When creating multiple streams of income you must first start with a drip that leads into a trickle that will eventually lead to a stream. Whatever your first form of income is you never abandon that to start pursuing the second stream of income. The first stream must be used to grow into a second flowing stream. You have to strengthen and solidify the first stream, once this is done you start strengthening the second and third streams and continue with this ideology. Now at this point, you have solid streams of income with gushing flows. You now have cash on tap. You must learn to Leverage The efforts of other people otherwise your efforts will be leveraged by someone else.
You know how people complain about being in the rat race and either need more time or more money… Well, I teach middle-class families how to have both… I do this through teaching them business ownership, investing and benefiting from the tax laws to properly shelter their income, thereby helping them live more productive lives in both their personal and professional space. By achieving this, they can put more money in their pockets and accumulate more wealth.
Let’s chat about leverage. Wealthy people utilize leverage. Leverage means getting something done with the least amount of effort. There are many forms of leverage. The first form of leverage is what’s known as “OPT”, Other People’s Time. When a CEO hires employees, they are leveraging other people’s effort. A great example is when I have someone to come and cut my lawn. I am leveraging someone else’s time to get a task performed that I want. This is important because you have to evaluate your hourly rate or billable hour. If I can pay a person $50 to cut my yard and I make $500 an hour, that makes total fiscal sense to outsource that project.
The second form of leverage is “OPK”, Other People’s Knowledge. Because as a person, you can only do so much, learn so much, and know so much. If you notice wealthy people have a lot of advisors around them, in all areas of their lives. Many people have teams of accountants, tax strategists, financial planners, and insurance people. Wealthy people are experts at hiring experts. When you try to take on everything on your own and have the mentality “if you want it done I’ll do it myself”, you can never attain wealth. You must master the ability to leverage other people’s knowledge.
The third form of leverage is “OPM”, Other People’s Money. Wealthy people don’t use their own money. When buying real estate wealthy people use the bank’s money or other investors money but never their own money. Money attracts people who know how to multiply it.
The fourth form of leverage is “OPR”, Other People’s Relationships. Wealth comes from relationships and wealthy people are good at leveraging relationships. There may be an instance where there is a person that you need to meet but you don’t know them. You may have a friend who has a great relationship with them who can put the two of you in touch with each other. Another example here, let’s say you have an offer, product or service that you’re promoting. You can leverage other people’s relationships “OPR”. If you did a JV (Joint Venture) deal with someone, they may already have a customer base. That customer base already trusts and believe in that person or service. You can have that person who is the influencer, endorse your product or service. Now you are leveraging the relationships that they have built. Now you are happy to give them a commission.
These are all forms of leveraging. I’ll give you one more, technology. Automation and software. These tools can help you be more efficient and more effective. Your smartphone is one of the biggest leveraging tools. So the question you must ask yourself is, are you doing smart things with your smartphone? One thing wealthy people have in common is that they are all masters at using leverage in one form or fashion. It doesn’t matter what industry what business or what investment you do, the more you learn how to use leverage, the more successful and wealthy you will become. It’s better to have 1% of 100 people’s effort than to have 100% of my own efforts.
Five ways to increase your income
1. Become more valuable as an employee and advertise your worth to the company.
2. Move into the revenue stream at your job. (Revenue-generating jobs) (10X value) 10x the growth of your company to increase your income. If you make the company an extra $250,000 you can easily ask them for $25,000 raise.
3. Become an intrapreneur.
4. Develop a high-income skill (a high-income skill is a skill set that can generate you $10,000 a month or $120,000 a year).
5. Use your high-income skill to start a side business.
Sean J Harris