Manifest Money: How Can You Leverage $1 into $1000? Part 1 (Starting Where You Are)
Stephanie has a goal. Her kids are approaching college age, and she has about twenty years until retirement. She’s a single mom making a modest income as a secretary. “I get the concept of leveraging, Jack,” she tells me. “But I’ve got nothing to leverage. Every penny goes to bills, and I get a little farther behind every month.”
Stephanie’s Core Desire is to have financial security during her later years – have her house paid off and have enough income to cover expenses comfortably. “I guess to really manifest money, I need to get a part time job,” she says. “But I hate to be away from my kids more than I already am.”
Stephanie is doing the opposite of leveraging. Instead of using a little to get a lot, she’s using a little to get . . . even less. Every time she makes a purchase on credit, she reduces the power of her earned dollar by the percentage of the interest. So what can Stephanie do to change her direction?
- Get your household in order. Every budget is different, but in most cases – not all, but most – there are places to cut back. In Stephanie’s case, she’d come to rely on eating out two or three times a week, and her eldest daughter’s dance hobby was a large expense. Stephanie can put her “eating out” money toward credit card debt, knowing that when the cards are paid off, she can start eating out again on some of the money she had been using for minimum payments. She has asked her daughter to pay for a portion of her recitals and costumes out of her after school job. Not only did this lighten the cost for her, but she found that her daughter started making more judicious decisions about her programs, knowing part of it was coming out of her pocket.
- Take care of your credit rating. When you have a good credit score and ratio, you can get a better rate, quicker approval times, and better deals. This puts you in a much stronger position when you’re ready to start leveraging in the positive.
- Consider a home business. There are 168 hours in a week. If you trade those hours, one for one, for a certain rate of pay, your potential is very limited. Adding a part time job can’t make much of a difference, and might end up costing you more. A home business gives you options for tax write offs and your first foray into the world of leveraging.
- Leverage what you’ve got. Whatever you have, however small you think it is, start looking for ways to make it work for you. Stephanie inherited a small stamp collection that was worth several thousand dollars. She has no sentimental attachment to the collection, so she’s decided to sell it and invest the money. During the holidays, she makes and sells wooden Christmas ornaments around work. They’re very popular, but of course she can only make so many. By selling some for her friends and keeping a percentage, she has a little extra money to apply first to credit card debt and then to investments.
No matter where you are in your journey to financial independence, you have to start thinking strategically. Work smarter, not harder! As you gain control, you’ll start to feel empowered enough to take the next step in leveraging – taking some controlled risks for a much greater payoff!
If you’re ready to manifest money, why not commit just 5 minutes a day for the next 30 days? I can show you the simple steps that will take you to the future financial success that you’ve always dreamed of.