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INTRO 27 years old, $140K in the bank and but feel broke

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SalesGod

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Aug 25, 2021
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I know the title may across whiny but nevertheless its how I feel and I'd love to hear from other fastlaners who traded their comfortable high paying slow lane jobs and entered the fastlane.

I read TMF over 10 years ago when I was 17 with dreams of hitting the fastlane but never executed on an any valid business idea to actually make it a reality.

Fast forward 10 years, two college drop outs, one completed finance degree and 3 jobs later and I have arrived at 100k per year software sales gig after a long but worthwhile grind. Im now in a position where I have saved over 100k, co own an apartment where the rental income basically means I live for free, barring no major repairs year to year.

But yet I don't feel financially secure, even though I enjoy my job and I am quite good at it I know I am one email away from having my comp plan adjusted or worse being fired. Who knows how long these bloated salaries will be paid for.

I am at a major crossroads as to how to increase my wealth to the next level and get off the hamster wheel of just making, saving and spending money without building up any equity in something.

Ive seen friends get involved in family businesses, cash out on stock options at startups or lucked out on crypto who have ended up with hundreds of thousands in the bank which is just further confirmation that I need a high salary just isn't going to cut it.

Obviously having a good salary, savings & low expenses gives me a head start but I'd love to hear from other fastlaners who traded their comfortable high paying slow lane jobs and entered the fastlane, did you dive right in and start a business, buy one or was it getting involve in real estate your route?
 

thechosen1

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I know the title may across whiny but nevertheless its how I feel and I'd love to hear from other fastlaners who traded their comfortable high paying slow lane jobs and entered the fastlane.

I read TMF over 10 years ago when I was 17 with dreams of hitting the fastlane but never executed on an any valid business idea to actually make it a reality.

Fast forward 10 years, two college drop outs, one completed finance degree and 3 jobs later and I have arrived at 100k per year software sales gig after a long but worthwhile grind. Im now in a position where I have saved over 100k, co own an apartment where the rental income basically means I live for free, barring no major repairs year to year.

But yet I don't feel financially secure, even though I enjoy my job and I am quite good at it I know I am one email away from having my comp plan adjusted or worse being fired. Who knows how long these bloated salaries will be paid for.

I am at a major crossroads as to how to increase my wealth to the next level and get off the hamster wheel of just making, saving and spending money without building up any equity in something.

Ive seen friends get involved in family businesses, cash out on stock options at startups or lucked out on crypto who have ended up with hundreds of thousands in the bank which is just further confirmation that I need a high salary just isn't going to cut it.

Obviously having a good salary, savings & low expenses gives me a head start but I'd love to hear from other fastlaners who traded their comfortable high paying slow lane jobs and entered the fastlane, did you dive right in and start a business, buy one or was it getting involve in real estate your route?
if you live basically for free (rent of one unit covering your expenses), and you have 140k, why are you so worried?

You are doing great and on the right track. Your 140k, invested in a money system, won't make you a killing, but would be enough to pay your other bills if you had no other source of income.

Honestly, I see no reason for the worry. Keep at it and keep pushing towards the business you want.
 

Makko

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Jul 13, 2021
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I'm 26, with less than 30k in savings..

  • No college degree
  • No friends here
  • A dead-end job
  • Slave labor of 2 years for "mandatory service" ($1~2$ hourly wage)
  • No real-life skills (working on it)
Like the Jedi above said, you got nothing to worry my friend..
 

GvTmK

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Jun 21, 2021
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I'm in a similar situation
  • A corporate job that is decently paid but i don't really like
  • 160k in savings
  • No debt
  • Still live with my parents but i contribute to the house expenses
  • Few high quality friends
What i'm doing right now is investing in skills: learning sales, react and russian.
I want to be a nomad entrepreneur and leave the country where i live because taxes are extremely high, i'll come here only on vacation.
An infobusiness would be the best choice especially if done from Dubai or some other fiscal haven (Georgia, Montenegro, Serbia...). Believe it or not taxes are your wrost enemy: they do the difference between being forced in the slowlane for life or being capable of flying towards the fastlane.
 

peddletothemetal

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Not that I get these copywritten threads complete with the bolding of text etc, but:

A job and a business are very different. A job removes whole swathes of concerns you didn't even know you might have to worry about, sales and marketing in particular (which as a pure engineer you're absolutely unqualified for from the get go).

You don't get successful businessman money exceeding big tech salary money from just pulling the trigger. You get it with that and a combination of luck and vehemence and having screwed it up before. Hold your job, don't waste it, pile it in the bank.

Just have a fallback plan for when you get inevitably (always treat it as inevitably) canned. Just remember that on your savings you can retire in India for life right now. Puts it in perspective.
 

Zaratustra

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$140K can buy you a shitty-to-average apartment in my little city, therefore you are broke. Not as broke as me, but still.
 

Ronak

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The thing that most people get wrong is expecting businesses to fill our personal needs. "I want it to pay my bills", or "I want it to fund my killer lifestyle," or any other variation. That's the slow-lane approach, because the premise is that the business exists in the marketplace primarily for the owner.

The quest then becomes, searching for that perfect idea, opportunity, or business to fulfill all those wishes.

MJ flips that equation entirely. Businesses don't exist for owner, they exist to serve the market. In the process, yes, the owner can make money and fulfill lots of dreams, but it is only as a side effect of serving the marketplace.

There are lots of questions around what one should do, and whether to quit jobs, etc. All those questions are looking at it from the wrong approach.

There is no point in quitting a job to simply sit around and twiddle one's thumbs wondering what they should do as a fastlane idea.

Find a need, explore a market, learn a skill. These are all valid, and can be done while holding a job in the off hours. Worst case, take some time off and use that if you need more dedicated time. Get some proof of concept.

When your market gives off enough feedback in the form of revenue, and you hit a time wall, that's when it makes sense to quit.

I wish I took that advice @ 27. Your high paid job is the equivalent of a 7 figure revenue business that's optimized. Milk it for all its worth, because the first few years, at least, are likely to take you backwards rather than forward, financially speaking.
 

peddletothemetal

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$140K can buy you a shitty-to-average apartment in my little city, therefore you are broke. Not as broke as me, but still.
OP: don't buy an apartment, especially not in Zarathustra's city

On the other hand, at $1k/mo (more than the global median income per year) you can live for 11 years without working, while living comfortably somewhere in the world.

So supposing you're fired, so long as you haven't bought an apartment in Zarathustra's city, don't worry.
 

BlindSide

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I know the title may across whiny but nevertheless its how I feel and I'd love to hear from other fastlaners who traded their comfortable high paying slow lane jobs and entered the fastlane.

I read TMF over 10 years ago when I was 17 with dreams of hitting the fastlane but never executed on an any valid business idea to actually make it a reality.

Fast forward 10 years, two college drop outs, one completed finance degree and 3 jobs later and I have arrived at 100k per year software sales gig after a long but worthwhile grind. Im now in a position where I have saved over 100k, co own an apartment where the rental income basically means I live for free, barring no major repairs year to year.

But yet I don't feel financially secure, even though I enjoy my job and I am quite good at it I know I am one email away from having my comp plan adjusted or worse being fired. Who knows how long these bloated salaries will be paid for.

I am at a major crossroads as to how to increase my wealth to the next level and get off the hamster wheel of just making, saving and spending money without building up any equity in something.

Ive seen friends get involved in family businesses, cash out on stock options at startups or lucked out on crypto who have ended up with hundreds of thousands in the bank which is just further confirmation that I need a high salary just isn't going to cut it.

Obviously having a good salary, savings & low expenses gives me a head start but I'd love to hear from other fastlaners who traded their comfortable high paying slow lane jobs and entered the fastlane, did you dive right in and start a business, buy one or was it getting involve in real estate your route?
Are you still here? That would be great, because you are in a better position than you think you are from my perspective.

@Ronak gave a fantastic response here. Why do you have to quit your job? I'm in software sales too, same age.. I'm curious how much time you have vs me. Would be a great conversation, and we could discuss where to go from here.

One thing I will say - a lot of your post is "I want." Shift it. Which should be easy, your in sales right? What do THEY want? How could you provide value to others?

Stick around. Read some GOLD threads, and think about what you want your life to be like. Read MJ's new book, develop the plan he mentions in it, and begin to execute.
 

MarekvBeek

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You're not broke, you're way too comfortable.
The reason you feel broke is because your inner soul feels broke (while having enough money to live comfortably for a very long time). It's the worst place to be in.

I would shake some things up. Move to another city. Quit your job immediately. Put yourself in uncomfortable positions. Start hustling.
 

BlindSide

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You're not broke, you're way too comfortable.
The reason you feel broke is because your inner soul feels broke (while having enough money to live comfortably for a very long time). It's the worst place to be in.

I would shake some things up. Move to another city. Quit your job immediately. Put yourself in uncomfortable positions. Start hustling.
Sounds nice and all inspirational, but if he doesn't have any clue on where to start at this point, then your advice on making him quit his job immediately just did nothing for him except make him lose money. Why would you do that when you can still accomplish these goals while making money from the job?

The hustle culture gets a bit too much at times IMO.
 

Johnny boy

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If you have gone 10 years without thinking "Man, I really need to start this business idea of mine" then in my opinion you are not a thoroughbred entrepreneur and like to take things a little safer. For me it took like 1 year out of school until I said "f*ck this shit I need to leave". I was broke but it didn't matter. I just couldn't stand waiting.

With 100k I recommend that you keep your job, buy a nice 4 plex with a little fixing up to do, renovate it, rent it out and live in a unit, pull out some equity and get another property. Real estate is the place where cautious people can make money without being real business owners.

The market will go down and back up. Stay liquid enough for when houses go on sale but if you buy properties that will cash flow even in bad markets, you should be good.

This will put you in a fantastic spot in your mid 30's and you will likely not have to work anymore unless you want to. It's the 'fortress of solitude' 'f*ck you money' that everyone talks about. You will not be worth 100 million but you'll have a few and you'll have decent cash flow.

If that isn't good enough then you'll have to go balls deep and scale a business.

I would not f*ck around with crypto unless you have a competitive advantage and know something that the average person doesn't.
 

MarekvBeek

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Sounds nice and all inspirational, but if he doesn't have any clue on where to start at this point, then your advice on making him quit his job immediately just did nothing for him except make him lose money. Why would you do that when you can still accomplish these goals while making money from the job?

The hustle culture gets a bit too much at times IMO.
I hear you.

The very problem is that his job AND savings makes him too comfortable. I also don't have a clue where he should start.

The very nature of not having a job and 'losing' money everytime he sees his bank account shrinking, makes the brain fire up and creates new ideas.

I don't mean to just "hustle" your way to the top. I mean that he should first quit his job if he wants to move forward. Probably there are a few ideas he already has in mind, he can pursue that.
 

Silverfox148

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Apr 17, 2017
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You're not broke, you're way too comfortable.
The reason you feel broke is because your inner soul feels broke (while having enough money to live comfortably for a very long time). It's the worst place to be in.

I would shake some things up. Move to another city. Quit your job immediately. Put yourself in uncomfortable positions. Start hustling.

I agree with this assessment, the OP is too comfortable, ask me how I know?

I'm in the same boat right now, got a great paying job which I don't like and I am burned out on, very very comfortable and very soul crushing a the same time. You might think I am being soft compared to someone in India or some third world country but it's a mental mindset problem, if I was working at McDonalds or something I would quit without a second thought, but I have huge sunk costs on this current venture.

You see it in animals like Raccoons which you can trap by placing something they want in a trap and they will stick their hand and grab the object but when they attempt to take it out, their hand/paw is too big now with the object in it and all they have to do is let go and they will be free but their programming/instinct/mindset won't allow them to let to go, so they hang on until their inevitable death.
 

SalesGod

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Aug 25, 2021
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I'm in software sales too, same age.. I'm curious how much time you have vs me. Would be a great conversation, and we could discuss where to go from here.
I started June 2019 in SAAS sales at a startup and I made 20kusd my first year
June 2020 I moved into biz dev and was making 45k usd
June 2021 is when I started my first real closing role and started making decent coin
Lol June seems to be the month of change, happy to have a convo on anything sales or biz related.

With 100k I recommend that you keep your job, buy a nice 4 plex with a little fixing up to do, renovate it, rent it out and live in a unit, pull out some equity and get another property. Real estate is the place where cautious people can make money without being real business owners.
It is an area I have considered but the rental yields are pretty low in my city maybe 4-6% unless you buy in the real rough areas. Average home prices are very high also so the lowest entry into the market is more like 350-400k USD for a 2 bed apartment. Banks don't factor in current commissions into lending criteria they only take an average over the last two year so I would definitely need some creative financing to get deals done but its still an option. Saving money regardless for when the right deal pops up.

If you have gone 10 years without thinking "Man, I really need to start this business idea of mine" then in my opinion you are not a thoroughbred entrepreneur and like to take things a little safer.

I see where you are coming from but the first business I started was after I read MJs book when I was 17, I wanted to be the go to place for health and fitness content, spent two years building it while in school and college and racked up to between 700-1200 visits a day but my ad and affiliate revenue wasn't enough to scale up the content on the site so I shut it down. Just need a bigger need and better execution this time around.
 

Phil Yu

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Aug 25, 2020
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following. I am in a similar situation. in my late 20 and some money in the bank. working in field that i dont like but choose to take the professional exam first due to family situation.
 

OleksiyRybakov

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Aug 25, 2021
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Other people:
- have 140k$ in savings at the age of 27
- co-own a house with completely covered costs
- have a job where they earn 100k$ per year
- believe they are good at their job
- have lots of experience in business
- have great business ideas
AND STILL ARE INSECURE WHETHER TO GO INTO FASTLANE!

I:
- have only 8500$ in savings and approximately 80-90k$ in crypto assets at the age of 28
- co-own a three-room apartment where my part of the mortgage is 1400$ per month
- have a job as a software engineer where I only brutto-earn 90k$ (after taxes, I only get 50k$) per year and have only small room for improvement
- despite performing decently at my job I know that my job is too easy
- have zero experience in business (apart from illegally selling flowers picked in a local park at the age of 8 together with a neighbor girl; my advertising was not very effective back then, but hey, at least we managed to get 1 customer and 50ct in profit after one hour)
- do not know what to do so I just do some TikToks about finance (hey, at least I execute)
- have never been interested in entrepreneurship until recently, but rather in STEM and inventing
AND I QUIT MY JOB TO BECOME AN INFLUENCER WHICH IS NOT EVEN CLOSELY FASTLANE!

I do not ask whether what I am doing is right. Lots of people will and do criticize me for my recklessness and what I did is a typical Sidewalker risk. At the moment, others concentrate on talking how they will achieve financial freedom with the Fastlane and buy the things they have always desired. Some people think that I think the same, but actually, I am thinking more about cleaning toilets or doing similar jobs. But what else should I have done instead of quitting my job? Complain about how I work at a boring job and cannot change anything? Change my job and suffer from the same problems after some years again? Learn a new CS-related skill which is still underpaid and becomes boring as well? No, I have to experiment. I have to fail. And I have to learn to enjoy failure.
 

Silverfox148

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Learn a new CS-related skill which is still underpaid and becomes boring as well? No, I have to experiment. I have to fail. And I have to learn to enjoy failure.

There is at the moment a huge bubble in the CS/IT fields, a lot of people coming into these fields are assuming they will be able to ride the CS/IT wave to retirement, nothing could be further from the truth.

This sector is going to get hit hard during the next recession as a lot of the work happening here has very marginal returns, the only reason it's even happening is because of the Fed easy money that is being doled out in the form of corporate bonds.
 

OleksiyRybakov

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There is at the moment a huge bubble in the CS/IT fields, a lot of people coming into these fields are assuming they will be able to ride the CS/IT wave to retirement, nothing could be further from the truth.

This sector is going to get hit hard during the next recession as a lot of the work happening here has very marginal returns, the only reason it's even happening is because of the Fed easy money that is being doled out in the form of corporate bonds.
I would not dare to predict the time evolution of markets but I also think that the IT market is commoditized at the moment. Everyone with a STEM degree and even without a degree can program which is the reason why software developers are underpaid.

What I liked about IT the most when going into it was contest programming and algorithmic development. Developing a graph, geometric or max-flow algorithm was really challenging and I was ready to spend 80 hours per day on it. But this skill has little to none market value.
 

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