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bilkar1985

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@Nik:

biophase is more experienced, has done it for years and we should shout our mouths and open our ears wiiiiiide open when he speaks.

As I see it you are partly right about the doctor lawyer starting a firm. But this is not Fastlane as it doesn't follow the CENTS principle. It can but it doesn't at all times. It is the same with someone who owns a business and is an entrepreneur. Even an entrepreneur can be sidewalker and slowlaner just as everybody.

A fastlaner doctor/lawyer has to follow the CENTS principle in order to be on track with the Fastlane:
C for control; he has to be the MAJOR shareholder in the company he "works"
E for entry; his business has to have barriers, not everyone should be able to jump in and start the same
N for need; is there a need for doctors/lawyers or there are 100 of them in 1.000 people?
T for time; his business should be running even if he is not there. He can go for vacation, ski in tha Alps for 1-2 weeks and nobody should notice
S for scale; the business should be scallable. You built one hospital/office, but this is fixed/grounded. You have to either go online or open franchises of them and ask for royalties.

Need is in the centre of these 5 "commandments". No need, no money, no honey.
The more of the other 4 the better for the entrepreneur and the faster he gets on the fastlane.

I hope this helps.

With love,
VK


Sent from my iPhone using Tapatalk
 
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biophase

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1%tile income is 300,000 dollars . It's 480,000 dollars for men.

How does your statement even make any sense? So you are saying top 1% income is $120,000 for women? Where did you get your info?

I still don't understand the meaning of divorcing time from money . JD Salinger sold 70 million copies of the catcher in the rye. If he made 30 million dollars and it took him 1500 hours to write the book , He made 20,000 dollars per hour

He did not make $20,000 an hour. He made $0/hour while writing the book. And made $30,000,000 in semi-passive income after that.

A lawyer starting his firm and a doctor starting his firm and delegating is the management skills I was talking about. My point is that management skills and specialised skill is good enough to retire early and entrepreneurship is just the cherry on the cake. If you have specialised skills and management skills you can be a Peter Lynch and entrepreneurship over it (not exclusive of it) makes you a Warren Buffett. Entrepreneurship is not exclusive of management skills.

You are talking about management skills as the owner of the company vs. management skills as a top level executive in a company. Big difference here.

And that is not what you said in your original post, "50% of 1%tile income is earned by managers and supervisors and super specialist doctors. Only 5% of them are plain entrepreneurs." You mention nothing about management as the owner of a company.

The fastlane books did not talk much about importance of management skills in entrepreneurship. It was more about about being solo entrepreneur and self-sufficient as compared to leading people and increasing their productivity.

Guess why? Because it's a given. The book doesn't talk about understanding math either, but I bet entrepreneurs use math. And the book was not at all about being a solo business person but about building a company.

You are correct that it wasn't about "leading people and increasing their productivity" because that would be a corporate manager type business book.

I sincerely don't understand the difference between scale and time as even MJ said that writing and entrepreneurship is not passive income but leveraged income and he worked hours for it .

Scale and Time are totally different, they aren't directly compared to each other in the books. Maybe indirectly if your business can't make enough product to meet demand.

Scale is being able to sell thousands of units.
Time is being able to make money while you are sleeping.
 

Nik@16

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Passive income is the eventual goal. Of course it’s not going to be passive at first.

I’m struggling to see why you’re not getting this.

Time is divorced from income when you can MAKE MONEY WHILE YOU SLEEP.

It doesn’t matter if you put in 400 hours to write a book 5 years ago, you’ve already done the work and you’re going to get paid regardless.

This forum is more lifestyle focused.

It’s not about retiring early. It’s about creating an asset (business system) that pays you no matter what.
Time V/S Scale.
Time is divorced when you make money while you sleep after you work but it wise not to account for it ? .
MJ gives example of a woman who owns a coffee shop and works long hours .Her time is not divorced from money as she cannot afford to hire a general manager. Imagine if she sold coffee more coffee and haggled with her manager to charge 10% less.She opens 10 more coffee shops as franchises and sells it for a million dollars. The solution of her problem is scale not time. The reason is that marginal revenue is linked to her time. I think MJ should give us a perspective in which marginal cost of making a sale is nil as compared to high marginal cost of making a sale It irks me because I was in the similar industry .
 

Knugs

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Time V/S Scale.
Time is divorced when you make money while you sleep after you work but it wise not to account for it ? .
MJ gives example of a woman who owns a coffee shop and works long hours .Her time is not divorced from money as she cannot afford to hire a general manager. Imagine if she sold coffee more coffee and haggled with her manager to charge 10% less.She opens 10 more coffee shops as franchises and sells it for a million dollars. The solution of her problem is scale not time. The reason is that marginal revenue is linked to her time. I think MJ should give us a perspective in which marginal cost of making a sale is nil as compared to high marginal cost of making a sale It irks me because I was in the similar industry .

So what do you actually do?
 
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biophase

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Time V/S Scale.
Time is divorced when you make money while you sleep after you work but it wise not to account for it ? .
MJ gives example of a woman who owns a coffee shop and works long hours .Her time is not divorced from money as she cannot afford to hire a general manager.

Imagine if she sold coffee more coffee and haggled with her manager to charge 10% less. She opens 10 more coffee shops as franchises and sells it for a million dollars. The solution of her problem is scale not time. The reason is that marginal revenue is linked to her time. I think MJ should give us a perspective in which marginal cost of making a sale is nil as compared to high marginal cost of making a sale It irks me because I was in the similar industry .

I don't understand what you mean. If she hires a manager to run the coffee shop then she solves the time issue.

If she opens up more coffee shops, she solves the scale issue.

What aren't you understanding here?
 

MJ DeMarco

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MJ DeMarco has not considered high level specialisations and management skills in his book

In other words, you haven't read my book, or you didn't read it carefully.
 

Nik@16

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How does your statement even make any sense? So you are saying top 1% income is $120,000 for women? Where did you get your info?



He did not make $20,000 an hour. He made $0/hour while writing the book. And made $30,000,000 in semi-passive income after that.



You are talking about management skills as the owner of the company vs. management skills as a top level executive in a company. Big difference here.

And that is not what you said in your original post, "50% of 1%tile income is earned by managers and supervisors and super specialist doctors. Only 5% of them are plain entrepreneurs." You mention nothing about management as the owner of a company.



Guess why? Because it's a given. The book doesn't talk about understanding math either, but I bet entrepreneurs use math. And the book was not at all about being a solo business person but about building a company.

You are correct that it wasn't about "leading people and increasing their productivity" because that would be a corporate manager type business book.



Scale and Time are totally different, they aren't directly compared to each other in the books. Maybe indirectly if your business can't make enough product to meet demand.

Scale is being able to sell thousands of units.
Time is being able to make money while you are sleeping.
1% was 350,000. Thank You so much
How does your statement even make any sense? So you are saying top 1% income is $120,000 for women? Where did you get your info?



He did not make $20,000 an hour. He made $0/hour while writing the book. And made $30,000,000 in semi-passive income after that.



You are talking about management skills as the owner of the company vs. management skills as a top level executive in a company. Big difference here.

And that is not what you said in your original post, "50% of 1%tile income is earned by managers and supervisors and super specialist doctors. Only 5% of them are plain entrepreneurs." You mention nothing about management as the owner of a company.



Guess why? Because it's a given. The book doesn't talk about understanding math either, but I bet entrepreneurs use math. And the book was not at all about being a solo business person but about building a company.

You are correct that it wasn't about "leading people and increasing their productivity" because that would be a corporate manager type business book.



Scale and Time are totally different, they aren't directly compared to each other in the books. Maybe indirectly if your business can't make enough product to meet demand.

Scale is being able to sell thousands of units.
Time is being able to make money while you are sleeping.

.
How does your statement even make any sense? So you are saying top 1% income is $120,000 for women? Where did you get your info?



He did not make $20,000 an hour. He made $0/hour while writing the book. And made $30,000,000 in semi-passive income after that.



You are talking about management skills as the owner of the company vs. management skills as a top level executive in a company. Big difference here.

And that is not what you said in your original post, "50% of 1%tile income is earned by managers and supervisors and super specialist doctors. Only 5% of them are plain entrepreneurs." You mention nothing about management as the owner of a company.



Guess why? Because it's a given. The book doesn't talk about understanding math either, but I bet entrepreneurs use math. And the book was not at all about being a solo business person but about building a company.

You are correct that it wasn't about "leading people and increasing their productivity" because that would be a corporate manager type business book.



Scale and Time are totally different, they aren't directly compared to each other in the books. Maybe indirectly if your business can't make enough product to meet demand.

Scale is being able to sell thousands of units.
Time is being able to make money while you are sleeping.
It was $350,000. Thank you for your kind words
 
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Nik@16

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How does your statement even make any sense? So you are saying top 1% income is $120,000 for women? Where did you get your info?



He did not make $20,000 an hour. He made $0/hour while writing the book. And made $30,000,000 in semi-passive income after that.



You are talking about management skills as the owner of the company vs. management skills as a top level executive in a company. Big difference here.

And that is not what you said in your original post, "50% of 1%tile income is earned by managers and supervisors and super specialist doctors. Only 5% of them are plain entrepreneurs." You mention nothing about management as the owner of a company.



Guess why? Because it's a given. The book doesn't talk about understanding math either, but I bet entrepreneurs use math. And the book was not at all about being a solo business person but about building a company.

You are correct that it wasn't about "leading people and increasing their productivity" because that would be a corporate manager type business book.



Scale and Time are totally different, they aren't directly compared to each other in the books. Maybe indirectly if your business can't make enough product to meet demand.

Scale is being able to sell thousands of units.
Time is being able to make money while you are sleeping.
1% was 350,000. Thank You so much
How does your statement even make any sense? So you are saying top 1% income is $120,000 for women? Where did you get your info?



He did not make $20,000 an hour. He made $0/hour while writing the book. And made $30,000,000 in semi-passive income after that.



You are talking about management skills as the owner of the company vs. management skills as a top level executive in a company. Big difference here.

And that is not what you said in your original post, "50% of 1%tile income is earned by managers and supervisors and super specialist doctors. Only 5% of them are plain entrepreneurs." You mention nothing about management as the owner of a company.



Guess why? Because it's a given. The book doesn't talk about understanding math either, but I bet entrepreneurs use math. And the book was not at all about being a solo business person but about building a company.

You are correct that it wasn't about "leading people and increasing their productivity" because that would be a corporate manager type business book.



Scale and Time are totally different, they aren't directly compared to each other in the books. Maybe indirectly if your business can't make enough product to meet demand.

Scale is being able to sell thousands of units.
Time is being able to make money while you are sleeping.
I% income was 350k. Thank you so much for your time.
.
In other words, you haven't read my book, or you didn't read it carefully.
Yes , You have cosidered human systems and commandment of skills is all about specialising . The slowlane product managers , proprietary traders , sales managers , accountants and elite lawyers , investment Bankers , etectra can also make great money in a decade and a half too .It was unfair to consider an irrational slowlane who saves 10% of his income and a great fastlane entrepreneur who makes 5 dollars of profit per book and sells his company for millions . The fair way would be comparing a certain percentile of entrepreneurs with certain percentile of highly paid professionals and have empirical evidence Anyways , Your personal story was the beauty of your book for me . The facts changes drastically if we take buying a lamborghini and a Mcmansion out of the equation.
Thanks a lot for writing honest books .They have helped me shape my philosophy .
 
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bilkar1985

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Yes , You have cosidered human systems and commandment of skills is all about specialising . The slowlane product managers , proprietary traders , sales managers , accountants and elite lawyers , investment Bankers , etectra can also make great money in a decade and a half too .It was unfair to consider an irrational slowlane who saves 10% of his income and a great fastlane entrepreneur who makes 5 dollars of profit per book and sells his company for millions . The fair way would be comparing a certain percentile of entrepreneurs with certain percentile of highly paid professionals and have empirical evidence Anyways , Your personal story was the beauty of your book for me . The facts changes drastically if we take buying a lamborghini and a Mcmansion out of the equation.
Thanks a lot for writing honest books .They have helped me shape my philosophy .

If you buy TMF , go to page 81 and 85 and compare these two with p.139-141.
It's night against day.

IMO, yes you can make money in Slowlane, but nowhere near the money and the opportunities that you will find via entrepreneurship and the Fastlane.

Also, I don't remember where this is in the books, but it is one of my favorite parts and I play the video literally every day in the car:

Also, as far as the unfairness is concerned, who said life is fair? The thing is, what do you do about it? It's in your hands!

Slowlaner saving 10% has NO CHANCE to reach the wealth of a Fastlaner and yes, even the one who writes books and makes 5$ from each book. It all depends on the conditions. For the Fastlaner he creates the conditions, whereas the Slowlaner is dependant on the conditions that someone else creates for him to make money.

VK
View: https://www.youtube.com/watch?v=X_J1lSTdhfw
 

The Abundant Man

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High level skills through education and Management skills are one of the finest ways to become an Entrepreneur and a great way to make f*ck you money. Don't forget about founders of CEO of Cisco , Google etc who were PhD's. An average surgeon makes more than an above average electrical engineer . An average dematalogist makes more than a great physician . There is noone stopping them from being an entrepreneur.
Fastlane Forum is more than just about F**k You Money. Did you not read the book?
 
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Nik@16

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That
If you buy TMF , go to page 81 and 85 and compare these two with p.139-141.
It's night against day.

IMO, yes you can make money in Slowlane, but nowhere near the money and the opportunities that you will find via entrepreneurship and the Fastlane.

Also, I don't remember where this is in the books, but it is one of my favorite parts and I play the video literally every day in the car:
View: https://www.youtube.com/watch?v=X_J1lSTdhfw
That's What I'm saying. There are many folks who don't give up till they give up their lives. Great People, Yes , But there is a limit to the numbers of games you can play . It's said that you're trading 5 days against 2 but in reality it's 60 hours for 60 hours. This is sophistry and it's untrue.
 

Nik@16

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Fastlane Forum is more than just about F**k You Money. Did you not read the book?
Yes. It is not about making F*ck you money but that doesn't deny that it doesn't have a provision of reaching F*ck you money at a a considerably young age by slowlane. If I'm right than entrepreneurship becomes a passion in itself for us or it becomes either-or situation for us.
 
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MJ DeMarco

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but that doesn't deny that it doesn't have a provision of reaching f*ck you money at a a considerably young age .

Wuh? My books don't address making FU money at a young age?

What books did you read?

Again, it's clear you have a reading disability so I'm going to assume it's due to English being your second language.

That said, if you continue to cite stuff that is actually contradicting and erroneous to what I wrote, you will be removed.

We're not going to entertain your lack of reading comprehension.

What next will you claim I said? MJ DeMarco said you should spend $250,000 for a gender studies degree?
 
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Nik@16

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Wuh? My books don't address making FU money at a young age?

What books did you read?

Again, it's clear you have a reading disability so I'm going to assume it's due to English being your second language.

That said, if you continue to cite stuff that is actually contradicting and erroneous to what I wrote, you will be removed.

We're not going to entertain your lack of reading comprehension.

What next will you claim I said? MJ DeMarco said you should spend $250,000 for a gender studies degree?
I have edited it. I said that the books don't have provisions for reaching F*ck you money at young age through slowlane jobs.
 

MJ DeMarco

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I have edited it. I said that the books don't have provisions for reaching f*ck you money at young age through slowlane jobs.

Sure it does. You just didn't read that part.
 

Nik@16

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I have edited it. I said that the books don't have provisions for reaching f*ck you money at young age through slowlane jobs.
Sure it does. You just didn't read that part.
Sure it does. You just didn't read that part.
It was a typo because I'm writing it on phone and it becomes a little uncomfortable .
Sure it does. You just didn't read that part.
I don't have a reading disability and I have not contradicted my points.I like to be precise instead of simple and I have genuine doubts. I just wanted to say that a book on high income skills and could be your next best sellers because it was missed.
 
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Nik@16

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It was a typo because I'm writing it on phone and it becomes a little uncomfortable .

I don't have a reading disability and I have not contradicted my points.I like to be precise instead of simple and I have genuine doubts. I just wanted to say that a book on high income skills and could be your next best sellers because it was missed.
Why did you deleted my post ? LOL. 100k*15=1.5million. It's good enough money and it's possible to save this much from a 250k job . I was just giving you a suggestion. I didn't intend to piss you off.
 

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PizzaOnTheRoof

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In other words, you haven't read my book, or you didn't read it carefully.
2jevyk.jpg
 
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Nik@16

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Yea, it pisses me off when someone claims I said X, when I really said Y.
I'm sorry for that . It was unintentional typo. It's a fact that the only people who did not liked your book were the people who had a job and were offended . The lamborghini cover was also one of the reasons a lot of people did not read the book.There is a huge demand for a book on choosing a career This was the reason I was saying what I was saying. I have studied the books. A genuine criticism cannot hurt.
 
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Perhaps the most simplistic way to understand it is this.
Say (in your example) you made $250k per year, and by some miracle, after paying 40- 50% tax and still living, you saved $100,000 per year = $2,500,000 after 10 years.

At the end of your 10 year working life, you have $2,500,000.

A successful fastlane entrepreneur might also work for 10 years, and years 1 - 5 might only average out at $50,000 saving nothing in that time, however as his business scales out, might see exponential income growth in years 6 -10 allowing him to save the same $2,500,000 by the end of his same 10 year period, but MOST IMPORANTLY, by the end of year 10 he has built an asset that can be liquidated.

Selling that business asset is the event that realises the FU money... thats where you can cash out an put $5- $50 million into your money system and never work again.
 
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Nik@16

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If I haven't read the books where did so many references and statistics came from ?
Why will you have to pray after making 120k per year at 22. You can moonlight after that job . You can save half a mil by 30 and start your own venture. You can stay at the job. It's your choice lol.
 

biophase

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Soooo....

You are basically telling MJ that he missed the part in his entrepreneurial book where it should have said go get a high paying job, save your money and you can be a millionaire?

Now I just think your stupid.

Do you understand that books are written to address certain topics.

But now that I think of it, that last book I read on vegan living totally did not address the part about eating meat as a means of getting protein. I better write that author and tell her.
 

biophase

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Why will you have to pray after making 120k per year at 22. You can moonlight after that job . You can save half a mil by 30 and start your own venture. You can stay at the job. It's your choice lol.

1) Because you can't save $62500 a year, making $120,000 a year
2) Because you are waiting until you are 30 to start

or

1) You can start at 22 and have a chance to make $300k a year by the time you are 25.

How old are you?
 
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Nik@16

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Perhaps the most simplistic way to understand it is this.
Say (in your example) you made $250k per year, and by some miracle, after paying 40- 50% tax and still living, you saved $100,000 per year = $2,500,000 after 10 years.

At the end of your 10 year working life, you have $2,500,000.

A successful fastlane entrepreneur might also work for 10 years, and years 1 - 5 might only average out at $50,000 saving nothing in that time, however as his business scales out, might see exponential income growth in years 6 -10 allowing him to save the same $2,500,000 by the end of his same 10 year period, but MOST IMPORANTLY, by the end of year 10 he has built an asset that can be liquidated.

Selling that business asset is the event that realises the FU money... thats where you can cash out an put $5- $50 million into your money system and never work again.
Yes. it's true. I never denied that fact but I was heartbroken when MJ told me that he was not given enough credits for being CEO of limos.com and the multiple is in the range of 3-4 which is very little compared to public companies.
 

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Why will you have to pray after making 120k per year at 22. You can moonlight after that job . You can save half a mil by 30 and start your own venture. You can stay at the job. It's your choice lol.

I really think you're confusing the concepts... if you can make $120k per year at 22 and stick that out for 8 years before 'starting your own venture' then that is completely different to your opening theory of just 'working as a doctor / high level manager', where the implication was you would just do that for life.

You appear to be moving the goal posts here
 
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Davejemmolly

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To be honest. I think you're being deliberately obtuse, which is pretty rude to the people who have taken the time to try and educate you.

My 10 year old picked up this concept faster than you!
 
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Nik@16

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I really think you're confusing the concepts... if you can make $120k per year at 22 and stick that out for 8 years before 'starting your own venture' then that is completed different to your opening theory of just 'working as a doctor / high level manager', where the implication was you would just do that for life.

You appear to be moving the goal posts here
It was a reply to that person who changed my threat.
I haven't changed the title of my threat. The purpose of my post was to consider that you can make enough money by 35-40 by certain jobs to retire without taking any financial risk . If you can do that is it rational to start your own venture ?
 
Last edited:

Nik@16

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Aug 22, 2018
110
31
India
1) Because you can't save $62500 a year, making $120,000 a year
2) Because you are waiting until you are 30 to start

or

1) You can start at 22 and have a chance to make $300k a year by the time you are 25.

How old are you?
You can also get promoted and make till 200k at 30 at Google which helps you to save up to 62.5k . I even accounted for that. 160k - 64k - personal expenses can be 62.5k.
 

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