How to Get Other People to Make You RichBy Ryan Mclean
Getting rich isn't rocket science. With time, hard work and good money management skills anyone can get rich in their lifetime. Getting rich is actually fairly easy if you know how. But it can be slow when you are trying to get rich by yourself. If you have other people making you rich, as well as yourself, then you can get rich a lot quicker and you can enjoy the spoils of life a lot more.
Rich people get rich by using leverage. To put it simply, leverage is doing more with less. For the rich, leverage to them means making more money with less money invested, less time for the wealth to accumulate and less time they have to spend making the money. If you want to get rich quickly then you need to use other people as leverage (not in a bad way).
You can get rich by leveraging other people's time and other people's money. In both of these cases other people are making you rich. This is why the rich get richer, because the more they learn and the smarter they get the more leverage they can use. Meaning they can make more and more money with less and less.
Let's start by talking about using other people's money. Because that is often the easiest way to use other people to make you rich. The best way I have found to make yourself rich using other people's money is to buy property. The bank will often lend you up to 95% of the value of your property. It is like having a joint venture partner, only the bank doesn't ask for a cut of the rent you earn, nor do they ask for a percentage of the capital gains you receive.
But using the banks money, if your property goes up 10% in one year, and you have only invested 5% of the purchase price (lets say the rent has covered all expenses) then in one year you have made approximately 200% return on investment. If you invested 100% with your own money you would have only made a 10% return on investment. So as you can see leveraging other people's money is a great tool.
Another way to use other people to make you rich is to get other people to work for you, by paying them money. This is the leverage of other people's time. When owning a property you leverage other people's time by hiring a property manager. In business you can hire employees and managers to run the company/business for you. By leveraging other people's time you can create passive income (income you don't have to work for) and this frees up your time to create other investment or to spend with your family. Eventually I want to have an employee run my businesses, and pay them a good wage. I will then be generating a passive income without having to work at all, and my business will continue to grow without me being there.
Are you using other people to make you rich? It is not easy to get other people to make you rich, it is a skill that you need to learn to acquire. A good investor seeks to learn from every deal they do. That way, whether the make money or lose money, they always learn something, and what they have learned allows them to make money quicker than before. If you want to be rich then you need to start learning how to use the leverage of other people's time and other people's money.
Your next step towards becoming rich is to increase your financial IQ through education. By educating yourself in the area of finances you will be able to get a greater return on investment and you will be able to earn more with less work and less risk. Does that sound good to you?
If you want to increase your financial IQ and start becoming rich then I recommend the free newsletter and audio teaching that Rich Academy provides. If you want to start becoming rich today then go to http://www.richacademy.com and enter your name and email address to get a free copy of Ryan McLean's audio teaching. Hurry, this offer is available for a limited time only.
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