The 7 secret keys to wealth - Key #5: Leverage.
This article is one out of seven that I wrote about wealth. The whole series contain a lot of free valuable information about key factors that can help you become wealthy. The rich do things in a different way. That difference is the one I want to explain here. Let’s scrutinize together these strategies that can make you more money and help you boost your income. The whole series contain the following articles .
1. Add Value. 2.
The Multiple Streams of Income. 3. Passive Income. 4. Residual Profits. 5. Leverage. 6. Specialization. 7.
Compound Interest. Leverage give you freedom. Leverage is anything you can do to multiply your efforts. People often don’t become rich based on their own efforts alone. No matter how hard you work or how smart you are, “the whole is bigger than the sum of its parts.” We all face limitations. There is a set amount of hours you can work each day. Even if you wouldn’t need to sleep nor eat, still you would have only 24 hours each day like everybody else. What establishes the difference is how effectively (leverage) you use your resources. What resources are we talking about? What resources do you have? These resources are: money, time, efforts, skills, and knowledge among others.
It is as the saying goes: “Poverty is a big effort that produces small results, while wealth is a small effort that produces big results.” You learn to use leverage since you are born. We are constantly learning new ways to do things better. We strive to find methods to produce bigger results with less efforts. When it comes to making money though, many individuals has no clue about how to use leverage to their advantage. Whether you own a business or you work for someone else, if you do it all on your own or said another way, if all the money you receive is directly proportional to the efforts that you make, then you are not using leverage. It is hard to attain financial freedom this way. It is almost impossible. The funny thing is that there exist many different ways to use leverage to your advantage and not only one. By just using a few methods you could notice the amazing difference.
I will show you some techniques here, but I am sure that there are many more. Other People’s Money (OPM). Let’s start with this one. You have probably heard about it before. Let’s imagine that you are selling e-books on the Internet. You may pay for advertising. For example you could invest in Google Adwords to reach many new clients. You can also buy banner impressions or invest in many other advertising strategies that exist today on the Internet. On the other hand, what if you join an affiliate program and instruct your affiliates to market your product through Google Adwords as well as the other paid marketing strategies you have discovered.
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