In this final post on leverage, we'll look at two other types of leverage you can use to your advantage.
Use Technology Leverage
We live in incredibly privileged times. We have access to incredible tools to enable efficiencies in pretty much every aspect of our lives. We can ask a certain digital assistant to set a timer for us when we’re cooking, saving us the 30 seconds it takes to wash and dry our hands, pull out our phones and set the timer ourselves.
I have saved an incredible amount of time by moving increasingly towards seeing my clients via Skype or Zoom video. My fuel bill has reduced by two-thirds now that I rarely leave the office for client meetings. Many of them now come in to see me, but the majority are conducted via online video, which is the very definition of leveraging technology to increase our wealth.
When it comes to a direct impact on wealth-building, you can use budgeting tools like YNAB, as well as the built-in tools on some of the challenger banks like Starling and Monzo to help with the basics of money management. Tools with round up spending and save the difference are a great way to leverage technology to save little bits of money often.
I use Evernote to make sure I don’t forget anything and for scanning and saving documents that I might need to refer to. I run both my businesses on Asana, which is a task and project management app, so I can assign tasks to team members and track completion.
I use Sanebox to clear up the insanity that is my email inbox, and my new favourite is Shift, an app which combines a whole load of other apps and systems into one window. TextExpander saves me from typing the same thing lots of times.
What I do with the time saved is the key, though. I could save a lot of time with these tools only to waste that time watching YouTube. But I have taken on more new clients in the past year than in the previous four years combined, thanks to some of these tools and also using time leverage by hiring employees. More new clients equals more income and as long as I keep an eye on profit margin, then I’m a winner.
What tools might you use to improve your own wealth? Could you start a blog using free online tools to make money that way? Could you use a budgeting app to help you manage your money? Could you use an online platform to automate your investing? Look for ways to create efficiencies that then free up time and resources to put to use on your own journey towards FI.
Use Experience and Knowledge Leverage
Working with Kal not only frees up my time by doing stuff I could do myself, but he is bringing a level of expertise in his field that I can only aspire to. I’m levelling up what I do by using him.
Those listening to my show leverage my own experience and expertise by applying what they’re learning. There’s a podcast now for every possible subject you could imagine, and by listening to podcasts in otherwise dead time, you’re exercising expertise, technology AND time leverage – get you!
Quoting Todd Tresidder again: “Knowledge is the foundation of all wealth-generating processes.”
Maybe you can also leverage your own expertise to make money. Maybe you can create a blog, video series or podcast to share what you know to help others. You’ll be giving a lot of it away for free – actually you should give it all away for free – but people will look for ways to repay you.
I’ve lost count of people who have emailed to say that they bought my book or even joined Meaningful Academy to – in their words – repay me for all the free content over the years – that’s amazing, and I’m very grateful. Could you do the same?
Either you can use other people’s knowledge to leverage your way to increased and accelerated success, or you can leverage your own knowledge and the incredible power of the internet to build more and greater wealth for yourself and your family.
Missed part four? Or do you want to take diversification to the next level?
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