To discover if someone is wealthy, we usually look on paper. What is the number on the bank account statement? However, that’s just the tip of the iceberg. Successful people aren’t just managing money. They are carefully coordinating other important parts of their lives as well.
Most people with power don’t vocalize that they think this way. But to them, business and wealth is a game. This game takes strategy, and there is so much more to it than surface level accumulation of money. There is positioning, targeting, negotiating, and seeking opportunity. It’s an incredible and fantastic world to experience.
Those who simply grind away after the almighty dollar are quickly left behind by those who understand the concept of leverage. Leverage is using resources at your disposal in an intelligent way that creates exponential results for everyone involved.
In order to develop your own leverage, you need to be continually managing and growing more than just finances. Here are four more types of wealth successful people build that should be on your radar at all times.
Information is the number one form of currency successful people deal with. If you were given the choice to receive a million dollars, or a million dollars worth of insider information, I recommend you take the information. It’s much more valuable. With quality information, you can make significantly more money. You can forge connections and launch systems that accumulate wealth while you sleep. Always be searching for new and important information about your market, your area, what the players are doing, and how you can take advantage of it all.
To gather information, ask questions… The right questions. One of the most useful to get the ball rolling is, “So what are you (or ______) working on these days?” Ask what they need to be successful, to see if you can solve their problems. This is the essence of sales and business. Collect enough information to find a problem and solve it. Profit.
Top quality information is difficult to come by, and it comes from a powerful network. The people you keep around you are a direct reflection of your own world. Manage this carefully. Accept only the best individuals into your network that inspire, lead, and create. Focus on the continual growth and management of your network, just like you would a mutual fund.
To build a valuable network, be a giver. Get involved wherever you can. Constantly stay in touch with those that are important to you, and find little ways you can make their lives easier. Your payoff will be worth the effort.
With the right information, the right network, and a skill set that you’ve practiced and developed, you build value. Valuable people get the best opportunities first. When you have value, connections come to you, and you no longer have to seek out what you are looking for.
To build your value before you have a network and information, you should focus on mastering a skill. Sales, writing, negotiation, and design are all examples of highly sought after skills you can develop. If you are good, and your work brings in results, you will build value. There is no shortcut to this.
The accumulation of the above different types of wealth creates influence. Influence is measurable, simply by the percentage of time you receive the outcome you desire. Influence can also be created by managing the perception others have of you, although this process is much more delicate and can create more problems than solutions.
To build influence, focus on results. The influential are usually the busiest, and for good reason. They are getting stuff done. By coordinating your own personal value, the needs of your network, and the information you gathered, you can weave influence that creates win-win situations constantly.
All of these types of wealth, in addition to your capital, make up your professional portfolio. Visualize it this way, and consistently check in with yourself. How can you improve your skill, help a new connection, research a new opportunity, or bring people together to create leverage? Build wealth. Money will follow.