Job loss sucks. No one wants to hear they’ve been laid off.
But, sometimes, a layoff or career shift can be the biggest blessing.
Listen to today’s episode and find out why!
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TRANSCRIPTS:
Speaker 1 (00:00):
I was broke. How am I going to take care when my wife’s not working, she’s at home with the baby. It’s just all on me. This is still great. Regardless, you could be doing this right now to help with any kind of bouts of scarcity. If you’re changing jobs or if you got laid off, this could be the perfect opportunity for you right now. Surround yourself around great people, people that will support you and help you stay in that abundance mindset. It’s so hard when you’re stuck in your own head.
Speaker 2 (00:25):
Chris Miles was able to retire twice by the time he was 39 years old, but he’s not content to just enjoy his own financial freedom and peace of mind. Chris wants you to have your own ripple effect so you can live free today. He’s not the financial advisor you expected. He’s the non-financial advisor you deserve. He’s jumping behind the mic right now, ready to make waves. Here’s Chris Miles.
Speaker 1 (00:56):
Hello, my fellow Ripples. This is Chris Miles, your cashflow expert in anti Financianal advisor, welder Schultz for you. Those that work so hard for your money and you’re now ready for your money, start working harder for you today. You want that freedom. You want that cashflow right now. You don’t have to wait 30 or 40 years from now, but you want it today so you can live that life that you love being with those that you love. But guys, I know it’s not just about getting rich, it’s about living a rich life because as you are blessed financially, you have a greater capacity to create a ripple effect and bless the lives of those around you. Thank you for tuning in today, guys. I appreciate you binging. I appreciate you sharing and being a part of this podcast today. As a reminder, if you’re looking for more depth, right, you want to keep going down this rabbit hole, go to our website, money ripples.com, check out.
(01:39)
There’s plenty of free information for you there. Lots of good stuff. Whether it’s about infinite banking or passive income, check that out today. Alright, so I’ve had several clients reach out, even some of you that aren’t clients, at least not yet, that have reached out. And there’s one of two things happening. Either one, you’ve been laid off, which is not a fun situation ever, and then two is a situation where you find yourself changing jobs, and that could be a great opportunity. It could be for something better. It could be moving, but either way, there’s a job change. And so I want to talk about how do you fight that scarcity when you’re either you’re just changing jobs, whether you’re losing a job, whatever it might be. How do you overcome that? And I’ve come from a place that although I’ve been a business owner for 22 years, I’ve been in the place where I’ve had to fight a lot of scarcity.
(02:26)
Even if you don’t pay attention to the fact that as a business owner, it’s all on you, and if you don’t produce, you don’t get paid, right? Granted, it’s much easier for me to talk from right now. I have a stabilized company that’s helping many, many people. I’ve got passive income coming in. Yeah, that sounds great, but it wasn’t always that way for me. I was in a situation that was just like you, if not even worse in some ways. I remember for example, the first time that this became a scarcity for me was when I was a financial advisor. I was doing that on the side almost like a side hustle while I was also working full time because the company I worked for was a hundred percent commission only. If I didn’t sell financial plans, if I didn’t get people invested in certain things, I didn’t get paid.
(03:07)
So needless to say, I was still working 30 hours a week at a job just enough to get those full-time benefits while then spending the rest of the time at least part-time, working as a financial advisor. And so as I was doing that, it got to a point where I started to build up a little bit of a clientele and people I’ve been sitting down and meeting with, and I started to look at my pay. Now, the job, I was working 30 hours a week. I was only getting paid about $11 and 69 cents an hour, 1169. The crazy thing is my 17-year-old daughter makes 19 bucks an hour at her job. So she was kicking my trash from when I was earning, really, this would be exactly 20 years ago. This was in 2004, so I wasn’t making a lot. I was really netting about 1300 a month.
(03:49)
And so I started doing the math and I realized, wait a minute. If I go do what I’m doing as a financial advisor, all I have to do is make 1300 a month. That’s not a lot. And I say, well, may have to make a little bit more because you have to get your own health insurance and that kind of thing. I’d probably need at least 2000 a month. So it got to the point where I realized, I said, wait, I’ve got like $18,000 of business potentially that’s going to close here. That’s almost like a year’s worth of income at that job for 30 hours a week. So why am I still there? So I made it my plan, I was going to leave at that point, I had a six month old baby. I had left that job of five years. That left that stability to go be on my own.
(04:25)
And that first week was amazing. I was like, wow, I can wake up whenever I want. I don’t have to wake up extra early. I try to do the job early so then I can go be a financial advisor in the afternoon and evenings. Well, now at that point, it’s like, wow, I can choose my own schedule. So I was able to do the things the other full-time financial advisors were doing. I was able to be engaged with them and do stuff and pick their brains and just basically have meetings whenever I wanted to throughout the day. Well, in any case, that first week was awesome, maybe even two weeks. Once I got into that second or third week, panic hit me because all of a sudden I realized, wait a minute, if I don’t sell as a financial advisor, I don’t get paid. Now, remember, I already had the business in the pipeline, but that scarcity started to creep in.
(05:07)
I was like, what do I do now? I didn’t really, one mistake I made is I did not have a good emergency fund in place, so I had to make money. I was just barely there. I had my old 401k at work, and I could use that of course, and be able to utilize or utilize that. But I was trying to avoid using my 401k because I was scared to get that penalty in taxes. So any case, I was kind of frantic a little bit, how am I going to pay my mortgage? How am I going to take care when my wife’s not working, she’s at home with the baby. It’s just all on me. And so that pressure, that scarcity crept in. And the next thing you know, guys, here’s what’s crazy. A lot of those people that were about to do business with me backed out.
(05:50)
They started backing out. I didn’t know why. I thought it was crazy that they would back out. A lot of times they just say, yeah, I just don’t know. I just don’t feel right about it anymore. And now looking back, I know what that was. It was scarcity. Scarcity was creeping in because I knew that I had to make money. It was one thing when I had enough still coming in that we could still pay the bills, and even especially when I had some money coming from as a financial advisor, but when I was full time, I didn’t have that safety net, that job security anymore. That’s when the pressure, I started crumb ball under that pressure, and that’s where things took a turn for the worse. I ended up not closing a lot of those people. I made more income than I had before, but I wasn’t making the income I thought I was going to be making.
(06:33)
And so I panicked. I freaked out. And it wasn’t just a matter of about three months later, I’m looking for any kind of job to fill in the gaps because again, I didn’t understand about scarcity. I didn’t understand how emotions affected everything, including affected the psychology of other people around you. One of the reasons we’ve been so successful is that I tell people all the time, and whether it’s about passive investing, whether it’s about infinite banking, it’s like, we don’t need to make the money. Honestly, this business doesn’t even have to exist. It only exists because we know we do those two things better than anybody else. That’s it. And so we exist purely for that purpose of serving people and giving ’em a better option than what’s out there today in those two areas of helping people, either one, have an actual hope of becoming work optional or having a retirement.
(07:15)
And then two, getting an infinite banking policy that actually is the lowest fees you could possibly get while sticking the best returns on it. So that’s a different place I’m coming from today. But back then, I was broke. I was broke as a joke, didn’t know what to do. So I want to give you advice here based on me looking back again, I chose to quit, right? I was changing jobs or changing from a job to then going full time into my business. But the truth is that the same mindset that affected me can also affect you. Whether you’re changing jobs and going to something new that feels uncomfortable, it might even be in the same industry. But again, if it’s a new culture, a new opportunity, you’re going to feel like a fish out of water. It’s going to affect you even if you got laid off, which of course, more the worst case scenario, right?
(08:02)
You didn’t choose this. You didn’t want this to happen, but it happened. What do you do? So first and foremost, I’m going to recommend this. This is the one thing that I learned later that’s helped me through hard times is make sure you’re doing the power hour. Make sure you’re doing what Tony Robbins calls the hour of power, some kind of morning routine, miracle morning. I don’t care what it is. I’ve talked about this on the podcast before. But be sure that you’re actually doing something each morning to get you in the right state of mind, the right frame of being, because it requires to do those three E’s that I talk about, exercise, education, and enlightenment. I’ll tell you this, I’ve stepped up my power hours recently. I’ve done a lot more on the enlightenment side, not just like reading Christian scriptures and things like that.
(08:45)
Not just that, but I’ve done more in meditation. I’ve done things with hypnosis and things like that that have been incredible. So I definitely recommended and doing some kind of routine around that. Something that gets you into a place of peace, especially if you’re dealing with scarcity. You need that peace all the more. Here’s a pro tip on that one. When I was going through some of my hardest times, different time of period, not during this time, but when I was after I’d already retired the first time, but then I was going back in the rat race because I was basically sinking in debt during the last recession. One thing I would do is after I got done exercising that second E, right after I got done exercising, as I’m huffing and puffing or whatever, if I was maybe out for a little jog and I’m walking back to the house, I would give myself a little space.
(09:31)
I would start to say the phrase, be still and know that I am God. And again, if you’re not Christian, you don’t have to say it this way. You can say whatever you want, right? I’m quoting a scripture from the Old Testament, be still and know that I’m God. Well, then I would take a word out of it. I learned this actually from a person that did meditation, so that’s where I got this from. So I would take a word out. So instead of saying, be still and know that I am God, as I’m breathing deeply and exhaling, I would say these words. Then I would say, be still and know that I am. For those of you that are Christian, of course you know that the great I am is Jesus Christ, right? And then it would be still and know that I wouldn’t say be still and know that I is.
(10:08)
I figured that was kind of redundant. So I’d go from be still and know that I am to be still and know that, and then be still and know then be still. Then I would end on be, be, be, and just be in that moment, be in the present, not worrying about the future, not regretting the past, just being in that moment. It didn’t matter how many collector calls I got throughout the day, especially if I’m doing this first thing in the morning when it’s in the quiet of the morning, nobody’s calling me. There’s no stresses. No demands. That was huge. Now, I know some of you might say, yeah, but Chris, I’ve got a family. I’ve got kids, and I got to get ’em ready for school. You don’t think I know that I’ve got eight of them. I get it. Granted, some of ’em now I’ve become adults or about to become adults, but still, I get it.
(10:52)
Friday mornings are sometimes my worst mornings. When it comes to doing that. I have to wake up a little bit earlier, and it might mean I just break it up. So I do, like I said, exercise, education, enlightenment. I’ll try to do the exercise first if I can. If it gets later in the day, I just don’t do it. So I try to do exercise first, then enlightenment, and you can do that sometimes with exercise, you can even do some of those things. You’re listening to audiobooks. I do also education during that time, so I can listen to audiobooks while I’m running or working out. I can do that while I’m driving somewhere. So even after I drop off my kids to school, guess what? I pop the button. I’m listening to an audiobook right after I’ve dropped ’em off. So I can get into that routine.
(11:32)
And it doesn’t matter if it’s only a few minutes, it doesn’t have to be an hour. We go the hour of power. That’s what Tony Robbins called it. But it could literally be 15 minutes. That’s it. In the morning. Just do those three things. Now, you may not be able to exercise much for five minutes, but you actually can kick your butt for five minutes. You can start doing some calisthenics. Now, you don’t have to make it so intense that you flop on the, but you can do something. Just get your heart going, and that’s all you need to do is just get your blood pumping, your heart racing a little bit, get your breathing going. You breathe deeper, which helps you on the enlightenment side, which also helps you too when you’re doing education to be in a better mental space, you can actually really receive those messages, do those things to really help you out.
(12:11)
And here’s the great thing, guys. It doesn’t have to cost you a dime, right? You can do this stuff for free. You can seriously, even if you’re like, I can’t afford a book right now, go and read the books you already have. Go back and do it again. So those kinds of things. So again, exercise, education, enlightenment, anything that gets your blood pumping for the exercise part. Education could be audio books, could be these podcasts, right? This is all free. I mean, you got YouTube, it’s dang free, right? You can get so much information for free that’s better than what I even had 10, 20 years ago. And then of course, enlightenment. Things that help connect you with yourself, your spirit, whatever it might be, get you in a place of peace. Then you can make the best decisions for the day. That’s where you can turn around to abundance.
(12:54)
And heck, even if you’re not changing jobs or getting laid off, this is still great. Regardless, you could be doing this right now to help with any kind of bouts of scarcity. And even if you’re not feeling scarcity, do it anyways. It’ll still put you in a better state to show up better to serve and see opportunities that you may not have seen otherwise. Because most people just roll out of bed and they’re getting their cup of coffee if that Sometimes. Sometimes they’re just skipping breakfast. They’re just going into their day. They’re busy, busy, busy, and the next thing you know, their day’s gone and they feel like it was a waste. They’re like, I did stuff. I was busy. But did it really mean anything? Was it really productive? This gets you into a better state so that you do less to create more.
(13:36)
You do less to create more. Now, let’s talk about some practical stuff. Besides this, what else can you be doing? Look at this opportunity right now. If you’re changing jobs or if you got laid off, this could be the perfect opportunity for you right? Now. Many times you get stuck in this constant pattern, right? You get stuck in a pattern that keeps you from progressing. What if this experience is exactly what you need to take you to another level? What if this is exactly the perfect opportunity for you right now to get something better? Many times, I know many, it’s hard for people to see this, especially when you’re in it, but I don’t believe there are any accidents. I think that everything happens in your life for a reason. What if this is going to get you the very thing that you wanted, just not the way you thought you’d go about getting it?
(14:17)
Sometimes you kind of have to have that cut off to be able to do it. For example, going back to my experience, I ended up getting a job that was literally, I was doing telemarketing for a genealogy company. I was doing smile and dial, calling them up, and I had nightmares about it. It was horrible. But you know what? It got me to a place where at least I could start providing for my family temporarily. Well, that also bought me some time. That got me an opportunity that showed up with one of my neighbors who said, you know what? We might have a position open up for somebody to be a stock coach. You might be a good person. He’s like, I know you’re not a big stock trader. You’ve done more mutual funds and things like that, but I know that you’re a good teacher.
(14:54)
This could be an opportunity for you. And so I had to follow up with him for about a good two to three months before finally that position opened up. So yeah, I was struggling. I was going through it, but that position opened up. I learned a lot as a stock coach because now not only did have the experience as a financial advisor, but I was able to see some of the myths. I was able to see some of the things. I would talk with other traders. They say, oh yeah, those financial advisors talking about mutual funds, they’re not even really diversified, and they make crappy returns. You can make so much more investing on your own, and here’s why. And here’s how this dollar cost averaging is false. So a lot of the things you hear me teach you about today, I was introduced to by stock traders.
(15:31)
Now, of course, I got to get a lot more introduction this, but when I started to see people that are in real estate, they really ripped into that kind of thing because still stock traders thought, Hey, well just take control of your own money. Don’t let a financial advisor do anything. And 4 0 1 Ks, they’re dumb. That’s what the stock traders would say. Real estate investor would say. The stock market in general is dumb. Okay, guys. So I was able to get this full range, and really it was what prepared me to question what I was doing as a financial advisor, so that when I did meet those guys who are in real estate, I was much more open than a lot of financial advisors who don’t want to even look at it because they think, no, no, no, no, nope. This is how I make money.
(16:06)
This is my career. Don’t derail me. It got me or more open if I hadn’t quit my job, and if I hadn’t gone and experienced that scarcity. And then learned, of course, from these real estate investors about abundance mindset versus scarcity mindset and how you can actually create more money just by being more abundant minded, just by being in a better state can actually attract and create more money in your life, which it did for me. Of course, then that’s a big thing. It’s not about the strategies. It’s about the mindset to go with the strategies. It’s that one two punch. You need both. That’s a big, big deal. So it was the very thing that I needed. It was painful. I didn’t like it. I was still stressed, but it got me to where I am today. Those little things. So who’s to say that for you, what’s going on in your life right now isn’t exactly what you need?
(16:56)
Maybe it’s the very kick in the pants you need to get you to be open to something new. I love when we get people that are transitioning. In fact, we’ve had several of you reach out recently. They’re saying, Hey, I’m about to change jobs, or My spouse is about to change jobs, so they’re not even getting laid off. We’ve had a few people that have been laid off too sometimes while they’re working with us, but many times the spouse is changing jobs, and we’re like, this is perfect. If you’re changing jobs, what does that do you? That 401k that was trapped in your company is now available to use. You can roll it into an IRA. We can do a self-directed IRA and invest with it, or maybe we find a way to cash it out. Try to minimize the taxes as much as we can.
(17:33)
And this actually starts generating income for you today rather than wait until you’re in your sixties to get this income. And so now it opens up options. And I’m saying, Hey, you’ve got a limited window here. You want to do this sooner than later. You don’t want to sit in that 401k. And then if all of a sudden the market decides to change its mind and change directions and go down, now you’re losing money. What if we could capture those dollars now and use that money elsewhere? Again, we’re not investment advisors, but just educating our clients to say, this is good. This is good timing. Even if you get laid off great, because guess what? That 401k, if you get laid off and it creates a financial hardship, you could actually avoid the 10% penalty for early withdrawal because of financial hardship. You just have to prove it.
(18:14)
And then you just get taxes. And if your income’s lower this year than normal years, guess what? You’re in a lower tax bracket. Maybe getting that money out now to then create some passive income for you to help slow the bleeding. And of course, we’ll try to figure out, make sure you have cash reserves and things in place to make sure you’re good. Fantastic, good. We can make sure that you’re okay to weather the storm a little bit and maybe create some extra passive income for you on the side. And then when you get your job, now you’ve got more education, you’ve got more opportunity to be able to create really more income to then invest to generate more passive income. So if it ever happens to you again, you feel safe, you feel secure, and come on guys. We’re not even in a full fledged recession right now, right?
(18:57)
We’re in a situation where things look really good. People are optimistic right now. They’re kind of denying and kicking the can down the road for debts in the government and things like that. We’re just delaying the inevitable. But think of how amazing it is right now that if you have this opportunity, even if it’s just changing jobs, you still want passive income. Because what if that job goes away? What if you’re a business owner? What if something happens in your business that you’re not expecting that could possibly shut down your business? Maybe it’s a health or a personal situation that you have to go home that you can’t be in the business anymore. What if you had enough passive income that wasn’t a big worry? Maybe it buys you time. That’s the thing, guys. Having cash reserves, which I do recommend you do before you change jobs personal, oh, I learned that from personal experience.
(19:40)
Having good cash reserves first, which is why we never have people invest their cash reserves is why we also have ’em. Diversify in high yield savings accounts and infinite banking and things like that, but then also having passive income coming in to protect them. Just like we’ve had clients where, again, I’ve talked about, we had Louie this go on about a year ago on our show, Hollywood Shut Down in 2023. Again, it was like a half a year shut down, or nearly half a year that Hollywood was shut down. The what Writer strike. How awesome was it that Louis still had passive income coming in to help pay the bills? He didn’t have to worry about jumping into Hollywood or frantically freaking out because they just shut it down in 2020. Then it happens again three years later. I’ve had other clients that literally, they’re counting on the money.
(20:24)
I have one client I’ve known for years that he’s been laid off and been laid off longer than he thought. He’s been in the tech space. A lot of clients in the tech space have been laid off recently, and so he, he’s been stressed. But man, that rental that’s coming to pay every month, he’d better believe he wants that money, right? That’s the key. He wants that. If he would’ve kept it locked up in a 401k, it’s not going to do anything for him. I mean, even if the goes up, it doesn’t generate any real income to help slow the bleeding so that he’s not pulling out of his savings as much. So if you’re changing jobs, this is a great opportunity right now to make some critical financial decisions that could literally change the trajectory of the rest of your life like it has for many of our other clients.
(21:06)
This could be the time right now to make those moves. If you’ve lost a job. I know it’s a stressful time, and it may not be the perfect time right now to go and make big changes. I mean, obviously your number one goal is to try to find a job to replace it. But what if you could be doing something with your money that at least could slow the bleeding, at least get strategic. We say, here’s how much we keep on the side just to buy you some time to find the right job or business, whatever it might be, and then also figure out if we can use the rest of the money to maybe invest and do some better things. That might even give you some income to slow the bleeding. That’s the power of passive income, guys. That’s the power. So if you’re experiencing scarcity, there are things you can do financially, but at the end of the day, it comes down to this, how does it affect you up here?
(21:49)
And sometimes the best thing to do is to have the right people in your corner to help you do that. So whether that’s me, it doesn’t matter if it’s us or somebody else or doesn’t matter, but having the right social things that surround you, and I’ll give this as my third point. One was a course doing that hour of power or 15 minutes of power if you have to do it that way. Two is getting your money, moving your money in a place that can work for you, cash reserves and passive income. And then three, surround yourself around great people, people that will support you and help you stay in that abundance mindset. It’s so hard when you’re stuck in your own head, but when you get that support, when you have somebody else to bounce this off of, to give you a different perspective, even outside of this situation, maybe someone who’s not emotionally involved in your situation, it creates a different perspective.
(22:33)
It gets you out of your own mess. I’ll tell you, I’ve had conversation with my team lately that we’ll have conversations about different things that we’ve been thinking about or maybe worries and whatnot, and then we say, wait a minute. Yeah, what you just said, that shifted my perspective. Actually, I think I know the answer because I was able to talk it out and or hear something that they said that gave me an idea. It’s the same thing for you guys. So again, one, do that morning ritual, that morning routine. Two, find ways to get your money in a better place. Maybe even move it out from where you’ve had it for years. And then three, most importantly, is also having that perspective. Having a good, strong support system of abundant minded people around you to help you out. That is the key, especially I don’t care if it’s when you’re leaving your job or you’re changing jobs, or, heck, even if you’re still in the same job or business that you’ve been in for years, but maybe you just have a little bit too much scarcity in your life.
(23:27)
This is a great way to flip that script, have an abundant mindset, and then watch. The money will start to follow as the abundance level goes up. That is my promise to you, that I’ve proved my life time and time again, as well as hundreds of our clients as well. So that’s my challenge to you. Make it a wonderful prosperous week. See you later is make sure you’re doing the power hour because it requires to do those three E’s that I talk about, exercise, education, and enlightenment. Be sure that you’re actually doing something each morning to get you in the right state of mind, the right frame of being. But I’ve done more in meditation. I’ve done things with hypnosis and things like that that have been incredible. Okay? So I definitely recommend doing some kind of routine around that, something that gets you into a place of peace. I.