The one word that makes people millionaires and billionaires isn’t attitude, mindset or time. It’s something else that’s much more powerful. Let me tell you why.
If you had $86,400 in your bank account and someone stole $10 from you, would you throw away the remaining $86,390 and try to get the $10 back?
You’d probably forget about it and move on. Why? Because I want you to imagine the $86,400 represents a bank account called time. Every single day you have 86,400 seconds to deposit to your life, your time, but there’s one catch.
It carries over no balance. It means whatever you don’t invest, you don’t take out that day, it gets to zero. Now, what would you do? You would withdraw every single dollar every single day, wouldn’t you?
You’ve probably heard of the concept of return on investment, ROI, but here’s a more powerful concept and that is ROTI and that’s return on time invested.
You see, most people when they think about that one word that makes people millionaires and billionaires, very often the word that comes to mind is hustle. They think you have to work your face off. It’s the price of admission to get in the door to success. If you don’t hustle, you’re not in the game.
That One Word Isn’t Hustle!
When I was getting started, I was hustling because I also believed that was the key to success. I was living in a one bedroom apartment with my mom, working hard to pay the bills. But hustling didn’t make me into a millionaire. ROTI doesn’t come from hustling.
Instead, I want you to imagine lifting a big heavy stone with your own two hands. You try your best and it doesn’t even move… until you use a long pole as a lever. Suddenly, with the same manpower, you can lift that heavy stone. That’s leverage.
The definition of leverage is maximum productivity with minimum effort. Leverage is how you get your time back. It’s the one word that makes people rich.
There are many, many forms of leverage, but I’ll give you four today.
Money Leverage
Imagine you are buying a piece of real estate from the bank. You put a down payment and then you borrow the rest from the bank. It could be up to 90%. That’s money leverage.
You’re using the bank’s money to create more wealth and to build your business, or you want to buy some kind of new equipment for your company and you go to the bank or you go to an investor to borrow some money.
Marketing Leverage
The second kind is marketing leverage. Let’s say I’m running an ad on social media. I create a video ad that is run 24/7. Even though I am not there “marketing and selling,” my ad is working for me, being viewed by tens of thousands or even millions of people.
People Leverage
Another kind of leverage is people leverage. By hiring someone, delegating someone, or outsourcing to do your task, you can save time and money. You want to find someone who can handle certain tasks and whose hourly rate is lower than yours.
Technology Leverage
The fourth form of leverage is system leverage. For example, I use QuickBooks to manage my finances and do the bookkeeping. That’s system leverage. Another example is managing my email list. I’m using an email system that allows me to craft one message that goes out to two million people. That’s leveraging technology to grow.
There are many, many forms of leverage, not just money, people, marketing, and technology. I would challenge you to think about anyone who is a millionaire or billionaire – each one has highly utilized different forms of leverage.
That’s the one word that makes people millionaires and billionaires.
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