We all like to have money in the bank. But I want to talk to you about all the things of value you have sitting outside the bank, things like your condo, your side hustle, and your connections. Value comes in lots of shapes and sizes, and many of them aren’t shaped like bills.
Some of the most successful people I know got to that place because they know how to leverage everything they’ve got.
There are 5 areas you can look to leverage for even more earning power:
- Property: If you have a condo or an office or studio space you can be renting all of it or a portion of it. If you have an extra room, you could rent that extra room out for even a few days a month through a service like Airbnb.
- Relationships/Connections: You give a little and you take a little. You have friends and peers who are helping you to promote your products and services and, in return, you help them promote their stuff, as well. If you want to read more about the concept of leveraging relationships, I recommend you check out Gary Vaynerchuk’s book, “Jab, Jab, Jab, Right Hook” (or, as it translates in the concept of the book, it’s Give, Give, Give, and then Ask).
- Trading Services: If you’re a copywriter who needs some web design done and you have a friend who’s a web guru who needs a new “About” page, see if you can swap services (it’s a huge win-win).
- Money In Your Bank Account: It’s great to have an emergency fund in your savings account, but other than that, your money shouldn’t just be sitting there. You can make it work for you by either investing it into more assets like property or into mutual funds or stocks.
- Your Closet: I’m sure you have a lot of clothes and shoes that you just haven’t been using lately. Why not take them into a consignment shop.