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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 210 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders joined today by our founder, Mr. Kevin Whelan. Hello, Kevin.

Speaker 3 0:28
Hello, Chris. Good to be with you. Again. Again, again, we would spend some time together this weekend, we doing some video recording and you being the director, you such a good director of this stuff.

Christian Rodwell 0:37
Thank you. Well, we've got big news. Today, we are finally launching our families offering to our members. And we've been talking about this for a long time. But the date to put in your diary right now, if you're listening is Tuesday, the third of October, and we're running two live sessions. The first session will be in the afternoon at 1230 to 1:30pm. And then another one in the evening from 8pm to 9pm. They'll be the same, but we're deciding to do two different sessions just to make it more accessible for different people, Kevin?

Speaker 3 1:11
Yeah, although the wealth builders for families programme aims to reach age appropriately, anyone who's got a child in their life they care about in terms of that financial responsibility, whether they're 510 1520 25, or even 30. But we recognise that one of the challenges, of course, now we're going back to school mode, and people with younger children as they never seem to be able to find the time in the evening. So we thought by having a late one for those who have got younger children and do want to tune in, because they've got the most again, because they've got the longest to be an influencer, which I think is fantastic. And we'll talk about some of the principles later, Chris, but just one of those is, the more time you've got to influence the more time you've got to effect the quality of those interactions, the more likely it is you'll have an absolutely fantastically responsible, mature, well rounded young adults who will then turn into a responsible adult and then pass on the lessons for themselves. So it's really, really critical. We don't disregard those with younger kids, and they're just putting them to bed at a certain time.

Christian Rodwell 2:25
So if you'd like to join us on the families Lorge webinar, it's titled How to be a great money role model for your children. And we know they don't teach this at schools, colleges or workplaces. So we believe it's vital for parents or grandparents to be the best money role models that they can be, you just need to hit to wealth forward slash families launch. So that's the plural, families launch. And you can register your place and join us either at the lunchtime session, or the evening session, whichever works best for you. And we'll be talking about some of the problems that exist. And in fact, we're going to be running through the seven P's the seven principles, Kevin, which we're going to be playing today on this podcast so people can get an idea of what to expect when they join us on that webinar. So why don't you just explain a little bit more about the seven p's and the importance of these, Kevin how you create these?

Speaker 3 3:19
Well, I wanted to create a series of principles, in a sense, that really, really good seed that we could plant and watch that grow wherever HR children are, and therefore I had to make it so it was timeless, and not linked to what's going on in the world. But there's flexibility around that. And to make it age appropriate. So that you know one of the principles, let's say of participation, and we'll come on to that you're going to participate or engage in dialogue or games or any form of engaging with children, teenagers, young adults needs to be age appropriate. So when trying to create the content, you will come back to first principles. So it took me a while to get the principles. I didn't want too many didn't want too few. And then cross check that against while does that work? For a five year old? Will it work for a 10 year old will it work for a 15 year old and so on. And I checked it with everything that I thought would be useful to content checked it with other people in the team. And it seems to work. So obviously we'll we'll have the opportunity in the first months to double check that and make sure that people are enjoying that they're getting real value from that and they can give us feedback and that's important, but I'm pretty happy with the work I've done here, Chris. I'm proud of it actually. And hoping that I suppose the listening public in terms of being parents or grandparents or carers or aunts and uncles who want to influence the outcome for our younger generation. We'll see that and we'll we'll realise that no school could possibly teach all of that. No college or university could teach all of that. And no workplace could teach all of that, because they're all dealing with people at various points in the child's transition. Whereas you as a parent or a carer are involved in the whole of that transition. So I think the other point, then is to recognise and appreciate that younger children today will have more transitions, more changes, more big things happening in their lives, than any other generation before. So I think as I look back on it, Chris, and having recorded it now, I'm pretty happy that I've done a good job here, even if I say so myself.

Christian Rodwell 5:43
Well, I'll back you up. Now. I was obviously there in the studio, and yeah, really resonates. And we'd love to hear what you think we're going to play the seven principles now for you. And Kevin will come back after we've shared those with our listeners. Again, just invite you to come and join us on that founder webinar on Tuesday, third of October. All right, so let's have a listen to the seven family wealth principles.

Speaker 3 6:06
Hi, I'm Kevin Whelan, founder of wealth builders. You know, in our evolving world, children of today growing up in an environment vastly different from previous generations. Traditional financial safety nets, such as guaranteed pensions dependable employer benefits no longer a given. While older generations had this financial support, our young ones will not. Without early financial education, these children could face mounting challenges from falling prey to scams, or making impulsive debt decisions. The anticipated heritance from preceding generations may be squandered without the proper knowledge and mindset to managing the risk isn't just financial, but also the emotional toll of missed opportunities and economic stress. counteract this it's essential to instil financial literacy in children from a young age, ensuring they're equipped with the tools to navigate and thrive in their financial futures. Principle of participation emphasises the importance of active involvement, and sensory engagement at all ages. We learn most effectively when we're actively immersed in activities, from children playing and exploring to adults participating in work, sports and other endeavours. Throughout both human development and the animal kingdom. In fact, hands on engagement always leads to better outcomes. Whether in the context of home, school, work, or preserving family wealth, active participation, and involvement are crucial. Creating a framework that showcases how different families involved their children in various activities can serve as an inspiration, making it easier for others to adapt without needing to invent their own strategies. The next principle revolves around the metaphor of planting seeds, symbolising life and growth. Just as a seed requires quality, soil, proper nurturing and time to grow, so do our principles and endeavours in life. Good ideas and principles are the seeds, while challenges and uncertainties represent the soil that covers them. Despite facing adversities which can be likened to layers of compost, enriching the soil growth takes place over time, with a nurturing a plan, a pet, a relationship, or an investment, patience and time are essential. But in our fast paced culture that seeks instant gratification, he's vital to understand and value the process of planting, nurturing, and eventually reaping the rewards. This metaphorical lesson applies universally regardless of age, whether you're 717 or 27. The next principle, it's all about purpose, and passion. It's about recognising and nurturing the innate potential and everyone ticularly in our children. Parents play a pivotal role in ensuring children's talents are realised and directed, supported. It's essential to understand each child's unique learning style. What keeps them motivated rather than just simply conforming to traditional educational norms that more often than not emphasise the improving a weaknesses rather than leveraging strengths. The ultimate aim of sustaining family wealth across different generations is to provide consistent financial support allowing younger family members to be able to pursue their passions. This way, even if their chosen path isn't highly lucrative. They can still lead a fulfilling life back by the family's financial foundation, but by the families who Well, in essence, this principle champions aligning purpose with passion. The next principle termed pay and profit, emphasises the idea that money is earned through value creation. From an early age, children can be taught the value of money and its correlation with work, and with service. simple concepts can begin with practices like allocating pocket money to different jars for different purposes, or understanding the concepts of jobs, and how they provide value in exchange for pay. As they grow. It's essential for children to grasp concepts such as taxes, deductions, and multiple income sources from salaries, business profits, children could be introduced to the idea of business, how they operate for profit, and the fundamentals of entrepreneurship, even if the parents aren't entrepreneurs themselves. Beyond just earning the principle underscores the importance of investments, connecting back to the earlier principle of planting seeds. The ultimate goal is to arm children with financial knowledge, preventing future shocks, or pitfalls like resorting to loans due to unanticipated expenses. by instilling these lessons early, we can ensure they develop healthy financial habits for life. The next principle products focuses on using specific financial tools and platforms to instil financial literacy in our children. various products like Premium Bonds, Junior ices, Junior pensions, can introduce children to the concept of saving and investing. As they grow and encounter life's milestones like saving for the first car or home. Understanding these tools becomes even more crucial. Additionally, as they reach adulthood, it's essential for them to grasp concepts like compounding, importance of pensions and tax minimization. This principle acts as a comprehensive guide, highlighting various financial products and tax practices, helping parents and grandparents understand and impart this knowledge. In essence, its holistic approach to family finance aiming for optimal financial outcomes throughout life. The passing on principle is centred around nurturing children's understanding of financial legacy, and the preservation of family assets for future generation. Early inclusion and family finance conversations is pivotal. By engaging children in the creation of a family charter document that sets financial values, goals and guidelines. They learn the foundational principles of wealth management, and evolving them and the development of a family wealth business. Even in symbolic ways, like helping to brainstorm its name or design a logo offers practical exposure to financial planning and enterprise. As they grow, deepening their involvement in the family's financial affairs equips them with the knowledge and skills to handle future inheritances responsibly, given potential economic challenges they may face having a grounded understanding of the family's financial traditions, and commitments, as documented in the family charter is invaluable. The overarching aim is to foster a mindset where wealth is not just consumed. But as nurtured, grown, and passed down, ensuring continuity across generations.

Christian Rodwell 13:46
Great stuff there. So we'd love to hear your thoughts on on those principles. And, of course, join us on that webinar, where we'll be talking about how you can be a founder family member and join us on this mission, Kevin, it really is a mission that we're on here.

Speaker 3 14:00
So critical, the most important thing you can be is a great influence on your younger people. I've never been more passionate about anything in my 30 years of being involved in in the kind of financial field. This is definitely the most important thing

Christian Rodwell 14:14
I've ever done. Okay, we'll perhaps just look at some of those principles in a little bit more depth, and we're not going to reveal everything. Right now, of course, we'll be going into much more interactive session on the third of October. But as we always like to do on the podcast, we acknowledge our reviews, and we've had one from a unblock this week. So I'd like to read this out. And Anne says I was introduced to Kevin via my golf networking group, I was having real problems transferring my Lloyds Bank pension into my SAS, and I was going round in circles for nearly two years. A couple of calls with Kevin and not only came up with a solution, but he also showed me the value and community that wealth builders offers. And subsequently I've joined the membership and I'm loving all of the structure and learning and Mo Only one month into my wealth building journey.

Speaker 3 15:02
Fantastic. And I'm so pleased Florian. And one of the things that is really important to recognise when you surround yourself with like minded people, problems that somehow seem insurmountable. I don't know how to solve this, the industry is preventing me from doing this. My advisers telling me I shouldn't do this, they're usually coming from a place of self interest. And I'm sad to say that's still the case. So it's always a pleasure. When we can solve a problem, break down a logjam, create a intellectual or financial shortcut, not in the sense that cutting corners, but getting your way around the problem. And I'm grateful to him for commenting on that. And then he's a lovely, lovely man as well. So I'm going to add that because in fact, most of the wealth builders community I find to be such sharing, engaging people. And I think the concept of the wealth builders for families is the principal way now that we do business as opposed to looking after individuals, which we've done for many years now. But focusing on the wealth of the whole family, means that community is going to get larger, the impact of the community will be more impactful, more powerful, and its impact. And the longevity of that impact will be for generations, as opposed to just getting someone to financial independence. I mean, that's a big enough task in itself, of course, but the financial independence of not just a single generation, but multiple generations, is what we want to do, and we want as many families as we can get. And we're thrilled to have 50,000 families, not 50,000 individuals participating that would fill a number of St. James's parks Chris, if you know somebody else who's a family member who you think they feel passionately about doing the best they can to equip their young people to cope with the challenges ahead that are very different than any other generation before. And hopefully, you've heard some of the reasons for that by now. That's why it took so long, Chris, you know, this is a, if you think about the problems that our young people will face, and the youngest ones will face more problems than any, for reasons I've outlined. But just to get that principle in place, so that as new technology, new software, new ideas, new products get created, the principle stays firm. So for example, the principle of products isn't saying you should buy this, or you should invest in that we don't do that work. But this is appropriate for certain ages. And that's going to change and the rates and their effectiveness will change. But the principle of there are always going to be financial product practices and, and things that you should be aware of as a someone who's influencing a child's future, fundamental. So it's taken me a lot longer than I wanted. But I'd rather get it right, then get it wrong.

Christian Rodwell 18:00
Absolutely. As I mentioned, on our launch webinar, we will be introducing exactly how you can become part of the community and community is going to be really important part of this. Also, hey, can be involved in some of the conversations, which you've heard over the previous weeks from some of our guests talking about families talking about some of the fun things they've been doing to introduce their children. So we'll be introducing games, events, opportunities to come along to meet like minded people to share your own experiences. And also something that we acknowledge Kevin is the special needs of many children out there as well.

Speaker 3 18:36
Yeah, I mean, that's a big one, isn't it, we all hope to influence our children in the most positive way that we can, but sometimes we can't, because they're unable to help themselves, for whatever that reason would be. And while it's not our place, we're not experts in other medical conditions or emotional conditions. That's not our skill. But we do want to make sure, though, that the parents who have that challenge can provide a bountiful source of future funds and the control of those funds to make sure that the children affected by that are living the best possible life they can. And that's really important, whatever those conditions are, and we'll have some very powerful and emotional case studies, I'm sure from people who are feeling these challenges, and they'll share their story in their own way. But you know, we can't comment on that, but the financial piece we can, and I'm determined that part of the outcome for wealth builders for families is to support those who need that support, to also recognise and appreciate young entrepreneurship and I'm just going to be blown away. I know it already, because we started to get some case studies in of young people showing their creativity, not necessarily in an academic way, but in a truly entrepreneurial way without the training just they just as natural curiosity to create things and I just love that. So I'm looking forward to the case studies, the connections that will be made, we just talked about E and saying you do struggle with something for two years, I know it's going to happen, that a parent is going to be struggling to get financial support or some financial solution for something, and another parents found the solution. And that connection will be made, that wall will be broken down, and the community will get stronger as a result, and children's lives will be impacted better.

Christian Rodwell 20:33
Yeah, no, we're genuinely so excited for this. And if you're concerned about the challenges and threats that exist in today's society, and, and how to manage them, and, and the importance of family support, and creating that better financial future for all of your loved ones, whether that's children and grandparents, parents, the entire family is what we're catering for here. Then please head over to wealth forward slash families launch all one word, and sign up for our launch webinar Tuesday, the third of October, two sessions to choose from 12:30pm in the afternoon to 130. Or join us in evening eight till nine, both the sessions will be covering the same content, you choose the one that suits you, that's wealth, forward slash families launch.

Speaker 3 21:19
And another thing I want to say, Chris, is, we made the decision as we were thinking about this to make this so accessible, to be a no brainer, because we just want the community to be kick started with a powerful ignition of people sharing their stories, their case studies and the benefit, it's going to be shockingly accessible. I'm just going to be hopefully thrilled with the number of people who decide to get involved with this, because this is a mission that I know other people talk about. And everywhere I go now I'm starting to speak about this on stage on podcasts in different ways. Two things I've noticed. One is everybody says, Why don't they teach this in school. And when I shared the vision of the breadth of this not just kids should be taught at school, I'm not necessarily sure that the best place for this would be in the school classroom, because the teachers have got enough to do and how can you be a great teacher of financial things? When your skill is teaching academic things, the two skills are different. And so many teachers have acknowledged, I mean, they should be on the curriculum, but they don't have the capacity to teach and it's not a negative on the teachers. It's just a fact you've got to be skilled in something to teach it. You know, I couldn't teach German because I've never studied it. Just because you put it on the curriculum doesn't make it automatically then taught. And of course, it's a postcode lottery as well. You never know which school is going to teach you which had maths is going to support it or had had teachers gonna support you just don't know. So consequently, we know it's a potluck story right now. So we want to make this so accessible to anybody who's got a child in their life and wants to influence them to be able to say, this is a no brainer. Let's help them and get on board and then more people the ripple effect of that will be massive. I can't tell you how excited I am about this. Well, we

Christian Rodwell 23:20
hope you share our excitement and as always, we appreciate your time listening to today's episode. Don't forget the URL wealth forward slash families launch head there now register your place. We're definitely going to be oversubscribed for this one. So don't miss out. And Kevin, we will catch up Same time, same place next week.

Unknown Speaker 23:39
I look forward to it Chris until then my friend sia

Speaker 1 23:45
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 right now for free access. That's wealth

Episode notes

As they don’t teach financial literacy at schools, colleges or the workplace, we believe it is vital for parents to be the best money role models they can be.  

At WealthBuilders, we’re on a mission to help parents and grandparents ensure their children, teenagers and young adults, are equipped with the knowledge and confidence to deal with the financial challenges and opportunities ahead. 

We want to help nurture a financially wise generation, ensuring wealth isn't just consumed but grown and passed down. This is why we have created the following 7 principles. 

Listen now to find out how you can be part of this truly life-changing community as a founding member.

Resources mentioned in this episode