In today's episode we discuss the topic of women in business. Make sure to tune in if you want to find out why, statistically, women are financially worse off than men in many aspects.
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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
Hello, welcome to Episode 34 of wealth talk. My name is Christian Rodwell, the membership director of wealth builders and I'm joined by the founder Mr. Kevin Wayland. Good evening, Chris.
Unknown Speaker 0:29
Good to talk to you again.
Unknown Speaker 0:30
And to you, Kevin. how things have you
Unknown Speaker 0:32
well, things are great. I just had my 30th wedding anniversary. Congratulations. Quite a milestone. Well, it is for my wife.
Unknown Speaker 0:42
Yes, we had a lovely time at the Manoir. And we're planning our trip to Canada with the whole family as well. So very much looking forward to those celebrations and
Unknown Speaker 0:54
yeah, good, fun. And exactly talking about the good lady. That's the subject of our podcast today, Chris It is and it's back to business, isn't it? Because we're now moving through the pillars as we've progressed through pillars 124. And the business pillar is pillar five. And as you rightly said, there, Kevin with focusing on women and wealth today.
Unknown Speaker 1:15
Yeah, women and wealth. I mean, look, this is not a sexist comment. But if you think about the statement we always make Chris when we're talking to people about wealth, it's begin with the end in mind. And what I've noticed, if you look at some of the numbers, maybe our audience will remember that I'm an economist, so big on on numbers. So I've got some numbers for you, Chris. Okay, far away. A third, three quarters of 1.2 million. Right? These are big numbers. So a third of women simply don't know how much they've got, and how they're going to build their time. And
Unknown Speaker 1:54
that's a huge number. You know, one in three, just simply have no clue.
Unknown Speaker 2:00
By the time women get to their 60s, the average women's pension pot is a third of the size of the man's. Now, there are reasons for that, and I guess we'll touch on that. But to recognize that for the most part, people are going to get into retirement. And the vast majority rely on a pension fund to provide them with our future. If the average fellows pension fund isn't enough, and a woman's is a third, Well, that certainly isn't going to be enough. Okay. 1.2 million of women in their 50s have got no retirement provision at all. That's a huge number. I mean, that's massive. And here's the problem, right? Because three quarters of women that's what three quarters number. Once you know those in their 60s are either single divorced We don't. So the shocking thing is, women are going to be on their own, you know, as guys die before they do statistically. So you know, women have to give themselves a kick wherever they can. And we can hope to help them do that gentle one with not with a stiletto, but with a soft shoe to say there are some things that women can do. And it's not just about, Oh, well with me isn't, isn't the industry wrong? Isn't the Equal Pay thing wrong? There's so many things women can do. And we want to focus on the positive with what people can do, to stop making up that gap. And recognizing that in the end, they need to be more involved with the process, because the vast majority of them will be will end up on their own. And that's the sad state of affairs but it's true.
Unknown Speaker 3:52
That's right. And we we do have a few stats to pull on and we'll we'll put the source of those stats in the show notes in case anyone is just you know, Wondering where those references from. But it's true that of course, there is still this gender inequality within the corporate world. And of course, you know, there are certain rating systems of childcare and things like this, which typically, you know, the women do take more of a an active role in in those things. And however, you know, the stats are that only one in three UK entrepreneurs are female, and women account for only 17% of business owners. So there is there is a huge gap here isn't there can there's a huge gap and you know, wealth if we recognize that
Unknown Speaker 4:35
wealth is a process of seeing problems, and being part of the solution, then it doesn't really matter how much time you have and go back to last week's episode on time leverage. It's possible to learn and do something different to start bridging that gap. And I think definitely there's a huge growth in the market for women's groups, you know, where the special and unique needs of women and they all have their various dynamics and how they process information, how they like to connect and collaborate, how they much more likely to be strongly kind of socially, enterprise type businesses. There's so many things and so many outstanding women in the field of businesses, and we'd like to share some of their stories and their passions. And they will be coming up in future episodes, Chris, where and hopefully in the next one, where we can get people very passionate about this, and liberating some of the ideas to give confidence and education and a sense of community around women because very often, if they're not, well, it's very obvious that most women are not taking an active role in financing wasn't being joking, let's talk about my wife, but she's very, very passive in the wealth building role, which is why it's really important to try and make We've got very solid backup teams around so that when Kev croaks, you know, she's going to be okay, which of course she will be. But you know, that's why we're building. You know, my daughters in the business, my son's doing his law degree so he can get involved. My other sons doing property development. So what he's done it now he's now working in that field. So the whole family, you know, have a kind of a wealth spin to support what my wife is doing because she's got many other things to think about. But those who do have the willingness to get involved in just thinking about different ways they could use some of the pillars to build their wealth Chris, then it's really important to try and do that and build that around the time that you know women have and and certainly there's some obvious things they could quite easily do and one of those is just to recognize that you know, the the do get a credit, you know, for some of the carrying time in terms of national insurance and you've got to go and claim that credit towards a pension. But those are the sorts of things that it's obvious to do, we can post a link to those things, Chris, so and look for some of those old pensions if they were in a job, and then you left that job to have a family as many people do. But then forget that there's a pension left behind you Remember, we talked about the 10 billion pounds worth of money in forgotten pensions, Chris, and many of those belong to women who just don't claim them because when they go back to work, or if they stay in that caring role, then they walked in, forget about those all together. So it's quite important in the pension pillar, just to make sure National Insurance is claimed, and also getting credit for childcare and those sorts of things to make sure you're getting your your state pension credit, not that the state pension should be the be all and end all because anybody relying on the state pension is that gets pushed back later and later and later has got a wrong plan. But just remember, we talked last time Also about doing the wealth dynamic Chris so that husbands and wives see themselves as part of this overall family wealth plan and take whatever role you can that process and start by doing your wealth dynamic and discover what unique skills what unique intellect, what unique path that you could take in supporting the overall wealth of the family because you know, wealth is a mixture of all the different freedoms Chris, we touched on that way back probably episode one
Unknown Speaker 8:32
Yeah, one a certainly one of the first couple of episodes we talked about those different freedoms and, and time freedom is is a big one. Obviously there are a lot of people get into business because they they want more control, they want more time to do the things and that ties into our episode last week as well just net with leverage being you know, the most important you know, point of leverage is is time Absolutely. So you know, finding any amount of time because the proportion of time Most people spend men and women together in building wealth is pretty limited. So finding any kind of time any leverage time to spend doing something, and that's something could be really, really simple. As I say,
Unknown Speaker 9:12
like finding out about some things you've left behind to also looking at some some ways that value can be created. And there's many, many ways that women groups are getting together on day and sharing some common ideas that will be very unique to the way women like to build their wealth with that sort of real sense of community. So many of those, and we hope to showcase some of those in the coming weeks in date, and date. So
Unknown Speaker 9:39
are there any other points with regards to you know, I guess the step by step system, Kevin, that you've created for building wealth there is there's really no you know, there's no certainly no inequality as to whether that system applies for men or women and we have many of our members in the foundation program who are women and you know, having fantastic results and You know, certainly within I know, the SAS business as well, and I guess slightly outnumbered with men you see in terms of clients there, Kevin?
Unknown Speaker 10:08
Well, I think it's true that as far as the wealth builder principles are concerned, their principles so they're they're sex agnostic, doesn't matter who applies them, the principles are work. So it definitely makes sense to absorb the principles. But I think the key thing is how you apply those. So you know, some of those things, for example, debits would be an easy thing to do. If you've got limited time, in that process of trying to create money. investing money is really quite simple. By redeploying money into investing that that doesn't have anything unique to it. Bank, we're seeing more and more women exploring property and that uniqueness of the way you know property can be very much a relationship based business with focusing on you know, the tenants, I remember one of my clients whose decided to get into a GMOs and I remember vividly and was Chris and Vicki is the name of these clients. And Chris was all kind of ex banker or gung ho had the funds ready to put things in place and, and Vicki was saying to me Oh, Kevin, I'm not really interested. I like Christina, Christina. And then when we got to the point where they had their first HMO launch party, and they invited me to that will cracked open a bottle of champagne and they toured around their first HMO, which is an open team. She could not hold yourself back, Chris, it was absolutely spectacular. You said Kevin comes he comes he comes he said, Well, Vicki, I thought you weren't interested Shut up. I'm interested down and you showing me some of the beautiful things that she was doing, you know, in the GMOs and how she gave created these gifts in a special sort of Tahlequah gifts for the guests as she called them. And I just thought it was brilliant that her unique and caring take was was really a reflection of the business and I think there are so many women who have that special take in the way they approach property. And they see it not as a money making activity, but when we provide people with homes that they can be really proud of, and many, you know, support some of the caring aspect of, you know, we talked about some of the exempt residential properties in a previous episode, when you can actually use your pension to buy those in a way you've got children who need special attention, or you've got groups that need special consideration from local authorities, you know, some really outstanding things that we definitely seen women pay more attention to than the men. And I think it's just brilliant to see.
Unknown Speaker 12:40
So if we would summarize for today, then Kevin, I mean, for me, it's just, you know, the word control, just just really taking control of your of your future and your wealth. And super important, obviously, you know, whether you're male or female, this applies, but certainly in context of today's episode, would there be any other points to summarize from your side, Kevin?
Unknown Speaker 12:59
Yeah, I think As far as the business is concerned, you know, you can really just start small. So there's no requirement to be thinking about a multimillion pound business, you know, anything that's providing value, small businesses and different ways that as I say, you can build a community around that. And I like the idea that it's so easy now, with technology to get into businesses of all kinds. And we've got some really great examples of people using Amazon and people using networking type of environments, you know, multi level marketing, and lots of great experiences in property as well. Where you know, this, this, it's the barrier to entry is just so easy. And people can get together and do that business in time that's unique to, you know, the special times that are available for people who don't have the same ability as as others, you know, terms of just having more, more of that gap in time. So being around kids being able to fit around many different things, we're seeing that now everything is great.
Unknown Speaker 14:07
Um, so as you mentioned, Kevin at the start the episode where you definitely reaching out to some of the, you know, successful women that we would like to invite on to the podcast and hopefully in the next episode or two, we will have their viewpoints and, you know, that'd be really something to look forward to.
Unknown Speaker 14:25
And I think showcasing some of our own students because who are fitting these things in and, you know, paying due respect to how they're doing that and for them to give their unique insight on you know, what their challenges have been uniquely and, and how particularly they've, they've taken care of that and we've got some real energy people around the community, haven't we Chris, people like Louise who's got a full time job nailing that but so busy and so active in the community. It's just brilliant to see and and many others, but I think definitely for those who needs a little bit of inspiration We've got, you know, four or five people in mind, who would give their take on really what's going on and how women can take a very particular way to apply, you know, their their starting thoughts, to building wealth on their own terms. And I'm looking forward to having those, interview them and share their stories for everyone to hear.
Unknown Speaker 15:21
Yeah, that'll be coming up very soon. So thanks, Kevin. And that was good chatting to you today. And I guess I'll see you on the next episode
Unknown Speaker 15:28
of laptop. I look forward to That Christian, you're going to be heading off to America soon on you for the next size in some of the marketing skills that we're bringing to play now and some of the technology yourself. So looking for new you're going away very soon. So we might have a little break while Chris is away. But in the meanwhile, we'll try and get these interviews to you. And I look forward to seeing you, Chris, when you get
Unknown Speaker 15:52
when you get back up. Thanks, Kevin. Yeah.
Unknown Speaker 15:58
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Transcribed by https://otter.ai