In light of the passing of the boxing legend, Mohammed Ali, we have all been inundated with several videos and commentaries of his. I came across one yesterday that really piqued my interest. He discussed how short life really is. Take for instance that you are currently 35 years old and you intend to retire by 65 years old. That gives you about 30 years to really accomplish your life goals and do your productive work right? Wrong. If you slept an average of 8 hours a day i.e. a third of your day, worked 8 hours a day and spend the other 8 hours doing other activities.
That means you will be asleep for 10 years out of your 30 working years, do 10 years of other activities and ONLY do 10 years of productive work in 30 years. If we drilled down further, we realize that you are off on weekends, public holidays, vacation days and the fact that most people only do 2 hours of real work in an 8 hour shift…you will realize that you only have about 2.5 years of productive work in 30 years. The only way to really get more out of life than just 2.5 years is by leverage. Below are the three main things in life that we need to leverage to really kick up our productivity and success.
- Leverage Your Time: In pursuit of productivity, there are three types of activities that you can engage in. Income Generating Activities (IGA), Minimum Wage Activities (MWA) and Other Activities. To reach the height of your productivity, you have to outsource as much MWAs as possible. If you are spending majority of your weekends cutting your grass, painting your house, changing the oil to your car, etc, you are spending too much time doing MWA. Highly productive people outsource almost all their MWAs and spend majority of their time focused on very high IGAs and other activities that bring satisfaction.
- Leverage Your Knowledge: Some people try to be jack of all trade. They want to do their own taxes, manage their own investments, represent themselves in court, diagnose their own illnesses, and so on and so forth. To be really successful, you have to leverage your knowledge. You have to rely on experts in other industry to help you achieve greater success. No one can be master of all. Learn from the experience of others and rely on the expertise of others.
- Leverage Your Money: To really accomplish great financial feats in life, you have to use leverage. I am not advocating using leverage to fund your lifestyle, but I am advocating the responsible use of financial leverage in business. Every major business that is publicly traded use Other People’s Money (OPM) to grow their businesses. The ability to bring other people’s resources to achieve more than you can with just your resources is the key to achieving massive success.
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