WealthTalk - money, wealth and personal finance.

100th Episode! Wealth-Building Pearls of Wisdom

Episode Summary

In today's episode we celebrate our 100th episode of WealthTalk! In this episode we put together highlights of the pearls of wisdom we have had on the show from over all the episodes.

Episode Notes

We have finally reached the 100th episode of WealthTalk! We are very grateful to everyone listening to our podcast and leaving fantastic reviews on Trustpilot. In this special episode, we have put together some of the wealth-building pearls of wisdom from ourselves, our members and our wonderful guests.

Resources Mentioned In This Episode:

>> Download the WealthBuilders 9-Step Recurring Revenue Roadmap

>> JOIN THE WEALTHBUILDERS ACADEMY - CLICK HERE TO LEARN MORE

Episode Transcription

Unknown Speaker  0:01   The purpose of wealth talk is to educate, inform, and hopefully entertain you on the subject of building your wealth. Wealth builders recommends you should always take independent financial tax or legal advice before making any decisions around your finances. Well, welcome

Christian Rodwell  0:19  
to Episode 100 of wealth talk. My name is Christian Rodwell, the membership director of wealth builders. And I'm joined today by our founder and my co host, Mr. Kevin Whelan.

Unknown Speaker  0:30  
Hello, Chris. I'm breaking out the Hatton Hooters.

Christian Rodwell  0:35  
party poppers out, make 100 We finally made it.

Unknown Speaker  0:39  
Well, listen, you know, when we started, way back, who fed 19?

Christian Rodwell  0:44  
It was, indeed February the 19th 2019. Episode Number one.

Unknown Speaker  0:49  
Yeah. And you know, we we kind of felt really passionate, didn't we about providing something free, that would increase the Financial Intelligence of as many people as we could possibly reach? And we know, sadly, most people are below financial IQ. And I don't mean that in a disrespectful way. What I mean by that is Financial Intelligence is the ability to make distinctions about the differences that can help you completely change your mind about how to build your wealth. And most people struggle with this day to day they find them sells trading time for money in a job or trading time for money in a business none. Of course, that's not wrong. But But of course, it's so uncertain, it's so delicately balanced and so fragile, as we've seen, you know, and who could have predicted the current situation, you know, when we started in 19, we didn't foresee what was happening in 2020. So I'm excited even more, Chris, because we've got, you know, just as we've dedicated our Well, I suppose, number of years, but certainly the last two years to help, you know, raise that bar for everybody else, we've completely wanted to expand that knowledge, we're expanding the service still further, aren't we, we've created a, what's coming up soon to to give more people access and wealth Academy, the wealth builders Academy, and I'm going to be writing something on wealth builders for kids. So parents can help involve and get their children slowly and gradually involved in understanding and making differences. And there's never too early in never too soon, to get started on building your wealth, Chris?

Christian Rodwell  2:39  
Yeah, yeah. And of course, you know, we have to say a big thank you to you for listening, and tuning in. And, you know, giving us such encouragement and great feedback. As we've progressed throughout the last two years. And you know, all of the reviews that we read out every week, we really, really, really do appreciate it. And as you say, Kevin, the community is growing. When we launched the podcast, we we didn't have a membership program, we've launched the membership program, which started as the foundation program, and then evolved into the seven steps to wealth program, and as you say, now is going to be evolving, again, into the wealth builders Academy. So more news on that coming up in the coming weeks, but we've put together some of the best bits, in our opinion. Anyway, there were so many, it was really tough job. But we've pulled together just some of those pearls of wisdom, from ourselves, from our guests, and from our members, Kevin. So looking forward to listening back to some of those.

Unknown Speaker  3:33  
I'm looking forward to it too. So why don't we head on over to your choice, you are the editor of the pearls of wealth, building wisdom.

Christian Rodwell  3:42  
So Kevin, let's get into really what wealth builders is all about? How did you come about creating and setting up wealth builders and give our listeners a bit of a backstory place?

Unknown Speaker  3:53  
Sure. Well, you know, my, my own story is born out of some tragedy when my father died very young. And of course, that what stimulated me to build wealth for myself, because, you know, I didn't want to be in a position where if I die young, too, I didn't leave a good legacy for my family. But over the years, I think the big catalyst for me was 2000 acres, which is when the credit crunch came. And pretty much everything fell off a cliff. And I had an advisory business, you know, traditional financial planning business. And I realized that in that role, I just wasn't doing or wasn't able to help people break free of what the traditional financial planning and good wealth planning was all about, which was really the stock market. And since then, I've just seen a mushrooming of people moving on to new things, and teaching them how to create streams of income in their life so they can be financially independent, whatever the state of the market, so whether the market crashes or not, whether interest rates go up or down, whether Brexit happens or not, at this time, whatever uncertainties they've got, they've got complete control over their finances. And that's what Wealth builders has been doing for the last 10 years or so. And we've got lots of wisdom to share with people on how to do that.

Christian Rodwell  5:07  
How can we have a podcast about wealth talk without really first defining what wealth means? So Kevin, what's your definition of wealth?

Unknown Speaker  5:14  
Well, that's a toughy. That's like beauty, it's in the eye of the beholder, really. So I'll give you the best answer I can give. Which is, you know, the wealth is a concept, which really involves an overlay of different freedoms. And if I describe what the freedoms are, and I know there's one very important to your art, Chris, and maybe you can tell a little tale about that one. So freedom, people have been fighting for freedom for generations. Okay. But in wealth, context, I think the most important freedoms are freedom of time. You know, because in a time press world, you know, look how much every time we talk to people about

Christian Rodwell  5:55  
our number one response, right, I don't have enough time,

Unknown Speaker  5:57  
I don't have enough time. So so getting control of that time. And of course, using a podcast, using audible using things that you can build your education at the same time as you're modulating other things is leverage, again, is a really good idea, right? So getting freedom of time, and that balance of being able to do what you want to do on your own terms, being control of your time is really quite an important element of wealth. The second one, of course, is money. You know, because the importance of being financially independent means the freedom from being dependent on a job or a business that you're having to turn up and work in, in the sense that if you are dependent, you're trading your time for money. So you show up and the money shows up. The definition of money freedom, then is you have enough money flowing from things you own assets you own, that you have put in place, and with a small amount of management which can be delegated, then the money is flowing into your life to live the life that you want to lead. And that's freedom of money.

Christian Rodwell  7:08  
And then defining really real strong catalyst as you often refer to it as your why is really that catalyst to propel you forwards.

Unknown Speaker  7:19  
Yeah, cuz look, you look around the world is a place of confusion. There's so much information out there. It's a place of a lack of capacity. You know, people are busy, busy, busy, busy, busy, and they don't have any time we hear that, as you say all the time. And something has to break through that. And for me, the catalyst was the key. And it was something that was a tragedy. Now, I'm not suggesting that someone needs a tragic aspect of their life, but they need a catalyst. And sometimes it can be the inspiration from someone else, like the person I mentioned, who wanted a copy bombing, or out Christa, we could be a catalyst in our writings and our teachings,

Unknown Speaker  8:00  
when I'm talking to women, about helping them because a lot of them want to, you know, find, find their purpose and have it expressed through their work. This distinction about it being an iterative process, I think, is a really important one, that a lot of people think that they're going to discover their life purpose, you know, be wandering through the fields one day and get this big call from God, you know, here's your purpose. But it isn't like that. It's just these little yeses to your passion along the way, you discover something more about yourself. And then you end up in a situation where I feel very blessed to be now where I'm leading a business and a team and, and really what my community members call a movement. Here at one of many, where we're looking to really shift the paradigm on leadership, and you know, achieving gender parity and leadership and supporting women to sustainably change their corner of the world that I could never have known was my purpose. Back in the day, it was that every little yes to something that I was passionate about. That got me to this position where I feel like I get to live my purpose every single day.

Unknown Speaker  9:09  
Before I give you the definition of an asset, Chris, I'd like to give a distinction which will lead on to that. And that's the two different types of income, one can earn. One is called work income. And that's when you trade your time for money. And that's obviously easy to identify if you've got a job. Or if you're self employed, and you're running some kind of a business where you cooking it, shipping it selling it doing the whole thing. That's trading time for money, and that's called working income. And it kind of sounds different as well. We're on a podcast. Why don't we make it audible. It sounds different. It's like Work, work, work, work, work 30 times, or 20 times in a month, get paid 20 times work, get paid 20 times and that's the cycle. The difference that I'd like to point out, which will then come to the asset is asset income. Now, asset income is income that flows from something, that we will now have the definition and then show the difference between the two. So an asset is something you own, get the ownership, that is not you, now you don't own a job. So it can't be an asset, can pass your job on to kids. Last time I looked, something you own, that is not you, it puts money in your bank account while you're asleep. You don't have to show up for the money to show up, you can pass that money on to anybody you wish to good causes your family and so on. You do not have to be there for the money to be there. That's the definition of an asset to me. So if you own assets, then the ownership of the asset which throws off income, whether it throws off rent, whether it throws off dividends, whether it throws off royalties, whatever the income that flows from the ownership of your assets, it's permanent, it isn't temporary. So therefore, if your acid income, it continues to flow. So you do the work. And often you have to work very hard. So you do the work. But you get paid, get paid, get paid, get paid, shall keep going, get paid, get but it doesn't stop, yes, you have to put a little bit of management in place. And let's be clear, you cannot be wealthy without being in the wealth management business. You have to manage your wealth. But it's easy to delegate that. Or if you love doing it, manage it yourself. And certainly, you look back to the previous episode, when we talked about passing on the wealth to the next generation, you need to give the stewardship skills, the skills of wisdom to the next generation, so they manage and expand the wealth as well, for the generations to come. So what I would say, in Episode One, I think we talked about the importance of being an entrepreneur and that you can only be truly wealthy if you're part of the value creation process, which is really what an entrepreneur is. wealth, then is the managing of your, your asset income, as opposed to your work income. So nobody gets rich by having work income, because it ends when you start working. The wealth comes from owning assets. And in another episode, we'll go step by step into the seven different assets you can now And what's great about it, Chris is there only seven, everybody's got IP, the fact that they're delivering their own intellect. But when they delivered in a job, they're sort of selling that for an hourly rate. And the easiest way to get a sense of that almost bring it to life is to say, well, the hourly rate most people work, I guess, a lot longer than we think. But But let's say, you know, conversationally, 2000 hours a year 50, a couple of weeks a week. Yeah, 40 hours, you know, that's, I'm sure some people are laughing already thinking I'll do 60 hours a week and more for you. But there you go. So 40 hours a week, 50 hours, 50 weeks, 2000 hours. So simply then if someone's got a salary, you can work out the hourly rate by simply taking the salary and having it. So if someone's on 50,000, is 25 pounds an hour? Yeah, if they're on 100,000, it's 50 pounds an hour? Yeah. So you know, the value of your IP, but you're getting paid for it in a kind of an hourly capacity.

Christian Rodwell  13:42  
What's your definition of an entrepreneur? Shweta?

Unknown Speaker  13:47  
What's my definition of an entrepreneur? Um, that's an interesting question. I mean, we all have our own different versions. For me entrepreneur is someone who is willing to fail fast and fail enough to succeed. And when I say fail fast and fail enough, this is my mantra, by the way, Chris. And that's for me is not flipping coins. But it's about making series of decisions in a calculated way, knowing the probability of potential success or failure, and the rewards and risks attached to that, and then going ahead with it, and there are two things I'm saying failing fast and failing enough, sometimes people fail fast, but they don't fail enough, right? They just do a couple of things as a failure, boom, they kind of step back. There are some people who fail enough, but then they're just taking too long and the journey just becomes long and dragged. So can we fail fast? Can we fail enough? After thinking it through in an objective way and being decisive and moving forward? For me, that's entrepreneurship and that's exactly what I've been following for the last 11 years. And I make sure my clients are also doing that. You know, I

Unknown Speaker  14:59  
just tell 50 earlier this year, I guess, you know, any milestone birthday is a time to reflect. And I just started to think about, you know, think ahead to retirement and what I want that to look like. And I started to think about, well, how could I become financially independent earlier than normal retirement

Unknown Speaker  15:18  
age, you

Unknown Speaker  15:19  
know, how could I maybe retire earlier or have a different pattern to my life, then, you know, work for lawn, which is what I've done for the last 28 years and then stop. And that didn't really appeal to me. So I came across Kevin and wealth builders, and I saw that you were working with Kevin to launch the foundation program. And what really appealed to me was the systemized process. So I would say I was already doing parts of the wealth building, you know, parts of the foundation program in little pockets. But this was the first time I'd seen someone bring it together in, you know, a systematic process, a process that one could follow, that was logical, you could tick the boxes, you could get everything done, get peace of mind that you've done the right things, and then move on to the next part of building your wealth. So those are some of the key reasons that I joined Chris.

Unknown Speaker  16:12  
The three things that I always go back to no is since joining, I've got a plan of my financials of where I need to be aware I am what action I need to take to get there. And when I'm going to do that, and accountability as well, between yourself, Kevin and the group members, so I'm on track, I've done everything I set out to do so far. So if we keep going, I will, will hit my target. And the best part of that is a lot of things we used to tell our clients to do. I've never done for myself. So I organized all my debits and done everything, probably saved myself about 200 pounds a month. Overall, I've put my I can't believe as a financial advisor, as you guys would call it, the roof wasn't in place. So I've done plenty of powervr attorneys for all my clients. I've done plenty trusts for all my clients. We put everyone's life cover into trust, but somehow I didn't do my own. So all of that stuff I've done and my sasses in the process have been sorted out as well. I think you guys in making right? Okay, you got a I think doing it as a step by step programs really good. Because it's just one thing at a time that isn't it? It's not I need to do this. I need to do this. Because if you've spoken about investments as well, I would have done my roof, I'd have gone straight to the investments. But yeah, yeah. And he ignored probably the important part of it. So well done. I think I think it's working really well so far.

Christian Rodwell  17:25  
What do you feel that you've gained most from being a member of foundation programs since he joined if there was this one thing that you could pick,

Unknown Speaker  17:31  
what I love about the foundation program is the fact that it's actually you can see the momentum building the network building. And I love the way people are just now communicating with each other and trying to find commonalities and also things that are a good fit, and comfortable with the well wealth builders foundation. And it's actually done what I've hoped was hoping it would do. But also just I think the sky's the limit. And what I love about it is it just prompted you to take action.

Unknown Speaker  18:02  
I teased you a bit did not last time mysterious john, this mysterious john, do you want to know who he is? Yeah.

Christian Rodwell  18:11  
It's Mr. JOHN warrillow.

Unknown Speaker  18:12  
Yeah, john warrillow is just a business guru. He's the man who if you want to understand how to create the maximum value from your business, he's the man who can help you with his own IP. Just imagine a square. And we've got three lines going to the right of the page and four lines going to the left. So we're going to talk about seven assets and the three to the right. I call the parked pillars, the pillars of where most people why 95% of the population simply do not make it to a place of financial independence is because their life is parked. their money is part and is parked in three assets. Asset number one is their home. Now, let's be clear. I am not saying your home is an asset. Because your home generally, or most people, doesn't put money in your bank account while you sleep. Chris, it costs money. It takes money out of you, right? So So Kevin, what you're saying to me, you know, a property is an asset. Well, I need to make another definition here, Chris. There's the difference between an asset that generates flows of cash or capital and a latent asset, which could do if you applied a different strategy, something that's got the power within it, like the, like a seed, it's got the capacity to grow, but you could kill that germination by doing the wrong things. Asset number two, is the most undervalued overlooked asset of all Chris, and it's the word that most people start to shrink. away from and go, Oh, no, oh, gray and dreary, it's that pension word. And the pension is the biggest part in the UK where people rely on putting their money in order to create their future retirement wealth. And the big mistakes there were Whoa, whoa, the big one there is they simply ignore?

Christian Rodwell  20:21  
Well, they feel so disconnected. Yeah, a month,

Unknown Speaker  20:24  
a year, one statement a year, and then they get the statement, they read it, they file it. And they hope that the next six months, the statement is going to be bigger, but absolutely have no control whatsoever. And because they have no control, and they feel that level of disconnect. They just drift on the ebb and flow of the market, because almost all pensions are invested in the stock market. And that certainly makes the pensions industry very wealthy, but doesn't do very much long term for the wealth of clients. And when you think about the fact that the whenever you have, we talked about debits, you remember debits, we talked about costs in Atlanta, Episode Four, and we're talking about episode four. So we're looking to try and help people create money where money simply is underperforming. One of the areas that's overlooked, is the fees and charges that are levied in pensions almost always are opaque. They're not really truly disclosed. So if something's not disclosed, and it's not in your view, you're less likely to challenge it. So if I've got a utility bill, how easy is it for me to go switch that? Yeah, whichever company you would care to use, you could just go do that. Can you do that? Would you pension, can you just go switch, it's not really that easy. It's more complex, or it feels harder. So we spend a lot of our time, particularly with entrepreneurs, careers, educating them to take control of that. And when they take control of their pension through a special kind of vehicle that we refer to as the directors pension, because you have to be an entrepreneur to have one. But more technically, the SAS the small self administered scheme as s s a s, SSA s not the SA s dress. But you know, you have enormous control. It's what some people call the you know, Best Kept financial secret. It's just that ability to take control and drive the return to whichever asset you want. Because if you're the owner of your own pension, then nobody's telling you where to park it. You can make that money work by using it in the entrepreneurial pillars.

Christian Rodwell  22:44  
My name is Christian Rodwell, the membership director of wealth builders. And today we are doing something slightly different. So I'm joined, as always by Mr. Kevin Whalen. Hello, Kevin. Hello, Chris. But I'm also joined by a very special guest today. Mr. Simon azuchi hokushin A Simon Simon, you're the founder of the property investor network, author of property magic, indeed, yes. got together to today. And before we take this opportunity, just have a bit more of a discussion around the property pillar, some of the things that are happening currently in the markets. And I'm going to hand it over to you guys to actually just have a really relaxed conversation today about property. And let me do that hand it over to you right now. Oh, thank you.

Unknown Speaker  23:23  
true sense of wealth building correct collaboration, which we know is very popular in the community, where people genuinely work together, where some people have skill, some people have time, some people have money, some people have an idea. And you can combine those wealth dynamics in a way that truly makes something more valuable by by doing those things together. So that's the kind of starting process but as you then then said, Well, how does that work? Step by step?

Christian Rodwell  23:50  
Yeah. Which I know that you have a very, very elegant model. I think it'd be really good for us to actually dive into that. Now. Kevin is, okay. So you know, what your financial level is that you're trying to reach? Yep. And you've chosen the pillar that you feel is the right pillar for you based on wealth dynamics and your interests? Yeah. How do we actually make the whole process work? How do we actually start generating income from those assets?

Unknown Speaker  24:16  
Okay, so you're absolutely right, Chris, you have to begin with some kind of end in mind. And the end in mind for most people at the beginning is how do I move from insecurity to security, which is from level one, on the wealth scale to level two? Now, you put some numbers on that. So doesn't really matter what the numbers are. We said that before. But you pick a number. You take stock and see where you are right now. And you let's say the target level for security is 5000 a month. And you look at what you're generating from assets right now. And let's say at zero, you're not going to go from zero to 5000. You know, in a heartbeat. There's a process for doing that. So how you do that is you once you've identified the number you then take stock of which pillar is the best one for you to start with and once you do that remember we talked about entrepreneurs make decisions looking forward not looking backwards they have to do before they know not know before they do now what that means is we work on a process chris which we call the wheel of wealth now that's that was created by me as a thought process which i believe works every single time so i'm going to say don't cheat the wheel okay now i'm going to tell you why people do cheat the wheel in a minute but first of all let me describe the wheel

Unknown Speaker  25:37  
so entrepreneurship is a little bit like that and i've been really fortunate when you work with 3000 entrepreneurs ranging from early stage startups right up into the billions of revenue you actually get a very clear picture of what the map ends up looking like and and therefore it's a lot easier to build businesses very rapidly multimillion pound businesses very very rapidly so there's a few key stages there's obviously the startup phase where you're getting the concept right and you're doing validation there's a phase called the wilderness which is first contact with the marketplace to see if your ideas survive then there's the boutique phase which is three to 12 employees or three to 12 people on the team and what you're trying to do is establish a boutique that punches well above its weight you want a boutique where three to 12 people are really kind of making some waves and disrupting things and gaining influence if you can get up to 12 people you enter a very difficult phase which is crossing the desert and the desert i describe as too big to be small too small to be big and it's between 13 and 40 people and this is a difficult phase where the business is no longer this kind of self managing small boutique but it's also not ready to have a leadership team and you know you know kind of expensive software and expensive offices and all the kind of things that you need to run a proper business a bigger business so you've kind of in this weird no man's land of not small not big from 13 to 40 people which doesn't sound like a big jump but actually when you're in it it's a huge jump that lasts a couple of years often and then you then basically enter a new phase of business which is scaling from about 40 to 120 people where there's another little desert in there as well we we kind of have to go through it again but essentially there's these key phases that you go through and if you don't know these phases some of sometimes the horrible thing that can happen is that you can have a wonderful business that's just doing so well at 12 people and then you go 1314 1516 people you get up to 16 before you realize that you actually needed to do a lot more planning than you thought in order to go past 12 so those kind of things kind of creep in and when you know the map you know what to expect

Christian Rodwell  27:55  
obviously daniel we've spoken previously in the past you know we've escaped the rat race and the shift from employee to entrepreneur so would you say now more than ever certainly the millennials right i'm sure are thinking more about being business owners you know straight out of school then they're not going through that traditional education system that the older generations have done but even obviously people you know in their middle ages are now looking at the security that a job can provide and obviously being quite worried about that and and looking at other opportunities and in how can you make that shift over to a business owner start thinking like an entrepreneur are you seeing that shift just accelerating as well

Unknown Speaker  28:35  
it's definitely accelerating in my first book was entrepreneur revolution which was around you know the fact that we're all gonna end up as entrepreneurs and we're all gonna have to make that shift so entrepreneurship has always been really hard and difficult and terrible and a slap in the face and a punch in the nose and risky and exhausting and all of those kinds of things but it's always had a higher potential for upside it's always had the potential for freedom and the potential for abundance and you know and creativity and all of that baked into it the problem was that up until recently there was an extremely good alternative to entrepreneurship so you had to kind of weigh up do i want to be an entrepreneur or do i want a good stable solid job that just pays the bills and you know i can i can get a decent mortgage i can pay off the mortgage i can take a holiday here i've got stability i know that my job is going to be around for many years so essentially people had to wake up the two options and in many cases for really rational reasons people would choose to have a good job however as we've gotten further and further away from that reality being true for many people there's hardly anyone who would describe their job in those terms anymore you you know even when we hear about these concepts of full employment someone who's driving an uber on you know on an effective rate of eight pounds an hour is classed as having full employment and a full time job that is not someone who's got you know job security or anything like that so because of the because of weighing up the two options and weighing up the alternative there is no real alternative now like you have to be in if you want any chance of owning a home if you want any chance of having fun and freedom and making the most of the times that we're in and the ability to kind of change and pivot and get the most out of life you know most rational people are saying well you know there's really no choice i need to kind of either be on an entrepreneurial team where i'm kind of bought in and i've got equity or i've got an opportunity or i need to go and start my own but you know but there is no kind of big stable safe job waiting in the wings the term recurring income is describing the byproduct of an asset so this it's this recurring income is the symptom of owning an asset it's what it's what accidentally happens after owning an asset so if you own a big house and you rent it out you've got recurring income if you write a book that sells every year and it's perennial bestseller then you have recurring income because you created an ip asset so recurring income is the is the output it's the symptom of an asset an asset is anything that would still retain its value if you weren't around if you were paying very little attention to it and what we need to look at now is a new class of assets so we need to look in we look we need to look at this new class of asset called digital assets so in the agricultural age the number one type of asset was farming land and then industrial age came along and farming land was less important and it was actually industrial land industrial factories actually that was the primary asset that if you could organize labor under one roof then that was the number one asset in fact owning a mill owning machinery owning a sewing factory would be a much better thing than owning land and it might only take up a very small amount of land and then as we move from the industrial age into the digital age we need to own digital assets so it almost doesn't matter whether you own a factory anymore it matters that you own the brand so you look at businesses like nike they don't own factories they they outsource to different factories they own the brand they own the soft assets so the new assets it still follows the same rule that an asset is something that would provide value if you weren't around or looking after it but think about things like this a database let's say you've got 100,000 names who know who you are and open your emails that's one hell of a digital asset if you said that you have if you've won a really difficult award lets you know at an extreme level an olympic gold medal that award places you as someone who is who has a soft asset for life for the rest of your life which is about excellence and achievement at the highest level so that asset will continually bring you opportunities because you're an olympic gold medalist but in business there are all sorts of awards that have that same impact and that is actually an asset and award is an asset

Unknown Speaker  33:28  
let's say you've got an incredible culture where people would love to come and work in your organization because of the type of workplace that you run that's an asset it's a different kind of asset that it's hard for us to think about it through our industrial brain industrial you know we've all grown up in the industrial age and now we're living in the digital age but having a workplace culture that attracts highly talented and skilled people is a is an incredible asset so what we need to do is build this ecosystem of assets often their digital assets we formalize them into media software and intellectual property and once you formalize them into media software and intellectual property you suddenly have this ability to to have a business that takes on a life of its own

Unknown Speaker  34:11  
one of the things that people always tell me about their wealth building as i just said on time and well that's an excuse because everybody's got time because you can create time in so many ways and i try to encourage people to box time so earmark time just like you would in your calendar but people don't put their wealth in their calendar so we encourage people to box that time to take two hours a month as a minimum and box that time off so that you never spend more than 30 days without doing something to create more in your wealth whether it's building a relationship whether it's building more leverage whether it's building whether it's looking at debits whatever it is you're doing something that is moving you forward and your wealth plan really so and the other ways to create time leverage you to work with people who have time so again going back to this idea of property is an example yeah so you could have lots of money but you just don't have time because you're flat out well there are people who have that leverage of time and they can find things for you that your money could be deployed in and this is very common this idea of sourcing property for example yeah and there's no shortage of business opportunities that take care of the time of busy people you know va is and and concierge type services and things that you can either take advantage of if you're lacking in time or you can provide if you have a surplus time but either way time leverage is you know really important thing so when you combine financial leverage intellectual leverage relationship leverage systems and time maybe we'll find number six somewhere chris will probably invented right so but for now then that's going to be an opportunity for anybody to to move forward

Unknown Speaker  36:03  
so i tried for a few years maybe between my late teens and mid 20s a few different businesses really i was more self employed to try and you know be successful and make some money art pub landlord architect and they never really worked out for me and i think it was because i didn't really understand what a business was i understood you know having a passion or something creative but didn't understand how to turn into a business and on december the 15th 2005 my dad had a nervous breakdown in the pub that i was working i worked in my dad's part i was very reliant on my family for money and i've got myself kind of into a fair bit of debt financially and kind of emotionally lost directionless and then when my dad had his nervous breakdown this is in front of all the cup customers in his pub i had this moment of shame but also clarity in that i felt very embarrassed and a huge amount of guilt that my dad raised me to be an entrepreneur but never really done anything with it and i've never been independent and always relied on safer options like you know going through the conventional school and uni system or working in my mum and dad's pub because it was safe and easy and comfortable and i guess i built up this fear of taking any risk of doing something different but i knew that my life i mean i was only 2526 when i got this realization some people are 46 and 66 when they get there so i was very grateful i've got it quite early in my life but in that moment after my dad's nervous breakdown got sectioned got put in the mental institutional part of the hospital for a long time i really strongly reevaluated through a lot of emotional pain what i wanted to do with my life and i didn't know what it was at all question i have no idea and a lot of people are looking to get perfect before they start well i had no idea but because i had this huge pain driver i just put myself out there and started exploring and listening to people for a change

Unknown Speaker  38:24  
it really was a game changer having a sas and of course then going on there the wealth builders program and we got a level of knowledge but it was it took it to another level and helped us focus on different areas like creating trusts and looking at certain you know the legal aspects of your wealth and obviously keeping your wealth not just creating it in the first place which

Christian Rodwell  38:46  
is you know extremely important you obviously had a conversation kevin and and we're talking about your pension and then i guess we kind of just i think it was just really a very low key kind of opening that we did just for some people that were you know in the community and on the waitlist at the end of july and and obviously you jumped on i think you know one of the webinars we did and what was it about the program that made you think okay i'm going to join

Unknown Speaker  39:13  
yeah well i think if i if i look back on the reason why it's having a structure so it's understanding a well laid out path clear guidance and i guess the key thing for me was was it wasn't being fruitful standing so it's very much you know it's up to you you know we're not he wasn't saying there's no hard sale which is always a really good sign because there's so many programs and out there that you can join but it's very hard sell mastery now at the end of the seminar so a one off only and i didn't find that at all i found that that everything was approach we've we want you to do well we really want you to succeed and i think that for me that made the difference basically it really helped me to make that decision and remember i was having a call with yourself and what kind of resonated with me was i was was 100% sure and you know you said well are you going to have this much time next year and i thought about it being back in the office and the answer was no and you know it became a bit of a no brainer at that point

Unknown Speaker  40:18  
well i found that it was a really lonely path once i've set that goal i couldn't really talk to anyone about it because everyone i spoke to would look at me in a really odd manner and i very quickly learned i couldn't speak to many people it's known down the pub and even the sort of the high earners the guys i was sat next to in the flight deck of aircraft their you know their high earning their tax dodging their their own toy they live abroad should i say they they own ferrari's these guys and yeah i turn around and sort of have a conversation about the fact that i wanted to push myself and become financially free and they'd look at me and they'd sort of look at me really oddly and say well money is the root of all evil when the debts a really bad thing and i couldn't understand why even these guys that have money or that have pa ye money still store someone striving to become financially free is almost a bad thing so i wanted to really get with a community that had similar aspirations and similar goals so i could share my journey with those people and have peers to

Christian Rodwell  41:27  
talk to and that sort of led me to into wealth builders you mentioned 95% of people who wish to become wealthy financially independent never make it yeah tell us a bit more about a reasoning behind that kevin

Unknown Speaker  41:41  
and how you can identify whether you may be one of the 5% that will make it that will be a bit scary of course 95% of people don't make it only 5% do and the skill in wealth builders is really trying to help more people reach that but there's a little bit of self analysis you can do you know in the number of years that i've been talking to people and helping them create financial independence for themselves i noticed krysta three groups of people i call them the three days and it doesn't take me more than about five minutes to work out who you are and whether you would like to be part of the 95 or part of the five do you like to know what they're oh yes please

Christian Rodwell  42:26  
we'll start with say your catchphrase of never let a month go by without building your wealth

Unknown Speaker  42:30  
well that's exactly right and you know you don't have to spend too much time a couple of hours a month is enough time you think two hours a month people could spend not just to learn something but the keys to doing and one of the dangers i think with the drifters is they want to seek so much information but they will act on nothing you know so they'll do this course and then they'll do that course and then they do the next course and they'll do the next course and instead of stopping up to cause one to decide whether it's the right thing to do whether they can see whether it's something they can take action upon and seek out who else has done that what did they have to learn what did they have to do to make this whole process quicker this concept of connections we talked about in episode one they won't do that they'll just do the education piece and then boom well i should i need to know something more now i need to know the next thing and they keep going round this sort of intellectual merry go round and of course merry go rounds or roller coasters are great when you're a kid but not as you get older you know they make you sick after a while

Christian Rodwell  43:42  
so what you're saying really place is you need to take responsibility for building your own wealth

Unknown Speaker  43:48  
and taking action to do that and i recommend you know if i could tweet this right now i would tweet it loud and clear never let 30 days go by without doing something that's very positive that you know is adding some form of assets some form of wealth building actions in your life and of course during the course of the podcast we'll be talking more about assets and what those assets are but you know obvious things like even just putting bit more money into the into the market looking to see whether you could engage in some property maybe doing something on the side to generate income that could reduce your debt so you know there's always ways you can do something to create more wealth there's no doubt about that if i meet anybody if they're willing to do it they will create more wealth every single month but the drifters will never do that but it's all good fun and it shows that wealth building you know is designed and meant to be fun if you do it well you don't have to do it on your own you can do with other people and i think our biggest lesson i got from listening to today's contributors chris i just ahead of the game is the community you know people just love The fact that they can connect, they can collaborate, and they can share. And I think, you know, I'm so proud of what we've done and wealth builders and delighted that so many people are joining, whether it's on the outside listening in, or whether it's on the outside, you know, on the inside sharing out, you know, we're happy either way.

Christian Rodwell  45:20  
Hope you enjoyed listening to that we kind of dug deep into the archives there, Kevin better, you know, fundamentals principles, things that we talk about every week.

Unknown Speaker  45:28  
Yes. And hopefully, for those of you been following us for a while, you've got some of the language now, you know, I'm hoping now you already know what the pillars are, you understand what debits is you understand the forms of leverage fyrst, you've heard about the wheel of wealth, you understand the now the recurring revenue roadmap, the nine steps to just make it even easier to follow a step by step plan. And if you want to sort of reconnect with us go back to episode one and listen to what we were like, then you'll still hear that passion to help people make a difference to their own wealth, and also to pass on a fantastic legacy to the next generation as well, all of which is very important to all of us here

Unknown Speaker  46:13  
at Worlds.

Christian Rodwell  46:14  
Yeah, so 100 episodes now we know downloaded and listened to in over 100 countries. So to continue growing, we would ask you please do share this podcast with someone that you know, just one person if everyone that listened, shared it with one person that would make such a great difference. And of course, do please continue to let us know if there's anything that you'd like us to talk about in future episodes. And you can do that by leaving us a review. Just head to wealth builders co.uk forward slash reviews. And we're looking forward very much Kevin to the next 100.

Unknown Speaker  46:51  
I am looking forward to it and it's gonna be very interesting times ahead, Chris.

Christian Rodwell  46:55  
Well, thank you so much for listening to our 100th episode today and Kevin will catch up Same time, same place next week. Until then my friend See ya.

Unknown Speaker  47:07  
We hope you enjoy today's episode. Don't forget that we are constantly updating our resources inside the wealth builders membership site to help you create, build and protect your wealth. Head over to wealth builders.co.uk slash membership right now for free access. That's wealth builders.co.uk slash membership