WealthTalk - money, wealth and personal finance.

A Little Bit On The S.I.D.E?

Episode Summary

How do you start building your wealth? People often comment that it’s easy when you've got money, but what happens if you don't have money? Well, everybody's got time and in today’s episode, Kevin and Christian explain why anybody could do a little bit on the SIDE. Instead of telling yourself that you don’t have the resources to start building your wealth, you just have to have the resourcefulness.

Episode Notes

Resources Mentioned In This Episode:

>> Save A Fortune FAST! 12 Secrets to eliminate your mortgage, loans and credit cards’ [Free Book Download]

>>Get The WealthChart [A1 Wall Planner]

>> WT002: Are You A Drifter, A DIY’er Or A Dynamic When It Comes To Building Wealth?

>> WT020: Becoming wealthy only takes 1 day a month

>> Trusted House Sitters

>> Bartercard - a trading platform where businesses can buy and sell their goods or services as part of a global network of likeminded businesses.

 

>>Find Out More About The WealthBuilders Foundation Programme. 

A step by step process to help you create, build and protect your wealth. 

https://www.wealthbuilders.co.uk/foundation

 

>>Register for Free Access to the WealthBuilders Membership Site

https://www.wealthbuilders.co.uk/membership

 

If you have been enjoying listening to WealthTalk - Please Leave Us A Review!

Episode Transcription

Unknown Speaker  0:01   The purpose of wealth talk is to educate, inform, and hopefully entertain you on the subject of building your wealth. Wealth builders recommends you should always take independent financial tax or legal advice before making any decisions around your finances.

Unknown Speaker  0:18  
Welcome to Episode 42 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders and good to have by my side in flesh today, Mr. Kevin Williams founder Hello

Unknown Speaker  0:30  
Happy New Year Chris looking forward to a fantastic 2020 with clear vision.

Unknown Speaker  0:36  
It's been a while since we've sat side by side recording the podcast it's

Unknown Speaker  0:40  
what what episode number is this? 42 now Wow. 42 Chris 42 the meaning of life. You know where that comes from done? Is it The Hitchhiker's

Unknown Speaker  0:49  
Guide it is The Hitchhiker's Guide to

Unknown Speaker  0:51  
the Galaxy you will read your man Aren't you really

Unknown Speaker  0:55  
do my best I do my best. But it's the time of New Year's resolutions for many people is Yeah. And so we're going to focus on this a little bit today. In fact, that ties in with one of the recent reviews that we had on iTunes. And of course, we really appreciate everyone who's taking time to leave us their thoughts on iTunes. And we had one from Auxilium group who said, you know, the podcast length is just a great length when you're travelling and running. And of course, we've talked about leverage of time, haven't we? In previous episodes, yeah,

Unknown Speaker  1:24  
I'm probably more about the travelling and the running, but

Unknown Speaker  1:28  
know what they mean, if you can leverage your time. And that's obviously a very key issue with all forms of wealth building. You leverage your time and I think that's really what we should talk about today. Is that leverage piece particularly at the question, we often get Chris's. How do you start building your wealth? You know, it's easy when you've got money. Everybody says, you can be wealthy when you've got money, but what happens if you don't have money, but everybody's got time and every gun everybody could do a little bit on the side, Chris? Okay,

Unknown Speaker  2:01  
so shall we talk through what some of these steps might be?

Unknown Speaker  2:04  
Yeah, but can you get my joke on the side?

Unknown Speaker  2:09  
So as always, Chris so you know, I'm a teacher by nature. So I like to create a pneumonic to to help the, you know, the teaching go along. And so so s, I D, are the key components of the really something everybody can do. So why don't we give everybody a little bit of a Kickstart to the new year and help them do that?

Unknown Speaker  2:32  
That sounds like a great idea.

Unknown Speaker  2:33  
Yeah. So S stands for spare time. Everybody's got a little bit, even if it's five minutes, right. So everyone's got a little bit of spare time. So it's just something you can do. That's going to help you build your wealth in your spare time. So we recognise everybody's gotten a little of it, then let's see Mark some of that. Next thing is the AI, which means something you're interested in. So you got Little bit bedtime and you're going to use some of your interest or indeed we could use it for intellect something you're good at something you already know might not be money but it's, you know, some asset that you have in your head. The D stands for you must do it regularly was a bit like the exercise, I guess. And your new commit to doing something at least the same. Ideally, actually, Chris the same time, every month. Like you know, my old watch word, isn't it never let 30 days go by, without doing something to build your wealth. Well do it on the side. Doesn't have to be a full time activity could be just something small. We'll get into what those things could be in a minute. And he is the many people who are at the beginning of their journey Christopher's often they're worried about, you know, some expenses they've got in their life and they want to get rid of them. And the ideal elimination for a is to get rid of some kind of expenses that would be dead or something thing. And if you don't have any expenses, you want to get rid of, you know, you're completely free of consumer debt, then you would use that to, to maybe reallocate to build an emergency fund. So he for emergency, so you get the idea. So you're starting to build something, and anybody can do it. And that's where the fun starts.

Unknown Speaker  4:20  
Right. Okay. So we talk all the time about wealth builders being built on cornerstones of education, support and connection. Yeah. So if we take the S Yeah, for spare time, would it be a good use of that spare time to invest that in some education?

Unknown Speaker  4:38  
Well, it's always good to get education. So you could use the E for education. Yeah, absolutely. So whether you're finding some activities now go into some of those things that people can do to you know, up, right, you generate some income, usually, you're not going to be generating assets. If you've only got a small amount of time. It's possible, but most people don't they just build Going to create a little bit of side income Chris, a little bit of additional income in on top of whatever they're doing in their job, or what on top of whatever they're doing in their self employment, the tsunami. And then what do you do that to reduce expenses? When you do that to build your education? You know, what do you do that to build an emergency fund? They're all good uses of money to make you feel like you're building a little bit of a foundation. Because that's what I mean by that. Yeah, we dive into some ideas. Yeah, let's do that. Yeah. So I'm going to get you to think about Chris. What can you borrow? Have a think about that. So what is somebody else got that you could borrow and use and that could create some income. You know, so the unused capacity that somebody else's got in their life, you could use to create some income from

Unknown Speaker  5:56  
Little Think about that. scratch your head a little bit.

Unknown Speaker  6:00  
Nothing coming to my Well,

Unknown Speaker  6:02  
not so much of borrowing from someone else. But recently I was speaking to the CEO of company called cheero. And it's all about using the spare capacity of your motor vehicle, right? So if you're at work Monday, Friday and your car sat in your driveway, there you go, then you can

Unknown Speaker  6:18  
rent that out, you could run that out. So you can, you know, in a sense, then you can borrow the access to somebody's vehicle. We also heard, didn't we, in a kind of a strange, different way of doing it, but it's, it's flipping it a bit. We heard from people who use something called trusted house sitter, you know, so where they would occupy a property that somebody who owns that property wants to go off and do something, you know, three to three weeks, three or four weeks, whatever. And therefore, you can live in a property and you can live rent free, because all you're really doing is sitting in a property and looking after pets and there's a whole website I think it's called trusted house it or trusted city or something like that. And I'm thinking about doing that for a very long trip to Australia for example, you know, and I know Bronwyn did that in one of our one of our wealth building members. But the other issue with rent for example, you heard rental rental property strategy? Well, you're kind of looking for unused capacity now, in that you're, you're sort of buying somebody else's property off them for a period of time. Right. So it's, you know, a boring NASA, NASA Now you say you're getting my language. So although you're paying them for the use of it, but you're borrowing that for a period of time, and then you using that asset to create an income for you that you can then use to do something else. So we'll look at rent to rent as a strategy. There are some people who look at universities and colleges during the offseason and the summer when those buildings So the land is is not being used. So what could you do with regard to that we've also seen the growth of pop up restaurants, you know, they're popping up, where you've got, say city based restaurants, where the they're not open certain times of the day or certain days of the week, like the weekend, for example. And they create pop up restaurants. So you're you're really just looking around for who's already sunk some costs into something that is not being used for the whole of the week, for the whole of the year. And what can you do to do that, and you mentioned vehicles. I also heard someone say they've got a cafe, you know, that they're using, which again, isn't available all year round. So and not only can you rent something from somebody else, Chris or borrow something from somebody else, we could JV it, you know, you can say, well, you, you know, you want to go away for a period of time, like the trusted sitter on us that will she profit. So you can create a joint venture from these things you're getting the idea. It's the whole principle about this is you don't have to be thinking about you having the resources. You just have to have the resourcefulness. And this is the skill in wealth building where you don't have all the money and all the assets in your own disposal.

Unknown Speaker  9:25  
Okay? It's thinking like an entrepreneur, which will have it on on an earlier episode.

Unknown Speaker  9:30  
Exactly. You know, and another way to look at it is, you know, by talking about bartering skins at the border, you know, so this idea of bartering. Now, bartering doesn't happen anymore. Really, in terms of, you know, people don't trade you know, not in the UK. Well, I suppose you know, we we don't have people swapping, you know, beaver skins for corn, but you know, the loose the concept of bartering, still very helpful. UK, we've got two businesses that have built their entire operation around bartering, once called Bartercard. So if you're a business owner, check that out Bartercard. And it essentially allows business owners who've got spare capacity, but they don't have enough customers to then be able to trade the capacity in one business for another. So an accountancy needs more clients. And let's say a small hotel has got spare capacity in the hotel. So the accountant says, Well, I'll do your books. You know, and you just start doing things like this. So so the whole bartering and you could use it for yourself. So what are you brilliant at? And what do you need is an education?

Unknown Speaker  10:47  
Why couldn't you provide what you're good at?

Unknown Speaker  10:51  
For something somebody else does? So we talked, for example, one of our students, Steve, who's brilliant websites, but he's got a day job. What could he do? He could create a website for somebody else who could teach him how to do something that then in the future builds the capacity for wealth. So it's almost be curious, you remember I said, Who member what podcast it was Chris. But we've got a whole idea about this concept of the ROI reason to overcome inertia, return on investment, return on investment, and so on and so on. And so the one that I love more than anything else is that curiosity ROI. That ROI says you only one relationship, one opportunity or one idea away from a complete transformation in your wealth. And that's true, and I believe that and that's why I still do this despite being an old geezer because I know it happens. Not doesn't happen every day, but it happens most weeks, doesn't it something really exciting crops up. So if you become curious and start seeing this happening, you know, you see other people doing it, then your subconscious going to work on ideas for yourself very least though, you could be a great salesman.

Unknown Speaker  12:09  
I know that one.

Unknown Speaker  12:11  
So this would be sa

Unknown Speaker  12:13  
Yeah. Well, I think we've done that the the side, we did that and we own spare time. But becoming a great salesman is something I wrote in a book called save a fortune and 2004 save a fortune how to completely eliminate your mortgage loans and credit cards fast. And I guess we could put a link there and give everybody a free pdf of that. Sure. Why not? That's a gift. Don't have to pay for that. And one of the secrets in the book network 12 secrets to eliminate debt really, really quickly. And I use this is to pay my own mortgage off in seven years flat and haven't had a mortgage for can't remember how long now and you become a great salesman. What I mean by that is, in the end, if you think about this point, if you don't create wealth, and you become dependent, in a sense in the long term, you're going to end up selling stuff. You don't want to sell, you're going to downsize. So why not look at today's culture is all about selling stuff that you no longer need. You know, so my kids were selling the old phones, they cleared out my books, they cleared out the CDs, you know, we don't need CDs anymore. Everything's on Spotify is now have any CDs anymore. So the whole concept of selling stuff and I know technology changes and people are now buying vinyl. And you know, we were talking earlier about the QR codes and all come back afternoon, because of the speed at which the phone can recognise things. But the whole idea of if you think about it, books, games, DVDs, you know the speed at which things are done on eBay, clear Other people's clutter. There's a whole culture isn't there about forget the name of the lady who helps people to really declutter their life and the, you have this sort of ritual of, of thanking your wellies for serving you so well in the past and then you pat them on the head and you move them away. It's a business, right? So, whereas anybody else got clutter in their life that you could declutter their life. So we're moving towards this high level of personal service towards other people. So clutter, declutter yourself, but then see where there's an opportunity to clean declutter others, I wish I could put my teeth in, you know, yeah. And and this is what you can do. And then you can either sell other people's stuff, or you can split the profit on other people's stuff. So there's a whole host Chris, there's, there's really no shortage of opportunity. And you know what I would just love, love, love. If some of our students or some of our listeners could tell us what they've done because it With that one idea that you have that you're doing because it came to you could be the very exciting ROI for somebody else who never thought of that didn't even cross their mind, but they hear it from you, and you change somebody else's life. So please give the gift of what you're doing in your life. That's creating a side income. Some people call it a side hustle, I think something on this side, a little bit on the side, that can do something to help somebody else and share, share,

Unknown Speaker  15:30  
share. And I would say share this podcast with your partners and their creative juices, Scott,

Unknown Speaker  15:35  
hey, Robbie, as well and mania. Yeah, absolutely. And so maybe this is started off as a almost kind of an acknowledgement of the beginning of the year and everybody kind of presses reset. Then I think maybe this is a really exciting one. And and of course, it's all about connecting, you know, which is really the key part of how do you network better, how do you build relationships? How do you add value and one of the words You can do that is become an affiliate, you know, this multi level marketing programmes out there. So you can do that in your spare time, you could become an affiliate of a product that you really like, you know, if you truly resonate with something, explore being an affiliate of that we know we've got affiliates in wealth builders, people who love wealth building so much, they can't stop telling other people about it. And we're happy to pay for that. And there's all sorts of affiliate opportunities out there, if what you're connecting people to is genuinely great value, something that you truly feel connected to, and it fits your wealth dynamic, and it fits your interest. And there's no reason why you wouldn't do that. And then as you make those affiliate incomes, for example, some of the things I say to our affiliates is, I would like to be sending you checks for you to be paying down your mortgage, or for you to be building up an emergency fund, or for you to be reinvesting that money in the market, to start building your wealth, or to be creating a business or Doing a rent to rent now, so you don't need a fortune and money to start building wealth and what's the key is to do something, it's the members of podcast number two, you would do you know, in terms of being a dynamic, you're a drift or a dry, so, you know, be a dynamic, you know, the whole idea of the Dynamo is that the tire in the old bike turns, you touch it against the Dynamo you create light, and this is what we're doing. By by doing and sharing these ideas. We're creating light and opportunity to help other people get a pathway to build their wealth, eliminate their debt, and to you know, to start that process and that momentum and that's what I would encourage people to share and

Unknown Speaker  17:43  
yeah, and I and remind people listening if you haven't checked out an earlier episode, which was wealth talk Episode 20, which was becoming wealthy only takes one day a month. So by finding something on the side here dedicating that time, you can be on the path to building wealth and That may take up say some years, but the key here is getting started.

Unknown Speaker  18:03  
Yeah. And the momentum picks up. So it's like changing gears, you know, you start off in first, you get into second, you get into third and your perspective is always changing. So you will get faster. It isn't just you know, you have to keep doing this. What happens is you do a little bit and then something else comes along because your perspective, like moving in a vehicle changes, so, don't overthink it to start doing.

Unknown Speaker  18:28  
Okay, that's great. I like those steps. Yeah.

Unknown Speaker  18:31  
What are we signposting what what can people expect in the coming weeks then?

Unknown Speaker  18:35  
Well, we talked about rounding off the business pillar, and we want to talk about obviously, the climax of a business, ultimately, is to build a business that you can sell. Yeah, exactly.

Unknown Speaker  18:47  
Yeah. So we will be I've talked about this a couple of times now. So we will be very much focusing on the skill of selling a business and why that's important. And also actually we'll talk about how to buy businesses. You know, because in the same way, as we talked here about rent to rent, you know, which is largely about someone being weary, you know, tired of their landlord work, and they will let you take over that property to do something different and apply some skill. It's the same with business, you know, you can buy a business that somebody's weary of, you know, most business owners in the end, walk away weary. They do not walk away wealthy. And you can spot that and help. You know, it's not taking advantage of someone to provide added value at a point when they need that. So we'll talk about that. And I think also we should talk about the how the founder members are doing.

Unknown Speaker  19:41  
Absolutely.

Unknown Speaker  19:42  
You know what, the feedback is so mad because we're just compiling that right now. One. That's

Unknown Speaker  19:45  
right. And obviously, we'll be opening up the doors again in march around spring. Yeah, yeah. Yeah. So be really good to share some of that feedback that we've had and the progress some of those members are making.

Unknown Speaker  19:58  
Well, the members have been great help. Business learn and do a better job and every time they give us a nugget of information and feedback we've used that to tweak things to get even better I think the feedback on the wealth wall chart has been spectacular I call it out

Unknown Speaker  20:14  
we haven't got any left and so you know thank you to everyone that managed to get in quick and get a copy of the wealth chart they've been super super popular

Unknown Speaker  20:22  
well we should really just recreate them shouldn't be

Unknown Speaker  20:25  
let's get some more printed up Shall we? Because I'm sure there's some people who missed out

Unknown Speaker  20:28  
yeah yeah that's that's really great because you can see everything in one place you know the all the wealth builder lessons are there for you to see you can put on you there the wealth dynamic, you can log your activities, the things you're doing the simple things once a month, and you could log your side activities there and you can see your you know, your wealth income growing little by little to start the wealth thermometer yet. So if you haven't had a look at that, put a picture of that on the on the show notes, Chris, just to remind people that it's there if they would like what Because I think that's just a, it's probably one of the best things we did. And the best bits of feedback we got was why don't we got something that people can use and remind them of their wealth activities every single month?

Unknown Speaker  21:10  
Absolutely. Sure. Okay, so we will be back, same time, same place next week. And if you do have a couple of minutes, and you've been enjoying the show, head over to iTunes or Spotify or wherever you listen to the show, and leave a review last night,

Unknown Speaker  21:26  
we'd really appreciate it and until next time, Chris, so yeah.

Unknown Speaker  21:33  
We hope you enjoyed today's episode. Don't forget that we are constantly updating our resources inside the wealth builders membership site to help you create, build and protect your wealth. Head over to wealth builders.co.uk slash membership right now for free access. That's wealth builders.co.uk slash membership.

Transcribed by https://otter.ai