Leverage Is The Only Way To Wealth

Leverage Is The Only Way To Wealth

Leverage is​ the​ Only Way To Wealth
To build any serious income you have to​ use leverage .​
You accomplish this by spending your time creating and​ managing levers .​
I’d bet that if​ you are creative enough, you could probably create a​ lever on anything that can provide an​ income .​
Let me explain this with several examples.
If you do not have an​ employee, you are not leveraging your time .​
Start leveraging your time in​ a​ tiny way with something that doesn’t require complex skills, like a​ dog walking service .​
But get other people to​ walk the​ dogs .​
You never walk the​ dogs, you focus on marketing and​ increasing the​ number of​ dogs to​ walk, and​ more walker employees .​
Then you hire an​ employee to​ handle the​ marketing and​ sales duties, and​ then you’ll have a​ business that runs on its own without you .​
You’ll have an​ absentee ownership model where you have the​ free time to​ start another business to​ leverage .​
You have to​ learn that you can’t run an​ empire if​ you are doing everything yourself .​
The old quote for​ this situation is, the​ more I​ do, the​ less I​ accomplish.
If you are not saving money every month, you cannot leverage your money .​
Start tiny, take 3% of​ any income into your checking account, and​ move it​ into a​ savings account .​
How are you going to​ work your way up into big deals, if​ you don’t have any money to​ buy-in to​ smaller deals? There are ever larger playing fields, but saving money is​ necessary to​ get into the​ entry-level business game.
If you haven’t converted your ability into products, you are not leveraging your skills .​
Start tiny with something that doesn’t cost anything .​
Like writing an​ article or​ a​ song, whittle an​ animal figure from wood, record a​ speech .​
Any start will be helpful that gets you thinking about creating products from your skills .​
If you only know services, they can also be turned into products: books, tapes, software, newsletters, subscription services, etc .​
If you only have service skills, you can leverage them like step one above .​
But beyond that, you can start marketing to​ new market channels by developing your own proprietary products that I​ just mentioned.
If you don’t have business contacts, then you are not leveraging a​ social network .​
Start talking to​ people about what you want to​ accomplish; I​ can’t remember the​ source of​ the​ quote, but it​ is, He who has the​ bigger rolodex wins .​
The more entrepreneurial business people that you know, the​ more business opportunities you will hear about, and​ thus more financially successful you may become.
You can employ non-physical assets that can be leveraged .​
This is​ one area that I​ use a​ lot .​
For example, I​ have offered my credit to​ purchase an​ income property for​ a​ partner to​ manage, but we split the​ income by 50/50 .​
You can offer your credit and​ be paid to​ co-sign on a​ loan .​
By having good credit, you have access to​ loans that you can use to​ buy investments.
When you’ve worn yourself out on those exercises, you can start figuring out how to​ leverage everything you have done toward what you want to​ do next .​
This is​ a​ critical phase .​
If you have an​ idea, do you start thinking like this, I​ don’t know what to​ do, so I​ guess I​ can’t do that .​
Or, do you start to​ think like this, Get my rolodex, and​ find three people already in​ the​ industry that may be able to​ point me in​ the​ right direction .​
Then call my bank and​ let them know I’ll be asking for​ some money in​ the​ next couple weeks for​ a​ new project.
Now, who would you bet on to​ make quick progress that will lead to​ success, and​ who won’t be able to​ move beyond their own fears and​ drop the​ idea altogether.

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