Liam continues with the second part of a masterclass, in which he presents a proven method of making, managing and multiplying your wealth!



‘Never feel like you have to hold on to cash’

‘Sales and marketing. Two really important parts of the process’


Never feel that you’ve got to hold on to cash. Because it’s no good sitting in the bank, let me tell you, it is no good sitting in the bank you are losing in the region of probably close to 15% per year, deploy that capital, move it from you into a faster moving vehicle. Get it into assets, get it into your business, get it into yourself, get it into education, get it into staff, get it into marketing. Remember, sales and marketing sales and marketing are really two important parts of the process to increase sales. Great. So let’s take a look at this team.

Okay, so let me give you some tips on how to manage money. Number one, stop spending it on chips. One of my clients not so long ago, the Dobson’s when I started to work with them. And some of you know the Dobson’s, right yeah. So you really know the Dobson’s. They’ve been working with me for three years now one of my top inner circle clients, they have invested 35,000 pounds with another property training provider. For whatever reason they didn’t get results. For whatever reason, they then came to one of my training events and became inner circle members of mine. So at that time, I think it was 20 25,000 pounds to be an inner circle member of mine, pretty nervous sitting on the fence quite sceptical. And one of the exercises that I get some of my top clients to do is I get them to go back on their bank statements, and have a look and itemise everything they spend their money on. Right?

It’s a really good powerful exercise, I recommend you all do it, because most people don’t actually know what you spend your money on. Anyway, I got them to do the exercise. We went back 12 weeks, and we highlighted a few problems from Costa Coffee and Starbucks. The Starbucks and Costa Coffee Bill was super high. Like Jim is right. But he’s got assets, right? So he can spend as much as you want. These guys had no assets, and they were spending anyway, we went back 12 months, over 6000 pounds. Over 6000 pounds. Yeah, Starbucks and Costa Coffee is not cheap. And if you’re in there every day, two or three times a day, and then they go I want the money. Yeah, because you’re fricking spend it all at Costas. So what I’m saying is you can highlight very quickly, that many of us in this room and I’m I can do this as well, we just start spending money in areas that don’t make us money. Now, I’m not saying don’t go to Costco, I’m not saying you can’t spend money.

But there are two types of income, how many types? Two types. Number one, you have earned income, which pretty much comes from a job or a business. And that’s great. And then you’ve got investment income. Now most people live on earned income. The problem is what if you get sick? What if there’s COVID? What if there’s a change in legislation? So magic the magic is to have I speaking to Charlie about this outside? The magic is to have some really good, profitable businesses, or be in a job where you get paid really good money, move that money into assets, and start creating what we call investment income, what’s it called Team investment, income, assets, investing in yourself investing into different asset classes, and let’s just use property as an example. Then you start to generate passive income, you start to make money while you sleep. It is the investment income that you then use to feed the lifestyle. The cost is the private schooling, the holidays, the Lamborghinis, and the shopping trips. And if you want more of that stuff, then you need to go and get what more assets you need to get more assets. And then you can ring-fence these assets.

I’ll give you an example of what I do and hopefully, it helps you guys. I’ve got some kids. I’ve got four kids, and some of those kids go to private schools. My daughter’s like 18. Now she’s at college, right? But one, let’s take Charlie, he’s in year 11. It’s about 30,000 pounds a year for his private schooling. So but I have two HMOs. So two HMOs give me around 35 36,000 pounds a year. Those two HMOs are ring-fenced for the purpose of those school fees. Make sense? So I know it’s covered. And I actually got those HMOs using none of my own money. So actually, I got the school fees for free. When you think about it, that is a pretty cool thing to do. Yeah. Because I didn’t pay for the houses, I’ve used someone else’s money. I just use that money. It’s a ring fence for the school fees. Yeah, if you then want to put, you know, whatever you want to do, right? So this is really important.

Number one, stop spending on rubbish. Number two, have a budget, have a budget, number three, profit and loss. So I recommend that you have a p&l statement done and managed accounts done on a monthly basis. So hopefully you’re doing that if you’re not doing it, I would highly recommend it because it’s what you can highlight for a p&l statement and your managed accounts. You’re not just highlighting how much money you’re making or your sales, you’re actually looking at your costs. So you might have an HMO, for example, and he’s like, Oh, my goodness, like, we’re just spending too much on maintenance. But unless you get a managed account done, and you can highlight that line by line, it’s very hard to determine where the holes are. Or there might be a staffing cost issue or whatever it might be. So one of the most important meetings that I have every month, and it is like, Oh, my goodness, I’ve got to have this map for this meeting, right? But it’s really important. I do a half day, every month with my finance team. And we go through a managed account a p&l for every property and every business. And it’s really, really cool. Yeah. Because I can really see how far we go. And we compare one month to the previous month, and we can compare q2 to q3, then we can compare Q1 to Q2, and then we compare this year to last year. And we see exactly so if there are any major problems going on. I’m only 30 days away from highlighting that makes sense team. Yeah.

So I really feel that’s important for any business owner, you need to know the profitability of every part of your business, your income and your outgoings. Don’t just look at increasing sales, also look at reducing costs. So hopefully that’s helped you guys, I would highly recommend that you get a good tax advisor, and have a good accountant. And where necessary, make sure you’ve got an up-to-date will some of you in this room might not have an up-to-date will right now, but you might be able to put some trusts in place, lasting power of attorneys if you don’t have to write that down guys, lasting power of attorneys highly recommend that stuff as well. For those of you that have got trading companies, or limited companies, you can look to get a SAS, which is a pension-type product. And much of this stuff we will be helping you with over these next three years and hopefully many years to come. Because Adam and I have the team, right? We’ve got the team, we’ve got the people. And the aim of the game is you’re going to be making a lot more money in a year from now than what you’re making today. Would everyone be happy with that? Yes or no guys? Yeah. Yeah. And then the aim of the game in two years, you’re going to be making more money than you making today. So as you make more money, it’s more important to manage that money to protect the money and get it deployed in the right places and become real money conscious.


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