The Property Nomads7 Pillars of Wealth - and a quick budget review - with Kevin Whelan of Wealthbuilders
In this podcast, Rob speaks to Kevin Whelan from Wealthbuilders. An expert at leveraging the funds and assets that most of the population already owns to generate wealth. Rob and Kevin discuss how virtually anyone can do this. Kevin outlines what the 7 pillars of wealth are and how to build them into your life. Doing so in a way that enables you to create a recurring income that can be maintained with only a small ongoing time commitment. They cover a long list of subjects including how to leverage the value of your home, pension, skills, and other assets. Kevin also talks about creating businesses that generate recurring income almost on autopilot. As well as how to profit from intellectual property.
Rob and Kevin wrap things up by briefly looking at the latest UK budget. They discuss the need to be ready for the changes that will inevitably come and touch on how to do it.
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KEY TAKEAWAYS
- Most people are caught in the “time for money” cycle. They do not realize it is possible to generate a recurring income that requires only a small ongoing time commitment from them.
- It takes about 5 years for someone to build to the point where they have enough recurring income to be financially secure.
- The fact that there are dozens of ways to make money from property makes it a great wealth-generating asset.
- You need to put together a proper plan and work on it actively to achieve financial security and wealth.
- The first step is to understand what the 7 pillars of wealth are. Kevin explains what they are in the podcast.
- Over time, everyone can build these pillars. But you need to understand which ones you can achieve first and start by focusing on those.
- There are many ways to leverage what you own to make money. You can for example rent out a room in your home.
- Pensions are the most overlooked leverageable asset people have.
- Sharing your knowledge and repackaging information can be used to create intellectual assets that will generate wealth.
- Collaborating with others is an effective way to generate wealth in ways that would otherwise not be possible for you.
- Maintain momentum – never let a month pass without doing something to grow your wealth.
- Get started right away. If you don´t, you never will, there will never be a perfect time to do so.
- Even in times of financial crisis, there are always opportunities, so you never need to stand still.
- Become tax-savvy to make the most of each opportunity and your profits.
- Build a strong network. That way you will always have the right person to turn to when you have a problem to solve.
- Seek out a community that will support and encourage you on your wealth journey.
BEST MOMENTS
‘95% of the population just don´t get financially independent. They get caught in the time for money trap.’
‘There´s no point in having knowledge if you don´t act on it.’
‘By the way, it's recurring income, not passive income.’
‘Nobody gets wealthy without leveraging and you can leverage everything.’
EPISODE RESOURCES
Email - hello@weatlhtbuilder.co.uk
VALUABLE RESOURCES
Buy to Let: How to Get Started – By Rob Smallbone (Amazon)
ABOUT THE HOST
Rob Smallbone the host of The Property Nomads Podcast, is on a global mission to guide your success. Success can happen in many ways, shapes, and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?
Rob wants to make a huge difference to people around the world. He is here to guide your success in property, business, and life and to inspire you to achieve your goals, dreams, and visions. He's travelled, explored, and invested. And he's not planning on stopping these activities anytime soon.
Buckle up, sit tight, and enjoy the ride that is life.
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