Today, I am delighted to share a conversation I had with Gill Fielding the Founder and CEO of Fielding Financial and you might also recognise her as a Secret Millionaire as well.
Gill is lovely and so easy to listen to. She is not only funny and self-effacing, but also shares so many nuggets of information during the course of our conversation, including money will never solve people’s money problems and be decent to other people among many more as you are about to hear. Gill concludes with a reflection on what is important, which is to have a life choice and then be able to live the life you were born to live.
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Resources mentioned
Contact Gill Fielding:
Website: www.fieldingfinancial.com
Property Deal Tips & How to Reach me By Telephone
The Property Voice Mastermind Dinner on Monday 12th August 2019 in London, event info HERE
Property Deal Tips & How to Reach me By Telephone
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TPV Apprentice Programme info HERE
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Transcription of the show
Hello, and welcome to another episode of The Property Voice podcast. My name is Richard Brown and as always, it’s a pleasure to have you join me on the show again today.
Today, I am delighted to share a conversation I had with Gill Fielding the Founder and CEO of Fielding Financial and you might also recognise her as a Secret Millionaire as well.
Gill is lovely and so easy to listen to. She is not only funny and self-effacing but also shares so many nuggets of information during the course of our conversation, including money will never solve people’s money problems and be decent to other people among many more as you are about to hear. Gill concludes with a reflection on what is important, which is to have a life choice and then be able to live the life you were born to live…so let’s hear exactly how that is possible right now then…
I will also share details of a Pop-Up Mastermind Event of my own in London on Monday 12th August, themed around growing and scaling your property business.
Property Chatter
Gill Fielding
Gill’s setting - overlooking the Sussex Downs…nowhere near an office!
'Daft tart from the east end of London'…born into poverty. Left school aged 16 ‘by mutual consent’. Then decided to get educated. Became a chartered accountant in the City.
22 years ago, gave it all up to become an entrepreneur…a real rags to riches story. Property has always formed a part of Gill’s career, however.
Education is worth doing in all its forms! However, in Gill’s case, adult education for life and for financial freedom made all the difference to her as it had a purpose. Gill is now an educator herself, focusing around money and wealth.
Gill’s life purpose is to ‘light the spark of financial possibility’ in people. Radio show for BBC called Wealth Wednesdays. Financial freedom means you have to be investing at above-average returns, which is well beyond what formal education will teach us.
Gill’s financial training did not contribute to her financial freedom whatsoever. She started by buying her own university accommodation under the mistaken knowledge that she had to provide her own accommodation! She then moved out and rented the property out and that’s where she started in 1977, profiting over the 3 years at university when she sold the property to raise funds for further investment. Her early forays into property were largely accidental and unconnected activities to her ‘day job’ in the City.
She is always content to squirrel money away and delay her gratification. The first property is always the most difficult one!
Strategies…Gill didn’t really have a strategy for 20 years…she started in 1977 and was not a millionaire until 1997 ‘committing assumicide’ as she went. It took 10 years to determine the difference between investing for income and capital. After 1997 things have since grown and grown.
Initially, the focus should be on income to generate time freedom…you don’t go broke banking cheques every month. Earliest strategies were income strategies to live off. Since then, 250 units of larger developments and so on. Category D HMOs in what she calls her ‘fancy pants portfolio’, which are let to asylum seekers, etc.
The second portfolio is split 50-50 between an income and a capital focus.
Growing and funding the business – it was easy initially as she generated deposits through profits and remortgaging in the portfolio as she goes. In fact, Gill has not put that much personal funds into the portfolio she says. She has also raised funds through angels and other investors. Pre-credit crunch gaining funds was relatively easy, which Gill recognises this was a fortunate place to be.
Today, however, there are plenty of alternative ways to raise deposits in what she describes as the ‘cash clock’ that has 12 different ways of raising money that does not include a mortgage!
Gill has seen a lot, if not it all, which gives her a toolkit and flexibility to adapt to anything. Never sit still, keep growing and adapting.
Always start with the end in mind…how much do you need to feed your family? This is the first-step strategy. 3 HMOs and 8 BTLs is the foundation that Gill generally teaches. Start with BTL to get going and learn the ropes. Get financially free and then move up to the next level in the second stage.
The lows have not registered too much…try and even out to find a middle ground regardless of the highs and lows. The mistakes only hold us back if we stop, if we adapt and learn from them, we can continue to grow.
You can sit back and see what appears to be negatives as positives, such as a tenant trashing a property saving money in clearing it. There are lots of human-interest stories along the way. Her advice is to enjoy the highs and ignore the lows, plodding along consistently towards your plan. Don’t let the emotions get the better of you. Be very calculating to remove the emotion…apply formulas, methodologies, evidence-based decisions…if it meets the criteria, then proceed…if not, then don’t. Just follow the recipe and the outcome is a cake or follow the formula and the outcome is an investment. This is a combination of mindset and activity.
Principles and values
- Life mission – lighting the spark.
- Core values: honesty, integrity, trust and transparency.
- Be a decent landlord…be decent and fair to people. If you want people to pay the rent on time, you have to maintain the property in time as well.
The Secret Millionaire
It was a challenging experience (12 years ago) but she did have the opportunity to help and support some people along the way. Gill feels strongly that she should continue to mentor the people she gave money to. Despite only being able to earn £10 a day, Gill saved most of her money.
'Money will never solve people’s money problems…it’s altering a wrong belief and understanding about money that will solve their problems. Financial education solves people’s financial problems.'
Tips and advice
Gill advises that there are 3 ways to become financially-free…through these main asset classes:
- Land and property
- Trading (stocks, shares, commodities, Bitcoin, etc.)
- Own business
Each has increased by just over 10% per year over time…so get into all of these asset classes...eventually.
The future will pick up quite quickly once we emerge from all the Brexit uncertainty.
There is always a strategy, regardless of stage in the market. Flex strategy depending on the state of the market. Be doubly sure on your evidence if you are an inexperienced investor.
Pointers, how to get some tips and education and how to reach Gill:
Begin with the end in mind, have a clear strategy, make evidence-based decisions, then act unemotionally & professionally.
Fielding Financial offers an AQA accredited to provide a diploma…we must take property investing seriously.
What is important is to have a life choice and then be able to live the life you were born to live…
Remember, if you want to talk about anything from today’s show, or just talk property investing more generally, email me at podcast@thepropertyvoice.net, I would be happy to hear from you! The show notes can be found at our website www.thepropertyvoice.net
All that is left to say, is thank you very much for listening once again this week and until next time on The Property Voice Podcast…it’s ciao-ciao.