Don't do anything, yet!
When waterproofing leather, among the things you need to be aware of to use are:
1. Vegetable tanned, or chrome tanned?
2. Smooth, or rough out?
3. How is upper affixed to midsole?
4. How many seems in upper?
5. Full grain leather upper, or split leather, or suede?
6. All leather upper, or leather-synthetic?
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Visit REI's boot repair shop in your area, or a hiking boot repair shop. Shoe repair shop may not be sufficiently expert in nuances of waterproofing.
If you use an incorrect/inappropriate compound, your boot will deteriorate much more quickly than it should. There is a possibility that the wrong compound will exacerbate letting moisture into the boot rather than retard it.
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Having written that, if you wear cheapies, do what you want. If you wear [traditional] Italian or Swiss hiking boots with Norwegian welt, you would be foolish to not treat them well.
Hope this helps.