In today's episode we talk about the results of the lockdown due to the coronavirus outbreak. Make sure to tune in if , like many people, you now realise it's the right time to be thinking about building your wealth, so you don't have to rely on one source of income.
The world is in lockdown due to the coronavirus outbreak, and many people have seen their jobs jeopardised, their businesses ordered to stay closed, and tenants being unable to pay their rents. Of course, nobody could have expected all of this to occur. People relying on one source of income to live their lives are certainly experiencing more pain than those who have a robust plan which includes multiple income streams from assets. With everything going on in the world, is now the right time to even be thinking about building your wealth?
Resources Mentioned In This Episode:
A step by step process to help you create, build and protect your wealth.
https://www.wealthbuilders.co.uk/academy
WT002: Are You A Drifter, A DIY’er Or A Dynamic When It Comes To Building Wealth?
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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.
Christian Rodwell 0:19
Welcome to Episode 53 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders and I'm joined today by our founder, Mr. Kevin Whelan. Hi, Kevin. Hello, Chris self isolating
Unknown Speaker 0:30
around the dogs and stuff. I can. Yeah,
Christian Rodwell 0:34
that's a bad set. We've got we've got a family life going on in the backgrounds but here we are ever present as we are every Wednesday, and it's not just any Wednesday this week because we are right in the middle of our new intake for the seven steps to wealth programme this week. So we opened up on Monday, and we actually close tomorrow. So if you're listening to the podcast now on the Wednesday when it's come out, then there's just a day or so. Left to head over and have a look at a programme and see if that's something you'd like to join us on at the moment.
Unknown Speaker 1:07
Sure, well, look, you know, Chris, it's always great if people are listening to the first time may not know. You know, we talk about wealth, we talk about the need for a plan. Because in today's circumstances, you know, the probably now triple whammy. I think we're right in the middle of a stock market crash, you know, coronavirus, lockdown. And for those people who are experiencing now some changes in the lending practices of banks, and institutions for, you know, for those people who are trying to grow their businesses or buy property portfolios, they're seeing some, some changes right now and maybe some profiteering going on as people putting their rates up. We know bridging companies are pulling back offers. So you know, never more important to have a plan Chris, and so if you On aware of the seven steps plan, and the reason why that's a very robust, easy to follow, step by step, anybody can do it really plan, then consider the alternatives. I'm happy to go into the alternatives, Chris and why there's never been a better time ever to actually have a plan. Otherwise, if you don't have one, you're going to end up in this mess again, when the next inverted commas, you know, tragedy happens, whatever that will be another stock market crash, another pandemic, something else that devastates the economies of the world. And and I'm saying very clearly, the way to get control of your personal economy is to take that responsibility and to create a plan you want me to explain what happens Chris and what people normally do?
Christian Rodwell 2:52
Well, I definitely would Kevin I just want to add before we go into that, that, you know, one of our still our favourites So to that people tell us was episode number two, which was the three days? Where is your drifter? And you were di wire? Or are you a dynamic? And for anyone who hasn't heard Episode Two, perhaps you know, after listening to today's episode, you might want to rewind and check that one out. But we've had so many people since then saying to us, I'm just been drifting. And if you think really, it's very easy to drift 10 years Isn't it just be taken by what's going on in the world and suddenly look back and think, Wow, where's that last 10 years gone? And, you know, you were talking on a episode a couple of weeks ago, Kevin knows, actually back in 2008, when we had the last crisis in the markets, and that was really kind of weird, you know, the wealth builders, you know, kind of mindset that you said, Okay, enough is enough. I need to do something to help people here.
Unknown Speaker 3:48
Yeah, I mean, that was the big tragedy then. And I think the look the big the big problem. For people the biggest problem of all, actually Chris is Thinking somebody else has got a plan for you. Right? And we see that people drift, but they drift in a sort of a way that says, Well, you know, yeah, I'm getting by, but I've got this advisor, you know, he's got a shiny suit, he's got a tie. He's got a nice looking brochure. Surely, they must be looking after me. And the tragedy of that belief system, Chris is is fundamentally flawed. Because anybody who spent any time talking to me about how the stock market works, why the stock market crash happened in 2008, why it will continue to happen. Why working with the stock market is not a way to build wealth. Say it again, Chris, you don't build wealth in the stock market. You can't get wealthy from there. You diversify the money you already have. That's the purpose of the stock market because you can't control it. Can't get cash flow consistently from there. And in the end, when you get a 30 40% drop in a market and you're trying to create certainty of income in a volatile asset, essentially what the stock market is, then it's almost impossible. And there is no advisor, however well intended, however, will meaning that can solve that problem for you. They simply cannot do it, and they know it. But the whole institutional process of getting people to invest in the stock market and buy and hold or buy and hope as I refer to it, is you just hoping for the best and that's the worst plan of all, is thinking somebody else has got your back when they haven't. The only person who should take responsibility is you. And that's the challenge. Most people don't like that responsibility because it means they have to learn stuff. They have to think about stuff, they have to do stuff. And when you have to do, it forces you to actually get to a place where you have to understand things. And that's the next challenge. Most people will prefer not to understand, and just hope for the best. And that's sad in a way. When if you think about any other plan that we do in life, you know, Chris, I'll give you an example. A great analogy. Imagine, you know, you and I were just having a drink. And we were chatting about designing your perfect home. Right? And then my perfect arm. Now, we would instantly start to think about stuff, wouldn't we? And we get some pleasure from it, wouldn't we? We wouldn't get a we wouldn't get frustrated by the thought and the intellectualization of that. So what would be some of the ingredients you know, for me, for example, Chris, you know, we talked about this with with my wife is, we'd have a little Luckily house, you know, in our own grounds, which would be easy access to the sea so we can walk the dog, we'd have easy walking into town because I love restaurants really in pain right now Chris can go to a restaurant,
Unknown Speaker 7:14
we'd have the ability to be to be able to get relatively easy access to an airport because we like our holidays, again, frustration, because we can't go on those holidays. But you can see it wouldn't take long before you start to narrow down the location, right? And then you say, Well, what does that house look like? And if you had the land and you building it from scratch, you choose things you think about things. You think about, in my case, the wine fridge, you think about the size of the kitchen, you think about the utility room so the dog doesn't when he's messy, it doesn't drag all that through the house. You think about the fact that you need a gym in there to stay reasonably in shape. You think about the fact you want to pool table because you love American pool. You'd have all of that stuff around You and you design it. And instantly, you'd know. You wouldn't just start ordering blocks of wood, you wouldn't just start ordering panes of glass, you wouldn't just start ordering bricks. You'd create a plan. You'd make a blueprint, you talk to an architect, you then talk to builders, you then talk to different types of builders, you talk to a project manager, you know, you instantly know when you think about something laudable worthwhile that you would really want to do. You create a plan, and then you'd execute the plan. And then you'd be part of the plan. You wouldn't just say to a builder, I tell you what, I can't be bothered. I think you know, you've got the rope the overalls on you got a nice van, you just build it for me. That would be ridiculous. But that is the way people deal with their wealth in this country. And I don't understand it to the extent that it frustrates me as you can tell, but I'm so desperate to help people create a plan. So Having no plan, which is simply drifting, okay, that's not a plan, delegating your money to somebody else and hoping they know better, not a plan. The next one, Chris is the DIY is right, the DIY as you try and build a whole house. You know, can you imagine trying to build a whole house on your own, you know, it takes you forever, you lose half your fingers, you'd have to be ordering stuff and buying tools. You'd be you just be a complete nightmare. But people try and DIY their way to wealth. And they think it's the saving a bit of money to save but but it's the lack of ROI. They don't get the speed of ROI. They don't get the enjoyment of the collaboration with others, you don't get the cost saving or being able to use leverage. There's just so many things missing when you try and try. And so I think a step by step blueprint, easy to follow. process if you can find one. And I'm delighted and proud that we've created one, which is not myopic. It's not a process that says, we just do walls. We just do plastering. No, we are aware that there are seven assets and only seven assets. And while we do not claim to be the guru and all seven, we're aware of the people who are, we are the were of the best experts in every field of wealth building, and we try and coordinate that plan, or help people be their own coordinator, which is absolutely fine. And we commend that idea to everybody. So you don't have no plan. Don't give somebody else your plan and hope for the best. And don't DIY it. That's what I think and it's not self serving, because well, you would say that anyway, Kevin, because you have plans. You can copy the plan. You don't have to pay me for the plan. Just tune into this stuff and you'll get bits of the plan. Piece by piece him I'm happy that people will grow their wealth. I just think there's so much more fun. You can tell that in our community, Chris, the collaboration, the enjoyment, the fact that they learn from somebody else, somebody else's Hey, did you know I did this? Like, all right, wow, how did you find that? Well, I found it because I was thinking about that it's a different perspective of somebody else's thoughts that make the whole wealth building journey more fun. I'm rambling on a bit, Chris, but you get the point where
Christian Rodwell 11:25
I'm enjoying listening. Yeah. And the analogy of building the house there, Kevin. Really what you're saying is start with the end in mind. So understanding
Unknown Speaker 11:35
that Yeah, and recognise Chris, you need a team around you. You know it, you know, you can't do it on your own. So don't pretend you can somehow imagine that wealth is uniquely personal to you. And it is of course, it's your plan. And everybody's plan is different, like everybody who's listening now, if I ask them just to close their eyes and think about the house that they will build if their dream If money was no object, his space was no object. If nothing could limit you, your house would be different from everybody else's is listening. And so is your wealth plan, which is why it helps to have, you know, people who've been and done certain things so you can pick the best of what you'd like. I mean, my wife loves those magazines, you know, where you the 25 most beautiful homes? Why she do that? Well, partly it's because she likes looking at other people's houses because she's nosy, but partly because she likes the inspiration that sure wow, look what somebody else didn't. And sometimes so those things end up in my hands. But that's the joy of it all. And well should be a joyful and engaging process. But for most people it's get their statement at once a year or or have a meeting with their advisor once a year. And hope it was better. That's that's the sum total of their engagement and it's no fun at all.
Christian Rodwell 12:57
Well hope hope she hasn't discovered Instagram yet. Because then you're really engaged. So we know Kevin from feedback. And in fact, it's definitely a great moment right now to talk about the competition that we have been running for the last couple of months to win us on some sets 12 programme, because everyone who entered that, you know, I asked feedback asked two questions, what's holding you back from building wealth? And what help do you need and, you know, find a way, the top three answers of what's holding you back was just a lack of focus, a lack of a plan, you know, no real direction. And, but it's a good moment because we pulled the winner yesterday, live on Facebook, and we should announce to everyone listening that we've now have our winner for our free place on the seven steps to wealth competition. And that is, drumroll, Vicki chetak. So congratulations to Vicki. We were in touch with her yesterday and she's absolutely over the moon with that news. So we can't wait to Start working with Becky next week.
Unknown Speaker 14:02
Well, you know, I saw the kind of randomizer that you did the sort of spin of the wheel with all of those names in there. And we had a couple of dummy runs, didn't we? Just to see it was working. And it was it was great. And then we went live and it was lovely to see Vicki who I who I have. Well, I think I've met in person, but I've definitely had a couple of conversations with her anyway, because she's just a lovely person likes property based in the Midlands, and I'm a central Texas morning actually congratulating her as well, just to say looking forward to working with you, Vicki. So she's a while everybody who, you know, put their name down I hope will create a plan anyway, whether they, whether they get if they don't win a free space, but there's no reason not to create a plan because, look, if somebody let's do another way, Chris, let's say somebody doesn't need to stay with us for 10 years, right? Nobody needs to to work with somebody. for 10 years, but for the most part, people will need probably five to seven years. Say. So say it's five years, okay? somebody decides, you know they want to, they're not going to let this happen. I'm not going to wait for the next crash to go Oh, I remember when Mr. Whelan said you need a plan and you've ignored it again you just got like drifting. And there you go again. Imagine it took five years cost to the programme Chris give or take is a couple of thousand pounds. You know how I priced this so excessively? Because people work with me you're paying 1000 a month give or take, you usually only work for 10 months of the year. So you know 10 grand, and they're getting the same access the same or not the access to me personally but the IP and the coaches that we got were brilliant, plus, you know interactions with me for 20% of that. So if they did that for five years, okay, and spend 10,000 pounds But at the end of 10,000 pounds worth of spend, they will completely financially independent. So not worth it, Chris. So not worth it, even if it was six years or seven years, if it was 10 years, if I offered you a trade off guarantee, you'd be completely financially independent for the rest of your life. Never needing to worry about your bills. If Corona virus or another virus hits, you know, you're not going to be devastated because you've got multiple streams of income flowing into low. If the stock market crash comes up, and you go well, I'm mildly irritated by that but nothing more. If If lending dries up, because bank start pulling that you're not really worried about that, because I've got access to all the funding that I need. Because, you know, I know what I'm doing and I've got the return of the investor, you know, private investors who we're going to see a huge pickup on that quest anyway. The point is, if it cost you 20 grand To be financially independent for the rest of your life, and you could pay for that 2000 year. Wouldn't you do it? Wouldn't you? You know, and that's what we're offering. We're saying this is what we're about. And that's why I want people to be part of the 5% who make it to financial independence and not that huge, huge, you know, homogenous mess of so many people who just get caught up, and then get fed up, and don't collaborate and don't engage with people, and they just hope for the best. And I'm hoping I'm really pleading if you're listening, don't be part of that 95% and see this happening again, use the time you got now you're all going to have more time and learn something. And whether you join now or not, isn't the key, you know, in any kind of plea for you to join the programme, but even just join Commit to listening to something, you know, so that the next time we have an intake, you've thought about it, you've built time in a relationship with us to decide whether we're authentic, whether we have the integrity, whether we actually have got students who go through to create financial independence for themselves, you know, and we've got all of that evidence. So I would just say, you know, if you just keep tuning in and keep listening and, and finding those distinctions, and hopefully, you'll find that catalyst that will take you over the edge in your career plan, which is what you need to do, create a plan and if you've got a better one, if you can help me shape the plan, you know, well build a plan. So it's, you know, seven steps to wealth is a better plan next year than it was because it's always getting better. Because we get distinctions from our own students. We'd love for you to suggest things. And we'd love for you to collaborate if you're an expert in one area building wealth. By the way, Chris, somebody did ask on the questions on the programme Why didn't you have gold?
Unknown Speaker 19:04
as an asset? Yeah.
Unknown Speaker 19:07
And, and the reason for that, which was a great question, by the way, is a lot of people ask me that question is because gold isn't an asset because it doesn't put money in your bank account while you're asleep. What gold is a hedge? It's a precious metal like gold and silver. So it's a hedge. So it's a way to take some of your money off the table. And we teach this, don't we, Chris? That when the stock markets rising instead of just riding the wave and then hoping it keeps going, and then we know it doesn't, it falls again. You take money off that table and you reinvest it. You take money off your stock market table, and you diversify by putting it into other things, including gold, which is then a store of the wealth you've made, because gold is a store of wealth. I call it the gold principle which is make some gains. Take them off the table. Then lock them in and diversify another one of my acronyms, Chris, which I don't think I've done on the podcast. But you know, so there's another one for you. And that's an interesting one. So good question. But it's not an asset because it doesn't put money in your bank account while you're asleep.
Christian Rodwell 20:16
Thank you for answering that one. And let's not forget, our founder members, this time last year, took that decision to join our programme. And we have been working with them for you know, just under 12 months now, and without them, we would not have been able to shape it and make it what it is today with the seven step process with the 11 narrow why's that we talked about a couple of weeks ago on the podcast, and I just just want to say a big thank you to all of our founders and obviously, many of those will continue and you know, for the year two in the programme, and you know, it's just growing into a bigger community with more and more people. Now sharing ideas and sharing knowledge and so good to see.
Unknown Speaker 21:04
Yeah, it is good to see. And what's interesting is if we look back on previous students where I've worked with personally, which wasn't done as part of a teaching programme with coaches, Chris and online stuff, it was all done with me once. One is the average length of time, you know, takes one to one is quicker, because there's more. Well, there's more money, of course, in terms of spend, but there's more interactions there. But we're definitely finding that we're even seeing now that some of our first year students are really piling on the assets, right? So they're not, there's nobody going to be financially independent in 12 months, it's almost impossible to do that. Because you've got to learn so much and take the time and almost everybody who's building wealth is building wealth in addition to doing something else, either holding down a job because we want them to be safe as far as they can. Staying in a business as long as the business Carry on, given what's going on right now. So, you know, they're all moving forward, not not everybody is there's still some people stuck. You know, it's not a foolproof system. And not to say that too, because union wealth is about doing and knowing is not the same as doing and you have to find the right things. And I think my friend, Simon Suchi, who runs his own mastermind programme in property, you know, he has a, he tells me all the time that in many cases, the people who do the best are not those who've done the best after one year, you know, because they're on that discovery, and they may be slower to discover what they need to do. But once they find a thing that really works for them, then they power through and, and I've met many of the mastermind students, and it's true, that it's not a race, okay, so you get wealthy within five to seven years. And it works. You're not going to do it in one year. So I've had I've had a conversation with students yesterday, Chris, who said you No, I can see some people are powering away and it feels like you're getting ahead of me. So it's not competition. You know, don't worry about how other people are doing. They just have found maybe the sweet spot, maybe they found that location or back to the dream house, you know, what they want is something which is the land is easy to find, you want to be overlooking, you know, the Bay of Biscay or something and that that's hard to find you it's going to take you much longer to to get all of that you don't speak the language yet. So you've got to recognise that it's not easy. If it was easy. 95% of people you know, wouldn't be failing. But it is doable, and that's the key. So don't worry about the time it takes but I'm delighted at the students have many of them would make great progress and be they knew at the beginning, that they were part of a programme that in itself wasn't fully formed. And we're, you know, getting that better and better and better with their interaction. So, there's too many to mention, but
Unknown Speaker 24:03
I'd like to thank the person who's not.
Christian Rodwell 24:05
Yeah, and of course, all of our founding members, you know, will gain from that the new additions that we've introduced to the programme now and some of those new additions, as well as the as the wealth coaches, which we've talked about. And in fact, after this recording, where we're having a group huddle, aren't we with our new wealth coaches, which we're looking forward to, and, of course, some live events. Now at the moment everything is on lockdown. And of course, we can't put those dates in the calendar right now. But be assured that we will be getting together all of our founding members and ourselves now wealth coaches, for some live mastermind training days later in the year once everything gets back to some normality.
Unknown Speaker 24:45
Yeah, and in the absence of that in if it takes longer than we think. Then of course, we'll have to bring technology to bear and and do the best we can. So you know, we're all in it together on we really with this lockdown. And just got to See it play out. But as I said, You've got time now, most people are not travelling, they're not commuting. You know? Yes, it's hard at the minute with kids that's spoke to somebody yesterday, Chris and said, I don't know when I'm going to find the time between double maths and engineering. Don't worry about it. Just let it all come down, you know, let you and your kids just settle down. And then when you're ready, you know, find a time carve out some time for yourself. And that's just what you have to do and recognise we're in very, very unusual times, unprecedented times, actually. And if you have to take some time just to you know, get a good solid family situation, get into good routines and habits and find some time for yourself. As long as you do find it, that's fine. If it's a podcast or you know, you do your exercise and you do your half an hour or your hour and walking the dog or you're cycling or running or whatever you're doing. You know, just stick a podcast in and Listen to a book on Audible. And maybe Chris is actually just thinking about it, maybe we should be putting together a sort of a list of really great things that we'd recommend people to listen to. So they're not just waiting. Not that I'm arrogant enough to think people waiting with bated breath on Wednesday to hear from us. But you know what I mean, if there are some great books that we recommend, and they're on Audible, maybe we should create that list person, get it out there. So you know, people can go at the pace they want to.
Christian Rodwell 26:29
Yep, that'd be that'd be a good idea. And we're actually putting together right now, a downloadable PDF that will be available in the next few days, which just kind of summarises everything. We talked about last week's episode, which was the q&a session we did on Facebook, and we went through all of the Seven Pillars, and you outlined Kevin, some of the things that people can be thinking about and some of the things that they've had, should be trying to avoid. And, and we've had a few people asking us for that. So we're gonna make that available as well. And we'll eventually Not in the next episode. Yeah. Yeah. So I guess the last thing to say Kevin is really, you know, this crisis, like all that have come before is going to end. You know, we don't know when that is, but we know that that will happen. And when this is over, and we're kind of coming out of all this turmoil, there's going to be some incredible opportunities for people who know how to find them. And so, you know, people asking, Is this the right time to be building wealth? Well, you know, there's no better time to start that process and to take that first step. And as we've talked about today, you've got to have a plan. So, you know, we'd love anyone listening right now who's thinking about building wealth to consider, you know, whether now is the right time for you to join the programme. And of course, we would love to have you join us and we're getting going next week from Monday. The programme closes midnight tomorrow night, which is Thursday, the second of April. We're actually doing a webinar tomorrow night, Kevin, aren't we at eight o'clock? 8pm. So q&a for anyone that still got some questions. So just kind of wants to say a little bit more about what's included, then they can register and I'll put the link in today's show notes for that as well.
Unknown Speaker 28:06
Yeah. And there will be opportunities coming and there always have to be. And I think people are just confused about where will those opportunities come from Chris, will it come from the stock market? Will it come from property? Will it come from business? You know, how do I how do I profit from opportunities ethically, and responsibly in a way that doesn't disadvantage people and absolutely, never, ever ever goes anywhere near profiteering? And we're beginning to see, which I've said in a previous podcast, Chris, that is the sort of strange dichotomy that appears in times of trouble happened in the Blitz as well. There was looting there was the word things like that happening in the Blitz, but also you got that spirit of community. That real strong sense of we're all in this together. I just loved it when, you know, we were outside in our house recently, last week. I think it was We're just applauding the NHS and we see that in Paris. And we see that in Madrid. And we've seen that all over the place that in five, what is it now? 50,000 50,000 or 500,000, I've lost track Chris and then the volunteers who are helping, you know, to, to get people through who are less able to help themselves. So, you know, I'm focusing on the spirit of collaboration, the spirit of helping others, not in the spirit of profiteering and we will look at the ethical opportunities that will flow out of this, and, and knowing some skills and strategies, and I'm more than happy to add that to the q&a tomorrow, people got questions about where those opportunities will come, and how you can be poised and ready. But that readiness comes from at least, you know, having that structure so you know, how to think about it as opposed to just randomly bumping into ideas and, and things because they'll there'll be plenty people could Advertising the next best thing that will get you rich very quick. There's always those out there and you started to see it now, you know, the right thing to do right now is to get an Amazon business, the right thing to do right now is to, you know, and there's no right thing to do right now. You build your wealth on solid principles. And if you follow those principles, but then you think about where the opportunities are, and then how to do due diligence on those opportunities, and not just to fall into some Glossy trap set by somebody else. Anyway, that's enough for me, Chris, I've enjoyed chatting to you today. Looking forward to we need to jump on a call with our coaches in the next half an hour or so and looking forward to working with as many people to decide that now's the time to build their wealth and now is not the time to let this happen again, and just be devastated. Like so many
Christian Rodwell 30:56
episode today. Kevin enjoyed that. And I'll catch up We go on the next episode of wolf talk.
Unknown Speaker 31:02
Okay, Chris Yeah.
Unknown Speaker 31:06
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 slash membership right now for free access. That's wealth builders don't co.uk slash membership