Manifest Money: How Can You Leverage $1 into $1000? Part 2 (Thinking Big)
Go to work and sit at a desk for 8 hours a day, 5-6 days per week, 52 weeks per year. Give it everything you’ve got for forty-plus years. Invest in your 401(k). Pray over the stock market and stress over your pension. Sacrifice to pay off your house before your income plummets.
Best case scenario, you’ll be able to get by. Worst case . . . well, we’ve seen plenty of that in the news lately, haven’t we? Hard working employees are too vulnerable to people like Bernie Madoff, to the caprices of the market and the economy.
If your Core Desire is to have financial security – real financial security – when you retire, you’re going to have to step out of the gold-watch-at-retirement box and take control of your financial future. “Jack,” you’re saying. “I’d love to make the big bucks. I really would. But it takes money to make money.”
I was in the same position, my friend. My wife and I lived with her parents, while I struggled to find my way out of my grim prospects. And I failed several times before I got to where I am right now – and where I am now is beyond anything the white kid from the Navajo reservation could have dreamed of.
I want this for you. I want you to go to bed at night, knowing that you have everything you need, that you can put your kids through any college they choose, that you can not only retire in security, but have abundant enough resources to spend those years however you please.
We’re talking right now about leveraging your money. If you have a dollar, make it into a thousand. If you have a thousand, make it into ten thousand . . . then a hundred thousand . . . then a million . . . then ten million. The principle of leveraging remains the same; only the numbers get bigger.
How can you leverage your money?
- Stop defining your income as: “How much you make per hour.” Whether you’re a powerhouse defense attorney or a convenience store clerk, your income is limited by the number of hours that you actually work. Your income needs to come from sources that make money even while you sleep. And remember, earned income is taxed at the highest tax rate of any personal income.
- Learn how to use OPM – Other People’s Money. Whether you’re borrowing from the bank to buy your first home or rallying investors for a major deal, you’re leveraging. You’re using a little – your time and other people’s money – to gain a lot. Let others invest their money and assume some of the risk for the chance of reaping some of the reward.
- Know the difference between good debt and bad debt. Howard Ruff writes that there is only one kind of good debt: “borrowed money that goes to work for you to build income-producing assets and produces enough cash-flow to pay the interest and systematically reduce the principal.”
- Remember: Cash is king, but liquid cash is the queen! You can’t pay your mortgage with an investment property. Don’t put all of your eggs into one basket (in other words, make sure you have multiple streams of income), and make sure some of those baskets are liquid. If you’re property rich and cash poor, you’ve just lost your flexibility and your ability to handle the unexpected.
- Do Your Research. Make sure you understand the concept of leveraging, and make sure you know everything about what you’re getting into.
If you’re Core Desire is to manifest money, you’ve got to take the time and trouble of know what you’re doing and being creative in your solutions. Find one or more excellent mentors, but remember that your path to wealth will be unique to you.
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