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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  
Welcome to Episode 101 of wealth talk. My name is Christian Rodwell, the membership director of wealth builders and I'm joined today by our founder, Mr. Kevin Whalen. Hi, Kevin. Hello, Chris. And we're on a new journey now from 100 to 200. Oh, I wonder where this will take us. We've got a good place to start with Louise, don't we? We're in the groove now. And yes, this will be our third member spotlight of 2021. And indeed, Louise right. And who is one of our founding members joined us back when we launched which was May 2019. And we called it the foundation program right at the beginning. So Louise may refer back to the foundation. And, you know, Louise has just blossomed. You know, she was out of the blocks super fast and she hasn't stopped since.

Unknown Speaker  1:07  
That's certainly true. You know how in the very early episodes of the podcast Chris, we talked about the difference between the drifters, the DIY errs, and the dynamos.

Unknown Speaker  1:18  
Louise is a powerhouse. She's not a dynamo. She's definitely one of those, you know, with a with the batteries firmly upper rear end, she's just full on all the time full of energy, full of passion, full of sharing, just a wonderful person to be around. And we're so proud and pleased that she found a way to us through a very nice connection that was made to me way back when and Joking aside. You know, she's just a joy to be with, isn't she? Yeah. So every month we, you know, we shine the spotlight on one of our members in our seven steps to wealth program. And we just walk through our nine step roadmap. So our recurring revenue roadmap, and that's exactly what I'll be doing with Louise today. So Well, why don't we head on and have listened to that. Louise, welcome back to wealth talk today. Hi, Christian. How are you today? I'm doing very fine. Thank you. And I enjoyed your session yesterday. You were you were doing a panel one. And just to quickly tell us about what you're up to. Yeah, it was great. I was invited by Mark Stokes, who runs SAS Alliance and founded SAS Alliance actually, and runs that with Kevin, I was invited to convene and run a panel on women in SAS, because it's actually quite a male dominated space. I think our satellites membership comprises about 25% women 75% men. And so I'm trying to make SAS I suppose relevant to women, or at least be sort of the female face really, for SAS Alliance. So Mark, and Kevin asked me to convene a panel of other women SAS trustees to talk about our journeys, what we were doing with our SAS what it meant to us as women and

Unknown Speaker  3:02  
what it means, you know, as wealth builders as well, so yeah, that was very well received Christian. So I was really happy to do that. Yeah. And you were with familiar names as well. Shawn, previous member, and Carol, one of our wealth coaches. So absolutely, absolutely. Amanda Mahal, as well, who's a wonderful SAS trustee. So yeah, it was really nice to collaborate with them. And for them to tell their stories. And we got loads of great feedback from both men and women, but a lot of women particularly resonating with us and saying, Yeah, that looks pretty interesting. I'd like to do what you're doing. So if we can inspire a few women towards financial independence and providing for their retirement through SAS, then you know, that's good result. Well, we're gonna hear your story today, Louise, because you are our member spotlight for March, and we're going to run through our roadmap. So you joined us as a founder member, right back on day one. So back in 2019, just coming up to two years ago now. So you've seen our program evolve, and you have evolved, and it's been tremendous to be able to, you know, watch that and, and we're gonna dive straight in and start to find out what are some of the steps that you've taken along the way, Louise to help you to start building more recurring income? So let's begin back at the beginning. And that's always step one, which is getting really clear on your mindset. And your reason why. So was there a particular catalyst or a point that you can think back to Louise, where you said yourself? I just got to do something about this? Yeah, it's, it's interesting, Chris, because I think a lot of people say their family and so I'm no different there. But

Unknown Speaker  4:38  
it's probably a combination of things wanting to make sure I provide for my family, and I've got two girls that are both young teenagers now and my eldest daughter does have some disabilities. And so I'd started to think about her growing up and achieving, you know, independence from us, and we expected to achieve independence from us, but potentially not on the same timeline.

Unknown Speaker  5:00  
one would expect you know a

Unknown Speaker  5:03  
daughter or son without disabilities so my daughter is autistic and she's got a collection of other disabilities she's extremely bright and has a lot of talent but she needs a lot of support as well so i started to think about i suppose my impending mortality you know heading towards 50 and beyond and you know how i was gonna provide for her if she needed additional support you know throughout her life i think just that natural sort of you know coming up to midlife middle age you know 50 plus you know you start to think well this may be the decade in which i'll retire you know what's my retirement gonna look like am i gonna start to you know perhaps work part time or you know exit corporate life and if so you know what does my retirement look look like so it was it was a real combination of things really crisper yeah i suppose i'd i'd naturally started some of this journey myself and that started to look into building a property portfolio for example and i'd already started that but when i met kevin we talked about sas pensions to start with actually and then i did here the very first podcast of wealth talk when you launched the program i think i was possibly this is my claim to fame i'm going to claim that i was the first person to sign up i must have been in the first few anyway because i remember sitting in my car at a railway station i was on my way to catch the train to london in my day job and i listened to the podcast on the way there and then i sat in my car and send the email off right there you know straightaway when you open the the gates to the to the seven steps to wealth programming and that that was the beginning of

Unknown Speaker  6:47  
of a more educated journey and i suppose the more broad and more broad and wide ranging journey than the property journey that i was on excellent and and at the beginning as well we will talk about you know thinking about the future with the end in mind one of the exercises in step one is creating your family wealth business as well so you've touched on the importance of family there but you know that was i know something you put together as a collective and really enjoyed seeing that we did yeah my oldest daughter that i've already mentioned is a very talented artist and so you know i tried to talk that we tried to talk to the children about wealth building and i've just said to a word you think about a family logo for us for our wealth business we've talked to them about the sas and we've got a name for the sas that was already set up the suspension we decided to name the family business or the family wealth business in the same way and so quite independently of any ideas from me she just came she said well if it's family it needs to be a coat of arms kind of idea so she's drawing a beautiful coat of arms that features some things that are precious to us including our dogs they're in there as well and some symbolic things that were around the naming of the sas and the naming of the family wealth business as well so yeah we i've got that you know on my screensaver on my laptop on my phone and you know that's there to remind us or you know what what we're doing and there was no surprise when you took the wealth dynamics test that you turned out to be a star louise so i hope that helps you in your in your journey do you know when i when i first took care and i actually had a bit of a is this it was almost as a setback to me to see that result chris and i and i'll i'll explain why you know i'm a 30 year plus corporate marketer in big businesses in the healthcare and life sciences and pharma industries and so i took the wealth dynamic test and it came out as a star so i wasn't very surprised about that when i read the description so i'm a star with creative undertones and with supportive

Unknown Speaker  8:58  
dynamic as well but primarily a star which means that i shine the light on people projects and processes and products which is a pretty typical wealth dynamic for someone that works in marketing which i've done for all these years and so i thought okay that makes sense does that tell me that i'm in the right day job yeah how on earth is this going to apply to wealth building because surely i need to suddenly transform as if by magic into some sort of number cruncher that's really good with spreadsheets and he's really good at doing due diligence on you know businesses that i want to invest in or you know property deals that i want to invest in and so i was a little bit disheartened actually i thought that how how's this gonna work and i've just not fully understood it really and so through a process of reflecting upon it and you know going through a process with my wealth coach and on my own of just thinking well what is my plan going to be you

Unknown Speaker  10:00  
no across the seven pillars that i saw it started to dawn on me that i could use all of these marketing skills in this star wealth dynamic in the pillars

Unknown Speaker  10:12  
that i wanted to focus on and in the wealth building journey as well so for example fairly early in the journey i decided i was writing a book i was creating intellectual property you know i went out marketed that that started to build me a profile you know within the wealth building and the satellites communities that's now leading to you know opportunities in all sorts of areas so i suppose that's just one example of yeah understanding the wealth dynamic but then critically you know that may have been a really good match for your previous or current career but then how can you use that instead of ignoring it and thinking you've got to change how do you then just leverage that into your wealth building so it took a while for the penny to drop but i understand how i'm using it now yeah great so that takes us into step two and that's the wealth gap louis so this is about getting crystal clear on how much asset income that you're generating at the moment and then how much you require in order to reach the next wealth level so which of the five levels were you at when you joined and where are you now yeah i was at financial insecurity when i joined and before anyone feels sorry for me i work full time in a global corporate marketing role and i earn a good salary so while i say i'm financially insecure all of my needs and my family needs be met by a salary okay but that still means i'm financially insecure because if the salary disappears you know and i get made redundant or you know i have to leave work for some reason it means that the bills don't get paid so i am still at financial insecurity but i am making significant inroads into my goals to be financially secure and then financially independent so i think the key thing chris is you know i know what the numbers look like i'm tracking them and you know i can see you know what i'm adding every month you know i've got a i've got a roadmap in front of me and i think that although i'm still at the same level as when i started in terms of still being in that financial insecurity bracket i can see the progress that i'm making and i can see the the game plan and i think you know that that gives you a lot of confidence in what you're doing and it gives you the momentum to carry on absolutely and i know that thermometer has been rising for you and we'll perhaps touch on that when we get to step eight which is tracking your results but step three is the final step in our sort of foundational level which is all about building that confidence and step three is protection so do you have any examples louise of where you were able to you know look at the roof as we call it and identify things that needed to be done yeah i think

Unknown Speaker  12:58  
a few areas really but probably the key one was just to make sure we've got the wills and the trusts in place we'd already done the lpa as for example the lasting power of attorneys because sadly i'd been on that journey with with my parents and i lost my dad to alzheimer's about four nearly five years ago now so i understood how important the lpa is were the health lpa and also the finance lpa because i had acted as my dad's attorney

Unknown Speaker  13:33  
in the health decisions that were made for him and also in the financial decisions that were made as he declined so i already knew all about that i know that that's something that perhaps comes as a surprise to people that are our age you know we will be putting lps in place but you just don't know where you don't know when you're gonna you know have an accident that renders you you know unable to communicate for example so i think that's a really important step that i would encourage anyone to take and it's very easy to do so we'd already done that but what i did do was to review our wills and also to make sure that we'd got mirror trusts written alongside the wills as well which is an important part of

Unknown Speaker  14:19  
estate planning or tax planning such that for example when my life insurance pays out if it pays out if anything were to happen to me that goes into a trust so it is dealt with in in a different way to sort of the rest of my estate so you know there's again some tax advantages around trying to just you know ring fence things in trust rather than just have them all pour into one big you know louise ryan's estate bucket which you know could potentially be subject to inheritance tax yeah so once all of that is in place that gives you that strong foundation as you say you know you know that you're building something

Unknown Speaker  15:00  
thing that's going to last and is long term so we move now into stage two of our roadmap and and step four is about the assets so we know the seven pillars seven different ways to generate recurring income and did you you mentioned i think actually louise you already had some experience in one of those pillars but what are the pillars have you explored since then yeah i've i've explored quite a few of the pillars and you know one thing that i've talked about before chris that i really learned was just the need to really focus because i'm a marketer and i'm creative i kind of see lots of ideas and lots of things that you know i want to try and being well i'll be able to do that you know i'll have a go at that but i think you know the focus i remember kevin saying to me just pick one and focus louis so

Unknown Speaker  15:50  
yeah i have done some work in the home capacity pillar and we've had a lodger for some time now and earning about 6000 pounds a year under the government's rent a room scheme tax free so we've leveraged home capacity we've leveraged an empty bedroom and an empty bathroom in our home and that's you know that goes straight onto the onto the wealth thermometers income every month so that's really nice we were already

Unknown Speaker  16:20  
it working in the buy in the property pillar by having a couple of bite alerts but i've been able through my involvement in the program to

Unknown Speaker  16:30  
really understand more about different property strategies so i've now set up a new business with a new business partner who's a long term friend of mine we've got similar interests in in north yorkshire and in service accommodation and particularly holiday lands so we're now building a portfolio of high quality holiday let's so we're buying up

Unknown Speaker  16:53  
cottages you know that need renovation around the north yorkshire national park and we've got our first one under refurbishment now hoping to have that ready just as we come out of lockdown so that people can start booking that and getting away so that's the second one that i've worked in i've also worked in the intellectual property pillar i mentioned earlier that i've written a book called superstars 10 case studies from sas trustees around how they've used suspensions combined with property to build their to build their wealth and to build their future so intellectual property is quite important to me again going back to my wealth dynamic as a marketer i want to create ideas and then market ideas and so the book was an example of actually the intellectual property pillar because i wrote a book but also it was an example of a joint venture as well because i co produced the book with mark stokes who i mentioned earlier who's the co founder of sas alliance so that was an example of ip and joint ventures and then finally pensions i would say as been the central sort of theme through most things that i've done

Unknown Speaker  18:10  
it was yeah so setting up my sas was

Unknown Speaker  18:16  
resulted from me first meeting kevin actually it was the first thing that we discussed and so i do have my first pension now and i've transferred my corporate pensions into that that's now allowing me to invest with people doing property development projects and learn from them so it's part of my education

Unknown Speaker  18:38  
and it's allowing me to develop my own property portfolio and of course it's been the catalyst for me to creating intellectual property by writing a book about suspensions as well so pensions has probably been my main pillar and where i spent most of my time

Unknown Speaker  18:56  
you know it's quite a lot of work sort of going on that journey of sort of education getting the confidence taking the guided action and then executing on the pension so i've spent probably the majority of my time there but now i'm there with that and i'm confident that's then allowed me to you know focus on some of the other pillars yeah few and we're only halfway through the roadmap and oh so much great off already so here we go we're moving into step five now so step five is all about leverage and leverage is the key to wealth building isn't necessarily always financial but it could be intellectual or relationship leverage systems and leveraging your time so is there any other examples that you can think of they haven't perhaps already mentioned louise of how you've brought leverage into play to help you build your wealth i think my main leverage has probably been financial chris through the pension because that having that having control of that pension fund and becoming my own pension fund manager by becoming a sas trustee has enabled me to

Unknown Speaker  20:00  
To build relationships, to make great contacts to build relationships, and then to in turn, you know, get education sort of through those relationships. So I would say that's been my, my key piece of leverage. You know, and I'm just fortunate to have, you know, good pensions from, you know, a lifetime working in corporate that I'm, you know, at this stage in my life able to leverage.

Unknown Speaker  20:26  
That's, that's been really good. So yeah, I guess financial plus relationships, I guess I'm a natural networker, you know, again, being a marketer and a star wealth dynamic. So I've done before lockdown, I did do a good year of solid networking, in property and SAS communities. So I was able to identify the people that I know like, and trust, you know, the people that I want to have relationships with, do business with, collaborate with, you know, learn from

Unknown Speaker  20:58  
and therefore, you know, what I'm doing with my SAS, but then also, the idea for the book came out of all of that as well. So I'd say probably financial in relationships are the two that I've leveraged. I'm very time poor. Because I still work full time. And I'm, you know, trying to do a lot as you've heard. So that's the one that I suffer from. But, you know, again, coming back to Kevin teaches me about Focus, focus on turning the wheel, the wheel of wealth, you know, focus on just what you're doing in that moment. And in that time, don't try and be scattergun and do everything at once, because then you get frustrated and lose your momentum. So, but there are key learnings from step five. I think, Chris, what I love about you, Louise, even though you say you're time poor is, you know, two years into the program, you're still submit a progress report every month, you're still you're still on the q&a is every month, you know, you're you're there, you're absorbing information. And I think that's a key part of your success as well as your commitment. Yeah, yeah. So step six is strategy. Now we've heard some of the strategies that you've been working on Louise, but this is often where some people can really get overwhelmed, because it just so many different things that you could be doing. And of course, the next, the next step is about focus, which we'll touch on in a minute. But

Unknown Speaker  22:18  
I mean, defining a strategy, it is difficult, because it has many things. And you know, any advice or just tips for people who perhaps are, you know, unsure where they should be looking at, and trying to do too many things at the same time, perhaps. Yeah. And I think this is where people potentially sort of get confused or talk at cross purposes, Chris, because we've got the Seven Pillars. And even when you pick a pillar, let's say I pick the property pillar is the most obvious one, you still got many, many strategies that you could employ within the property pillar, right? So properties and the strategy, properties and asset class, it's one of the Seven Pillars, one of the seven asset classes.

Unknown Speaker  23:02  
But it's not a strategy. So even when you've chosen that pillar, you then still need to choose a strategy within that. So my example is, I've done a couple of residential by two lakhs, I then said, right, I want a strategy in property, which gives me a high level of cash flow, I actually spent about a year maybe even longer, looking at HMOs versus serviced accommodation, and really just exposing myself to, you know, to some education, reading, you know, joining free webinars, you know, on the internet, sort of watching people's Facebook Lives, all sorts of things, just to get a feel for how it would be to operate in each one of these spaces. And, you know, the, I mean, it's, it's impossible to compare them in a way they've got lots of different pros and cons. All you can say about them in common is that they are both in theory, higher cash flowing strategies and higher yielding strategies than you know than a vanilla buy to let strategy and there's nothing wrong with you know, normal beitler if if, you know if, if that's what you want to do, you can perfectly well reach financial independence and beyond just with a buy to let strategy but but yeah, that that's an example of choosing a strategy. It took me a year and at times, I was really beating myself up and saying, I'm just not getting started. I don't know whether to do HMOs or service accommodation, you know, what am I going to do? But I just I just took my time and then slowly slowly I you know, the field was telling me do serviced accommodation and just really focus that of course, there's a sub strategy, which is holiday let's because serviced, accommodation is a strategy but there's lots of little sub strategies within that as well. So you know, high quality holiday legs is now our strategy. We

Unknown Speaker  25:00  
Then the essay strategy within the property pillar, if that makes sense.

Unknown Speaker  25:05  
So yeah, I think it's very easy to get overwhelmed. It's very easy to beat yourself up thinking I need to be off the starting blocks, and you know, doing all of this stuff from day one.

Unknown Speaker  25:18  
But you know, in some ways you do whilst you need to have momentum, Chris, you do enter in, you need to take action, you know, every month, and I do, you also need to just, you know, just take your time as well to find out what's right for you, and not just feel you need to be doing all this stuff that everyone else is doing. Yeah. Which is hopefully why you know, having something like a roadmap is is helpful for people to know, you know, do things in order, they're in an order for a reason. And once it's done, then you can move on and know that you have that peace of mind that that is done. So we talked about overwhelm often kicks in at step six, so so many different strategies, which is why when you know, we've helped people select a strategy, it's then about getting that clear plan and focusing on one wheel turn at a time. So this is where we bring in the wheel of wealth. And of course, that consists of education, support, connections, due diligence, and then taking guided action. And we've got our wealth coaches who are there to help you stay laser focused, turn that wheel, and what benefits have you gained Louise from following that process and having that accountability from your coach every 30 days? Yeah, I think the processes is phenomenal. And you know, again, I've said this before, this is the process that really keeps you focused on what you're doing and stops you just kind of chasing, you know what other people are doing. So I have really worked hard to keep myself focused on turning one wheel at a time. So, you know, last year, I was doing the education in property and deciding, you know, which software was going to employ in property at the same time as writing my book. And at times, that was overwhelming. And I got distracted from finishing my book by, you know, trying to work out what I was doing in the property space, but that all worked out fine. I said to myself, I'm going to finish the book, and then I'm going to start, you know, to execute the property strategy that I've chosen. So that's what I did. For me, the wealth coaches are I mean, the, the pros, you know, the money that we pay for the program is paid back, you know, in spades just by having these fantastic wealth coaches. Mine is Carol Carol Robinson, she's absolutely integral to me executing on my holiday let strategy, and she has an essay herself. And we are right down in the detail of, you know, capital allowances, and you know,

Unknown Speaker  27:43  
your soul sourcing the right property.

Unknown Speaker  27:48  
business rates versus council tax, all sorts of, you know, the real nitty gritty of running a holiday let business. So I think the wheel of wealth is a fantastic process, you know, to think about where you are on that wheel, and how to turn it and how to get to the next step. And I think it's absolutely critical to choose one thing and turn the wheel. And I've had a few wheel spinning, as you know, and, again, it just slows you down and takes your focus. So I've really learned that I must focus on one at a time. So all I talk about with Carol month in month out is my holiday let business and my progress on that. That's all I talk about. And that really works. Yeah, yeah, good. And then we have six wealth coaches now and obviously a wealth of experience across all of them. And yeah, it's important for all members to check in on a regular basis. And some months, we know that the wealth building journey is a long journey. And some months, you might not feel like you've made progress, but we're still encouraged just, you know, jump on that call. Because just one relationship opportunity idea, as Kevin says, you know, that's all it takes. Absolutely. And there are times when you know, I kind of thing, I've got my call with Carolyn, a couple of days time I've had to my actions, what have I achieved, and it be so easy to say, you know, to just think I'm going to cancel it because I've not made any progress. But you know, so many times I've got onto those calls and said, I'm really stuck. And I'm here, and this is how I feel. And the coach's job is of course, to coax you out of that, you know, where you start? Let's get you unstuck. What if you did this? What if you just took this one action? Would that get you unstuck, and you know, and that's what they're skilled in doing. That's what a coach is there to do. And that's really worked for me. And back to the monthly report, you know, as well, Christian, I fill it in, you know, sometimes many, many times I'm saying I've not added anything to my wealth thermometer, but then, you know, every perhaps, you know, six months or so, there might be quite a big bump up because, you know, I've acquired a property or I've, you know, I've done something else to add to my

Unknown Speaker  29:48  
to add to my, to my asset income.

Unknown Speaker  29:53  
You know, and so I think, you know, I would say just don't be afraid of reporting that you know, you're adding zero, you're adding zero

Unknown Speaker  30:00  
And even if that goes on for sort of three, four months, you know, you're still reporting on the momentum and you're reporting on the action you're taking. And then when you come to read through those reports, you know, I always read last month's report before I, you know, write the one that I'm writing now. And you can say, wow, that's where I was. Last month, actually, I have moved forward. And even if the money hasn't changed, the action will have moved forward. And I think, you know, that that is the really key thing to focus on. Am I taking action? And am I moving forward, because if you do that, then we all know the results will follow. Absolutely. And you've teed it up for me, because step eight is results. So, you know, you've just mentioned the importance. And we, we drill this home, you know, never let 30 days go by without doing something to build your wealth. So, you know, we are here every month to check in with members in multiple different ways. And make sure that you are tracking your results. You've mentioned the progress reports. But of course, when new members join, we send out a wealth chart. And you know, it's always great when one zoom calls, we see the charts in the background and lots of the other printouts and stuff stuck on the wall. So it's really good. So, you know, in terms of when he can't, he can't see my increase, because it's not in the background, because of course, it's exactly where it should be, which is straight in my eyeline, it's above my desk, I'm looking at it in there. And that that is there, every time I'm on a phone, you know, I sit at this desk all day, this is where I work. So every phone call, you know, every time I have five minutes to daydream, that's what I'm looking at. And that is part of it. Because that's my accountability. That's, you know, that is tracking my progress. That is where I just stand up with my pen, and I jot down a few ideas of you know, what I'm committing to working on this month.

Unknown Speaker  31:45  
And I look at that constantly. And that's just a fantastic reminder of what I meant to be doing keeps me focused. Yeah, absolutely. And are there any key results that that you can think of recently that have helped you increase that from amateur, and probably my key one is my holiday late. So we're probably about a month away now from getting the first income. But I'm really looking forward to recording the first month's bookings on my, on my wealth thermometer, Chris. So yeah, it's been a little while since I last added to my wealth thermometer, because it's been, you know, with COVID, and everything, it's just taken a while to get that purchase over the line. And then it's taken a while to get the refurb done just because of all the delays in sort of materials and the availability of the trades. That will be the next thing that I add and that and I think, one month possibly to it a push, but hopefully only one month away from adding that brilliant, brilliant. So Step nine, then is accelerate. And of course, by repeating the process that we've just been through of choosing your pillar, then your strategy, understanding where your leverage is coming from, then you will eventually move towards financial independence. And for most people that journey from insecurity to security to independence takes on average about five years some longer, some shorter, but what do you see Luis has been key to helping you to continue to stay focused and to reach your financial goals. Chris I think it's just what I said before about trusting the process and following the process. So you know, every time I turn the wheel and get a result which I'm about to do by turning this holiday let we'll you know the first time I am very close to getting a result now and adding income

Unknown Speaker  33:27  
I well you made two decisions you either say I didn't enjoy that, you know that's not for me or actually that was successful I enjoyed it that is for me and and so I'm just going to do it again and again and again. which is I think you know where I will be where my business partner will be.

Unknown Speaker  33:44  
So yeah, for me, how do you keep on track you trust the process, you believe in the processing you follow the process.

Unknown Speaker  33:53  
And you know, as with most things in life, if you trust and follow a process you'll get you'll get a result.

Unknown Speaker  34:00  
So that's me just stick with the process, keep tracking, keep reporting, checking in with my wealth coach, they're all the things that I intend to do for years to come. Great. And of course building recurring income is the main focus of the program, but at the been any other byproducts of being a member of the wealth builders community that that you've enjoyed Louise, I'm gonna sound really corny Chris, but I've made some really good friends.

Unknown Speaker  34:26  
Absolutely, yeah. I mean, I, you know, I committed early to my buddy groups, I mean, a couple of buddy groups.

Unknown Speaker  34:33  
You know, we talk to each other sort of, you know, week in week out. We're working on similar things. And, you know, we just encourage each other, we share knowledge, share tips, you know, we use it as accountability, but also a support, you know, whether that's support in terms of knowledge or whether it's just, you know, emotional support because some of this is hard, right? It's not easy.

Unknown Speaker  34:59  
So,

Unknown Speaker  35:00  
i think that that's that's been a real byproduct is his relationships you know his friendships that i'm sure will last a lifetime and you know just just meeting great people you know meeting the coaches meeting other people in the program that i can learn from meeting other people that i can work with going forward you know they've all been you know fantastic byproducts of the program yeah well we absolutely love having you as one of our star members louise and thanks so much for sharing today well done and keep up the great work thanks so much chris thank you bye

Unknown Speaker  35:37  
well there's certainly no doubt that louise is a dynamo as you mentioned there at the beginning kevin and last last to dive into there but let's take it from the beginning and the reason why the catalyst so for louise it was obviously a big milestone you know birthday in her life and really looking back and realizing she's been in a corporate career for you know many years good salary but that could just all end tomorrow and you don't have any control yeah i mean happens to everybody when they feel that i mean it happened to me very early on

Unknown Speaker  36:08  
as you know chris in my late 20s when i made that decision to stop trading time for money for a different reason but you can see that not just being the big five oh but also having a really strong kind of sense of trying to look after not just yourself but a family and in particular you know a daughter who will need you know some additional help and support during her lifetime and how important that was to louise and and how she's immersing herself in building wealth in order to make that a reality now we talk about the timeline how long does it take to move from a place of insecurity to security to independence obviously everyone is on their own individual journey everyone starts from a different position of different funding different amount of time different experience all of these things that that impact that but louise is only two years into the journey so there is said that she's still at the insecurity level but that doesn't mean she's hasn't been making progress while she's been making great progress i mean think about

Unknown Speaker  37:10  
the progress you make as a solver slower at the beginning particularly you know if you're trading time for money and you're that's consuming much of your time time leverage is a really important limiting factor now nothing's limited louise in that regard because you heard her say yourself she spent quite a bit of time a year in fact not just taking the time to make the decision about what to do and she had a you know a significant pension fund that needed guidance needed advice needed to think about that and wrestle with that but also to get the right strategy and the right education and she's spot on you know she knows the language in wealth builders really well she's very keen on sharing the difference between it's okay to understand the pillars the pillars themselves are not the strategies that you take they're not the actions you take it's the broad category and then you have to focus on the individual strategy you want to take once you've chosen your pillar and for her it took her a while and she admits that but i think it's entirely the right thing to do and by taking small steps every single month always taking small steps you're building momentum and that's what really works and as you said you know kevin asked me to focus i focused he asked me to follow the process i followed the process and the process is working absolutely and you know by following the process everything gets done in the order that is in the best order to help you and early on in in step one we did the wealth dynamics assessment with our members so it's one of the first things they do when they join and understanding just like their entrepreneurial composts you know where should they be facing and wish to be focusing their time so louise understood you know from an early stage that she was very high plays and she used that to really leverage her connections and relationships so leverage doesn't come until step five but you know she's combining the different things that she's been learning at the different stages of the roadmap he has a very interesting point she made you know when you come to a place where you think all right i've got a job i'm doing well in my job and i need to be a wealth building person do i need to change do i do things differently do i need to kind of reinvent myself and in fact on better reflection of true wealth dynamic plays energies that energy around connecting with people and because she was highly charged and that she realized that because she's doing that she would easily be in flow to do that so instead of changing and being a new person if you like reinventing herself all the new she just capitalized on the very assets that she had which is an extraordinarily connected world

Unknown Speaker  40:01  
Yeah, so talking of connection, there was reference to buddy groups, Louise, you knows, obviously, got a fantastic buddy group. And we've kind of, you know, evolved the body groups of recent months. And they're now called focus groups, you know, very similar concept. But the focus group now is a group of between sort of five and seven of our members who all have a common interest in a particular strategy. So we've got, you know, multiple focus groups focusing on different property strategies, different online business strategies, investments, we've got pension focus group. So that's a really, you know, a key part of the connection. And Louise said, you know, one of the biggest sort of byproducts since she joined has been the friendships that she's made. Yes, and she's certainly taken advantage of the community, I mean, that in a very positive and engaging way, and of course, has been a very keen share as well. I mean, she's peered with me as a guest on clubhouse, this sort of new social media tool that we're, we're getting the hang of now. And she joins in, you know, she just shares and she was recently hosting a panel of women who have leveraged their pension like she has with the SAS pension, that's language often used, isn't it in the podcast, as people take control of their pensions with a small self administered scheme, or the equivalent in Australia, and in America, and so on, but it's just taking your pension and turning into something that can work for your future, instead of being a part of your past. Anyway, she's kind of created a group, she had a panel session there on a conference with 1000 people talking about pensions, and trying to work out the best way to make use of it. And she realized there's only 25% of those who've taken that step are women and then mostly men, 75%, male, 25% female, and she decided to do something about it. And she called the group Girls Just Want to Have funds. And that just cracked me up completely. And it stole the show, you know, we had a conference, I was co hosting the conference. And there was no, everybody said, you know, that was just a great session that you did with, you know, her fellow SAS owners, who did an able job of describing the good, the bad, of what they've been doing with their pensions and, and empowering themselves to be even better. And I think, I think it wouldn't be a big surprise, Chris, if she doesn't end up leading a female movement, to try and help people make more of their pensions, because so many women just kind of leave them and they get frozen or they get forgotten, or they get put to one side, I think something's going to happen with Louise, watch this Ace, lay down the challenge there. I'm sure Louise is up for that. And I completely agree. And I think just, you know, listening to Louise, share everything that she's done over the last 24 months, which, you know, really is gone by so quickly, but so much achieved, is that this is a transformational process. And it's it's long term, you know, if you're serious about building wealth, you have to be committed, and there will be bumps along the way. We know that that's natural, but it's transformational. We've seen that with Louise. Yes, I mean, look, wealth building is not a straight line. So you don't get the traffic lights or going green, you know, you've got to take some, some strange courses, you've got to go left, you've got to go right and you don't know where you're going. So, you know, you're going to take a few cul de sacs, and that's all part of the learning. But you're constantly moving forward. And the road is always leading you forward. And even if you make a mistake, or as you said, you turn the wheel and it's not for you, then that's fine. It's one lesson you've learned that yes, it's taken some time to do that. But then you pick up the wheel again, on a new strategy, and hopefully that will move you forward. So I think she's very ably describing our processes, and she hasn't cheated the wheel and she's done everything that was asked about and I'm so proud that she's in our community. Well deserved spotlight on Louise right and this month, and if you want to connect with Louise and Kevin with myself, then make sure you're in our wealth builders Facebook community, just search for wealth builders in Facebook and find us there.

Unknown Speaker  44:24  
And 101 not out Kevin so we will be back same time. Same place next week. Okay, my friend until then, see ya.

Unknown Speaker  44:35  
We hope you enjoy today's episode. Don't forget that we are constantly updating our resources inside the wealth builders membership site to help you create, build and protect your wealth. Head over to wealth builders.co.uk slash membership right now for free access. That's wealth builders.co.uk slash membership.

Episode summary

In today's episode we are joined by WealthBuilders member, Louise Righton. Make sure to tune in to find out how Louise used the roadmap to generate multiple streams of income from different asset classes.

Episode notes

Today’s guest is WealthBuilders member, Louise Righton. Since joining our 7 Steps to Wealth programme in May 2019, Louise has demonstrated real dedication and has plenty to show for it. Tune in to WealthTalk to find out how she has used our signature Recurring Revenue Roadmap to generate multiple streams of income from different asset classes. 

Resources mentioned in this episode