Debt Free

I've written, posted, and spoken often about the importance of leverage on the path to success, both financial and otherwise. That extends to leveraging the power of relationships. The people you meet and associate with can be one of your most powerful tools, both in life and in business. Yet, far too many people fail to capitalize on them. It's vital to maximize every advantage you're presented with in life. Often, a few percent can be the difference between success and failure. Leveraging relationships can give you those precious few percentage points, and much more. Many individuals and business owners either fail to realize this or fail to effectively put this principle into effect.

I too have been guilty of failing to effectively leverage relationships with some of the extremely powerful and effective individuals I've had the fortune to meet. Throughout the course of my career, both academic and professional, I've had the occasion to build relationships with Fortune 100 CEOs and other top level executives, wildly successful small business owners, publishers, physicians, highly respected attorneys, professional sports franchise front office personnel, and top professional athletes. Leveraging these relationships does not mean plying them for investment advice and stock tips, although many of the aforementioned individuals could doubtlessly provide some real gems in that area.

For many, it begins during your academic career. College is a tremendous place to forge long lasting friendships and relationships, and people find many of their best friends while at college or university. In fact, it could be (and has been) said that one of the primary benefits of your time spent there is the social network you build. That should be a treasured resource that will serve you well throughout the rest of your life. You'll have few other opportunities in life to build such a vast and diverse social network. The people in your network will go on to enjoy fantastic and varied careers in all walks of life, from public servants to corporate executives.

Many of the successful individuals I've been fortunate enough to meet got that way in part through effective leverage of their relationships. It takes much hard work to be sure, but it comes back to working smart, not just hard. For example, if you're trying to get a product into a major retail chain, it can be extremely difficult to get your foot in the door of the purchasing agent's office. That agent sees countless products every day. For purchasing agents of Costco, Walmart and the like, it's almost like being a highly respected agent in Hollywood. Every up and comer is trying to get through your door, and have just five minutes to impress. However, if you had a relationship with the Chairman of one of these retail giants, that could be leveraged to get you that opportunity.

Weather you're successful from that point forward or not, can be a combination of factors, but without leveraging the relationship with the senior executive, you'd have been lucky to have even gotten your product in front of the right person. In addition, the recommendation of the executive gives you instant credibility, something other sales reps or business owners would have to spend months or years building. It's that credibility that can be the most important, yet difficult thing to establish, yet leveraging of relationships can allow you to bypass that step completely, and forge an effective, new relationship.

Therein lies one of the most important components to effective relationship leveraging. You must use it to widen your existing relationship network. Your relationships are one of the most important and satisfying resources at your disposal. Through effective leveraging of your network, you'll find fantastic business opportunities, great friends, real estate deals, employees and employers, possibly even your spouse.

Becoming debt free involves strengthening the three legs of the financial triangle; increasing income, reducing expenses, and leveraging your existing income to do more with what you already have. A key component of all three can be effective relationship leveraging. You can increase your income through a better job or business success. You can reduce your expenses through opportunities you find through your network. How many times do you hear about great deals or money saving ideas through friends? You can also do more with your existing assets through the opportunities presented via your network as well. Leveraging your relationships, and building new ones can make all the difference.