Why You MUST Understand "Leverage" to Truly Build Wealth | E46

The Rich Somers Report

Rich Somers

Business, Entrepreneurship, Investing

5 • 910 Ratings

🗓️ 9 May 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

In today's episode, Rich discusses why you can't "save your way to wealth" and the importance of utilizing leverage to get ahead. He dives into several examples of different forms leverage, including buying real estate deals, investing passively in real estate syndications or funds, creating social media content, hiring an assistant, and the ability to raise & multiply money. Rich also talks about why it's a good idea to hire out certain tasks in order to reallocate the time s...

Transcript

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0:00.0	everyone only has 24 hours in a day.
0:02.6	Well, how do the most successful
0:04.3	in the wealthiest people in the world,
0:05.4	like Elon Musk, Jeff Bezos,
0:08.0	how do those individuals create much, much more wealth
0:11.0	than the individuals that are trading their time for money is because they understand leverage and they understand investing
0:17.0	Welcome to the Rich Shummers Report where we talk real estate, business, and wealth building,
0:22.6	all while keeping it real.
0:24.0	No fluff, no BS.
0:25.6	I hope that you enjoy the show.
0:32.3	All right, guys, welcome to another episode of the report today. I am
0:36.9	Roland Solo and we are going to talk about why you cannot save your way to
0:41.4	wealth and why you must invest and you must understand the word
0:46.4	leverage and how to utilize leverage to truly get ahead.
0:49.3	I love Dave Ramsey, great guy has a lot of great principles. I think he's great for getting people out of
0:55.0	consumer debts, but you're never going to truly get wealthy by saving. No one truly gets
1:00.8	wealthy by skipping out on the Starbucks every single morning.
1:03.6	You can't save your way to zero.
1:05.5	Everyone's got a baseline of what they need to spend every month in order just to survive.
1:10.0	But on the flip side, your earning potential is unlimited.
1:13.1	So you've got to invest your money in order to build wealth
1:15.7	and you must understand leverage to truly get ahead.
	...

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