The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

In this thread I make $1 million.

A detailed account of a Fastlane process...

SteveO

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
456%
Jul 24, 2007
4,228
19,294
I've got two training sessions tomorrow, so there will be pics! :D

p1030762-jpg.8410

Now those are skates!!!
 
Last edited by a moderator:

Roland

Silver Contributor
Speedway Pass
User Power
Value/Post Ratio
195%
Aug 24, 2013
266
519
UK
Honestly I don't understand this part.

What is your reasoning behind still going to school? Are you doing it for the social aspect?
I don't understand that either.
I know you want to learn something related to what you will be dealing with later on but what is the point of going to learn that in school where you will have to follow the pace given by a lot of people weaker than you instead of finding a job in this field and learn by doing at your own pace.
I know you enough to say that I know you are clever enough to pick it up very quickly and not waste your time waiting for other people who are not as motivated as you are... Only my external view though, if it can help you ;)
 

AlterJoule

Busy Working.
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
205%
Aug 7, 2014
342
700
I was wondering where the story behind it all is. You made a big jump in assets, stopped doing the concierge gig, and still doing school. What happened? Why did you stop? Why school?
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
D

DeletedUser394

Guest
Fair enough. We (concierge) were riding high after The Stampede (greatest outdoor show on earth). I was offered an early exit that was more beneficial than the terms of the original agreement so I took it. My former partner wanted to really build it out, and I didn't really enjoy it, so I took the money and ran.

School issue is rather complicated. I've always wanted to do the whole 'attend prestigious uni, join fraternity, etc), but I quickly discovered the reality of the situation wasn't really what I expected. The cons outweighed the pros.

To account for the asset jump, I took on more debt for the purposes of investing, so my net worth is relatively unchanged, it's just the total assets that went up.

Some time next week I'll actually be closer to the $750k mark, and at that point I need to start reigning in the debt load.

Using really shitty math, if I do nothing else from this point on and use investment income to pay down the debt, I'll actually have a net worth of $1M in 25 months. Which is a long ways away and too many variables.

Focus now is on acquiring an existing venture (either franchise, or outright ownership).

The end goal is hotels/real estate/franchises.
 

theag

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
297%
Jan 19, 2012
3,903
11,580
I still don't get it. How do you suddenly make 100k in 1 week?

What are those "assets"? Did you actually get bought out for cash and reinvested that cash or are those "assets" just an imaginery business valuation?

What percentage of those assets is liquid?

Maybe I'm just stupid, but I absolutely do not get it.
 
D

DeletedUser394

Guest
I still don't get it. How do you suddenly make 100k in 1 week?

What are those "assets"? Did you actually get bought out for cash and reinvested that cash or are those "assets" just an imaginery business valuation?

What percentage of those assets is liquid?

Maybe I'm just stupid, but I absolutely do not get it.

The 100k = final payment from being bought out. It was in installments.

I currently own no profitable business, so we're talking straight cash, for the most part invested in canadian equities. So 100% is 'liquid' in the sense that I can sell at any time if needed.

That money is also leveraged with debt. Any 'ventures' outside of that are not included in the 650k-750k as they are 'pre' revenue LOL .. which basically means no money so they have no value as far as I'm concerned.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
D

DeletedUser394

Guest
Final payment went through. Had to go to the bank to sign for it.

Teller: 'Wow, you maintain a really large balance, are you buying a house?'
Me: 'No'
Teller: 'Are you planning on making any investments?'
Me: 'No'

This went on for a while. Didn't know they were aloud to be so intrusive. Anyway, now it's time to focus on paying down the debt. Hope to be in all cash by the end of the year.
 

sle3pyguii

Bronze Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
121%
Aug 19, 2012
340
411
Final payment went through. Had to go to the bank to sign for it.

Teller: 'Wow, you maintain a really large balance, are you buying a house?'
Me: 'No'
Teller: 'Are you planning on making any investments?'
Me: 'No'

This went on for a while. Didn't know they were aloud to be so intrusive. Anyway, now it's time to focus on paying down the debt. Hope to be in all cash by the end of the year.

That's interesting. Never heard of that before. The tellers I go to usually stay quiet other than account talk. But then again, my checking account balance doesn't have a comma.

Good luck with your goals man. Hope you destroy em.
 

Entrepreneur99

Contributor
Read Fastlane!
User Power
Value/Post Ratio
87%
Oct 6, 2014
39
34
28
Hi @RichKid, just wondering if you could provide a little back story, i.e how you came into owning 50% of the business and where you found the money to buy into it in the first place? Thanks
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
D

DeletedUser394

Guest
Last edited by a moderator:
D

DeletedUser394

Guest
Fair enough. We (concierge) were riding high after The Stampede (greatest outdoor show on earth). I was offered an early exit that was more beneficial than the terms of the original agreement so I took it. My former partner wanted to really build it out, and I didn't really enjoy it, so I took the money and ran

What happened?

.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Feek

Serial Entreprefailer
Read Fastlane!
User Power
Value/Post Ratio
83%
Oct 15, 2014
63
52
47
Boston
Didn't know they were aloud to be so intrusive.

Having worked in the banking industry a couple times, if it's a larger bank then I can tell you those bankers are under a LOT of pressure to sell extras and services. They probably saw you had a large amount of cash and were pre-qualifying you for something they wanted to sell you. I'm sure I don't have to tell you a vast number of those "extras" are nothing more than profit-makers for the bank and don't do much for your bottom line (though, they'll promise you the moon and deliver a crater).
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top