WealthTalk - money, wealth and personal finance.

WT020: Becoming wealthy only takes 1 day a month

Episode Summary

How much time do you dedicate to building wealth? Today Kevin and Christian discuss the idea that anybody can become wealthy in 10 years, and that just by dedicating 1 day per month to focus on this would yield results. You’ll hear from 3 more members of the WealthBuilders Community who have managed to carve out more time for themselves through different approaches, freeing up more time to focus on their chosen pillars of wealth.

Episode Notes

Resources Mentioned In This Episode:

Listen to WT011 - Creating Leverage using F.I.R.S.T
The Pomodoro Technique
Take the Wealth Dynamics Test

Episode Transcription

Unknown Speaker  0:12   Hello, and welcome to Episode 20 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders and I'm joined by the founder, Mr. Kevin

Unknown Speaker  0:20  
Wayland. Hello, Chris. Good talk to you again. Hello

Unknown Speaker  0:23  
Today, Kevin. How you doing? I'm doing good. Yeah, last

Unknown Speaker  0:26  
week been, you know, full on completely full on. I've been out and about spreading the wealth building and the SAS building world out there across the country. I was in rugby last week in Leeds, which is good distinction to share with you later. Be London next week, and then Manchester, the week after that, and I could do some really good news. Yeah. Well, well, one bit of good news. Actually, as I passed my very first level of qualification towards being as familiar I congratulations for the purposes of our wealth building audience. Chris is not because I want a job. No, I think you got that right.

Unknown Speaker  1:05  
Where's our samples today?

Unknown Speaker  1:08  
notes for me to take you. So I'm looking forward to boring as many people parties as I can about the quality of the wine. But But the second thing, the most important thing is my speaking engagement next year, on a wealth building stage to 2000 business owners has been confirmed and I'm second on stage, and followed only slightly later by Mr. Bob Geldof or sir Bob Geldof. So hey, he's following me. He's got a tough, he's got his warm up act.

Unknown Speaker  1:43  
Well, that's good. That sounds like a really busy week. And you've been up and down the country. I know. And you said you met up with some of our foundation members couple of weeks ago, up in Leeds.

Unknown Speaker  1:52  
Yeah, I went to open leads. And I was doing some speaking there. But took about an hour or so out. Because you know, I'm big on trying to maximize the amount of time that I'm available to people wherever I go. And we try and broadcast that, don't we as well. Because I just love doing that meeting people together. So we had a wealth builder huddle in a lovely Hotel in Leeds, and had some very interesting questions coming out from some great people up there. So you know, David Jones, was there? I think we're hearing from him. Yes. It was very important. hear from him on that one. Louise writing full of you know, great thoughts as well. Yeah. And great to see your posting so avidly on the Facebook group. And that's wonderful, Martin Hutchinson as well. And Mark Perry, who's a coach, but he's an open minded coach and learning about wealth and the you know, that all ever sort of enthusiastic, George dominant news gets to as many events as he can, and he's like a sponge, sucking information and ready to take, actually, anytime. And the thing that came to me as a distinction from all Chris was this, this idea of trying to find and the way they can maximize the use of their

Unknown Speaker  3:12  
time? Um, well, we said last week didn't read that we would find time to talk about this in a bit more depth. And it stems from leverage. And we did a whole episode back in wealth talk.

Unknown Speaker  3:25  
Number 11. Number 11. Wow, that long ago via

Unknown Speaker  3:27  
which was how do you leverage different areas in your life? Yeah, I think this question came up with the group in late

Unknown Speaker  3:34  
Yeah, we were talking about leverage. And I think one of the smart questions was, so Kevin, what's the most important form of leverage and we know from the podcast there, it's f5 rst, which are the five source of leverage and go listen to the podcast if you don't know what the others are yet, because it's very insightful. But the t is time. And the reason why time is the most valuable source of leverage and should be the first point of leverage is because without time, you cannot leverage anything else. So you can't leverage your money, you can't leverage your relationships, there's just no form of leverage, that doesn't need time to enable it. So the starting point for all of our wealth builder students, those who crave and want to move towards security, then into independence, is this need to make the best use of their time and then for many people just to carve out a bit of time, because many of them are holding down the aspiration of being wealthy but stuck in a job?

Unknown Speaker  4:41  
Well, we're actually going to hear from from three people later on in this episode, who share those different experiences of having a job and managing that alongside, you know, starting a business building property portfolio.

Unknown Speaker  4:53  
Yeah. And it's great, because I think the three different people all approached it very differently. We'll hear one carved out a little bit of time, one carved out, you know, a hole for 20% more time. Fantastic. And the other was like, well, I've had enough. I'm giving you full time now. Yeah. So you know, being full time and wealth is a while I mean that that will just accelerate anybody who does that. But we recognize and we must say very clearly, we will never, ever suggest that someone gives up their job, and completely shifts from being trading time for money to trading time to build wealth. It's a transition. And everybody should approach it cautiously, carefully, and in the right way that suits their dynamic. And so we definitely don't want to give everybody the impression, they should sack the boss today, I was just gonna

Unknown Speaker  5:46  
say I might have written a book, which has that kind of title, but I

Unknown Speaker  5:50  
can do a graduate for anyone who's read the book will know that that is not the way that I recommend going about it. Yeah. And we've titled this podcast episode today, Kevin, becoming wealthy only takes one day a month. Yeah. Tell us a bit more about the meaning behind this.

Unknown Speaker  6:05  
Well, you know, Bill Gates quoted me, he said, you know, most people, you know, the quote, you

Unknown Speaker  6:13  
said, most people overestimate what they can achieve in one year, and underestimate what they can achieve in 10 years.

Unknown Speaker  6:19  
Yeah. So, you know, the question that, you know, will often see people and I think, definitely came out with the leads group, was they get overwhelmed. You know, there's so many what they could do, what could I do? What could I do? What could I do? Should I do this strategy or that strategy, this tactic or that tactic? There's lots of what when you get lots of what's in front of you, you get confused and confused, minds shut down. And they don't take action because they keep going, Well, what that was better, and what should I do first, and so on. And the way to think about that is in the context of that quote, is not to try and do everything. And not to try and assume you can create wealth, even in a year. But if I asked anybody you know, could you could you move from being in your job now to being completely financially independent? In the next 12 months? They'll say, the contrary, they will definitely feel they can't do it. But if so, what if I gave you 10 years, and you had some support, and you had some education? And you made all the right connections? Do you think you could do it then and they all think they can. And this is the context, I think for this is that anybody can create financial independence in a decade. And therefore don't think or don't worry about trying to do it in a year. In fact, all you really need to do is just imagine that if you know you can do it in that period of time, and everybody can, I haven't met anybody who can't do that 10 years, then all you really need to do is then work out. If you think 10 years is not very difficult to work out how many months, hundred 20 months. So if you just take each month, and take one action, you could take one action this month, and you don't get overwhelmed. So your framework for thinking about wealth, is no longer about the what what what is what can I do this month,

Unknown Speaker  8:18  
improve production proactive, rather than reactive to

Unknown Speaker  8:21  
do one thing, you know, so and that wouldn't be too difficult to help them do one thing. And then next month, you're going to do slightly better. And the next month, slightly better, and the next month, slightly better. So what you're doing is you're not in a linear fashion. Moving your wealth by one, one 20th. You're accelerating, accelerating, compounding, compounding, learning and growing and changing as a person. And your perspective constantly changes if you do something that you will commit to this month. And that's why I say, never let 30 days go by without making a commitment to taking some action into building you off. And doesn't have to be a big thing right at the beginning. It's a baby steps. It's later you can do so much in one month, especially if you've created more time to do it anyway. So at the beginning, just think about the best thing you can do this one month. So the very next month, choose one thing, do it well, don't do it half assed, do it well, and give feedback to your buddy or your coach and hold yourself accountable to do that. I'm hoping the buddy system is sorted itself by now or or maybe it's getting close to that. Yeah. Yeah. As we can't be there to hold everybody account every month.

Unknown Speaker  9:43  
Yeah. Yeah, most definitely. Okay, so should we perhaps have a listen to some of our members now and see how they've managed to carve out more time.

Unknown Speaker  9:53  
Sounds great.

Unknown Speaker  9:56  
So I'm with Steve Hall, one of our foundation program members. How today, Steve?

Unknown Speaker  10:01  
I'm very well. Thank you, Chris, yourself.

Unknown Speaker  10:02  
Yeah, yeah, very good. Steve. Now, I know that you have approached the subject of saving time, or finding more time in a quite methodical approach. And that includes planning and scheduling your time. So would you mind sharing with our listeners about how you've gone about that process? Please?

Unknown Speaker  10:18  
Yes, sure. So I mean, you know, you can do all the planning and all the rest of it. But I found that unless I had some specific tactic that I could use to push away all the distractions and really focus, then, you know, having plans is great, but I wasn't, I still wasn't getting stuff done. So I use the idea of Palmer dorros, which is really, it's just a 25 or 30 minutes slot of time. So I put a timer on my watch, I stick on my, my no noise cancelling headphones, just focus on what it is on my list that I need to get done, and just keep going until the timer goes off. So that's, that's definitely one key thing that's worked for me really, really well over the last couple of years.

Unknown Speaker  11:13  
Brilliant. And, of course, you're using your time to focus on your your business, which you've mentioned, but would you say there's any other benefits of managing your time in the way that you have done, Steve?

Unknown Speaker  11:24  
Yeah, definitely.

Unknown Speaker  11:27  
I mean, I found right at the start, when I was starting my business, my time tended to get skewed, either towards my business or towards my day job or towards personal thing. So it's going kind of up and down. And not really finding a balance. And I once I got all of these routines and habits in place, I found that I had a much better balance between all three and, you know, I've constantly getting good results at work and in good appraisals, getting promotions, stuff at home is going really, really well. You know, I'm not really dropping the ball on, on things like I used to do. So, you know, it helps me to manage really, all of the big things to do with my business or my job right down to two really small things like making sure I I pick up the right groceries on the right on the way home from work or something, you know, something small like that.

Unknown Speaker  12:30  
Great. Well, thanks so much for sharing those time saving tips with us today. Steve

Unknown Speaker  12:35  
knows you're welcome.

Unknown Speaker  12:38  
And with Varun Agha Val today, how are you? Very? Yeah, I'm doing good. Thanks, Chris. Now, I know that you're a contractor, and you've been able to carve out more time for yourself? Would you mind sharing how you've gone about that place?

Unknown Speaker  12:50  
Yes, sure. So yes, like being a contractor has gone on advantages. But like, I still think you know, like, you're still like working nine to five, five days a week. And if you want to do something else, like properties, trading or anything else, you wanted to work side by side, it becomes time consuming. And so that's where you're like, it caught me thinking, you know, I need to like dedicated dedicate some time to this thing. And then that, okay, like, how about, like, taking a day off? And then I thought, okay, like, let's take Friday off. So initially, like, it was like, Fridays are already quite light. So it might not be good idea. And Mondays, we all know you don't like it's always a Monday, please, we all get. So it's like, Okay, let me decide on Monday. But working one day, which means like, it's a 20% of my revenue. So I do want to impact my day to day revenue as well. So what I did was because I had a good rapport with my client, I went to see them as like a, it was a time of the contract renewal. So I was like, okay, like, I would like to increase my rate. And because they knew, like, Yes, I was doing good. And like could add as well. And the services I was boarding was far more than like the value which they were getting was from within they will get being me. So they were happy to increase my rate. And then they are the question was like, how would you? How would you feel if I work four days a week? And to my surprise, yeah, they were quite open to that. And the thing is, like I realized, you know, like, if they say if they have sold like, no, I might have walked away as well. So they might have agreed to four days a week because I was still able to deliver a lot of stuff into those four days. And then like losing me at all and hiring someone else.

Unknown Speaker  14:35  
Okay, so three points that came out of that for me Veyron, firstly, was the timing. So you timed it well to ask. Secondly, you actually did ask. So that's important. And it reminds me of a quote from Jim Rome, that you don't get paid for time you get paid for the value that you put into that time. So now that you've got Mondays every week available, how are you putting that time to good use?

Unknown Speaker  15:00  
Yes. So taking Mondays off has given me to benefit. So one is obviously one, I've got a one full day to work on the things I like to do in the long term. And the second benefit, which came as a result of that was my productivity over the next four days quite increased quite dramatically as well, because I didn't had any Monday, please. And the week passed quite quickly as well. So I was able to do much more things as well during those four days. So that was a one side. The second side was like I was able to utilize Mondays for doing my late I was able to dedicate time for my trading, which I love learning trading, which has been there for one for years, like I can't even remember like for eight, nine years, I think. But I never had a time like, dedicated to that to spend that. I know people does that. But I've got a family as well. So I didn't want it to like take away time from from them. So I'm able to learn some of the trading stuff. And then obviously, the properties is another thing which has been I've been interested in and been able to tweak things over Mondays. And I the benefit on Mondays is because very less people are like asking for beings, agents are able to accommodate much more gas for my schedule. So I don't have to work as per their schedule. So they are happy to accommodate as per mine. And I'm able to get dedicated viewings as well, I don't have to share the one to open days and like crammed into a house full of people as well. So it works pretty well. And then I can do a lot of research on Mondays, if I've got any query like you know, all the like, professionals are at my hand. So you know, if I have to mortgage query, I can quickly call my mortgage broker and ask a query. If I'm doing over the evening or over the weekend, they have to wait for the next day to like to get the answer. So yeah, it works in some times per day, most of the time, you need a quick answer to get like things progressing to make the decision. So that way it has worked pretty well on Mondays as well.

Unknown Speaker  16:58  
Brilliant. Thank you very much for sharing your story with us today for

Unknown Speaker  17:01  
no problem.

Unknown Speaker  17:03  
So I'm with David, John's one of our foundation program members. Welcome to wealth talk, David. Morning, how you doing? Very good. Thanks, David. Now, would you please share how you have managed to create more time in your life? And how that's allowed you now to focus more on your wealth building activities?

Unknown Speaker  17:19  
Yes, you're so yeah, I was 20 years. Lloyds Banking Group it. And but I'd had my company running since the under 16. And so you know, many, many of the listeners, I think will be aware of how difficult it is to try to get a business off the ground was doing a full time job as well. And so yeah, the opportunity presented itself, where I had to effectively reapply for my own job. So in a selection assessment process. And so I decided at that point in discussion with my wife that actually we're in a position now where if I could get on to the See, and she would support me in doing that. So yeah, effectively, I, I had a word with my boss and said, Look, I don't want to get a job. I've got these other plans, you know, can we can we work together to ensure that, that that's where we get? So that's what we did? And yeah, it worked out? Well. I've got the form to redundancy. To the end of sorry, the start September last year was my my last day and work. And that's clearly given me all day, every day pretty much to to concentrate on running the business and building my wealth. Which of the Seven Pillars are you focusing on? David? Yeah, so my primary pillar at this point in time is, is property. So that's the business that I've got is a property business. But we're bringing pensions into that as well. So I opted out of my website, pension, and move that into a SAS. So empower pensions are looking after that for me. And there's there's various things happening with that which are enabling me to to drive my business forward. And so I mean, that this has been a big game changer for me, I know you, you've covered SAS on another podcast, but, you know, that's allowed me to move forward as well. But But yet, it's allowed me to move forward by enabling my property journey.

Unknown Speaker  19:28  
Okay, and what are some of the specific things now that you have more time that you're able to do, which you weren't able to do when you were working? You know, five days a week?

Unknown Speaker  19:38  
Yeah. So I mean, obviously, meeting meeting people for coffees, which, you know, your net worth is your network is, is a thing true for you. And for me, I'm a star profile in terms of wealth dynamics. So you know, meeting people and discussing how how we can add value to each other, this journey, there is great. And, you know, I can do that with all the property professionals that the have got time during the day. And, you know, when I'm in the car, and I'm generally listening to a podcast, or an audio book, or, or anything along those lines, as well. So, you know, I'm leveraging the time that I'm sitting in the car doing that, you know, I mean, it's given me lots of opportunity for networking with other people and for education and for researching, and just for generally trying to drive my business forward. But you know, it's also given me the big the opportunity to spend time second my kids to school and picking them up and, and various things that were becoming difficult while I was in full time employment, as well.

Unknown Speaker  20:47  
Yeah. Now, that's great. Well, thank you very much for sharing your story today with our listeners, David.

Unknown Speaker  20:53  
You're very welcome, Christian. Thank you.

Unknown Speaker  20:57  
Okay, so let's pick up there and on what stage he said at the beginning there, and Steve approached it quite methodically and really mapping out time and you have to do that you have to almost die and rise your wealth building time, don't you otherwise, life will get in the way.

Unknown Speaker  21:12  
Yeah, I mean, it's not too difficult. I mean, when you, Steve's a smart guy, but when you think about in analyze what he did, I was actually most interested in the motivation. But if you think about what he did, was, he just simply got into a different habit, in the same way as people do. So when they're getting fit, or, you know, they're studying, it's just a habit. And once a habits ingrained, it's there pretty much forever. So if Steve has got those habits, now, nothing will really hold him back. So we definitely encourage anybody to get into the habit of giving some time. And he managed to do it almost every day. You know, he didn't just take one day and do something particular on one day. He's doing something every day. And that's going getting up earlier. You know, and reflecting at the end of the day, but I think the most important thing, although, you know, there's different techniques. I've never heard of a tomato was a technique that former d'Oro technique. Yes,

Unknown Speaker  22:14  
it's it's been around since the 1980s and Italian gentleman and came from that kind of tomato timer. So that's where the name Okay, and 25 minute chunks seems to be a good period of time, and then having a break short break. And just getting into a rhythm like that. So yeah, that's working with Steve and I know that's, you know, popular technique, which we can share in the show notes for today as well.

Unknown Speaker  22:38  
Yeah, I mean, anything that really works for me, but I never heard of it really. And that's because I suppose on full time in wealth building and have been for decades now. So I don't think about my whole life is just constantly focused on it. So nothing ever deviates me from that, even when I'm drinking wine, you know, so it's, it's, it's ingrained in me. But what I like about these other point, though, was the balance. And I think Dave also mentioned as well, Denise, about separating balance in your life. And often, when you're trying to build wealth at the same time, as holding down a job, you know, the balance can get a bit out of kilter. And normally, that could be the family. But what I was impressed by with with our guests, was the way they're trying to get their life in balance, and putting wealth in the balance, because that's future security for the whole family. But keeping the family, you know, really high priority right now. And that's a key one that sometimes is gets missed, particularly those people trying hard at the beginning, to give a bit of impetus to their wealth to balance the family as well. Yeah, very important. And verint in there, you know,

Unknown Speaker  23:50  
did a pretty good job sales

Unknown Speaker  23:52  
went pretty good job there. So I love the way you did that, you know, like you get paid more. Alright, so let's take paid 20% more. And now I want to work 20% less. So it's like I'm getting the same money for four days and five days. That's so smart. But you know, brooms a smart guy too. And what he's managed to do then is just actually be bold. He courageously took a step. And you can do that when your job as well. You know, that was a contract. Fair enough. But there are bosses to who will allow that freedom and that flexibility. Sometimes the people to work from home, sometimes for people genuinely to take time. Some jobs won't allow that at all, you know, in the beer? No, no. But wherever it's possible, you know, negotiate that time. He did a great job.

Unknown Speaker  24:41  
Yeah. And that's allowed for enough focus on pillar for property portfolio really accelerate and trading? Of course, that's right. And then extra time now to learn that new skill. Yeah,

Unknown Speaker  24:50  
yeah. And actually will we will come on to trading when we deal with investments, because not everybody who's investing in stock market wants to do it passively. So we'll do term trading in a future podcast.

Unknown Speaker  25:01  
Yeah, that's coming up very soon, indeed. And then finally, we heard from David there, yeah. So he just said, suck your boss.

Unknown Speaker  25:09  
Let's create, he's like, you know, I'm all in. I wouldn't want to play poker with him, we'd be terrible if he'd be winning or everything. So now, I mean, he's very committed, and so enthusiastic, and now he's living as well dynamic. He's focused on property, he's got some financial leverage. He's a great ambassador in the community. You know, I think the wealth building world, from our perspective is a brighter place with Dave and he's doing a great job for himself, and so much more, he wants to get back in, he's attending lots of things, as he said, he loves to do it, but not for personal gain, but also for that gain, he gets for giving the gift of trying to help others. And he was at Leeds, as well. And he will be in Manchester next week. And so it's just really, really keen. So personal shout out to Dave, who's, you know, so much of a give up. But I'm certain though, that he'll get to as well plan his objective so much more quickly, because now he's got all the time. And also, it's given him a lot more time, because we have conversations quite regularly as well. Spoken just a couple of days ago, in fact, so you know, he's definitely going to accelerate that. But he made that decision. And, you know, remember, he banked some money from a redundancy, which then gave him a cushion. Whereas most people who've got a job, don't have that cushion. So save that cushion, or try and get it another another way, like he did?

Unknown Speaker  26:34  
Yeah, so key message, if you're serious about building wealth, you have to find a way to manage your time, effectively,

Unknown Speaker  26:42  
you can't build wealth on hope alone, you can't wish you are wealthy, you have to make time to do it. The whole point of the wealth building communities to accelerate that time, is to give people a better result for the time they give to it, because they've got all the huge resources and benefits of you know, themselves, their bodies, the wealth builder, community use a coach me as a coach, all of these things, all of our connections, we've got, you know, thousands of people, you know, who are in a trusted place with us now, and that's growing all the time. So I think the real positive chances with all that support is all you've got to do to beginning is carve out that some initial time. And if they do that, hundred and 20 months or less, stop the hardest. I mean, crumbs, most people work 10 years, and then you know, a blink of an eye, and they're still in the same job, doing the same thing going round again, you know, 10 years, 10 years of have a little bit of hard work, not massively, but actually less than that, in truth. You know, most people can do it within three to seven years. So most people will get there quicker. Starting Point, don't worry about trying to get there quicker, take the pressure off, don't put yourself under an overwhelm. Don't put yourself under that cloud or being overwhelmed. To start with doing the best thing you can this month, holding yourself accountable. Find a buddy to hold yourself accountable to and say, this month. I committed doing this, and then commit to it and do it. And then you get the feedback and you move on. And that's all you have to do. It is really that simple. Chris, I just wish everybody would get that simplicity. And take the right action and start there.

Unknown Speaker  28:36  
Yeah. Reminds me Episode Two still one of the episodes that people refer back to when we do speak to them that the three days don't be a drifter. Yeah. Take control of your time.

Unknown Speaker  28:47  
Yeah, but it's good work. It's very easy to drift in a very busy world. So no wealthy drifters ever, you know, maybe only the drifters as musicians. Long ago, no drifting, ever, ever, ever makes anything because you're rudderless. So get a bit of focus. Anyway, I think we've got the lesson well across today, I think.

Unknown Speaker  29:09  
Yes. So

Unknown Speaker  29:10  
next week. I think we're back on military pillars now. Yeah, I think investing and that's that's a biggie too, because it's a bigger topic. You know, everything from stock market, alternative investments, ISIS, you know, National Savings, you know, the whole gamut of things people can do to create wealth, and I'm going to dispel a myth, Chris, next week, I'm going to shoot a sacred cow squarely in the head. And so you've been taught something in your investing life. That is entirely the opposite of what you really should be doing. So watch out for that

Unknown Speaker  29:46  
one. Not leaving us on a cliffhanger. Thanks for that today, Kevin. You're welcome.

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