Transcription
[Music] Hello and welcome to your Wednesday dose of wealth wisdom with me, Daniel Kennedy, your host, the wealthtrack and property coach and director of the KML Group and Home Limited. And Wibbly, I have my lovely partner. Come say hello to everybody.
Hello! And today, we're gonna discuss something that most people don't really ever consider when starting a business, and that is the realities of being in a business when you are trying to get—no, sorry, in a relationship when you're trying to get a business off the ground, because of how much time it actually consumes. So, if you just bear with me one moment while I just make sure that the sound check is over. Okay, that looks like people can hear me. That's fantastic.
Okay, so let's begin. So, the realities of being in a relationship when you're trying to run a business. Because when you try initially to start, it's gonna take up so much more of your time than you actually realize. Every waking second, you need to spend on your business if you want it to be a success. And I'm really not underestimating the amount of time that you would have to spend, but really, really a lot of time.
So, for example, I would be—I would go to work on Monday. So I would travel down to—I used to be in the military, I still kind of am. I would then work a full week, and on Friday afternoon, I would then have a fleeting visit to my partner, and then I'd go away and I would market for the whole weekend. And not many people were prepared to put up with that. Like, most relationships will fall—fall apart. There would be some, like, every so often, we'd see each other for maybe a weekend once a month. It was very much five years of a long-distance relationship from when we got involved in property. Would you say that that's true?
Exactly. I totally understand because you did for the future. That's what inside of me telling myself. Yeah, yeah. So we're gonna—in contrast that, my previous relationship, I used to get hassled if I didn't come back at the weekend. But with me doing this, involved in business, I would work all week, and then I would just be basically texts and phone calls, and then I'll be off to my chosen city or chosen town to do my marketing for my deals. And like, every available second, I was spent on the business area, very much neglected the relationship. But because we had an understanding from the beginning that we were going to go do this, it was very much everything was explained. And at the time that we did get—because we probably only been on like one or two holidays in the last six years together, and only recently now we've moved in together. And so we've been together six years, and this is probably the longest we've been together, and it's about three weeks. So literally from when I started the business about six years ago, constantly working, it's only really in the past month that we've actually spent time together properly. And then we're finally learning about each other and all our nuances. And I wouldn't have been—it wouldn't be impossible to for the relationship to continue unless we had that understanding from the very beginning of life. This is what I'm gonna do, and I need you not to hassle me, I need you not to make my life harder. And it was very much, you were very helpful in terms of supporting me and everything that I wanted to do, as opposed to making my burden harder. Because it is really, really hard when you're trying to get a—get ahead on the property business. And I know other people out there who haven't got their wives on board or haven't got their partners on board, and their journey is gonna be so much harder because of it. And so, again, from moving on from last week's episode, where I haven't got in a circle is so, so key. And very much, there were—there were times where I was questioning myself, having self-doubt. And if I had someone who didn't want me in the business, they could have very easily influenced me, and I could have just stopped there and then. Whereas you were very—remember why we were doing it, remember the future. Finish. There's always going to be hurdles. Nothing has ever smooth. It's like you've been fighting my corner from the very beginning, haven't you, dear? And there were—there's a couple of times where I'm like, what am I doing wrong? Why isn't this working? I'm doing everything that people are telling me to, like successful people in the industry are saying, do this, do this, do this. And I was doing it, and I was still failing. And I'm—people who know me, I'm quite a—like, but when I started off, I was quite a negative person. I didn't believe that it all could work. Even though I was making good money, I assumed that everyone was trying to make a fast buck. And in reality, it's—it's 50/50. But without your support, definitely, I wouldn't have been able to continue with some of the hurdles that we came across.
And like, what's been the most difficult thing for you in the past five years, six years that we've been together? Because we haven't really had a proper relationship. Every—it's been business first, work first, and then occasionally we sneak a day of sneaking our here. I would say when you deploy again. Yeah, yeah. Okay. How can you be—and how can you cope with yourself? Are you alright? I know that they quite concern of me, but when people come to you and putting some of the concerning, it made me more nervous, even inside. Yeah, I'm absolutely fine. I try to not panic or try to be calm. The more people, people would face, the more I've got these type of—and concern to me that make me good today. Starlit. And it's quite hard to communicate, yeah, as well. He's sick now. And start line at some time. We can, we can communicate. What am I talking about? How much time the business took up? I went away for nine months, and I had a two-week holiday in the middle. And on that two-week holiday, we didn't spend time together. I went on a course to learn more of our property. I went on the dealmaker intense, just to reset, solidify everything that I've learned. And you really have to jump, like, straight in. And for me, it would have—it was very much a case of, you either come up, I'm on this journey, you can have a come with me and help me, that'll be great. But if you don't, that's fine too. And because I couldn't have people holding me back. And when, when, fortunately, you were who don't want to push me into property anyway, I had a lot of drive, but I wouldn't really—it wasn't really focused anywhere. And then Kong was the one who actually introduced me to Vincent Wong. And then from the word go, I was just on, on, on, on. Do you ever regret taking me to that or seminar? Because in you, I can't force you. You are the type of person that no one can force me. Let's get that straight. I just, okay, introduce you. You can't. I just offer you and then just have it on the table. And okay, you, you might, might not going or going. I'm not sure. Yes, but it's better than I do not think so. For me as well, I'm very fortunate that I have a conker's. When things go wrong, when I am a horrible person to be around, and I'll be—I'm very, very for—very outspoken, and I just, W, like, very often come, which I speak to. Know that listen, I'm doing something. Go away. And then I have to go and apologize with my tail in between my legs later on. And because that, this is why I've got the office so I can close the door, and I can still have no interruptions. I can still do the podcasts, for example, still because I've still got a lot of work to do this evening. And it's very—you've got to have your whole family on board. You've got to have your friends on board because they're going to knock you off your train tracks. They're going to knock you and divert your journey if they're not on board or not with you where you need to go. Because you're going to fail at some things. Everyone does. It's—it's not that you're perfect or you're—you're imperfect. We're all human. We're all gonna make mistakes. You're gonna go on the training, and you're still gonna make these mistakes. Just like I did. And only way it hurts you, and you're really down on your luck, and you're like, I cannot do that again. I cannot pay the builders before I ever contract. And you got any people around you to pick you up and not knock you down. Okay, right. Thank you, Michael, for joining us. Thank you, Nathalie and AJ. So, hi Dan, the strength of a relationship will depend on both for you and the will or want to build that bond. Very much so. Very much so. But even the strongest relationships can begin to fritter and fray if you're not spending time with each other. And that's why you've got to really sort of beginning explain how dedicated you need to be to this. So if there's a—if there's a family do, and there's a business meeting or a viewing, or you need to market that weekend, you're going to the marketing. You're not going to the family event. You're not going out on a Friday, Saturday night because you're putting a band board. You can be in your meeting with clients, you're going to events, you're networking. That has to be your whole life. You have to really immerse yourself in that life. You cannot just half-heartedly go into it because you'll spend all this money on the teaching, and then you won't really—you won't be marketing every day. You won't be making new contacts, warm people, offers in every day. And then we'll have chats in the future, and obviously, how things are going, and they'll be like, ah, things are not—things are not really going on. I'm getting a hassle of this, and then hassle with that. And you shouldn't be coming to me with your problems like that. That should be your partner, and your partner should be going, right, listen, let's do this. Like, because you're gonna bounce off each other. They're gonna have bad days, you're gonna have bad days. But if you're in the business, you are going to have a lot of bad days, and you're gonna really lean upon those around you. I'm speaking from my personal experience. I've had probably more bad than good, and only now we're getting better and better and better, probably their last like year or so. And but like, for example, this is how committed I was for the business. We're never went on holidays, never spent on luxuries for the past five years. We've lived in a room together. We've never had a home, we've never rented because I wanted to save to invest more. We always were really frugal. My new ascetic, let loose, but I haven't bought any clothes. Like, the only time I get new clothes is when we go to Thailand so we can get them, not but really. And that's gonna impact you because no presents, no Chris, birthday presents, we didn't do any of that. We really lived frugally because really, what's like, I don't remember what I got four years ago or ten years ago, but I certainly appreciate what we've got now in terms of the income that we've got. And so that only a very few people would accept that. Very few people would accept not the romance, not having the the night life style. Delayed gratification, that seems to be a concept that's very alien to a lot of people, where you offset the gratification today so you can invest it, perhaps, or you can learn or invest it in training, and then slowly but surely in the future, if you plant the seed, you then begin to get wealth growth. And pretty much every available spare money that I had was on courses, more courses, advertising, and never spend anything on luxuries. It's only really now that the house is ready, the first time in six years, I've spent any money on luxuries. And you've got to find people who are gonna willing to go for all the muck and mire so you can sort of like have the life at the end of it. Because what you'll notice is that people are change, and no one will really respect your decision until you've really made it and considered a success. People think you're a bit weird. People think you're—you're a bit crazy, especially when you're going on for me, going out on a Friday night, and I'm driving up to article, knocking on doors on Saturday morning, and I have no one to talk to this about, only people within their inner circle, and I'm my partner. And sometimes it was, and it can get really lonely because when you're doing it on your own, and then you've got—you've got your partner there, and you can say, like, listen, maybe I'll have a weekend here. But you can't. You need that partner to say, listen, you need to go to market again. You haven't found the next deal. And it really, really does compound your success if you've got somebody who's on board, somebody who's supporting you, and and helping go out. And what you think is the biggest struggle that with being with me since we—but now things are a lot comfortable, but initially they weren't. Those lots of days where things went wrong, especially with the first couple of hearty fall deals where the builders ran out, and then we look like we were losing money. So like our first deal that we did together, we broke even, probably lost a couple of thousand pounds. But there was a time where I went away for nine months, and my—and then you get like a nice big chunky leave, like eight, seven weeks leave, and that we didn't spend that together. I went up to Hartlepool, and then I learned I had to get some trades together to try and save this deal because I would try to manage a brief herb when I was in Afghanistan, they just went be Tong. And so like our reunion happened in our Airbnb in Hartlepool, didn't it? After we hadn't seen each other for nine months. And even, and it was only for a couple of days because we weren't meant to have two people in there. So she had to go back, and then I only really saw her when I came back to work. And so again, they're really, really fortunate to find somebody who's so in tune with wanting to do business and wanting to get involved. And if you haven't got that, things are gonna be a lot harder for you. Especially if you haven't set the relationship up from the dynamic that you're going to be the one in control, and you're on your journey. Because if you, if you're constantly giving in, and you're not really setting the boundaries, this can be very difficult to change that dynamic and say, listen, we're not—we're not going out for dinner today. We're not going out on a holiday today. Women would—I don't care if we've got like 50,000 pound in the bank, I'm still driving that 20-year-old car, and no, I'm not buying a new van, and so on and so forth. And I never had to do any of that. It's very much you forcing me to be even more frugal, which is really, really fortunate. And hence why I needed to get rid of her when I decorated the home because I think I'd have been out to have a little ostentatious. And if, if we could do it again, what would you do differently? In terms of what if we could do the journey again? Because everything make us grow and more desperate. I'm sorry, my experiences screw that. I would change a lot. I will give those builders 10,000 pounds without giving them a contract because otherwise you're gonna because no one get the smooth journey. Anger, if you, if you didn't live in the past, in the very fast agenda, you can unload in ten years on people got exactly that. Yeah, some people take ten years of their journey, and then they're just like, I, I've seen a lot. I don't—I'm a bit glad that you can face all that failure. Yeah, something like that. Oleifera, I had some success as well. Curtin God, there were a lot of failures, and we lost a lot of money initially. Well, before we'd lost a lot more by manage to being in a completely legend that I am, go up there and save the deal in terms of cost, so we didn't use too much. But I had to go to Kong and say, listen, with our first investment, because I fill up a pot of money, and I thought my first deal in in Hartlepool, and it was a dud, like it was mess, but it was a really great deal. But it was it good because I didn't manage the reefer, so we were gonna lose money. So I had to go back and say, listen, we've sacrificed all this, and all that, completely entirely failed. But then no, is like, might go up there, go saw it, go find it. And eventually, we did get it sorted, and we've managed to sell it for as much as we put into it, which, which again, would have saved me lots and lots of time because it would have been a year's worth of work that would have gone to waste. And that was a really difficult time. But there was no never-ending negativity from you. It was always very positive, to keep moving forward, keep striving, just realize it's part of the process of failing. Listen, exactly. And there's something I'm still trying to do. But it's—are you gonna have more cautious in terms of its journey? When I was just reading at you, I am, you know, alright, Sansa, they said we got any questions? She's a treasure. May actually certainly is. Not meaningful. Could handle this type of relationship? Like a long-distance relationship. It's challenged and tested the bond and commitment of relationship. Very much so. Very much so. And often times, it was a very much take, take, take, take, take, take, take from myself because I would be me going back, going to sleep, and then leaving the room a mess, and then going up to then market again, and could be repeating the process. Well done, guys. That's so true. That's why I'm still single. Hey, listen, mate, if you sacrifice enough, and you get to where you want, they'll be chasing you eventually. People really, really, really admire people that would go for their goals. And I mean, if you can't find somebody, and to be honest, if that was the case for me, and I didn't have the support, I would be single as well. But I wouldn't be nowhere as far as I am now about coming for sure. And that's why we make a good couple, dear. Why you got any more you need to say on this? No. So you wouldn't change a thing? We could do it again. The hardest bit was when I was away from Afghanistan, and then I went away immediately to go and do a reefer. Was there ever any thoughts in your mind? You're thinking, why are you spending so much time on property? I told you were even now, you work 24, I'm not just when to pull out, but seven days, obviously, no any, and of time, not nothing at all. But that's why first I know that as long as you love what do you, what do you do? I don't mind. She's a treasure, isn't she? Alright, well, I'm going to finish up. Thank you for joining me. Go and see to the dog. Alright, so moving on from that, just orientate the camera. Perfect. So, as AJ said there, that's why he's still single. And you, when you're wanting to be involved in business, and if you've got these people that are dragging around, so some people call them red lights, you need to have those hard conversations with yourself because you are the top five average of the people you spend the most time with. Yeah, it's—it's not this is not some nuance, this is known fact because you're all bounce off each other. And you have the type of people. You have the people that are on the book, would spiral, and you'll notice this with old people. You never get really like, oh, these are like, you get really wonderful, happy, really great pleasures to be around. Okay. And you get the miserable people that complain about everything, like, absolutely everything, and there's nothing you can do to please them. And there's no—there's no in between their life. Finding you want to be surrounded by people they're going on the upward spiral. So your partner is really, really important. If someone's holding you back, because some people have made huge jumps, they've quit jobs, they're six-figure jobs to get into the property, excuse me. And if you're not gonna have somebody who's gonna support that, because you're gonna have a lot of self-doubt, that even for me, like, I was an urn in that, that much, but I had a really good lifestyle in the military. Not all my disposable, all my income was disposable because I had a room, I had my job was fairly easy when I was in the UK, and I gave that up to jump into property full-time. And the initial drunk, there's loads of self-doubt, and you could very, very easily be swayed back into working for somebody else. And when you've got stealing on your income, you're never going to be wealthy. When you're exchanging time for money, you're never gonna be wealthy because you have a finite amount of time. You can't produce more time. You only have so many hours in the day. So you need to be earning when you're asleep. You need to be earning when you're not there. And how you can do that is by getting relatively passive income. Because property is impassive, and anyone who tells you it is is a liar. That's complete. It's not passive. But what can happen is maybe at a 30 rooms that one month, 25 will be passive, and you'll only spend a bit of time on five or six. And that can grow, and you can systemize that business. And there's no ceiling on the amount that you can earn. And from that point on, if you really, really want to have financial freedom, you need to set up systems like that. And to take the job, you're gonna need support from your partner. And if they're not having, if they're not giving you support, then you need to either say, this is—this is the breadline, you'll have to get on board, start helping me, or there's the door. And that's my advice. If you're really, really wanting to be the best version of yourself in terms of, and I'm using property as a vehicle for that, I want to be wealthy, and don't be ashamed of saying that. There's enough money in the world for everyone to be wealthy. And it's a—not a case if you take from somebody else when you wealthy, you create it. So you take a building, for example, that's worth 100k, you pile up 60k into it, now it's worth 200k. You've created 40,000 pounds worth of wealth that you can lend against. And that's how money enters the economy. So you're not taking from anybody when you want to get wealthy. But you do really need a good team around you. And especially if you're in a circle, and you maybe you've paid into it, you pay like 10,000 or 15,000 pounds into a circle right now, I mean, sort of like a property circle, and your partner's saying, no, why have you done that? That's absolutely crazy. But people will spend 25,000 pounds on a brand-new car. So why would you not invest in yourself and say, 15 or 10 or 5 or whatever the causes are, and try and improve you, prove yourself, so then you become this economic vehicle for creating wealth. And all those around you will get wealthy. But there, you only make the people around you wealthy when they encouraging you, they're giving you advice, they're not holding you back. But you don't want to deal with petty problems. And this, and your partner is gonna be the person who spend the most time with you. Should do it like when things get good, and you want them fighting your corner, you want them to like holding the bags when you're punching, you want them, I taking the long boring trips, you want them to be excited about the property deals as you are. And it's for me, it would have been a no-go. I couldn't have been with somebody who wasn't interested in taking risks. And the previous relationship that I was in, for those of you know me, was—I wouldn't have stood a chance doing what I do now. I get away with absolute murder in comparison. But what I'm spending my time in will, will have a better life in the future because of it. If you've got any questions about any of this, I'm definitely not the earlier. Thanks for joining us. Over quite a few of you here. So if you've got any questions on any of this, do you feel free to let me know, and I'll be happy to answer them. I'm definitely not an expert on this, but I think I've got it. We mean calling, we've got it really, really good in terms of how we interact with each other in the business. There's no never any stress. Like, we're really open about the mistakes, and I get lots of support because of it. And because really, I'm a big, I'm a big baby. I need, I need lots of encouragement. I don't do things on my own. Line, although that the outside product, it looks like I'm fairly, fairly successful, it's definitely not a single effort. There's so many people around me that are big in me up, helping me out, raising fine eyes, doing the real key things that I'm really crapper at. And then just, just so happens that I can find the deals. Apply, which is kind of one of the more rarer components. But we've got my business partner out, and that raises the finance. I can't do. I've tried and tried. I can't. I'm not very good. I've got Kong that really supports me in terms of the management and making the tenant management. We've got Joe, our good friend, who know someone on the phone. See, listen, I can never, ever turn off. Right? So that's a tenant. So that probably means is there's a problem somewhere. So I can't be too long now. And for instance, meet me wandering off now to go and see whatever this tenant wants. If I had a partner who was like, you're going out again, but you went out this morning, like that, that just wouldn't entertain that. That is not something that I can entertain because it's just useless, useless stress that isn't gonna—isn't gonna add anything to it. It isn't gonna help me in any way and get me to where I'm gonna go. Because I'm gonna get there, no matter who helps me or not. Now I'm on the path. And so I'm rambling on a bit now, but thank you for joining me. It's a bit of a short one in comparison to the one that we did last week. But in summary, when you're in a relationship and you're wanting to get a business off the ground, and normally businesses lose money before they start to make money, and that's where everything you're gonna need a partner who's back in your corner. And if they're not, then you need to show them the door. Could you can't, you can't really change people. It's very, very difficult to change people. Or if they want to grow together, grow with you, then you can do it as a gradual process. But there's no—no cut in the mustard. You either join me or you not. And it is very much either with me or against me. There's no in-between. And you can't entertain the negative people in your life as well. And goes for all your relationships. This isn't just like boyfriend and girlfriend or husband and wife. This is friends as well. You need friends to help you. You need your business partners to help you. If you want to know more about what we do, this is a shameless plug because we've actually got couple ideals on the go now, so we're raising finance. You can drop me a PM and discuss it. Or if you want to hear, see some of our deals, I'll add the YouTube link into the description, and you can look at a few of the developments from beginning to end. And we're going to start updating notes because this deal has finished, and we're going to start dating you with the next couple of deals because we're getting, we're getting bigger now, we're doing bigger deals, more construction, more room salad. We're buying a block of flats, we're building a house X to an existing house. So it's really, really exciting for us. And if you want to be a part of it, what we do, if you were to invest in us, we'd give you money at the end of the project, get you up to the project, say, this is how we sourced it, this is who we're used to design it, this is why we've picked this many rooms because of the council regulations, etc. This is why we've got the bathrooms here, etc. And you will see the deal that you invest in from the beginning to the end. So if you're wanting to learn, and I'm very much, I don't want to make money from you, I want to make money with you. That's why I'm doing the podcast. So hopefully you begin to get a few of these mindsets that create wealth. And one of them is like not exchanging your time for money, and then buying luxuries with that money, and then you begin to get a little bit work for you, and then you put that back into the company. This is the whole reason why I'm doing this. But I want to help you to get make wealth. And then hopefully, because I'll give you all these awesome tips, you like, you know, I'll invest 10 grand with them. And then on that Tang grand, we will pay you a percentage for a fixed return, for example, maybe 8% because we can make like 30, 40% on that. So it's a win-win for everyone. And that's how wealth works. We all get rich together. There's no taking. And so if you're interested, or you want to get involved in prophecy, or you've got a spare bit of money, and you don't want anything to do with it, but you just don't want it sitting in the bank, letting inflation eat away at the profit or the money, because that's what it does. If you have ten thousand pounds in the bank, each year, that money loses its buying power because of inflation. So that's another little tip. And yeah, just get in touch. And alright, thank you for joining me. I hope you got as much out of that video as I did.