In this week's episode of WealthTalk, we discuss the final part of our signature Recurring Revenue Roadmap, which is 'Build Assets'. We dive deeper into the 3 key elemets of this stage: Focus, Results, Accelerate. Tune in to learn how you can start building long-term wealth.
In this week's episode of WealthTalk, we talk through the third and final stage of our signature Recurring Revenue Roadmap - Building Assets. This stage is about using all the knowledge that you have acquired and taking the right actions to generate either cashflow or capital, and accelerate your wealth-building journey.
Tune in to learn how you too can follow our process to move from a place of financial insecurity to financial independence.
Resources Mentioned In This Episode:
>> Download the ‘Recurring Revenue Roadmap’
>> Episode 138: [Build Knowledge] Recurring Revenue Roadmap: Stage Two
>> Episode 137: [Build Confidence] Recurring Revenue Roadmap: Stage One
>> Join the WealthBuilders Academy
>> REGISTER HERE FOR FREE RESOURCES ACCESS
If you have been enjoying listening to WealthTalk - Please Leave Us A Review!
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.
Unknown Speaker 0:19
Welcome to Episode 139 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders. And I'm joined today by our founder, Mr. Kevin Whalen. Hi, Kevin.
Unknown Speaker 0:28
Hi, Chris. Good to be with you again, as always, yeah, so
Unknown Speaker 0:31
it's our third installment. And we've been going through the recurring revenue roadmap for the last two weeks. And we covered off stage one of that roadmap a couple of weeks ago, stage one is all about building your confidence, those foundational elements there, which includes, you know, good review of your finances, what's coming in and out. And also making sure you've got a good, strong, firm roof, to protect yourself and your assets and your family. So that was that was stage one, then we moved into stage two. Last week, Kevin stay two is where you build your knowledge. And we went into detail about seven different assets, we call those the Seven Pillars of Wealth, and then the importance of finding your points of leverage, and as five types of leverage. And then that will help you define your strategy. And we know that's where overwhelm kicks in. So that's the point where you start working with one of our wealth coaches inside the wealth builders Academy for those members of ours that are following that process with us. And that leads us into stage three this week, which is all about building assets. And this is I guess, where all the fun stuff happens.
Unknown Speaker 1:33
We'll help you quite right, it feels more like fun, because you're preparing a lot of the ground, in the foundation and in the education, of course, but it should still be fun on the way up there. But you're starting to measure things on you really starting to get a sense that this is working now. It's no longer theory, the rubbers hitting the road, you're getting the feeling of some traction, I hope, usually, I mean, it always comes just different people get at different speeds, don't they? We always say that grace is not the same journey for us all. And yeah, this exciting bit when most people start to get the confidence that this is working enough for them to feel like now wealth is doable. It's not just an educational, or an aspirational thing. It's, wow, it's happening. I can see myself doing this. And usually they get to a place where if you ask them, Are you 100% confident you're gonna make it. This is the stage when they gather.
Unknown Speaker 2:33
Now, obviously, we have got our webinar tonight. So depending on when you're listening to this podcast, we're recording or this episode's coming out on Wednesday, the ninth of February 2022. And we have our academy webinar tonight. So if you're not already registered, definitely do head to wealth builders.co.uk forward slash Academy webinar, and jump on and join us tonight where we'll be displaying the roadmap in full Technicolor on screen, bringing some of our existing members and our coaches as well to share their experiences. So we can just have a nice chat together, we can talk through what we do, how we help our members, and answer any questions that you might have. And we love doing that. Kevin?
Unknown Speaker 3:10
Oh, absolutely. I always look forward to the live interactions with with people when they're getting to their own questions, because everybody's questions are really at the as a gateway to what they want to do. So if they've got a question and get the answer to the question, they stop, and confused minds and frustrated minds do nothing. So we love to answer those questions, which then opens the gate and allows that permission for people to make a decision about whether they are committed to building their wealth or whether they're not. And we're happy either way, we just work with those people where that commitment is clear.
Unknown Speaker 3:48
And you know, we've created the roadmap because we're addressing the big problem that we know exists out there. 95% of people in the UK never achieved financial independence. And we want to change that statistic, Kevin, and we know that this is a proven, tried and tested process. You've been certainly helping people for many, many years with this. So we've now made it more accessible so more people can start following the same process and building wealth for themselves.
Unknown Speaker 4:13
Yeah, and just a part of that accessibility. It's not just accessible. Online, it's not just accessible, that you can tune in, you know, using technology and all sorts of different ways. It's accessible in price. You know, it was never really designed when it came out of my head to be anything other than the high price mentor program because you can only spend yourself so much when you immersing yourself in the success of others. And being committed to that transformation is I was and remain now but but of course with the leverage Chris view and the team and the technology that we've all brought to bear. We can keep the cost low and accessible so that financial independence is in the reach of Pretty much everybody now, especially if you kind of divide the cost over a period of years and work that out and go, well is it would I pay a few 1000 pounds to become financially free for the rest of my life? Well, if so, given the right place, if not, then go read another book.
Unknown Speaker 5:20
And we we say almost every week, this is not an overnight success. This is a five year process for most people. That's the average that we see if someone's really committed. And we know that the things that make those differences are having a clear plan, and most people don't. And then having really good support and consistent action every month, taking those small steps, if you follow the steps in the order that we teach, and that we show you, you will get there.
Unknown Speaker 5:45
Well, we know works, Chris, we got enough people who prove that and I think on the night we'll learn we'll also have our students who are demonstrating that success and the coaches who the vast majority of our coaches have actually gone through the program themselves. So anyway, let's, let's get to stage three.
Unknown Speaker 6:02
That's it. So if you're tired of trading time for money, if you really want to make change, and now is the time for you, then let's talk you through stage three of our roadmap. So stage three, as we said, it's all about building assets. And there's three steps to every stage. So the three steps, today, we're going to be looking at our focus, which is Step seven, and then that moves us on to Step eight, which is results. And Step nine, which we call accelerate. So let's look at focus, then Kevin. So we know, by this stage, people have built their knowledge, they've should have chosen their primary and the secondary pillars, they would have understood their points of leverage be that financial or intellectual or systems times relationships, lots of different forms there. And we've helped them figure out what's the best strategy to start with, we then have a very proven process, a unique process, Kevin, that you created, which is called the wheel of wealth. So would you mind sharing a little bit more about that?
Unknown Speaker 6:58
Yes, the wheel of wealth is a very interesting visual acknowledgement of something that I think is fundamental to wealth building, and most people get it wrong. So first of all, Chris, where will people need to see the wheel of wealth other than turning up on the webinar? Can they get a download, so they can follow along or later?
Unknown Speaker 7:19
Yeah, just by registering for the webinar, you get a copy of the roadmap, and you'll see the wheel of wealth on there.
Unknown Speaker 7:24
Okay. So let well, okay, then in the absence of the visual, let's visualize, shall we. So imagine were turning a wheel or a cog, but any, anything that's circular that resonates with you. And we want to get from 12 o'clock on the wheel, to all the way round the full circle on the clock face to 12 o'clock again. And the idea is, if you follow a complete turn a 360 degree turn, following through different stages, which I'll describe in a moment, I kind of always visualized cogs myself, because I like the idea of one cog connecting to another cog connecting to another cog, which is what happens in acceleration. So I'm going to go with a cop. So imagine a cog like a wheel and a gear, and it's turning. Now, you've got to understand there's a sequence of the turn. And for the purposes of this again, imagine that you're going clockwise. So you're going from 12 o'clock to one o'clock and all the way round up to 12 o'clock again. Now, now, as you visualize this, or if you're in a safe place, droit break that cog into five component parts. The first part is education. The second support, the third, connection or connections, the fourth due diligence, and the fifth we call Guided Action, but you could right action is fine. Now, the idea is that when you start off at 12, and you go all the way around following that, and I'll go into detail each of those points in a sec. And when you hear the click, or the clunk, or whatever works for you, then you get an output. And that output is a flow of cash. In other words, a monthly cash flow or recurring cash flow, which is the essence of wealth building, of course, or a flow of capital, in other words, an outpouring of a lump sum of cash, which you can then use for various purposes, whether it's to reinvest whether it's to build another asset, whether it's to reinvest again in the same asset, but it just gives you more leverage, you get that you get the picture. So we've got to go 360. Now, the reason why this is critical, is the biggest mistakes I see. And people acknowledge there's a wheel they see there's a process, but they almost always go from a little bit of education, often not in enough, just enough to go, I think I understand this, this makes sense to me, I intellectually understand it. And then instead of going full circle, round the whole clock face, they go straight from kind of 12, half 12. And they go backwards to action. In other words, they get just enough information that whet their appetite and think they know enough and take action. And they make a mistake. And when you make a mistake, it's very difficult to repair that because you invariably it costs you money. It cost you time, it costs you reputation or relationship, you've done something that fundamentally damages your confidence. And we see this happen, time and time and time and time again, and you probably don't think would happen to you. But have you ever taken a step that you didn't really understand? Have you ever lost money? Have you ever trusted someone without doing due diligence, you know, is any of this making sense to you? Or do you know anybody else close to you, maybe this happened anyway, this is the wheel of wealth. So the first thing to do is get enough education, really dive deep into the education so that not that you have to understand it, to the degree of being a world leader or an expert, but enough to understand it. So that you feel confident to go to the next step. The next step is support. Now what support means as many things but certainly in wealth, build a speak, it means the support of a community, the support of a coach, the support of a guide, or mentor, the support of a buddy, the support of an accountability partner. But ideally, somebody who knows more than you are on this, so that when you ask a question, they either have the answer, or no who's got the answer, so that you're not floundering with questions you don't know the answer to or even not asking a good enough question, which is often the benefit of having somebody who's been ahead of you on the journey.
Unknown Speaker 12:11
The third step is connections. And what I mean by connections is, once you learn a bit, and you've got a guide, or somebody who's supporting you is unbiased. They're not being paid to drive you down one path or another, you need to know that's an independent feeling. And you probably already have a sense, I hope that we are entirely impartial on this, we don't drive anybody down a pathway to build their wealth in any one direction or another. It's whatever interests you whatever works best for you. Now, that being said, we would like you to think about being connected to people who have been there and use that education, to develop their own wealth. So you can bring that education to life. You can see the nuts and bolts, you can see the practical steps they've taken so that you can decide for yourself. Now you see it in action. Can you see yourself doing it? Does it make sense to you? Or even does it now make you realize, Hmm, now I see this, I don't think this is for me. And that takes years of your learning and years of mistakes that you could make following the strategy, which just perhaps, isn't right for you. And nobody gets it right first time or very few. Get it absolutely right every single time. I mean, it's a rare thing, because you're learning a little bit, not by trial and error, because we're saving that. But you're learning by your own experiences and decide what you like and what you don't like. That's what I mean by connection. The fourth step in the wheel is due diligence. Due Diligence, like many things in wealth mean different things to different people. What I mean is rigorous due diligence, strong diligence, to the point that you've evaluated all of the risks. And you've looked at those risks from every angle, to make sure you can quantify and then ideally, minimize or at least mitigate the risk. So that you're clear on what it is you're doing, why you're doing it, and what the risk to you of getting it wrong. But you've hopefully, through good guidance and good due diligence, usually getting a second opinion. Usually somebody who's been there ahead of you can say, Have you thought about this? Did you think about that. And this applies due diligence on people that you might be dealing with, on projects that you might be thinking about, particularly around property. It might be paperwork or structures in all sorts of things where things can go wrong in every single pillar. You need to understand the risks because good wealth is about managing risk. Bad wealth is about thinking about the risks too likely, and actually getting caught A trap where you can't escape the risk. And that risk can damage your wealth building life forever. Now, once you've done the risk mitigation documented, almost create a risk audit file for yourself. Not difficult, we show you how to do that. Then you move on to the final stage, which we call Guided Action. Now, the reason we call it Guided Action is because we're trying to help you take the right action in the right sequence that will lead you to the next turn of the wheel, or the next turn of the cog, not just to do something go, right done that you're looking at, right? What does that mean? What does that mean for the next thing you're going to do so that it's consistent with your overall wealth strategy, you don't get fit by going to the gym, once you don't get wealthy with one turn of the wheel, you've got to continue to turn the wheel. And this is a continuous process. No matter how skillful you are, no matter how knowledgeable you become, there's always room for doing this because you will find yourself transforming, which is really what stage three is all about. It's about your transformation, as a person, and financially. And that's why the wheel of wealth is such an important part. And Chris, that's why I'm glad you asked me about it.
Unknown Speaker 16:13
Very nicely explained there, Kevin, thank you. So we can see how critical step seven is. And we often say focus your way to security. So you know, focus on one thing, get good at turning one will be that one strategy. And each time will will get easier, Kevin, you start to build your team, you obviously make fewer mistakes, as you mentioned, first time, but each time should get better. And and yeah, once you're confident in that, then you can start to kind of add additional wheels or strategies as we, as we say, Yeah, I
Unknown Speaker 16:42
mean, look, Chris, this is true in life, we know this, when we learn how to drive a car, you know, we're all confused with our, you know, with our fee in our hands, and all sorts of different things we are thinking about the same time. But you know, when we had few lessons, we managed it, when we bought offers property, you know, was a bit awkward was the language of bog it was the language of the lawyers and all these things. But once you've done, I always say, Chris, when you've done three of anything, you should have mastered it. The first time you didn't quite know what you're doing. Obviously, within wealth builders, we try and through the connections make it so you actually see what's going to happen not you just experience it. So by the time you don't want, you've had a great experience, by the time you've done two, you got better by the time you don't three, you should have mastered it. And for most people, that's true. So three turns of the wheel is enough to start thinking about. Now what else can I do? That gives me a slug changing gears, you know, how do I move from first to second from second to third, and so on. And you just get stronger, faster? actually safer. The more you build this in the following the wheel of wealth, the safer you become. Because as you turn more wheels, you're diversifying, you're creating more security, not less security. suderman.
Unknown Speaker 17:58
Yeah, yeah, sure do. And of course, we've, we've recorded lots of content inside the wealth builders Academy, Kevin, you and I, which explains this process in more detail with case studies with examples. But of course, people are not doing this by themselves. They have the support of the community of our other members who are all following the same process, but also our wealth coaches. So for our members, they have access to the same coach every month to help them with this and, you know, bounce those ideas and turn that wheel safely.
Unknown Speaker 18:30
Huh, yeah. And the new the coaches are a huge and beneficial addition. And what I'm delighted about more than anything else, as far as the coaching is concerned, is the outstanding reviews, they get, you know, nine and a half out of 10 consistently, I mean, that's just outstanding stuff. I mean, he's a strong, capable, competent people who know what they're doing. They know the IP, they know the importance of risk mitigation, and building wealth, you know, properly in an order an ordered and sequential way.
Unknown Speaker 19:01
Hmm. So on that note, let's move on to Step eight, which we call results. Now, we send out a wealth chart for all of our new members when they join, and that's a big a one chart, which they put up on their wall, and we have the roadmap on there, and it's broken down into months. So you've put your actions there and your results every month. And then we have our asset income thermometer. So that's where you have the red pen, you get your pens out. And every time you get some additional recurring income, you fill in your thermometer and we know the targets. Everyone has their security level and their independence level. And that's different for each person. So So yeah, it tracking your results doesn't always mean money, though, Kevin, there's lots of different kinds of results that people should be recognizing.
Unknown Speaker 19:44
Yeah, and at the beginning, it's about activities about taking steps about taking small steps, acknowledging learnings, or things like that because sometimes particularly in uncertain times, like we've had recently, it can take longer. Normal to generate the results that are financial, it could be, you've made great connections you've made, you've done your coaching call, which is certainly something we want everyone to do is turn up for their coaching call, you know, they've made offers, if it's property, they've made some investments, or they've done some research, you know, some activity that you'd measure at the beginning. And that's really important, it's taking those small steps to acknowledge that activity leads to wealth, it's not, you don't get wealthy on every single thing you do. You know. So that's really important. And the other thing that's important to measure courses, while we know that wealth building predominantly is about trying to create cash flow, that allows you to free yourself, normally from some kind of time for money trap, whether that's caught in a job or caught in a business, and most people want to do that. But not everybody wants to do that. Some people are quite happy that what they've done is built their pension up, so it's worth more, or they built their ICER up. So it's worth more, or they've reduced their charges dramatically. So they're improving the result of you know, their stock market investments, or they've done their roof, they've taken care of their family, they've done something in that month. And this is part of the wealth builder mantra, isn't it, Chris, which is never let 30 days go by, without doing something that contributes to building your wealth. And that can be anything. So acknowledge that do something so that you know, it's leading you in the right direction. Because it can be frustrating not every month is going to lead to you getting a flow of cash, or a flow of capital, that you can, you know, put on your chart, or you can acknowledge in a thermometer, or you can put in a spreadsheet, you're not going to get that every month. But what tends to happen is there's a flurry of activity, and then all of a sudden, money starts dropping in, money starts dropping in. And you see people when they do that, starting to get that confidence that it's working, because the money is flowing. And once it starts to flow, if you've done it well, and you've done it correctly, it almost always keeps going up. Yes, there are always some risks, you know, there are some things that can go wrong. But generally speaking, if you do it in the right way, you're only building almost like a ladder, you're going up, you're going up, you're going up, you de risking as you go as a far safer, better way to build wealth, by recurring income than it is by simply hoping for the best, which is what most people do, which is why 95% Chris, in whichever country, you could quote, not just UK, I just simply don't make it. And sometimes
Unknown Speaker 22:49
ask us, people ask us, Kevin, you know what the definition of recurring income is, and it's really money that you could spend today if you chose to.
Unknown Speaker 22:58
Yeah, I mean, that's, that's a true measure of wealth. Because if you can spend it, it means it can change your lifestyle. But as I said, there's absolutely nothing wrong at all, with celebration, acknowledging you've done a great job, and you've, you've done something inside your pension, your pensions going to 50,000 pounds this year, nothing wrong with that at all. It's just important to recognize that building something in a pot that you can't access is good for your, let's call it your net worth, your net worth has gone up. But your spending power terms of spending this year of this month hasn't. So it's always more important. And keep voting, focusing if you can, on building recurring streams, multiple streams of income, but starting off with one, getting confident with one, then adding another, getting confident with another and adding another getting confident with another.
Unknown Speaker 23:54
So we're talking today about stage three of our recurring revenue roadmap. And stage three is all about building assets. So we saw the process of the wheel of wealth that you have to focus on that process and a successful turn of the wheel should generate results. And you measure those results. And then Step nine, which is the final step in a roadmap Kevin is called Accelerate. And this is where our members start thinking about perhaps more advanced strategies. Often our members are looking to raise finance at this stage, as you said, three wheel turns they know what they're doing now. And and we teach that process. Kevin, that's a process you've taught many, many hundreds of people probably by now and to raise many hundreds of millions as well.
Unknown Speaker 24:35
Yeah, well look forms of leverage change as you build up your expertise. And another word for expertise is IP. You're creating new that confidence, your own ability, which then allows you to express that competence in different ways. And as you express it, whether it's in books, whether it's in courses, whether it's in materials, whether it's in a document that you're intending to show to investors to get a feeling for what you're doing in your business and your property, business, whatever it is, you've chosen to build your wealth as you grow that competence, you building your expertise. And an expertise means you're building a story. And if you're building a story, you got people who want to follow your story. And you build followers. And those followers can come from a whole raft of different ways, with a whole, again, a whole range of different methods of which you can capitalize on that. And as you already said, Chris, our members have written books, they've published things, they've created courses for other people to follow, they've written ideas down on paper, and John ventured on those ideas with others, they've created businesses, and then sold those businesses because they realized it wasn't their ideal choice of business in and really liked it as much. But they found a community when they've done it well, so they can sell it and they can go on and focus on other things. So the community helps. And the whole process around building wealth is allowing you the freedom in the end to be who you want to be. And sometimes you've got to build some assets that perhaps aren't a reflection of that. But what true acceleration is, is for you to build wealth on your terms, that in the end, gives us security for you security, for your long term security for your legacy. And hopefully, as we began in stage one, talk about the family wealth business and creating a legacy and a pathway for the next generation to follow. You know, we talk about things like family charters, we talk about creating rituals, we talk about things like capturing memories, and all sorts of things. There's some fascinating stories of our clients discovering things about, you know, their past and, and even their past. grandfathers and grandmothers who were pioneers in what they did, and they, they now take stock of that, and they try and capture those old memories, and then store those memories digitally, to try and almost create something that's worthy of being kept for the next generation. And I love it, Chris, it's just a fascinating thing at the end to see the transformation that people go through. And at the beginning, and it makes me laugh, because you circle back to the beginning and see how nervous and uncomfortable people are at the beginning. And they're sort of not quite sure what they're doing not quite sure of how many different pathways there are, they're getting overwhelmed, they're getting confused. And then all of a sudden, they become just Swan, like, you know, it's gracefully, elegantly building their wealth, and then moving on with cruise through the five levels up to abundance, and so on and philanthropy kicks in. So it's just a wonderful thing to see. And I just encourage anybody, if they're thinking about it, don't sit on the fence, you know, it's an uncomfortable place to be. Don't be on your own wealth is no fun on your own. You want to share it with others, just like, you know, sharing experiences is always better done with other people and come and join us. In our community. If nothing else, just commit just the one thing you do this month here and never let 30 Days go by show up for the webinar. Just turn up, you know, you don't have to sign anything, nobody's gonna put you under any pressure. We're just going to share with you what we do. And maybe it might stimulate you to do something, if not now. But you know, when the circumstances are right for you to come and choose wealth, and choose certainty over uncertainty and continue to trade time for money. As Warren Buffett says, you'll be trading time for money, essentially, do you die.
Unknown Speaker 28:35
So I hope you've enjoyed the last three episodes. And if you like the structure that we've been talking you through with our roadmap, then as Kevin says, do join us on the ninth of Feb. So if you're listening to today's episode, when it's out that's tonight 730 will kick off. So head to wealth builders.co.uk forward slash Academy webinar, and hopefully we'll see you there. And Kevin, I guess we'll be back Same time, same place next week with another episode.
Unknown Speaker 29:04
So none hopefully with new members to enjoy it too. So until then, my friend sia
Unknown Speaker 29:12
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/membership right now for free access. That's wealth builders.co.uk/membership