I live in one of the most prestigious
and one of the most expensive buildings
in Vancouver and just about ten minutes
away from my building it's one of the
poorest neighborhoods in Vancouver as
well then cuba has some of the richest
people living here and also has some of
the poorest people living here and you
can see the entire street on that side
of hastings a lot of homeless people it
always fascinates me what separates the
rich from the poor and the middle class
so what's the difference between someone
who is living on a street I'm sure
everyone's got a story and but what is
the difference with someone like that
versus someone who's making millions or
tens of millions of dollars we all have
24 hours a day we all have the same
opportunity for god sakes we in the same
[ __ ] city this is it education is it
the background is it because of luck is
it because of hard work no it's none of
those things it's none of those things
I believe what truly surpress the rich
and the poor and the middle class it's
one word leverage leverage rich people
use leverage and poor people don't now
there are many many forms of leverage
let's first define what leverage
actually is all it means is leverage is
getting something done with less effort
just like a lever right how you can you
can use pay less at least amount of
effort to live something very very happy
that's all that means
using leverage so there are many many
forms of leverage today I'm gonna give
you just a few of those the first form
of leverage is opt other people's time
rich people know how to use opt other
people's time example a CEO hiring
employees he's leveraging other people's
time to perform certain tasks for the
organization example for me I have
people coming to coming to my home and
mow my lawn I'm using other people's
time to help me do tasks there may not
be something I enjoy to do it may not be
something that
worth of while for me to do just because
my my hourly rate is much much higher
also I have someone who comes to my
house weekly to do cleaning that are the
people's time so there's a first form of
leverage other people's time
the second form of leverage is other
people's knowledge other people's
knowledge because as a person you could
only do so much you can only learn so
much you can only know so much to grow
with thing if you want to grow your
income rich people you notice they have
a lot of advisers around them in all
areas of the life example
I just had a meeting a few days ago with
all my might to accountants my tech
strategist my financial planner my
insurance person they have this board
meeting talking about how we're gonna
flow the money how we can minimize taxes
and what are some of the things that we
need to do to to take cash out on the
company maybe moving to another company
we're looking to do all of that it's not
just on me to figure all this [ __ ] out
it's we surround ourselves with people
that are smarter they have specific
knowledge no did no different than I'm
running my business if I need certain
help let's say with YouTube or with
Facebook or with Instagram or whatever
it is it doesn't matter that I bring in
the best of the best I hire them maybe
sometimes as a as a project manager
sometimes as a consultant independent
consultant but I am paying them for the
knowledge so I'm leveraging other
people's knowledge people have been
there and done that versus poor people
you know this they they don't read books
they don't hire people they they are
rugged individualists they take on
everything on their own you know what
you want something Don you direct
yourself
right that's a poor person's mentality
so that's the second form of leverage
the third form of leverage is other
people's money
rich people are very very good of
utilizing and leveraging OPM other
people's money they buy piece of
property you put a down payment
a ball from the bank to buy an
investment a developer right here they
see that developing right now there's a
financial institution sometimes multiple
financial institutions loaning money for
their particular project an entrepreneur
maybe they're going through a first rung
of funding they are raising capital from
investors that's other people's money
rich people we don't use our own money
only poor people people use their own
money rich people we don't use our own
money only poor people use their own
money there's an infinite amount of
money out there that's floating around
but people don't know how to multiply
how to use it money goes to people who
knows how to multiply it and that's why
it's easy it's easy for rich people not
only they have a track record but he's
ones day not a multiplied it's easy for
them to attract more money to make more
money and that's why you do see the rich
do get richer
you could [ __ ] about it you could say
how come it's not me falling to me or
you could say you know what this is how
the game is played what is what what are
the rules of the game what do I need to
learn so that's number 334 more leverage
other people's money and the fourth form
of leverage is other people's
relationships wealth comes from
relationships and rich people we are
very good at leveraging relationships
example there's an important person I
need to meet maybe I don't know that
person I would ask my friend hey can you
make your introduction can we do some
business together I'll give you another
example let's say you have an offer you
have a product or service that you're
promoting and you want to leverage other
people's relationships opr you would
maybe do a potential joint venture with
someone else who already has an existing
customer base that their customer base
trust and believes in that particular
person you can have that person that
influencer endorse your product your
program your service and there you're
leveraging the relationships he has he
has built for years with his customer
base I'm there if he promoted you you're
more than happy to give him a commission
and in our worlds called affiliate
Commission that's leveraging other
people's relationships
so all these are different forms of
leverage I'll give you one more also
technology rich people also leverage
technology automation software right all
these tools that's out there that could
a I nowadays that could help you to be
more efficient more effective that we
also utilize so technology I believe
it's a huge part of leverage even your
cell phone right the smart phone that
you have the different apps that you
have is all those a mini forms of
leverage so think about it
it doesn't matter what business it
doesn't matter what industry it doesn't
matter what investment they do if you
what it boils down to you study and you
look at every single rich person they
are masters of leverage in some way
shape or form and the more you know how
to utilize that the more successful
you'll be and the more you know how to
utilize leverage the more successful
you'll be and the wealthier you'll be
I'm gonna leave you with one quote by
john d rockefeller i rather have one
percent effort of a hundred people
versus a hundred percent of my own
effort think about that