This is a recording of our live webinar where Kevin and Christian shared a whole host of ways to reduce your debts, fees, bills and insurances... whilst still remaining focused on building more wealth.
This is a recording of our live webinar where Kevin and Christian shared a whole host of ways to reduce your debts, fees, bills and insurances... whilst still remaining focused on building more wealth.
The outlook is miserable for UK consumers, who are currently being squeezed from every angle – with rising interest rates, utility bills, weekly shopping costs, petrol ...and wages that are not keeping up.
In the webinar, we announced our 6 week D.E.B.I.T.S challenge
We GUARANTEE We'll Help You Find Or Make £1,000 In This Challenge!
We'd love for you to join us on our D.E.B.I.T.S Challenge! A 6-week online challenge that will show you how to uncover and make more money ...so that you have less worry and more control over your finances in these troubled times.
We're so confident you'll at least 10x your investment that we're guaranteeing that if you join us in the challenge, we'll help you find or make at least £1000!!
📅 Starting: Wednesday 21st September 2022
>>Enrol in the D.E.B.I.T.S Challenge
>> Join the WealthBuilders Academy
>> REGISTER HERE FOR FREE RESOURCES ACCESS
If you have been enjoying listening to WealthTalk -
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.
Christian Rodwell 0:19
Welcome to Episode 166 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders joined by my side today, Mr. Kevin Whelan. Hello, Kevin.
Unknown Speaker 0:31
Good to be with you today. You sounded a bit rusty there. In the introduction. Maybe it's episode 166. You think it's like a new route?
Christian Rodwell 0:43
Your great leader and founder? Oh, okay. Oh, okay. Well, we're in good spirits today, because we're kicking off our brand new six weeks debits challenge today. And we're super excited. We've got a whole new community we've built up of people who are just ready to make some big big savings, some big wins to find some hidden money in their life, which they can put to good use Kevin. And this all came about from actually last week's webinar that we held, which was titled how to navigate the financial storm ahead. And we had record number of attendance and registrations for that. So we, we announced the debits challenge last week. And we thought, let's share it on this week's episode with everyone who maybe didn't catch it.
Unknown Speaker 1:27
Yeah, and just to give you a little trail for it, so it's fine money, that's often hidden and overlooked. We know everybody's got money, but they don't take stock of things enough. And you never, there's never been a better time to take stock than right now, when the storms just about to hit. So good time to do that. Make money, let's not forget making money, new ways to gain additional income or additional capital. So you know, we're not going to miss out on that one. And then how to take the money you save or make and plant it like a seed, leveraging it to build more wealth. And the reason to do that, to find money, make money and then plant it and build wealth is to protect yourself from future events, that will happen inevitably, again, like they did in 2008, like they're doing in 2022, like they will do again, in 20, something, you know, it will happen again. So the stronger and more diverse you can build your wealth. And also the six week challenges gives a period Chris of focus and energy, well, you could tell we were having a good time doing this and finding not just our own ideas on where the savings and the makings can come from, but because we're building a whole community of people doing it, and they're gonna find some things we've never even dreamed off. And I'm so looking forward to the feedback. And, you know, and it's great to see that some people signing up saying, this is a no brainer, I'm just gonna go with it. And the reason it's a no brainer, is Chris, look, inflation. 10%. Right. Lots of things that 10. But if I can promise you 10 times your money, right, an ROI of 10 times your money, not 10% 10 times, if you give me 1000 Would you take 10? Yeah, he would. You know, so all we're doing is we're offering people for less than 100 pounds, to work with us for six weeks, and it's a great introduction to who we are anyway. And we'll make sure that you earn or make or have an impact through the leverage at least 1000 pounds. And and that's, that's really the tip of the iceberg. There's so much more that we'll know we'll find. And some people, as we've already experienced, have benefited when we've done debits before. Debt education bills, insurance tax, and stock market fees. That's kind of a framework. That's what debits means. And you've probably heard this before in other podcasts, but but if you haven't, and you're new to us, that's what that means. It's a framework to be focusing your energy. So we'll be doing six weeks, one for each section, then one on debt, education bills, insurance tax and stock market fees, with massive massive savings to be had. So 1000 pounds would be the least you could expect. And so anyway, let's not keep chatting about it. Let's see if we can just replay what we did last week and hopefully it'll resonate with a few more people who decide to play full on instead of battening down the hatches in hiding from the storm was coming.
Christian Rodwell 4:47
Yeah, we're gonna play the replay in just a second but if you want to go and check out the details of the challenge right now head to www dot wealth builders.co.uk forward slash challenge. And if you're listening to the podcast when you can comes out today, Wednesday, the 21st, we are actually kicking off with week one today. But don't worry, if you're listening to this a few days or even a few weeks after, you can still jump in and join the challenge, we're going to be recording all the sessions, and you can get access to those, watch those back and catch up. So don't worry, if you're listening a little bit after the launch date, you can definitely still join in.
Unknown Speaker 5:20
And somebody who plays full on for the six weeks is also going to win a free membership to work with us for a whole year. Chris? Absolutely. You know, worth, I think 3000 You know, just nips short of that. But 3000 pounds of price for all you got to do is be in the challenge, and play. But I think some people will be generating significantly more than that, as well as we've got case studies and, and lots and lots of track records of people doing significantly better than that. I think the biggest one we've got so far and case studies was 50,000. Somebody else at 35 and a half 1000 Somebody else had 15,000 1000 not going to be too difficult. Whether it's find or make, we should better help you. So
Christian Rodwell 6:15
John. Okay, all the details coming up right now. So let's head to our recording from our webinar last week of how to navigate financial storm ahead. Tonight, we are talking about how to navigate the financial storm ahead. And of course, the news is full of doom and gloom. But we want to paint a little bit more of a brighter picture for you tonight, and hopefully relieve some of those worries that some of you may have. So what are we going to cover tonight, we're going to show you how to save money, how to make money, and how to leverage that money so that you can build more wealth. And these are key points. Kevin tonight is not just about penny pinching.
Unknown Speaker 6:54
Now to keep on because you know, you can easily find ways by going online to save a few quid here and there. But that is not the purpose of wealth builders, it's to help you Yes, identify some things, I'm going to give you some lots of ideas on what you can do to uncover some hidden money. But also how to generate more income coming into your life. And then how you take any of those things you make, or things you save and identify and turn that into something else that leverages for you. And we'll talk about the different things that you may want to do during the course of our session. But definitely leverage means you're doing something with it. So it's not just identifying it, not just putting it in the bank and letting it fritter away. It's about making it work. And that's going to make a big difference. Not just today, not just what you'll discover today. But what you'll put into practice for the weeks and months. And even Chris the years ahead.
Christian Rodwell 7:55
Absolutely. And tonight, we're also going to be sharing with you details of a six week challenge that Kevin and I are putting together. And this is going to be really exciting and going to help you get some massive results. So we'll be sharing more of that a little bit later on tonight. Okay, and I promise Kevin is a big one.
Unknown Speaker 8:13
It's a big one. I think if you participate, and you you know, you have to, you'll see later, it's all about joining in. If you participate in what we're doing, we're going to guarantee that you'll find an impact at least worth a minimum of 1000 pounds. But don't stop there. 1000 is the minimum, we'll show you examples of people who've saved 10s of 1000s with us, and we'll give you some of their case studies to see. So if you think your we can get your attention enough that over a few weeks, we'll get you a grand in your hand, then it's definitely worth staying to the end. So you understand how the challenge going to work?
Christian Rodwell 8:52
Absolutely. But we're gonna give you plenty of tips tonight as well. And just before we get into the real meat of tonight, let's just introduce ourselves. So my name is Christian Rodwell and the membership director for wealth builders. I'm also the founder of escape the rat race. And I left my corporate job in the music industry around seven or eight years ago, I just was fed up of working for somebody else and, and wanting more time wanting more freedom wanting to be my own boss. And I also wrote about a book called sack your boss and I've interviewed many, many successful entrepreneurs, marketing experts over the years across two different podcasts. 160 of those with Kevin for our wealth talk podcast, which I know many of you enjoy listening to. And Kevin,
Unknown Speaker 9:35
how you want me to talk about my well
Christian Rodwell 9:37
yeah, can talk about yourself?
Unknown Speaker 9:39
Well, look, I've been building my own wealth for 30 years and teaching for 15 and my specialist area but was on mastermind would be how to create multiple recurring income streams in your life and there are many ways to do that. And of course, I'm very passionate as you know, not just about writing, but speaking But what I get the greatest pleasure is interviewing or at least the debunking all the myths and all the challenges that come from people who say you can't build wealth when you can. And the wealth talk podcast, Chris, where you do a great job of interviewing people, sharing those case studies of people doing it. So it's not just about what we're doing is we're showcasing others and we'd love to shine a light on you if you've got a story that you can tell us as a result of the challenge.
Christian Rodwell 10:27
All right, so let's get into this then. So we've talked about the news, just being full of various kind of quite depressing headlines at the moment, Kevin. So I guess it all begins with the economic outlook.
Unknown Speaker 10:41
Well, it does and we're we're hearing words we haven't heard for decades longer than you've probably even then you've been alive, close, you know, stagflation. And we've definitely got spiralling inflation, interest rates are on the rise and aggressively. So if you listen to what's going on in America now. And the Bank of England will follow suit soon, I'm sure. We've got recession looming, we got all sorts of different things that are causing problems. So definitely one of the big ones is inflation, Chris. And that's a killer. You know, so when you got cash, as you know, if you're sitting on cash, any cash you've got in your hands for any length of time, there's just being eroded. So finding new ways to get more cash, but put that cash to work is pretty critical. Not just Yeah, it's not just the interest rate rises grace, it's, it's the fact that the banks are taking bigger margins. So when they do that they profit take, the underwriting gets tighter. So we're going to see lots of people 75% of the population with mortgages on fixed rates right now, they're going to be coming to an end pretty soon. And the people who've got those fixed rate mortgages are going to get a shock when those rates start inching towards 5% and 6%. So there's going to be lots of shocks in the system. And we want to try and help you mitigate against those shocks.
Christian Rodwell 12:04
Yeah, and of course, you know, for various reasons, but certainly the war that's been going on, it's seen a massive surge in the energy prices up to 90% increase in some places, Kevin,
Unknown Speaker 12:15
God, I think new the new prime minister is trying to do something about that. But But of course, you know, that's not really going to solve the problem for many. I mean, too many people now going to be in the utility poverty or No, really. So that's a big challenge. But there's, I think it's so bad. We're even seeing, you know, some people Criss going on strike.
Christian Rodwell 12:38
Yeah, there's definitely social unrest, and we have the barrister Steve, and recently, you know, something we've not seen before. But, of course, from rail strikes. So yeah, we're seeing more and more of this?
Unknown Speaker 12:49
Well, I think it's not just the unrest from employed people, you know, who said they got viruses and business owners and property, people being hit, just as much. And I've seen recently, posts going out trying to get a million people not to pay their utility bills. So there's lots and lots of unrest out there. So anybody is affected by this. There's nobody who's immune from this. But what we're trying to do is try and put you in a position of control. Because invariably, when you actually look at it on a piece of paper, Chris, you're not in control of what's going on right now. And we want to change that dynamic. And so here's a real question, because I see your cursors in the middle of the screen that one of the things that were useful to find out if anybody could put an answer in the q&a, I do sees there's an entry in the chat box there, Chris. So maybe something's happened. What do you think the eighth of June is? So what was the eighth of June? Anybody will care to comment or put a, a notice the chat box is now working? What's the eighth of June? What's the significance of the eighth of June Do you think? Well, maybe I won't wait for the answer, Chris, I'll give the answer. But that's the date at which according to the Adam Smith Institute, Adam Smith, a very famous economist, of course, they have a date each year called Tax Freedom Day. So that's the day when the average taxpayer stops paying the taxman and starts working for themselves. Now it's the eighth of June and that's the latest. It's been in history. And it's just getting worse anyway, is going to be moving further and further. And now with energy bills going up, you could be working till June to pay the tax man, then July and August to pay your energy bills. Then if you've got a mortgage, you got to pay your debt bills. Well, not much left for you. And I think we knew that it'll help and that's why we decided to step in, and help people get a little bit more control. And instead of just, well, Woe is me. What can I do about it is now to give you an app portunity to participate and try and claim back some of this for yourself. So, yeah,
Christian Rodwell 15:06
there's two ways to look at this. Really, Kevin, isn't there? Well, yeah, two ways be
Unknown Speaker 15:09
reactive, hunker down, batten down the hatches, you know, to get head below the parapet and hope it all blows over, or get proactive, be the owner of your own economy, don't worry about what's happening with the economy, control your own personal economy, and be proactive, so that instead of just letting the wind blow on you, you're doing something about it,
Christian Rodwell 15:33
a set of the sale. So that comes from a Jim Rohn quote, I'm a big fan of Jim Rohn. And the same wind blows on us all, Kevin, but it's the set of the sail that determines the outcome.
Unknown Speaker 15:44
Exactly. Right. So what we're gonna do is trying to help you set that sail, trim the sail, get it pointing in the direction of you, finding money, making money, building more wealth, that's what the message is going to be tonight, we're going to help you find hidden money, make more money, and and build your wealth, while everybody else is staying safe in the harbour, and not venturing out. So that's what tonight's all gonna be about.
Christian Rodwell 16:09
Yeah. And we said at the beginning, this is not simply about cutting back on a cappuccino. In the morning, we're talking about some big wins that are achievable tonight. So yeah, certainly don't think this is just about, you know, removing the nice things in life, not having nice meals, not going out doing the things that you want, okay, there might be some compromises that need to happen over the coming months, but certainly not about frugality here.
Unknown Speaker 16:35
No way at all. I mean, budgeting sucks. As far as I'm concerned, anything that starts with you got to start, you know, budgeting and accounting for everything. No, yes, you have to take stock, but taking stock in a sensible and a creative way. And we got a whole process for doing that question we're going to introduce our members already know about this, because we've been using this step by step process to how to do this for quite a while now. But we thought it'd be good to share it with many other people as well. So we've got a whole framework for this, which is called debits. So these are six areas in which we are going to focus tonight, we won't have a chance to go deep. But we will over the course of the coming weeks. So we're going to take one of these areas every single week, and dive deep, and help you find money in each of these areas. So each letter obviously stands for the word debits, which is an acronym. I'm a teacher, Chris, everybody knows, so I love a good acronym. And they'll probably be one or two flying around tonight. But this one is D for debt, E for education, B for bills high for insurance, T for tax, that's the big one you saw earlier on an S for stock market fees. So we'll go into each of these a little bit, you'll see once you get into finding saving and making money in every single one of these areas. And we've got hundreds and hundreds of case studies of people who are doing it. And what we're looking to do is create a community a new community of debits, contributors, savers and a community so that instead of we just saying you should do this, or you should do that, or you google this or that you've got a whole community doing something, finding and making a distinction for you, that you can go wow, I didn't think of that. And that's the joy of having a community around this. So this is going to be a community to lead challenge. And we hope that you'd want to be part of the community, our members who are already in our programmes, they're coming in completely for free. And that's fine because we want them to take a fresh look at what's going on right now. Because you have to take stock of what's current, but lots of good case studies Chris that you could highlight and not 1000 pounds either right?
Christian Rodwell 18:57
No, well let's have a look at some of the results that people have had following the Davis process Luke key can see generating 3384 just by going through a bit
Unknown Speaker 19:07
and that was per annum 3384
Christian Rodwell 19:11
And we'll see later the compound effect that that can have as well when you start building that up. Amazing result for Erica who saved annual charges of 15,000 pounds there and no wonder she's got a glass of wine and to celebrate that there seems to be a fame here because any big win warrants a drink and Neil incredible 35,000 pounds there after he was able to learn how to basically you know, remove those charges which were being applied to one of his pensions and his wife. So yeah, you know, we're talking big wins here.
Unknown Speaker 19:52
Big wins. And there's there's there's often things that when you're strong and confident about your ability to do something, and you can see there he says I'm very be appreciated for the guidance guidance that I gave him personally. But it's when you know what to do how you can negotiate, you can play your best hand, but he didn't think to play it. So we played it showed him the cards and said, This is how you play it. You played it go 35 grand. And if I remember, you got another 250 quid. Just just because compensation. Yeah, nation. Yeah. Right. So So technically, that's 35,250. But we'll, we needed the 250 quid for holiday thing?
Christian Rodwell 20:29
Well, I think both he and his wife got 250. So even even better. Yeah. Yeah, so you know, real real life case studies here from our members that you've just seen them, we're going to share with you, you know, the same tips that we shared with all of them. So emphasising here, it's not just about saving the money, but then it's making money as well. And leveraging that. And again, you can compound this to get much greater results.
Unknown Speaker 20:54
And that's what it's all about. So as I said earlier, on so many places, you can find a few quid here and find a few quid there. Lots of ways to do that. But it's taking the thought to then do something to make that money compound. It's like planting a seed. So instead of just eating it, instead of just leaving it, you're building your own set of orchards to give you wealth for the future. And the reason that's important is so that you can weather any future storms that come ever again. And when they come in the future. Yes, they will. But you'll be able to really create yourself, you know, a real strong shelter around you. And we'll talk more about that later. Yeah.
Christian Rodwell 21:34
So let's start to get into it then. And we said there, you can save money, make money or leverage money. Now, we probably haven't got time to go through all of those different ways tonight, Kevin, so we'll be focusing on the saving money aspect. And another acronym here rent, so reduce, eliminate, negotiate and transfer, would you mind just explaining a little bit around those, Kevin? Yeah.
Unknown Speaker 21:57
So there's always an opportunity, where you've got some kind of outgoing and all of those debits areas to pay less, that means you're just going to reduce. So we'll give you some hints and tips on how to do that. In sometimes it's better to eliminate completely. Now, big bills like mortgages, you're not going to eliminate, but actually we can show you how to completely re repay a mortgage faster, if that's what you want to do. But eliminated means that when you you remove it from your life, you've got that money to then reinvest somewhere else in life and build your wealth. Negotiation is a key skill. And we can show you what we've done to help people negotiate just talked about Neil there with 35,500 in his bank as a result of that. And the final one is, if you've got a business, it's possible to take bills that are in your current life, that are posted tax, in other words, you pay tax, you spend what's left, you can make them pre tax, and transfer them to a business. Even if you don't have a business today, you could create one tomorrow, which could be the source of being able to claim that money back and get the government to contribute. And every time the government does that, it's free money. So you can claim money back from the government, not by a tax rebate, but just by switching something from a personal expense to a business expense. And we'll show you dozens of ways how to do that.
Christian Rodwell 23:26
Okay, so let's get stuck into this sense. So reminder here, the six areas that we'll be focusing on, and we know you can either reduce, eliminate negotiate or transfer. So beginning with D for debt, Kevin, consumer debt.
Unknown Speaker 23:40
Yeah, well, obviously, we don't advocate, the use of high interest cards and so on. But we recognise that some people will have them and, and maybe some people have been tempted to take them as a result of current economic situations. But we've got some processes, there's a little secret we call marshal the forces, which helps you kind of organise your debt in a way that builds and builds a snowball is you start to reduce and eliminate them one by one. So you get to a place where in the end, consumer debt is gone. Now, I know some people will play the zero interest game, and that's a game you can play until you can't play it anymore, but definitely ways you can reduce consumer debt.
Christian Rodwell 24:27
Okay, fixed rates of next one up.
Unknown Speaker 24:30
Well, I said earlier on fixed rates, pretty much most the most popular thing and we had a mastermind session last night for our members because didn't really we had one of our partners, talking about ways you can renegotiate your fixed rates and get on the ball so that you can secure your fixed rate six months out. So you're not in a situation where the rates gone up. You've secured it in advance. So ways to do that if you're concerned about mortgage payments either in your property portfolio or in your personal life?
Christian Rodwell 25:01
Okay, and third one here for debt is flexible mortgages.
Unknown Speaker 25:05
Yeah, two types of flexibility there. And we'll get into details on another day. One is the offset, which, again, we had a question on the mastermind last night, didn't we? So, one of those is how do you use if you're sitting on money, and you're just worried how to use money you owe to be offset by money you own. And by linking them together, you can pay the lowest amount of debt, and I had a flexible mortgage myself, way back in the 90s, and paid my mortgage off in seven years 200 grand mortgage in seven years, and the secrets of that are available, and we'll show them where they can get access to that. But another way you can do it is there are ways now you can, you can turn your mortgage back into not just interest only, it is possible to go to interest only to give you a little bit of breathing space. But also you can be interest free in the sense that you don't have to make any repayments, you can roll up some of those repayments temporarily, and pay them back when you want to pay them back when you're ready to do that, perhaps when you build more wealth, so different ways that you can interact with your mortgage to reduce and control the levels of debt.
Christian Rodwell 26:18
Yeah, and if you've got questions, as we're going through, put them in the q&a, we'll, we'll get to those. We've got time for q&a at the end of the webinar. Okay, so there's some ideas there for debt as to how you can reduce, eliminate, negotiate, transfer, moving on to education. And the first one here is something called Lendon. Learn what do we mean by this concept?
Unknown Speaker 26:38
Yeah. And remember that you in the context of a short webinar, we're not going to be able to give you dozens of tips. But there's so many more that we could give, we just thought we'd pick three in each section just to stimulate your juices to get you thinking and getting you curious about, Wow, if I can learn these three, in the space of a few minutes, what could I learn if I put myself through a challenge to discover them where you'd have them all laid out. So Lendon learn? Well, we know that the best way to be proactive in any situation to build wealth, and particularly now is through education. And one of the best ways to get education, we know that we paid for school education often and we pay for university education now. And so paying for education to build wealth is an important aspect of what we do. But it is possible if you've got again, bit like an offset, you've got money that you could lend to somebody who's going to teach you something, then you can get a double return, you can get a return on your money and a return on your intellect. So double ROI at the same time. And we've got plenty of people who've done that. And they're building their wealth and getting a good safe financial return on their money at the same time. So that's a good one.
Christian Rodwell 27:52
Hey, this is, you know, wealth builders, obviously, our partners and our community really important. And for our members, we're always out there seeking the very best people in the space of wealth. And we negotiate and particularly you negotiate Kevin discounts?
Unknown Speaker 28:09
Well, that's my skill. So I negotiate discounts on behalf of wealth builders, and try and bring people who are outstanding in their field, that's what we want to be known for working with outstanding people, not mediocre people. And we try and do our best to negotiate the best cost that we can for all of our members. And those discounts are transferred to you. So we're not taking money from that we're passing those discounts on so that you can get your education often two for one, often 20% 25% below what you pay somewhere else. And if you're building your education in property, or business or intellectual property or any other ways you could build your wealth, then education is the cornerstone of that. And discounts from our trusted partners is a very good way to be able to make your money go further.
Christian Rodwell 28:59
And of course, this could be applied for for anyone on the webinar, Kevin, if they're looking at education elsewhere, and, you know, times now it's a good time to ask and, you know, just simply ask if there's different two for one offers and things like that which might be available. Okay, using your pension to pay for education costs. So how does this work?
Unknown Speaker 29:20
Okay, well, it's an interesting one, isn't it because most people don't interact with their pensions very much and more of that when we get to stock market. But a special type of pension if you're a business owner, which is known as the SAS or small self administered scheme actually puts you in complete control. So you running your pension, like you're running a business, and as I said, you can transfer costs that are relevant. So if you're buying education, to learn commercial property, for example, because you want to buy commercial property with your pension, that can be paid for by the pension. So anything that's directly linked to how you want to make your pension grow is an education cost that can be defrayed and paid for in the pension, which is tax relief available, meaning the government will give you money either 20% or 40%. Or in some cases, 60%, I won't go into details of how you can get 60%. But you can. So lots and lots of tax relief available. So you're getting money to pay for your education. Now, in a world where inflation is on the way up, if you can get the government to give you money, it's not a bad thing.
Christian Rodwell 30:27
Okay, so moving on to bills. Now, we all have bills, of course, and there's many great websites out there comparison websites, which of course, you know, we all know, and I would advise you to go as a starting point, certainly, make sure that you're paying the lowest rates where possible. And this is all really just part of taking stock of your overall situation, Kevin,
Unknown Speaker 30:47
you'll be able to think you have to take stock. Now, when we put their current stock, they could do it again. You know, because utility bills not as not the same as before, you've got more negotiating power now than you've ever had before. And you'll see that's a constant theme, negotiate, negotiate, negotiate, you can talk to people and say, as long as you've done a bit of research, you can say, unless you give me a lower price, I'm gonna go somewhere else. And if you've got the research, they'll match that. So I do that all the time. And we can show ways that other people do it. And then you can just copy that, because if it works, for one, you've got the precedent that it will work for another
Christian Rodwell 31:26
cashback and bank transfers. There's some good offers out there at the moment we've seen. Yeah,
Unknown Speaker 31:31
banks, obviously looking to make more money, as I mentioned early on in the debt piece, they're raising their margins. And one of the things when you understand our bank lending works is they need more deposits. So they've got more leverage, to lend more money. So they're fighting at the moment to get your money in their hands. And one of the ways they do that, is there at least four banks at the moment, offering 175 pounds, there's your first 175 guys to move your bank account to them, and they'll pay you 175 quid once you've transferred the money and paid a bit of salary or whatever it is in that, and they take care of all your direct debit. So easy way to get 175 quid into there's two of you can do it twice, cashback lots and lots of cash back card. So you can use a card not necessarily to build debt, but to use cards to get cashback. And if you're getting cash back, you're getting a discount. So inflation won't be hurting you as much if you're getting cash back for the purchases that you're making.
Christian Rodwell 32:35
Yeah, good point. Okay, and transferring the cost of bills to your business. So an example of this could be like a mobile phone, you might be paying that in your personal name, perhaps this could be a business cost. Yeah.
Unknown Speaker 32:47
And what about we both drive electric cars, Chris. And you know, so we transfer the cost of, I never had a company car ever. Because I didn't want to pay the tax on benefiting kind, which is a hidden tax. But soon as the electric cars came in, that's when I stepped in, I've got an electric car, you've got an electric car. And those costs are met by the business. And there are many costs, especially now we're in hybrid working environments that you can claim and you can go back for years, and claim or utility bills that you set up if you work from home during COVID. So there's lots of things you can actually go back Did you know you could go back for years and claim that money back? So you know, interesting things you can do? puts money in your bank account, even from four years ago?
Christian Rodwell 33:33
Absolutely. And the cost of a charge is a lot cheaper than the cost of a tank of petrol on top of them. Okay. All right, moving on to insurance now, then, so clear to really understand what type of insurance is important because so many people are paying for insurance that they probably don't need. I think
Unknown Speaker 33:50
taking stock again, of what you think's important. I'll give you a wealth builders perspective, on insurance, only insure the things that are critical to you. You know, so you don't need to insure your washing machine and your phone. And all of those things that are incidentals that you'd be uncomfortable if you lost them, but you wouldn't be devastated. The things that are most important to ensure is the well being of your family and yourself, if something really terrible occurs in your life. So whether you die, whether you've got an illness, anything, anything. I'm hearing myself replay, Chris, that's gone away. Again, that's fine. So anything at all that supports your family, because we're all about wealth building. And wealth building is about making sure that if you can't create the plan to build the wealth for your family, then make sure that the wealth happens if the worst happens to you, and that's the view we take. And we constantly review insurance, because we want to make sure that as you build your wealth and the wealth goes up, your need for insurance comes down where Whereas most insurance sellers will try and sell you for the longest period, because that's why they make more commission over a sort of 1012 year period, when you can buy insurance in smaller blocks. So lots of ways you can save to get less on your pay less pay insurance, or getting more cover for the same amount of money.
Christian Rodwell 35:21
Okay, accesses so this would be reducing or paying pain, the maximum access so that you reduce your premium.
Unknown Speaker 35:29
Exactly right. And for most people, they just, they're told, you know, this is the premium. And this is the standard excess? Well, what's the bigger excess, you know, instead of 250 is that 1000, say on car insurance. You can always look at accesses and if you've got insurance, for example, because you're self employed, and you've, you've taken out income protection or something like that, which covers you for illness after four weeks, once you build an emergency fund, let's say you save some money here, you build an emergency fund, you could push that out to 13 weeks, or push that out to 26 weeks, or push that out to a year. And then you're only really gonna get paid insurance if you're seriously ill, but that's what you need. But then the cost of the premium has dramatically fallen when you
Christian Rodwell 36:14
do that. Okay, relevant life. So tell us a bit more about this type of insurance. Kevin?
Unknown Speaker 36:20
Well, this is a transfer again, this is when if you've got live cover, you've normally paid for that after tax, but you can switch it to a company and your company can pay the premium. So you get tax back on the premium, which means when you take out the fact that you have to pay tax on the income and then national insurance on the income, you can reduce your premiums, if you've got a limited company, if you got a business, you can reduce your costs typically, by 50%. Again, that's a lot of money, Chris, if you can save 50% on something should look at it. Now even if you don't want to say 50%, you could double your cover. Because you didn't ensure enough when you took stock and looked at what's important and decide, well, actually, I need more for my family, then. And more often than not, when I talk to people about how much they've got it a round number, some kind of random number that just popped in their head or the salesman or sales person sold it to them. So do it properly. And the other point I'll make which has nothing to do with saving money here, but putting it in trust, because the saving there is the saving of time and inheritance tax by just ticking a box, put it in trust, so doesn't have to go through the complexity of wills, and probate. And we haven't even talked about that in No, but that's another bill in your life that you could cover or even in the insurance section, which we call the roof don't require separately, how to protect yourself in the roof. So how to really get all your legal things and affairs in order at a fraction of the cost that you might go if you if you are paying commercially.
Christian Rodwell 37:56
Yeah, I know we're covering a lot of information here. And we're going at quite some pace. We've already covered debt, education costs, bills and insurance here. And we're just pulling out a few ideas, a few from many different ones that we have got available. And I can see those questions which we'll definitely be coming on to later. But let's continue because T is next for tax. And this is where we really start getting into some big, some big wins. So tax allowances, Kevin, first step,
Unknown Speaker 38:26
yeah, there's a whole raft of different things. Because you know, tax is a complex series of levels, you've got the simple levels, basic rate, and then you've got the right between 100 and 125 grand were to 60% tax bill, and then you've got a higher rate, then you've got that rate, then you've got additional rate tax. There are so many ways that by looking at your tax affairs, including things like your tax code, you can look at that. And with a little bit of help, you can cut the cost of your tax bill. And that's all pervasive. So you've got to be looking at maximising and using all the allowances that are possible, including things like child benefit get affected. So you've got to know where you are and most employed people don't. And most self employed people tend to focus on the corporation tax bill and not on their personal tax bill.
Christian Rodwell 39:20
Tax Relief. Now this applies to business owners,
Unknown Speaker 39:23
well applies to everybody. Because there are ways that if you're a high rate taxpayer, you can use a pension and bring yourself down below that. There's also something called salary sacrifice, which basically means you're getting the same pay, but you get an additional contribution to your pension. So don't worry about understanding all of these things. Just know that we know how to do them, and we're going to help you build your own kind of matrix of opportunity. So you can find these tax reliefs that are available business owners, so many more tax reliefs, property owners, lots and lots of tax relief some will be giving For more specific tips on that from our partners who are experts in their field,
Christian Rodwell 40:05
okay, and family and children as the last one for tax, Kevin, what do we mean specifically here?
Unknown Speaker 40:11
Well, I touched on child benefit, which you do certain things and you lose job benefit. But let's not forget that children have their own tax allowance, they can earn 12 and a half grand tax free. So you can use I don't mean use your children, you only mean that your children are entitled to an allowance, and we'll show you ways that you can legitimately use the children to both help them become more involved in money decisions. And so the family talks about money, involves them in the money, and at the same time, actually get you a reduction in your tax bill.
Christian Rodwell 40:46
Okay, so stock market phase, we saw an example earlier from Erica. And yes, typical 2% phase. So 2% Doesn't sound too much, Kevin.
Unknown Speaker 40:59
Now, it doesn't sound much at all. Most people are paying retail for the stock market. So they're buying through an intermediary, they're holding a platform, they've got a custodian, all this language, but basically means everybody in the chain needs to be paid. Typically, the total cost is 2%. Now, if the stock market typically over the long term gives you 6%, that means a third of your money is going in fees and charges and sometimes even more than that. And it's not just the impact of a third of your money. But think about who's taken the risk. You who's put the money in you? Do they get paid? If the stock market goes down? Yes. If it goes down terribly, can you sue them for not getting you out? No. So the whole all the deck is stacked in favour of the industry. And what I'm saying is, there are ways that you can take control, and dramatically reduce the fees without reducing your level of performance. In fact, if you reduce the fees, all other things being equal stock market works exactly the same, you're gonna make more money, because you're paying less fees. And we think you should be aiming for 1%. So we think you can reduce your fees by 50% on stock market. And you can, you can definitely negotiate those in everything you do. This is the area where you've got the biggest power negotiation, because you know, how much money they're making, we get everybody who participates to find out what their total charges are, there's a technical term for it, but I won't share it. And once you find out and we show you how you can negotiate, you can get those fees down. Or instead of having fees that are linked to a percentage, just get them to do a fixed piece of work every now and again. So ifas typically will charge a percentage, you know, we saw one where an IFA was charging Noor point seven 5% Doesn't sound a lot, but on a property portfolio that they weren't building and they weren't managing, but it was just part of the original setup, you can remove that and say, Look, you can do this work, I'll pay you 500 quid to do the work. And then that's it. So many ways to transfer stockmarket phrase from percentages to fixed. And I encourage people to think about that, or at least get the best possible value from whoever they've chosen to work with if they're getting great service. Fantastic. But at least know you are so you know, what's the fair rate, we can tell you what that pay rate should be. Yeah, and of course, there's so many ways to get tax back and use allowances in the in the stock market, you know, lots of different reasons why ISIS can sometimes be a good thing. JR Rice's, a whole raft of different things that are available and that are tax free, and sometimes save with national savings, and so on. So we'll cover all of those, both for grownups and for kids.
Christian Rodwell 44:01
Okay, so there's the six areas. So we've covered 18 Different ideas there in a very short space of time. Now, just imagine if you took action on just three or four of those, what kind of results you could get. And this is just the tip of the iceberg. We've got so many more, which we have been helping our members with, and we would love to help you with as well. So hang on for details of the challenge, which we'll share a little bit later. Okay, so the key here is not just finding the money, and then sitting on it or sticking it in the bank, but it's actually putting that money to work, Kevin and there's different ways that this can be achieved.
Unknown Speaker 44:38
Well, undoubtedly, some people might want to save some money and improve their lifestyle because they're under pressure. No reason why you wouldn't do that. But there are other positive benefits as well. And we touched on some of those and the debits. So one of those for sure, would be you know, if you've got rising interest rates, you know, they're coming. You could find the savings that you reveal in the Challenge and help you reduce your debt, whether that's consumer debt, mortgage debt, property, portfolio, debt, whatever debt you've got, you can point that money at the highest cost debt and bring down, bring down your long term costs. But a big one here, Chris, as we know is, you know, if you've saving some money, well, why not use that money to get the education that you need to elevate your own skills, as you said, Here, sharpen yourself sharpen the saw from Stephen Covey, of course. And then if you combine that with two for ones and lending learns, and other things, you combining different things. So you're not just seeing one thing in isolation, you're compounding saving upon saving upon saving, and making that work in the way that best suits you.
Christian Rodwell 45:48
And, of course, at the heart of wealth builders, our Seven Pillars of Wealth, it's about diversifying across different asset classes. So building another financial asset here.
Unknown Speaker 45:57
And the reason why that's critical is if you've only got one or two assets, but you build another one, you plant another tree, in other words, then what you're doing is you're building that safety in that diversification for the future, but you have to start somewhere. And we want you to start in the next six weeks.
Christian Rodwell 46:14
Okay, and here's an illustration, which just shows the power of compound growth. And we can see the blue bars there. An investment of 1000 pounds, if you just pop that in, and let it you know, grow for 20 years at 6%, that would increase to 3207. And orange bars there. If you were to put 1000 pound deposit every year, and the compound growth there would grow to 49,000. So what we might be talking about now is finding a few 100 from here or there, or obviously a few 10s of 1000s. In some cases, Kevin, but no matter how small is the power of that long term growth,
Unknown Speaker 46:52
particularly if you can find something you're replacing or eliminating or negotiating or transferring forever, you know, then you're going to bank on the orange line. So yes, you can save some money, and you can just plant it and make it work. But even saving 1000 pounds will be worth 3200 to you. So 1000 is the minimum, we expect you to find. Many of you will find 10s and 10s of 1000s. We won't be surprised at all, because it happens in our lifetime with our clients every day.
Christian Rodwell 47:22
Yeah, and we can't wait to see those stories being shared in the so here's just a few more of our members, Andy here, you can see reducing his mortgage term there. And that saved him three and a half 1000 pounds on interest.
Unknown Speaker 47:39
You know that? Just go back to step Chris, just to help me out. Because the thing that I liked most about Andy's is I was spurred into action. It was overdue, he knew we should do it. But he didn't do it. So why didn't you do it life got in the way. So by being involved in of course, he's in our community, and he's paid a fee to be in the community, that's fine. We're not encouraging you to do that. But because he did, we were coaching him or prodding him every single month. Now, we're not gonna be doing that for you. But six weeks of a challenge can be your own little prod, you could be putting yourself to do things, you know, deep down, you've been putting off, I'm sure there's many of you. And there are hundreds on this call this evening, Chris, and many more will watch the recording, who will be going you know, I really have been putting that off for a while. If you've been putting it off, don't put it off, you're going to get shocked at how much you're saving. And then when you see what other people do, you're going to be inspired to follow what they're doing and save even more.
Christian Rodwell 48:39
But just as a little side note, because I spoke to Andy today, he sent me a Whatsapp this morning. And he had the conversation with his boss. He was pretty much at the point two years after joining wealth builders and really focusing on building assets across different pillars. So he's built a business he's now in property portfolio is creating IP. And yeah, he was ready to basically sack his boss. So the conversation this morning, and I think it all went well. So congratulations to Andy. Yeah, really, really great work there. But more savings and Helen here following the debits processed and she found a pension, which she was able to transfer 17 and a half 1000 pounds. So big numbers once again, add Nan even bigger. So we remember this very clearly early found a member and we were talking about last pensions, Kevin, something we haven't really touched on but probably such a big big area that people should be aware of. And app man had pretty much overlooked or forgotten about an old workplace pension, which when he did discover it after a bit of prodding from ourselves realise they had 50,000 pounds sat there which he was then able to obviously put to work for him.
Unknown Speaker 49:52
And that's a biggie because you know there's 20 billion that's a big number Chris that's not 1000 quid that's, you know, 20 billion pounds pounds worth of pension assets that are lost and floating around. They're called actually there's a name for it in the pension industry, they're called orphaned pensions. Can you believe that, and nobody's sending the babies back home where they belong, we're going to help you do that. So we're going to help you if you want to find your old lost and forgotten pensions, and turn them into money that you can use now. Because there are ways you can turn your money now into property into business into other things, or just get you back planting seeds in the stock market, whatever you prefer. But there's always money to find your pensions. And while we didn't cover that today, not specifically, we will be covering that in the challenge.
Christian Rodwell 50:39
So hopefully, we have demonstrated to you that there are so many ways that you can uncover hidden money in your life money that sat there right now You didn't even realise probably was there. With a little bit of digging with a little bit of knowledge with a little bit of help and support, there could be 10s of 1000s pounds, or just like all of those members we've already shown you tonight. So are you ready to take some action to actually apply this in your own life, and have the help of Kevin, myself and all of the other members who are going to be taking part in the debits challenge as well. So let's look at the debits challenge, Kevin. And we're really excited about this, we've put in so much hard work. It's a process we've been teaching for years, but we've really kind of boosted it up, we've put a lot of effort, a lot of time to look at all the different ways that people can really kind of remove those worries they might have over the coming months and find extra money which they can save or they can make and put it to work for them. So let's look at what's included then. So in a six week debits challenge, which is going to kick off on Wednesday, of next week, so the 21st of September. And we're going to have a private Facebook group for all of our challenge members. So when you register and join the challenge, you will be entered into a private group, which is where the community will be. And that's where we Kevin and I will be showing up live every week. And we'll be doing a session on the D, the E the B that is the T and the s of debits. So one section every week, and going into some real detail as to the areas you can be looking at, and then providing you with all of the tools, the checklists, the worksheets, that you need to go off and do that little bit of work. So about a couple of hours a week, Kevin is probably enough to show up, watch the live, go and take some action, and then obviously posts those comments and results in the group, right. All about finding and making more money. And as we said, this is powered by the community, you're gonna find some wonderful things, things that we didn't know about Kevin, every time we hear new websites or new ways that people are discovering money and and that just adds to the resources that we've already got. Exactly right. So I'm looking forward to it. I really am. Yes. So if you want to join us, head to wealth builders.co.uk forward slash challenge, and we are charging for this but only 95 pounds. And when we've shown you just how much is possible, then this is a small price to pay. And we're not really making any money from this, Kevin, this just a couple of costs.
Unknown Speaker 53:09
Yeah, look, we've we've obviously having to take on some teams to manage the, the internals and to to put our time and get our also get our experts to bring in the tips and spending time on the live. So we're really not trying to make any money from this. We're trying to build a community that we can learn so much more, because you'll be doing some things and learning some things from other people. And also it means you're going to show up because six weeks we knew is a long time. It's not a week's challenge in six weeks. So it's 95 quid, including that we don't make a penny from any ideas, we suggest we're not an affiliate of anybody. Everything is about putting every single penny that you make in your bank account. And none of it announced.
Christian Rodwell 53:54
Absolutely. Okay, so we've been showing up live is a sauna on a podcast. But we'll be live in that Facebook group every week. So you can talk to us, you can share questions. And we've got checklists and worksheets for all of the different areas, which you will have access to. And we're actually when you register, you'll get access to a private membership area. And that's where all of the recordings will be stored. So if you don't use Facebook, don't worry, you can still participate in the challenge, you'll get access to all of the recordings, and you'll get access to all of the worksheets. So don't worry, doesn't matter if you're not a Facebook user. But if you are, you'll get the added bonus of being in that community environment as well. And we're going to be bringing in some prizes. So we've got lots of things to give away. Throughout the six weeks, we've got our famous wealth wealth chart, which is kind of wiped clean chart with pens where you can plot your progress, and we have the wealth thermometer on there. So our members get sent a copy of this when they join us and we're going to be giving away some free copies of that throughout the six weeks. We're also going to be giving away some wealth strategy calls So these are really fantastic. These are 60 minutes where we create a mind map, which we call the wealth map. And it's unlike anything you've ever seen before, it really gives you that bird's eye view of all of your assets and your income. And it can allow us to help you pinpoint what the right pillars or assets are, that you can be focusing on to build your wealth. So we'll be giving away some of those throughout our six weeks. And then one Biggie, one big prize at the end of the six weeks, for those of you that are really participating and playing full out, you'll enter the spin the wheel competition, and we will do an online spin the wheel me and Kevin, and you can join us live for that. And whoever is the lucky winner will get a free year's membership to the wealth builders Academy, which is valued at just under 3000 pounds. So some great prizes, we'd love for you to take part. If you're ready to join us then head over to wealth builders.co.uk forward slash challenge. As I said, we're kicking off next Wednesday, so the 21st of September. So join us now we can get you into the Facebook group, we'll start sharing some of the resources will start getting you ready for the big day, next Wednesday. And we've also brought in some of our experts, Kevin,
Unknown Speaker 56:11
well, you know, all of our industry experts are experts in their own field. So they will have a unique perspective that we'll be asking each of them and there's dozens or just a handful here, that we'll be sharing specific tips that you can action in different areas of building wealth, whether it's property, whether it's tax, whether it's a whole raft of things stock market, you name it, we've got different people who are going to give you an X, something actionable, that you can follow up to make money, and to save money and to build more wealth.
Christian Rodwell 56:45
Yeah, so everything we've covered tonight, we're going to show you how to go through that for yourself, plus lots more. And we've got some bonuses. So if you're an employee, we'll be running a Bonus Session, which we call how to make more on the side. And this was a podcast episode we did a while ago, Kevin, but perhaps you can explain more?
Unknown Speaker 57:05
Well, look, it's just a way that you can apply your thinking, to find ways to generate additional streams of income. So this is definitely focused on the making. And it's definitely for employees. And again, another acronym, I won't share with you now. But it's definitely a way that you'd want to show up, if you're an employee, it's a great thing, to be able to find new ways to get more money coming into your life automatically.
Christian Rodwell 57:30
Okay, and more angry at the business owners. So we're going to be sharing different ways that you use bartering and trade skills. And Kevin, we noticed some opportunities here.
Unknown Speaker 57:40
Look, everything in business is about capacity. You know, so the whole bartering and trading is about unused capacity, you know, so you can learn how you can offer what you do in exchange for what somebody else does. But instead of having to barter literally, you know, you can do that, of course, and we will often do that. But you can use platforms where you can put your services in, you get a credit for that somebody else buys those. So you're basically being able to redistribute your money, but you're getting the highest price because you're giving full price on your service. And you're trading that for another skill or a service that you want for yourself like a restaurant, or an accountant, for example. So you know, we use trading and bartering skills all the time, particularly in our marketing, you know, we'll we'll invite somebody, and we'll teach them something in wealth builders in exchange for some of their marketing time. So who knows, you could be bartering with us.
Christian Rodwell 58:39
Now, we've just mentioned that we'll be giving away a free place on the wealth builders Academy. And that's our premium programme for helping employees and business owners to move from financial insecurity to financial independence. And the starting point, we will just sit down we speak to our members Kevin and and we understand what is it that's driving you Why do you want to build wealth and in almost all cases, it's it's more time it's more freedom of choice, but also to leave a legacy for their family. And this is such an important aspect of what we do.
Unknown Speaker 59:11
Yeah, so you know, we'll be running a session called How to be a fantastic money role model for your kids. And that's kids from eight to 28 You know, I'm a, I'm a dad too. And you know, I've got kids much older of course, but bringing money on to the table, practical lessons that you can use to involve your children in money. And instead of making money to boo you're making money to do and we can show you some practical steps that you can take and in the future we'll build we'll do another challenge on this will definitely I can see that coming and creating a whole programme around families and bringing financial literacy into sharper focus because you know, so much more of it is online and kids are getting education in the wrong direction because all about comparing themselves online to others, and so on. So we want to put an end to that, and bring money, but fairly and squarely at the right level with the right education. We've even got a children's author, who writes blogs, and we'll be sharing some of those as well.
Christian Rodwell 1:00:15
Okay, so hopefully, you can see everything that's included there, and benefits that you can get from that. And Kevin, we're going to be playing all out, we're going to be there for the full six weeks, we're going to be diving in every day answering questions, really supporting everybody in the challenge. And we're just going to see that snowball over the six weeks as we see more and more people obviously contributing and putting in the results that they're getting.
Unknown Speaker 1:00:40
And we want to make it risk free as well. So we're not asking you to take a risk. You know, we're just saying work with us. And, you know, we will make sure, look at me, we will make sure you make at least 1000 pounds. And I'm going further than that. I'm going to say this, which you can share on the next slide, Chris? No, at the end of the six weeks, if you haven't made 10x 10x on your money. Yeah, because we're not doing this for profit, we're doing this poor momentum, then we and I have to will work with you. Until you get that money. We will obsess around this, to get you that money so that your small investment is a small investment or investment nonetheless, but you have to show up and put a little bit of time in each week. But it will be fun and engaging and won't be like going back to school and doing homework. So if you're serious about wanting to save some money, to make some money, and to learn how to build your wealth, and you want to do it risk free, just sign up to the challenge.
Christian Rodwell 1:01:51
Hope you enjoyed listening back to the webinar recording just then and if you would like to join us in the challenge, then you can do so by heading to www dot wealth builders.co.uk forward slash challenge. And we're kicking off with week one, which is default debt on Wednesday the 21st of September. But don't worry if you're listening to this podcast a few days or even a few weeks later, you can still jump in and join us and we'll be recording all of the sessions and making them available for you to watch back in your own time. So if you'd like to find or make 1000 pounds and work with Kevin and myself then head to wealth builders.co.uk forward slash challenge and we look forward to seeing you there.
Unknown Speaker 1:02:31
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
Transcribed by https://otter.ai