Today I’m delighted to welcome Kevin Whelan to the show, a pensions expert who knows more than most about how to leverage existing assets to create additional wealth. And today, we are looking in detail at using your own pension to further build your property portfolio by converting it to a SSAS: a small, self-administered scheme.
If you don’t have a pension then maybe this isn’t the episode for you, but if you do have one, whether it’s from a job long forgotten about or something you’re still contributing to, then you best pay attention as it could become one of your most valuable sources of finance for future projects.
Listen to this episode below:
Here’s a sneak peek at what discussed this time:
4.00 – Kevin discusses his passion for economics, and how a personal tragedy led him to understand the importance of ensuring your affairs in order – particularly as a business owner.
“I was fascinated by economics; I have a degree in economics: but being an economist was pretty damn boring!”
5.45 – Kevin explains that wealth comes from building assets and that fundamentally, there are 7 key assets that you can combine to create a wealth portfolio personal to you.
7.35 – How Covid-19 and the current economic climate has both highlighted the importance of the 7 pillars of wealth and not keeping ‘all your business eggs in one basket,’ as well as the importance of funding and creativity in pursuing opportunities.
“There’s one skill in finding opportunities, but there’s a whole different one in funding them.”
10.10 – The importance of collaboration in business success.
10.46 – Insights into potential opportunities and market changes post-lockdown.
13.12 – A closer look at SSAS pensions, and their advantages, for entrepreneurs.
16.45 – A SSAS isn’t right for everyone – the 7 key questions you should ask yourself before moving forward with a SSAS.
“Take your time: a SSAS, once it’s decided upon, is really a lifelong decision because you can involve your whole family, you can pass it onto your kids. You’re building a multi-general tax-planning tool.”
19.54 – The best ways to use your SSAS.
23.20 – Pensions as a tax-free trust fund.
27.57 – Using SSAS to provide stable solutions, with education opportunities and high ROI/ROA, for other investors.
34.21 – An introduction to ‘Bridging’: using SSAS to underwrite loans and diversify wealth.
36.36 – Is a SSAS right for me? From using ‘The Wheel of Wealth’ to reaching out to others, Kevin explains the best ways to find out everything you need to know about a SSAS, its suitability for you and staying compliant.
42.39 – Don’t confuse a SSAS with a SIPP – but that’s another podcast!
The Landlord Furniture Company have changed the game for us in the way we furnish our HMO’s, and they can for you too. Their high-quality furniture is made in the UK and built to outlast your tenants. Their bespoke designs, three-year warranties and amazing attitude make working with them an absolute breeze. To find out more visit them at www.landlordfurnitureco.co.uk or on Instagram at @landlordfurnitureco
Head over to Wealth Builders for loads of free resources and videos, and get in touch with Kevin’s team to request free copies of his 7 Key Questions ebook.
Mark Stokes’ book SSAS Pensions: Creating extraordinary levels of compounding wealth can be found here.