fastlane_dad
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OK this isn't a fully thought out post but just some random actionable mindset tidbits that sparked within me this AM reading through some threads on here.
I aim to provide these inputs to help clear up some of the confusion you see and read about! As someone that has built up several companies and sold them all - I am on this forum to inspire and advocate starting from the bottom (with absolutely nothing!), aimed at someone 16+ years of age figuring out how to tackle life post graduation and beyond. These are just some random thoughts I had this AM and I will add more to this list with time.
Quick Background (to know who you are taking advice from) : I am 39 years old and have been entrepreneurial since I have been 14 years old. I sold my last business with @NeoDialectic for an 8 figure sum last year. Being semi-retired now I aim to devote myself to helping others achieve the same, and share my mindset, motivation and any helpful tips that guided me along the way. So let's start!!!
Work towards a degree / slowlane / high income skill
Everything is about chances and risk - and I wanted to make sure I am setup with a high earning skill no matter what. I was not delusional about starting a business that would be an instant success or bring me millions of dollars when I was 18 years old - so I enrolled in a university that was more or less guaranteed to pay me a middle/upper class earning wage for the rest of my life.
There is a lot of gurus and naysayers calling this a waste of time, or many other negative connotations associated with going to college. To me it was an enjoyable time, and an insurance policy that would feed me for the rest of my life. Your 'slowlane' beginnings also will provide you a future paycheck to experiment and try and fail at your other entrepreneurial or fastlane ventures. If you are struggling to put food on the table or cover your mortgage / rent - you will not have the privilege to devote yourself freely to think of and startup businesses - majority of which will be a drain on your wallet and time. This should not be the end goal for you, rather a stepping stone in guaranteeing consistent cash flow and employability.
The time to do this is when you are young! You will have time for it all - part time jobs, gf, side-hustle, partying and learning additional skills. I clamor for those days as I had little to no 'real' responsibility during that time (no wife, no house, no kids, no aging parents, etc). THIS is the time to invest all you can in yourself, and a high-income skill through college is a good first plan! Remember to choose your major carefully though !!
Be Entrepreneurial minded all along
During my high school / college journey I was always entrepreneurial. I looked at various facets of business and tried to figure out how I can insert myself into them or be a part of it. As opportunity is everywhere, I always tried to figure out how I can profit wherever I was. As an example - working at Abercrombie for a season (in my younger years) I decided to look at what their quarterly catalogs sold for on eBay. Figuring out they went for twice (or more) the price they sold in store - I quickly bought out every single catalog in every single Abercrombie store across town. I potentially made more money on these catalogs then the season of working at the store for many many hours!
This wasn't a sizeable amount of money - but was moving me inch by inch into the right direction of thinking in terms of profit, business, opportunity, flipping items etc.
Make $5 before you make $10
So much of today's media, headlines and propaganda revolves around the 'succesful exit', 'investors', 'venture capitalists' and multi million dollar incomes. There is so much of it so that it is discouraging to start small and work your way up! Maybe that's the only way I know how to do this thing as I had no rich parents, no handouts, no wealthy circles, and a very low-middle class upbringing - but to me the principle of making $5 before you make $10 applied so well every time! That was also the start of probably close to a dozen of businesses that turned a profit! Yes I'm all for 'dreaming' and 'acting' big - but doing so don't land yourself in a landmine risking everything you got to achieve the story in the headlines you read about. Start small and learn, improvise and built and you will get to where you want.
Invest early and invest often
One of the things I wish I did more of was get used to the ride of the ups and downs of the market, at my earlier age. Understood that its OK when swings occur. Long term planning includes playing with the various FIRECALC simulators to figure out what is the actual figure you might need to sustain you for life. It doesn't matter how comfortable with investing you are or aren't - I advise EVERYONE on this board to open a vanguard/ameritrade/etc account and invest something small even to the tune of $100 - whatever you got.
Your plan is NOT to get rich off this (as you will not) - rather have it as a tool in your arsenal to develop investing acumen to grow and preserve the money you DO make (from your fastlane business).
Your natural response will be to put this off, or leave it for another day. Trust me when I say there is no better day then TODAY to start this and get used to the ebbs / flows and emotions of being in the market. Avoid financial advisors and read up / learn about some of this on your own. No matter WHAT path you take in life, this tool will come in helpful for you to know especially the more time passes.
Know that not everything will work out
Just something else to ponder - Just because you had success in one venture does not mean you will have success in another. Key is to keep going, and thinking about your risks and long term plans. Don't put yourself into something that can put you into a bad situation permanently (MJ talks about this in his books and please heed the advice on it thoroughly) - but take SOME asymmetric risks that can yield great benefit and returns to you into the future.
Be cautious who and how you take advice from others
Many clamor to be mentored by millionaires/ billionaires - but that does not necessarily mean it's right for your situation to help you where you are at. Many of those are way past you financially, age wise, and in mentality -- will advise and speak to their current mindset, and not what it was like when they were starting of at 18+ years of age.
------------------------------------------------------------
I will add more through this thread as my brain allows! I seek to find disconnects of all that I see around me and in the news/online space and try to transform it into small actionable steps for you guys to make progress. Will keep updating with more.
I aim to provide these inputs to help clear up some of the confusion you see and read about! As someone that has built up several companies and sold them all - I am on this forum to inspire and advocate starting from the bottom (with absolutely nothing!), aimed at someone 16+ years of age figuring out how to tackle life post graduation and beyond. These are just some random thoughts I had this AM and I will add more to this list with time.
Quick Background (to know who you are taking advice from) : I am 39 years old and have been entrepreneurial since I have been 14 years old. I sold my last business with @NeoDialectic for an 8 figure sum last year. Being semi-retired now I aim to devote myself to helping others achieve the same, and share my mindset, motivation and any helpful tips that guided me along the way. So let's start!!!
Work towards a degree / slowlane / high income skill
Everything is about chances and risk - and I wanted to make sure I am setup with a high earning skill no matter what. I was not delusional about starting a business that would be an instant success or bring me millions of dollars when I was 18 years old - so I enrolled in a university that was more or less guaranteed to pay me a middle/upper class earning wage for the rest of my life.
There is a lot of gurus and naysayers calling this a waste of time, or many other negative connotations associated with going to college. To me it was an enjoyable time, and an insurance policy that would feed me for the rest of my life. Your 'slowlane' beginnings also will provide you a future paycheck to experiment and try and fail at your other entrepreneurial or fastlane ventures. If you are struggling to put food on the table or cover your mortgage / rent - you will not have the privilege to devote yourself freely to think of and startup businesses - majority of which will be a drain on your wallet and time. This should not be the end goal for you, rather a stepping stone in guaranteeing consistent cash flow and employability.
The time to do this is when you are young! You will have time for it all - part time jobs, gf, side-hustle, partying and learning additional skills. I clamor for those days as I had little to no 'real' responsibility during that time (no wife, no house, no kids, no aging parents, etc). THIS is the time to invest all you can in yourself, and a high-income skill through college is a good first plan! Remember to choose your major carefully though !!
Be Entrepreneurial minded all along
During my high school / college journey I was always entrepreneurial. I looked at various facets of business and tried to figure out how I can insert myself into them or be a part of it. As opportunity is everywhere, I always tried to figure out how I can profit wherever I was. As an example - working at Abercrombie for a season (in my younger years) I decided to look at what their quarterly catalogs sold for on eBay. Figuring out they went for twice (or more) the price they sold in store - I quickly bought out every single catalog in every single Abercrombie store across town. I potentially made more money on these catalogs then the season of working at the store for many many hours!
This wasn't a sizeable amount of money - but was moving me inch by inch into the right direction of thinking in terms of profit, business, opportunity, flipping items etc.
Make $5 before you make $10
So much of today's media, headlines and propaganda revolves around the 'succesful exit', 'investors', 'venture capitalists' and multi million dollar incomes. There is so much of it so that it is discouraging to start small and work your way up! Maybe that's the only way I know how to do this thing as I had no rich parents, no handouts, no wealthy circles, and a very low-middle class upbringing - but to me the principle of making $5 before you make $10 applied so well every time! That was also the start of probably close to a dozen of businesses that turned a profit! Yes I'm all for 'dreaming' and 'acting' big - but doing so don't land yourself in a landmine risking everything you got to achieve the story in the headlines you read about. Start small and learn, improvise and built and you will get to where you want.
Invest early and invest often
One of the things I wish I did more of was get used to the ride of the ups and downs of the market, at my earlier age. Understood that its OK when swings occur. Long term planning includes playing with the various FIRECALC simulators to figure out what is the actual figure you might need to sustain you for life. It doesn't matter how comfortable with investing you are or aren't - I advise EVERYONE on this board to open a vanguard/ameritrade/etc account and invest something small even to the tune of $100 - whatever you got.
Your plan is NOT to get rich off this (as you will not) - rather have it as a tool in your arsenal to develop investing acumen to grow and preserve the money you DO make (from your fastlane business).
Your natural response will be to put this off, or leave it for another day. Trust me when I say there is no better day then TODAY to start this and get used to the ebbs / flows and emotions of being in the market. Avoid financial advisors and read up / learn about some of this on your own. No matter WHAT path you take in life, this tool will come in helpful for you to know especially the more time passes.
Know that not everything will work out
Just something else to ponder - Just because you had success in one venture does not mean you will have success in another. Key is to keep going, and thinking about your risks and long term plans. Don't put yourself into something that can put you into a bad situation permanently (MJ talks about this in his books and please heed the advice on it thoroughly) - but take SOME asymmetric risks that can yield great benefit and returns to you into the future.
Be cautious who and how you take advice from others
Many clamor to be mentored by millionaires/ billionaires - but that does not necessarily mean it's right for your situation to help you where you are at. Many of those are way past you financially, age wise, and in mentality -- will advise and speak to their current mindset, and not what it was like when they were starting of at 18+ years of age.
------------------------------------------------------------
I will add more through this thread as my brain allows! I seek to find disconnects of all that I see around me and in the news/online space and try to transform it into small actionable steps for you guys to make progress. Will keep updating with more.
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