Having a job and the fastlane

[vmatheboss]

well yea if you put it that way, it wont be peanuts anymore, they will become walnuts....my terms of peanuts is exactly how you stated, if you had 1000 dollars and make 1%, its nothing.... and that falls on most 9-5 jobs out there right after school...considering you still have loans/debts....you will be stuck with peanut butter lmao....and yes, it will take forever to start from scratch...thats why it takes money to make money.... the more you invest on whatever your goal is, the faster the returns should be considering you've researched on your investment and not just blindly dumping the money into a startup you think is profitable......you will be making walnuts in no time

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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[Vigilante]

Step 1. Ruthless expense reduction. Cut every imaginable cost to get out of debt. That includes getting rid of the car... now. Borrowing money to buy a car you can't afford makes no sense.

Step 2. Simultaneously exploring fastlane business ideas you can moonlight on. Give the business time to develop without putting the strain on it of requiring it to throw off income. Let it germinate.

Step 3. Milk the day jobs as long as possible. Double dip them as long as you possibly can. Make them drag you from your day job kicking and screaming. Most people quit way too soon. You don't have a set timetable to quit. Opposite. Stay as long as you can and milk the income and benefits as long as you can. I wouldn't leave until well after your business income exceeds your regular income. (This is the opposite of what most people on this forum would tell you.)

 

[-L-]

Thanks to everyone for sharing some valuable experience.

I myself am working 10 hours a day in a job that I hate more than anything. But I'm stuck in this "comfort zone" where I can afford to drive in a shiny german car paid by the company and get a decent paycheck once a month. As MJ describes it in his book, I'm overly tired when I get back at night and don't have any energy left during the weekend. (exchanging 5 for 2)

Do I have what it takes to be a fastlaner? Sometime I doubt it but I've learnt from this forum that I should stop whining and start taking action...

 

[liquidglass]

Step 1. Ruthless expense reduction. Cut every imaginable cost to get out of debt. That includes getting rid of the car... now. Borrowing money to buy a car you can't afford makes no sense.

Step 2. Simultaneously exploring fastlane business ideas you can moonlight on. Give the business time to develop without putting the strain on it of requiring it to throw off income. Let it germinate.

Step 3. Milk the day jobs as long as possible. Double dip them as long as you possibly can. Make them drag you from your day job kicking and screaming. Most people quit way too soon. You don't have a set timetable to quit. Opposite. Stay as long as you can and milk the income and benefits as long as you can. I wouldn't leave until well after your business income exceeds your regular income. (This is the opposite of what most people on this forum would tell you.)

I couldn't agree more with the bold statement. I'm the perfect example. I quit everything and jumped headfirst into the fast lane with no safety net because it's the best way imo.

However, Vigilante is also successful and his method is different so figure out which fits you best. If he was in your position years ago you may very well need to heed his rather than any one elses.

 

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[pinkeclipse]

I totally understand the OP. I have over $250K in student debt that I am aggressively paying off. In the meantime, I hope to come up with a fastlane idea and have it ready to launch once my debt is clear. So, I'm spending this time right now trying to think of idea, filling a need, helping others, etc. I had thought of one idea, but then saw it was already taken and well-done. Filled the market. Now, trying to come up with another...

 

[Ninjakid]

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.

The very concept of fiat money is everyone being in debt to the Federal Reserve; or in Canadians' case, the Bank Of Canada.

Still think debt should hold you back from starting a Fastlane Business?

 

[Visionquest]

This is a topic that is very close to me. I have 10 years of college. I had more student loan debt coming out of college than most of the world. I consolidated the debt at 1.9%. Now I ask you if this loan affords me a job making 600$per hour is the 1.9% worth it?

As I continued in my job I quickly realized years ago that I was never going to be able to retire. Not because of my debt (the payment is a very small percentage of my income) The reason was because I was never going to be able to replace my salary with investments unless I invested 50% of my income. This is impossible because I make too much money and all my investments are after tax because we live in a "tax the rich" world.

My solution. Created a flow through business. Then replicated the business I'm in. Hired People just like me. My flow through Business owns all of my assets in my other businesses. So one can depreciate against another. Did I go into more debt for the businesses? You Bet. But when you get the business to cash even (that is the key) the person working at the business is paying for your appreciable asset and they are working towards buy in as partner. So they end up paying for the asset during is appreciation phase, then they buy from you at the appreciated level that they have work to get to, so your investment in losses up front is payed back.

The biggest reason I do this is because I can use my money BEFORE tax to buy a business depreciate against my income while it is losing. This is money i would have given to the government. Then when it is profitable I depreciate it against the passive income coming in.

This is a win for the government as well. They get more employment because I build. The people that work for me pay lots of tax because they earn 6 figure salaries. This is why they keep allowing such huge depreciation schedules. It spurs investment.

But now I'm in the same problem of having to much "JOB" income again so I go and acquire another business. So I am using the governments money and a bank to acquire. Using my systems to get it to profitable ASAP and then letting the producer in the business buy half. I maintain passivity and depreciation. Now I have a road that converges with a dream.

Will I quit my job. HELL NO I went to school for 10 years to learn my skills and I love my job. But I know that I will retire with more money coming in than I could make working for the rest of my life.

So overall I think maybe my plan is not totally what one would call the FAST lane. My plan is building passivity in businesses that are brick and mortar over a period of time. This gives you the appreciating asset as well as income.

It is definitely a human resource set up but what the hell I like people and i love what I do. I think I have all the freedom I want right now. I often think about going back to work when I am at home. I really think of work as my hobby and a game to keep what I make.

This plan is not for the faint of heart. When I started with my first one I was a million in debt with 50,000 in losses the first month. But again you think and make decisions fast when your hemmoraging money. But it grows linear for a while then exponential. Because eventually you cannot depreciate against a mature business. Typically around the 9 year mark. Then that passive income is taxable. Now you have all the passivity building up so you have to build or buy multiple sites in a year. Planning, great accountants, book keepers, lawyers, managers, and producers all necessity.

Final thought. Love what your doing and make a buck at it. Give the universe its due credit for giving you the insight to make decisions to move you forward and have a ball.

 

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