Unleashing the Awesome Power of Leverage

Once you have the proper mind-set, and you live your life in accord with the laws that govern prosperity, I believe you will achieve prosperity in whatever you do. Having said that, I also believe that you can achieve wealth easier and a lot quicker, if you engage in certain business models.

Notice I say business models, not jobs. While some people can create wealth working for others, it is does not happen often. Being your own boss usually gives you a much better track for becoming rich. The other common thread running through the three business models I recommend is that they employ the concept of leverage—and leverage is probably the greatest secret for amassing great wealth.

If you study the wealthiest individuals in history, people like Carnegie, Getty, and Gates, you’ll always find some form of leverage in their success. Leverage is important, because without it, you’re simply trading hours for money. Even if you have what many people would consider a good job, you may be just trading hours to get paid.  And the problem is there usually aren’t enough hours to get rich. 

If you are a dentist, nurse, or doctor, your income is going to be directly tied to how many patients you can see in a day. Likewise, if you are an accountant, attorney, or consultant, you’re limited by the number of clients you can work with. 

This is the situation with most jobs, and a great deal of businesses. If you work five days, you get paid for that. If you stay home one day, you get paid only for four. Many businesses place a death grip on your life. When I was in the restaurant business, I usually worked about 80 to 90 hours a week and often went weeks at a time without taking a day off. Anyone who has ever owned a restaurant, nightclub, beauty salon, retail store, or many similar businesses will understand exactly what I mean. You don’t own the business—the business owns you.

The other problem with many traditional businesses is their dependence on you for the day-to-day operations, thus making them very difficult to resell. When a potential buyer sees how critical your presence is to the ongoing success of the business, they want to pay a lot less money for it—or may back out of a deal entirely. These kinds of situations are all missing leverage. 

Leverage lets you escape the trading-hours-for-money trap. Leverage can be applied to your skills, knowledge, and expertise. And leverage can also be applied to your money. The more areas in which you can apply leverage, the faster you will be able to create wealth.

Relevant Reading :
Why You're Dumb, Sick & Broke...And How to Get Smart, Healthy & Rich : Randy Gage

Quotes for the day:

"Setting priorities is critical in reaching your goals in life, school and sports. Without priorities your days can be wasted running from one task to another. You will become frustrated, agitated and most likely fail more often than not."
*-- Dan Green

"Decide what you want. Decide what you are willing to exchange for it. Establish your priorities and go to work." 
*-- H.L. Hunt
 

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