In this episode of WealthTalk, Christian Rodwell and Kevin Whelan explore 21 strategies for creating recurring income across the seven pillars of wealth. They highlight the importance of understanding diverse asset classes, from home capacity and pensions to investments, property, business models, intellectual property, and joint ventures. Packed with practical insights and real-life examples, this conversation is designed to inspire you to take actionable steps towards building financial independence.
In this episode, Kevin and Christian break down 21 practical ways to generate recurring income, drawing on the WealthBuilders “Seven Pillars of Wealth” framework. They explore both traditional and entrepreneurial strategies, offering actionable ideas for homeowners, business owners, investors, and anyone looking to build more reliable income streams. Whether you’re just starting your wealth-building journey or looking to diversify, you’ll gain fresh insights, real-life examples, and clear steps to help you take action and move closer to financial independence.
Key Takeaways
Episode Highlights
Resources Mentioned
Connect with Us:
Next Steps On Your WealthBuilding Journey:
If you enjoyed this episode, please rate and review WealthTalk on your favourite podcast platform
Speaker 1 (00:00.054)
In simple terms, we've got the three assets which we call home capacity, pensions and investments. That's pretty much what most people do. They've got a home that they live in, which more often than not doesn't provide them with an income because they're living in it. They're parking their money, they're delegating their money, and that delegation very quickly turns into abdication. The vast majority of people have just got money in a pot, hoping for the best and the combined impact of an overreliance on the stock market and a focus on value, not recurring income.
leads to a difficult life and so therefore for the most part the home capacity, the pension and the investment where most people have their life is not ever going to get them towards financial independence.
Hello and welcome to this week's episode of Wealth Talk. My name is Christian Rodwell, the Membership Director for WealthBuilders. And in this week's show, Kevin and I are unpacking 21 different ways that you can use to create recurring income across all seven pillars of wealth. Now, if you've ever wondered how to turn your assets, skills or business ideas into steady income streams, this episode is packed with practical ideas and real life examples to get you inspired. And whether you're a homeowner, business owner,
or just getting started, you'll discover new strategies that you can put into action right away. And today's episode is an opportunity to learn how to build multiple reliable sources of income and take a big step closer to financial independence. Enjoy.
main crux of this whole process, which is the seven pillars of wealth, the seven different asset classes. And we call them pillars, Kevin. Of course, that, you know, stems from the logo, which we can see on the center of the screen there.
Speaker 1 (01:43.904)
And, you know, obviously when I built my own wealth, I was just counting the revenue and different ideas. But I thought, hang on a minute, if we need to teach this, you know, we've got to be able to, like Einstein said, you know, explain it simply. And it kind of struck me that most people have got some assets, but they get confused by the longevity of the asset or the return that's coming from it. Almost lulled into a false sense of security that they're doing something, but it's never really enough, as we know, from the average income in the UK. So there are seven and only ways
you can generate an income from an asset and I'll call these assets pillars, as you said, and I think there are two distinct steps, just like on the EBSI, you've got moving from left side to right side. What we're going to encourage you, hopefully you'll see it, is you move from the right side to the left side in the way that we articulate it. And so in simple terms, we've got the three assets on the right hand side, which we call home capacity, pensions and investments.
If you think about it, maybe think about your own situation or your parents' situation or people around you. That's pretty much what most people do. They've got a home that they live in, which more often than not doesn't provide them with an income because they're living in it. It's actually taking money out of their life with a mortgage or rent or there's definitely expenses increasingly going up. So consequently, the home is not adding to the income stream. It's just actually increasing in value for some point in the future.
most people the mistake i see is the downsize really too late in their life hoping that their retirement was enough but really is so consequently they downsize and end up a compromise property for not very much extra money in fact suddenly the pension one most people in this country are relying in some way on some kind of a pension either promoted by their employer promoted by their own decision to make a contribution and that putting money into a pot and nothing wrong with that this.
some good tax relief and of course now it's obligatory for your employee to be in one. But what I generally find, Chris, is people not paying attention. You know, they're parking their money, they're delegating their money, and that delegation very quickly turns into abdication. And we know that because of so much money in lost pensions, as we'll come on to, so much money is just forgotten, lost, or just underperforming. And there's going to be a challenge with that as pensions become subject to inheritance tax in 27.
Speaker 1 (04:05.838)
there's definitely a need to consolidate and take stock and be more aware of pensions. And as a result, most people now, because final salary pensions, other than the public sector, of course, are pretty much gone. So the vast majority of people have just got money in a pot, hoping for the best. They then need to convert that pot into an income and take all the risk that goes with that. And as we've seen, that risk often does not pay off when it comes to things like what we saw with the credit crunch, 30, 40 % wiped off.
The value when Mr. Trump came up with the first run of tariffs, we saw 30, 40 % wiped off the stock market. Some dangerous places where your life is going to be at risk because you don't have a regular stream of income because most people invest just purely for a value. And so it is also Chris with ISIS and other forms of saving. You know, the money's parked, it's not really working very hard and the combined impact of an over-reliance on the stock market and a focus on value, not recurring income.
leads to a difficult life. And so therefore, for the most part, the home capacity, the pension and the investment where most people have their life is not ever going to get them towards financial independence. They're never going to achieve it from there. So our view is, yes, there are so many things you could do better. And we'll touch on that when we talk about how to generate income from these things. But how you do better is understand all of the different ways to build wealth. And that awareness helps you then make a decision about what you want to do.
So which why we like to spend a little bit of time on that. It's okay. So pillar number four, which is you see we're moving a shift here. We're shifting across to another side, which I call the entrepreneurial pillars with the ones on the right, the sort of traditional pillars. So owning a portfolio of property and there's multiple, multiple strategies with the property, at least 20 different property strategies that you could employ. But the idea behind it is owning an income stream that flows from the ownership of property.
The second is, or the fifth asset rather, is business. Now we don't want to get confused between a business where you're trading activity and you couldn't take six months off, otherwise your office will turn into a car park and just things wouldn't work out for you. You want a business that works without you. So we'll talk about how to do that in a second. But if you get a recurring income business, you're not restricted by the returns in the marketplace. You're not restricted by the violent risks that often occur in the stock market.
Speaker 1 (06:29.866)
Intellectual property is an asset which sort of reflects what we know and everyone's standing on a mountain of value that so often is under appreciated, only really valued by work where you charge an hourly rate, whether you're paid an hourly rate in your job or you charge an hourly rate if you're in the S quadrant, but that's the value of it. And we think there's so many more ways to repackage, repurpose, redesign that and turn it into an ongoing income stream. And there are so many ways to do that.
And then finally joint ventures, which is a kind of an unusual one, but it's really collaboration in a world where you don't have to do things on your own. There is true creative collaboration within people, especially if they're in a community where you can bring one thing, somebody else brings another thing and the combination of that combined skill, that combined effort, that combined time can create more value than the sum of the parts. So you're getting leverage. And what would be interesting Chris is, is people look at this is when we do
Part of our own training, we're people or trying to assess with people, how much recurring income have you got in each of the seven pillars? So if you're writing them out on a piece of paper, you know, all seven and go, how much recurring income are getting from the home I live in? How much recurring income am I getting from my pension or from my investments and so on and carry on. And if you don't have a property portfolio, that's okay. But you can say, how much am I getting from property? Well, it's zero. Okay. What do want to do about that? Unless you scroll around all of the assets.
And you begin to see the holistic nature of this, not the silo nature of this. Then for some people, it's a complete game changer. It's a light bulb moment. And I know what it for you, Chris, that when we first met, I think it was 2014, when you discovered this, your mind was completely blown, wasn't it?
Yeah, sure was. It still is. You know, I'd never seen anyone describe it, you know, show it in this way. We all, I'm sure, have been to events where people will talk about one thing, property, how can make money in property or how you can make money trading the stock market or, you know, how you can make money doing e-commerce. And often you kind of get whipped up and think, that sounds great. And I can do that. You invest your time, your energy doing something. And the thing is, you know, all of these strategies and asset classes work, but they won't necessarily all.
Speaker 2 (08:43.531)
work for you. And that's one of the unique differences with WealthBuilders is we are holistic. In fact, probably the only holistic wealth building educational company in the UK. And we take time to really understand you and say, okay, well, look, let's work out how much time have you got? How much resource have you got? You know, what are your interests? What are you good at? And all of that combines into creating a unique plan for you. And you certainly don't need all seven of these, Kevin, do you? And that's something to prevent the overwhelm. Start with one.
Yeah, it's a great point Chris that a lot of people will say to me, know, because obviously I built my own wealth in seven, but how you create, you do you need all seven and no, you don't, you need to, you know, put a bit of focus into two because then you're getting a different point of view. Try and pick, you know, one on the right and one on the left so that you've got that difference of view. I probably would encourage people to make a comment, Chris, if that's all right. To say, what are you seeing is the difference between the assets on the right-hand side.
versus the assets on the right, know, what quality in you, what particular differences would you be seeing you think in terms of return or in terms of your ability to add value? Is anybody seeing anything that would be useful to share that would be an interesting idea?
just whilst I wait for people to pop something in the chat box there. Wayne, you're asking if the left-hand side is entrepreneurial, what's the right-hand side? Well, we call that the traditional pillars.
Yeah, I mean, it's parked money, right? It's money that's parked. Can't really, generally speaking, it's not creating any income at all. It's just creating a value, but you can create income from those and you can turn them into entrepreneurial pillars. Certainly more so, well, actually all of them can turn into other assets that generate a recurring income. So yeah, we'll get onto that. So, good point. Very good.
Speaker 2 (10:27.074)
Yeah, Tracy's saying the right hand side seems reactive and the left hand side proactive.
Good point, yeah. Yeah, I think that's a very valid point. All right.
Okay, all right, so lots to cover. So we've given you the overview of the seven pillars. Now within each of these pillars, there are many, many different strategies and this is what can cause the overwhelm where you simply just don't know where to begin. So let's look at each of these asset classes individually and we've pulled out three income generating ideas and we're going to go through pillar number one, which is home capacity. So we're talking about the home that you live in. So this is
really for homeowners, Kevin, who can leverage their capacity.
Well, you can be a home renter as well because you know, can, as long as you control an asset, that can be just as important as ownership as we all discover when we get into the property pillar itself. Certainly easy things first, right? So you can go, yeah, I could probably do that or I could think about that. So you can, if you own a home, rent a room, let it out, half thousand pounds a year, completely tax-free. It's all called the rent a room scheme. So it's well documented.
Speaker 1 (11:34.998)
It's not for everyone and none of these things for everyone and it's not an exhaustive list either. We could keep going multiple levels deep in terms of each of the different assets, but just to give you something to know what could I do or what could I get curious about and find out a bit more. So take it, take each pillar and tick something that you think you could find out a bit more or something you could do. The second, of course, most of our members, Chris will.
take equity from their home, so the difference between the value of the property and any mortgage on it, and will often raise money if they are confident that the interest rate they'll pay on the debt, leverage debt, will be more than compensated for the value they're getting from what they invest in. And more often than not, that equity is used to buy assets which will be similar.
So just more property. we definitely seeing people using their equity in their home towards buying property. But you know, can take out equity at any level, whether it's you taking out equity and using it, then paying yourself back. So it's almost like a temporary loan and you're recycling money, or whether it's the equity in the home of parents and up generation who often are sitting on very large properties with no mortgages. And they might be willing to tap into a little bit of that equity to give you access to some funds while you're
younger and building your wealth rather than always waiting until the unfortunate death when these things happen. So equity is available in many different ways. And of course, around us, it's not just the bricks and the mortar, but also the space around us. mean, we're in Wimbledon, we can't be quiescent. Lots of people rent out their homes or their driveways or whatever in season seasonally. Others will rent garages if they've got, you others will create a plot of land and sell it or build a home on half of it. then
sell a home on the other half. So many people have done that or create a workspace in their garden for which they can operate from in their new business. And as a result, they can claim tax relief on that as well. And creating, even if you've got a home, you don't want anybody to live in it. You could create an annex or a space that somebody could occupy and pay you rent that covers your mortgage or starts to make that first 1000 or 2000 pounds contribution towards your asset income. So you can see that pretty much anybody who's got a home.
Speaker 1 (13:51.822)
could probably find some way if they wanted. Doesn't mean you should, just means you could.
Yeah, a good start there and another 18 still to come. So I hope you're taking notes. Okay. Right. Let's move on to the second pillar. And we said this is pensions. Surely Kevin, you can't generate an income from a pension before the age of at least 55.
Well, you can and of course the age is going up to 57. We know that pensions are increasingly being restricted, but it is possible to turn a pension into an income stream. I'll come on to that in a second, Chris, but I just want to touch on a couple of stock-taking issues because whenever you're building wealth, important thing to do in each member, said you assess how much income is coming from each of the pillars, but at the beginning, you want to, if you've got some assets, particularly on the right side, you want to assess the value.
So what is the value of your pensions? And for many people, they don't know the value. They've got pots all over the place and sometimes can't name the companies they're with and certainly can't name the value. And in fact, there's 27 billion pounds worth of money that's out there in the financial ether, as it were, just unclaimed, just pensions that have been lost, disconnected from the minds of people who move jobs or...
got married or had children or whatever it is and that sum of money, we did some exercise with some of our clients a while ago and you know, there were people finding 10,000 pounds here and there and 20,000 pounds here and there. One person was over a hundred thousand pounds. just thought, I wasn't there long enough, it can't be much. We get that a lot with pensions, don't we? It's just, is it worth it? It is worth it. And there's even a tracing agency in the government, a .gov site tracing, and they can help you also find out what your state pension is worth.
Speaker 1 (15:34.306)
because even though that's later, you still want to know you're on track because you can get access to that. So that's lost pensions. In a traditional pension, you're in stock market and stock market only. But more entrepreneurial pensions, and those who know us well enough, Chris, will know of the concept of the SSAS pension, the small self-administered scheme. Of course, we know the language is clunky. We didn't invent it. It was coined in 1973, so been around a while. But a SSAS...
is for a business owner and a business owner's pension that allows you not just to pool your own money, but family money and up to 11 people. So you plus 10 really maximum, it allows you to take complete control over your pension and turn it into a business, which is like an entrepreneur. And you could buy commercial property with that generated income from that. could buy commercial property with shops down below and office in flats above, and you could split the title so that you can own.
the rental properties and your pension can own the commercial premises and all tax free building up money in a tax free trust fund that can enable you to do many things. And probably the most popular thing is the ability to lend because a SSAS allows you to be a bank and as a bank you can lend to others. And I do that in my pension and many others do in their SSAS's. They lend money and be a bank and often lending money at very good commercial rates, taking first legal charge.
acting like a bank, who knew you could do that with your pension? You know, can't phone Aviva and say, I want to lend my money to a business project or a property project, take a first legal charge, get 10 % of my money. And they go, yes, you can. It's going to be computer says, no, no, you can't because they take control and ownership. But here's the sexy one, Chris, sexy or sassy, I'm not sure, but definitely the sexy one is when you've got a sass and if you think about collaboration and people putting their money together.
and you do that, then you can lend up to 50 % of that pot to yourself. Which means if you're lending that to your company that you own, you can use that to buy residential property. You can use that to create an income for you, even though your pension isn't accessible till you're in your 50s. So the SSAS loan back as it's called, definitely if you're a business owner in the room and you're thinking, wow, I've got a business, I've got some pension, definitely write that down on your pad. Find out about SSAS, get curious about SSAS.
Speaker 1 (17:56.334)
and we'll send you all the resources you need. And I think I've seen one or two people in this room have got SAS already and have done some amazing things with them and never ever cease to amaze what people are doing when they get control of that money that was consigned into a box saying, not disturb till 57. And they're getting it 37 and 47 and any age in between.
Yeah, actually, Andrew has shared that he's purchased a former bank in his SSAS pension. He's in the process of converting this to an apart hotel, which is going to generate growth, both rent and capital inside of his pension and income outside via his business. as you can see there, perfect example.
And nobody knows this, right? So, well, I just want to say something, just by way of context, because I know when we get through all this, Chris, people's brains are just going to be going in all different directions. Nobody's teaching you this. And at the end of this 90 minutes, only 90 minutes, you will know more about how to build wealth than anybody else you've met. More than your I.F., more than your accountant, more than your boss if you got a job, you will know more than anybody. So please don't be overwhelmed.
Just write a few things down that you can take action on. Don't write everything down. Just a few things that you think. So if you're in business and you've got a business and you've got a pension, definitely write down SAS because that is a key one. And I never stopped enthusing about that one Chris, since I discovered it in 2009 and wondered why I hadn't discovered it sooner. So I'm so glad that it's a game changer. And even when inheritance tax comes in 2027, there are things you can do in a collaborative SAS.
that allow you to mitigate inheritance tax in a way that you cannot do in any of the pensions. Here's another thing. If you've got a business pension and a family, you've got those three things right sat down on your pad.
Speaker 2 (19:44.142)
All right, let's move on swiftly to the third pillar, which is the investment pillar. when we're talking about investments, Kevin, we're talking about stocks and shares, savings, cash in the bank, could be precious metals, crypto, all those kinds of investments.
Yes, and we're not excluding anything deliberately here. We're just giving a few examples. If you want to create recurring income, we're not talking about necessarily value because you can get value in all sorts of ways in cryptocurrency, for example. Actually, some things coming out on the taxation of that now. But anyway, even if you just look at not allowing default in your pension, so if you want to generate a recurring income inside your pension, have a look at to what degree you're getting dividends. You're buying companies.
where there's a regular income paid out in profit and you're receiving that, which you can then, if you know it's regular, you can, you could bank that money. You could reinvest the dividends in something else. You can take a little bit more of an involvement in just choosing that as opposed to default on FTSE or default on American indexes where you may not be getting dividends at all because some tracker funds don't pay dividends, you know, so you might want to be aware of that. Of course, Mr. Buffett was really big on
trading options. I'm not saying it's simple, but it's teachable and you can learn if you like the stock market, if you like to interact with your own money, you can trade options. You can definitely trade options in a SSAS, for example, but you could trade options separately, but you have to want to learn that enough, but that's for you. Perfect. You can use that to generate an income from the stocks you hold as opposed to simply buying and holding or what I call buying and hoping for the best. Other markets exist.
You where there is an income you mentioned gold but gold doesn't create an income it's really a hedge Chris but crowdfunding can generate income property related projects where you can invest as an investor in projects and like everything there's no risk-free investment nothing is risk-free absolutely nothing is risk-free as long as you do good due diligence and you look at you know good balance in your diversified life which is why multiple pillars is better than one one of anything is dangerous
Speaker 1 (21:52.44)
then you could look at any of these things. It's just three examples that most people are not doing at all because they're just simply sticking their money with somebody else, delegating that money. And that delegation turns into application relatively short order, which is why people lose track of their money and definitely lose track of, know, what the pension is supposed to be doing. So there you go. Yes, months as well.
Yeah. And then one of the quick wins, which we always take with our members right at the beginning is reviewing fees because fees can be the silent killer of wealth. And I know that you could talk for ages about that as well. Okay, so we're at the halfway mark, pillar number four. I hope you're enjoying this. Hope you're getting some value. Just keep chatting and letting us know that we're on the right track here. Hopefully there's a few cogs turning, a few light bulb moments that you're having. You're starting to think differently about some of the things in your life, how you might be able to leverage some assets you already have.
and property portfolio, one of the most loved asset classes in the UK, Kevin. And why is that, do think?
Well, you know, not just the island nation, but we have a love affair with property that's unlike any other country. don't know why it is an Englishman's home is his castle or an English person's home is his or her castle, whatever. You know, the whole idea of property just seems to be so popular here. There's millions of people using it to generate an income stream. And it's important to differentiate as you think about, you know, when you've got money on the right hand side, your house, your pension, your best thing, you're not really counting an income. So you're not measuring an income. You're really just looking at
Has it gone up? Has it gone down? Is it the same? But into property, you're getting rental. So you can start to talk about an income stream. So rental income. Yes, you can get capital appreciation. Not the thing wrong with that, but you can also focus on getting income and you can get income from residential properties. In many ways, I've mentioned ways you can even use your pension to get residential property income as well for you, even though it's your pension funding. Commercial, commercial to residential. You can leverage to get bank loans and enable you to.
Speaker 1 (23:48.768)
acquire more property so the money you've got goes further. You can collaborate with others to do these things. You can even have a property that are commercial where you buy something in a commercial pounds per square foot. You convert it into residential and then you're getting the uplift because you're selling residential, not commercial. Or you could buy a shop down below and you've got flats up above and you could do that either in your pension or outside of your pension. And you can use the equity in your home to do that. Or you could use joint venture funding to do that. So there's so many ways.
to generate income from property, including ways which don't even involve you owning the property. You know, the rent to rent strategy, which isn't for everyone, as I said, none of these things are, but at least one person I know is making millions, and I mean literally millions each year from the control of properties, seeking out and finding, as entrepreneurs do, the solution to a problem of landlords who are tied, they're fed up with the tax position of property, being in property in the UK, and they want to get rid of it.
and they will allocate and allow someone else to manage their property, including the idea of changing the tenant type, changing the tenant situation for a higher level of income. And you pay a fixed amount to the landlord, but you're banking on the arbitrage or the difference somewhere else. So, so many people know how to do this, but are they where you are? You know, so what's great, I think about the wealth builder community is all of these pillars, people are doing things. It's not just one. So any strategy.
somebody's doing it and therefore if you think about that idea of being humble and asking for help somebody will help you and that's what we found inside the community when people work with us or find another community where there's that environment as well. That's great. So that's just a few in property
Okay, pillar number five is business and we both love the business pillar, Kevin, and we've simplified things here. Of course, there's so many different types of business that you could either create a business, you could buy a business, you could partner with someone on a business. So let's talk through the first one that we see on screen, subscription model here.
Speaker 1 (25:49.87)
Well, what I want to say is I've made the point now, it's the third time I've made it, that there's a difference between a business that just trades activity for money to businesses with recurring income. And, you know, I've simplified it here to three different recurring income business models where the business can work without the owner. If it does some things really well. So, you know, we definitely want to be outstanding in our niche. We definitely want recurring income and we definitely want the business to be able to work without us. But the models that, you know, we again,
we touch on and we teach indefinitely, it's my passion is one is the subscription model where you create a business that serves people and you charge an ongoing fee for delivering that service and value. And it keeps you on your toes as well, doesn't it? Because we do that in WealthBuilders as well, but many subscription models where some product or a service is automatically delivered by subscription, you know, whether it's a wine plan, a food plan, have a look around you or you
subscribing to anything, not just things that you're doing in your bills, but things that you're doing voluntarily and have a think about that. Just note what's happening in your own life and see those businesses that are taking a subscription from you and you're willing to pay it because it gives you some value. Membership model, which is more like WealthBuilders, again, keeps you on your toes because you're providing value and you want the members to be happy. So you're always looking out for their value.
to make sure that they're getting good value so they continue to subscribe. So definitely WealthBuilders is one of those, but I'm sure you might be a member of other organizations as well. And as long as you're keeping an eye on the value that you're getting in exchange, you could create your own version of that. And the Gateway model is less understood, Chris, than most, which is really recognizing that. I talked about the world when I started building wealth way back in the late 80s, early 90s. There wasn't any information. There really genuinely wasn't. There was a dearth.
of information, but if you look now, there's a deluge of information. There's so much information, it's impossible to differentiate. So if you can think about what are you really passionate about? What are you really brilliant? What are you outstanding at? What do you stand up for? And could you find a way that you can curate the content, be an ethical librarian, so to speak, and put the content in a digestible way for other people to follow? And as a result of that, then you don't have to own the business. You don't have to own the product.
Speaker 1 (28:12.622)
You to own the service. You can actually create a gateway that brings people together because you've seen that opportunity. So what are you passionate about? You know, is it business? it, are you passionate about horses? Are you passionate about golf? Are you passionate about the country that you came from? You know, what are you passionate about? And maybe there's a gateway model. And certainly I think the best example I've seen is Martin Lewis, the money saving expert who doesn't have a product, doesn't have a subscription, doesn't have a membership.
but he knows that people are searching for ways to save money and he's created a website that does that and every time somebody buys, he clips the coupon and gets a little bit of money sent in his direction and nothing wrong with that at all because he's done all the hard work and then doesn't take long. He's not updating the website himself, is he? So I think he's very relaxed in his own wealth fortress built by monysavingspert.com. Hopefully that helps people think about business, but it's definitely not trading time for money in a business.
where each month starts exactly the same as the previous month. You're going to be building a recurring income model.
Thanks for that, Kevin. And sometimes when you build up that business, you then develop intellectual property, which is pillar number six. And this is the one asset that I can guarantee every single one of you has got. So this is our unique knowledge, experiences, connections, all of these things, you know, our take on the world, Kevin. And you mentioned about having a passion, something you're perhaps an expert in. What would somebody else pay you for?
knowledge have you got that you could share and this all about creating something once that you could sell over and over again.
Speaker 1 (29:46.222)
Yeah, we love that. And sometimes, you know, we all know J.K. Rowling sells round a yacht, you know, worth 170 million. And we're not saying everybody's got a Harry Potter in them, but we can all, especially now with AI, it's so much simpler to get a chapter format and start to compartmentalize what you're doing. And authority comes from the word author. So you can create authority for yourself by creating books, guides. It doesn't have to be a book. It could just be a paper. Just start create. What one thing could you write that
would give you some, give somebody an acknowledgement of your expertise in something. Just write one thing. Doesn't have to be a book that sounds big. Could be just one small piece of work that says, right, I'm going to write about something that I'm passionate about. And you start to build on that and you get ghost writers, you get help with writing. It's not really a challenge to do that these days. You don't even need a publisher. You know, you can sell publish if you want to do that. And sometimes people write books to support their business. Often those businesses are.
Courses, certainly we see that in wealth space or the health space, know, all of those E spaces where there's an all pervasive problem, you know, happiness, wellness and wealth, all sorts of different things, women and wealth, divorce, separations, know, counseling, all of those things is going to be many ways that people need help and creating courses and materials to help, that could be a way for you to disseminate your IP. And if you get really good at it and you...
can not just do that and create courses that you sell, but you can then package that up for somebody else to sell. Then, you know, you can create licensing or you franchising. We're a key partner of action coach. wrote a book for them called the wealth coach. They promote that, but you know, it's a franchise and the owner of the franchise, Brad sugars, who's my co-author, it's got 3000 coaches around the world or sending him a thousand pounds a month or whatever it is. You know, that's a financial fortress, isn't it? That's a wealth fortress where you've got that money coming in, but it's not just
Doing that he knows that coaching is going to be subject to the vagaries of a business so he had real estate and they all properties we call in other assets as well so as long as you can start with something what is the something in this area that could appeal to
Speaker 2 (31:54.894)
Okay, and even if you're a creative type, it's looking at perhaps art could be playing music and teaching others something that you do, something that comes natural. Often a good tip, Kevin, is asking somebody else, you know, what am I great at? It's a really good question. And often you'd be surprised by the answer that you get back. And that is a little clue perhaps to what your genius is and where you could monetize that. Okay, so our final
pillar is joint ventures. the first one here is something that's really quite simple, Kevin, because we talked about subscriptions, but we use services, we go places, know, Uber. So many businesses have referral programs now, ways to easily share with friends if you enjoy the service that you're getting, and you can be rewarded. And actually that could build up to quite a good income stream.
Yeah, you affiliate referral income everywhere, utility warehouses is something like that. There are many, many others and multi-level marketing programs. I mean, some people refer to WealthBuilders, don't they as well? So, you know, we're up for that. Many of the property educators and businesses out there are always looking for great connectors. If you are an influencer, if you're a host, if you're able to, if you're extremely good at connecting, you love networking. Some people hate it, don't they? But others love it. And we're not saying, you know, you're
you're trying to just to offer a whole bunch of different things, but get passionate about something and get passionate about somebody delivers something you know is really, really good, whatever that is. And maybe that's a way to generate an income for yourself. But in a, in a community where we know people are looking for the different pillars, certainly in WealthBuilders, there's a whole language of that, which is how you identify with the community. We know a lot of our language is permeating within our membership, isn't that Chris? You know,
turn the wheel which is the wheel of wealth which we're not talking about tonight which pillar are you working on right now so on all of those things lead to communities of people talking together and say I'm interested in this and you're interested in that whether it's in a WhatsApp group and we've got WhatsApp groups for all of the pillars whatever it would be there are many businesses that have been formed and developed as a result of being in the right environment a supportive environment not one there where you're on your own or
Speaker 1 (34:07.212)
In fact, you're being pulled apart by people around you, an unsupported partner, or an unsupportive employer, or whatever it would be. Places you can go to be unsupported and places you can go to feel completely at home. And that environment is important to seek out wherever you find out. And then you can do the same in property. see some people like I talked about me, you know, I lend money. So that's a joint venture with somebody who finds the property, does the property, creates value from the property. And I seek out those and they seek out me because, you know, there's the speed.
creativity, relationship, impact, multiple levels of ROI that take place when creative collaboration takes place as opposed to purely transactional things. And I love that when it happens and I can't tell you how many businesses have been created in the hallways inside of WealthBuilders. know, there's dozens and dozens and dozens each year created where people get together because they resonate with each other and they share a common interest in something.
So I hope that has given you some new ideas. Tell us if there's one thing there, one idea that perhaps you're going to take away from that and actually take action. That's the key here. The ideas are good, but nothing if you don't act upon them.
Speaker 1 (35:17.07)
We hope you enjoy today's episode. Don't forget that we are constantly updating our resources inside the WealthBuilders membership site to help you create, build and protect your wealth. Head over to wealthbuilders.co.uk slash membership right now for free access. That's wealthbuilders.co.uk slash membership.