Newbie reveals simple method for EXPLOSIVE exposure, read now!

[mt_myke]

Hi all, it's Montana Myke, and I don't have any simple method other than trying out the copy-writing tricks I've been reading about on this forum. The view counter will tell me if it worked!

At 43 I seem to be older than most of the members here. I did the good grades, good school thing only to realize by the end of uni that STEM types like myself are just groomed to be exploited by others. Unfortunately I didn't make the leap from that insight to running my own business until much later.

My business interest is basically financial services for the underserved. I'm not sure if it's good etiquette to get more detailed or if this is the right forum area for it so I'll leave it at that. I do know that it's a potentially multi-billion-dollar business for the person who connects all the fragments together. I'm not saying I'll be that person but I'd like to at least position myself to be part of it, maybe have my company bought out early on. That part is also different...although MJ says selling your company is a legitimate fastlane tactic it seems most people are trying to sell products and services for immediate income.

I believe my business will be more along the lines of modern internet startups, where the product/service is free (or close to it) and the value in the company is a large user base and information about those users, as well as the relationships I've built with key business partners along the way. Also, although I'm sure this is the business area I want to be in (it's the last thing I think about when I go to sleep, and the first when I wake up) I don't necessarily know (yet) the best way to approach it. That's why I'm here, for advice and especially from other members who may have a background in the financial system.

 

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[Daniel A]

Haha, welcome man

Well the copywriting advice you've been reading must be good because the headline worked for me!

Have you checked out http://www.wallstreetoasis.com/forums ? You mentioned wanting advice from people who have a background in the financial system. That's a place that seems to be all about that niche.

What area of STEM did you study in university if you don't mind me asking?

 

[mt_myke]

Well the copywriting advice you've been reading must be good because the headline worked for me!

Have you checked out http://www.wallstreetoasis.com/forums ? You mentioned wanting advice from people who have a background in the financial system. That's a place that seems to be all about that niche.

What area of STEM did you study in university if you don't mind me asking?

Thanks for the forum link. I spent some years studying finance before finding MJ's book last Christmas. It's easy to get stuck in a slowlaner job in that field...just saw one of the forum descriptions there say something about 100-hour weeks being the norm for investment bankers. I was pretty discouraged and resigned before the book made it clear that I'd need to start my own business and do something completely different than I had been thinking. Ironically my plan before was to move to Chicago...pretty much scrapped that idea

I got my BSCS and BSEE in 1993 from Carnegie Mellon. Didn't go on to get any postgraduate degrees after that as it was already clear by then it wasn't a path to any kind of freedom. I haven't stopped learning, I probably have most of the education of a master's in financial engineering (including the math) from books and free online classes, which are an amazing resource.

 

[Daniel A]

You're welcome mt myke. Wow 100-hour weeks would make it very hard to make the transition from employee to business founding/ownership, and if that person still only wants to be an employee, that's not a great deal in my opinion

Those degrees should have given you some pretty valuable technical knowledge right? I'd say that's an advantage.

That's a good thing you read the book in time! Very close to pulling the opposite of what MJ did haha. I've never even been to Chicago so I know very little about it though. Donald Trump, MJ, apparent high crime, big city, cold, etc. that's what comes to mind first. Putting a high priority on knowledge acquisition, nice man

How valuable would you say your knowledge of Finance is for yours or anyone else's fastlane 'journey' ? I ask because I am in college right now and the time to choose my major(s) is coming up. I have a different situation than most for college so that's one of the big reasons I am continuing it.

There are many concentrations being offered for a business degree at that school but Finance and Accounting were some of my top considerations (to help me in my future fastlane). That's only 2 out of the 10 concentrations being offered though.

I am assuming your education in finance is very valuable since that's what you plan to tie into your own fastlane.

 

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[mt_myke]

Those degrees should have given you some pretty valuable technical knowledge right? I'd say that's an advantage.

It certainly helps. One of the immediate things I plan to do is create a web site and an app. Those are things I can already do at a professional level. Unfortunately the impression I get is that sales and marketing are far and away the most critical skills, and I don't have those.

How valuable would you say your knowledge of Finance is for yours or anyone else's fastlane 'journey' ? I ask because I am in college right now and the time to choose my major(s) is coming up. I have a different situation than most for college so that's one of the big reasons I am continuing it.

The financial engineering I was studying was pretty specific to that field. It teaches you how to come up with prices for things on first principles like no arbitrage (no one can make a fast buck by buying in one market and immediately reselling in another, because if they can everyone does it and the price reacts immediately). You would apply that to come up with valuations for tradeable instruments (to know what price to trade to, or what price to offer an IPO at). My business is in finance (I prefer to think of it as simply the "money industry") but if yours is not you don't need to know (and won't really be helped) by any of that stuff. I suspect there are many multi-millionaires blissfully unaware of the difference between a future and a forward and not knowing doesn't hurt their business one bit.

My recommendation, instead, is to go for the accounting one. In accounting you necessarily learn how the financial part of a company runs by having to do all the books, and by the time you're done you'll have been exposed to most of the important concepts you need as a day-to-day business operator. The remaining finance knowledge you need for your own business you can probably learn yourself. You should definitely know the basics, how to read a balance sheet, gross vs. net, the difference between a percentage and percentage points (and basis points), hurdle rate, how to decide when to get a loan and what you should give up for that loan (box dot com recently IPO'd and the CEO/co-founder only got 4% of the equity...the rest was given away to get early funding).

One of my other ideas is a "remedial finance" site (I already own remedialfinance.com but nothing there yet) that teaches this stuff. I'm still surprised how often percentages are stated incorrectly..."increased by 200%" is different from "increased to 200%", and "increased 200%" is ambiguous and that usage should be avoided. I've found most business/finance stuff is either geared toward working stiff 401k types ("investing is trivial, always just buy and hold index funds forever regardless of all other information, but investing is too hard for you, pay for an advisor!" - what??) or goes too far the other way - most people will never need to know or care what black-scholes or the "greeks" are. There seems to be a distinct lack of the foundational teaching that should be taught in high school but isn't. Again the problem is monetizing this, though an e-book is promising...I should probably do the exploratory "sign up for this upcoming e-book and get the first chapter free!" and see what kind of response I get, especially with a little bit of AdWords money thrown at it...

 

[mt_myke]

Just an update, it's been a little under two weeks since I posted this and I'm at 274 views right now. Though far from the top (there's at least one post with over 600 views, and several over 274) it seems to be well above average. Guess those cheesy come-on lines really still work! I'll definitely keep it in mind when I'm ready to start marketing...

 

[Daniel A]

It certainly helps. One of the immediate things I plan to do is create a web site and an app. Those are things I can already do at a professional level. Unfortunately the impression I get is that sales and marketing are far and away the most critical skills, and I don't have those.

Thank you for the advice! I really appreciate it

Wow, that's awesome! For your website will you be building it from scratch? That's true, marketing and sales are definitely the 'rainmakers' in business.

If you want to start learning for free, I posted two threads recently that will give you quality content to go through (offered by true experts). I am currently in the process of completing the guides from the first link. I need to read a bit more after I post this. Haha. Here are the links, check it out:

https://www.thefastlaneforum.com/co...ides-educational-challenge.51648/#post-352500

https://www.thefastlaneforum.com/co...ting-educational-challenge.51668/#post-352318

Wow, poor guy! I have heard varying opinions on that topic, and both sides have valid points, but being left with only 4% equity just sucks.

There is definitely a lack of education within high-schools on those topics (at least in my experience). I took a "business math" class my senior year of HS but that was it. Information businesses/marketing is huge! Testing is a great idea, and if there is an interest, you might have a great niche to monetize!

If the test goes well and there is a market, the complete ebook priced right can be your first offer. Then once they become customers for that, you can upsell them on something else...either right after they click the 'buy button' or a days to weeks after with a follow up email or most likely, many emails.

 

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[mt_myke]

I just posted a long explanation/rant/something on the "Ideas Bucket" forum, check it out!

https://www.thefastlaneforum.com/co...ternet-revolution-money-for-the-masses.51736/

 

[Andy Black]

no arbitrage (no one can make a fast buck by buying in one market and immediately reselling in another, because if they can everyone does it and the price reacts immediately)

I've definitely seen arbitrage working online, by people a lot less "smart" financially too!

 

[mt_myke]

I've definitely seen arbitrage working online, by people a lot less "smart" financially too!

Sure, in the real world people make a living on arbitrage, and their actions are what make markets efficient and remove the arbitrage possibilities for others. The no-arbitrage condition is for a model of a perfect market. The idea is by making the assumptions I listed you can rationally price pretty much anything. If the actual price is different one simple strategy is to bet the price will eventually revert to your calculated ideal price.

 

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