WealthBuilders for Families: Shaz Nawaz

Transcript

Speaker 1  0:01  

The purpose of wealth talk is to educate, inform, and hopefully entertain you on the subject of building your wealth. Wealth builders recommends you should always take independent financial tax or legal advice before making any decisions around your finances.

Christian Rodwell  0:20  

Welcome to Episode 206 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders joined today by our founder, Mr. Kevin Whelan. Hello, Kevin.

Speaker 3  0:29  

Hi, Chris, good to be with you again and getting some very interesting comments and reviews on pensions during the week. So hopefully, trying to help a few more people kind of find their way through this pension minefield and transitions that most people struggle. But according to a news article, you found some people aren't struggling all

Christian Rodwell  0:51  

I know. Well, there was an article that was just published this week about a bumper pension pot, which was 11 million pounds. Not a bad, not a bad monthly income

Speaker 3  1:02  

wasn't mine? Well, that would be about half a million a year. And given that most people in the UK suffer an income of around 15 grand a year, there's a big gap. So obviously, you're always going to get exceptions as to how people build their wealth. And one would argue, in any event, joking aside, anybody who's built that kind of a pot, probably over concentrated on the pension because the lifetime allowance would attacks them out of sight. With a million quid now or temporarily, the lifetime allowance is gone. So this, this person is going to be deliriously happy. But of course, we don't know what's going to happen with that. So it doesn't matter how big anything is. It's interesting story. But diversification is the key and and of course, learning lessons early, which is one of the key messages that are coming out of your interview today.

Christian Rodwell  1:59  

Yeah, absolutely. So today's guest is Shas know, as he is the founder of a accountants. And shadow is someone that we know, well has been a guest on the podcast before. And we're talking about families again today. So understanding how shares is educating his own children. He's got four children, and, you know, some of the lessons he learned as he was growing up as well. So yeah, I really enjoyed the conversation with Chaz today. And we, as usual, we'll be back after the afterwards to dissect and pull out some of those lessons. Charles, welcome back to wealth talk today. How are you?

Speaker 4  2:36  

I'm very good. Thank you, Christian. Thank you for having me. It's always a pleasure. Yeah,

Christian Rodwell  2:40  

yeah. Well, it's been a little while, actually. And there's been lots going on probably since you last appeared on the podcast. So today, we're going to be primarily talking about wealth builders for families. And, you know, understanding a little bit about how you're helping your children to learn about money. And before we dive into that shares, I'd love to get a little update from you, because you're a Property Man, you're an investor, you're a businessman. Last time you're on the podcast, you obviously sharing so much knowledge around those topics, but um, what are your views on the current property market, and obviously, the interest rate rises that we've been seeing over the last year or so

Speaker 4  3:12  

interesting and challenging. So around about this time last year, when I was talking to banks on behalf of my clients, and also some of the projects I'm doing, I recall very clearly, but I was talking to Audible, about a fixed five year fixed term loan on 440 House development, around 10 11 million pounds borrowing. And the rate was 3.75%. Fixed for five years, our Fast Forward mini budget around about October time, I think it was and talk to all the more around but Christmas time 3.75% was we're not interested in doing those kinds of deals right now. Then, I've seen those rates go up to seven and a half 8%. The good news is inflation came down further than was anticipated a few weeks ago. So those rates that were quoted at 10 and a half 8% are now coming down to five and a half 6%. And some lenders would close their books, who weren't doing deals at 345 100,000 pounds, I'm going to looking at these 2 million pounds plus out now some of them have reopened their books and are saying we're looking at deals at 200,000 pounds plus, so it's getting better, even though it might not feel like it compared to where we were six months ago. Christian in terms of lenders now seem to have a slightly different appetite to what they had over the last six months. So interest rates are coming down slowly in terms of fixed rates. Even the lower the interest rate is going up by point two five percentage points and it was anticipated it would go up by half a percentage point but it hasn't so it's going up by a quarter Which is good news. And I think this is the start of something better to come. Interesting. And that's that about that story. And the other part obviously is with the cost of goods, materials, which is going to extortionately. I feel post COVID. And that's kind of coming down as well, the supply of labour that I'm finding now, there's more people available, whereas six, eight months ago to find a plumber took us a long time. Now, when we're making those calls, there's more availability. So things are tightening up slowing down, I've seen a lot of small to medium size developers not start a project or start a project depending on where they are. So some of them have gone through some turbulence and turmoil. But that freed up the market in terms of the labour supply, to some extent, of course, every area is different, or whether I'm here towards Cambridge and Lincolnshire, there seems to be more supply. Yeah,

Christian Rodwell  5:52  

that's interesting. And just for our listeners, how many years have you been investing in property self shots?

Speaker 4  5:58  

The first property that I bought, in terms of buy to let was in June 2001. So best part of 22 odd years? Yeah, yeah.

Christian Rodwell  6:09  

Well, I guess that's, that's a nice bridge, if you were going back and talking to your younger self shares, and I know you've got four children, we'll come on to that in just a moment. And they were thinking about getting into property today, what would be your advice for them?

Speaker 4  6:23  

My advice would be, just get out there and do it. So I started reasonably young back in 2001, compared to where most people start. And it's because I was interested in in kind of how money moves, how people create, and manage and sustain wealth. And one of the patterns that I saw was, most people not all, but most people who are successful, tend to have some kind of an investment be in property, big commercial, residential, or some other form. So that's where I got that particular idea from. And so I started off pretty young. And I talked to my children all the time. Well, especially the older two, because they're at an age of 14, and 15, where they understand some of these concepts about property and how everything works. And they asked me some interesting questions. So I've started them off reasonably young, in terms of thinking about investing, saving, building and growing.

Christian Rodwell  7:18  

Yeah, well, I'm excited to learn more about that shares as our conversation progresses today. So let's begin with, you know, understanding who who is in your family then she has, because you mentioned to, but I think there's a few more on the.is,

Speaker 4  7:31  

myself, my wife and Neela. And then we've got four children, three boys and daughter. So the eldest one is 15. His name's hassling the one younger the name, he's 14 is named, she's a boy, then we've got a five year old, again, a boy, his name's Abdullah. And then we've got a two and a half year old, and her name's Elissa.

Christian Rodwell  7:51  

Fantastic. So really a good spread across the ages, their shares. So you've had plenty of experience of having conversations with them and seeing, you know, what they are curious about? And of course, you know, what are they learning at school? And I let's begin there perhaps shares with, you know, why do you feel that more isn't taught at school around entrepreneurship around money around, you know, business,

Speaker 4  8:14  

I think, the state if I can call it, the state DFE, call it whatever you like, have a particular way of teaching children certain things. And there are some good reasons, Chris, why some of the things children learn at school, even though they don't use them going forward, okay, which are important academically, and for that thought process, because people need to think about things before they make a particular choice. That school, but I strongly believe schools don't actually prepare children for real life. So when I was at school, a long, long, long time ago, we had one particular lesson on life skills, and in fairness, that, I mean, it wasn't brilliant, but it wasn't bad either. They told you about what you would do when you go get live, formal education be secondary, further higher, and what life is like in the outside world, to some extent. And I found that somewhat useful. But there needs to be more of that in terms of helping people understand what life is like, then being comfortable with business, being comfortable with numbers being comfortable with what they want to do. So as an example, we just have something called a careers teacher. And I think once a month, or once every two months, did come in and we sit in a classroom, and then go around the room and ask people what they wanted to be. And from a very early age, let's go back to the age of 12 or 13. Chris, I would say I wanted to be a businessman. And the first response I got from my career teacher was does your dad own a corner shop? What the corner shops got to do with the business? I have no idea but he He obviously thought I wanted to run a corner shop because my parents probably run a corner shop. And that's what I see is a business. Now when I want to see the business, it's something very different. And it's very similar to what I'm doing today. So they don't even grasp that particular concept of what somebody is looking to do. But the typical answer in that particular room was I want to be a GP, or be a dentist or a doctor, I want to be an accountant, I want to be a lawyer. And then they talk about whether you do English maths, history in the sciences, so on so forth, and that it that I will, I will say, that scarred me with that very quickly taught me, maybe people who I'm looking to ask for advice, don't fully grasp or understand what I'm looking to achieve. Yeah. So I think schools can do more. So Christian schools can do more, they don't do more. And I think it's a big letdown.

Christian Rodwell  10:47  

Yeah. Yeah. So if the schools aren't teaching and equipping our children with the skills and knowledge around finance, then the question is, well, who is? Or where are they getting that from? So I guess it's a very different picture today, in terms of social media, and all of the the inputs available out there that our children are, you know, picking all of this up from compared to, you know, when we were younger, when we were back at school. So just sticking with your own experiences for a moment there. Shas, you know, if you weren't getting that support, and encouragement and guidance from school, where were you getting that from, and were there any particular role models in your life in an early age that you look back on now that had an influence on you.

Speaker 4  11:27  

So my parents were first generation immigrants to this country. Chris, back in the early 60s. So growing up for me, life was very difficult, I think, because we only had one breadwinner in the family, which is my father, my mother looked after us and was a typical housewife, sort of speed, and there's four of us, in the family as children. And, you know, it was pretty much hand to mouth, not just for me, but everybody in that particular area. And the kind of things that I picked up very early was a language that I heard around me, not just from my parents, but neighbours, friends, family, all that type of stuff. Money's hard to come by Money doesn't grow on trees, which are working to pay the bills, so on so forth, the people who have lots of money and usually end up doing something naughty, silly, fraudulent, that's why they accumulate lots of money, and life's hard work. So those were the early lessons that I picked up. But because I was keen, I could see around me that everybody pretty much has an nine to five job, even though it might not be nine to five, depending on the hour, they were working, and everybody that I'm looking at, okay, seems to be struggling. So if I follow this particular path, okay, I'm probably gonna end up somewhere like them, I'm not gonna say good or bad place, but if I'm saying I'm gonna really like them, and I think there's something better. And what can that better thing be? So I went to something called a library, which might be new to some people out there, okay. started kind of looking at books and magazines and journals, and talking to the library and about what information can I gather, and from that I didn't came across a contract where you can have own your own business, have your own financial freedom, and pretty much to some extent, be the master of your own destiny. So at the very early age, I decided what I really wanted to do was own my own business, what kind of business I wasn't sure about, but I wanted to get into business. And I definitely wasn't gonna be a corner shop, by the way, I have, but and then. So I then started learning, researching, talking to looking at people who were actually in the world of business, have always taken a lot of inspiration. And I think inspiration kind of, for me comes comes from two places, a people you know, personally, who are doing really well and be people who are doing exceptionally well, who are kind of known to everybody. So, for me, there are two people who's stood out at an early age, who weren't known to me personally, and probably never been known to me personally. But Alan Sugar kept coming up. And Richard Branson kept coming up. So I at a young age, both of those were an inspiration to me in terms of what they've achieved, starting from pretty much ground zero.

Christian Rodwell  14:14  

It's really interesting. And I know when we spoke before, you know, lots and lots of inspirations. I think some of the people you mentioned Warren Buffett and Kiyosaki, and, you know, the learning never stops, right? And how do you think that those sort of early experiences for you then shares when you you know, you are having to kind of figure things out to a degree for yourself, how's that now influenced the way that you've helped your own children navigate that path?

Speaker 4  14:39  

I think that the big influence really for me with Bucha is very positive. I never knew it at the time. The best thing that my parents did for me and parents do a lot of good things. But for me right now, in this conversation, the best thing for me is, they always encouraged me and said to me, you can be whatever you want, as long as you put the work in, and they always gave me the confidence that I I could do whatever I wanted. Okay, and that I will do it really well. And of course, as a child, sometimes you live, you don't believe that or you don't really recognise it. But as I grew up, because they instilled confidence in me, when I went out there in the open world, I did have that boost of confidence that I had, I was able to apply that. So I've never lacked confidence in whatever I do. I'm not fearful of failing, even though there's challenges. I'm not fearful of failing. Coming back to your question about my children, because my parents had given me confidence as a child, I can allow my teenage years, I've always had done that with my children, but then I've got them to start thinking about business, thinking about investments, thinking about return, thinking about, you know, for every pound that you save today, what that would mean in five years, 10 years, 25 years, 50 years, 50 years them is a long way away. But the tool ones now think like that. They've got their own account with the save money. I've also matched that for them. So then are keeping our Dad, where is where's our fund up to? How much is it worth? How much is it gonna be worth in five years time, though, in 10 years time? What if you put another 20 pound in per week or per month? What does that do to you? So they're having those conversations around investing, which is really good for their mindset. And they've gone one step further now, by the way, that they talk more about property property investing, doing deals, and they will want to lose 15, the last six to 12 months is talking about what what kind of a business can I set up that right now, that is going to be ahead of me to inject more money into my investment fund. So he's thinking about that right now. Because I'm thinking, focus on your GCSEs. Get those out the way, but it's good. He's thinking about that right now. Because that means in the next year or two, what's your GCSEs? Possibly a levers? If he wants to do them? I can then help him start that up. And we'll probably do it together as a joint venture.

Christian Rodwell  16:59  

Yeah, that sounds great. And can you remember approximately what age did you start having these conversations with your children she has

Speaker 4  17:06  

the older two, I'd say we kind of softly, softly started at the age of, I'd say, probably five or six. But it was very, very soft. Because the advantage to thinking about lots of different things. So I'm keen not to confuse them. But when they were seven or eight, we were having some of those conversations, which they could grasp and understand about, you know, what I do in my day job, okay. And some of the things that I'm focusing on, and why I brought in property investing, is there were a lot of conversations, but enough to get their mind ticking and asking questions. And most of asking questions, they were absorbing more, so I started off pretty early with them. Because I fully understand and grasp. I see the fullest and I appreciate how the formative early years, how important they are to a child's development.

Christian Rodwell  17:58  

Yeah. And it's always interesting to kind of hear, you know, where these conversations take place, you know, is it around a dinner table? Or did you start taking them out, you know, to experience the work, you're doing like actually viewing properties at an early age as well,

Speaker 4  18:12  

two or three things that I did around the dinner table, watching some documentaries, on Netflix about business, entrepreneurship property, that habit of watching interviews with sports, people who are high performers, so I can share with them what high performance means. So I think that was important. Winning high performance is important for anybody, especially in the world of business, because you got to think differently. And then when we were out and about, okay, whether we're going into a shop into a restaurant, going shopping, going for a day out in that particular business, pointing things out to them, and getting them to think about, okay, what that would mean, and why people are doing certain businesses are doing things in certain ways. So conversations for me took place everywhere. And at the same time, I didn't take them to my building projects on the weekend, just to from the outside showing them this the property, this is what we're doing, this is what it's gonna become. So they can they do very excited to look at the property projects.

Christian Rodwell  19:19  

Yeah. And do you feel in any way that the sort of digitization of money over recent years shares has has changed the way they perhaps perceive money because they don't deal with cash probably in the same way that we did when we were kids?

Speaker 4  19:33  

Yeah, absolutely. So did three did they see those things differently? And of course, having real hard cash, I think, for me, was always very important, because it has a different emotional impact and effect on you. And there's a different pain of disconnect. So if you're going to a shop, Christian and you're paying 50 pounds or something and you're paying cash that has a different pay In fact, if I can call it that, compared to paying on a credit card, okay? Because you don't actually feel it until the bill comes through, that has a very different impact to when I went to Disney World in Florida with my kids. And they gave me a wristband, and said, just whatever you see just kind of scattered poop, and it just ends up in your room. At the end of the evening. Well, lo and behold, I spend more money in the restaurant, I will do the credit card with that I will do with cash. So of course, that has definitely influenced, but I do encourage my children to keep cash around. And I think having cash around you, psychologically helps you to think of it in a very different way.

Christian Rodwell  20:38  

So you obviously talked about the the conversations you've been having with your your certainly your older children, they're about business and property. Now they're starting to talk about, do you think they're just having these conversations with you shares? Or are they having them with their friends? Or, you know,

Speaker 4  20:53  

yes, they talk to their friends, and some of their friends parents are in business or in properties of the they'll share with me kind of what they're doing and what they've shared with them. And every now and then, I will look at obviously, what what they're doing on social media. So more often than not especially older too, whether on YouTube, they kind of listen to videos from Warren Buffett, Steve Jobs, other investors, property investors. So some of the stuff that they are spending time on on social media isn't a complete waste of time. It's actually the that they're looking for information, and all things that we've talked about previously or talking about currently. So they do share with their friends, and their friends do share with them, which I think is fantastic, because I mean, research shows with the area the five people we most associate with. So if they're sharing stories and kind of building associations with people who have a growth mindset, I think that's going to serve them exceptionally well. And that's probably the single biggest difference you have between you become ultra successful, and those who don't, is the conversation that they have and the people that they hang around with.

Christian Rodwell  22:00  

There's obviously a lot of, you know, fantastic information available at the touch of a screen and a button now with social media. But on the flip side, there's a lot of misinformation. Do you have any fears or concerns that they might be influenced by some of that?

Speaker 4  22:14  

Yeah, absolutely. So I mean, without mentioning any names of any particular influences, there are people out there, obviously, who are sharing information, we're very, very popular to be the got in trouble with the law, or don't share a popular consensus whether they're right or not, I'm not going to going into conspiracy theories, but some of the stuff that they share is good. And some of the stuff that this share, polarising and divisive, so that's always a concern, but I always kind of share with my children. And you'll have to now hash names on it Sure, they are old enough to understand that I say, if you've seen information online, then you've got to be able to verify that some extent to know is backed by facts, and backed by science, okay, and backed by credible authorities and experts, rather than somebody sharing something on Snapchat, Tiktok, Instagram, Facebook, wherever, okay, because of our problem, anybody can record a video or write a post and share anything, that doesn't make it true. So and of course, some of that stuff that they are going to consume isn't going to be authentic or accurate. But I do kind of, I don't keep a total taboo on them, because I want to give them freedom and get them to understand that, you know, if you do the right things, you obtain more freedom. So it's do the right behaviour means you get more freedom, okay, and better outcomes. But I do check their social media and what they're looking at, and some of the stuffs really good. And some of the influences that that follows that maybe their friends or others have told them about aren't the ones that either approve of. So we have a conversation of, okay, let's look at what is influencing influencers talking about? And then let's see whether that's correct. Authentic, right, and what's your view about it? And some of the things that they'll share with me, I'll agree with something the things I won't agree with, and I'll share with them my opinion, and then we'll look at okay, is this factual? Okay, or it is somebody's opinion that they're trying to disguise as a fact. So that brings an interesting conversation to by the way, and a different dynamic?

Christian Rodwell  24:14  

Yeah, yeah. Well, you know, it's, we know, the both of us that, you know, building wealth, the one of the biggest benefits, you know, or advantages, I should say, is starting early, right, and the magical power of compound interest. So, you know, you've obviously started them early, you've given them that massive advantage now, which I'm sure they will thank you for as they continue to, you know, see see that increase, but in terms of following your entrepreneurial footsteps, is that important for you that you see your children do that or are you happy to kind of let them find their own course? Yes.

Speaker 4  24:50  

Touch on your earlier point for me, I think the earlier somebody becomes curious, the more likely that they are to go searching for answers. And then building up their own view of what they want to do what they don't want to do and having a better understanding. So the quicker we can start that process for a young child or a youngster, the better it is, I think. And I always wanted my children to be curious, because I was curious at a young age, but I never knew why I was curious. But then when I reflected as I grew up thinking, what why were they doing this? Because I observed people who were doing certain things, which I thought, well, I don't want to end up like them. How can I do things differently? I think that's exceptionally important. And people should start earlier. When that I forgotten your question, by the way?

Christian Rodwell  25:41  

That's right. No, I just followed that on with, you know, how important is it for you that they follow in your arm? Oh, yeah,

Speaker 4  25:46  

absolutely. So I thought about this a lot. I don't anymore, by the way, because part of me sometimes, because when I was growing up, the kind of typical Asian thing to do, Chris was, your parents will say you need to be a doctor, you got to be a doctor. And that's why you see a lot of Asian doctor but because their parents were keen on them to become a doctor. And if not, okay, you've got to become an accountant, a lawyer, a dentist, or an IFA, a professional. And I've always taught, I want to support my kids to become what they want to become, and not for them to become what I want them to become. Because if they become what I want them to become, then probably end up having an unhappy life as a dad or mom, you pushed us down this particular rabbit hole, but I never wanted to be an accountant. It's just you forced upon me. So I always let them decide what they want. Not at all support you in that. Now of course with that, okay, cards on the table. Of course, I've showed them what it is to be an entrepreneur, and what what business means, to some extent, what property investing means, what that means for your life, how the world works, in terms of finances in an economy. And of course, I'm not stupid, that's going to influence them to some extent. But I've never forced it upon them. I've shared enough with them to make them curious. And then to now find your own route, I can your journey, and I'm here to support you the best that I can. And I think that works better, because I'd rather they do something that they care about whether they want to go into music like you were, and still are, or whether they want to do something else. I think if they make that choice, it's going to be better, because they want to do it, as opposed to them trying to please mom and dad.

Christian Rodwell  27:29  

Yeah, no, no good words to leave us on. Now

Speaker 4  27:31  

I want to turn them by the Krishna thing, I hope this is important. Have I told them don't rely on bank of mum and dad. But bank of mom or dad doesn't exist? Okay, you got to make sure you become independent, you starting early, when support do the best that we can. And of course, if there's challenges problems, we're here to help you. But don't think okay, every time something goes wrong, we can go running to Bank of mum and dad. So they're very clear on the fact that they've got to be independent, and they've got to come up with ideas that will stand the test of time and that work. So I think every parent should teach their child because I think being independent, both independent minded, and independent about how they run their lives, and be disciplined is extremely important, especially if you want to generate more wealth.

Christian Rodwell  28:18  

Yeah. And I think, you know, coming back to the point we talked about at the beginning, really, you know, if, as a parent, you're not instilling these principles and these good beliefs and given a good mindset, really, because mindset is key, isn't it to all of this? So? Yeah, and if the parents not doing that, then then who is? So really appreciate you sharing those insights, shares, and it's been really enjoyable discussing that, I guess, just finishing up and thinking about your business on a day to day basis, you're working with clients, many, many property investors, business owners, you know, there's the topic of legacy of planning of passing on the assets to children, does that come up in your day to day conversations as well, comes up all

Speaker 4  28:58  

the time. Usually, it's a more detailed conversation with people who are at a particular age or working towards a particular age. But I always share with all my clients would be whatever age they are, that they should think about legacy planning in terms of their business structure in terms of their business operations processes, as early as they can. So we set up a particular structure, which then enables them to whether they want to sell the business pass on to the next generation, you know, give something to the employees. However, whatever they want to do, they want to think about that early. So we have those conversations on a very regular basis. I think it's important because everybody says they want to create a legacy. They don't know how they want to do that. And whatever I can do to support them, of course, is always a helping hand. The feedback that I get from my clients, yeah,

Christian Rodwell  29:52  

well, we get great feedback as well from from those clients of ours that you've worked with and helped as well shares so well, we continued vice versa, vice versa. So as we continue to work together, we're indeed indeed and and you obviously put lots of content content out online and videos, shares, if someone wants to go and kind of follow you, where's the best place to check you out.

Speaker 4  30:11  

So we're pretty much everywhere. And I always feel like sometimes I'm not doing enough. And then my team says we were posting loads of content. So we've got stuff on Facebook under a accountants interest property tax experts, I've got on Instagram, a lot on YouTube under my name Shahnawaz Facebook, LinkedIn, so and some stuff on Tik Tok as well. So any of those the type of interests, property tax experts to do with property, or typing, my name shows no as hopefully they find some information of use to them.

Christian Rodwell  30:43  

Yeah, well, we'll share all those links for everyone as well shares. So thanks for so much for sharing today. And last week,

Speaker 4  30:49  

by the way, for anybody who does have children, I think I think it's important and I talked about this because I also have five Children's Day Nursery. So I absolutely love children, especially in their early formative years, I think the most important thing, from my point of view, or one of the important things is to teach kids that they shouldn't have no form of self imposed limits. Because when I was growing up, then people were always sharing things with me whether it was some kind of a label that I allowed to stick, okay, which wasn't true, by the way, but I believed it, or whether it was some kind of a limit. I think my life changed exceptionally Christian, when I learned enable myself to let go of those limits imposed by others on me, I their opinion, or the self imposed limits for why I thought I couldn't do certain things, but because I accept it. Because my mom and dad gave me the confidence I did quite well, we still have certain limits. So I think if children can grow up, knowing that there's no limits to what they can achieve, what they can do what they can become. Okay, that is the best gift gift we can give any child

Christian Rodwell  31:58  

opted to leave us on their shirts. Thank you very much for your time today.

Unknown Speaker  32:02  

Always a pleasure, my friend. And thank you for having me.

Christian Rodwell  32:05  

All right, then. So lots to unpack there. And before we do that, let's pull out one of our lovely reviews from Trustpilot. This week, and this week, David has taken time to say we have been with wealth builders for about a year now and found the whole experience really useful, motivating and instructive. We have met so many fantastic, inspirational and helpful people with a diverse range of experiences and knowledge, the online resources, podcasts, modules, masterminds, etc, are in easy to understand bite sized chunks, and monthly access to a mentor kept us encouraged and focused. We will be signing up for another year and would definitely recommend wealth builders.

Speaker 3  32:48  

Nice Nice to know, it's always good that people vote with their feet, if they're getting a result, they'll continue to be part of the relationship. And I think it's something she has mentioned the reason we continue to have good dialogues with shares and him with us is because we resonate on values, and you pulled out some interesting lessons. Yeah. Because of how his childhood was growing up, and how he's transferred some of those lessons on to his own kids. But what did you want to highlight first? Chris?

Christian Rodwell  33:20  

Yeah, well, I mean, she stopped me at the end, didn't he? You know, he wanted to get that final point in and that was an important one for him, which is, you know, don't don't hold let anyone hold you back. Right. You know, be give give your children the freedom I suppose to express themselves. And you know, to really be curious, I think that's a word that came up right is yeah, no restrictions and mindsets. Clearly something as well important to shares and getting that mindset, you know, instilled early to children definitely can help them.

Speaker 3  33:50  

While he clearly had that didn't he had that curiosity. And that's a great word. Because curiosity, you know, the, almost the ROI of one relationship opportunity or idea from transforming now with kids is not transforming their wealth, but it's transforming their future. Because you can read something that can inspire, you can watch something that can inspire you, and the curiosity to allow our kids to, to express that and the more you expose them to the differences both inside and outside the house, both inside and outside of the business, lots of different ways that you can show them things and not drive people down a copycat path, you know, lock stock, or lockstep rather moving people together in the same direction as often he mentioned didn't knew that. There was pressure to be, you know, either a doctor or a dentist or a lawyer or whatever you get that and we see that but that curiosity to be who you want to be and who you are, you know, law Other kids to be who they want to be, is really important. I think generally to all parents not about, we're not about parenting, we don't have any parenting qualifications, and everybody makes mistakes just as you would in business and in life generally. However, I love the point he was making there, he went to a library, you know, and read a book. And then that's another interesting thing quiz. Because, you know, when I was a kid, and I'm probably a similar age, to shares, maybe a little bit older, the parents could see what you were doing, right, because everything you did took place, pretty much within their purview. But now with screens and so on, you can easily lose track of what they're seeing. And I don't mean that in any negative way. But if you're not able to see what's making them curious, you're not able to influence in a positive way. So it's really important as certainly as far as preparing kids to make good financial decisions, that they understand some of those things. And that's all really we want to talk about and share lessons on understanding the value of money. And I was talking to somebody the other day, and I was saying, you know, when, when I was young, when I got my first job, which was when I was 16, I got a pay packet, you know, because the money was stuffed in the packet. And it was a real pleasure to open it and pull out the the the notes and the coins, you know, it was a fascinating thing. And sort of almost gave you a sense of value. But increasingly, now that we've talked about this before, the disconnect between money and not and that has a negative consequence, rarely a positive one, I found, I mean, even shares talked himself didn't me about being in Disneyland and putting things on a wristband, tapping this and tapping that you spend more money than you might do if you were spending in cash. Now, that's not necessarily a good thing or a bad thing. But it means for the most part, people will spend more money than they should do, if they're not paying attention to where the money's coming from, and what the real value of exchanges. And I think that Oliver just didn't talk specifically about helping kids understand that, but you could do that you could look at money and say, Well, you know, mom, or dad would have to work this number of hours to do this. You know, so divide that into the cost of that. So you could work out well, that we bought PlayStation, I'd have to work eight hours for that. If we bought a car, we've got to work two months for that. If we want to buy a house, we've got to work 20 years for that. So kids can get appreciation of the link that they will often get early on between time and money. And then later on, obviously try to share and show that that curiosity can lead to the curiosity of how you can add value and how you can be who you want to be and find a way that you do what you love to do, but also quite value from it. So lots of interesting touch points there with shares. And and definitely some lessons that I'm sure will come out of our case studies in the future. And like John Dale, who talked about showing children the properties and letting them see what they see and think what they think and and again, you know, they'll ask questions. And that's the best thing to do is to is to be involved in that showing, so that they can ask those questions. And wherever that takes them. That's where it takes them.

Christian Rodwell  38:38  

Yeah, yeah, that's right. And, you know, every day where we're learning, we're exploring and connecting with people who have got some kind of, you know, passion, some, you know, some work involved in helping children understand and learn more about finance, and the age range that she has his children, obviously, from three up to 15, you know, spans many, many years there and, you know, we're working hard to make sure that we create and curate age appropriate content. For for our members and changes.

Speaker 3  39:16  

I mean, if you think of his 15 year old when that when he's 15, year old was three world was different place, you know, so even in the span of just a less than a generation, the world is completely gone. topsy turvy, so and then it's really quite tricky, I'm sure for many parents to keep on top of technology and embrace technology. And very quickly, they can become distanced from it, probably not in 15 years, but certainly in a generation and a half. If you get 30 years down the line of anything, you're probably skipping a generation and they're already losing the connection because they've held too long on to the previous technology and then new technology is just passing them by So we definitely want to plug in our parents to new technology, and understand how and what, where they could use it for good effect. And just to be mindful and aware of how it's being used in other ways, particularly social media, because the comparison is so easy to do, isn't it? You know, we, if you imagine a just talked about doctors and so on, but, you know, can you imagine that any of his kids or you or me or him at a career choice that we want to make as a tech talker, or a YouTuber, or an influencer? Those words didn't even exist? So I think it's really important we keep an eye on that and recognise that career choices can be made, and why wouldn't we want to encourage career choices if it's all about creating value. And I think that's one of the fundamental lessons we'll come out in the world build families. Materials, it's really about getting kids to understand where they fit into a context of life, that context of the family context of, of their relationships with other things that live and breathe like pets and plants, this idea of planting seeds, looking after things with older generation. And of course, you know, with money, and we want to encourage that dialogue. But it's, it's, it's, it's a difficult one to keep on top of permanently, isn't it? So it's fun and fascinating for us to create some principles, and then, you know, find the most up to date content to share with our parents. So they're never feeling disconnected from from life that could easily pass them by?

Christian Rodwell  41:43  

Yeah, yeah. Now we had our wealth boost for families zoom, be tickle. Last week, we had, you know, over, over 100 people joining us just for a small kind of, you know, discussion more than anything around, you know, what's important to you to help us really kind of brainstorm those ideas. And what's interesting is the diversity that we're finding, and, you know, she has talked about his, obviously, his upbringing, you know, Asian background, or parents coming over, you know, had Luke on the call last week talking about the African, you know, culture as well. And, you know, there's going to be nuances and, you know, bringing all of these together is, I think just going to be very helpful and beneficial for everybody.

Speaker 3  42:23  

And fascinating, because what I'm picking up irrespective of culture, irrespective of any of those things, is parents fundamentally want the same things. You know, whatever language they speak, they always want to do the best by their kids, and equip them with the necessary skills, education and confidence to be able to be the best they can be and be financially responsible, which is where we come in. And so many of those skills, you know, when you ask them, it's self confidence, self reliance, you know, self esteem, it's all in the self. And kids have got to adapt that themselves, there needs to come from within, it can't come from without, you can't impose these things. So it's going to be an interesting issue, to see the distinctions that are made by our parents and reality, and sharing what they're doing, for others to either be inspired by that go on. That's not for me. In the same way, as I just talked about gurus and mentors, you know, sometimes they'll say things that don't resonate with you. And that's absolutely fine. And sometimes they do resonate, you just have to be able to be aware of what's being said. So you can choose what resonates with you. So you can pass on the lessons that you think are the most appropriate for your own kids. And I think it's going to be a really, really interesting journey for all of our parents to be on to see what other people are doing. Because I mean, you don't get a you don't get a what a user manual, when you when you parent it by the time you've learned what you need to do and the mistakes you've made along the way, you've almost out of it. You know you're in the kids are in their teens, and then you know that they want to do things that teenagers want to do. And that's always going to be there that's never going to change irrespective of the financial aspect of that. So, so again, we're not about parenting skills, we're about money skills. And we know that the time when they're most at risk. I think there's two times right one is the language they pick up in that what Charles referred to as the formative years. I mean, Cambridge University did a study that said, you know, kids or kids or programmes and where they absorb things, what they see what they hear the year they pick it all up. And as they're learning those things, you'll hear the different language and he talks about people around him we can't afford that money does. Money doesn't grow on trees. Money's too tight to mention. All of those things you hear and money is the root of all evil and rich people are evil people instead of money. It's just a tool. And so the language is critical of the early age, because that's formative that genuinely forms the the imprint on our child would move. But also when they get into that earning stage, when they will becomes all too often the case now that they become visible to the banks and the institutions who want to get their hooks in, you know, for student loans, and University Grants and overdraft and all sorts of things which we know, if you don't have a responsible child, you're not going to get a responsible adult. And all too often students get into such terrible, terrible debt, because they don't understand the difference between good debt, bad debt needs and wants. It's all just, you know, and we all make mistakes there, some more than others. And so many of our parents have come clean on how bad they were as students, but now they're better. But you know, we want to get those lessons built in in the, in the early teens, not when they're 17, and 18. And already, it's too late.

Christian Rodwell  46:14  

So thanks again for Shas today for being our guest. And if you're listening now, and it's the day of the release of this podcast, which is Wednesday, the 16th of August, then you've still got time to book your ticket to join Kevin and my self and the rest of the wealth builders team and our members tomorrow evening, because we're going to be in London, we've got a meet up, coming up. And we're very much looking forward to that. And if you want to have a conversation about families, or about building your own wealth, or just come and say hello and hang out with like minded people, then we'll be kicking off at six o'clock. And you can find all the details on the wealth builders website, head to wealth builders.co.uk forward slash events. And we'd love to see you

Speaker 3  46:55  

there looking forward to that. And it's going to be fascinating to see what people think. And I know we've got the teacher or two who have something to say about the school system, and probably a good idea to invite one or two of those along for a podcast, Chris at some point, just to give a perspective on what they're hearing from the education system about where the schools will be fitting into this, because increasingly, it's just not there. It isn't their primary school isn't there, what what a child's call it you know, primary, middle high own, and above that, it's just not on any curriculum, anywhere. So, but as you said, and there's a great point you make, if you're not teaching it as parent who is, and usually if somebody else is teaching it, they're self serving, you know, they're trying to do something that profits them, rather than educating people to pay less, you know, so we're very much in favour of keeping this educational thing going. And we're looking forward to meeting I think, probably around 7080 People probably be around on on that night, which is about as many as we can handle to get round and over a course of a couple of drinks, Chris probably and looking forward to that enormously, and then hoping to get that out in the country. Much more in north south east west as we as we expand our reach and get to meet more and more parents.

Christian Rodwell  48:24  

Yeah, and if we've stimulated some thoughts in your mind today, and you've got something you'd like to say to us, you know, then drop us an email if you've got some resources. If you think you could contribute in some shape or form we'd love to hear from you. So you can email us Hello at wealth builders.co.uk. And that pretty much wraps up today's episode. So yeah,

Speaker 3  48:45  

good one. I mean, if people give us case studies, Chris Will. We'll have less to do right we'll up somewhere.

Christian Rodwell  48:51  

Yeah, exactly. Could be on a podcast coming soon. So thank you, as always for listening today. And Kevin. We'll see each other again same time, same place next week,

Speaker 3  49:01  

but until Thursday want to see for a drink my friend. So yeah.

Speaker 1  49:08  

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/membership right now for free access. That's wealth builders.co.uk/membership