Definition of Fastlane

[AroundTheWorld]

Hijack mode on....

Get it right, the combination of value added and demographics is "Olafson style". :banana::icon_super:


Hijack mode off...

Ug. You are so right!!!

I should have said, value added, vollucci style - or accelerated even more with the Steve O Combo!!

 

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[Russ H]

Re: Definition of "Fastlane"?

bump-a-roo for MJ.

 

[Russ H]

the Steve O Combo!

I had the SteveO combo just last week.

Big burger, side of fries, and a big house with no furniture to eat it in.

Cost me $5 million dollars. Burger was OK.

-Russ H.

Hey MJ, here's another thread on this same topic:

http://www.thefastlanetomillions.com/showthread.php?t=449

Any way to merge them? I see a merge button on the mods panel, but I be clueless as how to use it! :smx4:

 

[Legacy Dad]

Re: Definition of "Fastlane"?

PhxMJ
Being out of the rat race gives me the freedom to pursue these goals -- however the goal IS NOT THE DREAM. The real dream is the pursuit -- and its exclusive of success or failure. Let me repeat that ... the REAL DREAM IS THE PURSUIT, THE JOURNEY -- the end result of this pursuit is inconsequential and irrelevant; the act of pursuit, the journey, is the dream itself.

Based on MJ's quote, the fastlane is a context of thinking and constant striving to improve and better ourselves.

It's the mentality that we pursue wealth with, not the vehicles we use.

Furthermore, based on MJ's definition, there is no time frame to reach the fastlane as the fastlane is the pursuit not the ends. However, getting into the fastlane quicker will produce the pursuit and thus ultimately the ends.

That sounds way too Freudian?

Lance

 

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[EasyMoney_in_NC]

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 too old to live the way you want.

Janet

AMEN sister :hl:

doing what you want, when you want, because you want.......and CAN!! That's what its all about. Nothing more nothing less. How you get there is open

 

[Russ H]

Re: Definition of "Fastlane"?

AMEN sister.

doing what you want, when you want, because you want.......and CAN!! That's what its all about. Nothing more nothing less. How you get there is open

Easy, I don't want to pick on you, but when I read your post earlier today, I thought the same thing (only different).

To wit: If I choose to get there by working for 50 years at a govt job, 'cause that's what I want, when I want-- and CAN . . .

. . . doesn't really sound fastlane to me (probably not to you, either).

But for lotsa folks out there, doing this is EXACTLY what they want.

So you might want to re-think your definition of Fastlane.

-Russ H.

 

[SteveO]

Re: Definition of "Fastlane"?

What a confusing world we live in.

What I want means.... what I want. If I want to jet around the world.... that is what I want. :icon_super:

If what I want is to sit on the porch and drink coffee... arghhh... :eusa_naughty:

Fastlane means a lot of different things. What I want will always be out of reach though. Fastlane is obtaining what I want now.... and then what I want next. :banana:

 

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[Russ H]

Re: Definition of "Fastlane"?

I like the turn this thread has taken.

I think living the life you want is key to both fastlane and non-fastlane lifestyles.

The difference might be that in the fastlane, you get to where you want to go faster.

Example: I like to read books, listen to music, and relax. I also like to cook great meals.

None of these things is particularly expensive. I could live on social assistance and do all of these things.

But that would not be fastlane.

********

If I wanted a life that included exotic cars, big boats, a few houses here and there (Mustique? Yeah, just a small 4000 square foot beach house . . .)

http://www.mustique-island.com/

THAT can be a bit more expensive.

*********

So does the fastlane require that we have expensive hobbies/tastes?

I don't know.

I could argue that the fastlane would allow these things, while other slower (i.e., traditional IRAs) roads to wealth/retirement do not.

*********

I think the biggest difference in the fastlane is the SPEED at which you get to a place where you can do any of these things.

If you use the fastlane to wealth, you generate millions within 10 years or so, as opposed to saving little bits for 25-30 years and then retiring on the meager amount you get for the short remainder of your life.

But the question remains:

If you live in the fastlane, or use the fastlane to generate massive wealth . . .

. . . what life do you live?

Is a simple life out of bounds?

Must you own expensive toys?

I don't know (hey, it's why I started this thread!)

-Russ H.

 

[EasyMoney_in_NC]

Re: Definition of "Fastlane"?

Russ, you're not picking, I need to elaborate, but the thread has brought some interesting points to the table.

I think "good life" would be a definition used by some of the situations above. I think if you have to work, that's not fastlane, it may allow you the good life (as the individual would see it). But I think fastlane is when you have other people paying for your existence, and the ability to do what you wan't ....yada,yada, yada. I don't think you have to be fastlane to have goodlife and vs/versa, the fastlane route is a definite bonus though, and certainly comes in various degrees. Expensive toys are not required, but aren't a bad way to go

 

[Jason_MI]

Re: Definition of "Fastlane"?

That is some interesting thoughts, but I'd go back to those who talk about reaching their goals; not that there should or are a common set of goals (e.g., fast cars), because everyone has a different place they want to end up. So it's how FAST you get to those goals that defines being in the fastlane; not necessarily the goal, or the vehicle you use to get there. For instance, buy and hold in RE may or may not be a fastlane concept, correct?

 

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[aptohosting]

Re: Definition of "Fastlane"?

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.

Sweet, what kind of BMW do you drive??

I just got 04 Imola Red M3 Coupe- 6speed!!! I bloody love it, however I am sure I will love the Gallardo better when the time comes, (hopefully before 25) !!!

Tom
www.aptohosting.com

 

[nomadjanet]

Re: Definition of "Fastlane"?

You guys crack me up
Money = Time
I never intended my post to mean if you work at a job you hate till your 65 then do what you want you are fast lane. My first statement was Money = Time.
Everyone has their own nirvana.
Personally I like taking off half the month to look at new ideas & read books & walk on the beach & sit on the pier & look at the ocean. I would gladly give up a few hundred K a year to be able to do this. As long as I still have a few hundred K to spend. If that is slow lane, hey OK.
We worked ourselves hard for 20 years and made upper middle income money. We finally hit our system in 1999 and by 2001 we were free. We make more now than we did then when we worked 60 a week, we now work about 10 hours most weeks, including phone calls & business related email. The only thing is we find ourselves looking at other opportunities other business ventures, things totally unrelated to our original business venture. So did the habits we ran with for 20 years change us? Or were we always those types of people? Don't know, can't say but if I want to work does that make me slow lane? If I want to lie on the beach & keep a year round tan and live on 200K when I could be generating more does that make me slow lane?
Janet

 

[EasyMoney_in_NC]

Re: Definition of "Fastlane"?

Janet, I think you fall into my definition of FL. You are at a place in life that you can make what ever decision you chose because you CAN, you have the means to do what you want and when and how. To me thats FL. It may have taken longer than it could/should have, but you still made it to your happy place. I think the happy place is where its at. Matters not how you get there, and maybe once you do, you transition from a fast lane to a slow lane/good life position.......not a thing wrong with that at all!
If one chooses to stay in the FL and continue to grow the wealth, well then thats what makes that person happy. Its the point to which you can make those choices and not be under duress that to me is FL.

 

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[FT1]

Re: Definition of "Fastlane"?

I think the happy place is where its at. Matters not how you get there, and maybe once you do, you transition from a fast lane to a slow lane/good life position.......not a thing wrong with that at all!

:eusa_clap: I agree.

rep ++

 

[Russ H]

Re: Definition of "Fastlane"?

We're not talking about our happy places here, campers.

This thread is about the DEFINITION OF THE FASTLANE.

It's not about doing what you want, when you want. I'm all for that. As Easy mentions, that's a definition of "The Good Life"

FASTLANE. By its very name (i.e., fast, vs slow) it DOES matter how long it takes you take to get where you want.

Easy, there are millions of folks who saunter through life, racking up credit card debt, slowly paying off their 30 year mortgage, and raising a family while working at a J.O.B.

They're happy. Very happy. Livin' the Good Life. :smx7:

But are they in the fastlane?

I don't think so.

-Russ H.

PS I like happy places, too. Most folks actually like happy places. This kind of goes along with ending world hunger, stopping war, and getting into your favorite restaurant without reservations.

 

[Nate]

Re: Definition of "Fastlane"?

Yeah, there is definitely a difference between "fast lane" and the "good life". Fast of course refers to speed... and the "good life" doesn't mention anything about that.

This forum is about the fastlane, so I hope I don't get kicked off by saying I am more interested in the good life... like Janet seems to be.

I really did like Timothy Ferriss' book and how he talked about "relative" vs. "absolute" income. Absolute is just a number, whereas relative takes into consideration the time you put into among various other things.

I am one of those that would prefer a very passive $200k annually over the $1 million annually that requires 40 or 60 hours a week. But others might prefer the opposite, and for me that is just fine.

 

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[EasyMoney_in_NC]

Re: Definition of "Fastlane"?

Easy, there are millions of folks who saunter through life, racking up credit card debt, slowly paying off their 30 year mortgage, and raising a family while working at a J.O.B.

They're happy. Very happy. Livin' the Good Life. :smx7:

But are they in the fastlane?

I don't think so.

-Russ H.

I agree 100% and those are the rat race people. Good life is also being taken out of context by your very scenario. To me, going to a 9-5, racking up CC bills and paying off my mortgage is not good life (some people just don't know any better/different). Good life and fast lane (as I see it) pertain to being able to NOT go to a 9-5 and do what you want etc because you have that freedom to.

So just so I'm clear, it took me about 5 years to get where I am once I figured out what to do......was that fast lane or slow? The definition of fast lane is the length of time it takes to get to the good life? not how you get there? guess we all got a little off tangent
Am I fast or slow now that I am not pursuing much in the way of investments presently, but hoping my little propane business will be a takeover target someday soon


BTW thanks for the points FT

 

[Russ H]

Re: Definition of "Fastlane"?

(Easy-- my post below is general, not directed towards you-- I was writing this when you posted what you did above)

*********

Here's' the thing:

We've all been here a few weeks, and have been tossing around terms like "fastlane" and "slowlane"

But until MJ posts his definitions (it is his site, after all), we're just guessing.

A coupla things need to be said, though:

1. Being SLOWLANE is not bad. It's a choice.

You can work a J.O.B., save $100 a month and put it in Mutual Funds, and "retire" at 65 and live on what you have. In America, you can live a very happy life this way. Millions of people do just that.

Here's another SLOWLANE scenario: You build a business, cash out netting millions of dollars, and invest all of it into T-Bills, yielding 4.5% per annum. If you cash out with, say, $6,000,000 after taxes, at 4.5% interest this gives you $270,000 a year from the interest alone-- not touching a dime of your $6 mil. Having your money grow at 4.5% per year is the SLOWLANE, since your wealth does not accumulate/grow quickly. So you're out of the FASTLANE, living life in the SLOWLANE. But $270K/yr is still plenty for many to live "the Good Life".

2. Being FASTLANE is not good (or bad). It's a choice.

You need to determine if it's the right choice for you. It's not for everyone. And no one here should be insinuating that opting out of the fastlane-- or choosing to live in the slowlane-- is necessarily a *bad* thing. It's just a choice.

3. Most of the discussions on these forums focus on doing things IN THE FASTLANE. These are the fastlane forums. If you talk about wealth-building ideas or PLANs that take decades to work, you may get a slowlane sign:
:slow:
The sign is there to show that what you've posted is characteristic of the slowlane-- NOT that what was said is a bad thing. Just that it's not fast.

4. Being in the fastlane means incorporating any and all tools that help you accelerate your growth of $$$. This means being able to use slow lane things, in a different way-- OR THE SAME WAY-- if they work for you in your plan to build wealth, quickly.

Example: You have a business that nets you $400,000 annually, after taxes. You put some of this into vehicles that are also used by those in the slowlane-- like investments that compound your interest.

Example 2: Playing around with the compound interest calculators, you notice that some amazing things happen when you either

a) Increase your initial $$$ (say, from $2K/yr to $400K/yr) OR, you

b) Increase your annual interest rate from 5% to 500%.

Both examples use compounded interest. And both a and b from Example 2 are fastlane concepts-- they massively accelerate the growth of wealth.

**********

Some important points:

1. Don't judge or stereotype someone-- being in either the slowlane or fastlane is s a choice.

2. What differentiates the fastlane from other things is SPEED-- the RATE at which you generate wealth.

Just my .02.

-Russ H.

 

[JesseO]

Re: Definition of "Fastlane"?

1. Don't judge or stereotype someone-- being in either the slowlane or fastlane is s a choice.

2. What differentiates the fastlane from other things is SPEED-- the RATE at which you generate wealth.

Just my .02.

-Russ H.

Excellent points, Russ. I've had unnecessary arguments with friends because of this simple point. Much like religion, it's not something to be forced onto other people. Let them ask you about it. Also, lead by example.

 

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[EasyMoney_in_NC]

Re: Definition of "Fastlane"?

So I am apparently in the middle lane I can choose to down shift and punch it, or merge over and cruise with one hand on the wheel and a hint of right hand slouch to my posture




I'm good with that.......I am officially out of the fastlane and set on cruise control Now where am I and which way am I going <<< picture any Cheech and Chong scene >>>

 

[Legacy Dad]

Re: Definition of "Fastlane"?

Great insights Russ!

I think at times I am in the fastlane and other times I am in the slowlane. It depends on what my current life situation is. When I am downtown Baghdad, I don't have time to be writing naked puts on stocks but when I am back home I can be putting together the next 8 Plex deal with as little out of pocket as possible.

I think what we are really talking about here is the velocity of money and how we ever increase our velocity by choosing leveraged investments over the standard buy, hold and pray types.

 

[Shawn]

Re: Definition of "Fastlane"?

I'm not sure what I am, I think I'm a combination of both. My income is very diversified from some that yield 500% ROI sometimes and other times -500% ROI, so it's definitely risky. But when the going's good, it's good.:banana: And then with about 25% of that profit I invest into slowlane stocks and savings accounts and the rest I re-invest back into the fastlane...and toys .:fastlane:

 

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[M&T]

Re: Definition of "Fastlane"?

To me the fast lane is never having to turn down a deal because you can't make it work.Always having appropriate funds, time , resources ect. to put it together. Also fastlane is balance . Balance between your business and personal life. Family time , also time to stay healthy. Thats it for me..
M&T...

 

[Russ H]

Re: Definition of "Fastlane"?

To me the fast lane is never having to turn down a deal because you can't make it work.Always having appropriate funds, time , resources ect. to put it together.

M&T-

Part of the fun of investing is figuring out *how* to line up resources, $$, etc. and to do it in a timely fashion.

The biggest, bestest investors can handle hundreds-- even thousands-- of deals simultaneously.

Note that I'm talking about only a handful of investors on the entire planet.

But NEVER passing on a deal? ALWAYS having the resources, time, money, etc?

I'm not so sure anyone-- including the few that can handle thousands of deals at once-- could measure up to your definition.

Sorry if that sounds negative. I don't tend to be that way.

Perhaps it's the use of the words "never" and "always".

Both are exclusionary. There's no wiggle room for anything else.

And I do so love wiggle room.

It lets in so many other possibilities.

-Russ H.

 

[Talkintoy]

Re: Definition of "Fastlane"?

I thought i'd bring this thread back with my thoughts. :smxF:
My thoughts are Fastlane = Leverage. To double, triple or even quadruple etc... the results. Everyone is happy regardless of thier situation but it's more better to be more Happier :jiggy: in life. Everyone is basically in same level situation the only difference is the financial part. Is money still a reason for anything (slowlane) etc... or is it not anymore (fastlane)? You have time for yourself (Fastlane) or you don't (slowlane)?

 

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[Russ H]

Re: Definition of "Fastlane"?

Talkintoy-

Not sure I understand what you mean. (?)

Are you saying, as janet did before, that TIME (being able to spend it any way you want) is FASTLANE for you?

And that not having time you control is SLOWLANE?

Or are you saying something else?

Just trying to understand your point (don't want to misread it).

-Russ H.

 

[Talkintoy]

Re: Definition of "Fastlane"?

Russ... Sorry i guess i was talking about definition of both. Depends on which either way the person feels that's more comfortable to achieve and outcome feeling that's important to them. Definition of fastlane to me is Leverage. Fastlane creates opportunities, time, money, personal well being comfort for yourself and others you love. While other is using your time for someone else's advantage (JOB) which you have no control until changed.

 

[vietdiesel]

Fast lane = Execution of business ventures that you are insanely passionate about that have large ROI's within a calculated time frame.

 

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[prodij]

Fast Lane to me is:

True financial freedom to manifest life changing decisions and visions without being tethered to monetary limitations.

For example, I should be able to devote my life in scientific research for my own desire to push the edges of a particular field of choice rather than to conduct researches that are funded by external sources.