James shares his journey after joining in December 2020 as he looked for focus and structure, in a position of financial insecurity. Tune in to hear the steps James has taken to generate £3,000 per month from assets following our signature Recurring Revenue Roadmap.
How would you like to increase your recurring revenue by 900% in 18 months?
Well, this is what WealthBuilder Academy member James Clack did and in the latest WealthTalk podcast episode, James shares his journey after joining in December 2020 as he looked for focus and structure, in a position of financial insecurity.
Tune in to hear the steps James has taken to generate £3,000 per month from assets following our signature Recurring Revenue Roadmap.
Resources Mentioned In This Episode:
>> Connect with James Clack [LinkedIn]
>> WT131: Member Spotlight: Claire Snedker
>> Join the WealthBuilders Academy
>> REGISTER HERE FOR FREE RESOURCES ACCESS
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Unknown Speaker 0:01
The purpose of wealth talk is to educate, inform, and hopefully entertain you on the subject of building your wealth. Wealth builders recommends you should always take independent financial tax or legal advice before making any decisions around your finances.
Unknown Speaker 0:19
Welcome to Episode 152 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders. And I'm joined today, online on video by Mr. Kevin Whelan. Hi, Kevin. Hi, Chris. Good to see you. Again, refreshed, recharged, ready for action, following a nice long bank holiday weekend. So yeah, hopefully, we've got a really great guest today. In fact, we have, we have invited another of our wealth builder Academy members to share their progress since they joined. So we'll be shining the spotlight on James clack, who joined in December 2020. So, you know, just coming up to a year and a half. And we'll be hearing exactly what steps James has taken following our recurring revenue roadmap, which is our process, Kevin, which we know is a tried and tested blueprint for anyone who wants to move from financial insecurity, where of course, we know 95% of the population find themselves to a place to financial independence.
Unknown Speaker 1:16
Quite right. And it's a roadmap we love to share, isn't it? And I think while the roadmap is tried and tested, the way people applied is always very different. And, you know, some really good
Unknown Speaker 1:29
lessons and revelations that you managed to draw out as usual question your professional interviewing. Well, then, yeah.
Unknown Speaker 1:38
So yeah, so we'll, we'll dive into that conversation with James. And as usual, we'll pop back afterwards and pull out some lessons. Looking forward to
Unknown Speaker 1:49
James, great to have you on wealth talk today. Thank you, Christian. Good morning. Yeah. So James, yeah, you've, you've been with wealth builders as a member since December 2020. So you know, just coming up. So perhaps a year and a half or so. And you've just been making great progress. Since you joined, you've been a fantastic member of the community sharing and contributing. So it's a real pleasure to have you on the podcast today. And we're going to walk through the recurring revenue roadmap as we do. So we know this is the journey that anybody who wants to move from a place of financial insecurity, to security to independence has to follow these steps. And we've laid it out, obviously, in our nine step roadmap, and that we're just going to talk through it and see how things have been going for you, James, since you joined. Okay, water. Cool. So I guess, you know, the starting point is, you know, what made you join wealth builders in the first place?
Unknown Speaker 2:43
Yeah, well, I think I think a lot of that goes back to
Unknown Speaker 2:47
not having much focus. And
Unknown Speaker 2:51
I think it was probably going 2016 17 When I had a realisation that,
Unknown Speaker 2:58
that following a divorce, that, I think I've five, five buy toilets at the time and had to sell for them. And, and at the same time, I had a pension calculation on the final salary pension at work. And they froze it, and they stopped any more contributions. So when I looked in, projected that out, I was thinking, Yeah, this doesn't look good. So I needed to have a
Unknown Speaker 3:24
alternative plan in mind. So at the time,
Unknown Speaker 3:30
I had a friend who I bought the first vital act with in 2006. And actually, we've got we've had the same tenant there ever since. And he's, he runs one of the Bristol pins for some musician, and he's very much in the property game. So I had a further conversation with him and went to a pin and was pretty much focused on on the property, property. Pillar, then the I bumped into somebody from the landlord pension scheme, at the time, as well. And they mentioned wealth builders. So at the time, I researched wealth builders and the National Pension Scheme, and sasses and all that sort of stuff. That's kind of how I got started in 2018 2019. Yeah, yeah. Good. So, you know, mindset really important at the beginning, one of the things we do is also the wealth dynamics assessment at the beginning. So you took that obviously, James, did you have any realisations? You know, kind of about your personality than some of your strengths?
Unknown Speaker 4:26
Yeah, well, I mean, it's a dynamo of personality and I kind of new A personalities is enjoy getting things getting things started, and I probably less
Unknown Speaker 4:39
say interested, less time spent on the detail and the sort of the analysis you know, the sort of more if you talk to we do a lot of insights, profiling, and kind of more of a red stroke yellow in the green stroke blue, which is the plant and the, the analytical side of things. It's not that I enjoyed it.
Unknown Speaker 5:00
I do enjoy doing it. But I had a bit of a realisation then that
Unknown Speaker 5:04
probably the type of people or type of business that I needed. But also, the big challenge for me was to stay focused on one on one path. And so that was when I joined wealth builders is probably going on to in the end of 2020. That whole year, I've been
Unknown Speaker 5:24
drifting between strategies and commercial and all sorts of things. So I think the one big, big thing I needed was, was a roadmap and and some rural areas of focus, which is, which is what wealth builders gave me. Yeah, cool, but a bit of structure there. Yeah. Okay. So step one is mindset. And step two, then is foundation. So this is really about getting clear on you know, how much asset income that you're currently generating? And how much do you require in order to reach your next wealth level? So there's obviously five levels of wealth, insecurity, security, independence, and then beyond that. Can you remember what level you were at when you join James?
Unknown Speaker 6:00
Yeah, I mean, like, a lot of a lot of people is definitely insecurity at the time.
Unknown Speaker 6:06
Particularly in 2017 2018. And, yeah, it was a bit of a wake up call, because, you know, the day job, you know,
Unknown Speaker 6:15
thought I was doing quite well in my day job, and everything else will actually when you haven't got assets producing cash, and you're you haven't got the assets or the cash flow to cover your, your immediate costs. And then, yeah, it's a little bit worried. Yeah. However, I think you did have some assets had some property. So there was a little bit over asset income, can you remember roughly how much you had at that point, but 3.3 to 500 pound at the time, through a through a buy to let and some farmland, which is in the family, which we rent out, and some stocks and shares that I've gotten an ICER. So you know, there was a little bit there. But it wasn't wasn't a great to make any means. So so what is that next level for you, then James, when you set that security level? So that's really how much you need in order to cover all of your outgoings every month? Yeah, so the financial security target that sofa and my partner Lucy of surfaces is for 9000.
Unknown Speaker 7:12
Alright, so that was that that was the plan, how to get you to the four and a half k as soon as possible. So Okay, moving on to step three, then. So step three is what we call the roof. And this is all about, you know, protecting your assets and protecting yourself and your family and all of those things. So, when you went through that process, James, was there anything that you identified that was missing? And have you put that in place now?
Unknown Speaker 7:34
Yeah, so we, fortunately, we, we did resolve Lucy decided to, to review where we were with wills. And we pretty much the first thing we did was to,
Unknown Speaker 7:48
as we bought a new house together, where we where we are now, as we put together a property will trust to protect either partner.
Unknown Speaker 7:57
And we also put in place a discretionary real trust as well.
Unknown Speaker 8:02
And, and quite fortunately, fortunately, I think
Unknown Speaker 8:07
we have some good advice at the time. And when we put all that those protections in place. So what before we got started on the journey? Yeah, great. So that's really stage one, which we call building confidence. And it's just getting all of those foundational, important pieces in place. Not always the most enjoyable, fun things. But, you know, essential nonetheless. So that moves us into stage two, then, which is all about building knowledge. And step four is where we look at the Seven Pillars of Wealth. So the assets, and we noticed seven different pillars, and which did you already have some experience of when you joined James and which ones have you been able to utilise sense? Yeah, I mean, when I was a, when I first moved to Bristol, which was 2000, I bought my own place to live in and I had three full bedrooms and three bedrooms I rented out. So I had a bit of experience of, of your home capacity one then. And as I said, I bought bought a buy to let in 2006, which I didn't really know
Unknown Speaker 9:09
quite what I was doing at the time.
Unknown Speaker 9:11
And actually, I did sell some properties which I had, which I bought myself to live in. And I wish I'd kept them actually prior to that. But you know, so I had some experience in 2006 as a writer, let's and then I proceeded as I said, to, to get three or four more vital ads and to let them out. But the one thing I'd never done was to invest in any education in myself. And I was always saying I don't need that or read a book or do this. And I probably didn't value the community, the wider community and the professional trainings, I was a little bit cynical with it all.
Unknown Speaker 9:45
So I decided in 2019 I did some property training when on a commercial training course and a serviced accommodation training course as well.
Unknown Speaker 9:56
And their three day courses and
Unknown Speaker 10:00
coincide insightful and I met I met some really good people and one of the people I met was
Unknown Speaker 10:06
what had converted a local authority building in Nottingham, near Trent bridge cricket ground into some service departments. And he was letting act one pious that and I'm a big cricket fan. And he was letting out the umpires for months at a time when they when they test matches there and everything else. And so I went to meet him. And I got quite inspired. Actually, at the time service accommodation was kind of a buzz word.
Unknown Speaker 10:30
And so I was quite excited by that. And at the same time on the course, I found a number of
Unknown Speaker 10:39
other people who'd, who had holiday lips managed by one of the one of the larger hobby like management companies, and a couple of you know, one of them was really delighted the other ones, absolutely just getting no returns, he was ever really poor feedback. And guests were completely it was just an absolute shambles. So I think a combination of those two things, plus,
Unknown Speaker 11:03
you know, having to have a real decision on on which trash show went to so that the training was invaluable. The people I met gave me some real insight as well. And I came away from that absolutely buzzing
Unknown Speaker 11:16
to do something similar.
Unknown Speaker 11:19
So
Unknown Speaker 11:21
I think the next thing was, I bought a, I had an opportunity to buy into a whole cottage and near Snowden with a couple of friends. So I bought that. And one of them was managing it from his mobile phone on booking.com. So I kind of had this same time, it's probably a lot of things going on here. But my partner Lucy had a friend in Abu Dhabi, who had a second home on the south coast,
Unknown Speaker 11:47
which was redundant. So I kind of join these dots circle sort of around, we can probably do a bit better than
Unknown Speaker 11:55
a oven that property empty and the one I've got in, in Snowden, we can probably do better than that, in terms of managing that. And that's that's how we kind of kind of got started. Yeah, fantastic. So leading off that there is leverage, really, which is step five of our roadmap, and what areas of leverage have you learned about James? And well, obviously, we've got five areas that we talk about, you know, in our first model, which is financial, intellectual relationship systems and time. So can you provide any examples there how you brought leverage into play?
Unknown Speaker 12:29
Yeah, so I guess there's a few I mean, there's, there's, there's obviously friends who have properties that were empty or a friend, a couple other friends that we've since
Unknown Speaker 12:41
purchased properties, with an unnamed managing who had spare capital to invest something as leverage there. We also also my SAS pension, I converted into a SAS, which took about 18 months.
Unknown Speaker 12:58
And
Unknown Speaker 12:59
the IFA that I used to see the SAS told me that loan backs were illegal,
Unknown Speaker 13:05
which wasn't particularly helpful at the time.
Unknown Speaker 13:09
Until I got some further advice on it, but certainly the SAS, I've since done a loan back and just in the process of doing another one.
Unknown Speaker 13:18
So that the Sasin pension leverage was was really, really good. And then joint ventures as well. We're just currently doing
Unknown Speaker 13:26
a joint venture now with another wealth builders, member class, Nico. And I think there'll be a few more joint ventures to come as well. So
Unknown Speaker 13:37
yeah, and I suppose the final one was, I have a habit of sort of
Unknown Speaker 13:43
finding opportunities when I when I kind of least expect them or most want them whatever, when I bumped into somebody who's developing a channel manager at one of the networking events and I guess networking events are what it's all about, and you do come across them and they're very much focused on direct bookings and building they built the individual built this channel manager actually ism is a holiday let serviced accommodation manager himself.
Unknown Speaker 14:08
It's gonna be called zebu, and was one of the sort of founding partners not partners finding guinea pigs for that product. And I've been with that being with that company ever since and yeah, so a bit of leverage on systems SAS pensions, some friends money and some joint ventures, I guess, Christian? Yeah, yeah, no, great. And so many, so many things they've wrapped up. You know, I think such good examples, really, of, of what you've mentioned, is that if you're just trying to do everything in your own little bubble, you don't know about these things, right. I mean, if you rewind five years ago, would you ever have imagined when you like, you know, fully just corporate life that you'd be able to unlock your pension, borrow money back, buy some more properties, start generating recurring income from that, you know, probably wasn't anything that you ever considered until you got the education.
Unknown Speaker 15:00
And until you started networking with people who were doing it and then giving you that kind of light bulb moment, you can do it yourself. Yeah, it's incredible. And the power of utilising
Unknown Speaker 15:11
live power of leverage is, is huge. And yeah, I hadn't appreciate that and
Unknown Speaker 15:17
pretty, pretty mind blowing, I think the challenge is there's so much leverage. And that's, that's an additional problem once you start
Unknown Speaker 15:24
utilising it that, that that's a different, different challenge. But once you realise it's there, it's
Unknown Speaker 15:31
fantastic. Yeah, well, that kind of takes us quite nicely into stage three of our roadmap, which is all about building assets. So once you've got your confidence there at the bottom layer, you then build your knowledge is then about obviously, implementing all of that knowledge, putting it into an action plan. So step seven of the roadmap is focus. So once someone has chosen a strategy, the key is to follow the wheel of wealth. And that means getting some education, getting some support, having connections, doing your due diligence, and then taking Guided Action. And this is where our wealth coaches are there every month, to help you stay laser focused and turn that wheel. So what benefits have you gained James from following this process and having that accountability from your coach each month? Yeah, I mean, I think the property's said earlier that the big the big, was decided that that whole new let's, you know, serviced accommodation
Unknown Speaker 16:25
was our was the strategy we're going to follow.
Unknown Speaker 16:28
You know, we then chose the Joseph geographic area, and we kind of narrowed into a niche, we weren't going to do apartments, because it felt like a lot of people were doing that at the time. So we focus on three to four bed houses in a very kind of self elusive, very big on connecting them close, you know, make sure we're close to nature, and give him you know, it's probably giving people a break. So they're all they're all within touching distance of a national park and the beach, and they're all very similar, we've kind of created we're quite big on creating a brand. And I think what was one of the, the big, the big benefit I got from the coaches was, every time I brought them around me saying that, every time we had a meeting,
Unknown Speaker 17:13
call that I was looking at going off at a tangent, you know, I've seen seen this out the other end, and then I keep keep going as you are, so keep going in that strategy. So we, we even from a financial point of view, when we're when we're looking to buy them for investors, at 220,000 is, you know, is a sweet spot in terms of the properties and the areas that we look okay, you know, it's an actually, then I'll start looking at 250 and 400,000, by you know, keep focused on your keep coming back to the, to the, to the market that you're focused in. So, you know, actually for for investors who've bought properties that, you know, the returns are really good, and the, you know, the not in prime Lake District hotspots, but they are 20 minutes away from the Lake District in up and coming places that are really nice. And got, you know, I've got everything you need. So, yeah, so it was keeping that strategy focused. And
Unknown Speaker 18:14
yeah, I think that was that was really, really important. And I think not to give up as well, because one of the things, you know, we're very big on direct bookings. And, you know, although we, you know, we need we value value, the OTAs, the booking.com, and Airbnb, so we value them.
Unknown Speaker 18:32
And we utilise them. And we're conscious of the reviews.
Unknown Speaker 18:36
We have got a big plan with direct bookings is what we're all about. And that can be quite tough to get direct bookings. So I think keeping focused on the key areas was one of the massive benefits. Yeah, yeah. coaching sessions. Yeah. And were there any key connections in those early stages? When you were learning about service accommodation? Did you kind of go and look at anyone else's properties to see how they were doing it?
Unknown Speaker 19:00
Yeah, so there's, there's quite a lot of
Unknown Speaker 19:03
coordinate, because when you start off on something, the is the in the details and things like third party liability insurance and the insurances you need, you know, fortunately, we have got the right insurances. And just as well, because a couple of things have happened when we needed them. That was after speaking to
Unknown Speaker 19:22
a recommendation from from a coach to an expert in in the field and having discussions there.
Unknown Speaker 19:31
There's quite a lot of things when we were doing the loan back the getting a security solicitor.
Unknown Speaker 19:36
And I think I got that from one of the wealth builders members. And you know, I didn't realise it was part of the jigsaw of when you do a loan back. So there's lots of little details along the way. And then what I guess it's like anything, but the more we're more we're growing now. And the more we're
Unknown Speaker 19:52
expanding, so we're just starting to look at, we've just outsourced the calls to guests from 6pm
Unknown Speaker 20:00
till nine in the morning, which has given us some breathing space in that came from a recommendation from one of the one of the one of the community.
Unknown Speaker 20:10
Also, we're looking at a VA. Now to do some of the administration tasks, which just about to start, again, that came from somewhere else. So I think
Unknown Speaker 20:18
it's gonna have a bit of leverage, but also it's the wider community that's this really helped and, and a lot of these details, you just, they're not in any manual, you know, working with good people and good partners is really important to us. Good invest, you know, when we value our investors and the partners, and actually, that's still a people,
Unknown Speaker 20:36
people peace, but there's no manual for some of this, unfortunately, ya know, some very good lessons there. And as a, as a creative Dynamo type entrepreneur, some of the detail, the due diligence, it can be easy to kind of skip over that content. So, you know, I'm really pleased that you pointed out the importance of making sure those, you know, those contracts, those insurances, those, those due diligence pieces are definitely taken care of. So yeah, following the will will hopefully generate some results, which is Step eight. So we know that, you know, sometimes it's recurring income, sometimes it's capital, but the key is really for us is to help you to generate enough recurring income from your assets each month, so that you're moving closer and closer towards your security and independence targets. So we heard where you were when you joined, just under 18 months ago, James as roundabout the sort of free 50 to 500 a month. And what are you now generating in terms of monthly recurring income?
Unknown Speaker 21:35
It's
Unknown Speaker 21:36
about 3000 a month at the moment, and the four and a half is in touch and distance, hopefully, by the end of the year. So
Unknown Speaker 21:45
hopefully, within two years, the financial security figure will be reached, which is absolutely, absolutely fantastic. I mean, when we when we set up the business 29 team,
Unknown Speaker 21:58
you know, the plan was to, to double the turnover. Actually, the ambition was to double the turnover every year, for five years. And if we did that, then the independence figure would be all being well, at the end of it. So yeah, we're at two and the financial security figure is,
Unknown Speaker 22:19
is in reach, I think, within the next nine months, I would say so, yeah, it's been hasn't been easy, though. We've had lots of personal
Unknown Speaker 22:29
setbacks. A partner had two miscarriages and ectopic pregnancy in that time, and she is very much in the business day to day I'm not in business day to day and Lucy's got property management background, which is really, really helped. But she's had some setbacks, and actually, you know, to get through those, and the journey we've been on, as
Unknown Speaker 22:50
it's been even more remarkable, I would say, from my perspective, no, no, it's, it's a great result. And well done to both of you for that. And we talk about the journey from A to B in, you know, starting
Unknown Speaker 23:05
insecurity moving to independence, you know, is anywhere between about three to seven years, James, so, you know, five years is the average. And I think when we were talking, you know, if things continue on the trajectory they are then hopefully within that five years, you will be around about the independence number. So that's, that's really amazing.
Unknown Speaker 23:23
Yeah, thank you. And I think but I think, you know, as the business grows, you know, we've got fat that looming next we've got challenges. As we grow, there's lots of challenges. The more people we if we, we've got one employee now, and we'll take another say, it's not going to be it's not going to be easy, but, you know,
Unknown Speaker 23:41
yeah, it started off first two years have been good. So, yeah, you've got the confidence, you, you know, you believe, you know, you're on the right track. Now. We're on the right track. And, you know, I think we will still need
Unknown Speaker 23:55
mentors and, and some coaching and, you know, the wider community and all the things. So, I think, provided we stick to,
Unknown Speaker 24:02
you know, what we've done so far, and we try not to grow too quickly. And we work with, you know, the right people in the right, so you're right, the whole team, because this is very much a team thing. And I've listed listed that we list this tear, all the people we work with, and you know, there are dozens and dozens of really good people and you know, hasn't been easy and some of the housekeeper's challenges we've had, we've been through three or four companies, we've found some excellent ones in one particular area now, but you know, it doesn't happen immediately. So I think,
Unknown Speaker 24:34
yeah, be a constant learning. Learning Curve Tool. Yeah. And we've not even mentioned the fact that the last two years we've been in a global pandemic, so you know, on top of that, we've a strategy service accommodation, which for many people was, you know, really tough during that time. So, you know, even more impressive. So, again, you know, just want to say well done to you, James and to Lucy and, you know, really excited to see the ongoing journey. We'll definitely get you back
Unknown Speaker 25:00
Tax and federal updates in the future. And, you know, is there anything else that you see that's going to be really important? Just to help you over the next, you know, couple of years?
Unknown Speaker 25:09
Yeah, I mean, I think I think,
Unknown Speaker 25:12
Jordan, as we, we,
Unknown Speaker 25:15
we set the service accommodation business, wholly their business, I've just before COVID came down two months before, and then everything was shut. But during it, we, we, we had the flex into NHS, with NHS workers, and we have some contractors on the wind farms up in Western Lake District. And we, you know, so we had to flex the model in the target audience, I think, remaining flexibles. Great. And moving forward, some of the sort of, I guess, in a look at some further strategies are quite like the converting a guest nice into an apart hotel. And then the CMO that sort of commercial multiple give CEO with multiple leases, and that, too, so my challenge is to keep going with what we're doing. But but sort of explore some of these wider opportunities as we go. So I think that'll be
Unknown Speaker 26:03
for me, the really exciting bit, but not losing sight of the sort of core business as we go. So connecting with people who've, who've done those sorts of things will be really important. Yeah, I'll take the word out of Kevin's mouth, which is focus your way to security and diversify your way to independence. freedom is freedom.
Unknown Speaker 26:23
Alright, chose look, thanks, again, for being such a great member of the wealth builders community. And thanks again for sharing with us today on wealth talk. Thanks, Christian. Appreciate it. Thank you.
Unknown Speaker 26:34
Okay, so lots of good points there from James. And yeah, just, you know, always so, so pleasing to hear our members telling their their own experiences, right. As you said at the beginning, you know, everyone kind of follows the roadmap in their own individual unique way that the connection with other members, you know, working together, it's just fantastic every single time. So we're going to pull out those lessons. Before we do that, let's pull out a review that we've received from, from Trustpilot. And I'm scrolling through and I can see one here from Josh. So Josh says professional and supportive community, having been a member for nine months now, I've been extremely impressed with the structured nature of the process, the learning material available, and the variety of support available, whatever your ambitions are, the community is truly supportive to members at all stages of their journey, which really encourages you to step back, think about your goals, and develop actions that are right for you.
Unknown Speaker 27:32
They never cease to amaze me, Chris. I mean, we're doing something right when people say those things, and, and, of course, James, as well as full testimony to the quality of being able to follow the roadmap. And as always, Chris, I love a good catalyst.
Unknown Speaker 27:48
Yes, well, you know, it's a it's a key part, isn't it? Step one is all about mindset. And that's always about, you know, why are you doing this? You know, what is it that's driving you? And for everyone, there's a reason why. And for James had an initial setback, he talks about, you know, things that are happening in his life and, and then that pension realisation as well, which is a biggie, Kevin, we know that so many people kind of do the sums and say, Hang on a minute, this isn't. This isn't gonna look after me when I need it to.
Unknown Speaker 28:17
Yeah, I mean, I encourage anybody who can just take out the statement, you know, when you finish the podcast, do me a favour, go get your pension statement, have a little look. And you know, it's the same with a mortgage statement. What I love are the two things I love about statements, the realisation about what they're telling you comes right at the end, when you get too bored to get that bar, because both of them are shocking messages on the mortgage statement.
Unknown Speaker 28:47
It says, you know, your interest rate is this and the property name is that and blah, blah, blah, and the monthly cost is this. And then right at the end, it says, And this mortgage will cost you a total of x. So you borrow 200,000, they'll say, the total cost of this mortgage is 632,433. And you go, how?
Unknown Speaker 29:10
Because if you knew you're going to spend that much, he might pay attention to reducing that which is really the subject of my first book, save a fortune. So every now and again, probably every five years, Chris, I get on a very, very large soapbox, and shout and scream about it. That's the debt one. The pension one I'm going to shout and scream again, is have a look at something called the
Unknown Speaker 29:39
SMPI. Chris.
Unknown Speaker 29:42
Yeah, there's a new one. It's not a sexy one. Statutory money purchase illustration. It's like a little summary in the end and it says based on what we think this will return as an average based on inflation which will underpin up significantly understating inflation by the
Unknown Speaker 30:00
When we think your pension will be worth this in real terms, and that is what shocked the hell out of James, when you realise your pension is not going to make you wealthy, there's no pension can make you wealthy unless you've got a fantastic final salary pension, and you own the fortune. And for most people, those are long, long, long, gone. So the only thing you can do with pensions, and just I implore you, please, if you're listening, get the statement, now have a look. Because most people are going to get a terrible, terrible return. And I implore you to do this, get in touch.
Unknown Speaker 30:39
And let us know. And we'll help you reduce those fees by at least 50%. On average, we can help people reduce those fees by 50%, which means so much more money is going to be kept by you so much more money is going to be kept by your family. And so less money is going to be kept by the industry. Which profits by hiding things in the back of your statement.
Unknown Speaker 31:05
ran over? Yeah, well, we better let people know how they can get in touch in order to do that. So please do drop us an email Hello at wealth builders.co.uk Just put, you know, pension review. In the subject line, we'll pick that up. We'll, we'll get back to you on that. And we'll see where we can get those savings for you. Because it's such a biggie. And really, by the way, you know, just just anybody's listening to this podcast. This is not a money making things. This is me on a soapbox. But as a consumer champion, somebody who cares about people being able to live a life and in a world where inflation is on the rise, everything is going up up up, if I can show you how you can get 50% reduction. This should be on the news. This isn't something you should be held in a podcast for a few 1000 people every week, this should be big, big news. So get this message out. Anybody who's got a pension? Boy, can they say fees? Technology's driven down the cost of fees. But unfortunately, unless you ask about it, it's a bit like a
Unknown Speaker 32:06
let me think now, the utility company keeping you on the highest tariff unless you ask exactly like that, you must ask. And we can help you. Because we are entitled as qualified. We've got a team of qualified our page behind the scenes, and they can help take care of that for you. So anyway, do that. When James discovered that right? He discovered his pension was not going to make him wealthy. He was drifting around like often people do. And that drift often leads to I suppose just I don't know, feeling okay, you doing okay, in your job? Yeah, you know, and I know he's got a well paid job. But having a well paid job, it's that's great to be successful in work, and even successful in business. But trading time for money, trading a product for money, trading a service for money, is not a recipe for wealth. It's a recipe to keep you going in the same loop until you wake up one day and go, what happened? Yeah, and that's what what wealth building is all about, is to stop that stop that drift, get out of the eddy, that you're in, reach out with your roll will pull you out and get you on a different track, where you can smoothly go downstream in your flow with your wealth dynamic, doing the things that you were meant to do not doing things that you know, keeping you stuck where you stuck. Yeah, yeah. The other thing James mentioned at the beginning there, you know, as well as sort of drifting, he was looking for roadmap, he's looking for that focus, but he hadn't valued education up until that point, you know, had some property didn't really know what he was doing with it. And then, I guess it was a light bulb moment, you know, he went and did some training. And he realised the power of community of people helping each other and came away from that buzzing, and, you know, thankfully found his way to wealth builders, obviously, again, that came through some connections and conversations. And when he joined, like most well, not most, but you know, many people was at a level of financial insecurity. So that means, you know, relying on that one source of income pretty much and in James's case, that was from a job, as he said, But if that goes, then, you know, you haven't got enough to pay all of your outgoings every month. And so we one of the first steps is always to sit down and work out with our members, you know, how much do you actually need? So we call that your financial security figure. So, you know, each month how much is going out to cover bills, the essentials, like lockdown lifestyle, as we call it? And for James and his partner, Lucy, that figure was four and a half 1000 pounds. So, you know, we know now what the milestone is and put a plan together following the roadmap. So
Unknown Speaker 34:42
yeah, so that plan really took on board, a certain strategy within property. But you know, the other element, which is really important before we start looking at assets and strategy and building that wealth is making sure we've got a firm secure roof. And, you know, in James's case, he talks about some technical language
Unknown Speaker 35:00
They're putting in place the property will trust and discretionary will trust. And, you know, we know this stuff can be quite complicated for people. And that's probably one of the reasons why many people just don't get it done.
Unknown Speaker 35:11
Yeah, I think so. And I'll look at the concept of a trust trust.
Unknown Speaker 35:17
If you read trust as a safety deposit box, or bubble wrap, you know, it's something that you wrap something around with the set of rules to keep it safe, and to keep it under your control. And that's the essence of it. So there's no point going into different types of trust and just fancy names. But what they mean is you've given some rules to how you want something to be managed, whether it's while you're alive, or when you're when you pass. And these are very, very important things to get. But I think the point that James made about I think he said he was cynical, right? And
Unknown Speaker 35:57
I'm not sure he was, you know, I think cynical. People believe everything is bad, everybody's bad. I think I would call James a healthy sceptic, you know, you're, you're doubting things, you need something to be proven. But once the proof is there, you go with it. So I want to encourage you all to be healthy sceptics, if you're a cynic, don't come anywhere near wealth builders, because wealth builders is not for cynics don't mind a little bit of DIY, you know, but you can't DIY some things, you know, I can DIY a plug, but I couldn't dry brain surgery, you know, I can dry painting a fence. But something that's critically important to the security of my family, like creating trust funds, I'm not going to try that. So you have to use experts when experts are needed. And the real skill. And I think we have that skill in wealth builders quiz is to be able to determine when do you need it? Who do you need it from? And how do we make sure as as guides, really, that we guide you to the right people, so you feel safe, you feel the services delivered, and that what you get is fair value. And that you can let us know how that's gone. Because we just love working with as we call them partners, you know, people who provide an outstanding outstanding level of, of service, who are experts in their niche, a niche is really important. And he actually talks about niches a little bit like Disney, and he's a love of cricket. But people who are outstanding in their niche, and who deliver a first rate service and, and that's really what we want them because we've got all those in play, then that saves an awful lot of time. Because what you can't do with wealthy Kong Googly way to us, conduit, there's no manual for it. There's a roadmap, but somebody's got to be acting as a guide. And I think what he got surprised that, which is where the sceptic not cynic came in, is the fact that the community is there, the community or not for themselves, the community or for sharing. I think, Chris, it's a long time ago, since I mentioned, that wealth building and transitioning from insecurity to security and security to independence is like crossing over a bridge. And you remember that analogy we use a lot, don't we, that when you cross the bridge, you know, people have crossed it. And they're they're extending their hand behind you to offer you help, like we want you to do is when you move forward, you extend your hand behind you to help somebody else. And that's what happens and it genuinely happens. And it isn't people saying I'll help you but you got to pay me this or do that is they help you because they're in a community. And there's no stronger reason to engage certainly with wealth builders and the power of our community.
Unknown Speaker 38:55
And date indeed. So we've covered off stage one, which is all about building confidence, it's those foundational steps. Stage two is all about building knowledge. So you know, James looked at the different pillars that were available to him. He talked about the pension with the SAS setting up. And of course property already had some experience didn't really know what he was doing, obviously now getting some more education. And then you have to pick a niche, as you mentioned, you know, pick a strategy. And within property there's we know 12 or 15 different strategies that people can employ. And for James, his love of cricket kind of led him along and got chatting and found someone who kind of really found a niche I don't think we've come across before which is letting out two umpires next to the cricket ground. Never heard of that before. I love things spectacularly brilliant for having found it. Because that's what being in a niche is all about. Now, I've never seen a niche that tight. But being in a niche means you can become outstanding at it. And the more you can become outstanding in the niche, the more you're going to create value for you and value
Unknown Speaker 40:00
For others, and you can differentiate more than anybody else can do. Yes, and and then leverage is, you know, at the heart of the roadmap, step five, and different types of leverage for James. So it really felt like relationship leverage was a big one for him, you know, he had friends who had some, you know, some funds some money sitting around, and obviously James with his knowledge of property, was able to combine with the funds and start managing and buying some properties, their
Unknown Speaker 40:26
systems as well. He talked about, you know, some channel management systems as well, because technology really important to make sure you're not busy, busy, busy managing all the bookings, and doing all of that stuff. So he also talked to towards the end about taking on his first employee, you know, so now, you know, leveraging people to help run those systems. So yeah, some really good examples of leverage brought into play then and of course, the leverage of the cash in the pension as well.
Unknown Speaker 40:53
Yeah, and you know, the community leverage because he connected with Claire, who we've had, or you could probably signpost when Claire was on Quiz probably quite a while ago now. Yeah. Claire is a former spotlight member. So we'll, we'll link to Claire's interview in today's show notes as well. Yeah, you know, there's this this collaboration and then leverage all over the place, and you can't build wealth without leverage. So do remember, and I think you stand posted, albeit briefly, Chris, in the podcast there. The five forms of leverage financial, intellectual, or interest, relationship systems and time. And, and kind of the bookends of finance and time are really the critical ones. Because that kind of shapes the direction you go, you know, the more time you've got, the more you can look at strategies that demand more time, the more finance you've got, the bigger opportunities that you can deal with more complicated, and ultimately, potentially much more profitable scenarios. But there's there's room for everybody with small amount of money, small amount of time, different strategies will apply to a large amount of money, large amount of time. And that's part of what we do. So well. And wealth builders help people, not just discover things by a random walk through strategies, but by looking at their leverage, certainly, in the early calls, when we look at that mind map, Chris, that you and your team create, to show people where their leverage is at, and hopefully try and match them with the right strategy. And this all saves time you the intellectual shortcuts that happened here saves time, saves heartache, seems hassle saves an awful lot of just struggling on your own to find a way to do this. And that's why I think, took me 15 years didn't No guides, no mentors, no pre trodden path, had to create it on my own crumbs. I wish I could, I wish I knew wealth builders. Now I could do it in two or three years, if I knew what I knew. Now I know where the wisdom that I have you, but anybody else can do it within three to seven years. So crumbs, five years, Chris, you only got do is put 60 months of hard work. And you'd be financially independent for the rest of your life. Who wouldn't do that? Yeah, yeah. Well, the one wonderful thing, which we often hear from our members, when they're sharing is the word confidence. I'm confident now that if I continue on this track, I am going to hit my goals, I am going to hit financial independence. And, and for James, you know, he's not far away from security now, and considering he joined, you know, under 18 months ago, security figure of four and a half 1000 a month, you know, we heard James say, I'm confident I'm on track for that. Heard that, which you know, the 1500 quid, and you can go up and big steps as well, you know, that's a big step from three to four and a half grand there, but those steps are can get bigger, the more you know, the more you immerse yourself in it. Sometimes those steps are massive. And we've seen that before in different spotlights. Yeah.
Unknown Speaker 44:01
I think that, you know, that pretty much wraps it up. I mean, there was some other other elements, of course, you know, we know accountability, working with a coach and, you know, makes such a difference every month. In fact, I had a call with someone today and you know, they just said off, you know, that coaching call was coming up, I had sorted my diary, it made me do that stuff, right made me get that stuff done. And, and that is the true essence of accountability there. So, you know, all of these things wrapped together, which is why we've put it into, you know, this easy to follow kind of step by step process, which we teach in the academy, and our team of coaches, our internal team, Richard, CO, our Community Support Manager, making sure that everyone's got, you know, answers to their questions through our help desk. And you know, just all of the other members who are there in the Facebook group everyday supporting and answering questions one another. So it's a real team effort. This is a real team effort. And even though we showed a picture of you, me and Paul, at Mercedes Benz world, and we're looking over so proud
Unknown Speaker 45:00
Are we, if you check us out on LinkedIn or Facebook, you see that picture. But we're always looking to expand that team. We're looking for people who are outstanding in sales, outstanding in marketing, and outstanding in finance, and there will be some of our next appointments. So if you love what wealth builders are doing, and if you're brilliant, if you've got a niche in sales, or marketing or finance, then get in touch because very soon, you know, we'll be hiring. You know, we'll be wanting to grow our team because we all go in big places, and we need some great people to help us along the way. Definitely, yeah, do get in touch. Just, if just to have a chat, you know, who knows where that conversation might lead. As always, hello at wealth builders.co.uk is the easiest, fastest way to get in touch with Kevin and myself. And that pretty much wraps up today's episode. If you're not already a free member, then please do head to wealth builders.co.uk forward slash membership, lots of free videos, ebooks, things for you to do. You can book a free discovery call in there just to have a chat just to see if there's anything we can do to help you or to explain a bit more about the wealth builders Academy. So do jump on. And Kevin, we will catch up Same time, same place next week. Until then, my friend see you.
Unknown Speaker 46:20
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