In today's episode we are joined by a WealthBuilders academy member, Paul Wareham. Paul worked in a stressful environment with lots of responsibility but lacked the confidence and clear plan of how to get started on his journey to financial security. Tune in to find out Paul worked with Kevin Whelan to gain the confidence and knowledge he needed to start his journey, and where he is now on way to financial freedom.
Kevin Whelan has been helping ambitious employees and time-poor business owners to build more wealth and become financially independent since the financial crisis of 2008.
As a mentor, Kevin is able to work 1:1 with clients to offer support and act as a sounding board, helping them to leverage existing assets that can be turned into recurring income streams.
Paul Wareham is one such client. In today's episode, Paul shares his wealth journey since he started working with Kevin 18 months ago.
Paul has a high-powered job with a lot of responsibility, and like so many others in a similar position - lacks time. When he was first introduced to Kevin he was lacking confidence, knowledge and a clear plan of how to get started. He shares today how he's now well on his way towards financial security!
Resources Mentioned In This Episode:
>> Connect with Paul Wareham [LinkedIn]
>> 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
outcomes to Episode 123 of wealth talk, my name is Christian Rodwell, the membership director of wealth builders. And I'm joined today by our founder, Mr. Kevin Whalen. Hi, Kevin. Hello, Chris. And good to be with you again. Yes. So it's that time in a month where we shine the spotlight on one of our members. And this month staff member is Mr. Paul Wareham. And Paul is not just a member of the wealth builders Academy, but also one of your private mentoring clients, Kevin. So today we're going to kind of talk a little bit about what the mentoring relationship looks like with certain people.
Unknown Speaker 0:51
Yeah, mentoring is a fascinating issue. And of course, you know, for a longest time, Chris, I've been acting as a, I suppose a guide. And that's how the program got started wasn't really I was providing that one on one support for high income successful people, just like Paul really super successful in their ability to earn money, but often struggling to turn that earning into asset income, you know, so that they could create wealth. And so we do not provide long time. So only a small proportion of the overall members membership, need that acceleration, want that acceleration, I've got the financial resources in order to make that work. But it's a very powerful thing. And you know, let's say, Paul story, and then you know, we can debrief a little bit more about time saving and other forms of leverage that you know, really critical when you dealing with successful people who almost always are time poor. That's that's the key issue. It's the leverage on their time. That's the primary outcome that they're seeking.
Unknown Speaker 1:57
Yeah. So I'll be walking Paul through our nine step recurring revenue roadmap so we can pull out some of the stages have helped Paul to move from place of financial insecurity to now generating multiple streams of recurring income. So let's have a listen now to our conversation with Paul waren. Oh, welcome to wealth talk today.
Unknown Speaker 2:17
Thank you.
Unknown Speaker 2:18
Great to have you on now. We, every month, we invite one of our members, Paul from, from the community to share their progress, since they've joined us and you've had a slightly different a different relationship, because you've actually been one of Kevin's mentor clients. So we'll obviously hear how that's been working out for you today, Paul, and, as usual, will kind of follow along our nine step recurring revenue roadmap, so we can see the stages and steps that you've taken to build out more recurring income. So are you ready to get going? Absolutely. Okay. Well, the starting point, then I think, Paul, is really to understand how you first came across wealth builders, and nobody attracted you to working with us.
Unknown Speaker 2:59
Yeah. Chris Henry is a personal friend of mine. And he had started his journey into SAS and association with wealth builders some time ago, four or five years ago. And I used to work with Chris, and Chris was talking to me about SAS, and how it kind of changed his life. The freedom, financial freedom that he had, we both had good pensions from our employer. And I just felt as if it was time to take control of my funds. And Chris introduced me to Kevin. And Kevin helped me with my pension transfer into a SAS, and then became my mentor. So which was the start of the journey? Really? Yeah. And
Unknown Speaker 3:49
this is approximately 18 months ago or so.
Unknown Speaker 3:53
A bit longer than that about about two and a half years ago, two, two and a half years ago, when we started discussions, I suppose with Kevin Yeah. And 18 months ago, Kevin has been a mentor for me since then. Yeah.
Unknown Speaker 4:06
Okay. And tell us a little bit about kind of what life looked like for you at that time, Paul, in terms of employment and how much time you had available?
Unknown Speaker 4:15
Yeah, I suppose had a good pension, and a good job I'd run and I'd still run the biggest surveying firm in the UK and the second biggest conveyancing firm in the UK so so big job time poor but but I'm not particularly asset rich either than the home I lived in. So yeah, financial insecurity, I think in the way that you would describe it. Nothing coming in from assets, property, but but a decent job with a decent salary.
Unknown Speaker 4:51
Yeah. And in terms of mindset, we always talk about there being a catalyst you know, it's always something a reason that kind of propels you into wanting more? And was there anything specifically for you, Paul?
Unknown Speaker 5:04
Yeah, a couple of bits really one was taking control of my pension and actually not feeling as though that that was at risk of, you know, if I passed away for for that to be eroded, so taking control of that, and having a legacy and in terms of my pension fund. And the other bit was, I've always been in and around financial services and property, but I'd never owned a penny from it really, other than my salary. So it really interests me. And but I just really didn't know how to get going, I didn't know what steps I should take, really to kind of start to leverage what I did have to kind of make any kind of income.
Unknown Speaker 5:50
And in our roadmap, we've got three stages. And stage one is foundational, it's really just building confidence, I guess, just, you know, believing that it is possible to reach financial independence, it's possible to start building multiple streams of recurring income. And a really important thing that we always emphasize at the beginning, is making sure your house is in order. And part of that is putting on a secure roof. So that's something that I'm sure Kevin discussed with you. And, you know, were there any aspects that you realized at that time you didn't have in place?
Unknown Speaker 6:23
Yeah, I was I was not covered, my room was bare. So I think, you know, I have Kevin made the connection to legal matters, and, and talking to them about flexible trust, power of attorney, etc, to kind of fill the gaps. So I must admit, it's not complete yet, but I am talking to legal matters. Just do my former direction. So we're kind of well progress, we're getting that sorted and getting getting a roof on. So yeah,
Unknown Speaker 6:59
okay, it's good to hear that and those sounds like it's fully in progress. And, you know, it gives you peace of mind knowing that stuff is in place, because then it's allows you that strong foundation, start building wealth. So I guess, let's have a look at stage two now, which is all around, you know, building your knowledge around the Seven Pillars of wealth, looking at where your points of leverage are, and then deciding on what the strategies that are going to work for you. So let's look at step four in our roadmap, that's all about the assets. So Seven Pillars, Paul? And how many of those seven Do you think you have now got some activity and
Unknown Speaker 7:34
Well, I think it's been pretty fluid in terms of how I've looked at that. And that's the way I work best is fluid and flexible and taking kind of the bits that really resonate with me and making them work for me. But I'd say six of the seven pillars I've utilized in 18 months so of working with Kevin and you know, initially focused in in how we could make my house my home that I lived in and leverage that and my pension obviously was the bit that was really going to make the difference in terms of getting some momentum starting to kind of build property, Joy joint ventures. So I've started a joint venture with an ex colleague I mentioned earlier I was time poor, he's time rich. And that has worked fantastically well. So we started two businesses earlier this year. We've we've kind of bought and sold and we've started a development project to put a five bedroom house on a two bedroom bungalow, so that's exciting and the spades go into that in October so really looking forward to kind of doing that and also and really kind of fresh off the press really. I've always been in businesses that have created money for other people. And I'm gonna go it alone. So actually using my intellectual property in and around the legal process for property to start my own business in conveyancing so it will be coming to a place near you probably within the next six months. But hopefully, you know, I can kind of engage with the wealth builder community and offer a service so yeah, really looking forward to that that excites me.
Unknown Speaker 9:33
Wow, big news. Thank you for sharing. And exclusive. So okay, so yeah, I mean that in 18 months to really go from kind of no pillars to six out of the seven That is impressive and with a full time job and you know, a job with lots of responsibility there. Paul, how have you managed your time How are you? You know, is it over some helpful tips for others that are finding themselves trying to build wealth whilst also trying to manage it full time job.
Unknown Speaker 10:01
Yeah, I think if your time Paul is just about allocating the time and Kevin kind of right from the office saying it's probably half a day to a day, a month, and that's to get you kind of your knowledge and your understanding. up and out, you know, when I sat down with Kevin, there were three things really confidence, connection and knowledge. Not not particularly in that order. And, and what I really wanted was security, because at the time, we were going through Brexit, COVID, to say, and I was just about to take, you know, a sizable sum from my pension and put it into effectively this, you know, self managed scheme. So, the security and understanding that the investments that I was making, were going to pay back, I know, there's no guarantee, but but really doing, you know, doing the work on due diligence and things like that, to make sure that what I was investing in, was going to pay. And I wasn't going to lose the funds that I was kind of investing. So I think, yeah, I spend a little time but focus Absolutely. On Property on those Seven Pillars on what what you can leverage. And you know, where you'll be amazed where you can get to in a short space of time, I think, once you focus,
Unknown Speaker 11:26
yeah, well, that takes us nicely onto Step seven, therefore, which is moving into stage three, which is focus. So this is where we obviously, you know, teach all of our members about the wheel of wealth, and that consists of education, support, connections, due diligence, and then guided action. One of Kevin's mantras is never let 30 days go by without doing something to build your wealth. So you know, as you've just said, Paul, you have a finite amount of time, and the key is making sure that that's, you know, income generating time you're not drifting, and, and how have you found, you know, speaking to Kevin every 30 days, and then having actions and, you know, being able to delegate things, a combination that's helped you,
Unknown Speaker 12:08
it has Yeah, I mean, my wealth dynamics profile is I'm, I'm a star, you know, plenty of ideas, but but lacking in structure. So Kevin has been great in providing me that expert structure in terms of what what I'm trying to do. So, always, I have plenty of ideas, always, you know, I'm kind of running off here, there. And the other and what he has done is, is kind of brought that into priority focus, really, and really, you know, discounted some change my thinking on others, but prioritize kind of really what I was I was looking at so the next 30 days becomes more productive, because actually, I'm focused on fewer things. And, you know, that's whilst juggling a job and things like that is that focus is is it is a real premium, I think, because yeah, without it, I think without any kind of input, I would be all over the place. And I'd be doing things that are wasteful of time and money. And what it does do is it helps to really focus on return it focus on you know, the right type of investment, the right type of connection. And Kevin's been incredibly good at kind of putting me in front of people that I can help in terms of investment that give me a return, that are experienced with property that have a great track record, that minimize the amount of risk, they do their due diligence, you know, and, and wealth builders, not saying they've got a wealth builders stamp of approval, but those relationships have been, you know, I don't know that they've, they've provided a good return for me over 18 months, so. And I'm really grateful because without Kevin, I wouldn't have had those relationships, I wouldn't have had the confidence, you know, after six months to start my own business and start buying property and start developing property. I mean, that that's something took 18 months ago, I couldn't even imagine doing a lot of run screaming for the hills, but I'm doing it now. So
Unknown Speaker 14:21
and loving it, too. Yeah, yeah, absolutely. And I think what you've done remarkably well, Paul, because I I've joined several of those mentoring calls with Kevin is your consistency, you know, every month every time there's always something to report. And, you know, whether it's small steps or bigger steps, and we know that the wealth building journey is not a linear journey. There's some months where there's loads going on some months where it's very quiet, and you're waiting for things to happen, but you've always been taking steps forward. And I think that's why you've made such great progress.
Unknown Speaker 14:54
Yeah, I feel I mean, you know, if I look at myself 18 months ago, and thing You know, lacking in confidence, no connection, no real knowledge of how, you know, to turn both my pension and property into a recurring income. And now, you know, I've got five investments with other projects out there, I've got two businesses that are have bought and sold property or are buying and developing property. I've got some other ideas with regard to kind of more locally starting to generate recurring income from the money that I've got in my house, then then, you know, it's just chalk and cheese in terms of how it got there. And I wouldn't have been able to do that without without Kevin's involvement, because I know I would have gone down rabbit holes and other wasted money and time and that's, you know, that that would have taken a lot longer to kind of get going.
Unknown Speaker 15:54
So step eight is results. So let's look at what that actually means in terms of your your wealth levels now, so you said, at joining where insecurity with zero recurring income, what does that look like now for people?
Unknown Speaker 16:07
Yeah, so so two and a half 1000 pounds recurring every month, and then also the profit that I'm making from the development company as well. So that was, the first deal we did there was earlier this year, and we bought and sold and flipped effectively in nine weeks. And that was a 35,000 pound lump sum effectively that that I made out of that transaction. So that was great. And then the the project we're working on at the moment, which is two bedroom bungalow two, five bedroom house, that won't mature until kind of spring next year, but that will be in the region of 100,000 pound return for me. So that's, you know, that those kind of numbers and that return is something I could have only dreamed about 18 months ago.
Unknown Speaker 16:58
And results can come as you rightly say, as capital or cash flow and you know, both both are good. We obviously measure measure the wealth levels in terms of recurring income, so And does that put you around about security level now then pull up? No, not
Unknown Speaker 17:11
quite. But having just taken on a bigger mortgage in a bigger house, then I need to do a bit more work. But I you know, if I can repeat what I will repeat what I've done in the last 18 months in the next 18 months, and I'll certainly be a long way towards that.
Unknown Speaker 17:28
Fantastic. Okay, well, and the journey is good. So far, the final step really is accelerate. So I guess just looking forward. So as you've, as you've mentioned, Paul to the next 18 months, what do you think are going to be the key things that are just going to keep you on track and continue to build that wealth?
Unknown Speaker 17:43
I think starting a new business is going to you know that that that is a big opportunity. The conveyancing market in the UK is quite disparate. So brings opportunity and alongside the property property market. So I think that's a big thing. My partner that we started the development company with, that's that's exciting, because we will effectively reinvest our profits and accelerate size and scale. So you know, may well again be coming back to the wealth builders community for some funding at some point in the future. But at the moment, we're just creating the believability, I suppose of a development business. And we need to get a couple of things under our belt before we kind of come back looking for bigger funds and bigger projects. But but that's going well. So yeah, I can see a scaling, scaling both business scaling the property side. And then Aside from that, personally, I'll also be looking to do some more local things that will be kind of buy refurbish and rent projects that are more local to me. And I'll be doing that with my son, which is great to involve the family as well. So brilliant. Yeah.
Unknown Speaker 19:01
And you know very much this is about creating a family wealth, business and the legacy so nice that you know, you're now bringing your family into it. Indeed, indeed. Good. Paul, thanks so much for sharing with us today, your journey and we'll perhaps catch up in 18 months time and see how you are at that point.
Unknown Speaker 19:18
All right. All right. Thanks very much. Cheers.
Unknown Speaker 19:21
Okay, so Paul's journey there. Few things for us to dig into a little bit deeper and see how the difference between perhaps coaching and mentoring is Kevin but before we do that, we've got more reviews on trustpilot this week. So thanks to Stephanie who says the wealth builders Academy is a treasure trove of insight and information, along with a step by step process to follow. Kevin and Chris are exceptional guides to the process. I particularly enjoy being part of the wealth builders community of people who share similar values. It's made all the difference.
Unknown Speaker 19:55
a treasure trove I don't think anybody use that language like that. Right. Yeah. I never thought of us being the custodian of the treasure. But yeah, nice one. Thank you very much. Definitely very much appreciate your kind words.
Unknown Speaker 20:09
Yes. So getting back to Paul then. So Paul said, I've seen him working directly with you, Kevin for about 18 months. And it was the connection, right? So we know edge. Wealth builders is built on education, support connections, trusted connections to professionals, but also, you know, people who have been previous clients who are now friends, and in fact, with Chris Henry, is now one of our wealth coaches as well.
Unknown Speaker 20:33
Yes, everyone's on an interesting journey to build their wealth. And you know, we got to say thanks to Chris for making the connection to Paul. But you know, immediately resonated with Paul just a super small, very sophisticated, and you know, bubble. What I love about mentor clients is how humble they are. The, you know, that humility shines through with Paul does not, you know, so he's underplaying significantly, Israel, in two massive companies, you know, hugely successful man. But having the humility to say, look, I can I know what I'm doing in these companies. But when it comes to building wealth, I'm open minded to receiving that guidance and support and a lot of people won't do that. And I often find that that's the case, particularly you know, that alpha male syndrome that can come up when people must pose, you know, they don't want to admit they don't know. But Paul, like all of the mentee clients, and that's a key requirement to me, because it's gonna resonate with both sides, they've got to be a great fit for me, and I've got to be a great fit for them. And I have to say, you know, Paul was just a perfect person to work with, because he took his time, but he was willing to take action quickly. So he took his time evaluating his thinking, but then immediately turned that into action. And, and I was very impressed, as you can see that, you know, moving from an accelerated journey, you know, most people are getting to financial security, and then on to independence within five years, and he's done a significant job within 18 months and, and some of that was going through some major changes in those businesses, which took his eye off the ball for a while. So So I think, you know, he's probably had a condensed version of that, if truth be told, but you know, that's the thing. I'm we like each other from a sounding board perspective, making good connections, talking about getting the due diligence done, and really, by making distinctions and having regular interactions, or cadence to that, you know, that regular contact, which men, you know, we didn't overlook anything, and there was no frustration that was building in with that time, paucity. Having all you haven't achieved anything this month, because we always had that regular catch up call. And he was also great, in terms of his contribution in the community was always willing to share what he was doing, he was open to that. So just just a perfect mentee candidate, really, and so thrilled to work with him.
Unknown Speaker 23:04
Yes, and we know everyone has a different catalyst, everyone has a different reason why, for Paul, he just really wants to take control and leverage some of the assets that he built up in his life, and we see that don't work with people who've been in, you know, a corporate roles been employed for a long time. You know, there is often that point, but they say, Well, actually, you know, how can I start shifting some of this focus or not making someone else wealthy, but I'm now starting to build my own wealth. And that's kind of the point that Paul is at, and he dropped a bit of an exclusive, there's letting us know that he's going to be moving on and setting up his own business, which is fantastic news.
Unknown Speaker 23:39
Well, exactly. I mean, he he, as he said, He's dived into, you know, all of the pillars with enthusiasm, and gusto. And I think he's made more connections, you can tell he's so confident now that he's already built capability. And if you do those things, you know, build confidence, create more capability, and build more connections, you're on a path to success, and there's no doubt about it. I don't think Paul needs me now. He's He's already equipped himself with what he needs. And I think he'll he'll be a star not just in profile. But in terms of results very soon.
Unknown Speaker 24:16
Yeah, the wheels are absolutely in motion for Paul. And just the final point, Kevin, I think important for us to pick up on is that differentiator between capital and cash flow. So we know step eight is results and results and not just focused on money. Results can come in all shapes and forms, you know, more confidence, more knowledge, more connections, but, you know, in terms of the financial results, we measure cash flow. But capital is also a nice key part. And Paul talks about that as well.
Unknown Speaker 24:45
Great point there, Chris. I think certainly, as far as wealth building is concerned, the reason we focus on cash flow being the preeminent measure, is because cash flow is what fuels life. So if you've got an income coming Coming in of 10,000 pounds a month and your living expenses are 5000 pounds a month, then you've got that predictable wealth subject to you just keeping things, you know, in balance all the time, make sure you've got leverage and so on. But equally, you can build wealth through the accumulation of capital. So we always like to measure net worth as well. Because if you're significantly increasing the value of something, whether it's a piece of property, whether it's in your pension, whether it's in an investment plan, then of course, you can take some of that capital out. And you can either use that to reinvest to gain cash flow, or you can spend some of that capital gain as part of the cash flow. So if you make 100,000 in profit, from a property, let's say, as an example, then that money is in your business bank account. And then you can, you could either spend that or reinvest that, in generally speaking, what we prefer to suggest in wealth builders is as you make gains, you identify your gains. And then you bank some of those gains, almost like planting new seeds, with the fruit of those seeds being future streams of income or immediate income, just depending on what you need. So yeah, good point, Chris. So we need to measure both, don't we, in terms of our wealth thermometer, the cash flow coming in each month, and Paul's an impressive job of building that up, and also the capital that we accumulate from different investments in different pillars that accumulate in different ways.
Unknown Speaker 26:41
Absolutely. And we send out a big a one wall chart to all of our members, which we call the wealth charts, and that has the asset income thermometer on there, which obviously they can top up as and when that income flows. But, you know, if you are not a member, you can still grab a copy of that chart. And if you want to go and have a look at that, head over to wealth builders.co.uk forward slash wealth chart, and we'll pop a copy in the post for you.
Unknown Speaker 27:06
Yeah, and it's good to see you know, when we have our mastermind community, Chris, when we have our q&a session, once a month as well, we see all the wall charts. So good fun in those the moment is on the rise. And that's the language we see. You know, adding more to our thermometer so but both of those are equally important measures.
Unknown Speaker 27:28
Yeah. Well, congratulation goes out to Paul once again on on his great progress. Thank you, Paul, for sharing today. We hope you enjoyed listening and Kevin, we will catch up Same time, same place next week.
Unknown Speaker 27:39
Until then, my friend See ya.
Unknown Speaker 27:44
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.co.uk slash membership