In this week’s WealthTalk podcast, we put WealthBuilders Founder, Kevin Whelan, up against the new kid on the block... ChatGPT! The artificial intelligence chatbot developed by OpenAI is a hot topic at the moment with many using ChatGPT and other AI tools to aid their day-to-day tasks, ask questions and improve productivity, so we wanted to put its financial education knowledge to the test. In the episode, we asked AI tools recently asked questions from our Members and compared it's answers to Kevin’s. Kevin and Christian also discuss the thought-provoking topic of mastering the balance between AI-driven automation and the essential role of human judgment and intuition in complex decision-making scenarios. As well as the potential challenges and ethical considerations associated with the widespread adoption of AI such as data privacy, algorithmic bias, and the responsibility of developers and organizations in ensuring the ethical use of AI technology.
In this week’s WealthTalk podcast, we put WealthBuilders Founder, Kevin Whelan, up against the new kid on the block... ChatGPT!
The artificial intelligence chatbot developed by OpenAI is a hot topic at the moment with many using ChatGPT and other AI tools to aid their day-to-day tasks, ask questions and improve productivity, so we wanted to put its financial education knowledge to the test.
In the episode, we asked AI tools recently asked questions from our Members and compared it's answers to Kevin’s.
Kevin and Christian also discuss the thought-provoking topic of mastering the balance between AI-driven automation and the essential role of human judgment and intuition in complex decision-making scenarios.
As well as the potential challenges and ethical considerations associated with the widespread adoption of AI such as data privacy, algorithmic bias, and the responsibility of developers and organizations in ensuring the ethical use of AI technology.
How To Enter The Competition:
Go to www.wealthbuilders.co.uk and take a look around to see all of the different ways that we can help you to create, build and protect your wealth.
Find the ‘3 simple steps to get started’ (Hint: it might be somewhere on the home page) and then send an email to hello@wealthbuilders.co.uk with the subject line ‘competition’ and list what the 3 steps are.
The deadline to submit your answer to hello@wealthbuilders.co.uk.
Resources In This Episode:
>> WealthBuilders [New Website]
Next Steps On Your Wealth Building Journey:
>> Join the WealthBuilders Community
>> Join the WealthBuilders Academy
>> REGISTER HERE FOR ACCESS TO FREE RESOURCES
If you have been enjoying listening to WealthTalk - Please Leave Us A Review!
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 0:20
Welcome to Episode 195 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders joined today by our founder, Mr. Kevin Whalen. Hello, Kevin.
Speaker 3 0:29
Hi, Chris. Good to be with you again. In fact, it was only yesterday. Where were we were with each other given the summer months are upon us that cup of short sleeves on for the first time in a while had them on yesterday's we played golf? Well, as I keep saying some of us play to mind you earlier.
Christian Rodwell 0:50
Small steps can have small steps. That's what we say. Just do something every
Speaker 3 0:55
month every month, right? Hit the ball. Yeah. Yeah. And we had while we were doing some strategic thinking, as well, actually, you took a photograph? Didn't you have the?
Christian Rodwell 1:07
Yeah, yeah, that should be up on our Instagram and our Facebook, if anyone wants to take a look with Paul, of course, our co director as well.
Speaker 3 1:14
That was fun. But one of the things that came up during our conversation was this sort of huge, I suppose focus around chatbot and chat GBT and all that stuff. And that was interesting, wasn't it, because there are so many in a world where everybody's time poor and chinks of light appear in the busyness of an other well earning employee or a successful business owner, they tend to put things often they and they get little chunks of light. And sometimes that chink of light, they go looking for something. And I think what's going to happen is a lot of people will go looking for nuggets of wisdom from the bot. And I'm not certain that that's going to deliver the right outcome. So we thought we'd have a bit of fun with that today.
Christian Rodwell 2:08
Yeah, definitely put you up against the robot today, Kevin? Exactly. You know, it could potentially lead to people thinking they can do it themselves, you know, with the help of a bot? And, of course, look, it is fantastic technologies. There's no doubt about it. We've been using it. And in fact, you know, chat GPT is the name that's on everyone's lips, but there are there are hundreds of alternatives. And actually, recently, I'll just share something that I've been using, which is it's kind of an assistant to chat chat GPT. It's a Google Chrome plugin, it's called Monica. So if you go to the web address, Monica dot, I m, you can just instal that for free into your Chrome browser. And then at the click of a button, you can pretty much get an answer to to anything, but we thought we'd take some of our members questions that we've had recently and see what kind of answers Monica will provide. And and then of course, get your take on this Kevin as well. So I think it's worth just before we get into this and have a bit of fun with it, as you say is, is just remind our listeners that you know what we do at wealth builders is of course, educate, support and connect. And we teach wealth building principles, which have been around for hundreds of years and taught by many esteemed figures, including yourself, Kevin, and recorded in books, which I'm sure many of our listeners will have read. And you know, what comes to mind, Kevin, when you think of personal finance books that have had an impact, I mean, richest man in Babylon certainly was a was a great one.
Speaker 3 3:42
Well, yeah, and the seminal series by Kiyosaki, obviously everybody talks about that. And some of the books are better than others. And I mentioned I think, last time, that the biggest lesson in Rich Dad Poor Dad is there was a rich dad, who was the mentor who was capable of dispensing wisdom. So it wasn't just picking things up and randomly doing it, there were lessons that were directly applied. So I think anything where you can combine education with a feeling of being able to interact, is the key to it, because it makes it more enjoyable, and it makes it it makes it quicker as well, because you can make distinctions and differences. And one of the things that I'm pleased to say that I've been able to do over the years is build almost a set of I think we call it a CAT scan, ability to really diagnose the financial health and of anyone really rather quickly. And that's because I'm able, over 30 years now, just to make distinctions really quickly, and those distinctions mean we because we build them into what we do, we can help people get to where they want to more quickly and joking apart in a bottle that'd be interesting to see what they what they say and what the questions are. I thought we if it works Chris, I've got we could, you know, we were talking about some things yesterday and some refocusing that will we'll be doing in announcing at some point soon but but one of the one of the things that's always interesting is as we get towards 200 episodes, is you know whether we live in it up and that's, and I thought maybe we could create a new section right? So little Do you remember a soul? From a band called sparks? Do you remember sparks? Are you too young for them?
Christian Rodwell 5:31
No, the name rings a bell? Yeah, I couldn't tell you what the tune is. They are out
Speaker 3 5:36
very quickly, right. And I'll tell you what my thought is. You got to beat the park, you got to beat the bat.
Christian Rodwell 5:44
The train wasn't coming through too clearly. But your voice certainly was Kevin. So yeah, I think yet, okay, new new theme tune for wealth talk. You can't explain the but
Speaker 3 5:52
you got to beat the butt. So let's see if we can beat the bar and not in a, an aggressive combative way, but have a bit of fun with what the bot is saying. And sorry about the tune and sorry about the singing that it's definitely not there. But but it might be a little bit of fun just to raise a few questions and and then maybe I can just apply some distinctions that I think would be more ably helped someone achieve what they want. Because in the end, when people are asking questions is an outcome in mind isn't there? And a bot can't really know the nuances of that partner the wealth dynamics of that it can't know where you are. So it's going to be relatively static. But what have you chosen, Chris?
Christian Rodwell 6:35
Okay, so questions I've picked through questions we've had recently. And so whilst we're having a bit of fun, we're sort of playing around with the chat bots, we're also going to answer these questions, which hopefully will be useful for you as well. So the first one was, how do I gift money without being taxed? So this was Monica's answer, there are a few ways to gift money without being taxed. One way is to use the annual gift tax exclusion, which allows you to gift up to a certain amount each year to an individual without being taxed in 2023, the annual gift tax exclusion amount, and this is where it gives $1 amount of 16,000 per recipient. Another way is to make payments directly to a medical or educational institution on behalf of someone else. As these payments are not subject to the gift tax. However, it's always a good idea to consult with a tax professional for specific advice related to your situation.
Speaker 3 7:32
Yeah, okay. Well, that, you know, that's a relatively harmless thing, apart from obviously, it went straight into American law, which has got nothing to do with British law, but the implied nature, the question is, can I make a gift without tax, it depends on what tax it is you're trying to avoid. So you have to know the tax position of the individual making the gift, and the tax position of the person receiving the gift, and what the overall intention of the gift is, right. So if the gift is like a granddad wants to make a gift of a junior Eisah, you know, you can make that gift is going to be no tax, you can make a pension contribution, like a stakeholder pension for a little one, that's going to be no tax. But you know, there are a few exemptions on tax by the way of all taxes, one of those is you can, you can give a gift to your spouse. And that's always free. And the other thing that's really important is inheritance tax, which is I think, the root of that question about being able to give a gift, there are some exemptions, and they keep getting cut. So the exemptions 3000 pounds, so nothing really in the context of life, right as you're building your wealth, smaller gifts when you're making them to grandchildren, and to for for weddings and things like that. So we make use of those. But the one that everybody misses, okay. And it's the biggest one of all, if you're a wealth builder, is there's a funny rule in UK that says, gifts out of inverted commas, normal income, don't, don't count for taxes. In other words, if you can prove you've got enough income, and you don't need all of the income you've got, you can give away as much as you want. So the secret then, is to build your wealth, get a high level of recurring income, more than you need. Remember the levels we haven't talked about the levels for a while, but actual insecurity to security, from security to independence, from independence to abundance. So when you've got more money coming in, then you know you can spend in the life that you want to lead. Then that's the point at which you can basically give away all of your income if you wanted to. Because you've demonstrated you made it clear, let's say are normal. You know, someone wants a an income of 10,000 a month and they spend 10,000 a month and they make 20,000 a month, they could give 10,000 a month away. So gifts out a normal income will qualify for that. And that's something that, you know, you're not going to find in a book anywhere that you apply the distinction. So well, what does that actually mean? Well, it means if you can prove it, you can give away as much as you want. So there are no limits to what you can give away once you understand lots. Hopefully that distinction ups.
Christian Rodwell 10:30
Interesting. Yeah, now that didn't date. Okay, so let's try another one. Then. The second question that I put into chat GPT, or Monica, the assistant was what to do with a lump sum of money. So here's the answer. There are many options for what to do with a lump sum of money depending on your financial goals and current situation. Some common options include paying off debt. If you have any outstanding debts, using your lump sum to pay them off can be a smart move. This could include credit card debt, student loans, or a mortgage number to invest. Investing your lump sum can help you grow your wealth over time, consider speaking with a financial advisor to determine the best investment strategy for your goals and risk tolerance. Number three, save for the future. If you don't have an emergency fund or retirement savings, using your lump sum to start saving can be a wise decision. Number four, treat yourself. While it's important to be responsible with your money. It's also okay to treat yourself once in a while, consider using some of your lump sum for a vacation home renovation or other personal expense. Ultimately, the best choice for what to do with your lump sum will depend on your individual circumstances and priorities.
Speaker 3 11:44
Quite a comprehensive one wasn't it really, actually quite good, if you think that because obviously, you can hear the Americanisms again with the vacation, but nonetheless, quite valid. And I think one of the issues there that I think is really important is how you feel about certain things. So definitely I like the idea of treating yourself, you know, it's not having a lump sum, why not, you know, you can do something that makes you feel good and reward you for things. That's the great, I love. I also like the idea of the emergency fund, I thought that was quite smart. And always important to build that emergency fund before you invest. But one of the distinctions I've often made Chris, for people, is sometimes it's okay not to invest the thing. Sometimes, okay, just to sit on cash. Because in a world where the implication of the chat there was that the only way you could, although touched on real estate didn't mention real estate. But the essence of most of that answer was around investing in stock market. But when you're investing in things like real estate, or you're investing in business, or you're investing in IP, or you're investing in joint ventures, which are the entrepreneurial pillars, more often than not one of the key considerations, why most people struggle to do it, is time. So if you've got very little time, all you can really do is invest in things that are available to you whenever you're that chink of light, as I mentioned. But once you start putting time into the wealth building activity, one of the biggest things that comes up is opportunity. And When opportunity comes up, then if you've got cash, you can capitalise on those opportunities. So you can massively make up for the last opportunity cost of investing money. And in fact, investing money is never a short term activity, if you talk about stock markets, always a five year plus activity. But nobody can see five years out. I mean, there's no crystal ball, right? And what happens with technology, nobody can see five years out. The thing that's really important, I think right now, for property people is the interest rates, you know, where you get interest rates that were one point something and now there might be five point something or even more, in some cases, then the deposition looms larger. So the timing of that becomes more relevant when you get coming to the end of fixed rates, or you're coming to a point of review. So the timing is relevant in all of this. And that's why I think you're a bot is never going to give you what's happening right now. And what's your unique situation right now? But actually, I was impressed with that one. As a general principle, it touched on all the good stuff there.
Christian Rodwell 14:39
I'm having just making some distinctions as I'm listening and thinking as well, Kevin, and, you know, what we've I think is really fantastic about you know, the use of chat GP T or any other application similar to this is, is helping you to save time, you know, it is a form of leverage, and we talked about leverage when it comes to wealth dynamics, that leverage comes from the left and the right outside, which is either the blaze energy of people. So building teams that can help, you know, build, build and grow, and or leveraging systems using the steely technology and process side of things. So this is simply the use of a system to accelerate, you know, stimulate think thoughts and get the ball rolling. And as you say, you know, it'll need some refining. But it's, it's, you know, it's really helpful to kind of speed things up.
Speaker 3 15:26
Yeah, good, good points made. And as long as you don't think that somehow the technology will give you the distinction of that, that will work for you that there have to be by the very nature, General. And it seems the two examples you gave today, Chris, very much American style. I don't know whether, you know, maybe you've got to be very, you've got to be more specific. And I would, I would think it would be completely different if we were going into more detail things like, you know, what's, how would I best use my SAS, you know, or something like that. Maybe we can try that one next time. Because that'd be interesting. Whether it picks up you know, SAS as a armed forces, or SAS, or software as a service or, you know, a small self administered scheme, which we know is very popular in the wealth building community because of its power to cross the border to cross over from traditional stock market into other assets and the ability for that money to be used today, because mostly pensions are for the future, aren't they? That's why people don't like him why? In the UK, we pay so little attention to them, because we don't like things that are always in the long term one day Sunday, and hoping for the best. Whereas we know SAS can can bring money onto the table for your wealth building activities today. So it'll be interesting to do to do one on SATs. But I got one more question. Otherwise, we
Christian Rodwell 16:49
haven't got one more. But I'm gonna pause just for a second before we do the third and final question. And just remind our listeners that last week, we we launched the new wealth builder website, and we dedicated an episode to that. And we actually launched a competition as well at the same time. And what I forgot to do on last week's podcast, Kevin was actually put a deadline against the competition. So So I thought, what I'll do, I'll extend it because a few people have been asking, and so we're going to extend it until until Sunday, this week, which is going to be the 28th. So midnight, on the 28th, you have to enter this competition, and three lucky winners. And that could be you, if you're listening now, we'll win a free of wealth map strategy call with myself, which is a 60 Minute zoom call. And we'll give you a wealth dynamics assessment to take as well. And we're going to map out your wealth on one page, like you've never seen it before. And that's a product that we sell on the on the website valued at 295 pounds plus VAT. And we're also throwing in a bonus for each of those lucky winners, which is a 30 Minute debrief with Kevin,
Unknown Speaker 17:56
no, no, no, it's going to be a chat bot. The chat box with
Christian Rodwell 18:01
Kev GPT. So the real Kevin, so that, you know, there's no price on that that is priceless, where it Kevin will will deep dive into your map and do everything within his possible rain to help you identify any opportunities that you may have overlooked. So that really great prize, three of you will win that. So enter by going to wealth builders.co.uk, take a couple of minutes, just take a look around the site whilst you're there. But go to the homescreen scroll down and you will see the three simple steps to get started. And all you need to do is just list what those three steps are in an email and send that to Hello at wealth builders.co.uk. All right, and just put the word competition in the subject line. So that's all you need to do, they'll take two minutes, have a look around the site whilst you're there, and you could win that fantastic price. And before question number three, why don't we also pull out one of our Trustpilot reviews? Because we've had a few
Speaker 3 19:02
taken a couple of minutes to do that, which is always nice as well. Yeah. And you know, we podcast or whether it's part of the programme or whether it's an interaction they had with me or one of one of the teams. So always good when when people take a moment to say thank you or just to acknowledge that we're, we're here doing things in the ether, aren't we? I suppose a bit like Monica there. We're out there. We're not really knowing what people are thinking and doing unless they give us some interaction back. So yeah, let's do that. Please take a minute. If you like the podcast, tell us if you like it a lot, tell somebody else but post some kind of review. So who do we get a review from this week?
Christian Rodwell 19:43
Well, we've we've had a great review from Carrie and perhaps to reinforce the the value of this 30 minute debrief that's on offer here is Carrie saying I had a sit down meeting with Kevin and I came away from our meeting with quite a few ideas about how to build wealth using passive income. One that I would have never thought of before our meeting, to say Kevin is about providing value is an understatement as the conversation was never about his services, but about the passion he has about building wealth for a community of people is extremely knowledgeable. And it's all about helping, I'm definitely going to be part of his community and look forward in working with them going forward. Very nice
Speaker 3 20:22
and a nice, nice gentleman as well referred by coach, business coach, and you wanted to take some of the good work he's doing in his business. And sometimes, you know, business owners get very close on the inside of their business, that they often don't realise there's a recurring income stream inside their business, which they can work on at the same time is working in their business. Even what I'm saying is, we've said this, this third time, I've said this now, which is business owners, in particular, because they've got a, I suppose they become circus acts, no disrespect, intended, but they juggle, juggle balls and spin plates, don't they continually, always under pressure to do this, to do that, to deliver this to deliver that, whether it's payroll, whether it's services, whatever it is, there's always that pressure that continually applies them. And the wealth building activity and doing things like protecting their roof and protecting their family doesn't get done. Now, the point I'm making here, though, is if you can sit down with a business owner, like I did with Kerry and say we're looking, there's probably recurring income, in the very thing you're doing day to day, why don't we look at that first, because then you're not having to take time out of that, to build your wealth, almost like it's a separate activity, you could do that now. So let's have a look at that. And, you know, there are always ways to create a recurring income. And I try and encourage people to be money, magnets recurring income inside their business, make more profit, build recurring income outside of your business. So in and out, in and out, when you're constantly if you're able to do that, you building more bandwidth, and you creating more time for yourself. And that's that's always been the challenge is why so many people fail to become financially independent, I think it's the biggest reason, Chris, that I've noticed over the years, is people who don't give it time, you know, just don't make it because they give up, or they do the wrong thing, or they get impatient, or they or they do something which is just too easy, which doesn't really give them the result, which is why the vast majority of people rely on a stock market, which is just volatile, expensive, and has no method of converting easily into streams of income. I mean, I don't know anybody who knows how much money they've got in their pension, let alone how much money is that going to mean, they're going to get when they reach their retirement age. So it's, it's a puzzling one for me, a constant one, which why keep doing it, because I'm trying to continue to find a way that will unlock that, for people who are just too busy to give it and give their wealth, the attention that they could they could do and five years of time is what it takes. I don't mean literally 365 days times five that you've got to give up. But you know, you need a day a month and taking small steps every month is what we encourage, never let 30 Days go by without doing something positive to build your wealth. And that's what we are told we want people to do Do One Thing each month. And if you can do one thing each month, you will get there. It will just be slower. If it's one thing it'd be faster if it's too. So anyway, I'm on my soapbox about helping people become wealthy again. But Carrie was a great example. You know, he was busy, busy, busy, nice guy, but Busy, busy, busy. But the fact is because he was in London, I was in London. On the same day, I said, let's sit down have a coffee together. So and I think that helped him by meeting in person rather than if somehow I created this in some kind of a chatbot. Yeah,
Christian Rodwell 23:59
well, we put the wealth builders Academy together Kevin to to help people to move from financial insecurity to financial independence. And we very clearly state that that process, on average takes about five years. And we put together the recurring revenue roadmap is a nine step roadmap, which you just have to follow those steps. And if you do, as you say, taking small steps every month, you will eventually get there. And it's amazing actually how many calls I have with our members and we do a six month review, we then do a 12 month review. And the first step in the roadmap is mindset. And that, you know, it's combination of things wealth dynamics, but also really getting clear and accepting the fact that this is a marathon, not a sprint, this will take several years. Are you committed to that process that's right at the beginning. And those people who really, you know, except that when we get to the 12 month review, they may look back and they say well, you know, I haven't made a whole heap of recurring income in the first 12 months, but you know what my confidence is through the roof. I know if I stay on this track. I'm On, I'm gonna get there. And you know, I've really got a clear plan now and I feel really good about that. And then year two, year three is when the momentum builds, that's when the cashflow starts to really show up. And it's people who drop off after that first 12 months, because they're not seeing the results, that they're simply just never gonna make it. And so what you're saying that, you know, we see that day in day out, and you have to, you have to understand that this is a long term plan.
Speaker 3 25:25
Yeah, and you know, and I think we've said enough about that over the years, but I think the Cink for me, for people that drink of like I asked people to find is see if you can find a way to get yourself an extra few hours, you know whether you can negotiate that if you've got a job. And you do and we give our staff don't wait half a day, every month, so they can build their own wealth, we give them that time pay for it, because we want them to build their wealth, so they can be independent of any job. Obviously, we love them being in the team, but in the end, they need to be financially independent. So if you can find that time, or allocate some time or box some time, whatever language you use to be able to do that, that's when it happens much more quickly. Rather than wait to see what time you've got left. Because it never happens is when you physically allocate the time is when it works better. And and this is a perennial problem versus just going to be there forever, while while people get consumed by the day to day activity of being paid in income from a job or, you know, making profits and a business's significant change. Yeah.
Christian Rodwell 26:38
Well, talking time ding ding is around free. So where are we? Are we one one, or are we two nil?
Speaker 3 26:45
Oh, I think I think the gifting one I definitely smashed it. I think the lump sum one, I think I think that was a draw. Yeah. Okay. Good points in that one. Let's see where we get to on this one. So slightly longer
Christian Rodwell 26:59
answer here. Third question, which we have from our members. One of our members was how to know how much life insurance that you should have. And Monaco's answer was determining how much life insurance you need can be a complex process, but there are a few key factors to consider. Number one, your income. A general rule of thumb is to have life insurance coverage that is 10 to 12 times your annual income. This can help ensure that your loved ones have enough money to cover expenses and maintain their standard of living, if you would pass away. Number two your debts. If you have any outstanding debts such as a mortgage or loan, you'll want to factor these into life insurance coverage amount. And three your dependents. If you have children or other dependents, you'll want to consider their needs when determining your life insurance coverage. This could include things like childcare expenses, or future education costs. Number four, your lifestyle. If you have an expensive lifestyle or hobbies that your loved ones would want to continue after you've gone, maybe you you may want to factor these into your life insurance coverage. Number five, your goals. Finally, you'll want to consider your long term financial goals when determining your life insurance coverage. For example, if you want to leave a legacy for your loved ones, or donate to charity, you may need more coverage than someone who simply wants to cover their immediate expenses. Overall, it's a good idea to speak with a financial advisor or insurance agent and a guide. There's the disclaimer
Speaker 3 28:21
again there. Yeah, okay. All right. So I have a completely different view. I mean, there's some valid points, okay. But the view, I take about any form of protection, is really to sit down and evaluate. What is the risk? First of all? How do you feel about the risk? So let's just talk about death there, because that's an obvious one. So when you look at the impact of your death on others, the way that you know, we have a wealth builder view, which is if you're in wealth builders, or you want to be financially independent, then that's the outcome you want for your family. Someone may, if you survive, you want that for yourself. And if you don't you want that for them. So the starting point is to say, well, what is the what is the lifestyle? What is the income? Putting aside the point about that, I think that's a very valid point. Always looking at, you know, what, what you need to pay off debt if you want to pay off debt. And in some cases, just getting to a reasonable debt equity level, particularly if you've got a property portfolio, but putting the debt to one side, let's do deal with the income side. Then if you've got a target of 10,000 pounds a month, for example, for your family, and you know that if something happens to you, that isn't going to happen, then you've got three things you can do. First of all, you assess it and go, Well, what's the gap? Right So I've now got 2000, brokering my gap is 8000. So how do I get that? And then you kind of assess what do I need? Do I want to cover it in full? Right so I want that insurance that will pay that as an income because you can buy life insurance that pays an income. Do I want to park mitigate it. So I've given some of the skills will have paid off some debt, we can, we will, some of the money will be there, my partner or my wife or spouse or whoever is engaged in the process of they could continue to do a part of it to come part mitigate. Or you just simply ignore it and say, Well, you know, I choose to ignore the risk. But that's a choice. So and most people choose to ignore the risk, or they get live covered that's defaulted by some insurance agent, let's say that says just pay off your mortgage debt. So I think it's a complex issue that demands looking at what do you want to be paid off, like debt, for example, because that will be pay off debt, it will reduce the cost of living, for sure. or improve your profit if you've got a portfolio and and what level of income do I want my family to have? Once you've done that, just get the quotations in and you can cover it for five years. So instead of covering it for your lifetime, if you're on the plan, you and your partners on the planning side, well, we can cover that for five years. So you can get a really large sum and just cover it for five years or six years or seven years or 10 years not doesn't have to be 20 or 30 years into the future because you're combining the life insurance that you need with that with with a plan to continue building your wealth. And that means also taking into account what pensions you've got, because that's life cover in disguise. And if you've got a business, the other thing which most people don't realise that if you've got a business, you can get the tax man to pay for it. So the taxman can pay the cost. So it means if the taxman is gonna give you 20 to 25% of the cost, then you can either get 20 or 25%, more cover cost you 20 25% less. So there's so many nuances in there that often get overlooked with the simplicity of what's my day. And then when you're looking at live cover over how long do you want to cover it, when you don't know if the partners engaged in the plan or not, and so on. So it is complex. But that complexity demands having a conversation. And I think the conversation should come from a place of trust and support, where somebody is trying to help you get what you want, not somebody trying to sell you the most they can get because life insurance salesmen get paid more, the longer you pay, you take the cover out for other people don't know that commission, the longer the cover, the more commission they make. So they want it for longer. And I'm suggesting you do it for what you think you can achieve in your plan. Which is why when we do the wealth, MapQuest, you know, this example you're giving to give give away free part of the benefit, which you won't be able to show them in that length of time. But we've also got a goal targeting exercise, which shows you how you can plan for certain things. And you can build some of this complexity and but it's way beyond the scope of a 45 minute or an hour's conversation, but this is the sort of stuff that we're very passionate about. But it demands deep thinking, and conversations, not just a casual interaction with a chatbot. I think I'd beat it to one, don't you?
Christian Rodwell 33:21
I think you were a worthy winner there, Kevin. Well done. Yep. Yep. Congratulations. Yeah, Monica has got a little bit of work to do to, to build those years of experience that you've got, she's only a baby. And now that's been good. And, boy, that
Speaker 3 33:37
was interesting. It would be interesting to do it again with some other, more complex issues that people will probably end up searching for, it would kind of be interesting for us to keep that in mind. And maybe there's a way at some point, we can put some of the wisdom into our own version of that. So that it doesn't reside in anybody anybody's head in particular, you know, we can bring a wealth builders view out and make it more accessible for those people who do as I say, have a little less time maybe we can build our own distinctions into our own version. Yeah.
Christian Rodwell 34:15
Yeah. Sounds good. So thanks for listening. As always, if you enjoyed today's episode, please do share this with a friend or connection who you think might benefit from this. We're passionate about helping 1000s and 1000s people, Kevin, it's our mission every day, we're building the community. And, you know, we're so pleased to have you with us. And I think that's pretty much time for us to sign out for this week, Kevin, so we'll be back Same time, same place next week.
Speaker 3 34:40
We will until then my friend see you or get Monica to tell me where you'd be.
Christian Rodwell 34:46
Alright, see ya.
Speaker 1 34:50
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 A wealth head over to wealth builders.co.uk/membership right now for free access. That's wealth builders.co.uk/membership