Hi this is Diane Kennedy. Today is Day 29 of the 30-day Countdown to the release of my new book, The Maui Millionaires™ that I co-wrote the book with David Finkel. The book is now shipping from Amazon, and is scheduled to be released in bookstores on November 3, 2006. I’ll be checking in every day with a Wealth Tip excerpt from the book, written either by myself or by my co-author, David Finkel.
Wealth Tip 29: Maui Millionaires™ use Leverage to help them Earn More while still Enjoying the Maui Lifestyle
Leverage is when a small amount of effort produces a magnified result. Maui Millionaires™ use leverage in three powerful ways to accelerate their wealth building.
First they use financial leverage. For example, when I started my first successful business I used $6,500 on my credit card to fund my advertising budget for the month. This small start grew into a business with over $7 million per year in sales with a very high profit margin. I leveraged that initial $6,500 in millions of dollars of profits over a ten year period.
Second, they use networking leverage. One of the biggest benefits from having a mastermind team is the way they can connect you to people they know who will open up business and investing doors for you with ease. For example, one of my mastermind partners referred me to a real estate deal on a large commercial property. He made finding that investment opportunity easy and effortless. That’s an example of leveraging your contacts and network to build your net worth.
Third, Maui Millionaire™ leverage other people’s experiences and expertise. You don’t have to know it all. You just have to know the right people who can help you leverage their talents and experiences. One Maui Millionaire™ I know recently shared with me how he found an incredible business attorney who has helped him raise a million for a development project he was working on.
The bottom line is that Maui Millionaire™ all use leverage to make building wealth easy and fun.
For more on using leverage to build your wealth, see The Maui Millionaires™, pp. 205-207.