[Build Confidence] Recurring Revenue Roadmap: Stage One

Transcript

Unknown Speaker  0:01  

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

Unknown Speaker  0:19  

Welcome to Episode 137 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders. And I'm joined today by our founder, Mr. Kevin Whalen. Hi, Kevin.

Unknown Speaker  0:28  

Hello, Chris is always good to be with you again.

Unknown Speaker  0:31  

Yes. And here we are episode 137. And we're just a few weeks away from our very first live webinar of 2022. So we mentioned it last couple of weeks. But Wednesday, the ninth of February is the date. If you'd like to jump on live with myself and Kevin. And Kevin, we're just really going to be sharing what we do and how we help our members on that webinar and walk you through our recurring revenue roadmap.

Unknown Speaker  0:56  

Yeah, well, look, there is a process right? So wealth is a scientific process, I believe. It's it's teachable. It can be followed. We've created a step by step process. And for most people, it takes somewhere around five years to do it. So we're not saying get rich quick, we're saying, Get Rich, for sure. If you follow the path, so crumbs if you're a role curious about our roadmap, you know, how long ago did we have GPS, you know, and now we can't live without it? Well, this is a GPS system to get you to a place of complete financial independence. And there's something wrong in society, if only 5% of people find their way to the inner side of the maze to do that quiz. So other people are getting lost along the way somewhere on?

Unknown Speaker  1:45  

Absolutely, yeah. So we're actually going to spend the next few weeks just really diving into our roadmap on the podcast. So anyone who, you know, finds that interesting, can then jump on and actually see a sort of illustrate that live on screen on the webinar. So to register for that webinar, head to wealth builders.co.uk. Forward slash Academy webinar. And yeah, you mentioned there, Kevin, the big problem we know that exists is 95% of people in the UK never achieve financial independence. And people's frustration is trading time for money. And we know leaving a legacy is really important to people, when we do our induction calls with new members, we really get to know that we map everything out on a kind of giant mind map together on screen. And it also links back to more time with family, and you know, just more time to do the things that you want. So freedom of choice, really, and we know this seven freedoms, which one of the steps in the roadmap?

Unknown Speaker  2:41  

Yeah, we'll look any form of wealth. Some people might say it's all about money. Of course it isn't. Freedom doesn't isn't measured just in money. What money does is as an enabler, so if it's freedom to be where you want to be, you know, freedom of location, whether it's something like me, it's freedom to be creative, you know, so I'm not told what to do. I've got the financial wherewithal that I can choose what I want to do and how I want to do it, whether it's the freedom to have to spend time with people you really like to spend time with, I mean, I love working with you. And I love working with Paul, and I love working with the community for crumbs, I'd hate to be having to work with someone who I didn't respect and appreciate in a job that I hated. And I'm not saying that for everyone. But But of course, you know, you've got freedom of relationship, including your own family. And so much of this boils down to not losing. I was talking to somebody the other day and about this very thing. And he said, You know, I said, How did you we talked about wealth builders for families. And he said, you know, my dad was never there. He simply wasn't there. Because he was working so hard for a living. He forgot to spend time with his family. And this is, can be true. And also in my case, my dad spent less time because unfortunately died early. So all of these things have a have a touch point and a reason for people I think, to want to create financial independence for themselves because the money enables all of the other freedoms. And if you want to know what all seven freedoms are, there's must be a download somewhere, Chris, because we teach it in the in the program normally.

Unknown Speaker  4:23  

Yeah, well, definitely. We'll cover that on the webinar. But I think a good good thing for anyone who is listening to this podcast is actually download a copy of our roadmap, then you can actually follow along as we're discussing it. So you can get a free copy of the roadmap set to wealth builders.co.uk forward slash roadmap, and we're going to be going through stage one today. Now it's three stages to the roadmap, Kevin, stage one is all about building confidence. And that includes step one, which is really getting clear on mindset. Step two is the foundation and step three is the roof. So that's what we're going to be covering this week. And and then next week, we'll cover stage two which It's all about building knowledge. And stage three the week after, which is all about building assets. So, yeah, looking forward to that. So some of the things that hold people back, Kevin, we know that lack of knowledge sometimes holds people back lack of time is another thing we hear a lot. Some people just don't feel they've got the funds or not enough starting capital, others are not sure where to begin, or they just think haven't got a plan, hearing people talking about fear. And that's often the fear of making mistakes, information overload so many reasons that hold people back having. So step one mindset is really helping people to sort of overcome inertia is just to, you know, understand that there is a process, it's tried and tested, others are following that process and getting results. But these things do hold people back at the end. So it's important, you know, to attack that really, at the

Unknown Speaker  5:51  

beginning. I think it really is. Because if you don't have enough confidence, which is all about step one, to make a start, you'll never become financially independent. And that's why for the most part, we characterize the people who we bump into along our journey cruises, we talk to people and of course, you know, we talk to people in the hope and the ambition, that they'd want to take that responsibility, spend a few years to become financially independent, and then they're free for the rest of their life. But obviously, some people don't take the lesson and we characterize them, don't we, with the with three of our four DS is interesting. And I'll just briefly mention those because maybe you'll see yourself if you think about it, if you're not currently financially independent, and this is the same in America, by the way, it's, it's not just the UK that these trades are out there. And these numbers of 95% of people not making it 95% Do, yet all the knowledge is available. So it's definitely not a lack of knowledge. And in many cases, probably too much knowledge. People get bombarded with information. It's almost like trying to get a cup of water at Niagara Falls, you know, it's just, it's just a deluge of stuff. And people don't know where to start. They don't know who to trust, the whole combination of things. But the characteristics that we see are the drifters, which is D number one, those people who go round and round and round and round the same round about constantly looking for something else, oh, I just need the information on that, oh, I just need information on that. And they keep going round the same thing, always looking as if that exit from the roundabout is the right one. But in reality, they're spinning. And we see that all the time. And if you've ever felt that, you just got to read the next book, you've just got to look at the next course, you've just got to talk to the next person, then you might be a drifter. The next one are the dry as those people will consume lots of information. But of course, they'll they won't believe that anybody can help them. They won't believe in the power of community, they won't believe in the power of connection, they won't believe that it's enjoyable. So they prefer to do things entirely on their own. And there's nothing wrong with that, per se. Some people are more geared that way, you know, and that's fine. But there's so much power in who in a we believe in the principle Dan Sullivan's principle of,

Unknown Speaker  8:26  

you know, Coach in, in the US and Canada in the UK, who says it's the Who's that counter to not how, and there's always a great who, who can give you a shortcut to where you want to get to. And I mean shortcut, as in an intellectual shortcut to try and help you get to your wealth, plan your wealth objective, and we get more detail of that in stage one. But once you've established that goal, you'll get there more quickly with people on your side. And that's really fundamental. So di wires will often struggle, because they won't open themselves. And then we've got the delegators who kind of hope that somebody in a smart suit can help them and will take responsibility. And we see that in the stock market, don't we so many people in the UK and US just delegate their money away. And as I've said so many times before, when you delegate very quickly, that turns into abdication. And abdication means you've got no control, you really don't know what you're doing. And you're just kind of hanging on and hoping for the best, which in reality, therefore means it's a slow journey. And one that if you're trying to create wealth, which is repeatable, recurring income, you can't get that in the stock market because you never know when it's going to be taken away from you, as we've seen so many times in history when the stock market falls, so, you know, we don't like the delegation. Yes, you can delegate some things but with with confidence and with accountability. So if you're a delegator, hoping for the best a drifter Well just, you know, going round in circles, or you're a DIY, probably, you know, this isn't going to be a good home for you, because you'll be found out. But what we want is the dynamics. The dynamic recognizes that there's the influence of other people in other connections and other things that can speed you on your way, and actually make the whole journey faster, safer, and fundamentally more enjoyable. And that's what gives me pleasure. And that's why I carry on doing this, Chris, because I see the transformation that happens when we get to work with people. And and I look forward to seeing and talking to those people, where I ask them and look them in the eye, if I meet them and say, you know, who are you now? Often, it's a drifter. Who do you want to be? I want to be a dynamic, okay. And if they make that commitment to do that, and of course, we guide them, then, you know, it's a journey, that's assured. And I don't think anybody who commits to the journey doesn't get there doesn't achieve financial independence, is just taking that first step. And there's so many things that hold people back from that very first step, Chris.

Unknown Speaker  11:04  

Yeah, yeah, that's right. And also people overestimating, like how much they can how much progress they can make in 12 months, and under estimating how much progress they can make in five years. And I think, actually, we had a comment in our private Facebook group this week from Alex, which, you know, is a great example of that Alex is saying, the joint wealth builders back in November 2020, I could write a short novel about how far I've come as a person since that time, the endless amount of things I've learned from the content here, and the amazing people has been truly life changing. I've generated nothing in my formatter yet. But I have absolutely no issue with that, I have a purpose and a very clear vision for my life. And working towards that vision. And money will be a byproduct of achieving that. My mindset is completely different. I cannot even articulate how elevated my thinking has become, the habits I'm forming. And the person I am becoming is really exciting. I never would have started on this journey without the support of this community.

Unknown Speaker  12:03  

Cool. I mean, what's interesting word and is the humility there. And that's a very key trait that we look for we, we look for humility, you know, people are open to saying, Hey, I'm not the finished article yet. And also admitting that perhaps, you know, not as far as you'd like to be, in terms of generating income, but generating income is like planting seeds, you know, you can't just keep looking, you can't keep digging him up to see how they're coming along. Sometimes the seeds take a while to plant and everybody gets there in the end, but just as a different pace, the same as kids. You know, I've got a grandson, who's making a little bit of noise in the background. But that's all part of the authenticity of this, Chris, and I can't hurry him up, he was going to some tests or some assessments. And, you know, they were saying in the, in the assessment that, you know, at this age, the kids should be able to say four words, we just gargling at the moment and garbling, you know, but we're not worried about that, just because people should be your kids should be saying four words. He's not saying four words at the minute. I mean, my mother says I didn't walk was 14 months. And my brother didn't speak till he was about two, you know, so and there's nothing wrong with him. And there's nothing wrong with me. So it's not a race when you're a child. It's not a race when you build in one. Yeah.

Unknown Speaker  13:21  

And now, step one mindset. One of the key elements here is wealth dynamics. And that's something we've talked about a lot on previous podcasts, it's entrepreneurial assessment that we give all of our members a token, they can take that find out which of the eight different entrepreneurial profiles they are. And we know that a key aspect here is that wealth flows to value. So step one is really understanding how you can become of most value to others or to the marketplace. And wealth dynamics, we believe is one of the best ways of identifying that. And, you know, we've had so many great, again, feedback from members talking about when they understood their wealth, dynamic profiles, how it allowed them to focus, and certainly for the creators who just love to kind of keep, you know, chopping and changing to the next big idea that that comes along. But when they focus, that's when they start getting real results. And so wealth dynamics, you know, we work really well together, Kevin, you're a star profile. So you're the visionary, whereas I'm more of the tempo energy as a deal maker. So taking those great ideas that you have, and then making sure that the team is implementing this.

Unknown Speaker  14:30  

The other thing that I think is valuable, not just, you know, the compass point, which gives us to where your best value is where you're going to be in flow, where you're going to be in a state where it's going to be easier for you to create wealth, rather than forcing yourself on a path that might not be natural for you and why would you why would you try and row uphill, you know, just go with the flow and that's the key when it comes to wealth dynamics. But the other thing is that you know, we the program is available for two people Often we'll see a challenge with wealth when two people have a difference of opinion, husband and wife or partners or whatever it would be. And we see that once a wealth dynamics are done, and we discuss it as a group, and we discuss it in, in families, they begin to understand maybe even for the first time, either why they're really gelling or why they're really disconnected with each other, and how you manage that, how you manage that conflict, particularly when it comes to attitudes to risk attitudes, to debt, attitudes to leverage certain assets. There's a whole raft of different emotions, and things that come out when those conversations are hard. And I think it's best done in that open way. So wealth dynamics, definitely a key. And, you know, we, we recruit using wealth dynamics, don't we and we always want our members to know their wealth dynamic. And okay, you've given some language there. CRISPR is not critical. You understand the language of star and dealmaker or anything like that, it's just critical to know that there is a tool that will help you get where you want to get to faster, and it will help you understand how best to connect with others. As you begin to appreciate, there are different types of thinking different types of learning, types of people building wealth, when you appreciate that, it becomes quite a revelation. When you start building relationships with others, which of course, is what dynamic people do. They build relationships when the DIY is, of course, probably never do. So they don't need to understand anybody else's well dynamic because they am bothered about anybody else. Yeah,

Unknown Speaker  16:41  

and one of the features of the academy program, our buddy groups, you know, and we look at people's profiles and help put them together with complementary profiles. So if you love the details, but someone else loves the creativeness and someone else loves connecting with people, we put those together and you know, similar interests, and that you can really see the difference that makes as well

Unknown Speaker  17:01  

think about another way, Chris, right. So when it's, let's imagine, you know, we're in a vehicle, and we talked about GPS and a roadmap. So, you know, vehicle would seem to be a very appropriate analogy. When you're in a vehicle, you've almost always got blind spots. And you know that, because they tell you watch out for your blind spot. And then they, they build technology don't know where we're at, in my car. When a cars coming up on the inside. You know, there's a little light that flashes that tells me Oh, blind spot, somebody is coming in to your blind spot. Now, the whole point about wealth dynamics is different people see different things. Different people ask different questions. And different people see a way of doing things or have an ability that you don't have. So when you get all the wealth dynamics covered, you've got a 360 vision. So driving your car with 360 cameras, but somebody is monitoring the cameras for you, you know, so it just makes the whole thing flow much more easily when you've got that. So kind of high tech, and high touch. So I like the wealth dynamics and what it does.

Unknown Speaker  18:08  

Yeah, kind of links back to the who not how again, doesn't it doesn't need Yeah, yeah. Okay, so step one is mindset. So

Unknown Speaker  18:14  

that's a lot. That's just in step one. And we were really, the other thing is step one, step one, which is my favorite piece, actually, Chris, just want to make sure it isn't missed here. So in step one, we encourage people to think about creating a family wealth business. So thinking about their wealth, as if it were a business that will last 150 years. And being the pioneer of that business, and giving that business a name, and giving that business, an emblem or a logo or a or a crest, whatever, tickles your fancy. And we see, when families get involved in the kids get involved, we get some fantastic logos, and fantastic things that serve to almost give people a sense of future vision. And I think that was really important to me, Chris of anybody knows my story. And important to so many, as we see when they're so proud to display their family wealth businesses and their logos. And that's a, that's a big one for me.

Unknown Speaker  19:17  

So step one is all about you getting clear on yourself. And then that moves us nicely into stage two, which we call the foundation. And this is really understanding the fundamentals of building wealth with one where we start with working common versus asset income. So this is a mindset shift for a lot of people, Kevin, isn't it?

Unknown Speaker  19:38  

It's so fundamental, it's probably the most fundamental difference that needs to be appreciated if you truly want to be wealthy individual or family. Because if you trade time for money, you know you're then vulnerable. It's uncertain, it's unpredictable, because we know just look at current circumstances. You know, one thing can change that. And then nobody gets an income forever. So you know, the buffet line, which is find a way to generate recurring income, otherwise, you'd be working till you die. And that's the challenge. So the idea of creating assets, so you own a flow of income, so that that income recurs, so you don't have to show up for the money to show up. And that's so fundamental that people get it. But they don't really get the ways that, you know, they can build those that flow of assets. So we talked about that further on. But just getting the appreciation of that is quite fundamental. And I think most people do get it. And then they have to dive deeper into well, how do I create it? And of course, in a podcast like this, Chris, we're not going to get into the house, we're just sort of, you know, painting a picture on we really giving a bit of a, a background to what it's all about.

Unknown Speaker  20:56  

Absolutely. Yeah. And once once you really understand then that asset income is the only way to stop trading time for money, then you have to identify well, how much asset income do you need on a monthly basis. And this leads us into the five levels of wealth. So we know we have our five levels and 95% of the population or insecurity which is at the bottom there. And the first step, the first goal for those members who are not yet there is to get to financial security. And what we mean by security is to really assess what how much do you actually need as a family on a monthly basis to cover your essential outgoings. So we kind of call it the lockdown lifestyle. So we're not talking about going out and having lots of nice fancy restaurant meals or holidays, it's really just you know, how much you need on a monthly basis to kind of sustain yourself to keep the essentials covered. Once you've locked that in, then, then that's the first target.

Unknown Speaker  21:50  

Yeah, and the other point about that, Chris, which, you know, I think is really interesting. I was talking to a prospective family working with just yesterday, in fact, and I was talking to the guy and I said, look, the security figure is so powerful, didn't sound exciting. And in their case, the security figure was 5000 5000 a month. And the reason it was so fundamental, and there are two points to this number one is that if you get the amount of money flowing, then it allows you to stop trading time for money. In other words, it's his pathway to get out of the job, which he doesn't like, in fact, what he's saying to me now is, since he's been working with us, he's going into his job, whether it's at home or at the office, and he's thinking about building wealth, he's not thinking about the job, he's imagining being outside of that. And I'm saying, but it takes time to get to five grand, but once you've got the five grand, then you can give up the day job, and therefore that gives you so much more time. And that accelerates you on your process. So that's the second part. So, you know, one, it gives you the freedom to stop trading time for money. And then secondly, it gives you the leverage, you know, more time available to spend on wealth building activities, or more time to spend with your family, as many people do, when they get to that stage, they create space, to be able to do things that, you know, they couldn't pick up the kids from school, or they couldn't do certain things that they want to do now. And that's what the whole beauty of getting to security is. And we encourage people to focus to get to that point first. And, you know, that's a often, you know, you could just got to think that through. And it's a difficult thing, because you got to work out your outgoings, you got to work it out. We're not saying Penny pension. And as you say, Chris, we're not saying it's a lifestyle that you're going to aspire to, but it's a lifestyle that you can accept in the short term as you continue to build your wealth. So very, very fundamental stage in how and how to move forward. Yeah,

Unknown Speaker  24:03  

I can certainly relate to that gentleman who mentioned there, Kevin, because I remember when I was working in my job, that was literally all I was thinking about was, you know, any lunch break, evening, morning weekend, just working on, you know, the things that I was passionate about building up my additional income outside of the Jo Bay, and I'm sure many of our listeners are,

Unknown Speaker  24:22  

that's what we're looking for. We know we're looking for people who not not that it's not that we're saying there's anything wrong with a job we're not. We're just saying don't depend on it. And in some cases, if you can get a job you love to do that's absolutely fine. But in the end, that job is you know, a false sense of security. Unless you if you if you decided that actually what you want to do is give up the current job and do a different job or work at the current job but work two days a week, not five days a week, because you're stressed or you've got you're going to be burning yourself out. Nothing wrong with that. But that's the difference, isn't it? If you Got a recurring income coming in, and you don't have to work at it flat out full time as as other people are, then you've given yourself more freedom. So

Unknown Speaker  25:09  

those safest way is definitely to transition across this net to start building up some recurring income and prove to yourself that you can do that. And then as you say, start to maybe reduce your hours in the job if you can definitely not just quit the job and hope for the best.

Unknown Speaker  25:22  

No, we're not saying that we're not saying sack your boss, guys. We're saying transition, you know, build a bridge, and cross over the bridge. And the beauty of this is so many people have already crossed. So the bridge is a path well trodden. And we kind of all the guides really try and show you the pathway that would work for you. So you don't go down a blind alley or a cul de sac. Whatever other analogy, we can give on a road. Nothing wrong with sometimes getting lost. But you don't want to be permanently stuck in a place where you don't want to be.

Unknown Speaker  25:55  

Okay, so we're still in step two Foundation, we've talked about the importance of understanding work income versus asset income, then identifying how much you need to be financially secure. And then beyond that, obviously, financial independence. But also the foundation is about sort of plugging any leaks that you might have in your life. So you know, depth is something that may be a concern or an issue for some people, Kevin. So we have a process, which we actually covered a couple of weeks ago on the podcast, which we call debits, which is just a really in depth review of the money flowing out of your life. And we know that when members go through this process, they can generally save a few 100 pounds, and then that money can be reallocated to start building wealth.

Unknown Speaker  26:35  

Yeah. And here's here's the thing, you know, when we do when we get into the foundation, will often get comments like, Oh, I've done this before, I've looked at this before, I've considered this. But invariably, they haven't. Because they haven't gone through the detail because they weren't motivated, particularly those people who are less inclined to detail. So we covered this, which podcast that question could signpost that, because I think we covered debits in quite a bit of detail that we're not

Unknown Speaker  27:08  

Yeah, it was 135. All right, only

Unknown Speaker  27:10  

recently, right. So so you know, worthy of just one mentioned debt education, bills, insurance tax, and stock market fees, which we've amended. Well, not least, because one of our members save 15,000 per annum. You know what, that's highly paid work, right? If you can spend, I think she spent an hour, if you can spend an hour and generate 15,000 a year, that's a hell of a return on your investment. Okay, so these are things you could do not everybody's going to find 15,000. But the average is probably around 1000. And increasingly now, there are so many other ways that you can prevent things that are going out, that shouldn't go out. We're not saying penny pincher or save your way, you can't save your way to wealth. But what you can do, though, is redirect the leaks and other going you know, back to another vehicle, you know, you the starting point of all boats, when it comes to the season, when they're doing what they're doing is they they get the boat out on dry dock, you know, and then making sure there's no leaks. So everything's watertight. And similarly, with a building, you know, you're going to do some preparatory work to make sure the building is watertight. And that's the essence of doing doing that work. And we just encourage people to go with the flow, and allow us to guide them, and to show them what what are the people have saved. And one of the biggest ones quizzes is not just saving money, but finding money, isn't it lost money. People have just consigned to some kind of memory, and particularly pensions, it's been the area we found most money from 50,000, in one case to 100,000 and another where people say, Oh, no, I was only there a couple of years, or I was only there for a short period of time. But they got pensions that they didn't realize, and then they can put that money to work. And that's the key. It's not just about saving money. It's about whatever you save, you plant it, whether it's elimination of debt, that could be a good use, whether it's to buy some education, because you need to enhance your education, because that's a key part of wealth building, of course it is, or whether it's to invest in the stock market or invest in something that will start to build your wealth. So it's almost like creating seeds and then planting the seeds. And that's a very good analogy to be considering when you do your debits. And so many people do that, and then find that that money gets put to work, which is starting them off. It's almost giving a little burst of energy, that they can see that their wealth is genuinely starting to grow pretty early on. I mean, probably in month one. They're starting to find out right?

Unknown Speaker  29:53  

Absolutely. Yeah. So we walk in through our recurring revenue roadmap. We walk you through stage one, two, Today, and we've covered off step one, which is mindset. Step two here, foundation, you talked about being waterproof at the bottom. And if you think about the wealth builders logo, we have our foundation at the bottom, we have our seven pillars in the middle, and then sat on top of that we have the roof, and the roof is step three of our roadmap, Kevin, maybe you can explain the importance of having a C on