HOT TOPIC Definition of Fastlane

[kimberland]

MJ,

Could you share with us your definition of the fastlane?

I always joke about being in the slowlane
as it took the hubby and I
13 years after graduation
to get to the financial independence stage
(basically our first million in net worth)
but I'm not too certain anymore...

Ya got some guidelines like
5 years to make the first million or something like that?

: )

 

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[MJ DeMarco]

Its really hard to explain in a simple post - my book attempts to explain it (BTW, the book is still months away as its a hodgepodge of notes).

The fastlane is the ability to acquire massive amounts of wealth in the shortest period of time by leveraging the law of numbers. My own research, including myself, finds that many of them (not ALL) acquire wealth thru business building on a worldwide scale (either thru sales or distribution) and/or a liquidity event that possibly follows. This could happen in a variety of venues; business, franchising, replication activities, etc.

RK does go into a little detail about this to the effect that the rich don't buy stocks, they sell them. That concept is describing a liquidity event.

The rich and ultra rich (herein "rich" shall be defined with a net-worth in excess of $5mm with ultra > $10mm) aren't saving their money -- they're using it to build rapidly appreciating assets that they later sell.

However one caveat is that it is difficult to get to the fast lane without first hanging out in the slow lane.

I saved and misered for many years which put me in a position to acquire wealth. Had I not done so, I still would be stuck in the slow lane.

I also attempt to expose hypocritical advice given by most gurus -- sell the slow lane while get rich in the fast lane.

I have a lot of friends/contacts (due to my love for exotic cars) that are in the fast lane -- they are in the 20's and 30's are are self-made .... worth millions. They aren't athletes, musicians, or entertainers and neither am I. I will never be. The difference, we are investors in rapidly appreciating assets that we can effect on a massive scale. This just refers to business, there are other ways too.

For a more thorough example:

http://www.thefastlanetomillions.com/fastlane/articles/education/what-is-the-fastlane

 

[MJ DeMarco]

Kim,

Sorry I didn't answer one of your questions; a good guideline would be $10 million in 10 years (actually thought that would be a good title to the book, but passed on it)

 

[emorgan]

Book title

How about Ramen to Riches MJ?

 

[kimberland]

$10 million in 10 years

I think the aggressive investor could do that with stocks and options.
Especially in the smaller cap companies.

They'd have to have a healthy tolerance for risk
but then in real estate and business, that is true also.

And they would have to look at stocks no one else was
(no analysts covering, which is my preference).

You got a publisher
or you doing it solo?

: )

 

[MJ DeMarco]

I think the aggressive investor could do that with stocks and options.
Especially in the smaller cap companies.

They'd have to have a healthy tolerance for risk
but then in real estate and business, that is true also.

And they would have to look at stocks no one else was
(no analysts covering, which is my preference).

You got a publisher
or you doing it solo?

: )

Goin solo!

 

[Russ H]

Definition of "Fastlane"?

I think we have yet to define "fastlane".

For me, this is what it's NOT:

-It's not collecting unemployment insurance, food stamps, or some other social program.

-It's not living with your parents.

-It's not living on someone else's dime (there may be some disagreement w/me on this point, as Anna Nicole Smith didn't make a whole lot of money working-- but she certainly aspired to live life in the fastlane).

-It's not doing a 9-5, eating at Applebees w/the wife and kids after work, and going home to watch TV until bedtime.

-It's not working *any* job (E or S) for 80-100 hours a week, with no real chance of making this a stepping stone for greater things. This is a tricky one-- for instance, someone who works their butt off at MLM or selling vaccuum cleaners might never make a whole lot of money, but they will probably develop skills that will be invaluable to them later on-- so for that person, developing those skills makes them fastlane material. Because they are doing it to get up to warp speed.

-It's not trying one business idea after another and telling everyone "none of them ever work out." Part of the fastlane is failing-- and learning from your mistakes. Virtually all of the world's successful entrepeneurs and business people failed repeatedly. It's what they did after they failed that made them winners (i.e., they looked at the failure, learned from it, and had the courage to get back up and keep going).

****

OK, those are my .02

Anybody else?

What is the fastlane?

Or, What is not Fastlane?

-Russ H.

 

[SteveO]

Re: Definition of "Fastlane"?

It is also not investing without research.

It is about planning your future.

It is about discipline and drive.

 

[Sehcill]

Re: Definition of "Fastlane"?

It's about having the discipline to know what to do with the @$$ton of money you eventually do start banking; about investing it in both paper assets and real estate, and most importantly, back into the business.

(to me) it's about having to make numerous sacrifices in pursuit of a greater goal; about putting your social life off (at least somewhat) until your own personal business goals are achieved.

-Jason

 

[yveskleinsky]

Re: Definition of "Fastlane"?

The fastlane to me is:

1. Being able to do have amazing ideas and have the means (either through money or knowledge) to put these ideas into action. :driving:

2. Having an outstanding grip on my finances, and systems in place that allow me to grow at the rate of my ideas.:driving:

3. Cultivating an amazing group of friends/ social network that are on the same page as me- and ideally they are living life at the next level and we can all be good sounding boards for each other. (Cough, fastlane, cough)

4. Being able to not just help people out, but to start my own foundation.

5. To always strive to live at my fullest potential. Being humble enough to always work on personal development through seminars, tapes, books, websites, etc.

6. Most importantly a mindset. A mindset that is keyed into being humble, compassionate, goal oriented, happy, creative and successful. This line of thinking (I believe) will help/ does help me to live at my fullest potential.

7. A team sport...even if the journey feels like a marathon...in the desert...without water...with scorpions everwhere. :smx5: :smxB:

The fastlane is not:
1. Coveteous, greedy or jealous.
2. Fear-based.
3. An ending or stopping point.
4. An answer for life's problems.
5. Lonely or soley materialistic.
6. Entered into by the expense of others.

Great question! ++rep

 

[1320Trader]

Re: Definition of "Fastlane"?

Just a simple answer from me....its setting big goals and doing everything in your power to reach them.

 

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[Runum]

Re: Definition of "Fastlane"?

Great posts. To me it is about being in control of your resources; ie time, money, and attention. It's not about having to work 8-10 hours a day, everyday, to further someone else's interest and dreams.

 

[Allthingznew]

Re: Definition of "Fastlane"?

I think everything mentioned so far is good, but I think it's talking about direction/destination. The desire to have X income per month, achieve goals, all the good stuff the masses don't get on the right direction for, can be achieved slow, or fast.

The slow lane will get you from S.F. to L.A. just like the fast lane will, but when you use the fastlane, you're obviously going to get to L.A. faster than if you stay in the slow lane, but you also push the envelope more in the fastlane.

Where are the speeders? Where are the daredevils? Where are the sometimes downright crazy drivers? All in the fast lane, and while you will occassionally see a raggedy broke down looking car in the fastlane keeping up, the vehicles themselves tend to be faster.

And sometimes when you're making the trip from S.F. to L.A. the slow lane moves faster than the fastlane, and the true fastlane driver will move over into the slow lane long enough to get past the bottle neck and move back to the fastlane.

Anyone want to go for a drive?

 

[yveskleinsky]

Re: Definition of "Fastlane"?

Great post. I suppose when you get right down to it, the fastlane is composed of people who have clarity, focus and drive (no pun intended).

 

[MJ DeMarco]

Re: Definition of "Fastlane"?

Awww can't you guys wait until the book is done??:nono::smx3:

 

[Russ H]

Re: Definition of "Fastlane"?

Awww can't you guys wait until the book is done?

Heck no, MJ.

This is the fastlane! :banana:

-Russ H.

 

[venom]

Re: Definition of "Fastlane"?

I thought the fastlane is what your in once you leave the rat race ?

 

[MJ DeMarco]

Re: Definition of "Fastlane"?

I thought the fastlane is what your in once you leave the rat race ?

Nope, the Fastlane allows you to leave the rat race, and do it early.

If you're in the "fastlane", you win and finish the race early. Meanwhile, everyone else keeps chugging along trying to leverage compound interest, 401K's and other slowlane concepts. Compound interest is an amazing thing ... however, it takes 30 years to fully realize its potential.

 

[nomadjanet]

Re: Definition of "Fastlane"?

Money = time
the fast lane is :
The freedom of time to do the things you value everyday that you live before you get to old to live the way you want.

Janet

 

[MJ DeMarco]

Re: Definition of "Fastlane"?

Money = time
the fast lane is :
The freedom of time to do the things you value everyday that you live before you get to old to live the way you want.

Janet

Bingo! There are no guarantees in life ... being 65 years old and "rich" is not as appealing as being 35 years old and rich. No more parking Janet. .. Speed++

 

[andviv]

Re: Definition of "Fastlane"?

A co-worker passed away last week. It just made me put things in perspective. He was young and healthy, no medical conditions we were aware of, but had a heart attack and didn't make it. That made me remember that we are here in borrowed time.
Fast lane is being able to get to live your life now and not later, when it may be already too late. I don't want to own my Ferrari when I need a driver as I am 75 and can't drive anymore. And yes MJ, I like the Ferrari --I can now say it as rep-- is disabled.

 

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[FT1]

Re: Definition of "Fastlane"?

Bingo! There are no guarantees in life ... being 65 years old and "rich" is not as appealing as being 35 years old and rich. No more parking Janet. .. Speed++

"Money = time
the fast lane is :
The freedom of time to do the things you value everyday that you live before you get to old to live the way you want."

If Janet's definition is correct, wouldn't that also include businesses we consider as slowlane?

MLM, Affiliate marketing, being a franchisee is considered slowlane. I fully understand the reasoning behind these being slotted as slowlane.... but, there are exceptions, right?

How about a guy who sells his affiliate biz of 36 sites for $5 million. Is he truly slowlane simply because he's an affiliate marketer?

Also, what about the guy who owns the Remax franchise for the entire state of Indiana. He has a team that runs it while he lives in San Diego collecting millions, as he builds other businesses. Is he slowlane based on the fact he's a franchisee not the franchisor?

I'm not a fan of mlm, nor am I involved in one, but I have a college buddy who makes close to $500K per year as a distributor. He has money, time and freedom at age 37.

This is the guy who recruited my buddy into that company and he he earns several million per year as a distributor, in his 30's.
View attachment 125

It seems, on the surface at least, that definition casts a broad net.

 

[MJ DeMarco]

Re: Definition of "Fastlane"?

Of course there are exceptions ... no where did I ever say no one ever got rich doing MLM or affiliate marketing. There are also people who got rich playing the lottery. I also know guys who own franchises -- except they don't own 1, they own 10 and have operators run the stores. Thats fastlane. Slowlane is buying a Quiznos shop and thinking you've entered the fastlane when in fact, you've bought a job.

The guy that has 36 sites is leveraging numbers - sounds fastlane to me. Fastlane is not just about being at the top of a control structure, its also about leveraging numbers - replication, duplication, and more.

Also, what about the guy who owns the Remax franchise for the entire state of Indiana. He has a team that runs it while he lives in San Diego collecting millions, as he builds other businesses. Is he slowlane based on the fact he's a franchisee not the franchisor?

My book covers realtors and demonstrates how the profession can be fastlane. So I wouldn't call a realtor an exception -- moreover a confirmation of what I am trying to communicate in the book. Mr. Assaraf is a perfect example of a realtor gone fastlane.

Without my book being done, or public, everyone is just speculating on what the definitions are, and aren't .... all while trying to exclude, and exclude certain business activities.

 

[S928]

Re: Definition of "Fastlane"?

Fastlane is when someone has proven resources that allow them to buy or do what ever they desire, with time not being an issue. So, the hallmark of the fastlane is plain abundance all-around.

That being said, I know a couple that is fairly well off (probably worth around three mil), yet they live like paupers. So, despite being well off financially, they're still slowlane.

 

[venom]

Re: Definition of "Fastlane"?

Your discussing the fastlane
Which indicates your traveling at a fast speed toward a destination
I would say that the people in your discussions have already arrived or maybe past their destination.

 

[Diane Kennedy]

Re: Definition of "Fastlane"?

Which indicates your traveling at a fast speed toward a destination
I would say that the people in your discussions have already arrived or maybe past their destination.

Hmmm.....sometimes fast lane is traveling toward a destination. And sometimes it means just cruising in my BMW (yes, I said it! BMW BMW BMW) with the top down and enjoying the ride.

Either way - fast lane is way more fun.

 

[Peter2]

I thought I would resurrect this thread since there has been some recent discussions regarding this subject.

Please post what YOUR definition of fast lane is.

 

[JScott]

Please post what YOUR definition of fast lane is.

Fastlane to me is:

"Earning more than you spend, while spending your days spending what you've earned."

 

[snowbank]

I thought I would resurrect this thread since there has been some recent discussions regarding this subject.

Please post what YOUR definition of fast lane is.

For me, it changes. Sometimes I think I'm in/headed towards the fastlane, sometimes I think I should be trying to create a much faster lane.

Let's say a person can make X amount of money from their job. Making X amount for Y amount of years will allow them to be a millionaire in 3-5 years lets say. Some say thats fastlane. Maybe others would say it wouldn't be. I'm on the fence. I'm always wondering if I should be spending my time looking into something more lucrative that will allow me to get rich a lot faster. If someone's goal to be able to live the life they wanted to live was to accumulate between $1-$2 million and invest and live off the passive income, maybe it would be fastlane for them. If someone wanted to live a lifestyle that needed $10 million + to live how they wanted to live, waiting 3-5 years to make their first million might be considered slow, especially since the income source they used to make their first million, is not something they can make a 2nd million much quicker than the first. They would essentially have to change direction at that point anyways, so should the change of direction happen sooner for the 2nd person is what I'm always thinking about.

 

[AroundTheWorld]

the rapid accumulation of net worth through either:

• building a multi-million $ biz
• acquiring real estate that can appreciate rapidly due to either value added or demographics (vollucci style) or a combo.
• stock strategies

Then... the net worth can be coverted to a passive vehicle for time freedom - and of course the play money to do it again!