In today's episode we share some of the feedback we've received from our founder members. Make sure to tune in to find out some of their reasons for joining WealthBuilders and what they're finding benefits them the most so far.
In this episode, Kevin and Christian share some of the feedback they received from the end of year survey they sent out to their Founder Members. 100 members of the WealthBuilders Community have been following the ‘7 Steps to Wealth’ process since Spring/Summer 2019 and you’ll hear some of the reasons why they joined and what they’re finding of most benefit so far. If you’d like to work with Kevin and Christian on creating your own unique WealthPlan then be sure to make of note of 30th March 2020 when the doors will reopen for a short period.
Resources Mentioned In This Episode:
>> Get The WealthChart [A1 Wall Planner]
>> WT004: How To Uncover Hidden Money In Your Life Using D.E.B.I.T.S
>> WT025: Foundation Members Share Their Progress
A step by step process to help you create, build and protect your wealth.
>> https://www.wealthbuilders.co.uk/academy
Register for Free Access to the WealthBuilders Membership Site
>> https://www.wealthbuilders.co.uk/membership
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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 43 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders. And I'm joined by the founder, Mr. Kevin Whelan. Afternoon, Chris,
Unknown Speaker 0:29
good to be with you again. Good to see Kevin.
Unknown Speaker 0:32
So last week, we talked about getting started, you know, beginning of 2020. Even if you've got no money, how do you just
Unknown Speaker 0:40
get going? A little bit on the side?
Unknown Speaker 0:42
That was the answer. I like that one. So we went through the SI D. Yeah. So if you missed last week's episode, you want to check that out. Go back to Episode 42. We're continuing that theme today, aren't we?
Unknown Speaker 0:55
A little bit I mean, we've had some real great feedback, haven't we've Current founding members so give or take just over 100 people giving us the story of their successes and their challenges. And it kind of made me think Chris it's a bit like it's a bit like a Harry Potter theme, isn't it? Really, you know, you've got you got a big story you got a hero, who's our obviously our wealth builder client. We've got Dumbledore, which is an old geezer like me. You know, we've got the helpers Ron and her mining, or trying to help Harry beat the evil wizard, who who should not be named Chris, which is financial insecurity, and all the challenges that are faced by everybody, when they're trying to deal with this, the, the horrible wizard called overwhelm, lack of time, all of these things that get in the way, and we know they get in the way, but rather than me just make this statement, which I do 95% of the population, just don't make kid to financial independence? Why don't we dive into what they actually said, Chris? And what's been going on? know, what were the main reasons that people wanted to focus on wealth in the first place? Or what were the big highlights View from our survey?
Unknown Speaker 2:14
Yeah, I think just picking up on what you said there about, you know, everyone has got an individual story. Yeah. But ultimately, everyone is searching for the same thing. Yeah. And, you know, those things that we've seen throughout feedback are more time to spend with their family. Okay, peace of mind. And, and I think that's, we've talked about legacy in the past, but just that feeling of having a plan and working towards that, and knowing that, you know, you're not going to have to be working until late 60s 70s. And that you're going to have that freedom of choice to actually do the things that you really want to in life.
Unknown Speaker 2:51
Yeah. Well, we know that's what people want. But we know there's enough information out there. We know we've got our own seven steps to wealth. process we know it works. So if we know these things, what's getting in the way?
Unknown Speaker 3:05
I think it's lack of a plan. You know, for many people, it's just never been shown a process and not really knowing where to start. And then we've mentioned it, it's the overwhelm.
Unknown Speaker 3:17
Yeah. Well, of course, the wealth dynamics all play a part, we can see those people who kind of get stuck down in the details, and we can see those people who chase every shiny penny. And I guess that that always comes through as well. So give us a bit more detail about what they're saying, Chris? Well,
Unknown Speaker 3:36
I think one of the things I really picked up on is how important it is to be surrounded by like minded people, because I think the wealth building journey can be quite a lonely one, if you haven't got the right support around you. And when you are seeing the progress that other people are making, and you're sharing as well, even if it's small steps, you're just getting that encouragement and support from other people. And I can See that that's really, really helping
Unknown Speaker 4:02
is an interesting point. Because when you think about the, you know, I was talking about the danger of having just one, you know, if you have one source of income, you're in danger, whether that's one job, have a side job, whether that's one business, you know, create multiple streams of recurring income in your life from the ownership of assets, is the very essence of wealth building. And it's the same in the number one if it's you, if it's only you creating the plan, or thinking your way trying to do it, because an ideal a lot as you know, Chris, with business owners, and one of the interesting facts on business and we're kind of in that business pillar still. And by the way, I think next week, we will have that long awaited conversation with those people with the expertise in selling businesses. And so I just highlight something about them. Number one, that if you've got, you know, a situation where pretty much business owners, you know, they put all of their eggs in their business basket. And when you do that, and it's the evidence is about 80% of the assets of a business owner, or when the very business itself. And we know we live in a uncertain world, just look at what's happened, not just in the last decade is, you know, we're in a new decade now. But we've had the Brexit since shenanigans we've had lots of other things happening, bringing so much uncertainty, potential government uncertainty. Look what's happening now with with the the Middle East, you know, so much uncertainty. And when you get all that uncertainty and people running businesses on their own, they might have a team around them, but usually there's a business owner, and it's normally one person or a couple of people. And when they're doing that they usually on their own and therefore seeing through The quagmire of the day to day to sort of elevate themselves up above everything that's going on, and seeing what's going on. And then being able to dispassionately Look at that, not just with other people to see what they've done, but to be held accountable, personally, and against a plan that they can follow step by step by step. And that's what I think, is working really, really well, for not just those people in our founder group, but many, many hundreds that I've helped where before we created this programme.
Unknown Speaker 6:36
And I think a really important element is trust as well and just feeling that you've got a trusted guide, someone who's who's walked that path. And we know the wealth management industry is kind of stacked against you and traditionally, maybe talking to your IFA, you've been shown one path. Yeah. And now obviously, we're showing much more than just one path a whole host realistic approach to building wealth which is centred around the Seven Pillars.
Unknown Speaker 7:04
Yeah. And it's really important to also understand that while we have a process and while we've got a way of thinking, and it may well be worth reminding people about that seven steps, Chris, because you know, we're really keen to widen the audience of this and bring in a new intake. In March, I believe it's March 30. March the 30th. The Doors will open. That's a big day.
Unknown Speaker 7:28
Yeah, not that day in your calendar.
Unknown Speaker 7:31
Anyway. And while it's true that there are only seven ways to build wealth, and I repeat my challenge, by the way, if anybody can find pillar number eight and eight way you're building wealth, then I will send you a very fine case of champagne with my compliments as long as you allow me to write the article about the eight asset but because we know there are seven, we holistically know they are the seven and we have experience indeed Dealing with all seven. That's how they were created, you know, by me in the past and how I've worked out for myself, but we are not the experts in every field. You know. So it is important to recognise that if you're getting into something that's a pillar that's complicated, like business or property, you're always going to be seeking the professional guidance ideally, of a coach, or, you know, some kind of a guide, let's use it a guy who knows more than you who can guide you about the specifics of that aspect. So when people come to wealth builders, we're almost always coming to be the central place of keeping them accountable, helping them to connect to the right people at the right time. And because we've spent so many years, trusting and building trusted educators and so forth, then you know, our passion is to make sure that we bring as much value into So negotiating the best possible price for our members the best possible service for our members and, and rating people you know, so the service is always good. But in the end, people choose who they resonate with, don't they, they can go so many different places for education. It's just important to know there's always a need when you building wealth, to start with education, and to build more education, and we will often be able to share. So which is why it's great news, isn't it that the vast majority of our students when they go through that foundation element, that element we call debits, you want to remind people of debit screws? Sure,
Unknown Speaker 9:39
yes. It's really uncovering hidden money in your life. Yeah, I didn't realise was there and we've done a whole podcast episode on that. And we'll link to that in the show notes. But the D stands for debt, you haven't got education, bills, insurances tax and support costs. Yeah. And it's a process that we actually asked our members Yeah, you know, how much have you saved and then what Did you do with that money and we actually have got an average figure savings of over 800 pounds per member, which is astonishing.
Unknown Speaker 10:07
It's just great isn't it that if you can find a 200 pounds by doing something that you could have done before, but didn't do it, and then you put that money to work, whether you put it to work in the stock market and build an asset, or when you reinvest it in education, and get a lot of education return liquid, you know, so you can definitely make that money work. And of course, you can quitting as I was saying last week, about the side, you know, you can barter you can negotiate, you can get to four ones. There's all sorts of different ways that you can get education, at very low cost, when you bring knowledge and capability to bear. And often we'll talk about the land and learn scenario. So where you bring money to the table that you've got somewhere in your life, not that you've saved you money you have, whether it's a pension, whether it's investments, you know, some money, whether it's cash in your business, if you have a business This, you know, the number of people who I meet in business who've got quite large sums of money sitting in cash, earning nothing, doing nothing, just sitting there to allow the business owner that feeling they've got a cushion to bounce on, or they don't want to take the money because of the tax on dividends. They could easily lend money to a third party, obviously, with due diligence, but get all the education, they need to be able to take their knowledge to the next level for free. So it's possible to get free education. I'm not saying get free education. I'm just saying it's possible to get great education, but either free or low cost if you know what you're doing. And these are some of the skills that we teach and bring bring to bear. So you know, it's great to hear though that consistently now our students are doing things and saving money. Now, we know we mentioned that 95% of the population just never reached that place of financial independence. Yeah,
Unknown Speaker 11:59
and That's a big problem. And so what's the plan? You know, and the plan, we're looking at the seven steps in front of us. Yeah, and this is on the wealth chart, which if you would like a copy of our wealth chart, we will have some back in stock. Yeah, are on order. So wealth builders.co.uk forward slash wealth chart, you can have a look. But we put a seven step process on there, which is what we're teaching so people can see that anywhere without buying the chart, right. So your picture of that so you
Unknown Speaker 12:27
can, they could follow along with us if they wanted to, in the same way. As we said, When Mark Perry was doing that very comprehensive description of the kind of steps in a business, it's probably better to have the tool alongside you to do that. So, you know, maybe if you can grab a copy from the show notes, have a look at what we're saying. And there's a step by step process. And I'm more than happy just to briefly touch on that. And, you know, one of the things that sometimes worries me, Chris is people We you and I know this stuff inside out, that we are often inclined to repeat the message, you know, and tell people the message again, you know, these are the steps to take. And you know what I'm making no apologies for that. Because there's a huge difference and knowing something, and acting on it. And to know and not to do is not to know is a common phrase. And I meet so many people. I mean, not everybody did their damage, right? So 96% of the people did that damage, but not everybody, but not everybody. So even though we know an average person is going to say 802,000 pounds. For people 100 didn't do it. Yeah, there's a reason for that. And we can't be held accountable for the reason. We just need to hold them accountable. So they get around to doing it at some point. So is it worth just nudging people through the process just as a brief reminder so you can get set for 2020 absolutely and die. into that. So you know, the first step, putting aside the foundational bits, you know, the debits and the roof, and we've done all that before. And the wealth dynamic, we've covered that many, many times. So assuming you've done your wealth dynamic, assuming you've done your debits, assuming you build your roof, the first step is is in the wealth building process is to assess a where you are on the level of income that's already coming from your assets. So if you didn't have that one source of income, if you didn't have that job, where you didn't have that business, both things just stopped. What amount of money would be coming into your life automatically, month, by month without fail? That's income from assets. Now, if it's zero, it's zero, which means the only way is up right? So no problem there. If it's not to something under quid, 200 quid, 300 quid, whatever it is, at least if you know that It, you know where your starting point is. And if it's enough to enable you to at least pay your expenses, then we know you're past the point of insecurity. So financial insecurity is when your level of income is less than your level of basic expenses. And for most people, that's where they start, isn't it really. And and that's important to at least acknowledge that, but there's no choose the figures in your security number and then your independence figure. So moving from financial insecurity to security from security to independence, either baseline numbers. Now the average security numbers say there's three grand and the average, complete financial independence campus 10 grand based on the studies that we've done. So work out where you are, work out where you want to be, and that starts to tell you what that journey needs to look like. And then you can start to plot that journey in whatever A timeframe that, you know, your leverage will allow you to do and will come back to leverage. So step two, then is really to start to get that education in the seven different pillars. So really being able to remember them, and understand how each one is very different. And how the income that flows from each is very different, and works in a different way. So that you begin to get curious about home equity and pensions and investments and property and business, and IP and joint ventures and what they mean and begin to wrestle with what you think would best suit you. Right. And most people have a natural inclination towards something. You know, they have a feeling based on their wealth dynamic if they naturally like to be a business owner, or they might have a feeling if they know somebody in property in the naturally feeling client property, which probably the most popular asset isn't it really. Yeah. Then The next thing to do is in that educational process of looking at the pillar, whichever one you choose is to learn a strategy or to spend some time to look at strategies to determine which one you want to start.
Unknown Speaker 17:15
So whatever that is, once you know where you want to start, you then have to find your leverage. So what finance are you bringing? What time are you bringing? What relationships can you can you call upon? You know, they're the basic ones, but that's all under the acronym, f fi rst.
Unknown Speaker 17:33
Tough that and that piece are calling
Unknown Speaker 17:34
has indeed some repeating a bit but not everything. And once you've worked out the combination of all those things, I would have a chat with you coach. Because when you have a chat with your coach will know whether that plan is likely to work, because for many people, they choose the wrong strategy and don't have enough laboratory. So if someone says, Hey, I'm going to build a multinational branded business business, but I've got a full time job and I've got no time they've got no money, there's not going to happen. So there has to be some pragmatism going on to getting you know somebody who can help you work out whether that's a decent plan. Then once you've got the plan, you've had a word with your coach is then you know, turn that wheel, that wheel of wealth we call education support, connection, due diligence and guided action. And we've covered that as well. So you know, that's step number five, we've got a noisy office today. We do a little bit of Yeah, but that's authentic, though. It means it means we're doing something in a real place. It happens to be my office in a farm and the cows banging because it's pouring with rain, so they want to get out of the rain and, and we got somebody testing the service. So if you hear noise, just recognise that we're not going to repeat this anyway. And then the whole idea about turning that wheel Chris is once you turn it full circle and get to the end Sometimes you don't get to the end. You know, sometimes you stop because you discover something in the Wiltern that says this isn't going to work for me, I don't like this, it's not serving my purpose, or it isn't giving me or I can't give it the right amount of energy. But if you do get full circle, that should be throwing off cash or capital. And Either is fine. Because sometimes your wealth building is best to build a capital some, sometimes it's best to build cash flow in the end. Wealth is always measured by cash flow. It's not measured by capital, because you could have 10 million in the bank, but you can't. You got to spend it somehow. And the best way to imagine that is to convert that money into something that turns into income that you can spend. And I have a lot of conversation with business owners say, what does your business need to be worth for you to be completely financially independent for the rest of their life? And the reason they can never know the answer is because unless you know the conversion The money once you get it, you can't know whether it was for you.
Unknown Speaker 20:05
You know, and I had a conversation, I think I shared it with you and somebody else recently, a business owner selling their business for let's call it 2 million just to make an easy number. So if I said to them, what do you want to sell your business for? And so while I think it's worth 2 million fine, we'll get into the fact that most people who deal with value their business, but anyway if it's 2 million, but if they want to live on 100 grand a year, but they don't know anything they don't know about pillars, they don't know about return on investment, and all they do is put the money in cash, then the cash might only give them 1%. So if they got too many impairment 1% when you give them 20 grand a year, so you have to know the conversion rate of the money that you're going to deploy the money to buy. It's better to own the asset with the natural cash flow than it is to accumulate money and then convert it into other stock market big risk or cash. low return and big risk because of the banking issue, which is why it's never good to put all your money in a bank account, for lots of reasons. But anyway, you get the point. So once you've kind of the way, a good coach will always help you. And some people will have a wealth coach in a business coach, some people will just have a business coach, you know, you just need to think about where you're going to go to get the right level of coach for you and good coaches will work together. I work very well with action coaches, you know, we talked about action coaches, and you know, one of those recently referred me to someone who sold their business, and then we will help that person learned what to do that money, so they can get a higher conversion rate on their money. So, you know, we could teach someone how to get a 10% on their money, as long as they understand what they're doing, and they spend time with us. And that 2 million would therefore mean 200,000 a year, and that's a hell of a difference between 200 grand a year 20 grand a year. And that's the difference of putting all these things in play together. So you know, knowing You are knowing where you want to be looking at the different strategies, understanding the strategies, taking your time, not rushing, never being pressured by somebody getting you to buy something, selling you a course. You know, that's why we stay pretty much as far as we can. Education agnostic only we don't mind where people get their education from, obviously, we want if we can to play a guiding role, because we believe we've got the credentials to do that. So we're looking for in tuned in 50 new members in March. So you know, anybody who's interested, who likes what we're saying, be great for you to register your interest. How would they do that, Chris?
Unknown Speaker 22:40
Well, the best way is to head on over and just get on the waitlist, which is ok, open now. So wealth builders.co.uk forward slash Foundation, and just click the button, get on the waitlist, and then you'll be the first to know obviously closer to the time,
Unknown Speaker 22:55
but we're changing the name of the programme. We actually
Unknown Speaker 22:57
announced. Yes, officially was our first year.
Unknown Speaker 23:01
So it was the first year of having a much wider group of audience all going through the process at the same time. It's not the programme is new, the IP is not new, the results are not new. Putting it in somebody else's hands and your hands Chris and, and helping you guide people through the process with my intervention periodically. But the whole idea is we're really going to reach more people. And in the end, many, many thousands if I don't have to be there doing the work, because if if I'm there doing the work, Dumbledore can only be in one place at one time and one of you can he can, he could probably change that because he's a magician, sadly, I'm not. But there you go. So, seven steps to wealth and
Unknown Speaker 23:42
made sense the net, we've got the seven steps and I just want to give a big, big thank you and shout out to all of our current founding members because, you know, the whole reason we gave such an amazing offer when we launched which was 50% discount to those that joined you know, back in May 2009. intent was to really work with us. Yeah. And give us the honest feedback so that we could make sure we are delivering everything in the best possible way that we can create a good experience with a good strong community of support.
Unknown Speaker 24:13
And that's great. And then I think many of them, to be honest, will be great wealth coaches moving forward, and they're loving what it's doing for them. And, and I know many of them want to give back those with the right wealth dynamic. We want to help the next intake, you know, move forward, because you always need to be held accountable by somebody. And yes, the, your spouse can help and a buddy group can help in a, in a sort of, you know, a social media group can help. But in the end, the real skill skill in this course is is having a proper conversation. Because if you just have a conversation with yourself, you'll go mad, you know, you need to have a sounding board. So that's why, you know, anybody who's got great coaching skills, and that's the idea of wealth and resonates with us, we'd love to talk to two more coaches and we're on that journey to Aren't we to recruit to them and take on people who really share our values? Chris?
Unknown Speaker 25:04
Yeah. And the, you know, the step by step process that we've just talked through, and the modules that, you know, part of this programme now, we've really built this and expanded this over the last kind of 10 months or so with our current members. So, you know, thank you for the feedback from the end of year survey. And of course, not everything's perfect. No, absolutely not. There's some things that have been highlighted, which we will work on, and, you know, some of those great feedbacks like, you know, more face to face meetings in the new year. And that's definitely something we'll be looking at as well. Yeah.
Unknown Speaker 25:35
I mean, I think there was definitely, I mean, let's share some of the warts because, you know, it's important that Facebook was an issue for some, some people are very private, and they don't want to be discussing things on Facebook. I know for example, you did a recent post, we've got a coaching call tonight, haven't we? And we're doing hot seats on that and not everybody wants to be in a hot seat, you know, until their challenges in their face. Things to an audience of our men is on the call, you know, hundred people on the call or whatever. So, you know, understand that and while you and I might be comfortable and and want to share the message and be, you know on screen or on audio, many people don't want to do that. So you know that that's an issue. And we need to address that so people can build their wealth with the way they are not the way that we would ideally like them to be.
Unknown Speaker 26:25
Yeah. And I think an important note maybe to kind of leave us on today's with thinking about the new intake. The one thing that we are absolutely adamant about, is there anyone wishing to join the programme is not a drifter?
Unknown Speaker 26:40
No. Number two, that was in terms of the podcast, I think, you know, the the key thing is, you cannot build wealth unless you're committed to the process. And you have to follow the process. And yes, it's flexible, but there's a process to follow and it needs time and you have to be willing to put the time in and you need to commitment and think we've refunded one person this year, Chris. And I think we were delighted to do that. I don't mean delighted to lose them because there was a very nice person, but for whatever reason, you know, we didn't connect with them and they didn't get the result they wanted. So we have issued a refund. And that's important to say, we will continue to do that. Because there's nothing more important to me than the result for our members. It's not getting the money in it's getting them the money out. And that's the key.
Unknown Speaker 27:36
Okay, so that was good. I've really enjoyed actually going through that and it's kind of like a trip down the 2019 wasn't it? Really, it's good. You know, it's, you know, we love our members, we really have got a special relationship. I certainly feel that we've all of our members, you know, they've they've really become friends. And, you know, we take all the feedback really, you know, sincerely don't we always do our best
Unknown Speaker 27:58
so we will be having Bigger meetings actually, where we can get all of our members together. And we'll be doing that across different parts of the country, north, south, east and west, in the same way as they're kind of for broad wealth dynamics there are, although most of our members, you know, are in the UK, and most of our members are in the southeast of the UK, predominantly these right now, but I think increasingly that's changing, and we're glad to do that. So we're going to be coming to a town near you.
Unknown Speaker 28:27
And if you'd like to be part of this community, when we launch again, on March the 30th, then do head over to foundation and wealth builders.co.uk forward slash Foundation, we probably will be updating that link. And so at the moment forward slash foundation and get yourself on the waitlist, and then we can keep you updated as we get closer
Unknown Speaker 28:47
to that claim. So I've got a call soon to, you know, get that business buying education wrapped up Chris. It just took a while. But we've got that sorted now. So we should be able To share that or the next week or week after, and look forward to, you know, maybe hearing if anybody's got any insights from today or if there's anything we can share with anybody who wants to be a coach or wants to connect with us in terms of, you know, coming to their town and being some kind of a host for us. That will be great to hear to put in the meanwhile Chris, nice to talk to you and look forward to talking to you again, cheers now.
Unknown Speaker 29:27
We hope you enjoyed 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 slash membership right now for free access. That's wealth builders.co.uk slash membership
Transcribed by https://otter.ai