How to Get Rich – Leverage (Part 1)
Image source: Jungwoo Hong
Leverage is defined by Meriam Webster’s dictionary as “the action of a lever or the mechanical advantage gained by it.” One might put a 2 x 4’ board under a rock to move the rock.
If you have ever purchased a home, you probably made a down payment, which is your equity. For a $100,000 purchase you may have put down 10% or $10,000 or maybe 20% or $20,000. You would leverage your equity with debt, a mortgage, to pull together funds equal to the purchase price. With the 20% down payment, you would borrow 80% of the purchase price or $80,000. That’s the power of leverage.
Turning to work or production, one of the biggest issues we face is the Scarcity of Time.
Many people say that “Time is our most precious asset because once a minute passes it can never come back again.”
This means we must use our time very wisely.
What tools can we use that will help us produce the same output with less effort or increase our effort?
Most of us hold a job. This means we work for 20, 30, 40 or more hours every week. We’ll be diving into this in future posts but to get started:
Get More Efficient. Define clearly what tasks you need to complete in order to deliver A+ level performance.
Develop systems. If you have read earlier posts, you know I’m a big fan of McDonald’s. Their iced coffee is among my favorites. I enjoy a Big Mac every so often too but let’s put the food aside for the moment, and consider their operations – how they prepare the food. Their systems are among the best in the world. Their operations enable preparing thousands and thousands of meals every day in minutes. What systems can you create that will increase your results? How can you work smarter?
Eliminate extraneous tasks. Get in the habit of saying ‘No’ to extraneous tasks.
Create and maintain a ‘To Do’ List of your tasks and checklists.
Follow your systems but monitor your results and modify your actions when you can increase your efficiency and productivity.
In future posts, we’ll be diving into these steps to help you become more efficient and productive.
By increasing your results and productivity and using your time more wisely, you’ll leverage your knowledge, know-how and expertise and increase your income and therefore your wealth.
We’ll show you the way.
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See you next week.
Arthur
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How to Make Money in your Spare Time Writing Letters.