4 Ways To Add Leverage To Your Wealth Strategies

Leverage is simply doing more with less. When I mention leverage in this context, money is what people think of most often. Loans, mortgages, other people’s money – all are forms of leverage based on money. While this type of leverage is important, it is equally important to use other forms of leverage in your wealth strategy. Here are 4 ways to add leverage to your wealth strategy:

1. Education

Education is my favorite form of leverage. As you increase your knowledge, you decrease your risk and increase your return. Leveraging the knowledge of others through education can help you avoid mistakes and keep your wealth strategy on the right path.  

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​2. Systems

I think systems are one of the most important and powerful features of a wealth strategy. Systems are the process or procedures to complete specific tasks. Systems provide the detail of the who, what, when, where and how something will be done.

Think about an internet marketing company. One of the greatest values an internet marketing company offers is its systems. The systems provide all the details about how to market, sell, fulfill and everything else involved in operating your online. An internet marketer simply has to follow the systems.

Let’s say you invest in licensing somebody else's products. You should have systems for:

Identifying what product to promote
Picking a traffic method (free/paid)
Budgeting for traffic method
Collecting leads
Following up
Reviewing which products/traffic methods/follow up techniques work best

Systems don’t have to be complicated. They just need to document what needs to be done in a clear manner. Systems can be as simple as a checklist. When your systems are created, used and monitored properly, they will tell you when things are working and when they aren’t working. This allows you to focus your attention where it is most needed – this is a huge form of leverage in a wealth strategy. 

3. Your Wealth Team

Systems definitely take time to create.  You don’t have do it all yourself though.  This is where your wealth team comes in to play. One of the best examples of leverage in a wealth strategy, and also one of my favorites, is a wealth team. A wealth team is a group of advisers, mentors, employees, vendors and other contacts who assist you in building your wealth. 

With a wealth team, you can leverage your time by hiring advisors, mentors, employees and/or vendors. But the leverage doesn’t stop there. This is just the beginning. You can also leverage your wealth team’s contacts, their resources, their knowledge – the list goes on and on.

Use your wealth team to help you create your systems. Leverage their resources and expertise to add value to your systems. Once you’ve created your systems, share them with your team members so they can be part of the systems and contribute to the success of your wealth strategy.

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4. Software

Software is a wonderful form of leverage. Software allows us to do more with less every day. Software can be an integral part of effective systems. When used properly, software can streamline many tasks while providing better information and results. 

Software can be the driving force behind the systems. It can notify the who about the what, when, where and how.  And, it can provide real time reports about how the systems are working. These reports are what help you stay in control.

Leverage your team’s knowledge – ask them what software you should be using. And, if you truly want to leverage your software with your systems, have a team member who is committed to integrating the two.

Think about how you currently use these forms of leverage in your wealth strategy and identify ways that you can leverage them even more.