What Opportunities Are You Missing Right Now? | 151

Do you know what’s more precious than money? Time! What opportunities are you missing out on right now that is costing you BIG? Don’t let these things slip away and take away your freedom! Join Cash Flow Expert, Chris Miles, as he shares five of the most common opportunities most people are missing out on right now. Check it out!

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Chris Miles Bio

Chris Miles, the “Cash Flow Expert,” is a leading authority on how to quickly free up and create cash flow for thousands of his clients, entrepreneurs, and others internationally! He’s an author, speaker, and radio host that has been featured in US News, CNN Money, Bankrate, Entrepreneur on Fire, and has spoken to thousands getting them fast financial results.

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Listen to the podcast here

 

What Opportunities Are You Missing Right Now?

I’m excited to have you here because we’ve got a wonderful show. This is a show I’ve been preparing for weeks to give you. In fact, I got to tell you the hardest thing is trying to find all these shows, be able to try to air these shows and doing it once a week. There are many topics that I can teach you and many things I can do. It seems like this is a slower way to do it, but it’s still a great way. I’m excited to be able to give it to you anyways. I’m excited to be here. As a reminder, checkout FundingAHP.com.

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People that want to stay in their home, they have the ability to, but they want to get out from their lenders. You want to become like the lender, like the bank in the sense. If you want to become the bank, here’s a great way to do it. Check out FundingAHP.com. I want to talk about some of those things that tie in with this, along with other things, too. For example, I realized that there’s a lot of opportunities being missed right now.

Many things that people are missing out on. I got to address it. There’s so much that we need to address here that I’m going to do my best to fit it into one show, because this is a much bigger topic than one show. I want to cover lots of different areas because I’m watching people miss out on opportunities left and right.

Granted, we all have this lost opportunity cost. We all miss out on something at some point, but I’m telling you there are a lot of times I’ve seen people that it’s almost frustrating even if it was pointed out it’s right there beneath their noses. It drives me nuts. I want to talk about the opportunities that you may be missing out on as well. It could be one of these. It could be many, if not all of these are going on right now. There’s only so much time and energy we have. I talk about that money can always be made back.

Some people say time is money. I’ll tell you, it’s not just time. It’s energy. How much energy do you have? Time is one of your biggest enemies right now. One of the biggest things I’m seeing people suffer right now is procrastination through fear or procrastination through a lack of clarity or through, over-analyzing or thinking too much. Sometimes we think too much. I’ve got people that I’ve been working with lately that we map out a game plan, “Here it is. Do this.” 

Some people say time is money, but it's not just time. It's energy, too. Click To Tweet

At least in the short-term, we know you’ll get these definite results. If this keeps going the way it’s been going, you’ll get results even beyond the future that far exceed what you’re getting right now. It’s funny, I get some people that will drag their feet. They’ve come to me. They’ll say, “Chris, I’m coming to you because I know a lot of things, but I don’t know how to pull the trigger. I don’t know how to do it.” “Let’s create a game plan.” We do create the clarity of the game plan. People are like, “I’m nervous about pulling that trigger.” Fear is one of the worst things that could be destroying your life right now. It’s mind-numbing to me. 

Granted, fear can be good. In some cases, fear can protect you, but when it comes to a place where you’re not taking action, one of the best ways you can overcome fear is by taking that next step. This might apply to you, but I’ve had to have some people who will say, “Even if the game plan is to buy 10 or 12 turnkey investment rentals or something like that, let’s start with 1. Just do one. Try it out, see what happens.” what I’ve noticed is whenever the ball gets rolling, everything starts to work out. I have noticed that in my own life. There have been times where I freeze up. I feel like there’s too much on my plate. Granted, I don’t work nearly as much as most of you do when it comes to hours and hours, but I do a lot of work around the house.

I help raise the kids. I’ve got eight of them. I got a whole bunch. I got the Brady Bunch with Alice. They’re all children. I get that. There’s a lot that I have going on. When I feel better, when I feel less frustration and less stress is when I take the first step, doing something small. If you’re backing up against fears, take that next step in that right direction. You don’t have to do it all at once. Usually, when I do game plans, it’s not about doing it all at once. It takes months, if not years, to implement anyways, but still take that first step.

I’ve had clients that have seriously dragged their feet for 4 to 6 months. That, in some cases, has cost them thousands of dollars already. Do not be like that. Do not be that person. If you’re willing to do it, be willing to take action right now. That’s one big one right now. You might be missing opportunities because, out of pure fear, you’re procrastinating.

Number two, another missed opportunity is human capital, that human value that you bring to the table. Some people call it a human life value. I call it human capital. Usually, it can be summed up in about two different categories. Human capital can be broken up into mental capital, relationship capital, or social capital. Mental capital is your ideas. What ideas are you not implementing right now?

What are some ideas that you could be using to create more? My cashflow index, for example. Some of you, if you go back to some of the previous episodes, I talked about how to pay off debt faster. Cashflow index is one of those formulas that I use to determine which to pay off first. That was an idea that I’m telling you sprung into saving people literally tens of thousands of dollars each year, because we did it a different way, a different method. Not the typical Dave Ramsey pay off the highest interest rate or lowest balance. 

 

It’s about what creates the most cashflow right now. Even that whole concept about what creates cashflow today. I had somebody ask me. They’re like, “Do I pay off debt or do I invest it?” which is the question I get all the time. We just look at that. Sometimes your idea isn’t debt. It’s not even an investment. It’s your idea that those ideas you can turn into income, that intellectual property turn it into real income. A lot of those cashflow ideas I’ve had has been huge. I’ve had other clients that have had ideas that rock people’s worlds. It takes a leap of faith, but I’ve had them go and it’s like, “Take that idea and use it.” I have one guy that was a client. He and his brother had a diet program.

He started working for a company where they did internet marketing. He brought that to the table. His brother brought some of the health and nutrition aspects. They did a company that seriously was worth millions of dollars that he ended up selling his half the company early on for $2 million. It ended up being huge. The company made millions of dollars. It’s paying them $100,000 a month.

It was blowing my client’s mind away because he’d never made more than a few thousand a month. In fact, I remember the first time I ever talked to him. The guy spent $500 to come to an event. It was the last $500 he had on a credit card to come to an event. He couldn’t afford to do anything with me at the time, but a few years later, the guy was making $100,000 a month and saying, “What do I do with all this money? I don’t know how to be wise with this.”

Those ideas can become something big, bigger even than even sometimes buying assets. Look for that human capital. Social capital’s huge too. I’ve built huge businesses, that I’ve created a lot of passive income streams because of relationship capital. Be able to connect with great people creates passive streams of income for myself or even residual because I’m great at creating referral sources for people. Look for that, too. Look for ways to create those connections and to help other people create wealth, and help other people become wealthy too. I love connecting to my clients with people, even if those people don’t even pay me. I love connecting my clients or even other people together because I feel like it’s a contribution.

That’s a huge amount of capital for me. I have this fulfillment from feeling like I make a difference in people’s lives and adding great value, even if it’s just connecting them with a person that can do something I can’t. That gives me a huge amount of satisfaction and fulfillment. If you’re like that too, look for those ways. Look for ways to generate that kind of stuff.

That’s how I retired in the first place in 2006. I was good at sending referrals to people. I was willing to ask for a referral fee to see what they had to offer. I even have that stuff going on now with different individuals or different companies. You don’t usually hear about a lot of them, but there are those people that I have that if it’s the right fit, somebody asks like, “Chris, who do you know that does blank?” I get income streams from some of those people. It’s awesome when you have that ability to do that. Look for those relationships.

Look for ways to use human capital and turn it into financial capital. Click To Tweet

It could also be the thing that allows you to be able to earn more money. My team, the people I surround myself with, the people I do refer to, I don’t get paid a lot of referral fees from all these people, but most people I refer to, what they do is they add a lot of additional value. When I get accountants and attorneys, they don’t pay me or anything, but accountants and attorneys, I’m a huge advocate about getting them to work together with my clients. That adds a tremendous amount of value that gives them something they need. 

I had a client say that my attorney was one of the best connections he’s had in his entire life, over 50 years on this planet. He loved the attorney. The reason he loved it was because it was somebody who was going to make a difference in life, add huge value. That added value to my own process, that’s why he worked with me in the first place. He knew he wanted to meet my attorney, but after he met with him, he was even better than he expected. He was like, “I’m blown away.” That right there allows me to be able to justify charging higher amounts, higher tuitions for people to come in if that’s somebody I haven’t worked with.

Perceived value. It’s always about adding value. Use that human capital to turn into financial capital, other things, underutilized assets. I’ve had people come to me that have IRAs sitting around, hoping that the market will do something. They’re like, “Trump came in office. I made some money. Now it’s not doing anything again. Now it’s flat again like it was the last year or two.” They’re saying, “I’m making money, but.” I’m like, “You could be making so much more.” I met with a guy that’s becoming a new client. When I was looking at the situation, I saw he had three rental properties. He’s like, “I would make about 12% cash-on-cash return.”

I look at the net cash-on-cash return. I found out the numbers are closer to about 9% from what he had paid, not to mention from based on the equity he has. Now he’s closer to about 12% return on what he paid, but he’s got some equity in those properties now that it’s appreciated a little bit. I’m like, “Now you’re only making about an 8.8% rate of return. Most of these properties could probably start making you about a net 16% rate of return, about double.” In other words, going from $700 a month up to $1,200 a month. That’s $6,000 extra a year by doing nothing more than just using the same assets he already had. He’s also looking at doing a cash out refinance of his mortgage. We talked about that before. He’s getting $180,000.

He could easily be making at least an extra $25,000 to $30,000 a year with that. That’s huge. Looking for assets that aren’t being utilized fully, whether it be equity, whether it be money that’s sitting on the sidelines, whether it be in savings or in crappy mutual funds, like a 401(k) or an IRA or something like that. I’ve had people with trading accounts.

They’re like, “Do dabble a little bit in the stock market.” “How are you doing?” “It’s okay.” Let’s make that awesome. That might be an opportunity that you’re losing out on every single year. If your money’s not going down, the fact that it’s not going much anywhere is a big loss to you because that’s money that could have been making money right now.

 

What are those underutilized assets that you have? If you’re in business, maybe you’ve got old programs that you need to take off the shelf and brush off the dust. Do the things that people are asking for that you haven’t used for a while. How am I going with that mental capital? What about ideas that you’ve had that could be used now?

I’ve mentioned this on a few other shows, but I had a program with the Monetize Your Divine Genius. I created an online webinar course called Find Your Divine Genius that people kept asking how to find their purpose and monetize it. I’m like, “I got a solution, something I taught back in the late 2000s. Who would pay $50 for that?” People are like, “I would.” I’m like, “Here it is, $50, 20 spots.” Twenty four hours later, it was $1,000 that was made from that.

I turned around now, selling that course for $250 informally. I don’t even have that on my website right now. That’s even turned into a course that became an event as well as a retreat. I made thousands from that one idea, that concept that comes with it. Again, what are those underutilized assets? It could also be paying off debt. Somebody asked me by email that said, “Chris, I’m getting a tax return. Do I pay off my debt? Do I invest it or whatever?” I said, “It depends. What gives you the most cashflow today with the least amount of dollars out of pocket? That’s what we look for.” It’s not doing it the way that Dave Ramsey said.

It could be doing it the way based on that cashflow index. How do we do that creatively? Even at, could we do some refinancing and stuff that way? I’ve had situations myself where I remember I bought a car, did extra money to cash out to pay off some credit cards. I ended up buying that car brand new. It costs me almost no extra money compared to my old junker that I had. You can do things like that fact. I remember it only costs me an extra $150 a month for a brand-new car versus a junker because of how I was able to pay off some credit cards and restructure my debt.

Things like that, getting creative with it. Tax breaks. All these people I’ve been getting lately that are looking to become investors, even if they work a 9:00 to 5:00 job, I guarantee they’ll free up, at least in most of those cases, $4,000, $5,000, $6,000 a year just by doing one tax strategy with how they pay themselves. It doesn’t even reduce their income. It’s the same thing. Right there, I tell people, I’m like, “That justifies my fees alone in tax savings.” What are those taxpayers missing out on?

I guarantee if you’re in business, you’re definitely missing out on them. If you’re looking to become an investor, if you’re working as an employee, you’re looking to do either go into business or become an investor, there are tax breaks and tax codes that you’re not taking advantage of, regardless of what your accountant’s telling you. I see it all the time. That’s the thing, if I can give you any value, it’s this. There are opportunities you need to take advantage of right now. Don’t delay. Don’t procrastinate due to fear. Don’t miss out on those opportunities. Use your human capital, both mental and intellectual, or even relationship capital.

Use all the underutilized assets. Put those into work. Debt payoff. Get creative. There are tax breaks and number of other things that you could be doing right now to be able to generate more income and create more freedom right now. This is my challenge to you. Look at it. If you’re not even sure where it is, have somebody else point it out to you because there are opportunities around.

It’s not worth the stress, pain, and even the complacency to lose out on freedom. You have so much more life to give. You have so much more to give your family and to everybody around. You need to be free first if you want to truly be able to give the best of yourself to the world. Everybody, make it a great and prosperous week. We’ll talk to you later.

 

Important Links

• FundingAHP.com
• Which Debts Should You Pay Off? – Previous episode
• Find Your Divine Genius – Previous episode