With the launch of WealthBuilders for Families just around the corner, WealthCoach, business owner and property investor, Jon Dale, joins us on the WealthTalk podcast this week to share the lessons he has passed on to his children and the importance of establishing a solid financial foundation for both the present and future generations. If you aspire to take control of your family's financial destiny, this episode is a must-listen.
With the launch of WealthBuilders for Families just around the corner, WealthCoach, business owner and property investor, Jon Dale, joins us on the WealthTalk podcast this week to share the lessons he has passed on to his children and the importance of establishing a solid financial foundation for both the present and future generations.
If you aspire to take control of your family's financial destiny, this episode is a must-listen.
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Speaker 1 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 0:20
Welcome to Episode 203 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders joined today by my side Mr. Kevin Whelan, our founder. Hello.
Speaker 3 0:28
Hello, Chris. Good to be with you again. In fact, we're making a habit of this. We're in London on Friday. Now here in the office on Monday. Yep. And yeah, but good subject this
Christian Rodwell 0:38
week. Absolutely. Yeah, continuing, of course, with our new direction, which is very much on helping the entire family to build wealth and pass on lessons to the children. And we've got one of our wealth coaches today, Mr. John Dale, who's a familiar face to to the wealth builders community. And he's got a great story to tell,
Speaker 3 0:58
and a real family man too, and some fantastic lessons, I have to say you pulled out to him, they're given us a new style of podcast in terms of, you know, finding out what the history and traditions are on different families, what lessons they learned, for the good for the bad, what they're doing with their children now, and of course, this is aimed at children of all ages, because one of the things, it's important to know why we believe, wealth building and the whole principle of families and education should be taught by us as parents, not by schools, just because when you're a parent, you're a parent for life, you know, grandchildren with me over the weekend, and you realise, you know, I'm still a parent to my 13 year old daughter, and my 28 year old son turned up be moaning something. Yes, this is all hard work, isn't it? I thought I got rid of him. But I haven't. But John's kids are younger, obviously. And some hot, hot rendering kind of comments he makes there.
Christian Rodwell 1:57
Yeah. So yeah, I'm really enjoying these conversations, Kevin. And hopefully you, as our listener will do as well. And let me just mention as well, something that's coming up next week. So the second of August, we are holding a zoom beta call for anyone who's interested in contributing and being part of this exciting journey as we continue to curate and build the wealth builders for families content. So if you'd like to join us on that one hour zoom call, you're more than welcome. So if you're a parent concerned about, you know, the lack of financial literacy being taught, or you've got some contributions, made some stories, some things that you've been doing with your children to help them learn. Come join us. And you can register, it's free, just head to wealth builders.co.uk, forward slash families, put your name and email into the form on that page. And we'll send you a link to let you know how to join us.
Speaker 3 2:47
Yeah, hopefully, we'll have a good turnout. Because every time I talk about this now on stage, and this is definitely what I'll be doing. For the rest of my working life. Chris, people are genuinely enthusiastic, not just about learning lessons, but some genuine concerns, too. You know, we'll be highlighting the seven key dangers that any of our younger ones face these days, with a life living longer, amongst many other things. I've touched on some of those things before, we'll be covering those on the call. And if you've got some concerns you want to share with us what are your concerns about making sure your children move from a place of, let's say, lacking in confidence, perhaps being unaware to being financially savvy, so they make good decisions in their adult life? So they make good decisions now influenced by you, as children, and then later on in their adult life, they become responsible people to not just with money, but with generosity, all of those things that I'm sure John will touch on as well.
Christian Rodwell 3:48
Absolutely. I think we will cover some of those dangers in our conversation. So let's head on over to our conversation with John Dale. John, welcome back to wealth talk. How are you today?
Unknown Speaker 3:57
Yeah, hi, Kristen. Yeah, fine. Thank you. Looking forward to it.
Christian Rodwell 4:00
Yes, yes. Well, you're familiar face or voice I should say on the podcast. Definitely having appeared previously. And of course, you're known to our members as one of our wealth coaches. So how's that? How's that been going for you recently?
Speaker 4 4:14
Yeah, really loving it. Got really good group of people were coaching Deadwood, amazing things, then it's great to see them start kind of with that little bit of overwhelm, put a plan in place and start taking actions every month. And you you look back and it's like, wow, you've come so far. Yeah, yeah. Good.
Christian Rodwell 4:32
And really, that's a similar story to yourself, isn't it because you joined as one of our founder members when we launched in 2019. And you rapidly worked your way towards your financial targets. So you know, you've been there and done it yourself? Yeah. I
Speaker 4 4:46
think when you look at USPS as coaches, that's probably mine, isn't it? I I felt their pain. I've been through it. I kind of had that roller coaster journey. I got my little pitch like I say at the start of every single person went on our first call is Look, guys, this is a roller coaster, you're going to start with Wow, it's amazing that it's gonna go Did I do the right thing with a little parrot on your shoulder, then it's, I'm a bit overwhelmed. I'm looking at this following the shiny Penny, I call it and then we settle. We find the pillar, we focus. Suddenly they look back 612 months later. And if you look, we've got people that have ran courses in four months memberships, and they've got people already signed up as members, some 2030 members or pay in recurring income, we've got property pillar, and they've started forms later, they've already got a few. So yes, it's really exciting what watching their journey and keeps us enthralled as in in our journey as well, the they keep you on our toes. So we've got to keep moving forward as well and kind of practice what we preach.
Christian Rodwell 5:45
Absolutely, yeah. And I think you're referring back to one of your coaches, Rachel bunny, who was on the podcast, just two episodes ago, Episode 201, sharing how she's launched her membership site with a little bit of nudging from you in the background just to help her overcome that, perhaps a little bit of fear.
Speaker 4 6:02
Yeah, and I only think in the future, there's two more that I'm thinking of in the back of my mind that I think will be on future podcasts that are nearly there. So it'll be interesting to see that as well.
Christian Rodwell 6:12
Good stuff. So John, today, we're talking specifically around the importance of really bringing up our children to understand the, you know, the lessons around money and the mindset, and this stuff isn't taught in school. We know that. And your family man, John, so um, tell us about the members of your family.
Speaker 4 6:29
Yeah, so me, my wife, two children, both both twins. So we did it in one go. Yeah, they were born Prem. So means a lot to me, they were 23 weeks. So one pound three, one pound seven, when they were born, and my little boys got dyskinetic cerebral palsy, and global development delay. So he needs a little bit of extra help when it comes to learning, whether that's just whether it was walking or speaking, or maths or English. So yes, it's really important to me that we brought the family in, we brought them into our wealth kind of dynamic, and the language use around the house is so important as well.
Christian Rodwell 7:09
So So tell us their names and their ages, and also your wife. So we really get a good picture for your family here. So
Speaker 4 7:14
my wife, Carrie, JJ and Lexi. They're both 11. So tomorrow's their last day in primary school going on to comp. Wow. And it's interesting to see the dynamic where you've got my daughter who's in mainstream school, you'd think you'd be the one quite excited looking forward to it. She's the nervous one. You've got my son who's in the kind of the unit where he gets the extra help. He's going to a comp where he's going to be part mainstream. You think he'd be the nervous one? No, he's the one bouncing, he's already left. He's ready to go. He wants a uniform walk tomorrow for his new school. And we'll have eight weeks of schooling. I mean, big school in eight weeks, I've got seven weeks left, I've got this is going to be a nightmare for the next eight weeks with him waiting to start his new school. But yeah, totally different dynamics, totally different people. But that's the joys, isn't it of watching the kids grow and kind of develop into the people they're going to be?
Christian Rodwell 8:09
Absolutely. Now you're a business owner, you're a property investor. John, how important is it for you to be a great financial role model for your children?
Speaker 4 8:18
I think it's important, they understand money, and they understand the language and what we do. As as for wealth, my plan is hopefully to create them a recurring income stream when I'm not here, that they'll have enough money coming in to kind of do what they want to do, which is something I didn't have. And I think I see people in life like you love what you do. Now. You they see you through and through. Suddenly, because you love it, you've made a success of it. And you see that day in day out with lots of people, they find something they love, they focus on it, they concentrate that turns into the monetized and they seem to make more money doing that than they would in a normal job. That's kind of the role I like my kids to go down is just do what they love.
Christian Rodwell 9:03
Yeah. So what are some of their current passions and interests at the moment, John?
Speaker 4 9:09
Yeah, so I suppose we need to go back to where this all started, which was my wealth building journey and kind of doing our logo, business logo. That's, I suppose, where we brought the kids in to our conversation, they'd come to houses with me and view a house, but we've never really discussed the mortgage or the finance or renting it, and how the money works.
Christian Rodwell 9:31
So we did the logo. Did you create a family wealth business logo? Yeah. So
Speaker 4 9:36
you kind of teaches that and they did it. So we had no, I helped them design it on Canva because back then they were what 778 But they designed it on there. They put the family first, which I thought was quite good. But it also included the dog and everything. And then they put a picture of a house and then they put some hands linking together. I was like, Right. Talk me through what that means. And it was A lot of families, what comes first? Houses is what you do dad to make money. And the friendship underneath is we want to move forward and do things with our friends and family. That's fun. And friend, I was like, right, okay. Out of that. J, My son loves property. If you asked him what he wants to do, he wants to be a YouTuber. But he wants to do something on YouTube that's different. So I'm kind of working in the background where I've been educating myself, you can probably see that in covering the back that we've got to learn how to edit YouTube videos and do all of that. And then hopefully, he'll kick off a YouTube channel pretty soon. My daughter still, she isn't animals, she didn't dogs dog training, she wants a dog hotel. It was put on the wealth plan back four years ago that hasn't changed. She's kind of drawn it all out, she's got pictures upstairs of what it's going to look like this farmhouse with cottages on the side that attended to dog hotels, she's gonna charge a fortune for it. Because they're going to be proper, pampered pooches. And what kind of resonated with me, whenever really related to our language that we use was well done, I'd rather look after five dogs and get paid loads and look after 20 and charge less. And I was like, great. So we've got the idea of value versus time. So yeah, bringing them in, but kind of like train not to force them down a particular path, or follow me or follow my wife in the dance school or anything. It's kind of guys, Nala. You do you, which you hear me say quite a lot on everything I do. And I think that's really important, which again, we've got from you listening to your podcasts, which was one of the things that I think changed my mindset completely, is start looking at what everyone else is doing and really focus. Remember who that was with but
Christian Rodwell 11:50
yeah, right. Yeah, brand new block. I was dancing with only at the weekend, actually. So he's still still going strong. But you mentioned to me the other day when we were talking actually, John, that Jay doesn't just want to be a YouTuber, but there's a certain, you know, the financial target attached to that as well. Right.
Speaker 4 12:08
Yeah. So he said he wants to be a YouTuber. We talking with his grandmother, and he's when he's grabbers, like, that's not a job, that's not a job. So he came back with some figures at the age of 11. With difficulties, he was like, well, actually, granted, the average YouTuber in the UK now earns about 40 grand, which is more than some people having a job. So actually, even if I was average, I'd get 40 grand it goes by, I'm not going to be average, I'm going to be the best. I'm gonna get rich, and I'm gonna have my mansion and my car. And then he went on a big rant like he does. And it was great to see because he's like, actually, the more I make, the more I buy, the more I film, the more people have watched me. It goes, so he's ever growing. And I was like, oh, and to see they've picked that up at 11 is kind of really interesting, because it's something they wouldn't learn in school. Well,
Christian Rodwell 12:57
I'm just gonna ask you that, John, you know, where do you think that influence has come from? Do you think it has simply been from, you know, listening to you and the family influence? Or do you think it's their circle of friends? Do you think it's social media? YouTube? Where's that coming from?
Speaker 4 13:12
I think definitely, us as a family. We had a big mind shift back, I think 2011 12 We will we do it Okay, business. But things were hard. Sometimes things were good. And it was a job. So we started changing. The big set came 2019 When we joined his house, and he's like, right, let's focus, let's put everything in order. Let's go step by step. And they came on that Jenny with us. So they were part of not very nice talk about but when we were doing the roof, they were part of that conversation. So like, if anything happened to us, who's going to look after you, okay, this is what's going to happen. And then we'd speak to those people about what we'd like them to do. And I think just bringing all that in, and then bringing it to the forefront. It wasn't necessarily teaching them or educating them, or you've got to learn this. Like, they didn't sit down and write it all down like it would with maths or repetitive but I think the more they hear it, the more they believe it. And we discussed a long time ago that we don't really talk about money in that's expensive, or what's that going to cost? Sometimes we'll talk about value. So we'll go right, is that worth that? Is that what you really want? Like a some parents going, Oh, that ties 200 quid is, is really expensive. We kind of rephrase that. And it's like, last 200 pound, are you sure that's what you want? What else could you get for 200 pound? And we kind of make them compare. So then they see the real value of what they're spending and they decide whether they want it and then the next conversation is not can you afford it is how are you going to pay for that? How can you afford it what you need to do to get it? And I think that comes down to little things like again, we spoke about this before but I and this isn't a parenting technique. I I'm not Getting on a soapbox and saying, were the best parents ever. This is just the way we do it. But I see people giving their kids chores. And I think that's for me that's a bit old hat is Go Go and clean your bedroom, you can have a fiver that should clean the bedroom anyway, is their bedroom is their main work? Why are we giving them a fiver for dinner in the bedroom. However, if they've done something really good, or something positive, then we reward that instead. And I just think he's teaching them or not teaching them time for money by them giving up their time and cleaning their bedroom and in a favour. I think that's a job, isn't it? And when teaching them that influence in that that's kind of the job scenario. So it's go to school, go to college, get a job, we kind of try to do the opposite is right, okay, great. But you should tidy room anyway, because that's just part of what you shouldn't be doing, you should clean plate away from the table. Because that's part of what you do in general, everyday life. However, while you've just sat there for two hours and done an amazing drawing, great, let's go and do something or they've been through some pain, they've been hospital and had an injection or whatever, or the blood tests, like my daughter have some times if she's been strong, and she's been through it. And when she's nervous, I say right, you've got to get through them nerves and kind of push through. Because you're always going to be nervous in life, you've got that feeling. But that feeling doesn't go away, whether you do it or you don't do it. So actually, let's just do it and get it over and done with and if they do that, that's when we reward them. And we'll we'll give them pocket money or take them to the shop to buy something. So just a slightly different way of doing it.
Christian Rodwell 16:37
Yeah, it's interesting to hear that. And, of course, we don't want to disrespect the education system teachers in any way. They do a tremendous job. And they work extremely hard. But we know that these lessons aren't taught in schools. Have you had any indication, you know, through parents evenings or through speaking with your kids? Are they taught anything around money at school that you're
Speaker 4 17:01
not really they're probably taught what a wooden pencils and a 10 pens and a 20 pound note and things but I wouldn't think the talk of how many works or how we thinks it works. I think there's a couple of reasons for that. Everyone's got a different opinion. Everyone's got a slightly different take on what leverage is what money is and kind of how it works. Teachers are typically normally from a educational background. So that pretty much taught from day dot, right? You go to primary school, you go to middle school, or high school or comp now. And then you go to college, you go to university, you get your degree, and then you're a teacher. So they teach that that kind of education is the way to go. They probably haven't been taught themselves about money. We had one teacher in my daughter's old school. That was amazing. He's now Funny enough, gone on his own and set up his own gym, and doing his own online gym course and everything, which I spoke to him about. And one of the books I first gave us a present when you give the teachers, I give him the Mark Manson book, how not to give a yeah, we'll leave it there, kind of in. He loved it. And he was like, well, that's right, my street. And I gave her as a joke, because we got on quite well. And then when I got chatting to him, he was like, Yeah, this is what I do for the kids. And he was teaching the kids actually to do the homework via YouTube, just which I was like, What do you mean? He goes, Yeah, I wanted to go online and record a video. Right? And I was like, what, why, why? And he goes, because that's the way the world I was in it. Everything's on video. Everyone needs to be able to present everyone needs to be stand up and speak to people. Something we've been through a wealth builders, I never wanted to do this delay. When I first started, you want to get me on a podcast, you were standing up and speaking in front of people and doing that at least something you kind of get used to out of your comfort zone. And I'd encourage the people listening to this, if you get the opportunity to do it, kind of go go and do it, get on those podcasts, stand up on stage and speak, because he builds you up as a person as well. And that's what he was doing to the children building them up not only academically, but also psychologically confidently. And he was explaining all the YouTube things and how it all works. But I think he left and went on his own. And if you asked him why he said because I was fighting the system all the time. He personally felt like a lot of the parents and some of the teachers didn't like his record it and upload it rather than you've got to write it down and do it. And he's like, as long as they're learning it and he's going in whichever medium is the modern technologies, they need to tape it on a laptop, they need to be able to speak it into the law. Like he was teaching them you can speak into the laptop and erase all what you're saying. Yeah,
Christian Rodwell 19:39
yeah. It instantly makes me think about obviously, AI now and technology just moving at the fastest pace it ever has done. Does that scare you in any way? Do you feel that you know, this is something that perhaps Gen lexxi will pick up and you know run with faster than maybe you're able to keep up with and do you see any any concerns there? I
Speaker 4 20:01
think if I say it wasn't concerned, it'd be wrong, because they scared of Where's he gonna go in the end, but I'm embracing it. I'm loving it. And I'd like to think if he was there, he'd be loving it as well. Because, yes, we need to learn things, and we need to understand things. But I think it's just a different way of learning. I was never a classroom kid. So I was never one that could sit in front of the classroom and listen to I think, you know, me right now I'm a bit, I go off on a tangent and all over the place. So me sat in a classroom for three hours learning, it wasn't me. But I passed on my GCSE in the end, and I did that by short revision. YouTube wasn't around then. So it was wh mess revision cards. And I just read read the vision cards, when in past may examine when I'm, again, I think, modern technology, YouTube and AI, as long as we get the context, right. And the scary thing is some of the details not always correct, when using chart GPT, and all of this stuff. But I think when we get to the point where the information is correct, embrace it. If we want to know, I don't know what the square root of this is, or what the hypotenuse triangle is, or whatever we're doing in maths or science, if we can put that into a system, and he tells us the answer, as long as it explains the answer, and how it and the answer is correct, then yeah, what a great way to learn. Does that mean, teachers might become a little bit obsolete, and we might end up using a lot more AI? Maybe I think the only scary bit for me is the interaction. kids miss that interaction. They're upstairs on YouTube. Again, my kids do it all the time. They're home from school, they just don't run upstairs and get on their computers. And we're like, Wait, how's your day? How's this how's that? They don't really care. They don't really want to tell us they want to go to their room. We kind of try and have that chat. And whether that's good or bad. We let him go to their room and go on their laptops, if that's what they want to do to relax, kind of go and do it. And then we have that conversation around the dinner table. Yeah. So it would be sit down and try and do it rather than force it and do it a different time when when they want to talk to you.
Christian Rodwell 22:08
Yeah, yeah. Well, that's another point I was keen to ask John, you know, is where where do you have these conversations with your family? Is it around a dinner table? Is it when you're out? And about, you know, what, you know, what kind of fun things are you doing to to involve the kids? You know, your property, man, you take them on property, your site visits and things like that as well?
Speaker 4 22:27
Yeah, if you start with the property stuff, I suppose my daughter, um, not so much. She'll sit in the car. That's just her. My son loves it. He goes to site. He knows all the guys. He knows all the trades. He'll even go around house and snag and tell him where they've done something wrong. And he gets away with it more than me because because he's is obviously young to have a going that's rubbish. You haven't done that? I wouldn't speak to that. But he does. And he's quite funny watching them. And they're like golfers when you're in charge kind of thing. And that's what he's looking forward to. But that's not fast. That is just, I think it's natural for kids probably to look up to their parents. That might change in the future. But yeah, whenever we're out, we talk about houses jail, always ask, what's the next project, having bought a house today? Which is a bit of a weird conversation when you're in a restaurant, and people are looking over here. And it's just like, random having bought another house today. And people kind of find that strange. But yeah, having a meal out and about when we're on holiday. I wouldn't say we we set time to do it. Again. That's not my style. I find it I find it boring. If my parents wanted me to learn about wealth for an hour and a half, and sit and learn it. I think if we can bring it in to everyday life, and then it's just natural. They pick up that automatically. And it's automatically ingrained rather than forced Lee ingrained.
Christian Rodwell 23:55
Yeah. Well, and that's very true, John, and, you know, perhaps be interesting as well to to understand really, what your childhood experiences were around money, you know, when you were growing up? And looking back, did you have a financial role model? That that was an influence on you,
Speaker 4 24:12
is probably a hard one. So we grew up on a council estate. We weren't skint so we never went didn't have anything. But we weren't rich either. So it wasn't like I don't know. You hear stories of people going to school with a hammer down trainers and things. I mean, well, I want to get that clear, wasn't that it was just a normal family. My dad had two jobs. So we go to work during the day finish at five come home. He'd go work in a petrol station and stuff to get extra money, which gives us what we wanted to I suppose as a work ethic. We'd all it was more. You have to graft to get out. You have to work hard. You have to work the hours you have to give up your time for money was really ingrained from an early
Christian Rodwell 24:55
age. Yeah. And John, did you have siblings as well?
Speaker 4 25:00
Not just me, not just me spoiled only child. Same as me say Muslim mommies by I suppose. But yeah, my granddad was a probably true ask the daily back then in the fact that he used to have ice cream vans that you'd rent out. But it used to work in the Baker's so he used to then turn the ice cream van into bread vans. So it didn't only sell ice cream delivered fresh bread every day and then do Sunday dinners on a Sunday from the ice cream van. You look back and think oh my god, you You're crazy. But it worked. And he brought the money in he he had a few houses. But he lived in them. So we travel around to holiday destinations like Burlington and Scarborough. And I'll always remember, the poll tax came in. And he was like, right, I'm selling everything. And that's what he did. Because he had to pay on all of them to refuse, then they changed it. So he wouldn't have had to, like, jumped into it. And I always remember when he passed away, I think he had like five grand left in the bank. We drove past his house the other day, the bungalow that he had with my kids, probably valued at three quarters of a million if you'd have kept it. But he chose not to because of a decision the government made. I look back and go, you'd probably left more than five grand if you hadn't have done that. But as well, you don't know what you don't know at the time. And he was in didn't have any of this education. So he was brought up on the grafting lifestyle. If you've got to work hard to do it. I was told get a trade. So I went to the mechanic. I got a trade I hated it. I remember going out when like to a nightclub. And I had greasy marks on top of my white shirt way and probably showered properly. And I hated it. I then got in the next morning. And I realised all the salesmen they're probably in three times as much money as me, but work three times less than me. So I asked if I could move into sales. They said no. So I just went in there one Saturday morning for free. So like, I mean, I'm gonna have a go by Sunday morning at a full time sales job. And I kind of left that I went abroad, which is where I grew up. And that was my pivotal journey, stand on your own two feet, learn for yourself met different people who were business owners, started thinking about business came back. And then never looked back really going to sales and marketing. My own business met you guys. And kind of now sir, I'm not millionaire, I might be on paper with the properties, we've gotten things, but it's not. It's not like I can go to the bank and draw out a couple of mil and go and enjoy it. But we've got a nice lifestyle, we do what we want. When we want we we've got choices, which I think is what wealth gives you isn't it gives you the choice to do what you want, when you want to do it. And obviously through COVID, and through everything else, it allows you to survive right, rather than just scrape by.
Christian Rodwell 28:01
No, I appreciate you sharing that, John. And, of course, you know, we're looking at intergenerational wealth here. Those that have been before us the legacies they've built and the lessons they've passed on and the values they've instilled in us as well. And obviously that shapes the way that you then interpret that and turn that into your own lessons that you're passing on to your children. And of course, hopefully one day they'll be passing that on, once again. And you know, whilst your children definitely sound like, you know, certainly Jay, they've got that entrepreneurial Well, both of them for sure. The entrepreneurial mindset right now, John, is that important for you that they follow in your own entrepreneurial footsteps?
Speaker 4 28:39
know, if I'm honest, literally, as long as they're happy, I genuinely care. My job is so when my dad passed away Young as well didn't really leave us anything. And we left them on pension. But that was it. I look back and I go right, that's not me. So I think you've got good lessons in life and bad lessons in life. But you can turn them all into positives, if you decide that's not going to happen to you. So for me, I just want to leave my kids with enough income, where they can choose what they want to do when they want to do it. And I think we're more or less there. We've already set up another property company now. So everyone knows me for jag property. But we set up Jay Lex properties, that's already got a property in there soon going to be two. And that's slowly going to build that is purely my kids college fund retirement fund. They can either sell them when they're older and just take the cash and do what they want. Or if one of them wants to run it and take the residual income. I'm hoping that while I'm still here, that they've got time, they'll have two three grand a month coming in. And I think at the age if I can do that by the time they're 2122 That's not a bad start in life. It's not multimillion generational wealth, but actually it can be better To, because it'll give them cash flow all of the time to do what they want to do. And that's kind of my target. That's what we're going to do. I think my job's done. And then it's kind of handed the baton to them to see see how far they can take it and do it their way?
Christian Rodwell 30:14
Yeah, yeah. I'm very grateful, John, for you sharing and opening up today and not just showing with me, but with our listeners as well and well done on your own journey. It's by far not over yet. And we look forward to hearing about future updates as time goes on. No,
Speaker 4 30:30
no, thank you. I loved it. It's like therapy, isn't it?
Christian Rodwell 30:36
It's a it's a lovely,
Speaker 4 30:38
new, new podcast in itself and the welfare bill.
Christian Rodwell 30:43
Indeed, it might be. Alright, John, take care. We'll catch up again very soon.
Unknown Speaker 30:46
No problem. Thank you.
Christian Rodwell 30:49
I really enjoyed speaking to John and just talking about that topic brings out things that perhaps wouldn't come out in a normal conversation about, you know, building assets and wealth,
Speaker 3 30:59
let's build a therapy. So when people start talking about this, you touching people at a much more at a deeper level, Chris, then when you're talking about money, this isn't about money. While of course, wealth building is all about the finance, but it's a richness of life experience in all ways, not just financially. And that's important. And you do pull those things out with John. Yes, well,
Christian Rodwell 31:23
of course, community is at the heart of everything that we do, and certainly will be as we progress with the families direction. So let's head on over to Trustpilot. Before we go into some of those lessons that we can pull out from John's chat there. And we've had a review this week coming in from David who says, I discovered wealth builders and have been going through all their previous podcasts, there is a vast library of knowledge, whatever area of wealth building you are interested in. I also had calls with both Christian and Kevin recently, which were both great, they are genuine people. And I really felt that their main goal was to aid and assist rather than sell. Their passion for wealth building is infectious. And I would highly recommend to anyone interested in this area.
Speaker 3 32:06
There you go. I think it's another reassurance, isn't it that I believe we are the only holistic, impartial, transformational organisation in the whole of the UK, which is what I love about this, because there are lots of things spoken about but the more often than not American and nothing wrong with the American ideas. Of course not. But some of the translation. lose a little bit, doesn't it in tax in structures in just different ways of education. So good to know that we're hitting home there. Yeah. And yeah, absolutely. We're kind of Kiyosaki, but in English.
Christian Rodwell 32:44
And John made that point in here about the language being used is so important. And of course, the influence of John being an entrepreneur being a business owner, going out and looking at properties, you can see the language he's using day to day is rubbing off now, certainly on on j, because he loves going out on a site visit and having having a little go at the you know, the builders, they're
Speaker 3 33:07
doing all the Snuggie. I mean, it's fun to do that. But in reality, when you think about being a parent, whatever age, you know, children are observers, they're sponges like, so you've got a mind your mouth. And I don't mean that in a negative way. Because whatever language you use, whatever word you use, words are tools. And if you use the right words, if you think carefully and cautiously about the words you use, you will influence your younger ones for the positive. But it's very easy, isn't it? to slip into different language, particularly around the subject of money, because we know we're living in troubled times, life is more expensive, interest rates are higher. So it's very easy to give people the wrong impression. So scarcity over abundance, and we want to encourage a more abundant way of thinking, because there are lessons that we can share that will bring that abundance into the lives of you. And your younger ones, too.
Christian Rodwell 34:01
Yeah. And I just like to thank John as well, because, you know, he referred to the process that he's followed himself since he joined wealth builders as a foundation member. And, you know, he's passing some of those lessons on now, to his children, making sure that obviously, you know, they're set up with some savings accounts and the understanding of trusts and creating the family wealth business logo, which was something that of course we bring in, right at the beginning is to get people to think about, you know, what's a meaningful name? And how can you bring this to life so that the whole family really get behind it and get the concept?
Speaker 3 34:32
Yeah, and it's good. And we've seen so many of the logos, haven't we, with the Children's influence, very obvious there, and sometimes also in the name, but children can get involved very, very early on, doesn't really matter what age there's something they can do that can get them involved, inspired, informed, even playing games that just make them a little bit more aware. We all know that younger people like as we see, younger animals of all kinds they play In order to get stronger, and you want to flex their, their money muscles, if you like, by getting them to do things and getting them involved particular world where everything is done by tap, tap, tapping and money is no longer there. So find ways to bring money, real money into the conversation. So they appreciate that we don't actually legally owe no money, in reality, because we've got to pay for things like roads, and, and streetlights and all those things. And we want to get those lessons across to our children that whatever money they've got, they have an obligation that some of it will go to fund and do other things. And that's where we can bring things like generosity into play, so that they can use some of their money, or some of the things they do. And we're hoping to bring many examples of that with case studies from our wealth, wealth
Christian Rodwell 35:51
building families. Yeah, of course. And just a reminder, again, to join us on that beat call that we'll be running next week, on the second of August, where you can share some of these things you've been doing. So some of these fun things that you're doing with your children, and hear from others as well. So the real kind of mastermind group of like minded people on that call. And we talked about generational wealth, so not just looking forward, but you know, respecting those that have worked hard before us. And certainly John refer to his parents who, of course, worked hard to give him a good upbringing. But then his grandfather as well, who was the offer daily figure, very entrepreneurial, but of course, made a decision. And that decision, perhaps, you know, didn't preserve the wealth for the next generation in the way he perhaps would have liked it to.
Speaker 3 36:38
That's an interesting one, because as we become a little bit more aware now, and we talk about the wealth of the whole family, I think I'm definitely seeing ways that if you become informed now, you can also help inform the generation that's older than you. Because increasingly, we're seeing older people switching off making expedient decision certainly around situation now, where some older people might make the decision to sell something, instead of keep something want to avoid the pain of administration. So they'll get rid of something rather than doing the paperwork. And I think you've seen an experience in your own family, Chris me where an asset in the family was sold, that if it was kept, it would have been hugely valuable for the next generation.
Christian Rodwell 37:23
Yeah, yeah, worth probably 20 times in today's money. So yes, I think many of us will have those similar stories. And of course, we want to educate and support and help people to build a long lasting legacy that will stretch ahead many generations.
Speaker 3 37:37
Well, the biggest one, and I'll definitely be touching on this in some more detail will be around inheritance tax, that for the most part, inheritance tax is largely a voluntary tax, not exclusively, but largely, and can be mitigated by good planning. And it's usually being comfortable and confident around a subject. For many families. Money's a taboo subject. So it's not really discussed. And we've seen many generations receive money with a huge amount of money in tax to pay that could have been avoided, had the conversation being had, but we see so much evidence that it's not.
Christian Rodwell 38:16
So I'd like to thank John again for his time today and for opening up and sharing his story. And of course, we'll be inviting many more members and friends of wealth builders on to future episodes, as we expand on the family's content. But of course, you know, for those that have chosen to focus on their own wealth, of course, will very much still supporting them as well,
Speaker 3 38:36
absolutely. So whether you want to build the wealth for your own safety, security and well being, or to help other people, but in the end, you know, think about this, if you build an asset, and that's the essence of wealth building, you're building multiple streams of income from assets, and you're on your own, you're still gonna have a legacy issue on you, because you've got that asset that is going to outlive you. So whatever the good causes and things that you care about, it's definitely still going to have some important so stick with us. It's not just about those people who've got children, but if you care about something is just as important.
Christian Rodwell 39:12
Well, if you enjoyed listening today, please do share this with somebody you think will benefit and just tap on your podcasting app, hit the share button, and we'd appreciate that the more people we can, you know, spread our message to Kevin we think will only do good in the world rather than more families we can help. Absolutely. So thanks for time and Kevin Woods catch up Same time, same place next week.
Unknown Speaker 39:33
Until then, my friend so yeah.
Speaker 1 39:38
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