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Any fastlaners have a slowlane strategy?

Discussion in 'General Entrepreneur Discussion' started by simonstanley, Oct 11, 2017.

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  1. simonstanley
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    simonstanley Contributor

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    Hey there guys,

    Hope you're doing awesome. I guess this post is probably extremely validation seeking, and my ego wants to do everything but post this, but in all honesty it's great to have like-minded people on this forum to share my thoughts / bounce ideas with. Like-minded entrepreneurs that are making big moves in their life. (Especially those who've read MJ's books!).

    I started my FastLane business and quit my job in 2010, sold my car, lived the dream without needing a ton of "stuff". Literally I've lived out of 2 suitcases for years now. Income outweighed my expenses, so I travelled almost everywhere you can think of, lived in different countries, and that's awesome. Really packed the most into my 20's, and don't regret a bit of it. I'm now 32.

    I discovered actually that while it's been incredible living the life overseas, there's still a resounding "feeling" inside of me.

    A part of me that needs some form of security in my home country where real estate prices are relatively stable. Something that I can always "go back to" if needed.

    See, going from AirBnb to AirBnb. Rental to rental in Spain has been awesome. At times it's put my fastlane business on rocky foundations. Pieces of paper going missing, having things in my home country delivered to my rents house (dependancy).

    I know it'd be considered slowlane, but I've been considering getting the smallest mortgage I possibly can using the cash I've accumulated as a decent deposit, minimum monthly payments to have a "foot" somewhere, yet still be able travel the world with the extra cash flow.

    I hate the idea of having a huge mortgage and being tied financially, not being able to leave and have my freedom confiscated. (Especially since my home country is rainy, need to escape often!).

    Wondered if anyone else has done this? Even though they don't like the weather + lifestyle in their own country? Anyone else ever had a strange feeling inside that they need stability in their life, even though they may have been living the unscripted life thus far and initially thought they would never go back?

    I guess it's the "roof over my head" thing, an ultimate failsafe.

    I know this is probably a topic that relates a very individual basis, but it's nice to know I'm not alone if any other entrepreneurs have felt like this.

    No matter where we are in our journey, we all have a new comfort zone to break. I guess this is mine.
     
    Last edited: Oct 11, 2017
  2. Jerwood
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    Jerwood Contributor Read Millionaire Fastlane

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    Why is a mortgage slow lane?
    There is nothing Fastlane about having a rocky income and not feeling confident in your future security.

    I'm pretty oldschool, security is everything to me. If I thought I may become unstuck in the future, it would seriously impact my judgement to makes risks moving forward.
     
  3. simonstanley
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    simonstanley Contributor

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    Thanks Jerwood.

    Ahh, unless I've miss read, MJ advises focusing on income producing strategies for explosive growth, with unlimited upside potential.

    Robert Kiyosaki, Grant Cardone believe personal mortgages aren't investments, and instead are part of the system. Locks you to one spot, therefore unable to pursue opportunities if they arise. Lots of different perspectives.

    Again I guess it depends on the individual. I definitely like your approach also. It can also be argued paying off the mortgage / paid in full from the get-go then gives more scope for more risk / bigger entrepreneurial pursuits with limited downside.
     
  4. cmor16
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    cmor16 Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Buy a duplex and rent one unit out or a 3 bedroom home and get some roommates. In either case your income will reduce or cover the mortgage payments.

    Sent from my SM-G930W8 using Tapatalk
     
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  5. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    In case of a total financial collapse, I'd want to own my house free and clear of any bank. If there's a currency reset, hard assets should follow suit.
     
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  6. Jav100
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    Jav100 New Contributor

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    I agree - based on what the poster said - but a multi family with an extra small apartment.

    You'll then have someone paying down the mortgage for you and a place to stay yet remain flexible. You'll also diversify your asset base.


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  7. RayAndré
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    RayAndré Contributor Read Millionaire Fastlane FASTLANE INSIDER

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