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Families & Children

WealthBuilders for Families: Chris Kirkwood

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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  0:19  

Welcome to Episode 221 of wealth talk. My name is Christian Rodwell, the membership director of wealth builders joined today by our founder, Mr. Kevin Whalen. Hi, Kevin. Cruz once you lock in Brian, you have tonight's the big night. We're in Birmingham for the wealth builders meetup really, really looking forward to it. So if you're in the area tonight, and you're listening to the podcast 29th of November, still time to book your ticket can rush over to the wealth builders website wealth forward slash events. And if you're a wealth builders academy or SAS member, it's absolutely free. If not, then it's just 20 pounds. And yeah, we're really looking forward to it. We've got I think, probably 40 to 50. Attendees already booked in Kevin are

Speaker 2  1:00  

looking forward to it very much. And of course for that 20 quid we, we throw in a free alcoholic or soft drink depending on your preferences. So we definitely want to clink a glass with you if we can. But yeah, so it's going to be good. Looking forward to it. We're on a mission, aren't we to get around the country to see where people are in the towns and villages, and we're coming to a town near you soon. Or if you've got a venue or you've got something you're doing that showcasing wealth, whether it's property you've got or hotel you've got or some kind of venue that you really, really like or you only control, then let us know because we'd love for your help to support us getting out and about meeting our people. We're not. We don't make money from events. We're not planning to make money from events. We just want to get out and meet people and have conversations and maybe connect people to friends, wealth builders and D we've got a friend in wealth builders today.

Christian Rodwell  2:02  

We sure have, yes, Chris Colquitt. He's the managing director of sourced, I know many of our listeners will be familiar with sourced based up in, in the north, they're an end to end property training company, providing back end support, sourcing funding, pretty much everything you need to be successful in property. We're talking around building family wealth, because Chris is focused on on building something that he wants to pass on to his family. And we're going to hear about his family today. His wife, Bethany has two boys as well, and what he's doing to pass on some of those financial lessons to them. And yeah, really enjoyable conversation. I think we have,

Speaker 2  2:37  

it was very much. And I enjoyed his delivery I enjoyed it was very articulate man did a great job of pulling out some lessons himself, actually, which we wanted to share in wealth builders generally. And he'd already taken them onboard himself. So very impressive. To great business, it's sourced as well. So to lead it, it's got to be a man of energy as well. So when you combine a great deal of energy and commitment into a business, and I think they've got common, but how many franchisees? They've got Chris, but there's a lot of few 100. I think I have 200. Now, yeah, right. I mean, that's an incredible business really, and helping not just those 200 people build their wealth and build their future security, but those people who they find properties with or help people to build even more wealth, so very impactful business and ripples going on throughout the country. But the ripples in the family, as what was interesting in the conversation you had with Chris, yeah.

Christian Rodwell  3:40  

And we launched wealth builders for families last month in October, we're absolutely loving the interactions inside the Facebook community, and the guests that we've been inviting in. And we touch on lots of those family wealth principles in the conversation today, including the principle of participation passing on, and we'll see if our listeners can pull out some of the others as well, Kevin, and we'll be back afterwards for the usual debrief. So time to head on over to our conversation today with Chris Kirkwood. Chris, welcome to wealth talk today. How are you?

Speaker 3  4:11  

I'm very well thank you very much for inviting me on here. What a pleasure it is to be with you. And I'm just sorry that my background doesn't match yours in any way, a professional outfit you have there? Well, yeah, most

Christian Rodwell  4:22  

people probably just listen to the audio. But we always record these podcasts on video as well. And you can see those on the socials and the wealth builders website and the YouTube channel. But Chris, great to have you here today. You're the managing director of source. And we'll find out in a moment a little bit more about what source does as a business. But the founder of source actually has been a previous guest on wealth talk as well. And that's Steven moss, and that was back in episode 143. And we were talking about setting up a franchise business there. So you guys work very closely together. I imagine

Speaker 3  4:52  

how incredible that you've already met Steve, and that you're still prepared for me to come on to the podcast. I guess enough time has passed now that you've forgotten what people Talking about both people run the other way. No. But yes, thank you very much, really appreciate you asking us asking us on there. And what a fantastic topic you have as well, you know, something that I certainly found when thinking about the topic, I don't put enough of my time into thinking about how I'm managing this stuff that we're going to talk about. So this was a really, really good opportunity for me to actually sit down for an hour or so. And look at what I had done and look at what I was going to do in the future. So just from that point of view, I'm very grateful that you've brought this up and highlighted, this is something that I needed to think about. So thank you.

Christian Rodwell  5:33  

Yeah, no, you're welcome. I love these family conversations, because we do sort of dig a little bit behind the scenes and find out a bit more about some of our friends and partners that perhaps we wouldn't when we're just having a normal discussion about day to day business. But let's start with the business because you know, if people are listening now, help them understand a little bit more about what source

Speaker 3  5:51  

does. So I know one of your Pillars of Wealth is property and property is where we where we specialise. So we are at our heart, me and Steve, the two people that you've had on the podcast previously. So we are property developers, we love property, we've been in property for many, many years, Steve a little longer than I have, I think he's over 20 years now. And I'm I'm just over 15, we've always done property. And we wanted to set up a business that helped other people get into the same position that we were, we looked around the market, we could see that there were a lot of training courses out there. But we could also see that a lot of people would go to a training course, and they wouldn't really achieve the same results, you know, there was something that was still holding them back. So we decided to set up source because not only did we want to give people the education of how to build property wealth, but also we wanted to have the backup and support for those people to make sure that they put it into practice. So we set up a very dedicated support team that worked with every single one of us works with every single one of our franchisees, they understand what courses they've been on, they understand what they should, they should have learned, and then they are by their side to make sure they put it into practice. That was the original conception of source. And since then we've added stuff like you know, we generate our own property leads using our own bespoke algorithms that we've created we've invented to then give people property leads. And also, we've set up a funding arm. So we have a peer to peer FCA regulated funding arm that will fund the franchisees deals as well. So not only do we teach them how to do it, and make sure that they do do it with a sports team. But we also give them the leads in order to do it. And we fund it as well. So we're like a front to end. Look, if you want to do property, then come and speak to us and come through our system because there's nothing that we're that you will lack in the package that we give to people. So that's what source does.

Christian Rodwell  7:38  

And that's great. And we'll definitely link to your website and resources in the show notes for you, Chris, but the family's message resonates well with your franchisees, doesn't it? Because I know, you know, for some of them, their purpose is to create financial freedom for their children and their grandchildren.

Speaker 3  7:51  

Yeah, absolutely. So you've got a couple of different ways of looking at it. And actually, I've learned so much from the franchisees because my the plan that I had with my kids is evolved, because of this stuff that some of the stuff that the franchisees are doing. So yeah, absolutely. Some people have got these, you know, they're in property for themselves. And they have like an intergenerational goal setting system, our head of support, his goal is to have 10,000 properties. By the time that he hands those properties over to his grandchild, who hasn't even been born yet the head of support is 28 years old. He's just had his second child. So that's a decade's long plan that he has in order to have 10,000 properties by that time. But then another way of looking at it is we have some franchisees who buy into the franchise with their kids. So they have older kids, we've got one family, who the dad is the most involved out of the two parents, and then they have four daughters. And they've brought all of those four daughters into the business. So they work as a family together, that dad sort of oversees what everybody's doing and sort of, you know, make sure that they're making good decisions. And it's the sort of sounding board to make sure they're pushing the business forward in the right way. But it's the kids that go out there and kids that essentially build that wealth, they run that business, they have those negotiations, they learned so many skills, from taking control of a business and then pushing that forward all under the guidance of their parents. And that's something that I've now incorporated into my long term plan with my kids, the sort of final step is me and my kids need to set up set up some kind of business to give them that kind of education, to give them that sort of exposure in order to when they actually find out what they want to do with the rest of their lives so that they can make that from an informed decision. Yeah,

Christian Rodwell  9:34  

no, I love that and and who are the members of your family, Chris? So

Speaker 3  9:38  

my wife is Bethany. I have two children, both boys, Rufus is 13 and that is 10. So yeah, interesting ages when it comes to money because I think you're sort of playing at the aptitude of your child, you know, because some kids at that age won't be interested won't have any, you know, my two kids very, very different. I'd say not at 10 is sort of More advanced in financial planning and conscientiousness, in finances than Rufus at 30. Rufus is very much looking at the bank account spend it, whereas that is much more delayed gratification, thinking about what he wants to achieve and thinking about his goals. So yeah, interesting ages for us. And they both deal with it in a very different way. So

Christian Rodwell  10:20  

obviously, lots of questions that we can, you know, dive into around this topic, perhaps just starting with, obviously, how the conversations change as they grow up, right? So you're a business person, you're a property investor, or you know, I'm not sure, Bethany, if she shares those same aspirations as you do. But did you have a plan? Did you actually think about how you wanted to sort of introduce money, whether that's through pocket money, whether it's through teaching them how to save? Was there ever a plan and how's that evolved as they've grown up?

Speaker 3  10:51  

Yeah. And I think at that point, it's pertinent to sort of talk about what the way that I was brought up through the same age. And again, I you know, I hadn't really realised this until I started thinking about it because of this podcast. But when I was 14, I've never had a conversation about about money with my parents, other than, you know, can I have this? Or can I have that? Or how much do I get for my Christmas present? That's pretty much the only question that I remember asking. But when I was 14, they said, right, what we're going to do now is we're going to give you what's the payment call that comes in every every month, the child benefit is it called, and it's a set amount, if you've got one child, you get this much, and you've got two children, you get that much. And you get that from the government, it's not means tested or anything, it's just a, just a set payment. And my parents said to me, right, you're 14, now you can have that. And I was like, wow, completely out of the blue, you know, there wasn't any kind of build up to that whatsoever. And I think at the time, it was 80 quid a month. And I remember thinking, I am so rich, this is the best moment of my life. But they said, a caveat was, you know, you can have that money and you can spend, it's completely up to you what you do with it. But you've got to buy your own clothes, we'll feed you, you stay in the house, we'll feed you. But if you want to do anything else, outside of that, with that money up to you. Now, for me, with creating a plan for my kids, I thought, it's so easy to go back and criticise your parents, isn't it? I'm sure everybody does. But I thought that was a bit too harsh. It was a bit too, like all or nothing, it was just bad. And then all of a sudden, you've got absolute responsibility, whether they did that, because they thought I was responsible enough to deal with it, or whether they just did that because they couldn't be bothered to buy me clothes anymore, I don't know. But with my kids, I've got more of a sort of time progression as to how I want to introduce money to them. Because you know, for the first couple of years of having 80 quid a month as a 14 year old, and I'm 44. Now. So 80 quid back then was a lot of money. You just go mental, right? So for two years, I just spent them spent and spent, no money touched my bank account at all, I'd get that cash. And I'd be like, right, let's go and have fun. So for my kids, what I wanted to do was start off with pocket money. And start off slowly and have a plan and introduce that plan when it's the right time to introduce the next phase of that plan. So for me, it started off with pocket money for the kids. They both got go Henry cards, I don't know whether you've heard of them. But it's a basically a debit card that they can use. And they can they can manage their money, they can set up savings areas of their account, they can spend as much as they budget for, and they can do it all on a card. So they can just go to the shops and they can use their card to buy stuff. And abroad. Actually, we did it when we were abroad too. So they've got these go Henry cards, but the brilliance of the Go Henry card is that I can see what they're doing as well. So I can see when they spend money. In fact, they're getting a notification on my phone. As soon as they spend money, I can see what they've spent it on. So that's the first step. So we've got transparency. And what that transparency gives us is communication. Because I'll see that they spend it and then on WhatsApp, my 14 year old because he's got a sorry 13 year old soon to be 14 on WhatsApp. And then I'll ask him what what was that? What did you spend it on in a very light hearted you know, way not in a What the hell are you doing kind of way. And that creates conversation. And that means that the ability for us to speak about money is open it's light. And it's it's something that is isn't going to be a heavy and horrible topic for them for him to talk about. The first of all, they get pocket money. Now to be completely frank with you, it's 250 that they get paid every Friday. In go Henry they have a list of jobs they can do as well. So in go Henry, they can see that if they cut the grass, they get an extra 10 quid, if they clean an area of their of the house that isn't their room, they get an extra X amount because their room is their responsibility and they are not paid for that. But if they claim something else, that helps us then they are paid for that. That's the second stage that we brought in. So first of all, we had to go ahead and record we have the pocket money. The second stage is if now you can earn more money if you do X Y Zed. So that's the second stage we've introduced that for both of the kids. The third stage that we had was now interest. So I wanted to introduce interest to them. So there's a there's an account in Go Henry card that they can, um, really honestly, I'm not sponsored by going, I'll just say card from now on, there's an area in there that is called interest account. Now, any money that they put into there, at the end of the month, I'll pay them 10% interest for whatever they've got into that account. So they can now see passively, they are making money. And now, that is completely separate from their normal spending account. So their normal spending account, they can see that going down, they don't have to spend much to, for that account to go down on a week by week basis, but then the interest account, they can see that that's accumulating, so they are now they they're learning that money can actually work for you rather than money is just a tool to buy a thing. So that's what we've done so far.

Christian Rodwell  15:42  

That's brilliant. Yeah, no, I really like that. And and I guess, you know, we're fortunate now that technology is available to allow us to do this because it wasn't when we were young. Right. And, and that's something that's come up a lot in the conversations is, you have to make it fun, right. And you have to create experiences and other experiences, obviously, you're involved in property. Do you take them along to the properties? Are they starting to get a feel for what you're doing to generate income as well? Yeah, I

Speaker 3  16:09  

have it. I've done it ever since I got involved in property. And because I think I did it too early, to be honest with you. And I think because they know roughly what I do. And they know that I go to houses that smell disgusting, in most cases, because we're going to refurbish them, or we're going to we're going to do something to them. It's not a thing anymore. It's not exciting. That's something that I should have looked at, and I should have waited until they're interested. Because funnily enough, just at the weekend, my wife asked the kids what I do. And they have no idea whatsoever. Absolutely no idea. They know it's property, which is great. And they think it's got something to do with refurbishing property, because that's the stuff that I took them to. But in terms of running the running source and running developments as well, they they have no idea. That's

Christian Rodwell  16:54  

interesting. But you mentioned their meal times. And that's another point is where are these conversations taking place? You know, to kind of not just talk about money, but you know, instil the values that you believe in, and mealtimes, you know, certainly is one of those places, do you find that? Is that? Is that something that you share in your household? Yeah,

Speaker 3  17:12  

absolutely. And I think, yes, we do. We sit down for meals all together as often as we possibly can, which is probably five or six times a week. But also, I think there's opportunity absolutely everywhere. So my kids love watching films. And we spend a lot of time together anyway, as a family. So because they love watching films, we'll sit down, we'll watch a film. And then we'll have a conversation at that point as well. Because what I don't want to do is I don't want to, I don't want them to think that the dining room table is the place where we have heavy conversations. And even if you're trying to make it light, you can have a disagreement about about something like money. So I don't want it to just be right, we're sitting down, now we're going to have a meal. So let's talk about something that's very important. I want to make sure that the kids are comfortable with coming to us whenever and having a having a conversation about something that's very important. My wife did something really, I can't remember where she saw it. But when the kids were very little, like when they were first going to school, and you know that you know that loads of things can be brought up at school can't you know, bullying without understanding that it's bullying, or just somebody's not being nice to you, or, you know, there can be lots of issues that children need to get used to. And one of the things that my wife did was, she created like a bubble. So if we could see that one of the kids was a bit upset or a bit unhappy, she'd say, right, let's go into the bubble. Then they'd go off into the playroom or something, they just sit there and say, right, we're in a bubble. Now we can talk about anything that we want to talk about. You can say anything, there are no repercussions for anything that you say here whatsoever. You can swear you can shout, you can do whatever you want to. But we need to understand what's going on with this. So we've always encouraged our kids to communicate. It's a very important thing. So yes, you know, the dining room table is a very important place that the family comes together. But there are lots of other opportunities for you to have those conversations. And sometimes it's right to not do it in front of everybody. Sometimes it's right to do it privately, you know, if there's only two of you watching the film, or watching TV or something. But I would encourage constant and open and frank conversations about everything because it's not money's not an isolated thing is it? You need to make sure that you've got a good line of communication with your kids about everything. Otherwise, they're not going to specifically come to you about money, because they don't feel they can talk to you about you know, things that are important. So for me, it's absolutely dining room table, but also everywhere else as well. Yeah.

Christian Rodwell  19:29  

So you mentioned school there. I know this is a topic that we probably can talk about for a little bit. And, you know, the role of the school is there to educate our children and they do a great job of that, but they don't include the conversations around money. And don't necessarily equip children and young adults with the knowledge to go out into the real world and start understanding about finances. So what are your views on on the role of the school when it comes to this topic, Chris?

Speaker 3  19:55  

Yeah, I don't think it's evolved really has it? I mean, you're expecting my kids. don't seem to get any kind of financial education from school whatsoever. I didn't get any financial education from school. This is constantly something that's brought up doesn't seem to be going anywhere with schools. But from my point of view, that isn't a reason to not do anything about it. I think as a parent, you've got responsibility for bringing your children up to be good human beings. But schools don't do that either. You know, schools teach you mechanics schools teach you facts. That's what schools do, you know, that's what they're there for. And all right, you learn some social skills while you're at school. But that's because you're forced to because you're in a social environment, you're not necessarily taught how to behave socially by the school, you're just there, and therefore you have to, and I think finance comes down. As part of that, you know, schools don't teach kids how to be kind. They don't teach kids how to look out for each other. They don't teach kids empathy. And they don't teach kids anything about finances. So I think it's, as a parent, you've got to take that on your shoulders, you know, I am bringing my children up to be good human beings, first and foremost. And part of that is the way that they manage their finances. Because if they're broke, then it's much harder for them to be a good human being will make your to make good decisions. Should I say? So for me? All right, yes, schools don't do it. But that's not good enough, I think, you know, the parents should be doing this and putting this in place. And also, even if schools weren't doing it, the parents need to still instil their values and beliefs on their children, they shouldn't rely on that school is going to have the same values and beliefs as the parent. So yeah, for me, it is a bit disappointing that schools don't at least have that as part of their conversation that they have with their students. But that doesn't affect what I do, I would still be doing exactly the same stuff, because I am bringing my children up to be with people. And

Christian Rodwell  21:43  

in terms of the on school life, so whether that's University, whether that's just going straight into a job or starting up their own businesses are interested in a kind of showing they understanding about certain opportunities, which might generate income for them in the future, be that you know, around their passions or a particular profession.

Speaker 3  22:02  

It's really interesting, isn't it? Yeah, I think the 10 my 10 year old NATs, he's definitely like arts and crafts and sort of creative around that kind of that kind of area. And I would be very surprised if that wasn't the direction that he was gonna go in the 13 year old, Rufus harder to say is, for a 13 year old, he is very conscious about his physical fitness, which me and Beth we go to the gym and stuff, but we're not fanatical about it. So that's definitely a passion that he has at this age. But of course, you know, I can change content. I did biology University. And when I left university, the absolute certainty that I knew in my head is that I wanted nothing to do with biology for the rest of my life. So you know, your your focus is and your passions can change. So the plan that I have with the kids, so I've told you about what we what we've done so far, the next step of that plan, is going to be borrowing. So I'm going to give them the facility to borrow money from me, and then repay with interest. So I've introduced interest to them in a way that they can earn interest. So the next step of what, what we're going to do is introduce interest from their pay in interest if they want to borrow money. So that's the next thing that we're going to we're going to manage with the kids. And then after that, I'm going to, I'm going to copy what the what I've learned from my franchisees. So the guys that have built the business together, that's going to be the currently the final step of how we're going to educate children on on finance by creating a business. Actually, there's one other step that I forgot about, so that before we go into borrowing, I want them to take the money that we're giving them as pocket money, and I want them to not employ people, but I want them to subcontract. So you know, like, here's my car, I'll give you 40 quid for cleaning my car. So what I'm going to encourage them to do is I'm going to get a couple of people together, get a few cars, and I'm going to get them to employ their friends to help clean the cars, but they take a margin from employing those people. So instead of making, you know, 20 quid by cleaning one car, they're making 25 quid because their friends cleaned another car at the same time. So they're the things that I'm going to go into. And I think, Rufus, the 13 year old will take to that quite well. But I don't think that's not bad at all. I don't think you know, I don't think he's gonna be excited by that. But I'm still gonna go through the same process with a pair of them. Because what that does is it empowers them to make better decisions, because they'll have experience of effectively employing people, they'll have experiences of running their own, you know, being the person responsible for that little, that little business. And at that point, they'll know whether that's something that they want to do and go into in the future. And if it's not, then they know that they don't they feel awkward or they feel uncomfortable about doing that kind of thing, and therefore they can stay away from it. But it's all about giving them experiences to empower. Good decision making. That's the sort of longer term plan.

Christian Rodwell  24:52  

Yeah, that really sounds good. And have you thought ahead to succession planning to legacy when the day comes when you handover to them. Is that something you're starting to prepare for?

Speaker 3  25:03  

I only just started to prepare for next week, 20 minutes before this call. So look, yeah, absolutely. I've got some calls booked with people. Because we create properties, we create properties, we hold properties, we flip a lot of properties, we, you know, we take commercial conversions of commercial buildings and turn them into flats, then flip them on, in terms of property and the business that we run here. No, I haven't to be completely honest with you. Because there's, there's a long way to go. And there's a lot for us to do. However, for the properties and the portfolio that I have. I am currently talking to somebody about putting them into a trust, and they'll be held, and there'll be passed on to the kids in a trust, which obviously helps with inheritance tax at the right time. So that's my current plan, I've got a couple of people that I'm dealing with for that, and taking advice from other people. Because I think it's really important that you, as a professional, you employ professionals to do the stuff that they should know about a lot better than you do. So I'm going through that process at the minute. So anything, any properties that I hold is going to be held in a trust.

Christian Rodwell  26:03  

Chris has been really interested in having the conversation with you. Is there anything else that you had thought about as you were preparing for today's conversation, which we've not touched on which you'd like to talk about?

Speaker 3  26:12  

Being a parent, I think, you know, it's all about communication with the kids. And it's all about being able to have awkward conversations with your kids. But that's set up at an early age, isn't it that sets up when they're very, very young, it's a much more difficult thing to do when you're when you're a little bit older. And yeah, your kids are not used to that. So you know, I'm very grateful. And that's not come from Me, that's come from my wife, I'm very, very grateful for that for that sort of relationship that she sets up with us. And if there was one thing that I was going to do, again, and do it on my own, I'd be more involved in that from from the offset. And everything else just seems to be a lot easier when you have that ability to do that. So for me, but absolutely, this is a very, very good topic. It's very worthwhile talking about, it's been great to look back over what I learned when I was young, and think about all those mistakes that were made and think about all the things that I felt that I didn't get and making sure that that I put that in place for my for my kids, so I really appreciate it. Thanks very much.

Christian Rodwell  27:09  

Yeah, thank you for sharing today, Chris. Okay, so some really good points that Chris made there. We'll pull out those Kevin go into a little bit more detail. Before we do that. Let's head over to Trustpilot last week, we were both in London because we had a wealth builders meetup, but we also combined it with a game of cashflow 101, which is that famous board game that Robert Kiyosaki the author of Rich Dad, Poor Dad created a really, really good way of having fun, but also learning about some of the rules of money. And we've had a review from Abir, who attended and took time to to write the following, which says I'm absolutely pleased with the wholesome event, lots of fun and connections with amazing people. I honestly love how fun the idea of learning or improving your mindset around finances is so happy to meet Chris so warm, welcoming and supportive with smile on his face. Everyone in their team were attentive and welcoming. I'm looking forward for next one. And I'm definitely recommending this to everyone who is a fun loving learner. Wholesome

Speaker 2  28:14  

event. Yes, with a smile on your face. Don't even get mentioned. Shipped bringing that one up as a review.

Christian Rodwell  28:21  

I think you were busy chatting away to some of our existing members and some of the newbies that attended and a beer was sat, you know, the opposite end of the room, attentively playing the game. So obviously you didn't get a chance to cross paths. I don't think that

Speaker 2  28:37  

was interesting. You know, the the cashflow game is a is a fascinating game and a lot of people don't know. Kiyosaki, Robert Kiyosaki created the game, before He created the book. The game was the business. I mean, originally was in velcro wallets. But he went into the cash flow game created the game tried to sell the game and then you know, that obviously had some success at the beginning. And now it's a rip roaring success. But, you know, took a while which is the right thing, isn't it? So he's built that reputation. And we think it's a great game. And there are many other games like, you know, monopoly and other games we've, we've mentioned before, that you can play and I think Paul Brooks's was one of our team was interviewed recently. And he mentioned the game game of life, I think it's called, that's a lot of good games. You can play and interact with younger ones, but the cash flow is really an adult game. No, look, we had somebody brought their kind of teenage son with him today, and I believe he escaped the rat race before he was even in it. So good, good for him. The kind of essences, the more people who play then they're getting some of life lessons thrown in in a fun and engaging way. And I think that's a great thing for us to do, Chris and I think we will Thinking about talking for next year, about expanding that. And you know, rather than having 3040 50, try and get that into hundreds. So, again, let me just raise a small plea if you've got a venue you think would be suitable for this. Or if you've got a venue of your own, you think would be suitable so that we can almost be uniquely there together, enjoying each other's company, and playing a game as a precursor to that networking. Rather than listening to speakers and things like that, then that will be great. So if you would like to play, or you'd like to help us find a venue, reach out, how would they reach out Chris?

Christian Rodwell  30:42  

Yeah, drop an email to Hello at wealth

Unknown Speaker  30:45  

and say what cashflow?

Christian Rodwell  30:47  

Yeah, just let us know, cashflow venue. And yeah, we'll jump on the phone. We'll chat and take it from there. All right.

Speaker 2  30:55  

So over to the lessons, we're curious, what was your highlight?

Christian Rodwell  30:58  

Well, you mentioned participation there of playing the cashflow game. And Chris mentioned as well, you know, about a business is a great way to involve your family. And many of the franchisees have set up their property businesses, we've obviously goals of creating wealth and building recurring income, but as their children grow older, and become teenagers, young adults, they want to bring them into the business and, you know, you'll learn such valuable lessons. And you know, what better way than than doing that?

Speaker 2  31:25  

Yeah, I think all too often, I think younger people are not involved with family businesses. They don't have to be the runners of the business in the future. And I think there are some businesses that naturally do that there's no shortage of businesses, which have passed on from one generation to the next, and the very essence of the business is maintained. But when it comes to something like property, for example, it isn't necessarily the same thing you can enjoy the proceeds and participate in, I suppose the development of the property in terms of its transformation, as many people who get involved in property, one of the ways that they create value is to transform or do something to be a value creator in the property itself. And we see many of our wealth builder members taking their younger children, sometimes just to observe, sometimes to do a little bit of work, sometimes just to use the walls before they get finished, just to do a bit of colouring on. So just get them involved. Because the thing that younger children is more is caught than is taught. In other words, they absorb things. So they're hearing things. They're sponge, like, and they're picking up things. So the more you can just show them and involve them. You don't have to do formal teaching, you don't have classroom styles, or flip charts or, or laptops, it can be just absorbing and making sure that conversations are being had. And if you can do that, then you know, that's a good start in any event, and it was obvious to me that Chris and his family were very much engaging in good conversations. And I think you've asked, Where do you have that as well?

Christian Rodwell  33:11  

Yes, we did. And we've talked previously about the dinner table dining table, having those conversations, Chris said, yeah, that's obviously a great place to have family conversations. But of course, you know, topics of money can sometimes bring, you know, disagreements. So he said, you know, finding somewhere that your children feel comfortable. And for him that was when they're watching movies, and just approaching it, you know, at the right time. So I think everyone's got to find their right space for having these conversations.

Speaker 2  33:39  

Yeah, all families are different thing. Naturally, of course, mealtimes seem to be a good focal point, because people are sitting together in close proximity. But every opportunity where there's a mini learning experience, doesn't have to be targeted, doesn't have to be specific could be going to the shops, it could be going online, it could be doing anything, where Increasingly, our younger people who've got a natural affinity with technology, could do something and then share some lessons. And there's so many different ways from when they're 510 1520 or 25. The lessons will be different, but it's just being developing what I would call a sensory acuity, or mean by that is, is being aware that they're picking things up. And if you see an opportunity, just to drop something in, just do that, and let them run with it. They'll make their own distinctions. You know, even younger ones, let them have control over some decisions that they can make mistakes from because they're going to make mistakes in life. So almost engage them in a way wherever you can, but not necessarily make it a certain time of the day or a certain time of the week or, or whatever. Unless there's some Some Caden's things are pocket money. And I think you asked him about that too. Absolutely.

Christian Rodwell  35:04  

Well, that's one of our other family wealth principles. And that's one of the peas, which is products. And go Henry is a popular finance app, a banking app, I suppose for children, young adults, where the parents have control over that they can see what's being spent and some really good features there that Chris is using. So he's paying the pocket money into the Go Henry app. And his children can earn extra money by doing certain tasks. And all of that is is recorded in there. Another element is a interest account. So he said that whatever they put into that interest account, whatever is left at the end of the month, he'll add 10% to it. So again, helping children understand about delayed gratification, not spending everything right now, but actually getting some benefits of waiting and, and saving.

Speaker 2  35:54  

Also did, although we didn't mention it specifically, if you remember, last week's podcast, Chris, where I was talking at some length about compounding, the younger people have got the biggest to gain from how compounding thought process. And so the earlier you can engage with something as simple as interest and you know, there's not going to be a lot of money spent even if you give them 10%. I mean, you wouldn't do that on a million, but you might do that on a few pounds, because it cements a lesson. And I think we've heard that before. I think it was Susie Carter said she borrowed money, didn't she just temporarily. I'm paying him some interest. And the kids got excited about the interest and then kept asking Mommy, can I earn some more interest? So the more you can introduce them to the idea that money works, as well as Daddy works, or mommy works, or will they work? I also liked the distinction he made about the difference and everyone is going to have their own view about pocket money. Right? That's that's when we're not saying what's right or wrong. But I liked the view that said, the room they had, they had responsibility for that was just part of being a family member. But other things had almost like a price, or a value, a time for money value associated with that. And I thought that was quite an interesting lesson as well. And maybe one or two listeners might pick up on that. And I think he mentioned go Henry can create that facility of tasks as well. So I think the technology, not just with go Henry, there are many other apps as well. But certainly, the apps that you can use can bring enormous experience. Not to denigrate though, certainly my view, Chris, the importance of the tactile nature of money. Really, really important. Certainly, as kids get older children get older, no problem moving more towards apps and technology. But in the early years, get that tactile nature of money going. And even if it's recognising notes and coins, touching notes and coins are the real or pretend like in Monopoly money and other things we heard that from will rainy, you used Monopoly money as a way to teach lessons. So yeah, go back and listen to some of the other lessons and try and find a way where whatever age your younger people are, you can kind of create the age appropriate lessons. But obviously with his being a, you know, in that sort of pre teenage years, those lessons are very specific for him, but very careful thought going on in that family. I have to say,

Christian Rodwell  38:38  

now we were just talking about go Henry, Kevin, I think it's probably a good moment to let our listeners know about a petition that the founder, co founder actually Louise hill of go Henry has created. And it's to make financial education compulsory in all schools from primary age. And there's already over 7000 signatures on this petition. And I will share the link to this in today's podcasts. Because obviously, Louise is on a mission just as we are Kevin and the whole purpose of setting up wealth was for families was to, you know, almost be a hub and to connect and bring everybody who's doing these fantastic things together and create this community of like minded people and Louise's you know, set this petition up and we've been fully in support of this.

Speaker 2  39:25  

Couldn't agree with you more Chris? And well said, I think anytime again into 100,000 It's got to go in front of the Gotta Go to Parliament, isn't it so it's got to be looked at. So let's help Louise with her mission because it's actually on our mission to we've long said that the school system is failing our younger ones, and denying them the opportunity in so many different areas that are resist jumping on the soapbox again. However, we do want to support Louise's call for putting education in there. However having said that, I think Chris made a great point, which is, even if the schools did it, even if this was compulsory, it's still ultimately, I think the parents who are the best long term role models, or giving our younger people the best possible lessons, not least when you think about the trillions upon trillions, which is too big a number, but in this country, somewhere around 6 trillion is going to flow from the baby boomers like me, to the next generation. I mean, that's the biggest wealth transfer in history. So we have a right and a responsibility, in my view, to equip our younger ones who will, in the end, receive these funds to do so with skill, with good life lessons locked in place, and with some wisdom, not just to understand where the money's come from, but in many ways, participated in that, and then have some responsibilities I call passing on the baton to the next generation, who receive it with gratitude, and with the good grace and wisdom to expand the wisdom for the next generation and the generation to follow. So I think the people who are listeners to this podcast today, Chris, I would like to make a plea to them to recognise that they are the, the founders, they are the pioneers, they are the very people who are creating these values and these principles, and to take on board that responsibility very, very seriously. And take an active role, not a drifting role. Even if the schools were doing it, don't let the schools do it. You be involved, please, I beg you get involved. whatever age you are, whatever the age, your children or somebody else's children are, take something that you can take away from each of these podcasts that we raise the subject of family wealth, and do something about it made me laugh, actually, when he talked about his kids saying, Dad, you, you take me to smelly properties, you know, and I think that's an interesting one. Because this whole idea of adding more value and kind of made me reflect back on somebody who had a initial property, who loved dilapidated properties and properties that you couldn't get mortgages on, because she could buy them and she had a little do remember the little ditty she used to say, you know, she had little rhyme didn't

Christian Rodwell  42:30  

she? Smells of way? Give

Speaker 2  42:33  

me? Yeah, that's the point, isn't it? So if, if you can show people that there's value to be created, when something somebody doesn't like something, there's probably value in it for someone else. And that's a good life lesson as well. So I think Chris did a great job of sharing and you did a good job of pulling those lessons out, Chris.

Christian Rodwell  42:52  

Thank you know, enjoyed that one. And yeah, hopefully you enjoyed listening to today's episode as well. If you did, please do share it, we would appreciate that very much with someone that you think will also benefit. And Kevin, I suppose we better hurry up because we've got an event to get to tonight. So are your shoes polished?

Speaker 2  43:09  

Well, you always wear trainers and I wear shoes, but that's the difference between as Chris but yeah, I'm looking forward to this evening's event and looking forward, so I don't have to say my usual end, which is CEA because I'm actually going to be with you. So Chris, until next time with your CFI

Speaker 1  43:33  

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

Chris has played a pivotal role in expanding Sourced Property to over 200 franchisees, all while maintaining a strong focus on property and profit maximisation.

In this discussion, Chris shares his experiences in helping franchisees achieve financial freedom, a goal that deeply resonates with their purpose of securing the future for their children and grandchildren. He also offers a personal touch, reflecting on childhood memories and his family life with wife Bethany and their two boys, Rufus and Nat.

Chris underscores the significance of aligning family values with financial goals. He explores the potential of property investment as a tool for family wealth, emphasising the importance of empowering the next generation with financial knowledge and independence.

Tune in to this episode for a blend of personal anecdotes and expert advice on building and maintaining family wealth that stands the test of time. 

Resources mentioned in this episode