Many people dream of becoming wealthy. However, the road to wealth and success is long, hard and winding. This is the reason why only a few made it big. Most people gave up along the way. Unknown to many, there is a shorter way to success and that is through leverage. It is possible but very difficult to make it on your own. After all, we are all humans and we all have limitations. But building wealth and success through leverage will allow you to use resources that is beyond what you can offer making the journey a lot easier and faster.
What is Leverage?
The Cambridge dictionary defines leverage as to use something that you already have in order to achieve something new or better.
In short, leverage is using something to achieve something with less effort. Think of it as a lever. A lever is a bar that you use to make your work easier. It allows you to use less force to lift or move objects. Items such as scissors, nail clippers, hammer, staplers, bottle openers, brooms and gym equipments are all examples of levers. They are machines or equipments that you use on a daily basis to make your life easier.
Just as you use leverage to make your life easier on a daily basis, you can also use leverage on your journey towards building wealth and success. Using leverage is the same as working smarter rather than harder.
The hours that ordinary people waste, extraordinary people leverage.– Robin Sharma
What are the different forms of leverage?
There are many forms of leverage that you can use on your journey to wealth and success. Here are some of them:
1. Financial Leverage (Other People’s Money)
In finance / economics, leverage is defined as to use money to get more money. In short, it is using other people’s money to start a business, buy an asset or finance an investment. Examples are borrowing money from a bank to purchase real estate or looking for an investor to your business.
2. Time Leverage (Other People’s Time)
Did you know that the wealthy thinks that time is more valuable than money? Why? It is is simple you can use time to buy more money but you cannot use money to buy more time. Even if you lose all you money, you can still get it back but with time, you cannot do that. Whether you are rich or poor, successful or struggling, we all have 24 hours in a day, no more no less.
So, stop doing everything on your own. Delegate some of the work to others so that you can focus on doing the important tasks.
3. Talent Leverage (Other People’s Knowledge)
No one is a master in everything. Let’s face it, there are other people who are more talented than you. They have more experienced and have greater skills than you in a particular field. Why not use them to have an organizational advantage? Make them a member of your team and a part of your support group.
4. Network Leverage (Other People’s Connections)
Networking is important in our lives especially if you have a business or you are into sales. However, humans have limitations as far as connections and social relationships are concern. That’s why you need to tap into other people’s network to expand your own.
5. Marketing Leverage (Other People’s Audiences)
If you are a business owner, a blogger or a social media influencer, you know that it is hard to establish a brand especially if you are a start-up. Through marketing leverage, you utilize other people’s audiences through their magazines, newsletters, etc. to communicate your message and build awareness of your product or service.
In short, what matter your goals in life are or what industry you are in, leverage can multiply your efficiency. You can use just one form or you can use all at the same time. The point is, you accelerate your growth through leverage.
Remember, work smarter not harder.
Feature Image by Gerd Altmann from Pixabay Images