!
Chris explains the difference between active and passive income streams and why it's important to have both.
Create win-win-win partnerships. In a recession, this is needed more than ever.
Q&A on Facebook Live!
The biggest name in the game is patience.
What would be the first passive or residual income stream Chris would start?
Be proactive in connecting with others.
Don't get influenced on social media. Be a creator, not a consumer.
There is always hope; there is always an opportunity!

Mentioned in This Episode:

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Connect with Chris: Moneyripples.com & Money Podcast Show

Resources

The Pumpkin Plan: A Simple Strategy To Grow A Remarkable Business In Any Field, by Mike Michalowicz

"How To Get Into The 'Zone Of Genius' And Unlock Your Highest Potential"

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Tweetables:

"As a business owner, the ones that will survive have two things in common, they know how to pivot and they have cash reserves."

"'Stocks are at an all-time low; it's on sale.' You've got to be kidding me! It's not true. This could be the optimum time to get that money out."

"I don't have to solve all the world's problems, but I can be a great connector and create a win-win-win scenario. Win for the customer I'm referring, win for the business, and win for me."

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