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Having a job and the fastlane

A detailed account of a Fastlane process...

evoo21

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Hi all,

Do you think there are circumstances when you have to stay on the slow road and trade time for money in order to get to the fast lane?

Let me explain....

My fiance and I hold college degrees and I will have a Masters in four months. We currently make $110k per year gross and after I get my degree I estimate our joint earnings to be closer to $150k per year.

We are saddled with a lot of debt! About $110k between both our student loans and our car.

In your opinion (and it'd be great to hear from people who have been in this situation before) would you bust your a$$ for a couple of years and pay off the debt and THEN start shooting for the fast lane or try to go for it now, while I face the hurdle of student loan payments and car payments every month?

Really looking forward to hearing some perspectives on this matter.
 
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RBefort

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bwahahaha....go check out the slowlane forum and see what I posted yesterday :) Only six posts, but asked the EXACT same type of question. It sounds like all of yours is school loan related...mine involves a decent sum for Credit Cards. In your case, I'd prolly be working and doing the business on the side and not worry about the school loans. How long would it take you to pay off that sum of debts? It also sounds like you are getting married soon, which will lead to kids shortly after (women just think this is the way life works). I'd probably pay min on school loans and save up some money on side while creating business, then go for the gold. Depends on if you have an idea yet or not. I haven't laid out plans with an idea, but just didn't know where to exert my energy towards in the most responsible fashion. Keep us updated on your progress, because some of us can relate!
 

JasonR

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I'd probably pay min on school loans and save up some money on side while creating business, then go for the gold

This.

I was fortunate to be able to go to college without taking on debt. Sacrifice, pay down all debt as fast as possible, and get working double time on your fastlane business.

Not everyone can hack a 40-hour/week day job AND trying to enter the fastlane. Few can. If you can do it, anything is possible.
 

fsna.hartley

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I think you have two options: work until you pay all your debts as fast as you can then start the business and go for the fastlane. The other one would be, work and pay the loans while doing the business on the side but I think this will take more time since you're juggling two objectives. As much as possible focus on only one aim so you can forward to another one when your first goal is finished.
 
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lightning

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I havent been around much in the past year or two, but this topic is near and dear to my heart.

I am 30 years old now, and have been working the same job since I graduated college back in 2004 (roughly 8.5 years now). I have done well in my career, and have advanced to a low 6-figure salary pretty quickly (something that was once a HUGE goal of mine). My job paid for 100% of my MBA, and just recently, I was accepted into a program to have 100% of my undergrad student loans whiped out (so 11 months from now at the end of 2013), I will have NO student loans and my 6-years of higher eductaion will be paid for in full.

Amongst most of my friends, I used to feel that Ive done okay for myself. I have job security, and I am very blessed to have been given a job opportunity back then that would allow my income to increase so drastically in only 8 years.

That being said, I am miserable, and here is why;

There are ALL sorts of things that tie you to the rat race once you get on that hamster wheel, and once you start running, it CAN BE VERY DAUNTING AND DIFFICULT TO JUMP OFF!!!

By saying difficult, please note that is NOT just related to "motivation" or "desire" to leave! (because I fully believe that if you want something bad enough, NOTHING is impossible). It means that just like a fastlane success story, it is difficult, and it requires PROCESS to escape from it. It is related to all of the things that end up TYING you to that hamster wheel, which can be a financial crutch for years to come.

My mistake? Shortly after I graduated (1.5 years actually), I decided that the BEST thing I could do for my financial future was buy a house. Anxious to show off my new $50k salary back then, I began shopping for houses and was sure that with my GF assisting with the mortgage payments and bills, I could buy one.

Unfortunately, this was late 2005/early 2006, and after closing on a house that (at the time), I could barely afford the mortgage payments on, I realized how dependent I had INSTANTLY become to my job. (I had bought into the hype that it was "for the best" to "stretch" a little for your mortgage payment, as your income would grow into the payments).

As I watched my checking account drain to zero every month just to cover the bills on our house, I realized what I had gotten myself into. When I had been making $50k while living in a cheap apartment, I had disposable income out the whazoo! I bought chrome rims and an expensive full engine rebuild on my sports car, I bought expensive watches, expensive clothes, began to eat out with my GF almost every night, etc. (for a 23-year old, I felt like I was living the dream!). But with my name on that mortgage agreement, I had now promised that $2300 of my income every month would have to be allocated to my mortgage payment. And that meant, I had now raised the bar significantly as to "how much money I needed to sustain my lifestyle", if I had any plans to leave my job.

Just like MJ's video regarding "whether your financial plan discloses its side effects", I can tell you, MINE DIDNT! I had thought buying this modest house (which 7 years later, I am still living in today) was the best decision I had ever made. I was sure that after buying it for $275k, it would only be a few years before I'd be selling it for $325k and moving into an even bigger one!

But something happened...something I and many of my other friends had chosen to ignore....and it happened only MONTHS after I had closed on my shiny new house in NJ....

The US housing market....CRASHED!

Instantly, that dream of selling my home for $325k went up in smoke. Instead, I was now told I'd be lucky to break even. Within a few months, I was told the market value of my house had fallen about 25k below what I had paid for it.

A year later, that number fell to -$50k.

2 Years after that (and hundreds of thousands of foreclosures/short sales later), I was now about -$75,000 in the red.

NOW, instead of just being tied to a mortgage payment that I could walk away from by selling the house, I was now tied to a DEBT on an assett I was upside down on! My friends that had all thought I was "lucky" to be able to have bought a house at such a young age, all began to feel bad for me. I watched younger friends enter the housing market and be able to buy BIGGER and NEWER houses than mine (at LOWER interest rates), while I owed $270k on a house that was now worth roughly $190-$200k.

Now, as the years went on, something very unusual began to happen...

I found that I was DEPRESSED, and I realized that (unlike my pre-concieved notions from my 4-years of college), my salary no longer had any bearing on my happiness!

I found myself tired all the time. I found that staring at a computer screen for 9 hours a day drained me emotionally, to the point where when I came home, all I wanted to do was watch TV and unwind. I was fatigued and felt lethargic all the time. Weekends became my "paycheck" as MJ said, so that I could reset for 2 days before it all started again on Monday. I continued to gain weight consecutively EVERY year, to the point where I became very embarressed at the thought of running into ANYONE I hadnt seen in a while. I realized that during those 9 hours a day, my employer really was getting my best work, and I was slowly letting my fastlane dreams dwindle away...

And just like MJ had warned us about, I noticed the same thing happening to alot of my friends. Only for them, it wasnt just about being upside down on their house.

They were tied to their job for other reasons as well... Such as:

-Getting married (huge debt and expectations)
-Getting divorced (huge debts and alimony)
-Having kids (huge increase in their household expenses)
-Buying cars they couldnt afford because they wanted to fit into the "young executive" lifestyle... You know the cars....entry level BMW 3-series, Infinity G35's, Mustang GT's, and 2-year old Corvettes. Car payments, car payments, car payments.
-Taking on credit card debt they couldnt afford, buying the same stuff I had trying to fit into that "facade of wealth" that MJ talked about....nice watches, closest full of dress shirts and designer jeans, and jewelry for their girlfriend so that they could show off amongst their friends...vacations...engagement rings...trips to Vegas...limo rides into NYC...

All of this meant one thing, I (and most of my friends) discovered we NEEDED that salary to sustain that lifestyle! For me personally, I wasnt a big spender, so I was fortunate to stay out of "most" of the other debt I talked about as I avoided that car-payment/fancy vacation/facade of wealth lifestyle. (I also didnt get married and have kids between 24-28 like 90% of my friends). BUT, I did tie myself to my house. And in a state where it is impossible to walk away from a foreclosure without the bank coming after you for the difference, I knew that I had some rough years ahead of me to get it paid down, so that I could essentially "reset" the clock and start anew.

Is it impossible to break into the fast lane once you have entered the rat race? Of course not, people do it all the time. Otherwise there would be no entreprenurial success stories by anyone married, with kids, or over the age of 30! (in fact, in an effort to ACCELERATE getting out of the debt on my house, I have been trying to do just that). But, I can tell you that it is very daunting to get off once you start running, and I now understand why MJ and so many other successful people urge us to TAKE ACTION EARLY, because there is NO easier time than when you are young!

I hope to post an update to my situation very soon, but to give people a glimpse into my current life, I can say that although I am still in a better financial position than most, I am still VERY upside down on my house. Furthermore, I am still struggling to find motivation and ENERGY on the nights and weekends to work on my fastlane plan. Because (for the time being), Monday-Friday, 9 hours a day of my best work is allocated so that I can collect my paycheck twice a month and make that next mortgage payment.

All the best guys!

-Lightning
 

OXVO

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One thing that came to mind very quicly ... Get rid of those car payments seriously. Get a used car and buy it out right. You have no good reason for paying car notes most likely other than luxury. If your making 100k yearly you can def afford to buy a 4-5k used car thats decent and save a ton of money or use it productively elsewhere.

Make the wife drive a used car as well.

Make the wife stop spending your "joint" money on frivolous luxuries, children, decorating, clothes, etc.

Make the wife bootstrap.
 
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lightning

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Sorry guys, I thought I was clear but after re-reading my post, I might have created confusion. :)

I was just using the car-payment and frivolous life-style as an example as to why alot of my friends "think" they cannot get off the hamster wheel. They are too afraid of giving up (in MJ's words" that 2000 square foot suburban home and the pre-owned lexus in the driveway.

For myself, my ONLY issue right now is my home. (I did spend alot of money in my first year after work (2004-2005) on watches, clothes and other crap trying to show off my new pay-check, but that all ended after meeting MJ on another forum and buying my house. (which again, is not excessive by any means, it is a modest cape cod on a street full of other 1500-2200 square foot homes, I just happened to buy it at the WRONG time, and have been paying for it ever since).

I actually live a very modest lifestyle, to the point where my friends routinely make fun of me for not "indulging" with them when it comes to cars, vacations, etc. I always tell them that "I'm working on something a little bigger". ;) I then save and invest almost every spare dime I have (as an example, my daily driver for my 70-mile round trip commute to work is a 10-year old car with 100k+ miles on it). ;) My Fiance is the same way and supports what we are trying to do 100% (although her 2002 Ford Focus with 150k+ miles on it may be up for retirement soon!) lol.

I have NO doubt that I will eventually make my break for the fastlane, my post was just to explain that if you make mistakes early on, they can set you back for years to come. Buying a home at the top of the housing market was my one real mistake (not a fatal mistake, but a mistake none-the-less.

In the past few years, I have invested in real-estate (investment properties), heavily invested in the stock market, started a pretty consistant "boot-strapping" operation flipping things on ebay/craigslist, and I have begun work on what I hope will eventually be a blog and eccomerce store with decent traffic. My one regret is that with the 60+ domain names I own, that I have not started a GREAT website to truly solve a need yet, but I am working on that as well. So although my concentration and focus is still struggling due to my 9-5 job, I do have some projects "in the works".

All the best guys!
 

LTL

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I have to say lighting. I rarely read long stories but your story is very touching

I'm just grateful that people like you have lived through this rat-race trap so that I don't have to.
 

lightning

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I have to say lighting. I rarely read long stories but your story is very touching

I'm just grateful that people like you have lived through this rat-race trap so that I don't have to.


LOL. Glad I could help. Like I said in my post, everyone thinks it will be easy to escape from the rat race once you get going. But the truth is, you can end up getting comfortable. And once that happens, you find yourself weighing "that better life" vs. "your security/ie: "what you have NOW". And the risk of failure or having to give it all up is what keeps people in place. Its the reason people spend 40 years at that same desk in the same office, because they are too scared to give it up for something better. In my personal story, I just tried to give people an example of that.

That being said, I am definitely done being a desk jockey. This summer will be 9 years at the same job, and it is amazing how fast the years are starting to fly by. With my 31st birthday on the horizon (July), its almost time to make a fast break, and I am smiling just thinking about it. :coolgleamA:
 
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The choices you make have a lifetime impact. Think twice before taking any serious decisions. I sympatize with you lighning.
 

mayana

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Oh man, your post came just at the right time.

I've been frustrated with myself lately since I look at some of my friends and where they are financially (we are in our thirties now, so most of them are becoming well established in their careers and are pulling in very decent joint incomes with their spouses). I've been the outlier all of these years, always working on a business, only staying in a fulltime job long enough to realize that I hate it.

I usually work part-time jobs at whatever kind of place to supplement our household income, and I do bring in money from my various freelancing and business activities, but it's not what my friends are making.

I am just craving the "security" that it appears that my friends have (though, I realize it isn't as secure as it looks), and was starting to toy with getting a professional job again, but after reading your post, I realize that would be a mistake.

Thanks for your post!!! It really helped me a lot.
 

Twiki

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Here's another thing: just leaving a job and starting your own business can leave you just as trapped, if your business is really just a self-employed setup that does not fully meet the Fastlane CENTS criteria.

The trap is different, instead of a security trap about "benefits" and "a steady paycheck", it's a freedom trap --- "Oh, today I'm going to take a 4 hour break at the coffee shop". That kind of freedom is OK for true Fastlaners who have broken free of Scale and Time issues, but for self-employed people it can be a real source of struggle.

I mention this because I wish I had taken greater care to develop things according to the CENTS criteria (if I'd known about it). Simply creating a condition of "not working at an office job for someone else" is not enough. Being self-employed in a non-Fastlane "business" can end up being a different kind of comfort zone that you can get stuck in just as easily.

If you have the advantage of having a steady job, you have the breathing room to take the time to make sure you are choosing and building things from the ground up to support a real Fastlane business.

PS. Here's a fun way to prevent yourself from giving into the occassional despair that causes people to consider giving up and getting a regular job (although if that's what you gotta do, oh well): just take a few moments to imagine and viscerally experience what it feels like filling out a job application... submitting a resume... and being interviewed by an HR person, seeking their approval. Visualize yourself getting excited by a LinkedIn "Here is a job opportunity you may be interested in..." Ugh that should cure you temporarily at least.

PPS. Just editing here: I noticed it might appear that my comments are directed to mayana because it's immediately after hers, but it's not (except for the PS. part.), it's directed towards OP and the others here who are describing being eager to get out of the "rat race".
 
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lightning

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Oh man, your post came just at the right time.

I've been frustrated with myself lately since I look at some of my friends and where they are financially (we are in our thirties now, so most of them are becoming well established in their careers and are pulling in very decent joint incomes with their spouses). I've been the outlier all of these years, always working on a business, only staying in a fulltime job long enough to realize that I hate it.

I usually work part-time jobs at whatever kind of place to supplement our household income, and I do bring in money from my various freelancing and business activities, but it's not what my friends are making.

I am just craving the "security" that it appears that my friends have (though, I realize it isn't as secure as it looks), and was starting to toy with getting a professional job again, but after reading your post, I realize that would be a mistake.

Thanks for your post!!! It really helped me a lot.

The grass definitely isnt always greener on the other side of the fence! ;) I am glad my post snapped you out of it!

I see alot of my friends that have "settled" into their cubicles at work and settled into their 2000 square foot home, and that are perfectly comfortable at the thought of staying there for another 30-40 years until they are ready to retire.

To give you an idea of the mentality; Earlier in the year, a bunch of us jumped on a group deal and rented a Lamborghini Gallardo for a few laps around a race track. Most of the people we were with were all excited telling their spouses that this was a "once in a lifetime opportunity!".

When I told them I was excited to drive it because "I planned to buy one in a few years and wanted to see if I liked it", ALL of them laughed and told me I was dreaming. It was literally like talking to them in a different language. NONE of them could fathom the thought of being able to buy a car like that for themselves, so they found it impossible that one of their "peers" planned to buy one either.

The funny thing is, most of them all talk over lunch break about how they plan to retire to Florida to live the good life AFTER those 40 years. About how they plan on buying a beach house and opening up an Irish Pub AFTER they have retired. About how they cant WAIT to play golf and fish everyday and live the "good life" after cashing out their "projected" million or two in their 401K's. And all I can do is sit there quietly and shake my head. Because as MJ teaches in the millionaire fast lane, 90% of those "plans" will never happen. The rug can be pulled out from under you in the blink of an eye. You only get ONE trip down these tracks folks. And I for one believe in the Millionaire Fastlane prophecy 100%. Because there is NO way I am giving up 40 of my best years, so that I can hopefully (read; "HOPEFULLY") relax and "enjoy" 20 of my last!

Good luck to all!
 

lightning

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Here is a GREAT example of someone in my age group (late 20's/early 30's) who has STOMPED on "difficult", and who is currently beating the odds! Making a move towards the fastlane against competition at 32 years old, WHILE WORKING A FULL-TIME JOB! ;)

Perfect example of what I was talking about above when I said that although it becomes more "difficult" as you get older, it is by NO means impossible if you fight for what you want out of life!

https://www.thefastlaneforum.com/ge...p-startup/44288-my-new-internet-business.html

Kudos to Vick! :) (thought that thread was inspiring and had to share!).
 
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joschi

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Thanks for sharing your story lightning.

I am in a similar situation just smaller… much much smaller.
3-4 Years ago it was my opinion that I don’t want and don’t need a loan. But I wanted to get a car and a new apartment with new furniture… So basically every one told me, just get a loan and buy the stuff you want, because you have a secure job and can pay it off… So I took the 5k. Now 1 and ½ later I am still 2k in debt. And I have to say that I paid of 2k of this since I read the fast lane. I’ve began to saving and I began to think how to make it. The first change I recognized was that I don’t spend the money without thinking about on what. So rapidly improved the payoff rate.

I still drive my 15 year old car, but I will sell it after the winter is over. Then I still have my Motorcycle with 125ccm which cost me 75€ / year + fuel 5€/100km compared to the cart which cost me 800€ / year + 16€ / 100km… and I don’t really need a car. So step by step I get rid of the old bed ash
The most important thing I learned: Don’t get a loan for your pleasure!
I would take a loan any time if I know that it would boost my business through the sky.
But never again to buy stuff I don’t need.

Keep trying!
joschi
 
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evoo21

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Thanks to all your responses, especially Lightning.

I think that patience is going to play a key role in all of this - I am going to have to suck it up for a while in order to get that business going.

A job can help grow the worth of a business by teaching me skills that will make me successful in running a business. I am going to do everything in my power to make sure I learn as much as I can, pay off as much debt as possible all while keeping my ears and eyes open for an idea that fits the critera of a fast lane business.
 

liquidglass

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Thanks to all your responses, especially Lightning.

I think that patience is going to play a key role in all of this - I am going to have to suck it up for a while in order to get that business going.

A job can help grow the worth of a business by teaching me skills that will make me successful in running a business. I am going to do everything in my power to make sure I learn as much as I can, pay off as much debt as possible all while keeping my ears and eyes open for an idea that fits the critera of a fast lane business.


I think you received a lot of great responses to your question and I would recommend heeding them especially from people who are there or who have been there. However, I would like to point out that I think you may miss the point of the posts and are still going to stick to your original plan because it's "safe."

If you're "patient" for that great idea to come along it won't happen, you have to being actively doing something to discover anything. But this is just my opinion.

Let me give you my example and you might be able to take what it's worth and combine it with what everyone else has said.

I have my two expensive pieces of paper, an BBA and an MBA and the fancy $125,000 in student loans to match. When I started the fastlane shortly after I met my girlfriend (now my wife) I lived in an on campus apartment making a "huge" $30,000 a year while working through my MBA.

Fast forward to now (3 years later)
I work at least 60 hours a week on growing my business and I have other ventures that I'm ready to start once I put the right people in place. (Remember you're married to whatever you're doing). I won't share how much I earn but I will say that my wife (even with her degree) gets to work on her dream without having to work a 40 hour a week job.

Sure times get tough when you're working towards a big goal, bills get late, letters are sent, and as long as you can keep out of repo status on a house or car then you're fine.

I'd rather be "broke" for 3 or 4 years (or longer!) before becoming extremely wealthy, than be doing "pretty good" financially for the rest of my life.

So I'm in my late 20's (hate I didn't get started sooner, but glad it wasn't later) and at least a few of our other posters are in their late 20's/early 30's speaking about the struggle to exit the rat race and make the conversion.

So here's my question. Which position do you want to be in 5 years from now?
The question isn't about the immediate draw right now of making sure your payments are all "on time" the question is about where you want to end up later. What position do you want to be able to look back from and decide that you made the right choice?
 

Astute

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I was 18 when I moved down to London with my then girlfriend. I didn't have a job and had little cash (£300). The situation forced me to be smart, work hard and create something out of nothing. I lived for about 2 months on that money. I got a job and got my first wage a month later. I had to sell some of my things to get me through the 3rd month. But I was determined to succeed.

Anyway a year later it all went wrong. I had changed my job and absolutely hated it. I hated getting up in the morning and wish I never had to. Not long after I split up with my girlfriend whom I shared a flat with. It was a complete nightmare. I had never felt as low in my life. Luckily I didn't end up on the street. But over the next few months something really clicked in me. I managed to get a new place, temporarily. I got up most days at 4am to get to work and then would go to university in the evenings. Didn't get home most nights until 10pm. I was completely exhausted. In all my spare time I was focused on getting a job which I would be happy in and which I would eventually make a lot of money. Every single minute I had spare was spent searching for the right position. I spent 2 months preparing my CV. I started to send it out but got little response. After a little under a month I got completely fed up. So I got the Yellow Pages (phone directory) and looked for all the companies who spealise in the area of shipping which I wanted to go into. I rang about 300 companies in London asking and hustling for an entry level position. Eventually it paid off and I managed to find a good job. (Shipping is not something you can really just jump into as a business, you need to know it inside out, otherwise you will end up losing a lot of money.)

The point I am getting at is that in all of the above there is nothing better to kick you in the a**e than having no other choice but to be successful. In both those situations I had to change something. I had to get a job and earn some cash otherwise I would be screwed big time. The second time I had to change my job because it was seriously damaging my health, physically and mentally.

The danger anyone has in a job is that they get comfortable and it can be really difficult to get out of that comfort zone and start a new venture. It is a massive gamble leaving a job, but in a situation where you have no choice but to succeed, no matter how high the cards are stacked against you, it is an incredible feeling to succeed and then look back and think 'holy s**t, how did I manage to come through that?' It makes every other small difficulty in comparison seem like child's play, and you will be a lot wiser for doing it.

So if you have faith in yourself and your business idea then yes, quitting the job might just be the kick up the a**e you need. It is amazing what someone can do when they have no fear because they have nothing more to lose.
 
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evoo21

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Hey Liquid,

I get what you are saying, and I totally agree with you.

I think what I wrote sounded like "I am going to wait around for an idea to come to me". This is not the case, in fact over the weekend after reading the book (most of it anyway) I immediately took action and threw up a website for an idea I have Snap The Pic - Turning Special Moments Into Memories. I am currently running an ad on Facebook to see what kind of response I receive from people - are they interested in working for me in this space?

I also had another epiphany while out with some friends and have ordered some materials to test this idea out. If all goes well and my idea works, i will take the appropriate steps to patent the idea and begin licensing it.

However, what I meant when I said I need to be patient is that I can't jump the gun. You know, it's really nice and refreshing to read the book, it makes you feel good! MJ is truly a marketing expert. However, sometimes feeling good makes you feel like you've already accomplished something or already in a certain part of the process when really you aren't.

I need to be patient with my ideas to see if they can materialize under the conditions set forth for a successful fast lane business.

I need to be patient at my current job and not quit immediately, as that would be too risk and irresponsible at this point in the game.

The "fast lane" is going to take some time...I want it now! That is unrealistic, thus, I need to be patient.
 

lightning

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Something interesting about this issue is that in some situations, getting a well-paying job can set you up fairly well, PROVIDED that you stick to a plan to jump off the wheel after a set-amount of time.

The problem is (and as I explained above), the longer you stay in the rat-race, the harder it is to get out of it.

When I entered the workforce, my starting salary was $36,000 per year (with the guarantee of 2 sizeable promotions/raises ahead of me at one year intervals, based on satisfactory performance). At the time, my car was paid off, and I was sharing a CHEAP ($650 per month) apartment with my GF who had moved in with me shortly after our college graduation, and with whom I had agreed to split the bills with. Needless to say, my income EASILY covered the bills, and left me with PLENTY of money every check that I should have been saving and investing (instead of buying watches and expensive clothes as I explained in my earlier post). ;) After a while (more specifically, my first big raise/promotion at my 1-year mark), I started to think “bigger”. Instead of sticking to my plan, I got swept up in my now BIGGER salary, and all of a sudden my apartment started to look small. Within a few weeks, what was adequate for me and my GF only weeks before was no longer satisfying to me. I had convinced myself it was time to move up in the world and upgrade to a house!

Had I known then what I knew now, I probably would STILL be living in that cheap apartment (I had a GREAT deal), and I’d be banking 75% of my paycheck every month. But as I’ve been saying, it’s easy to get sucked in.

The problem is comfort and fear of the unknown. A few years back I was in a relationship with someone whom (although was a great girl), I KNEW wasn’t right for me. But by the time we had been together 3-4 years, I had convinced myself that although things weren’t “great”, they were by no means terrible. I decided that “good ENOUGH” meant that it wasn’t worth leaving. Like many situations in life, it is sometimes easier to stay in one place than it is to move forward towards the unknown. And that keeps people complacent. It sometimes takes an unexpected life event to SNAP you out of your comfort zone (for some people, this could be a financial emergency, a serious medical/health problem, the loss of a job, the birth of a child, a divorce, etc.). These are all factors that can wake you up and get you to finally admit, “SOMETHING NEEDS TO CHANGE”.

Being that I am not in the fastlane myself yet, I do not want to come across as though I am speaking as an expert on wealth creation (I CERTAINLY am not). But, having been through a lot in the last 8+ years since I graduated college and entered the work-force, I now know what the saying, “Hindsight is 20/20” means. And if there is something I DO know about now, it is the struggle to leave your job for the fastlane once you have been working for awhile. Because take it from me guys, it doesn’t get any easier. :)

Heres to some great days/weeks/months and years ahead!
 

liquidglass

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Thank you Evo for your response. I apologize if I misinterpreted your post as an "excuse" to wait around. So I appreciate you clarifying.

That's wonderful that you're taking action on ideas, keep doing it, and your fastlane will be hiding inside one. Best of luck to you! I don't have experience with patenting anything currently but I know there are people around here that do, so ask for advice on it.
 
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Era

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Lightning, Couldn't agree more. This is the primary reason why so many people stay in jobs they hate. Even slowlaners do this by not switching jobs or staying in horrible marriages. I've notice people who talk themselves out of situations of change when the opportunity comes!
 

evoo21

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That's wonderful that you're taking action on ideas, keep doing it, and your fastlane will be hiding inside one.

You are right, I have already gotten 21 clicks on my ad and 1 person filled out the contact form and is interested in working for us!
 

Twiki

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You are right, I have already gotten 21 clicks on my ad and 1 person filled out the contact form and is interested in working for us!

Dang I gave you some of that speed stuff earlier when you said you just put up the ad and the site, but this is cooler. Shows that you can put something together regardless of open question about quitting job vs. going off on your own.

You haven't mentioned what field you're in or what kind of work you do, but maybe the "quit vs. stay at job" idea is unnecessarily either-or. Not sure if this suits your situation but have you considered becoming an independent consultant for your existing company, and make them your first client. See if you can find a way to make that a good option from their point of view, you might be surprised but if you approach it the right way you can help them realize that it'd be a win-win (I can't believe I just used that term). That's what I did to escape from the corporate world, but it might not be possible depending on yr circumstance.

This would provide you with at least some income (if you negotiate it right, you might even make more!) and hey you'd have your first client right there. Then you could be freed up to spend more time/effort on building your own thing, being careful not to remain stuck in non-Fastlane consultant mode.

When I made this kind of move myself, part of the deal was that I would not be required to work in their office, and I would not need to follow a schedule (which I rarely did even when I was an employee, now that I think about it). It turns out there is a good legal argument in favor those conditions, in order to help ensure that the employer is not just trying to avoid paying employment taxes by shuffling people off the payroll. Think about how much more rapid your progress could be if you did not have to "go into work" but still did your work and got paid for it.

This would also help you maintain the working-towards-the-Fastlane mentality, because it'd force you to think of yourself as a non-employee. Just something to consider.
 
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RBefort

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I think you are in a better position than me debt-wise, even with more school debt. The interest rates should be low enough to where paying the min isn't completely detrimental. Plus, these debts are extended out pretty far, so you can wipe them out quickly once you get it all going. My credit card debt, on the other hand, I feel like is a huge burden/headwind. Some have advised skipping payments and such, but my biggest "fear" isn't starting a business or working on it. It's the fear of passing up on paying off this debt while throwing money at little to no ideas+working the main job and not coming up with anything solid in next couple of years for Fastlane. Then, I'll be in heaps of credit trouble, interest added on, etc. It would almost make more sense to become unemployed and forced to focus strictly on creating something. Such weird spots to be in. Like you said, just gotta be patient, but not settle/be content/not strive forward. I think there's a big difference/line between being patient but making excuses and getting comfortable in your situation. Good luck!
 

evoo21

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Hey Twiki,

Thanks for your response! I think you bring up a few good points.

My problem is that (at the moment) I cannot leverage myself in the position that I am in.

I currently do a few things....

My main squeeze is a 32 hour per week job as a lead engineer for an IT consulting company. The nice thing about this is that there is a lot of downtime, allowing me to work on other things. I was an independent contractor for them for 13 months before I was kind of forced to become an employee (boss was afraid of getting heat from the IRS).

Secondly, I have a very small IT consulting firm of my own. I have a couple of $5,000 contracts that allow for unlimited remote technical support and a monthly 90-minute visit. This is actually pretty nice, I do everything remotely or hand it off to someone else. The main reason why I don't pursue this further though is I don't feel that there is a great deal of scale here and the profit margins are somewhat thin - were I to grow it to ten I'd be making 50k but I'd need to bring someone in, which would likely eat up a good chunk of revenues.

Lastly, I am partial owner in a web development company with our niche being politicians. Again, scale is small, magnitude is there, but time is always required...

My current idea has leverage opportunities, time control, need, etc. I am still, however, weighing all my options.
 

Robert Zebala

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Hi evo,

My situation might not emulate yours 100%, but I hope it may be of some help.
I wound up my non-fastlane business more than 2 years ago and I am still saddled with debt it has generated.I had to take on a full time job when my son was born and my wife had to look after him thus giving up her career.
Last 2 years I was testing selling on “polish†eBay different merchandise but without success.I managed to pay off around 70% of my initial debt mainly by scaling down our lifestyle to bare minimum and positive cashflow form my rental flat.We are driving 15 years old car, not socializing with friends, not dining out, etc.
So I know from my experience that debt is really devastating to your lifestyle and mental health.It is the biggest enemy to your freedom and hampers your choices like hell.
In my situation the only option is working full time to pay my bills and wipe out the rest of the financial obligations and devote my downtime at work and spend evenings and weekends on executing a plan that will lead to fastlane success. But I am not willing to compromise my family relations. I am really determined to squeeze out as much as I can from time resources available.
I know that the faster I pay off my debt the quicker I can get on a fastlane. But in my situation I have to juggle two things: full-time job and side business that will hopefully tranform into CENTS compliant venture.For me it can’t be all or nothing move.I can’t leave my job and go fastlane full time. On the same token I can’t afford to put off pursuing fastlane any more.
So my advice would be keep your full-time job, pay off your debt as fast as you can and work on your fastlane all the sime time.I do know it may sound challenging and overwhelming.
But as we say in polish if it doesn’t kill you, it will make you stronger.
I can see from your last post that you have some strong background in IT.I think you will find some areas in your niche where customers suffer from inconvenience and you can offer solutions. Don’t look too far away. Focus on the marketplace wher you have decent amount of knowledge.
Best of luck in your journey.Let us know what you decide and how you want to accomplish it.

Rob
 
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vmatheboss

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i'd say the school loans can wait..... my wife has loans she owes but tells them to screw off so they had to give her the most minimal payment plan possible because she doesnt feel like paying them yet.... use that money you have right now to invest in your business if needed..... once you've become successful then you start dumping that money back.....it takes money to make money...so without it, youll continue to make peanuts
 

RBefort

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Boy, ain't that the truth....now that I think about it, you might still be making "peanuts" when you have more money, but those peanuts in relation to other things in life are massive. What I mean is, you have 1000 bucks, make 1% a year, it is nothing. Have 10,000,000, still make peanuts 1%, but that's outstanding compared to what everyone else has to make working 8-5. From playing poker, it's the same way. Takes FOREVER to start from scratch and make $2-3 hr...but make peanuts higher up and it's easily 20-100/hr, even though it is still relatively small in grand scheme of things.
 

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