- Joined
- Nov 7, 2013
- Messages
- 39
Rep Bank
$270
$270
User Power: 74%
Hi! I was just laid off from my job in the oil industry and am going to use this as an opportunity to get my fastlane where I want it to be. The job was eating 18+ hours a day of my time and made it difficult to do anything else. I look at it as a positive! I will have a year of $2k/month severance pay coming in. This is more than I need to live, since I went into hardcore monk mode, sold my house and live in a paid off RV. I have very little personal overhead and no wife or kids, so this is the time to CRUSH it.
I am making $5k a month net on average ($12000 rent roll) from my rental real estate. I really like this model although it is not as fast as some others. With my limited skillset and passion for the business, I think this is the surest path to success. I would like to double this to $10k a month, at which point a partner and I could travel the world indefinitely or settle down somewhere and live a great life without working if we didn't want to.
Additionally I would like to leverage my knowledge of Internet marketing to start an amazon business. I made my own private label product with a 50% profit margin and this is launching next month. It's terrifying putting $4k in startup costs on a credit card when you have no job, but I can handle it. Real estate is my "slow and steady" fastlane and amazon will be my "try to job a home run" fastlane.
Now like I said I have $2k a month of severance for a year. $5k real estate income. I am also participating in medical research studies (I hope to only do this for the short term) that will yield an additional $2k per month with lots of freedom and free time. I'm also doing some remote "job" projects for people who have already built their fastlane for free, with the hopes that it will take off and I will profit while adding value for them.
With this strategy I am thinking I really don't need a traditional job again. Even in months where I take a vacation to Mexico I don't spend more than $2k total. I mainly get anxious about not generating enough to buy more real estate in a timely manner. Do you think trying to score a $100k a year stressful job would be beneficial or harmful to my plan? I am thinking the latter, but this is new territory for me. I'm enjoying my new freedom.
Overall, what do you think of my plan? Is there anything I shouldn't be doing, should be doing, or could do better? I have a masters degree and could go back to a job, but honestly it is more exciting being a part time lab rat (60 days a year) and pursuing a dream. I just don't want to end up as a broke loser at 40 (I'm 29).
I am making $5k a month net on average ($12000 rent roll) from my rental real estate. I really like this model although it is not as fast as some others. With my limited skillset and passion for the business, I think this is the surest path to success. I would like to double this to $10k a month, at which point a partner and I could travel the world indefinitely or settle down somewhere and live a great life without working if we didn't want to.
Additionally I would like to leverage my knowledge of Internet marketing to start an amazon business. I made my own private label product with a 50% profit margin and this is launching next month. It's terrifying putting $4k in startup costs on a credit card when you have no job, but I can handle it. Real estate is my "slow and steady" fastlane and amazon will be my "try to job a home run" fastlane.
Now like I said I have $2k a month of severance for a year. $5k real estate income. I am also participating in medical research studies (I hope to only do this for the short term) that will yield an additional $2k per month with lots of freedom and free time. I'm also doing some remote "job" projects for people who have already built their fastlane for free, with the hopes that it will take off and I will profit while adding value for them.
With this strategy I am thinking I really don't need a traditional job again. Even in months where I take a vacation to Mexico I don't spend more than $2k total. I mainly get anxious about not generating enough to buy more real estate in a timely manner. Do you think trying to score a $100k a year stressful job would be beneficial or harmful to my plan? I am thinking the latter, but this is new territory for me. I'm enjoying my new freedom.
Overall, what do you think of my plan? Is there anything I shouldn't be doing, should be doing, or could do better? I have a masters degree and could go back to a job, but honestly it is more exciting being a part time lab rat (60 days a year) and pursuing a dream. I just don't want to end up as a broke loser at 40 (I'm 29).
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
Zua fofp'v piif at vu vimm zua epzvjoph mum!
