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Have you ever felt
like there must be some secret the rich and successful people have
discovered that allows them to accomplish so much each day?
You know what I
mean.
Between going to
work, shuttling the kids off to their sports activities,
picking up groceries, making dinner, getting the kids ready for bed,
and doing other household chores, there doesn't seem to be scarcely
enough time to even sleep -- let alone spend time developing and
implementing your wealth building plan.
Does there?
And yet ...
we all have the same 24 hours in a day, right?
So what's the
difference? What are the wealthy doing with their 24 hours
that the rest of the world isn't?
The answer is
that the wealthy are expert at applying leverage.
Leverage of time
and leverage of money are key differences in how the rich make use
of their time and resources as opposed to everyone else.
Time leverage is
leveraging the time and efforts of others. Or it's doing the
work once and then getting paid over and over.
Trading time for
money is not generally a path that will enable you to become rich.
Deep down you
already know this, don't you?
Leveraging the
work of others -- which is typically what the business owner
is doing -- is absolutely critical to building real wealth.
Because it
unlocks the cap that is otherwise in place on your earning
potential.
And that's why
the business owner can become rich, but you can't so long as you're
trading your time working for him/her for a salary or wage.
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This is the reason having
your own business is so important.
By starting your own
business -- even if it's a part time business you operate from your home --
you create the mechanism by which you can begin to eliminate your need to
trade time for money.
For example, if you are
an author, it allows you to create royalty income on book sales.
If you are parking lot
owner, you begin to generate parking fees from motorists.
In both of these
examples, there is an element of time leverage at play.
And, if you absolutely
love what your are doing, by starting your own business employing time
leverage, you can create a second income stream with which you can then use
to rapidly increase your level of financial leverage.
Financial leverage
--leveraging money so that it works for you -- is the other key.
Most people are familiar
with this concept already. That's why most people have retirement
accounts and hold some type of investments.
The magic though is the
combination of time leverage and financial leverage.
This is where the wealthy
truly differentiate themselves.
So if you really aspire
to great wealth, success and riches in your life, understand that leverage
holds the key.
Time leverage and
financial leverage, together as part of an ongoing wealth building plan are
the critical success factors.
And if you don't believe
me, just look around. Pick any rich and successful person you can find
and look really closely at what he or she is doing. I guarantee you
leverage is a core component of their success. |