How to Really Leverage Your Time and Your Money

image:www.mumpreneursonline.com
culled from:www.1article.com

How to Really Leverage Your Time and Your Money
You may feel you know a thing or two about the concept of Leverage. In terms of your business it's how to add other streams of income that earn you more money.
Particularly how to:
Earn you money whilst you sleep
Earn you money whilst you work at something else
Earn money whilst you travel, enjoy yourself etc
If you're not taking advantage of this phenomenon then it may currently seem like a pipedream. But hey relax.
Let's look at a few ways to develop Leverage that are available to you right now...As an example let's start with...The Leverage concept is most common in Real Estate.
An investor buys a property with their own low deposit...and uses other people's money in the form of a mortgage to pay for the place. House costs you 100k. Your deposit 20k. The other 80k is your Leverage. This is your ability to control an 'asset' (in the accountant's definition of it).
Then your tenants pay your mortgage and in a few years, you've built equity in the property....Even though you only put down 20k. That's simplifying it I know...
Leverage then is the ability to control a high priced asset with a low amount of your own money. The rest being made up of Other People's Money (OPM).
However you can use Leverage in another way.
You can Lever time.
I can tell you this...The old saying 'time is money' is only true if you do a job by the hour. Say you're a labourer and you get paid by the hour. You're limited to how many hours you can do per day, of hard, back-breaking work.
However once you move beyond that concept - as may well be your desire - you'll discover that money makes money. That's Leverage too.
It's all about the amount of money being earned by you, via as many streams as possible.
That's the thing that increases your yield and your income. That's the thing that boosts your returns per day per hour...In any endeavour...
You amplify time by having extra streams of income moving at different speeds on your behalf.
One other highly important factor influences the scenario and your results.
Velocity - the velocity of money. How fast can you earn it? And by as many different endeavours as possible?
You can see then that IF you possess or control 15 separate streams of income including your job or main business...Then they'll all be producing cashflow and income at different speeds.
The faster you can earn more money, the richer you get (all other factors like good health etc being roughly equal)...
So when faced with any opportunity ask yourself 'How Big Can This Get and How Fast?'
It's a very valid question. It holds your feet to the fire. Apply it to everything in your life and you'll amplify your results in any endeavour.
Now I realise your business could be myriad things.
Imagine you run a florist's. It's busy. You have repeat customers. You have significant passing trade. But what you really want to do is get another stream of income going.
Something that Leverages Your Time and Your Money...
Now let's say you've got significant experience at being a florist. So you decide to make an Info Product.
If you read my articles or you're signed up to "The Thrifty Millionaire" then you'll know I'm always yacking about this.
Because Information Products, when properly realised, are the easiest and potentially most lucrative way your business can boost its bottom line...Regardless of what you do.
What Information Products could you produce for your business? To gain 'authority'? To add extra streams of income?
So as a mythical florist you work out a way to use Leverage to boost your income. You write a script or shot list for a DVD that you're going to shoot.
Nothing fancy. Simple one and two camera gig, easy edits, effective non-invasive titles.