Following an incredible response to our announcement on the 200th epsiode of WealthTalk about our mission to help 50,000 families build wealth and achieve financial independence, todays episode dives deeper into the ‘why’ behind this decision. Christian also shares a realisation that he had which may help those, like him, who are not parents, to look at the importance of passing on lessons and upholding the legacies of those that stood before.
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The purpose of wealth talk is to educate, inform, and hopefully entertain you on the subject of building your wealth.
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Wealth builders recommends you should always take independent financial tax or legal advice before making any decisions around your finances.
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Welcome to Episode 202 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders joined today by our founder, Mr. Kevin Whelan. Hello, Kevin. Hello, Chris, good to be with you again. And what a tremendous response, I have to say we've been having to our new emphasis on new focus, our path of new distinctions to help parents become great money role models for their kids. But let's not forget those who aren't parents, as well. And the thing that's just worth touching on, isn't it because no idea about education for children. And being a great money role model and protecting the assets isn't isn't just about the benefit for children, but it's also about preserving the memories and the legacy from previous generations if you're taking those assets over. And I think that was an important point that you had a realisation, Chris, personally, and normally, we talk about Kevin's story, because you know, Dad died early from a council house up in Newcastle and money was always a struggle, and I can distinctly remember those struggles, not least, you know, going to grammar school for the first time. Not that I went a second time, but I think you're the first person in my family and not having the uniform with the logo insignia on the uniform, kind of embedded into the pocket. It was like a patch sewn on, you know, not getting the right trainers. I do remember that. And I'm certainly not lamenting those days. But we do see patterns, though, don't we? And I think more often than not, when we ask people about their family experiences and what they would teach, what lessons did you learn from that you'd rather move away from or keep, I would move away from money arguments, I'd move away from not sharing. And I'd move away from
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not preparing, you know, not not thinking about your family's parent, when we're also busy. There's a great wealth, which is CS Lewis, children are not a distraction from more important work. They are the most important work. Greg, what do you think that I know you said, on the last podcast question, I've always kind of thought there must be something deeper, we could touch on. Now my Dad, I've got three grown up kids now. You're not a parent. And initially, I thought you were sort of quite kind of, well, I'm behind the eight because I understand there's more parents and not parents. But then you went away and came back and you made a distinction to me, that actually was very powerful. So why don't you share that? Yeah, no happy to do that. And just before that, I think, you know, we've talked in the past a lot about wealth builders, always have their arms stretched out both ways, you know, one arm ahead, to learn from those that have already taken a few steps before and an arm behind to, you know, pass on the knowledge and help those the next generation those behind and, you know, in terms of family, I don't have the next generation, you know, in front of me, because as you say, I don't have any children yet. But of course, you know, I've been a child, and I've had parents and grandparents. And, you know, actually, both my parents passed away in the last three years. And in the process at the moment of kind of, you know, sorting things out, clearing out the family home, and I was doing that last weekend, and I was up early as a nice Sunday morning. Originally, that family home was my grandparents was my mom's parents. And it was my grandfather, who actually, you know, I don't know him too well, he passed away when I was probably about six. But, you know, he was a distinguished gentleman, and he achieved a lot in his life, he used to create all of the shipping maps for the Navy, and you're very well respected. And he set things up. Well, he set up trusts and they've been passed down through the family. And, you know, I was actually thinking, actually, whilst I can't, you know, relate to perhaps being a parent and passing on the wisdom to next generation, but for me, it's really important to uphold that legacy that my grandfather created. That's really kind of, I guess, strengthened my face within the families conversations now, because, yeah, that means a lot to me. So so that was what I shared with you during the week. Yeah, yeah. And you showed me a photograph of a very distinguished looking gentleman, as you say, and I just look how they dressed all in the past day. So we've been chatting about this kind of tremendous expansion in AI, and how they see
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equally opportunity, but there's danger isn't there certainly danger ahead as far as our next generation is concerned. And one of the things I've noticed about technology is how every second generation sort of drops off, in other words, my mother, to my grandkids, right, so there'll be using technology, she'll never see touch ever. And I think that is a big danger for the generation that we're trying to reach now, which is those to help them become great money role models for their children is because they're going to hear about AI, they're going to see it and they're gonna see, and we'll talk about that I think today will be good one, one of the things that will happen is this is really an inflection point in in technology completely, this isn't just a slight change. This is a change that's so fundamental and revolutionary, in our entire world. And I don't say that lightly, I think it's going to impact as it is, now you can get AI to pass the bar exam, you can get AI, to be medically trained to diagnose illnesses and conditions. So in many respects, what the ability for AI allowances, the expansion in the magnification of humankind, in other words, is going to speed things up. Or when you speed things up, there's always somebody else for them, it goes too quickly. And I think some of our parents might become scared of the technology, and worried about the technology. I think it's just good for us to be chatting about it, particularly as it relates to becoming a great money role model for your kids so that you see how money will be impacted. And you see how your relationship your children will be impacted as well. So well, just, you know, we'll obviously be inviting many more guests over the coming weeks moving forward now to talk about their own personal stories, and how, you know, these things are impacting their conversations with their children. And sure there's kids at school now who, I'm sure tapping questions into chat GPT, and trying to pass it off as their homework answers. And, you know, how do you how to get around that? And as a parent, you know, how do you still have a role, which I guess your kids, you know, can understand? And how do you keep up with things that are moving so quickly. So what I've done is punch a few things into chat GPT, around the topic of teaching your children about financial literacy and how to be a great money role model. And it was interesting, because pretty much reflected on most cases, the key points that we already have been discussing, Kevin, and one of those is the importance of starting early. So not just in the education. But of course, power of compounding, we've talked before about putting a few pounds away to the grandkids or kids. And you know, there could be pension millionaires if you start that at an early age. Well, that's certainly true from a financial viewpoint. I mean, one of the challenges in society is most people really don't focus on their wealth to till it's much lighter. And that's understandable. But because it's often lighter, and we're living longer, as I've mentioned many times now, there's not enough money to fuel the life that's needed. And that's why 95% of the population don't make it. But if you can teach children, they've got all of those years ahead, they can deal with ups and downs, they can deal with risks, they can deal with that, if they can get the knowledge. Of course, you could do things for kids, right, just like I'm doing for my grandchildren. But that's not the same thing is involve them in the thought process and the education same time. And I think we need to do that not just do good investments and make good plans and let the power of time be a great source of funding for our next generation. But I think it's true enough to say that I've definitely heard anecdotal quote that says, you know, show me a person or a child by the age of seven, and I'll show you the man or the woman. And that's so much and I'm sure I've seen some stuff coming out of Cambridge University, which talks about the kind of money influence that is definitely picked up sponge like from children. So you know, they're absorbing lessons right now. So the more you can start to bring some of these money lessons, not formally, not like school, in fact, we just talked about school probably will change forever the validity of classroom based learning, I'm seeing so many different organisations creating learning not based in the classroom, but learning based specifically and targeted at the learning style of children's themselves, whether they're visual or auditory, whatever is important to them. So I think the learning style and the the ability to direct that learning style in schools will take place and instead of doing homework, there'll be doing different things to show collaboration, which I think has always been an important thing for us to talk about with wealth. It's a collaborative thing. But more often than not in schools, homework is an individual thing. So then all of these things will
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changed. But going back to the money lessons for children, we've got to share and show with parents, how they can bring some of these subjects into the purview of the children. Without it being informal. Without it being dad or mum says you must do this, you know, it just becomes a natural thing. Because when technology takes over, we're going to lose track of notes and coins. And I mentioned that on a previous podcast, many times, we're seeing kids just tapping away life. And the use of screens in particular, our whole life is driven on screens these days, including us as adults, I'm sure. And how we can manage that the more technology outstrips us as parents, the further away we're going to be able to control actually what they're seeing and what they're doing and what they're observing. We want to equip kids to make great decisions in the future, that responsibility, because money permeates the very fabric of our life, it's woven into everything we do. So it's important to skill, it's a life skill. So we want to make sure that the education that we provide fits in so parents can see what's going on. And when children get to a certain age, when they're not just learning now, not finding their own way, not finding who they are, their learning style, their likely careers and so on, are there likely interests in the future. But in addition to that, getting them ready to make decisions. Because my big worry now isn't just the screen space, which I think is there. We had TVs as pacifiers when my kids were there, but now we're seeing iPads and other screens as pacifiers now, and that's really is going to take over, you know, I'm worried about the fact that the spend on the screen of the big institutions, the gaming industry, the social media industry, are all there, providing information directly into the screens, which will be absorbed by our kids, and therefore many of them will succumb as there is evidence now, to scams because they believe what they see on screen. They're believing things is true, because they see them on screen. And as a result, more kids are being caught in scams, phishing, you know, a lot of different things we've seen, the use of media and so on quite badly portrayed in the news recently out way. So lots of things can go on. And our parents need to be aware of that. So it's a very fascinating but scary thing I'm sure, for most, so we're determined to help our parents almost begin to see they've got a hugely important role, that if they don't fulfil it, somebody else is going to kids will make decisions about money, where they're going to get the role model from is it social media? Is it the scammers? Is it the banks? Is it the financial institutions? Or is it us, giving them good guidance and helping them to make effective and savvy decisions, not naive ones, which hold them in debt for many, many years to come and builds anxiety into their life? While I ramble about this a lot, though, because I'm so passionate about
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well said, you know, we're talking a lot. But, you know, what are we actually doing to help our members get involved in this, and I think we should start sharing Kevin, you know, when we're going to start making this successful, and September is the date when we're going to roll out our version of the families programme. And if you're an existing member of wealth builders, you will have already received an invite for kind of beta group session where we want to chat and discuss, like, what would you like from the programme and, and importantly, Kevin, which we really believe will drive this is obviously the community aspect as well, and the connections, so we're looking for parents to help us build this. And that could include people who are already running events, or might be interested in helping us host events around the UK. We've said for a very long time now on the wheel of wealth, the real joy of wealth building is education, support, connections. And of course, you wrap that up in a community to make all of that happen. And to bring it to life. It's great. And we determined that community will drive this. We are just in a few weeks, we've been talking about this, because you were just mentioning today that you were chatting to somebody who you know very well. But as soon as you open the conversation about the family and children, you got so much more of an insight into who they were what they did, and quite emotional dialogue, if I remember you saying so very, very, very powerful. We definitely want people to decide if this is an important role for them. They want to become a great money role model for their children. And we will do our best to create the age appropriate content from five through to 25. We'll make sure we do that. But we're not going to get it right day one. So your call right Chris will invite people to participate in a beta version, which will say hey, we're not perfect yet. We're doing our damnedest to get it right but
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You'll help us identify any gaps, you can help us identify any improvements. So that we can deliver a really, really outstanding value offering to parents who want to be that money role model, and not just at the beginning of the child's life, but through to when they're making decisions and through to when they're likely to inherit. And we know that that's going to be the biggest transformation of wealth in the world. As the baby boomers start to sort of get older and older and older and expire, they're the richest generation of all. So there's going to be a tsunami of money flowing to the next generation who probably are ill equipped to handle it. So wherever you are on the spectrum, whether you've got older kids like me, or really new kids, then I think there's something that you can add, whether you want to be a case study, when you do some things we've had some photographs in and we have what some people are doing with their, with their kids just in terms of savings jars, for example, and for the younger ones. And it's been fun and fascinating to see. And I think it's made us kind of redouble our efforts to bring this earlier, I think we originally thought would be January, but to bring the beater earlier. So if you want to participate, get in touch, but how would they do that, Chris? Yep, just head to wealth builders.co.uk forward slash families, and just put your name and email address in there. And that will get you on our kind of beta group waiting list. And you'll be the first to find out as and when we are launching. And we'd love to get you involved, as we say in that process as well. Yeah, reviews this week. Yes, we sure do. As always, we love to read our latest reviews from Trustpilot. From our members, a review from Misty, who says a small company offering a real personalised touch to everything they do. I was introduced to wealth builders back in 2022. They were recommended to me and I have not been disappointed. I could say many positive things. But the real thing I want to mention is that they really listened to their clients. I had some health issues recently. And they went above and beyond to help me and offer an approach personalised to my changing needs. I didn't expect it great company. That was great. It's good to hear that. As always, I'm pleased with what people say about us Christen, I think the reviews will start pouring in as parents start discovering new ways that they can influence their children. So I'm very much looking forward to them. We have got next week, one of our wealth coaches to share their story of how they are discussing money with their children, it's going to be a great episode. And so definitely tune in for that. And please do reach out to us if this is something that touches you and you'd like to speak to us and perhaps share a story. You can email us Hello at wealth builders.co.uk as well as obviously getting on the waitlist by heading to wealth builders.co.uk forward slash family. So you know, Kevin, however, people want to get in touch, whether it's through the socials, whether it's through email, you know, whether it's having a chat on the phone, this is something that, you know, we're absolutely more than happy to do. Well, this is a big mission, right? So originally, we were looking to try and help 50,000 individuals remember the whole idea was turn out individual people one at a time. But now we're focused on the wealth of a whole family 50,000 families, that's more than you can hold in St. James's Park.
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I think that's going to be fascinating, but I think there's a much stronger and more powerful reach. Now think, for example, if I said, who's an individual Do you know, who would like to be wealthier you can think people, we've already got their life sorted and so on. But if you said, who's a parent in your life, and you know, they're worried about their kids, they're concerned about what AI is doing. They know their kids are going to live a longer life, but don't necessarily feel equipped to be able to deal with all of that, or anything else. You kind of know that because people have conversations. So if you think somebody else would benefit from knowing more about wealth builders, families, nudge them in the direction of podcast 200. That would be the one probably to do, Chris would net and say, Hey, listen to this and tell me what you think. So yeah, I'm fully expecting that this is going to catch on like wildfire, because because it's just a much bigger and more better outcome, because the families themselves will become wealthy, but the impact will be far greater than the wealth of the individuals in it. So we've got a meetup event coming up and our next day is in London, and that's on August the 17th. It's a Thursday night the venue's around about five minutes away from Marble Arch, and we kick off at six o'clock. So if you're a existing wealth builders academy or SAS member, then it's absolutely free to attend. And if you're not, don't worry, you can still purchase a ticket by heading to wealth builders.co.uk forward slash events, and we'll be definitely
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He hosting events around the country as we move forward. But we're kicking off next month in London August the 17th. Good forward to meeting people face to face. Yep, me too. Okay, I think that wraps it up. So thank you once again for listening today. We always appreciate your time. We will catch up again same time, same place next week, Monday, Chris and until then my friend see you.
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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