Financial Freedom: How You Can Create Multiple Income Streams and Generational Wealth w/ Kevin Whelan
Take a look in this episode as Kevin Whelan discusses the principles of financial independence. Kevin's Seven Pillars of Wealth go beyond traditional assets like homes, pensions, and stock market investments, and include entrepreneurial ventures such as property portfolio building and owning a self-sustaining business. Kevin also stresses the significance of creating value and leaving a legacy.
Watch the full episode on youtube: https://youtu.be/aZwvFeI9W7E
About Kevin Whelan:
Kevin is a prominent economist, accomplished author, and the visionary founder of Wealth Builders, an organization dedicated to assisting business owners in establishing multiple streams of recurring income, both within and outside their companies. A co-author with Brad Sugars on the UK edition of “The Wealth Coach,” Kevin is widely recognized as one of the leading authorities on creating sustainable wealth in the UK. With a focus on the 7 key assets crucial for wealth creation, Kevin invites individuals to explore more about these pillars by requesting a complimentary copy of the "7 Pillars of Wealth" at https://wealthbuilders.co.uk/bigsuccesspodcast.
About Brad Sugars
Internationally known as one of the most influential entrepreneurs, Brad Sugars is a bestselling author, keynote speaker, and the #1 business coach in the world. Over the course of his 30-year career as an entrepreneur, Brad has become the CEO of 9+ companies and is the owner of the multimillion-dollar franchise ActionCOACH®. As a husband and father of five, Brad is equally as passionate about his family as he is about business. That’s why, Brad is a strong advocate for building a business that works without you – so you can spend more time doing what really matters to you. Over the years of starting, scaling and selling many businesses, Brad has earned his fair share of scars. Being an entrepreneur is not an easy road. But if you can learn from those who have gone before you, it becomes a lot easier than going at it alone.
Please click here to learn more about Brad Sugars: https://bradsugars.com/
Build a Business That Gives You More Time, Money & Life:
Get The $100M Playbook: https://go.bradsugars.com/100m-playbook-ebook
2024-07-13
8 min
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WEBVTT 00:00:00.040 --> 00:00:00.962 <v Speaker 1>My favorite of all. 00:00:00.962 --> 00:00:03.551 <v Speaker 1>I love the sound of it royalties. 00:00:04.200 --> 00:00:05.062 <v Speaker 2>Kevin Whelan. 00:00:05.062 --> 00:00:06.849 <v Speaker 2>He is not just an economist. 00:00:06.849 --> 00:00:08.567 <v Speaker 2>He's an author and founder of Wealth Builders. 00:00:08.699 --> 00:00:18.760 <v Speaker 1>He teaches on the subject of money Once you've mastered something you can teach it and as soon as you teach, you get the authority to be able to put it into the property for real. 00:00:18.760 --> 00:00:21.707 <v Speaker 1>What if you can create wealth as you grow your business? 00:00:21.707 --> 00:00:27.745 <v Speaker 1>What if you can be outstanding in your niche? 00:00:27.745 --> 00:00:29.647 <v Speaker 1>Make sure that. 00:00:29.647 --> 00:00:30.349 <v Speaker 1>What? 00:00:30.388 --> 00:00:30.969 <v Speaker 2>you do. 00:00:30.969 --> 00:00:36.496 <v Speaker 2>So, kevin, let's dive straight into the subject of success here on the Big Success Podcast. 00:00:36.496 --> 00:00:37.545 <v Speaker 2>It's what we love. 00:00:37.545 --> 00:00:40.159 <v Speaker 2>What is your definition of success? 00:00:40.159 --> 00:00:41.887 <v Speaker 2>What is success to you? 00:00:42.240 --> 00:00:49.973 <v Speaker 1>Success to me is really being able to do exactly what I want to do when I want to do it with who I want to do it whenever I want to do it. 00:00:49.973 --> 00:01:00.072 <v Speaker 1>So it's all the freedoms all wrapped into one, and if you can pull it off, you're successful and also you're giving a great role model example to the next generation to follow. 00:01:00.420 --> 00:01:06.111 <v Speaker 2>When did you choose to be successful in your life in wealth in all areas type thing? 00:01:06.111 --> 00:01:07.073 <v Speaker 2>When did that happen? 00:01:07.561 --> 00:01:08.887 <v Speaker 1>I can remember it exactly. 00:01:08.887 --> 00:01:14.486 <v Speaker 1>It was the byproduct of the early death of my father, so he was 46. 00:01:14.486 --> 00:01:21.713 <v Speaker 1>He worked on the oil rigs the North Sea oil, which is, you know, the deep diving for oil in the North Sea. 00:01:21.713 --> 00:01:26.043 <v Speaker 1>So he unfortunately collapsed and died there, and that's unfortunate. 00:01:26.043 --> 00:01:26.846 <v Speaker 1>That was a tragedy. 00:01:26.846 --> 00:01:28.088 <v Speaker 1>But I was 25. 00:01:28.088 --> 00:01:43.194 <v Speaker 1>And we were peas in a pod, moved to London, met the woman I wanted to marry in 1985, and realized that if I went the same time as he went he's 46 years of age I could not possibly save enough on a job. 00:01:43.194 --> 00:01:56.536 <v Speaker 1>So I took the decision, with her permission, to never trade time for money for the rest of my life, and I made that decision in 1988, the 8th of August 1988. 00:01:56.536 --> 00:01:57.638 <v Speaker 1>I think it was a Thursday. 00:01:57.965 --> 00:02:00.644 <v Speaker 2>How do you get to be successful with money? 00:02:00.844 --> 00:02:06.246 <v Speaker 1>Well, that's all about understanding a key definition, which is an asset we're talking about. 00:02:06.246 --> 00:02:09.295 <v Speaker 1>An asset is something you own that is not you. 00:02:09.295 --> 00:02:17.518 <v Speaker 1>It puts money in your bank account while you're asleep, and that money can pass to good causes or your family. 00:02:17.518 --> 00:02:21.193 <v Speaker 1>Whatever you want to do, the money shows up even if you don't. 00:02:21.193 --> 00:02:27.966 <v Speaker 1>And so the key is understanding that there are only a number, a handful seven in my IP. 00:02:27.985 --> 00:02:36.031 <v Speaker 1>So my book called the Seven Pillars of Wealth is about seven, and only seven, assets that you can own or control to build your wealth. 00:02:36.031 --> 00:02:45.662 <v Speaker 1>So, first of all, it's understanding that, and, I think, the context of understanding the seven assets and how you can bring each of those into your life. 00:02:45.662 --> 00:02:47.907 <v Speaker 1>Look, we're in a very uncertain time right now. 00:02:47.907 --> 00:03:12.372 <v Speaker 1>We're seeing that in the US and the UK, there's an economic storm brewing, and the more you can provide secure revenue streams, multiple streams of recurring income, you're building diversification, you're building a financial fortress around you that you can stay buffeted from the economic winds that blow on us, because they're going to blow and they're blowing hard, and they're always coming from different directions. 00:03:12.372 --> 00:03:21.431 <v Speaker 1>So the key, then, to me is understanding how to build assets instead of trading time for money, which is what so many people do. 00:03:21.451 --> 00:03:24.834 <v Speaker 2>Yeah, so let's talk about those seven asset classes. 00:03:24.834 --> 00:03:25.496 <v Speaker 2>Give me a list. 00:03:25.496 --> 00:03:26.288 <v Speaker 2>What's the seven? 00:03:26.468 --> 00:03:27.895 <v Speaker 1>Okay, so most people have three. 00:03:27.895 --> 00:03:32.188 <v Speaker 1>They have a home they live in which doesn't create an income, but it potentially could. 00:03:32.188 --> 00:03:37.450 <v Speaker 1>They've got a pension or a superannuation or some other word, but it means a pension. 00:03:37.450 --> 00:03:41.911 <v Speaker 1>And thirdly, they've got some investments, probably in the stock market or cash. 00:03:41.911 --> 00:03:43.937 <v Speaker 1>Most people, that's all they got. 00:03:43.937 --> 00:03:55.336 <v Speaker 1>You cannot be financially independent from there because mostly you're out of control and the market is going up and down like a roller coaster ride and you're just hanging on hoping it all is going to work out, but it doesn't. 00:03:55.336 --> 00:04:01.425 <v Speaker 1>The other four, the entrepreneurial pillars, which I'm sure you resonate with Brad, first of all. 00:04:01.425 --> 00:04:08.799 <v Speaker 1>Number four, then, is creating a portfolio of property or real estate that generates a rental income that you can rely on. 00:04:08.799 --> 00:04:15.234 <v Speaker 1>Number five having a business that works without you, and I love the Action Coach philosophy and your philosophy on that. 00:04:15.234 --> 00:04:28.687 <v Speaker 1>The sixth is building intellectual property, creating a revenue stream from the very ideas you've created in books or courses or memberships or subscriptions. 00:04:29.269 --> 00:04:30.333 <v Speaker 1>And my favorite of all. 00:04:30.333 --> 00:04:33.283 <v Speaker 1>I love the sound of it royalties. 00:04:33.283 --> 00:04:35.689 <v Speaker 1>I mean it just sounds sexy, doesn't it? 00:04:35.689 --> 00:04:38.636 <v Speaker 1>Royalties love that, so you can get royalties. 00:04:38.636 --> 00:04:41.730 <v Speaker 1>And the seventh is joint ventures and collaborations. 00:04:41.730 --> 00:05:03.850 <v Speaker 1>I think, with the world being uncertain, people craving community and the community and people working together with different aspects of life, different ways of looking at things, I love the collaboration that we're creating in the UK to allow people to work together to create things that they couldn't possibly create on their own, by bringing the power of those different dynamics together. 00:05:04.009 --> 00:05:06.516 <v Speaker 2>How do you turn your intellectual property into wealth? 00:05:06.516 --> 00:05:08.252 <v Speaker 2>You're great at something. 00:05:08.345 --> 00:05:14.932 <v Speaker 1>Or if you're not sure and you're a bit introspective, you're a bit insular, maybe you could ask somebody else what do you think I'm good at? 00:05:14.932 --> 00:05:18.194 <v Speaker 1>So it doesn't take long to find out what you're really good at. 00:05:18.194 --> 00:05:20.512 <v Speaker 1>Then how do you become great at that? 00:05:20.512 --> 00:05:22.427 <v Speaker 1>And then how do you teach that? 00:05:22.427 --> 00:05:33.100 <v Speaker 1>Once you've mastered something, you can teach it, and as soon as you teach, you get the authority to be able to create intellectual property for real, which is where the word author comes from. 00:05:37.225 --> 00:05:38.512 <v Speaker 2>The stem of the author authority leads to that. 00:05:38.512 --> 00:05:40.925 <v Speaker 2>How do we create wealth through a business Number? 00:05:41.047 --> 00:05:43.415 <v Speaker 1>one, be outstanding in your niche. 00:05:43.415 --> 00:05:46.875 <v Speaker 1>Make sure that what you do you're absolutely brilliant at. 00:05:46.875 --> 00:05:50.596 <v Speaker 1>Number two can you create recurring income from the business? 00:05:50.596 --> 00:05:57.954 <v Speaker 1>What is it that you can do in the business that will automatically ship, automatically deliver a product, automatically deliver a service? 00:05:57.954 --> 00:06:10.158 <v Speaker 1>Create some form of ongoing recurring revenue that's predictable because that creates more value, because an acquirer of a business is seeking predictability more than anything else. 00:06:10.158 --> 00:06:29.932 <v Speaker 1>So if you can do that and number three, if the business can work without you and that's the leverage of systems and people and process and if you combine all three, you can create immensely more valuable businesses that can sell for multiples of a business that's simply trading time for money. 00:06:30.384 --> 00:06:32.447 <v Speaker 2>If good is the enemy of great, and in wealth. 00:06:32.447 --> 00:06:33.690 <v Speaker 2>I think this is very true. 00:06:33.690 --> 00:06:38.567 <v Speaker 2>People get to a point and I nicknamed it for one of a better term fat and happy. 00:06:38.567 --> 00:06:42.516 <v Speaker 2>Is there a way to get people to say, okay, you should go to wealth? 00:06:42.516 --> 00:06:46.634 <v Speaker 2>Or you know, as a coach of mine once said, don't try and teach the pig to sing. 00:06:46.634 --> 00:06:48.427 <v Speaker 2>It annoys the pig and it wastes your time. 00:06:48.427 --> 00:06:51.036 <v Speaker 2>Can you get people into that People will? 00:06:51.055 --> 00:07:03.800 <v Speaker 1>get into that, when they understand that for the most part, if they're successful at living, if they're successful at making income from a job or from a business, that in the end that is temporary. 00:07:03.800 --> 00:07:12.995 <v Speaker 1>In the end, the only way to be able to leave a fantastic legacy is to create value, and values in the kids. 00:07:12.995 --> 00:07:24.958 <v Speaker 1>And when you can see the impact you're having, not just in this generation but the one after that, the one after that, people will change their mind and they'll do so much more for that than they'll do for themselves. 00:07:25.420 --> 00:07:27.247 <v Speaker 2>And that's a big success podcast for today. 00:07:27.247 --> 00:07:34.230 <v Speaker 2>Hopefully, you took a lot of notes, learned a whole bunch and, if you need to go re-listen to it, we dropped a lot of information right there today. 00:07:34.230 --> 00:07:39.278 <v Speaker 2>Big success is what it's all about and, by the way, if you haven't subscribed, hit that subscribe button. 00:07:39.278 --> 00:07:43.312 <v Speaker 2>So you're here with us every single week on the big success podcast. 00:07:43.312 --> 00:07:44.113 <v Speaker 2>I'm Brad sugars. 00:07:44.113 --> 00:07:44.774 <v Speaker 2>That's BS. 00:07:44.774 --> 00:07:46.807 <v Speaker 2>Big success is what we're shooting for. 00:07:46.807 --> 00:07:49.473 <v Speaker 2>Check the show notes for all the links. 00:07:49.473 --> 00:07:52.307 <v Speaker 2>Make sure you follow through, keep learning, keep coming back. 00:07:52.307 --> 00:07:56.595 <v Speaker 2>Oh, and, by the way, share this with any friends who you know are up for success. 00:07:56.595 --> 00:07:59.199 <v Speaker 2>I'll see you next week on the Big Success Podcast.
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