This week we’re celebrating 200 WealthTalk podcast episodes! To commemorate the milestone we reflect back on where we were when we launched the podcast back in February 2019 and where we are now, four years later. In this special episode, we unveil our exciting new mission: sharing a proven, step-by-step process that teaches forward thinking parents how to help their children go from financially unaware to financially savvy and responsible. But that’s not all, we also announce our upcoming networking event, taking place on Thursday 17th August at Home Grown Private Members' Club, London. Perfect for business owners and entrepreneurs who would like to grow their connections and network with like-minded individuals.
This week we’re celebrating 200 WealthTalk podcast episodes! To commemorate the milestone we reflect back on where we were when we launched the podcast back in February 2019 and where we are now, four years later.
In this special episode, we unveil our exciting new mission: sharing a proven, step-by-step process that teaches forward thinking parents how to help their children go from financially unaware to financially savvy and responsible.
But that’s not all, we also announce our upcoming networking event, taking place on Thursday 17th August at Home Grown Private Members' Club, London. Perfect for business owners and entrepreneurs who would like to grow their connections and network with like-minded individuals.
Resources In This Episode:
>> WealthBuilders for Families
Next Steps On Your Wealth Building Journey:
>> Join the WealthBuilders Community
>> Join the WealthBuilders Academy
>> REGISTER HERE FOR ACCESS TO FREE RESOURCES
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Speaker 1 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.
Christian Rodwell 0:19
Welcome to Episode 200 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders join today about our founder Mr. Kevin Whelan. Hello, Kevin.
Unknown Speaker 0:28
You nearly forgot me then.
Christian Rodwell 0:31
I am so excited. Tongue twisted 200.
Unknown Speaker 0:36
This is a biggie just cast your mind back?
Christian Rodwell 0:39
Yeah, yeah, it was February 2019. When we kicked off, I remember we were sat around the table in the boardroom. And yeah, wow. What has happened since then we've had pandemics we've had different governments, we've had all sorts going on.
Speaker 3 0:55
But we had a we had a wonderful exposure to the complexity of business complexity and politics, complexity of life in general motors. So another, so never forget, was it for Chancellor's, three prime ministers and two monarchs in a single year. And that was just last year. You know, it's been a crazy roller coaster. But the the mission has not really deviated from when so much of Life is uncertain. The object of being financially independent creates certainty, where uncertainty normally prevails. And we've seen so much of that since 2019, Chris, and I'm not deviating at all from the broad mission. And I think, well, builders absolutely now know normally for being a consumer champion, doing what's right for people, always focusing on education and support and connections and due diligence and not product sales. But it's time for change. It's time to punch significantly above our weight, and put ourselves behind a massive campaign, but more of that later, because you're going to tell people about some events that are coming up, because now we're kind of well, and truly out of all the, I suppose the restrictions of COVID and work life changes and getting back into doing things. We do want to get out there. And hopefully, when people hear about our new mission, will we'll get a whole army of acolytes trying to line up behind us and help us fulfil that new mission. So what are we going to do just to get out there?
Christian Rodwell 2:43
Absolutely. Yes, I have got news of our next event, and it will be in London. So it's the date will be Thursday, the 17th of August. And it's it's a networking, it's an informal get together for both members and non members to come along and have an enjoyable evening, have a drink together and just have a good old chinwag and catch up so Thursday 17th of August and the location is homegrown club in Marylebone, so in London and you can find out the full details and register your tickets at wealth builders.co.uk forward slash events. So wealth building members, SAS and Academy members will come for free. And if you're not a member, then you can just grab a ticket, although Spaces are limited, so head there soon. And make sure you can come along and say hello,
Speaker 3 3:30
we will make sure that there's lubrication. We have to clink a glass with somebody and otherwise I'm not coming. So you know, we got we got to do that. That's going to be great to get back out. And of course, let's not lose sight that we want to visit all corners of the UK, north, south, east and west. But we'll start off with London and then we'll suppose we'll start working our way around the country. Particularly I think I'm helping Chris, that the kind of new, more focused, more passionate outcome will be well received. In fact, every time I've mentioned, whether I'm in a room on a zoom, or just recently in a field doing a presentation to a bunch of people at a festival no not
Christian Rodwell 4:22
not a library where I've just returned from nothing as
Speaker 3 4:25
big as that but just as much fun, I'm sure. And I just say I've got a new mission that I'm focused on. And I'm thinking about doing what do you think and I get oops, and definitely back that definitely behind that. And I've never seen that with anything else. All the other things we do, or the other. I suppose challenges we make to society for bad pricing on pensions being too expensive. Don't get a whoop whoop on that and being financially independent. Yeah, get by Applause but you don't get a workbook. But talking about this, you get to work. And that, you know, filled me with Vim and vigour and renewed enthusiasm to want to put my life's work into doing this thing, Chris. And that's what I wanted. Until next time, you want to know what it is,
Christian Rodwell 5:20
though, leaves sort of a cliffhanger there? Well, I'll just say, you know, again, reinforcing, you know, our mission, Kevin, which is to help business owners and ambitious employees to move from financial insecurity, to financial independence. And that's normally within five years and long had a mission yourself, Kevin, to fill St. James's Park 50,000 ambitious employees and business owners. But there's a slight shift now on our focus.
Speaker 3 5:45
Yeah. And the shift is this, the shift is, wealth building is no longer focused in our mind, on the individuals who are doing the work the employees and the business owners, but to really focus on the success of an entire family. So I've obviously mentioned this before, but wealth builders, for families, is aimed to bring the knowledge and education that is so sorely missed. And not taught on any of the transitions that our young ones go through and look back, you took a quick look back 2019. But if we look back 100 years, there's there's never really been any financial education ever, in any transition. So nobody was ever taught in school. Nobody was ever taught in higher education, college or university. No one's even taught it at work. And they're not taught it by anybody. Other than those, more often than not, sadly, with a self interest. And that's a conflict of interest for me. So I want to change that, and bring financial literacy into the home, not into the school, not into the institution. But into the home. And I believe Home is where we spend all of our time as parents. And when I was wrestling with the challenge of is this something we should go and talk to schools and headmaster's and add to curriculums. And yes, some private schools have been talking to me about doing that. But by and large, what I want to say is the problem has not ever been different, in terms of it's never been taught. So why now? Well, I think there's a combination of reasons of why now. One, as I mentioned, just recently didn't know that as a granddad for the second time, just a few weeks ago, and I was reading an article that says children born today you can fully expect to live to 100. And in a life where our youngsters are joining the workforce later, are buying properties later carrying more student debt than ever before. And we're hearing tuition fees are on the rise again, the challenge is even harder for our young ones to get not just a head start, but just to even get to an even keel, let alone make progress. So I think the responsibility falls on us now. As the parents and the pioneers, those people who started their wealth journey. And so well, let's embrace that journey for ourselves, but bring our children along as part of the journey. So I'm not saying they definitely do not want to have kids of any age sitting in front of a screen. Sorry about that. It's about bringing a new mindset, new best practices, new case studies, new ways to occupy and engage children, whether they're six, whether they're 16, or whether they're 26. And as I thought about the breadth of that challenge, creating content for the parents, and the grandparents and those who take responsibility, aunts, and uncles and so on, then it became more apparent to me that we've got to do a huge amount of work, to build the content to suit all kids going through their school transitions. And then as the young adults go through their from university into work transitions, so it's almost spanning 20 years. Now, of course, we're parents for longer than that. But that's a mammoth task to take on board quests. And I'm determined to do that so we can get what's the best way to help. Five year olds absorb the mindset and the belief systems that a family has created. What are the best ways to get the 11 year olds to discover themselves and discover what they're good at? And to be interested in while we've still got that creativity? To discover what a challenging 15 year old might want to do to be challenging of their parents but at the same time, still learning some valuable things. things. And much of this will be just showing people different things that they can do, where the children will absorb things. We know that the formative years of children are always in the early years. And they be they are sponge like, I mean, in the end, they're like, their computers with a blank instruction manual, aren't they, and then they absorb everything. So we want to make sure we're giving the right signals, you know, of abundance, not scarcity, of value systems, not the value of the cost of things, about generosity, about sharing, and about making some contribution and caring for the planet or something else other than themselves. And in the end, you know, we want to go all the way to the end with parents and teach them how to create a family charter, how to create family wealth, that lives into the next generations. And then the next generation and then next generation, so that the very children we're bringing through now become the baton holders for the next generation. And they accept responsibility. And so it's the concept of not what you leave your children but what you leave within them that gets an undetermined, that's going to be my life's mission from here on in.
Christian Rodwell 11:17
Absolutely, yeah. And of course, we're all behind that I'm not a parent myself. However, I have spoken to hundreds of our members, Kevin, and when creating their wealth mats at the beginning of their own wealth journey, and I asked them, you know, what's driving you? What's your reason why, almost always its legacy, it's to pass it on. So I understand the importance of this, whilst I might not be able to relate in, in all senses, obviously, I was a child myself one day, and I understand the importance of this. And as you say, Kevin, every single time we've talked about this on the podcast, we've just had rafts and rafts of inquiries of people saying, How can I get involved. So let me just share one URL. Now for anyone listening who just wants to be kept up to date just wants to kind of be part of this early movement that we're we're working on right now. So head to wealth builders.co.uk, forward slash families, and you can just put your name and email address in there. And that will make sure that you're on the list, and you'll be the first to know as and when we start rolling out our beta version, Kevin, which will be coming really, really soon.
Speaker 3 12:23
Yeah, it needs to come soon, I'm determined. I'm determined, like I was back when we launched wealth builders, and I think you have a debt of gratitude for me there because there's a creator of things creator of content and creative ideas. And a great thinker, I believe. Sometimes don't get everything down on a piece of paper and and turn it into a programme or a course of action. That's one point, you do do a great job. And that and I remember when we created the wealth builders Academy, which wasn't called it then but But nonetheless, their wealth builders going to educational process and system, we decided we would create founding members. And the principle behind thinking was, if we tell people the truth, that we've got a mission to help people become financially independent. We've already got some great content that we believe is our own content, our own intellectual property. But we know we need other people to contribute to that, because we're not the gurus, we're just guides. And a guide needs to tap into the wisdom of others. And we didn't have all of that laid out, we didn't have all the guides, because we had to find others, in addition to ourselves. And so we made a promise that we weren't perfect. But we were committed, and people signed up. And it did cost them less, you know, significantly less than the now. But we would like to do that again. So I'd like to create the idea of founder families. So as a family, Steward as a family member, as a parent, or as a would be parent, or even someone who's wants to help other members of their own family or even other families. But I think parents will gravitate to this because they know, deep down, they never got the lessons. And probably deep down they probably didn't get great lessons from their own parents. I know I didn't. I don't know about you, but that's maybe something we can catch up on. But most people didn't get great lessons. They just absorbed what they absorbed and didn't always get the best from that. But to do this justice, we got to think this through and but we want to get started. Rather than get perfect, get started. So I want to invite a number of families to become the founders where they can help us not just you know I don't mean help us with the content but help us, I guess shape? What's missing? You know, because we'll see gaps, you know, they'll have a child of a certain age and how do we how do we influence that now, this is not a school for parenting, it's not going to make parents better parents, it's about the financial side of things not to make children money obsessed, absolutely not. In fact, the opposite of that I mentioned generosity, and the spirit of contribution, all will be embedded in that this was not about the love of money. It's just about being aware that every time we we, we money weaves itself into the very fabric of our lives, and we can't deny that. So we've got to be aware of that, you know, the difference between notes and coins in circulation is we've had historically now to the tap, tap tap. You see what your phone or your card. We're seeing social media and that comparison, we're seeing so many different ways that our children are being influenced, not always for the good. And I don't think it's right to leave the financial education of our younger ones, to Facebook, or Instagram, or Tiktok, or AI, or the banks or the financial institutions, I think is better, we take that responsibility for ourselves. And that's why teachers can't teach it. I don't have anything against teachers, they do a sterling job. And of course, it's difficult. Because if you're not taught yourself how to teach the subject, you can't teach. So part of the challenge, and I think it's an interesting one, Chris, is the parents have got to learn more about the financial side of life more so they can be better teachers. And I don't mean teaching formula, as I've said, but teaching by absorption, teaching by experiences and games and lots of things. And I think a large part of this question will come down to what's said and done. around a dinner table. I believe passionately that we're feeding our kids anyway. And I love the family time that I spent with my children was growing up. And that was regular. Certainly, there was at least one day a week, when everybody sat around the same table in our house, that was normally the weekend, on a Sunday. But it's not true of every family and every family is different. But there's times when you can get people around a dinner table or a breakfast table or a barbecue or whatever it would be. And lessons can be shared. whether the child has six said 16 or 26. And, and I think it's important that we start to build that thought and use the table as a place where conversations take place. Also a connection by the way to grandparents, you know, so I was thinking about as I'm a granddad thinking about my granddad, I've got no memories, no photographs, really? No recording recordings, nothing to tell me about who he was. And I'm, I think I'd regret that. I didn't ask those questions. But now with technology, you could have grandkids asking their granddad, how did you meet grandma? You know, what did you do for your first job? What was it like when you have to do you know, and get people connected? intergenerationally. So these are the sorts of things that I have in my mind. I'm sure you will ask some questions about well, do people really want that was just the ramblings of an old man.
Christian Rodwell 18:34
Wow. And I certainly think you've covered a lot of the key things that we know are important to parents, because of the conversations we've been having over of last few months. Kevin, and I know this also stems into something else that you feel strongly about, which is that creation of a family charter. And, you know, what, what exactly do you envisage with the charter?
Speaker 3 18:57
Yeah, so as I mentioned earlier on, with a life that's going to be lived longer, there's more responsibility on funding that life. And it's going to be more difficult. I mean, for lots of economic reasons that I won't go into any depth. But for the first time, for example, the older generation is more populous than the younger generation. What I mean by that is, there are less taxpayers to pay for the pensions of the older people. Yeah. And when you get into that position, the governments of the day, no matter, whatever their political persuasion, can no longer pay the bills, when it comes to the future pension of the next generation, so that pension is going to be pushed back and back and back. So the reliance on companies can't be done either because they can't deal with the macro economic changes were going to live longer. So they can't put more money in because if they had to put more money in they run the risk of the businesses going bust. So I think increasingly, the responsibility now Risk is going to follow the children themselves, the younger ones themselves. And if they're really equipped to handle it, they don't understand, they could be very easily tempted into the short term, gap fill of a debt. And I'm very fearful of that, because that is an easy way to live a life, but paying the consequences later. So the idea of the charter is to start to create an instil a set of values. Remember, we created the wealth builders Declaration of Independence, and we created a set of seven values. And I believe, families can set their own values. They don't have to be the seven values, but they'll, they'll have something like, you know, Whelan's always do their best and try their hardest, they always play full out for the team that they're playing in. They always do what's right, they always live by the maximum of Do unto others what you can see, there are some rules of engagement, you can instil into a family and build that into large practices, not about money, but just about who you are, and what your ethics are and what your integrity is. And then when you move into finance, you can start to create your own assets. And then when you create your own assets, and by definition, if you can create assets that outlive you, you're going to leave a great legacy. But if you can then help the younger generation understand how you've created that, what lessons you learned, and that they can pick up those lessons and expand on those lessons and even add more value to what you did. They can pick up that baton and not just be entitled, kids with a legacy you leave them in pays out. But like, you know, the Rockefellers and famous families like that they create a set of funds and principles that are there, like a trust fund really, that provides an income stream and opportunity. And then the children of that next generation could tap into that. But they feel an obligation to pay back to the next generation. So the whole idea of family Charter is a set of principles and rules and guidance, that get absorbed and then expanded and changed by future generations. But based on the funding, mental principles you've set out and in the document, and I'd like to help families create that document. And we do a little bit of that in the wealth builders Academy with the family wealth, building name and involving the kids and the logo and the emblem and all those sorts of things. And that's fun, and it's fascinating, but it's not really embedded in what we teach. After that, it's just a, an idea to begin almost with the end in mind, and I want to sharpen up what that image is of the end in mind, which is you creating a family charter for the next generation to follow. But you leave them enough wisdom to expand that. And to build that for the generation after them. So I told a joke a long, long time ago, I can't remember when I did it, which is, I imagine, you know, just as like the they had the old portraits of the elderly landowners, the landed gentry of days gone by, you know, perched on top of a horse with a with a sort of, you know, soldierly like green, or some kind of, you know, feeling quite important. Just imagine just a picture a curve. And somebody somewhere 150 years from now go choose, mate.
Christian Rodwell 23:29
Yeah. Now, it's a really, really nice thought. And, yeah, you kind of filled in the blanks, as you say, we do ask our members to create that logo, that family wealth, business name. But yeah, this is really filling in the steps and getting every part of the family involved into that process, as well. So, so a lot of the elements that we're already teaching Kevin, within the academy, they will obviously flow into the programme here in terms of some of the education as well, but I think it's really going to be around the community aspect, the support of parents and sharing, which is really going to make this come to life.
Speaker 3 24:03
I mean, I suppose the timing is right, also, because of the fact we can go out and meet people now. And I think people will do more for the kids than anything else. And I think we'll learn what, what's some of the great parents in our community, already somewhat more enlightened, I suppose. And most, because they're already taking some steps, but they'll be able to share what they're doing. And we already have people who chomping at the bit to share what they're doing, not just not just what they're giving and what they're doing financially, but what opportunities they're sharing what experiences they're giving their children to participate. Even seeing some entrepreneurial kids and I believe that's an important distinction as well to make Chris that all too often the historical lockstep was everybody went to school everybody went to work everybody retired, you know, is this. This everybody marching to the beat? The single drum, I think that's changing and the way that it will change not only because we're living longer, and therefore we all have to create an individualised plan to live to 100. It's not just that, but I think entrepreneurialism should be front and centre as an opportunity as a career. I mean, why does everybody have to go into this idea that most people are going to university not because they fall in love with the subject, but more often than not, because it's an academic escalator to the next level, you get a better job if you get a better degree, and so on. And I just think there's, there's room and I'd like to be promoting and sponsoring and showcasing young entrepreneurs, and maybe making some of the value that we give. And I mentioned another point at the moment as well, the value that we make, and give that back to help you entrepreneurs become successful and do good work. And on that subject. And I don't know how to do it yet. But I think this should also work that I think is part of the family's programme, we should be giving the opportunity for parents who perhaps wouldn't afford to invest in this sort of a programme, there will be a cost to it. But we deliberately going to keep it accessible. But even so as accessible as it would be, there'll be some parents who simply can't afford to do that. And I'd like to be giving gifts of, of membership to people, and find a way to do that, that allows parents who just really want to do that, but they can't afford to get involved in the process. So I'd like to do that as well. So combination of supporting you on winners, those people who perhaps want to do what's right for their kids, but for whatever reason, you know, any cost isn't accessible to them right now. So those are the sorts of ingredients Chris, and I'm hoping, and apologies for filling up along the way. But it touches me this stuff. Yeah.
Christian Rodwell 27:05
So we'd love for you to join us on this mission. And the easiest way is just to quickly take a minute head to wealth builders.co.uk forward slash families, just put your name, email address, hit the submit button. And we will get in touch with you over the coming weeks to let you know, when we're closer to launching our beta group. And we've done some focus groups in the past, Kevin, we'll definitely be doing those again. So we'll invite people to share their experiences, their ideas, and we'll do some of those online. And we'll do some of those hopefully, face to face as well. So make sure you've given us the details so that we can include you in that,
Speaker 3 27:41
then absolutely, if you've already got some case studies of entrepreneurial kids, and you're doing some great things like sharing what you're doing, as you're building your own wealth, we know a lot of our property owner, clients do that, and their kids are walking around and understanding where the value is being created. And the experience of that is fantastic. That's not ever going to be taught in any kind of school. It's a school of its own creation in many respects. And I think that's just fantastic. So if you're already doing that, you'll let us know reach out to Hello at wealth builders.co. UK and tell us about that. Because you could be one of the first people showcased in what we do and just as we have a podcast and I think probably Chris, we might need to change the podcast a little we normally have a weekly podcast and I expect that will continue. But instead of just the you know, we share lessons don't we but I think it will be important not just to showcase individual members building their wealth and we've done that regularly now, but also families doing great things with their with their kids of all ages. So it doesn't have to be the teeny tiny is you know we're going to create in our journey what we call the smart family so that we can actually give lessons and create the content and think constantly about people of a certain age and it was funny because I one of my clients who this is kind of mature guy very successful guy said can I be you know, like the rich dad can I be like the rich uncle and come along and give some lessons every now and again. I said John, if you've got content and that you know is is appropriate and he's got content he wants to create for the kids that sort of early adult stage from their 20s up to 2526 suggests show let's check out the content we can co create content and you can be you know the rich uncle Michael or the rich uncle George or whatever it would be and and come in and talk just like Rich Dad Poor Dad so so even people wanting to add content. So again, if you've got something you want to say reach out to us if you want to follow the programme while bills Dakota UK forward slash families if you want to contribute in some way And I think lots and lots of groups will want to do that and want to get the message out there and empower parents to become better role models for their kids of all ages. Hope we did that justice.
Christian Rodwell 30:13
Yeah. Yeah. It's extremely exciting, Kevin, thanks for sharing that. And don't forget, come and, you know, continue the conversation with us face to face. If you're in London on 17th of August in the evening, then head to wealth builders.co.uk forward slash events to grab your ticket and come along and we'll we'll start talking through some of these ideas that we've been. Yeah. Good. Work. All right, then. Yes. So that wraps up 200th episode. Wow. Okay, so we're on our march to 300. Now.
Unknown Speaker 30:43
Well, I'll keep going as long as I can.
Christian Rodwell 30:45
Yeah, yeah. Well, those two things might happen in that space of time. Anyway, we'll leave you with those thoughts. And Kevin, we'll be back. Same time, same place next week.
Unknown Speaker 30:53
Yes, until 201. Sir, see you.
Speaker 1 31:00
We hope you enjoy today's episode. Don't forget that we are constantly updating our resources inside a wealth builders membership site to help you create, build and protect your wealth. Head over to wealth builders.co.uk/membership right now for free access. That's wealth builders.co.uk/membership
Transcribed by https://otter.ai