Friday, February 3, 2012

How to Get Rich - Use Other Peoples' Time

We all have only so much time each day. How is it then that the really wealthy seem to get so much done in a short period of time ?

Quite simple actually. They use other peoples' time.

In other words, they pay individuals to work for them to do the less desirable and often very repetitive tasks.
This basically frees up their own time to concentrate on what really makes them the money. Finding new opportunities.

For instance, the top salespersons in many fields pay an assistant a fixed salary to do the basics of customer follow up and to fill out paperwork etc. This allows them to contact more potential customers and generate new leads and sales opportunities.

                                                             How Investors Use OPT

As an investor, you can use other peoples time as well.

For instance, if you own one or more pieces of revenue real estate, consider hiring a management company. You will generally pay them about 10% of the rent collected. They will then do everything for you, collecting the rent, taking care of maintenance issues, following up on late rent payments and occasionally evicting a tenant if needed. All that is left for you to do is cash the monthly rent checks.

Instead of your time being bogged down dealing with tenant problems, you will be able to look for new opportunities to buy more properties. You will also be able to expand your geographical horizons and invest anywhere the numbers look good.

Another example is to hire a professional to do your tax filing for you. Here again, all the time you will need to spend is collecting the papers that are needed and making the payments once things are done.

This will free up your time to do as you wish, whether it be to look for more opportunities or to spend more time with family, etc. The choice will be yours.

                                                           Make More and Relax More

By using other peoples' time, you should be able to increase your income as long as you use the time to develop other opportunities. Once these opportunities are fully developed, you put them on auto pilot and start looking for the next one.

Another huge benefit of using other peoples'  time is that it will be much easier for you to take time off whenever you want. You will not have to worry about how things will run without you because they already are running without you.

                                                                     Boring is Good

The biggest problem with using other peoples' time is that life can become awfully boring. In this case though being bored is actually the desired goal. If it's boring it means everything is running smoothly.

Look for your thrills and excitement in other areas. For example go on Roller Coasters, go River Rafting, or learn something new that really excites you. The caution here though is to never get your thrills from your investments. Investing should only have one purpose. To increase your wealth and your level of income.
There is no room for thrills when it comes to investing.

As always, I welcome your comments and suggestions for future topics.

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