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Mindset & Personal Development

Make Money While You Sleep, Or Work Until You Die [Part 2]

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Unknown Speaker 0:03
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 0:21
Welcome to Episode 229 of wealth talk. My name is Christian Rodwell. And this week I'm not joined by our founder, Mr. Kevin Whelan, because he is swinging some clubs on the golf courses over in Florida, a well deserved rest, and a bit of sunshine at the start of 2024. So I'm picking up the reins for this week's episode. And we're carrying on actually as part two, where we left off last week in Episode 228, which was an interview between wealth builders founder Kevin and action coach, Mr. James Vincent. So if you haven't heard part one, then press stop. Now go back. Listen to last week's episode. It was absolutely fantastic. And last week, Kevin talks about family wealth, he talks about the fact that our children will most likely go on to live until they're 100 years old. And that as parents, we must start including children in discussions about money as early as possible. And of course, he touched on recurring income, the difference between work income and asset income. And if you truly want to be financially secure, financially independent, you have got to begin building multiple streams of recurring income to give you that security. Alright, so lots of interesting stuff there last week, today, we're carrying on. And Kevin is talking today about the four entrepreneurial assets which you can use to generate that recurring income, as well as talking about trusts and the different types of trust, which you can use to protect your wealth. All right, so make sure you stay tuned all the way until the end, because Kevin talks about some advanced wealth building strategies in this interview, which involve leveraging assets, which you almost certainly have within your life right now. So don't forget, if you're looking for support to help you build your own recurring income streams, then do head to wealth forward slash membership, to find out more about how we can help you. Alright, then let's resume the interview between Kevin Whelan and James Vincent.

Unknown Speaker 2:19
So in the house, then in the pension, and in the investments they've got, everything is under par. Everything is underperforming. And as a result, no chance of becoming financially independent. financially independent, then, is having enough recurring income to live the life that you want without compromise, whatever that figure is. So let's pick a number for the sake of it. All right, if the average income was 15, grand, but most people in my community I talked to we'd like 100 grand. Yeah, that's a Grand Moff as a hell of a gap. Right? So how do you bridge that gap? Well, you have to learn what the other assets are, how to move this, how to move that in number one. Number two, what the other assets because you can't build wealth in your home, your pension, your investments unless you do something, when most people delegate that money,

Unknown Speaker 3:11
the house, yeah, not moving pension, somebody else's got it. The investments, an institution has got it the four ways that you can be a value creator, right on someone who's adding value, which means you've got to learn something, which means that you've got to be educated, which means you've got to be open minded to being supported so that you can't learn it on your own. This is a value created value creator. And there are four ways to do that. So if we've gone on to three can't work. 4567 are the ones to come. Number four, is a portfolio of property. So instead of having a property you live in, yep, you have property which you own, or control, you don't have to own them. Yeah, you can control property won't get into that much too complex. It's the one that most people get they understand understand it, and they'd like bricks and mortar in this country and who doesn't? Yeah, we're in an island after all. So they get that, but there are at least 20 property strategies. Most people no one, which is they buy a flat around the corner or buy a house around the corner of you know, and they get a five or 6% Nothing wrong with that. But it's underperforming. It's just understanding how do you do better than that and there are so many ways to do that. But building a portfolio of property is no longer than trading time for money, you get an income and exchange which is called rental income, or some or licenced income or some other form of income but anyway, you can measure it you can count and you can stick in your bank and if you're not around it money well. The next one after that then is the business that works without you on a business you're in yet but and you know this more than Garcia's people of course you know your convert to that. And I talk in the book, The Wealth coach about the different ways you can create recurring income inside your business, but you can also create

Unknown Speaker 5:00
recurring income outside of your business. So if you've got a business that creates recurring income, it means you've got a supply of regular income, contractual, wherever possible that you're generating streams and flows of contractual or relationship based income. But the relationship no longer depends on you. You don't have to be the person who shows up, you don't have to be the person who smiles and greets anybody, the income is flowing. And that comes from auto delivery of product or to delivery of service, some kind of membership or subscription. And what I call it getting the team to run the business, I'd given the team to run the business. And there are some very fascinating ways. Now you can get the team to run the business. And you can basically sell that to the business, get all the money out tax free, you know, so lots of different ways to get an exit strategy from that, which is another mistake that people make as well. But anyway, so now we're at number 456. Is intellectual property, IP, IP for sure. Which is creating a flow of income from what's inside your head. How do you convert that? How do you repurpose that? How do you how to repackage? Well, okay, what about JK Rowling? Yeah, true. Good flow, right? Amazing, Floyd, amazing flow. Right now, not everybody is going to be JK Rowling. But you could franchise something, Brad Sugars, you could licence something, you could create a training course, that people buy automatically. And I do that, so part of what I do is create things from my own for the purposes of IP, but I've other people run that, sell that and so on. And then the final one is joint ventures or collaboration. Yep. I, by the way, just to just to come back to your point about the flow of income from IP, here's the nicest way because it sounds different. So all of this work income versus acid income. For those people who are, you know, audio, you know, working comm sounds like work, work, work, work, work, get paid? Yeah, I have five weeks of work. Whereas if you do the work, from a recurring income point of view, you do the work and get paid, get paid, get paid, get paid, get, but it sounds different. Every so often, you might need to redo the work for your training costs, the heartbeat of that. But that's maintenance. Yes, that's not recreation. But the royalty income. That sounds good, doesn't it royalty, I mean, I like the sound of them. So royalty revenue from IP is a way to create an income flow. And then joint ventures and collaboration says, hey, somebody else has got a skill set. And I've got a skill set. What if we combine the skill set doesn't have to be in a business can be in a project, like a property project or any project where there's a purpose for profit. And then you can either share the profit. And then you take the money you make from profit, and you bank that in another asset, or you co own your project and you get to share the recurring income. So that's seven. So we've got jayvees, IP, businesses, property, default folio capacity, pensions and investment. That's it. Most people don't have anywhere near enough to create that recurring income that will sustain them to be financially independent. And remember this one, financial independence for you, we've done well as financial independence for the next generation. If you give them stewardship, if you just leave the money, they'll spend it because you don't give them knowledge. This wealth of the whole family, I feel as important. Should we talk about trust, Family Trust type thing? It's tactical. I can talk about trusts. I mean, there's I'd rather be strategic gone, because strategic means getting the big idea. Because as soon as you go deep, you can throw people off because they go well, that's too complicated for me, right? But the concept of trust is really easy. And it's really important to get it. Because if you're building wealth, do you want to build a tax efficiently or tax inefficient? Tax efficiently? Do you want to build it so it lasts, if something goes wrong, or somebody can grab it off you if something goes wrong? The answers are really easy. While you do that through the use of trusts, so trust then, is just a piece of bubble wrap, or a box wrapped up in bubble wrap that is financially protected against tax.

Unknown Speaker 9:24
Creditors and legal. Well, we call that litigation or so cases protected against tax. Yeah. litigation and world creditors and credits. Yeah. So nobody can get it. So if you owe somebody some money, they can't touch that. Right? Somebody comes and Sue's you can't touch that. Tax man can't touch that. That's basically a trust in there are many types of tactical trusts. But that's the concept of a trust, and the simple ones that every business owner should have. Without doubt. I don't have to go. I'm advising a guy

Unknown Speaker 10:00
thing here is hover. If you've got any form of life cover or pension, so pension, most people have got some just fill out a form that says if I die, this money goes directly to my spouse directly to my partner directly to my children do not pass go, you know, just go straight there. That's one of the first things that people should do have a listen to this. I mean, surely, that's easy. It's just called an expression of wish. And what that does is, is it protects that money from tax, and it pays the money straightaway, because I'll come onto this point about delays in a moment. The second would be if you've got a pension, put that in trust. So live cover, put it in trust, pension, put it in trust, and it's not complicated and and cost anything, any money. It's just a document and you tick a box and say, If anything happens, I want this money to go to. Okay. That's as simple as a trust is, most people don't do that. So when something how much it cost the cetera so nothing, those two trusts nothing, nothing at all. It's a tick box. It's a it's a really tick box. I'm not kidding. Yeah. It's tick box. Think about life cover, right? Most people who are young, got a family got a mortgage probably got some lacquer. Right? Where did they buy it? They bought it online. So there's no trust document. They were sold it the salesman's too lazy, there's no trust document. Now some will do a proper job for the trust document invariably isn't there because I see them because I've got an advisory firm, where that's the first thing we do is we call it putting the roof on your plan, making sure you are legally watertight. Right? Right, putting a roof on your plan. There are a few more things beyond that. But those two so simple. But do you know that there's like 20 Last count 27 billion. Now, whatever number I'm going to share with you. That's a big number. Right? Yeah. lost and forgotten. pensions. 27,000,000,020 1 billion, not million. billion. That's people who used to work for a company but don't work anymore. That's how many pounds have been lost. Yeah, they moved house told the doctor told the dentist told the optician didn't tell pension company 27 billion, and a lot of women who do get married and leave their pensions behind who profits from that? The financial services industry profit from that. And yet it could easily be solved by just keeping on top of those things. So simple things and we've got clients we've helped fined 100,000, the biggest single part was just over 100,000 pounds. Because they wouldn't do that. So no, hold on. You worked there for 10 years. You've got something. Go and find out. Go make a phone call. Yeah. And then come back to me. Let me know what happened. Embarrassed 100 grand I live with the embarrassment is underground, you know somebody else 50 grand. So we asked five grand, somebody else nothing. Because it means you're doing something and participating was one of my principles participation. you're participating in your own wealth, you're not delegating it and handing it off to a third party at every opportunity. Now, talk to us about SAS as well. Okay, you better trust. Yeah, yeah. Pensions are talked about. Most people don't know what they're doing. And they're just hoping for the best they get a statement, wish it were better and put it back in the drawer again. well organised, very neat, but in a filing cabinet not doing anything. A SAS or complicated language. But that's life. Small self administered scheme is one of the trust funds that all business owners should know. Because if you've got a limited company, yeah, uniquely, for limited company owners, you can have one, which means instead of giving the money to the insurance company to put in stop marking you hope for the best. You put the money in your own trust fund, and it's managed, but you choose where it goes. So let's go back to the pillars buy a property. Yes. Invest in your business. Yes. Invest in IP. Yes. Invest in jayvees. Yes. Whatever you want to do count to build your wealth. The answer is yes. But most people don't do the How long is they don't know? What's the process that people have to go through to? to do with us? One have a limited company to care enough to make a phone call. Right? Three, we applied to the Inland Revenue and four months has done. And in that four months, we're teaching people what, what to do with what to do with the money or do not not we're doing it. What do you want to do? It's your money, what you want to do? Do you want to build a property portfolio? Yes or no? Do you want to invest in the stock market, but remove advisor fees? Do you want to buy gold? Gold isn't an asset, by the way, because it doesn't put recurring income in your life. It's a hedge, right? There's a difference between a hedge and an asset. You can lend 50% of the money in your pension to your own business. Why would anybody do that? They don't want to borrow the money from somebody else. They want to be a bank to themselves. How many businesses during COVID would have been grateful for a loan from their own company and then pay that money back. So they're lending money from themselves so they're being bank itself, which is really what building family wealth is all

Unknown Speaker 15:00
About it's being it's the wealth of the wheel and family the wealth of the Jones family the wealth of it. That's what Brad talks about. He says, you know, naming it that the wealth of the wheel and family the wealth of the wherever your family and near miss Yeah, we get the kids to help design logos. We call it the family wealth business good for ownership. That is everybody's involved. Yeah, absolutely owns it. And, you know, everybody in the same way as joint ventures or a collaboration between the intellect of different people, usually at adult level, at a base level. You know, you say to kids, look, we're we're creating even young kids seven, eight, we're creating a little plan, we're gonna have a little family crest, you got some ideas, you know, and we learn how to they see that and then we're going to buy property come and have a look at it. And while it's still one of the best things you could do, really for children to teach them about working converses asset income, isn't it? It is, you learn by doing? Yeah, what you learn by all of this participation, really. And that's why I call it participation. Because anything you can do, if you think about what's happening today, is very, very curious. Right? So for our children today, younger ones. And of course, we've got to deal with age appropriate content, whether expanding the age ranges, yeah. But if you think about kids now who are so preteens everything is invisible to them. Now, think about that.

Unknown Speaker 16:28
Invisible, what mum and dad do? Don't know don't see it there.

Unknown Speaker 16:33
Where did they get money from? Don't know don't see it. When they want to get money, what did they do? They go tap, they go ping, they don't see it. So there's there's a complete breakdown of an understanding of where value is created and how value is paid for. So one of the principles that I share with my vein is maybe scheme that the education is getting worse education for, for understanding, look, finances, the Educate, I have a phrase for this one, and it wouldn't surprise you I have that the educational system is setting up our children for failure, the education system that I'm planning, and are just introduced, and we got our first cohort of 100 families just this week, right? Setting up children for life. Maybe it can be 101 families, you can have my family as well, well, that's your call. But the point is, if you've got two choices, you know, set set for failure set for life, you'd set them for life. And that sounds just twee, but it isn't. Because when you really understand that education is the best form of legacy. And there's no teacher teaching it. There's no school teaching it no college teaching it, you know, university teaching it no workplace teaching it, if somebody isn't influencing your children, who is

Unknown Speaker 17:56
who is going to come from somewhere. Yeah. And I'd rather be at the beginning. And it's taken me a long time to do it. But I've done it now, to make sure we've got families and create a movement of forward thinking intelligent parents, who are learning how to put their own oxygen mask on first, before they help those, irrespective of how old their kids are, whether they're seven year old, eight year old or mine in their 20s, it doesn't matter. It's never too late. And it's never too early to involve your children in some kind of financial education. And while I believe in education, I'm very powerful believer in the concept of education. I think it's just missing in financial education with the children living to 100. It's got to be there. You know, which why I'm passionate about it. And by the way, the SAS, just so you know that as soon as your children are 18, they can join you as trustees. And we call that a SAS simulator. We give kids not kids because they're 18. But tests like almost like Dragon's Den, right. So imagine you've got you created a SAS, you found out about it anyway, you push the thing and somebody told you, and you got that SAS is just a great idea. I'm going to invite my children because I want stewardship. So you So okay, so Okay, James, we've got this house here. And it's a pot that's building and we're in control of that. Now, at some point, you're going to inherit this, it's gonna be yours. If you had whatever the figure is 10,000 pounds, and you were going to make an investment and these are the seven areas you could invest in. Bobby, your plan, pitch it back to me. Right? See what happens to Asians pitch, teach them to pitch because your presentation skills in your life, you need planning skills in your life. You need negotiation skills in your life. And if they're going to the learning happens, it is it's wonderful when it happens. I'll make one final point on this thing about children if I may, which is there are many families who have children who will never ever be able to be stewards of money. They'll have physical issues, mental issues, whatever issues

Unknown Speaker 20:00
And I think there's an equally important reason that we as the pioneers, I'm talking to me, and you need to be the owners, because we need to register, that if we've got children who can look after themselves, we need to put in place the structures, the trust's to make sure they are looked after. If they can't look after themselves, we need to do it for them. For what reason? Would children not be able to look after money because of education or even thinking disability? I've got clients with a blind daughter, right? Who can't really manage things that well. Some people with autism, some people with a whole range of different conditions. You know, I'm not trying to pick on any individual danishes, you can set it up to there's rules that can me Yeah, and the family members, cravat trust and the trust, make sure that their financial needs are taken. The point is, no matter what your situation, it can be done in some way. It can be done as long as you do that, as long as you take action, move the needle on those seven areas in some way. I mean, the beautiful thing on the seven areas is each one it can build up a little bit of wealth, can it if your goal is to get 20 grand in passive income or 50 grand or? Yeah, sorry, passive income loss. Why don't you mean, I know what you mean? Yeah, in recurring recurring income. Yeah, you can divide it over seven areas, each one can provide a little bit

Unknown Speaker 21:21
to avoid overwhelm. I don't try and encourage people to think about seven, I encourage them to note them down and go, what what what you start with one or two, or you ideally start with two, because you can work on to the same time, why to work because I've my experiences if you give people too many things to think about, yeah, true overwhelm sets in a shutdown. Got it. It's like the thermometer can't deal with it. Can't deal with that. It's too many things. So two things, too, if they've got busy jobs, busy, busy businesses, couple of things. Do a lot of people take the profit option in the UK. Yes, they do. They the two most popular pension property, because they've got a pension anyway, so the best do a better job. And they liked the idea of property, but it could be any combination. Yeah. And there's nothing wrong with it release of money from pension points proper can be it can be released of money from savings into property can be released of money from the existing property that's owned and put into that. And that's another issue, you know, the difference between good debt and bad debt is soften. You think going back to the children, you know, you often will hear things like never a lender or a borrower B. And there's a big difference between borrowing money for wealth building purposes, where you're making money on the difference between what you're borrowing what you're, but you have to understand the difference. So if you're borrowing money at 1%, and you're making 10%, that life looks easy. But if you're borrowing money, 8% and you're making 10%, you know, something goes wrong, and all of a sudden, you can get into difficulty. So there's a delicate balance to play. How do you go about assessing all of that when it's going to run? CAT scan? broni? You do all of that in 30 minutes? No, not not entirely, but enough to say, these are the two and it's so much you, you're processing everything. And I've got accurate, we've got a thing called an asset map, right? It's like a mind map of somebody's finance, one of my team does that now look at the map and in 30 minutes is dumb. It's not really difficult to do it all. The show. It's all logical in the end. Yeah. And by the time you've understood what people like, there's a natural inclination for people. So if you could choose any one of those, somebody's going to say, Well, I think I like the idea of property, or I like the idea of, I'd like to know how I could turn my business into a stream of income, or I'd like, I'd like to know what streams of income could come from other businesses. So for example, if someone's a coach, instead of just coaching, trading time for money, they could coach for equity, or they, they could see another business, and they could buy another business, and they could even buy another business with the profit that's already in the business. You know, by there's all sorts of mechanisms, where you can remember I said earlier on with property you can own or control. Yeah, well, you can do the same with business, you can own or control a business without having to buy it. Yeah. And while these are more difficult strategies to learn, and you need to be in the right place to be able to learn them. They're all they're all teachable, are all absorbable. And we've got such a big community of people doing lots of things. As soon as someone says to me, I'm really interested in property. And I like the idea of say, students, right, go and talk to these three people who are doing in our community. So that connection shows people how possible it is. And even in some cases to say, Yeah, I saw what Fred was doing with that property. I didn't like it. That's great. Because that tells you don't want to do that. Yeah. Now let's move learned. Let's take another one. What about this, and there are so many clever ideas people are using when creativity comes to

Unknown Speaker 25:00
based on value creation, then that's when things get dramatically better. Because you're not limited by the state of a market, you're limited by your own creativity. And that's unlimited. Who's ever seen I'm sorry, there's no box around that, to someone needs to be in his particular situation to start approaching this aisle can, irrespective of your situation right now, can you start to go and change the needle? Everybody can do something about building their wealth, even if it's immediately immediately, absolutely majorly theirs. And everybody can, everybody should everybody? Well, one of the ways if there's only one circumstance where I think it's more difficult, and that's when they've got more, month left at the end of the money, right, got it. But that's a lot of people listening right now as well. If that's the case, then the process for there is a process we called debits, which is looking at everything that's going on in your life and plugging as many holes as you can. Because no matter how thinly you slice any arguments, always two sides. So no matter what you're doing with your money, whatever you're spending, there's a better way to do it. Yeah, this bet you're buying this, you could buy a challenge, you're using this, you could do it this way, you're spending this you could stop manage the debits what I don't like, is the idea of penny pinching. But debit stands for debt, education, bills, insurance, tax and stock market fees. It's all of those things. That's cool. Yeah. And we do that. So we sit down go, right, let's look at everything that's going on in your life and show you some ways to save money. Most people save about 1000 pounds when they do day to day 1000 quid day one is what they find on average, which, okay, but if you think about that, as is a seed, and you make a grand, that's now seed, you can plant in an asset. Or you can get an education that teaches you something because education is the is the first asset, which is sewn in here. And so the reason why I say us as pioneers, we've got to be open minded to planting our own seeds, because the tree won't come unless something gets planted somewhere. So you just got to start today. That's what I recommend. People won't do it though. Because the guy Yeah, I should do that. Like my dad. I should do that. I could do that. But I'm not going to do that. We'll get those. I'm too busy. We'll get super clear on one thing is very short. I've got some quick questions for you here. What's your favourite book that you've ever read? business books, I would say probably the Seven Habits of Highly Effective People. Stephen Colbert here. I think probably that one favourite movie. Favourite movie Shawshank got to be Ellison and number one Shawshank. Yeah. favourite holiday destination? Well, you know, I go somewhere different every six to eight weeks. So

Unknown Speaker 27:46
just come back from selenia yesterday living the dream Slovenia. Yeah, bring back memories as well every year. Well, I love Slovenia. First time there though. But that was great. So, uh, but probably the best one I ever had was South Africa. When we did the Cape Town and then we did the Safari. And then when you know, across the Garden Route that was safari in South Africa, that was classic, classic. If you could have one superpower, what would it be? I love me here back.

Unknown Speaker 28:13
can always get away? No, I'm not going to do that. I'm quite happy now with my with my sort of star. But there you go. So be it any superpower. That's an interesting one. I'm not really sure. Just to be able to dispense wisdom more easily, I think, share wisdom. That's nice, isn't it? Yeah. Early Bird or night owl. I'm an early bird. You're not in as early as you.

Unknown Speaker 28:38
But you know, I'm I'm kind of up and added. Yeah. At seven looking at Connections every morning. It's my LinkedIn and Facebook time. So I like to do that always looking for new connection. Especially now I'm looking for people who've got a real passion for financial literacy. And I'm finding the now you know, people who've got, I was talking to some woman, fascinating woman. She's got a child with autism. And it's like, you don't know what that's like. They've got to wear ear defenders. When they go out the fidgeting, everything. They're never going to handle money in a traditional way. So you've got to create a new reality. I've got Okay, there must be 1000s of parents like that. How can we help those parents? So I'm always finding that connection to find another message that shapes it. So it's more about supporting those because I've got an autistic nephew. He'll never look after himself. He's not gonna bear to do that he can manage a few quid and get on a bus and get off a bus but he's never going to be to buy a house and run a family. It's not gonna happen. So the family have got to do that. All my brain is focused on families, nothing else. I don't do anything nice. You know, it's revolutionary, really? Well, I'm looking for a movement. So if this resonates with anybody, and they think wow, I'd love to get either get involved or help.

Unknown Speaker 29:59
Yeah, wonderful.

Unknown Speaker 30:00
And then that will just keep growing. And then in the end, we'll have a conference of 2000 people in a room with best practices of children talking about being all young entrepreneurs. Why not? I mean, where's entrepreneurship in school? But I've just talked about preaching to the converted? Well, yeah, the pillars are all about entrepreneurialism, but they don't even know how to spell it at school these days and be disrespectful teachers are doing a great job, by the way. And it's not their fault that the curriculum has been designed for a generation, probably two steps back. He has not designed for the current generation. Now. If you could have one day in someone else's life, who would you choose? I would choose somebody who's really powerfully impacting, like a nation, something like that. It would have been someone like Mandela, but he's not around anymore. But that's what probably would have chosen. But yeah, but just somebody who's just so impactful. You go, wow, how were you such a leader at that level? Mandela, Mandela. Yeah. And who, interestingly said, it's only through education that you can really change your nation. And no wonder you'd want to be here. Now, I think that's a very powerful one, albeit, I definitely would not want to do have gone through his experiences, but But certainly, he's a passionate educator and believe that it's education that changes countries, and I believe that to be the case as well, they got education can change your nation. You know, I'm sure I'm paraphrasing, but somebody's got some who have been your three biggest trusted advisors are one of the challenges, where, which is an interesting question, is really been the fact that when my dad died, and I decided at 28, to become financially independent, and design a life around that, I didn't have any. And if I could go back, I would seek them out. I think I was a bit too, Superman for myself. And that's why it took me too long. Seek out the advisors at a young age I would do and you know, even in life now, I think it's hard, isn't it often for men, to give that chink of light that says, hey, I've got a I've got an openness, almost an admission of a weakness if yourself on this one. Yeah. And often that's the case and I was that person right? At the beginning. And it was only later. So I think it wasn't really an advisor, but somebody I was thinking long and hard about somebody in my team. And he was a Yorkshireman and, and I was thinking really hard that his name was Brad and I was going no blood blood sugars. But you know,

Unknown Speaker 32:29
I was talking to this bloke, and I said, I can't get Brad to do this. And I wish I could get Brad to do that. He said, Gavin, get exploitive? Red. Do you think he's lying awake thinking about you get rid

Unknown Speaker 32:45
of good accent, you know. So the point being that sometimes you don't see things when you're in it. And you need somebody else to step back. And now I seek that and try and build a community of, of similar guides, not gurus who think they know it all. But guides who say, Yes, I have expertise in that. And I'm willing to share that sometimes commercially, sometimes for free. But either way, I'm willing to share that. So I've found some great people subsequently. Definitely. And what's the first thing that people should do then once I've listened to this, in your opinion, take stock. My always do a stocktake where you are.

Unknown Speaker 33:25
Because that begins the process of moving you from you call it moving the needle. I call it moving the thermometer but it's exactly the same concept. Right? So when most people take stock, we say to them, okay, imagine today working come stops, which is going to come in automatically in July. Work out what is yet for most people, it's going to be big fat zero. Most people it's a big fat zero. Correct. Okay, your thermometers, the base aren't great, only weighs up. Let's know how nice is that? So okay, yeah. Now let's work out how'd you get your first 100 a month? Yeah. How'd you get your first 500 a month? How'd you get your first 1000 a month? And then work out? What's the baby steps? Not necessarily baby steps, but what the small steps that you can take to build momentum. So you're doing something and our rule within wealth builders is something every month. So instead of trading time for money every month, you're doing something yet to build your wealth each month, your recurring income each month, what small steps can you take this month? They'll start that process and the starting point is always where are you now? You see a Where do you want to be? So what would independence look like to you? Whatever that number is. Now we've got the gap. Now let's backfill and start working month one on what do we do first, what do we do second, what do we do third, what do you do next? You see when I ask people, you know what would they do? If they had the chance to do it all again, a lot of people said I would start that process much sooner. Getting into that whole wealth creation side. You normal

Unknown Speaker 35:00
So much in this movie, for my favourite bet, I love this statement. If you don't find a way of making money while you sleep your work until you die, I love that. Overall, my favourite part of this is your intensity. And you've repeated a number of points. I've never seen you as focused and communicating so directly about some points, as clearly as you have done today has been my favourite part. Did you enjoy it? What what's been your favourite bit? Well, you know what, it's been good for me to see it from the perspective of somebody who wants to share. And you said a couple of times. And the listener here too. So if you're asking questions on behalf of the listener, then my job is somebody who's trying to be the guide is to distil those points you make and go, How do I make that clear? Because whatever's happening, education system isn't changing anything. In microcosm, what I'm doing helping a few 1000 families is not going to change the world.

Unknown Speaker 36:03
I need to get clear, how do we get this clearer? Some more people are willing to move from at rest.

Unknown Speaker 36:11
And if you can help us out, somebody else knows. There are communities out there, somebody asked me to talk at their church, I thought, What a great idea because there are a community of people and they care, don't they? And if you surround yourself with people who've got carrying on their mind not just making money, then that's going to be a great place to be so I'm looking forward to doing more of this my life's work now. By the way, James, you know, I'm not doing anything else now. Well, you're gonna you're gonna go until you're 100 I'm not sure I'll go. Yeah. Maybe like, the money will the grandkids will.

Unknown Speaker 36:46
Beyond the 100. What I want is somebody toasting me in 150 years time ago. Cheers, Kev. Yeah, that'll do me. Because all I can do is do my best. Wonderful, and impart that wisdom and thank you for the opportunity to share and what I know with people listening to you.

Unknown Speaker 37:06
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 summary

Part 2 of Kevin Whelan’s interview on James Vincent’s Business Excellence podcast.

In the episode, Kevin continues sharing the 4 entrepreneurial assets which you can use to generate predictable recurring income as well as the different types of trust which you can use to protect your wealth.

Kevin talks about some advanced wealth-building strategies which involve leveraging assets you almost certainly have within your life right now. 

Resources mentioned in this episode