These 3 Money Secrets Will Make You Wealthy Without Working Any Harder

These 3 Money Secrets Will Make You Wealthy Without Working Any Harder

Are You Fed Up Struggling With Money?

Firstly, I just want to thank you for taking the time to join me today. Money problems are one of the biggest causes of stress and relationships breakdowns. I can remember my parents having some almighty rows over money!

I’m Charles Kelly and for 25 years I worked as a Financial Adviser helping thousands of people solve their money problems. I was successful, but it wasn’t until I discovered the secrets to mastering money that my clients started achieving amazing results.

I’m also the author of three books including, “Yes, Money Can Buy You Happiness” and “Borrow and Grow Rich”.

I’m going to uncover 3 money secrets and a simple system for truly mastering money to help you start building real wealth and ultimately live the life you truly deserve.

Secret 1: Your Money Mindset has got you where you are today – not the economy, the government or your parents.

It’s far more about what’s in your head than in your pocket.

Most people have been programmed to think that “money is scarce” and hard to come by, that you have to “work hard for money” or you “need money to make money” – Not true!

Some of us are programmed from an early age by our parents. My dad would say things like “we can’t afford it”, “money doesn’t grow on trees” and “do you think I’m made of Money?”!

This language creates a ‘scarcity mentality’ which can stay with us for the rest of our lives unless we take action to change our mindset, our language and habits.

In my early life, I constantly struggled with money. I was making a good salary, but no matter how much I earned, I never seemed to have enough!  

I would fall behind on my bills and have creditors chasing me. Being broke is no way to live, which is why I wrote Yes, Money Can Buy You Happiness.

Then I discovered a mindset shift that turned my finances around. Once I learned this, I started accumulating money and have never been broke since. 

So, it’s not how much you earn, but how you manage it that counts.

Making a lot of money alone will not make you rich!

I’m sure we all know people who have made and lost fortunes, as I discuss in my book.

Secret 2: You can’t improve what you cannot measure. 

The next step is to take stock of where you are right now. Most people have no idea of how much they spend.

Think of yourself as a business, even if you are an employee.

Make a list of all your current commitments, income and regular and variable outgoings. Then list your assets and liabilities – your balance sheet – to calculate your ‘net worth’. You can do this on a spreadsheet or on a notepad. Then, repeat this every month and start balancing the figures monthly like any solvent business should do.

Secret 3: Focus on building your net worth.

The rich buy assets, which appreciate in value, and build their net worth over the long term.

The poor spend their money on liabilities, which go down in value, and rarely if ever build assets and net worth.

I haven’t got time in this short presentation to cover everything - which I go though in my book and SMART MONEY MANAGER courses in more detail.

But I hope these simple mindset shifts and steps alone will open your mind and set you on the road to prosperity.

If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value. 

I’m offering free strategy coaching calls to three people this week. If you’re interested, email charles@charleskelly.net

Property renters desert London as rents continues to fall

The NRLA reports that private sector tenants are leaving London in response to the COVID-19 pandemic.

According to new research, landlords renting properties in London were the only ones in the country to report that tenant demand had fallen more than it increased.

A survey of National Residential Landlords Association members, conducted by the research consultancy BVA-BDRC, found that 56 per of landlords with properties in Central London saw tenant demand fall in the first quarter of 2021 compared to the same period in 2020. Just 12 per cent reported that demand had increased.

In Outer London, 45 per cent of landlords reported demand having fallen, with 33 per cent saying it had increased.

Tenant demand was strongest in Wales, with 57 per cent of landlords renting property there having reported an increase over the same period, compared to just two per cent who registered a fall in demand. This was followed by landlords renting property in the South West, where 53 per cent reported an increase in demand, compared to 13 per cent who registered a fall. 

Overall, across England and Wales, 31 per cent of landlords reported tenant demand for properties had increased in the first quarter of 2021. This has recovered from the 14 per cent of landlords who reported tenant demand having increased in the second quarter of 2020 in the aftermath of the first lockdown.  

Nationally, whilst seven per cent of landlords had brought property in the first three months, the same proportion had sold property.

Central and Outer London continue to be the only regions where a significant proportion of landlords reported that rents are falling (46 per cent and 27 per cent respectively).  Landlords with property in London were also more likely to have reduced rents across their own portfolio in 2020 (46 per cent reduced them in Central London, 26 per cent who reduced them in Outer London).

Across the country, 32 per cent of landlords had experience of properties being void in the first quarter of 2021, with the average void period being 102 days.

Ben Beadle, Chief Executive of the National Residential Landlords Association said:

“The pandemic has seen a significant shift in where tenants want to rent, with the trend towards home working making inner cities, especially London, far less desirable.

“This poses significant challenges in determining where to invest to meet demand. Investors will no doubt be waiting for the market to settle, and the full roadmap out of lockdown to be realised, before making major decisions about where to invest. This will be particularly important as employers make decisions in the coming months about future working patterns.”
Rhianna Abrey 10 May 2021 

If you would like to learn more about buy-to-let and property investment, there is a free online seminar coming up this week. Register below to learn the Beginners Property Secrets.

Free Property One day Beginners Property Secrets ONLINE COURSE 26 MAY -  https://bit.ly/3eMDgRL

In this job you will never run out of work!

In these uncertain and rapidly changing times, it is important to choose an occupation which gives you some guarantee of a long-term future.

In the UK, the Home Office publishes an official list of ‘shortage occupations’, for which a qualified and experienced overseas migrant may qualify for a Skilled Worker visa.

The list includes jobs such as, Health Service and Residential Day Care or Domiciliary Managers, various scientists and engineers, web development professionals, nurses and senior care workers.

The official government list for working visa qualification, only covers a fraction of the huge labour shortages in the UK.

According to the report by Luminate, the following industries experienced a particularly large number of hard-to-fill vacancies at professional level:

·        architectural and engineering activities

·        computer programming and consultancy

·        education

·        employment and HR

·        financial services

·        human health activities

·        legal and accounting services

·        office administrative, support and business activities

·        public administration and defence

·        residential care activities

·        retail trade

·        social work.

However, both of these lists contain glaring omissions- green jobs. In order to meet climate change targets, industry will need hundreds of thousands of skilled workers to fill new ‘green’ jobs.

For instance, is estimated that 23 million gas boilers will need to be replaced in the UK, but there are not enough trained engineers to do the work. There is a shortage of 100,000 boiler engineers right now!

Boiler engineers will have jobs for life replacing old boilers with electric and hydrogen boilers and servicing the new boilers.

Millions of petrol and diesel cars will have to be replaced as governments around the world tax them out of existence. This will create a huge number of new skilled jobs.

China is investing massively in new technology and green energy, as is the UK. The US could be left behind in what’s being called China’s century.

The 20^th Century was America’s, after Great Britain’s empire started to unwind following the German led First and Second World Wars.

China is effectively colonising the world’s resources through trade rather than war.

If you exclude the disastrous Chairman Mao century, China was one of the leading economies in the world in 18 of the last 20 centuries?

The UK government recently announced a massive retraining programme to reskill millions of workers whose jobs have become redundant due to new technology.

The important word is “skilled”. Tens of millions of unskilled, as well as many skilled and technical jobs in accounting and law, will disappear in the next decade, so prepare yourself.

Self-driving vehicles, AI and robotic technology are already here!

Education is key to your future. Not just formal education, but also relevant vocational and on-the-job training in which you can ‘earn while you learn.

An increasing number of people prefer to quit the rat race and start their own businesses, which is great.

Caution. Don’t fire your boss until you can replace your salary with your new business and do not spend all your savings or borrow to set up an expensive physical business like a shop.

An ideal way to start is to set up a part-time online business, which you can run from home with little or no capital.

With this in mind, I’m offering 3 free coaching calls sessions to anyone who is prepared to take the time and effort to learn and master money and business. Check the link in the next 24 hours on my Charles Kelly Marketing Facebook page https://www.facebook.com/CharlesKellyMarketer.

Property News - Changes to notice periods and tenant evictions - 1st June

UK domestic property renters will continue to receive support for longer notice periods until at least the end of October. Notice periods that were extended as a result of the covid crisis are gradually being reduced. The minimum for every case now is 6 months. (Section 21s and Section 8s). Unless there is an extreme case, such as domestic abuse, anti-social behaviour, or rent arrears.  

Main changes:  

·        Section 21 (Form 6a) 

From 1st June the minimum notice period on Section 21 (Form 6a) will be reduced to 4 months.  

·        Section 8 (Form 3) 

From 1st June notices that currently 6 months will be reduced to at least 4 months. For arrears which are 4 months or more will require a 4-week notice period. Serious cases as shown below will be reduced to the following:  

·        Anti-social behaviour - Immediate to 4 weeks’ notice

·        Domestic abuse in the social sector - 2 to 4 weeks’ notice

·        False statement - 2 to 4 weeks’ notice

·        Over 4 months’ accumulated rent arrears - 4 weeks’ notice

·        Breach of immigration rules/right to rent - 2 weeks’ notice

·        Death of a tenant - 2 months’ notice

EVICTIONS  

From 1st August - Notice periods for cases where rent arrears are 4 months or more will be reduced to 2 months arrears which are 4 months or more will require a 4-week notice period. 

The ban on bailiff-forced evictions will be lifted on 31st May 2021. The notice period before evictions take place will be 14 days unless it is an extreme occasion.  

Bailiffs will be asked to not carry out an eviction if they have been told that someone in the property is self-isolating or showing signs of COVID-19. 

 Notice periods will return to pre-pandemic levels from 1st October, Subject to public health advice and progress with the Government’s roadmap. 

 The government has announced that a White Paper will be published with the aim to create a fairer private rented sector that will benefit both the tenants and the landlords. This will also include proposals for the abolition of section 21 ‘no-fault evictions to give tenants more security and a new ‘lifetime deposit’ to ease the burden when moving property. 

There is a belief that in the next few months when furloughing finally stops that around a million people will be unemployed and this could have a dent on the market. 

According to the Citizens Advice Bureau, over half a million tenants were in arrears three months ago and this has certainly increased in the last quarter. This represents approximately 12% of all tenancies are now in default. 

However, the current property market is very strong, with the new 5% deposits for first-time buyers really helping to lead so many people looking to get on the property ladder. Bournemouth based property agents Martin and Co have seen the rental market appreciate by almost 10% in the last 6 months and the housing market has been around the same. 

They said: “A surprising factor has been so many new first-time investors looking for a property, as they believe this is the way forward with interest rates so low and the uncertainty of long-term pensions”. Source: Martin and Co, Bournemouth. 

Beginner Property Secrets 

Next week 19 May, leading property expert Kevin Poneskis is running free online training sessions to show you how to overcome the most common beginner mistakes in property investing. 

Kevin’s next session is on Wednesday 19th May and he cannot wait to see you there! 

Do you want to start earning life changing sums of money from property whilst knowing your are avoiding all the common mistakes beginners make when investing? 

Kevin will help you avoid the all-to-easy mistakes most newbies make when getting started n property investing. 

So don't get stumped and beaten by someone who knows more! 

At Beginners Property Secrets you will Learn the basics of Buy-To-Let, Buy-To-Sell (Flipping), & Joint Ventures from the UK's top property trainers and investors is the ideal solution for anyone wishing to get a firmer grasp on how the experts make money from property. 

What to expect:

·        How to use minimum cash time & risk for maximum cashflow

·        How to grow your portfolio & pension provision for the long term

·        The shortest route to property cashflow success

·        And so much more! 

Beginners Property Secrets gives any investor a head start, even when you're starting from zero. Don’t make avoidable mistakes whilst starting out in property investing- sign up today to discover when our next available Beginners Property Secrets date is! 

We can't wait to see you there! 

Register your interest in Beginners Property Secrets here, and a member of the team will get back to you to confirm your place at your preferred date. Please note, places are limited due to covid restrictions.

Click link to register your interest here - https://bit.ly/3eMDgRL 

UK Property Latest - Landlords Face A £30,000 Fine Or Prison Over EIRC Checks!

 

Landlords, Act Now Or Face A £30,000 Fine

Most property investors and landlords are proactive when it comes to ensuring the safety of their tenants and properties, which is also in their own interest.

Under the latest Regulations, landlords must have the electrical installations in their properties inspected and tested by a person who is qualified and competent at least every 5 years. Landlords also have to provide a copy of the electrical safety report (EICR) to their tenants, and to their local authority if requested.

The Regulations came into force on 1 June 2020 and apply from 1 April 2021 in England in cases where a private tenant has a right to occupy a property as their only or main residence and pays rent. This includes assured shorthold tenancies and licences to occupy.

Landlords who fail to comply could face fines of up to £30,000 or even criminal charges in the case of negligence.

This does not cover PAT testing, which is still required. In most cases, it is cheaper to throw away perfectly good electrical appliances (most of which ends up in landfill) than calling in PAT testers and waste a day filling in forms.

The changes to rules and regulations on gas, electrical work, building and a whole raft of red tape every few years are a bonanza for the sectors and create plenty of non-productive jobs. But the costs are ultimately passed on to landlords, tenants and taxpayers. Thousands of civil servants and various people in sector bodies and quangos are employed to constantly change rules and create more red tape to self-perpetuate their own jobs!

The same fate awaits perfectly good cars, which have the “wrong engine” this year! The will eventually be taxed out of existence ad end up on the scrapheap of throwaway society.

For full details and government guidance see

https://www.gov.uk/government/publications/electrical-safety-standards-in-the-private-rented-sector-guidance-for-landlords-tenants-and-local-authorities/guide-for-landlords-electrical-safety-standards-in-the-private-rented-sector

Other News

·        Plummeting central London rents hits landlords.

·        Renters move into the city to take advantage of falling rents.

·        Landlords face more arrears as unemployment soars.

·        500,000 renters likely to be pushed into arrears.

·        Pandemic disproportionately hits younger lower paid workers.

·        Self-employed grant recipients shunned by mortgage lenders.

·        Peer-to-peer websites to be closed by FCA following a series of collapsed firms

·        Beware of dodgy insulation which could render your home worthless

·        Pension scammers target 8 million people

Free Wealth Coaching Session for 3 people – limited offer

Boris has an unsatisfied CCJ at 10 Downing Street!

I was a financial adviser for 25 years, but became frustrated with the focus on only being regulated to offer products for the financial services industry. For instance, I could advise a client to invest in a Prudential Property Bond, but could not advise them to invest in a buy-to-let property themselves. I am no longer registered as an industry financial adviser, which means I cannot give specific advice on how to invest your money, but I can offer a wealth of guidance and tips on managing your money more effectively and building wealth over time. I am also the author of the book, , Yes, money can buy happiness, in which I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

With this in mind, I’m giving away 3 free coaching calls sessions to anyone who is prepared to take the time and effort to learn and master money. Check the link in the next 48 hours on my Charles Kelly Marketing Facebook page https://www.facebook.com/CharlesKellyMarketer

See also:

95% Mortgages are back in the UK

Property buyers overpaying to beat the Stamp Duty Holiday

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Mortgage lending at record levels

Mortgage lending up to record levels as property buyers scramble to beat June Stamp Duty deadline

 

Mortgage lending reached £11 billion in March – the highest since records began in 1993 - as a result of the mad rush to beat the stamp duty holiday, which ends in June.

 

The Bank of England reported that there were 80,000 mortgage approvals in March, up from 73,000 from the previous year, buy slightly down on February’s figure.

 

Although the property market has boomed in the last few months, there are signs that some areas are slowing down. I’m seeing a lot of London prices fall sharply, as Estate Agent send me emails every day offering price reductions of up to £50,000 or around 10% of the asking price.

 

We have almost reached the point where it would be extremely difficult to buy and complete with a mortgage purchase before the end of June if you have not started the legal process already.

 

Another word for mortgage is ‘debt’. We have seen debt spiralling all over the world as government’s borrow or print trillions of dollars to prevent the economy from going into recession.

 

Whilst people in work are paying down credit card debt, there are signs that thousands of people are getting deeper debt, according to UK debt advice charity Step Change.

 

Sometimes this can be as a result of a catastrophic change, like a job loss or divorce. In other cases, it’s purely down to mismanagement of money.

 

Debts can creep up on you like a disease and before you know it’s too late and you are in too deep.

 

If this happens to you, take professional advice and do not bury your head in the sand hoping it will all go away. It won’t! In the UK, you can talk to charities such as citizens advice and Step Change

 

Once you talk to recognise charity, interest and penalty charges on your debts, as well as legal action, can be frozen for 60 days. This gives you breathing space and a chance to put together an informal debt repayment plan.

 

I was clearing out some of my old files for shredding yesterday from my financial advisor business. I came across several clients who reminded me of the importance of saving and investing.

 

One particular client first sought my advice 20 years ago when she had been through a lot of financial problems. To cut a long story short, we put a plan together and I arranged a mortgage for her to buy a second property by re-mortgaging her residential home.

 

At the time, houses were cheap and you could buy a three-bedroom property just outside London for around £80,000.

 

She had absolutely no money and I remember listing her non-property assets on my fact-find form as “£200” in the bank, and that was it. However, she some equity in her property, a mortgage and some consumer debt.

 

She used that equity to fund a deposit for a second property and a couple of years later did the same thing again.

 

She continued repeating this process over the following 20 years.

 

As I said, she started with £200 in the bank. In fact, she had several other personal debts so was actually in the red.

 

When she unfortunately passed away last year in her late 50’s her estate was worth around £1 million.

 

Not bad for someone who started with £200 in the bank.

 

Almost all of her wealth was due to her buying properties and holding them. Don’t forget that she was holding his properties during the 2008 financial crash, but they bounced back.

 

She never bothered very much with Pensions or the stock market because she said she did not understand them and prefer to invest in something she did understand like property.

 

3 Key Takeaways

 

1.      She did start taking money seriously and stopped using expensive consumer credit to buy consumer products which went down in value. Instead, she borrowed cheaply to buy assets which went up in value and put money in her pocket.

 

2.      She built her wealth using other people’s money. Could she have saved £1 million in her lifetime from after-tax income? No way. In Robert Kiyosaki‘s classic bestselling book, Rich Dad Poor Dad, his rich dad asked Robert, “how long would it take to earn $1 million?”. He then asked “how long would it take to borrow a million dollars and invest it to make more money?”

 

3.      She bought and held for the long term, despite the 2008 downturn.

 

You can learn to do the same thing.

 

I’ve seen countless examples of people building wealth over time through investing wisely and patiently. Some in property, others in business or the stock market. The principles and skills are the same and are learnable by anyone who makes the effort.

 

I’m giving away 3 free coaching calls sessions to anyone who is prepared to take the time and effort to learn and master money. Look out for the link in the next 48 hours on my Charles Kelly Marketing Facebook page https://www.facebook.com/CharlesKellyMarketer