Did Yahoo hear MJ??

[CEBenz]

There was actually an OK article today, still a bit slowlane, but an improvement over what we normally see.

http://financiallyfit.yahoo.com/fin...eps-to-becoming-a-millionaire?ywaad=ad0035&nc

 

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[mrhahn]

I don't know, framed a bit differently but still preaching slowlane. My view of the fastlane is also not just being a millionaire, but living the lifestyle.

 

[CEBenz]

I don't know, framed a bit differently but still preaching slowlane. My view of the fastlane is also not just being a millionaire, but living the lifestyle.

Yeah and that is where the article went horribly awry. At least they got the business owner stats right. Its an improvement if somewhat small.

 

[MJ DeMarco]

Still mostly Slowlane stuff although I'd have to agree on the marriage thing - only marry once, or not at all.

According to The Millionaire Next Door, "self-employed people make up less than 20% of the workers in America but account for two-thirds of the millionaires."

Hopefully this statistic clearly indicates where everyone should be operating if their goal is to be a millionaire.

 

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[oddball]

Still mostly Slowlane stuff although I'd have to agree on the marriage thing - only marry once, or not at all.



Hopefully this statistic clearly indicates where everyone should be operating if their goal is to be a millionaire.

Thats what I am working towards now. I have no doubt I will make it.

 

[ClintonSkakun]

This article is a little of course. I don't see anything, besides "invest in appreciating assets" even remotely fast lane.

There is really not a lot of talk about, Time, unlimited leverage and scale, control or any of the other principles MJ discusses in the book.

1. Get Married Once. ---> Or even better ... never get married. 90% will disagree but marriage is just plain bad for men financially speaking. Don't take it from me, look at the statistics.

2. Live off one income ---> Tax advantages of income splitting. Keeping an emergency fund. More on the accounting side of things.

3. Choose the right career ---> Few careers can make you a millionaire. Unless you're a surgen, CEO, high level business exec, high achieving sales person or famous radio or TV announcer you probably don't have to worry. The millionaire next door takes examples from millionaires who spent their whole lives building wealth to enjoy it or pass it on in their old age, whereas the fast lane philosophy is in favor of fast wealth. Who makes large money fast? Famous performers(example ... SouljaBoy, Charlie Sheen, Micheal Jackson), entrepreneurs(Felix Dennis, O'Leary, MJ DeMarco!!, etc.)

In fact, Felix Dennis (billionaire magazine mogul and former owner of Maxim and The Week) advises choose wealth over career. A career isn't bad, but if your goal is to be rich, and the time comes to choose between the two ... you have to abandon career.

4. Put your money in appreciating assets. Duh! Read the million fastlane.

5. Don't live the millionaire lifestyle. Not specific enough. When? Before you get rich or after. Again, we return to this millionaire next door philosophy of asset value rich and cash poor. The reason I'm on the road to riches is to buy the big toys and live like a millionaire, not to be the guy next door with a bunch of money stashed away he'll never see. Sure I save money and put financial freedom and security over lavish spending and big toys, but wealth accumulation means little if I'm still counting pennies and dimes ever month.

And something that hit me as ignorant at the very end was "Becoming a millionaire is easier than ever." really? I think it's harder now, it only seems easy to those who don't want to work for it.

 

[Gonzosan]

The whole article reminded me of all those slowlane books saying how you can invest now and earn millions later on in life. Just about every point he made had some reference of how you can do it from the fastlane. It's almost as ridiculous as giving advice on how you can be ripped and muscular off a McDonalds diet, it could possibly be done, but it's just ridiculous to even go that route.

 

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[CEBenz]

The whole article reminded me of all those slowlane books saying how you can invest now and earn millions later on in life. Just about every point he made had some reference of how you can do it from the fastlane. It's almost as ridiculous as giving advice on how you can be ripped and muscular off a McDonalds diet, it could possibly be done, but it's just ridiculous to even go that route.

Gonzosan, I just thought it was a touch closer to fastlane than usual. I like how even their data contradicts basically contradicts what they're trying to say.

3. Choose the Right Career
According to The Millionaire Next Door, "self-employed people make up less than 20% of the workers in America but account for two-thirds of the millionaires." The book goes on to list an average of 45 to 55 hours spent working per week, so by no means is this the self-employed fantasy of playing golf while your business grows.

The idea of the "right" career can encompass a myriad of factors. Ideally, this would be a career you enjoy, otherwise you likely won't be putting in the dedication required to be successful. The right career would also coincide with overall working trends, or at least not work directly against them. For example, starting a career in typewriter manufacturing may be something you are passionate about, but it would likely suffer due to the current technological trends.
Ok, so let me get this straight, if self-employed people make up 2/3 of the millionaires, then why would I choose to try to forge my path as an employee??