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Do What You Love And the Money Will Follow!

MJ DeMarco

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Jill

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Great article, MJ. I was just getting ready to tell you all the reasons I disagree with you (for probably the first time. I was a little disappointed, really!) Then I read the article. Agree completely! Good stuff.
 

kimberland

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Holy crap!
This is my story!

I always wanted to write romance novels.
I couldn't justify it financially
because frankly, my skills in business were more highly valued
than my skills as a writer.

Then I amassed enough cash (for the hubby and I)
and said 'screw it! I'm writing!'
I might never make a profit
(though I expect I will - the way things are going)
but wow, am I having fun!

BTW...
Most of my author buddies are doing it for the cash.
Totally different game
and it doesn't look as much fun either.

I don't know how much you can 'love' anything
when you're dead broke
and worrying about putting food on the table.
 

HCBailly

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Bravo! Excellent article. I was thinking about making a topic about that subject, though I would have taken it a little further, at the risk of sounding too negative.

There are two problems with doing what you love to make money. You already mentioned the first, in that the vast majority of people simply don’t have the god-given skill, talent, motivation, up-bringing, whatever. The second problem is that even if you have that, you have to turn it into a job in order to make money, which IMHO, destroys what makes it what you love.

For example, I love playing games. If I had the talent (which I don’t), does that mean I could make a living at poker if I wanted to? Probably not. To do that would mean coming into “work†everyday, analyzing hands, statistics, and all the hard work and effort that would be required to make a consistent living at it. It would suck the fun out of the game, so it would no longer be something that I love.

Correct me if I misinterpreted, but at the end of the article, you essentially say that motivation is the key to building wealth, right? While I agree with that statement, I don’t see a true motivation for doing so. Some people can apparently fool themselves into believing that wealth can solve their problems for motivation, but at least to me, it doesn’t really.

Using your own examples, being your own boss is an illusion. Instead of having one boss to answer to, you now have hundreds of customers, employees, tenants, property manager, or stock holders to answer to. Circumstances of life, such as waking up without an alarm clock or writing a book can be worked around with some time management.

The only purpose I can see to building wealth is to do what only having money will allow you to do. Paying off a mortgage could be one of those, but is that really worth it? Is it really worth all the pain, effort, and time to achieve that? Sure, it would be exhilarating to finally get there, but how long will that feeling last? Will it last longer than the time it took to achieve it? Impossible. Once that problem is over with, people will always find new problems to worry about. It never ends.

That’s why I don’t get the concept of building wealth. It either fulfills illusionary perceptions about life or it doesn’t solve the internal issue behind the need to have it.

Why do I own my own business? Two reasons. First, I’ve obviously not solved my own internal issues (whatever they are, I don’t know). Second, since I cannot seem to defeat them or avoid the pain of work, my next best option would logically be to minimize it. This business gives me the best ability to do that. If a job would do it, I would have no problem answering to someone else. At least that way, I would only have one person to impress.

Maybe this is too negative, but I just don’t get building wealth, though I’d be happy to learn why. In the end, it doesn’t seem to really accomplish anything.
 
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kimberland

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Wealth is about freedom.
It is about taking the money out of every single decision
because it is no longer a factor.

For example:
The hubby's uncle phones us up in November.
He needs help putting up the Christmas lights
so we, having nothing else to do that weekend,
get on a plane and help him put up his lights.
We don't discuss whether the $500 or so is worth it
because we don't care.

Debt and poverty is like a weight around your neck.
You don't realize how heavy it is
until you take it off.
 

Jill

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Maybe this is too negative, but I just don’t get building wealth, though I’d be happy to learn why. In the end, it doesn’t seem to really accomplish anything.
Au contraire! Well, it depends on waht you mean by "building wealth". If you are only talking about building wealth for wealthsake, then I would agree to an extent.

But for myself, building INCOME is not about a number on a spreadsheet. It is not about buying toys. To my mind, true wealth buys choices. Can you choose to spend all 24 of your hours today and tomorrow and the next day doing exactly what you wish? Or do you find yourself consulting your wallet, as Kimberland said? If you have to ask yourself "Money may I?" when you consider placing your child in private school or taking a vacation or contributing to your favorite charity, then money is controlling your choices.
 

HCBailly

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I think that freedom too is an illusion. You can free yourself from one master only to be a slave to another. Let’s take your own question as an example:

“Can you choose to spend all 24 hours today and tomorrow and the next day doing exactly as you wish?â€

Obviously, for me, the answer is no. Why? Let’s pretend that money is the reason. Then, I have a choice. Do I continue working a normal workload to maintain my current level of existence, or do I work harder to achieve a wealthier level of existence?

I have no illusions about building wealth. It’s hard. Very hard. You have to have an enormous amount of motivation to succeed at it, which most people don’t have. Most people who are wealthy EARN it one way or another, and certainly not through manual labor. IMHO, the amount of money one earns is directly proportional to the amount of effort they put into it.

Let’s arbitrarily say that it would take an average person 10 years to achieve complete and everlasting financial freedom. The amount of money that follows would be the result of all the hard work and effort that went into the previous 10 years. I cannot possibly see how that would be worth it. In my mind, there’s no way that any amount of pleasure gained from financial freedom could possibly outweigh the amount of pain required to attain it.

I know I have patience issues, but I want to be happy now, in my prime, not 10 years from now, when I’m old. I don’t want to suffer for 10 years to have my freedom. That’s nuts. If building wealth wasn’t suffering, then you wouldn’t need to do it in the first place. As stated in the article, “People pay to have their needs and wants solved.†In other words, they pay to have someone else take the pain away from them. That’s why we get paid.

I suppose you’re right, Kimberland. I don’tsee how heavy this “weight†is.
 
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Jill

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Interesting insight, HC. You seem to think that "working hard" = "suffering". You seem to equate happiness with doing what you want 24 hrs/day. That's why there's so much talk about balance nowadays.

Everyone's sitch is different, but here's how it works for us. My husband and I work pretty hard 50+ hrs/wk at jobs that are truly NOT fun.

But we spend a few evening and weekend hours working our "fastlane plan" together, in our beautiful office, in our beautiful home, between bike rides in our beautiful neighborhood, while visiting with our wonderful friends and neighbors over lovely wine and meals that my husband prepares for us. We travel to exotic locations around the world 3-4 weeks of the year, spending much of our beach, train and cafe time talking about our plans and dreams. You see, the fastlane part of our plan inspires and excites us. We work it together and it is fun. It makes us happy.

Because we take time (and $) to enjoy the journey in a bit more luxury than some, the journey will for us take a bit longer. We could sell everything, live in a tiny apartment, drive beater cars and eat on $100/mo. But we've chosen a different path. Not knocking anyone who would choose this path. But we are committed to enjoy every moment of it. It is, after all, our lives we're talking about.

I would recommend that you invest in Tony Robbin's set of CDs. He talks a lot about your paradigms and associations. It sounds as if you have clearly associated "work" with "misery". It doesnt' have to be that way. Just my 2 cents. But whatever your journey, make it worth the while.
 

Russ H

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What a great way to look at this, MJ.

Financial freedom allows you to "do what you love".

In this case, the money doesn't follow.

It leads.

So instead of "Do what you love, the money will follow",

You reverse it:

Get financially free,
and money allows you to do what you love.

Very cool. :thumbsup:

-Russ H.
 

HCBailly

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I like where this is going.

How can work not be associated with suffering? I don’t mean like concentration camps, just in general. Honestly, I would like to know. We do work for someone else, so that they don’t have to exercise effort and/or endure pain. That’s why we get paid, isn’t it? If it weren’t, then there would be no need for financial freedom. We would just work long enough until we got what we wanted.

Someone once told me that equating money with pain is a perception of the poor. For the poor, the only way to make more money is to endure more pain. When I first started out building wealth, I didn’t believe this, because I only saw the end result. I didn’t see all the hard work and effort that was required to developing a truly passive income generator.

I like your approach to building wealth, because you try to make the journey as enjoyable as possible. I do that myself with my current venture. I just don’t see the benefits outweighing the costs.

It reminds me of the last poker tournament I played, which was a professional event. I even made Day 2, where I was subsequently trashed by the real pros. While proud of the result, it got me thinking, “What if I won?†I put so many hours of my life into practicing my game, reading people, and bluffing ability. Of course, I knew I wouldn’t be able to compete with someone who didn’t have a full-time job. Still, all those hours of working on the game turned it into a job. It wasn’t fun anymore and winning wouldn’t have made it worth it, so I quit.

The same applies to building wealth to me. I don’t want people to feel sorry for me. I don’t. I’m just seeking understanding of how exercising more effort and enduring more pain can be worth less happiness, even if I succeed. It doesn’t make mathematical sense to me. If something costs more than it generates, why do it?

I’m sorry to bring my personal issue into this, but I hope this is evolving the discussion of the article.
 
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Russ H

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HC Bailly,

As we've discussed on these forums before, if you want to achieve extraordinary things, you must be willing to WORK, and DO.

So much of what you are about is quitting, or feeling like it's not worth the effort, that we've all gone down that road with you, dozens of times.

As Jill once pointed out, we can't change who you are.

We can give you encouragement, and advice, and share stories . . .

. . . but in the end, YOU, and only YOU will determine if the effort is worth it.

My POV is, I have this life-- and I will make the most of it.

Every second of every day.

My best wishes to you. :)

-Russ H.
 

fanocks2003

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I believe that someone's pain is someone elses gain. What I mean is: let's say I hate having to deal with customers all day long, but someone else likes it. Then that would be a deal where both parties could enjoy doing what they like doing.

And that doesn't have to automaticly equate to you having to spend money out of your own pocket. That customer service guy may equally well say "yes thanks" to some shares in the venture and work for free, cashflow wise (until the venture can pay a salary).

I do agree though that some people do stuff that they enjoy, but that they can't seem to get paid for doing.

But in that case I think you need to look at this in a bigger picture. I am a big fan of the Wealth Dynamics model (despite the bad reputation of the founder, the model still makes a lot of sense to me). In the Wealth Dynamics model you have 8 different ways of generating wealth. You have those that Create, those that Promote, those that Manage, those that do Deals, those that Trade, those that Accumulate and love financing, those that love Details and those that love Systematizing.

If we go from the detail (say "I love playing basketball") and take that up to the stage of "I love Promoting". Then you can definitely earn money by playing basketball (even if you are not in the top 5 in the world). Because you are now a spokesman/spokeswoman for a brand selling basketballs for example. See the idea?

So I have to say, that you can absolutly make money doing what you love, but you need to see how to do it from a bigger picture and apply it to the activities you love spending your time on. The other stuff just comes naturally anyhow and it may not at all spell "hard work" or "pain".
 

MJ DeMarco

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How can work not be associated with suffering?

When I was in "start-up" mode with my company, I worked long hours. Was I suffering? No. I enjoyed it because I had my "Whys" AND because the personal growth was fulfilling. That journey was fun! Fastlane isn't just about destinations, but also about a personal journey which will require growth, work (hopefully "fun work") and fulfillment.

When the company was mature, I worked less ... probably 1 hour a day. That was fun too because had I had a choice of working or going out and doing what I loved (pickup basketball, working out, travel). Personal growth should be rewarding and enjoyable.

The journey of writing this book ... I am working long hours on it but again, I don't consider it "work" or suffering ... more like a commitment to a dream whereas the journey is challenging, yet fun ... but it also is a Fastlane road that has the potential to yield long-term fruit, long after I toiled the writing effort.

You probably work as hard as anyone in your carpet business ... so in effect, you are working just as hard as anyone else. You are suffering because you have no ends, no why's, other to survive another month, pay the bills, and play 2 dozen hours of video games.

The difference in the two paradigms is this: You are not working a Fastlane plan that will yield freedom or pay the dividends of time. You trade your time for money.

The Fastlane plan is about building a money tree (a system, a cash flow) that bears fruit. That fruit isn't payment on your mortgage and your lifestyle for 1 month, but for your entire life.

So while many here are working hard including you, some are working their Fastlane plan which in the future, will bear the fruit of financial freedom and freedom from work, or as you call it "suffering".

So that said, here is the difference:

With respect to Jill, fast forward 5 years and she will own her day. She will have the full freedom to do whatever because she built her "money tree" or her system that bares the fruit of freedom.

With respect to Russ, fast forward 5 years and he will also be there. He will have choices. He can liquidate his B&B's and never work another day in his life. His new life could be watching his child grow every step of the way. Or, Russ might decide that "Heck, I enjoy running this B&B! So why sell?" Russ isn't suffering, he's living and enjoying ... and he has choices. Choices = freedom.

With respect to you, fast forward 5 years and you will still be cleaning carpets, trading the blood of your life, time, for dollars so you can pay the month's bills. This is because your plan doesn't create a money tree unless you save 10% of your paycheck and try to put faith into a 30 year mutual fund plan. (And people who subscribed to this plan are down 40% this year). You will have limited choices because you are still confined to the same structure -- "I need to work to pay the mortgage" ... that to me, is suffering.

Now, if you analyze the time invested, the work put forth by all three people, Jill, Russ, and You ... I would venture that all 3 of you invested similar amounts of time, or work. The difference? They are putting work into a system that pays lifelong dividends, you put your work into a system that trades your life for money, an exchange that pays your bills for 1 month. Then repeat. Trade life. Pay bills. Weekend. Trade life. Pay bills. Weekend.

I don't say that to jack you negatively, but it is a fact.

And for you, that just might be OK. If you enjoy cleaning dirty carpets on a daily basis, the Fastlane roadmap might not be for you ... and that's cool. Only you can determine what makes you happy and what makes you tick ... for some, this type of "trade" is perfectly acceptable and even makes them happy. Not everyone likes Pepsi, I for one, hate it. I need Coke.

I'm all about hard work and long hours, even suffering -- I will take a year long suffering for 40 years of freedom. Unfortunately, most people take 40 years of suffering for 2 weeks of freedom, or however long their paid vacation time lasts ....
 
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kimberland

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I know I have patience issues, but I want to be happy now, in my prime, not 10 years from now, when I’m old. I don’t want to suffer for 10 years to have my freedom. That’s nuts.

That's interesting
because haven't you been groaning
about your carpet cleaning business
for about five years or so?

If you had started building wealth then,
you would have been half way through your 'suffering.'

You can't build anything lasting
without delayed gratification.
Nothing.
Not relationships,
not wealth,
not anything.
 

HCBailly

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Thanks for the honest responses. I really appreciate it. Perhaps this discussion would be easier if we started with something that we all agree on:

“Wasting time is suffering.”

Kimerland has it right, in that I’m not happy with my business. Infact, I agree that working on it is a waste of time. So why do I do it? It minimizes the amount of time that I am wasting compared to my other options. Sure, I could get a full-time job with my college degree, but I would be wasting even more time at something I hate doing. In other words, this business minimizes my suffering.

If I honestly thought that building wealth would end that suffering, I would do it. I have no problem delaying gratification, if I thought that I would eventually get it. I tried building wealth with real estate investing several years ago and it got me nowhere. I ended up wasting my time at networking events, following up on leads, trying various marketing techniques, working for other investors, and even spending a lot of time on grass-roots marketing techniques, like doorknocking and doorhangers. I hate cleaning carpets, and getting paid for it, a lot less than I hate wasting my time at those networking events, and getting nothing for it.

Why would I do something that I feel with 100% certainty will not succeed? I don’t think building wealth is worth it because of all the suffering I went through to try and attain it. If I even had an ounce of success, my perspective would be very different. You have all had success, so it’s easy for you to say that it’s worth it. When you’ve experienced a lifetime of failures, that changes your perspective a lot.
 

kimberland

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Wow, break out the pity party for one, HCBailly.
I can guarantee that I've had more failure and hardship
than you'll ever experience
so I don't have much sympathy for you.

I could point to any achiever on this board
and say they've likely had more failure than you also.
Why?
Because doers do
and often we do the wrong thing.
But we don't whine about it (much).
We dust ourselves off and try something different.

You sound like you simply give up and wallow.
...for years.
 
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HCBailly

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Did you not even READ my post? I tried several things for several years, and none of them worked. You at least had some amount of success to go on. It's easy to have more failures than me when you have more successes. I tried something different over and over again to no avail. How else can I possibly react to that, but to move on to something else? Try the same thing over and over again, expecting different results?
 

AroundTheWorld

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Kimber,

Excellent, Excellent posts!!
I really commend you for trying.
I gave up on HCBailly about 6 months ago.

Some people thrive on complaining.
It is just a part of "who they are." (<--- Borrowing from Russ)

When the one person that is "helping" them finally draws a line in the sand and says enough.... they will just move on to someone new...

They always need someone to listen to their bitching.
I just don't have room in my life to help people like that anymore.

Of course, the door is not closed and locked.
It is closed.... but, if the person shows a GENUINE change in the destructive attitude, I'm always willing to open the door again. (HC <--- this last statement is for you)

~~~~~~~~~~~~~~~

And now, I hope this thread can turn back to MJ's excellent topic without spiraling down the HCBailly trap that far too many threads have fallen victim to.
 

fanocks2003

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Did you not even READ my post? I tried several things for several years, and none of them worked. You at least had some amount of success to go on. It's easy to have more failures than me when you have more successes. I tried something different over and over again to no avail. How else can I possibly react to that, but to move on to something else? Try the same thing over and over again, expecting different results?

In my case I have had more failures than successes. Percentage wise I would say that I have failed at least 80% the time. Success has amounted to only 20%. Just to put a number on it.

In my case I have made pretty stupid mistakes, many times I have made the same mistake at least three times (but in different ways).

I can't recall how many times people (that is: professionals mostly) tell me how stupid I am for thinking like I do etc etc (I guess you have come to the conclusion that I have pretty odd ideas of how to do business:)).

But that is how success looks like. It doesn't get any better than that. But, hey, if you like it, then those failures are more than worth it.

In your case it seems like you need to change position in your company. Map out the things you hate doing in your company and find others to do it instead. If not salaried employees, then maybe partners? Or why not consider selling it of or liquidate it. Better do something pro-active than continue doing something that is of no value to you.
 
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kimberland

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You have it backwards.
I have more successes BECAUSE I have more failures.
The failures always come first.

It took me 10 novels or so (in various stages of completion)
to get the first one published.
It took me over 500 resumes to get my first full time job
(at 500, I stopped counting).
I met thousands of men before meeting my husband.
I met with hundreds of advisors before one agreed to help me invest my $25 a month.

Can you honestly say you put THAT kind of effort
into your 'several things'?

Btw... my mamma, a very wise person, always told me
that we're only defensive when it's the truth.
 

kimberland

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I'm not writing for HC, ATW.
I've also given up on him.

I'm writing for all those readers
he's determined to discourage.

Plus...
I see that I've done my own family a disservice
by not talking about my failures.

I was at a family dinner
and a brother commented on
how it was easy for me to tell him to try,
I've always had everything go my way.

I was like... "What?!"
I then outlined that DAY's failures.
I could tell by their faces, they had no clue
'cause I never bellyached about it.

Since then, I talk about my failures more.
I think we need to hear those stories as well.
 

AroundTheWorld

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Since then, I talk about my failures more.
I think we need to hear those stories as well.

You and I are on the same page for sure Kimber.
I've been making an effort to talk about my recent challenges for exactly this reason.

:tiphat:

~~~~~~~~~~~~~~~~~~~~~~~

MJ,

Excellent article.

It is interesting that the "do what you love" advice seems to be ingrained into our thinking. Though I know it isn't true... I still find myself thinking (as I knit a scarf or home school the kids) . . . "How can I make money doing this?"

Of course, I quickly figure out that I can't - - - but that doesn't stop the thought from occasionally making it's way into my head.

For me, the key becomes.... learn to enjoy my fastlane endeavors. They may not be the "passion" - - - but there is no reason to be "miserable."

I've learned to be mindful.
Find the moments or parts that are enjoyable.
Find the parts I do enjoy and/or excel in.
Outsource what I do not enjoy or do well.

I'm not passionate about a long row of garage doors.
I am passionate about creating value on a property.
I am passionate about creating time freedom.
I feel good about creating jobs.
It is fun to find new deals . . . develop new properties.

The rest.... well... I can hire people to collect from my late payers and bill the tenants, get them signed in and sell locks.
 
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Luke12321

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HC, if you have gave up on your dream of building wealth and living the lifestyle you REALLY desire deep down...this is not the place for you.

I work a full-time job and am working Jill's Ebay Biz model. Is it a fastlane biz? No. Am I complaining about staying up til 2AM and rising 4 or so hours later to go into work? No.

I know that my hardwork that I am putting in now will open up other roads to wealth down the road because I will have more capital to accelerate my plan.

I could just finish up my homework at 11pm and just go to bed but that would be giving up on my dreams and putting off the lifestyle I desire....one more day.
 

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MJ, thanks for this article. Very good one, I think.

I'd love to spend more time playing soccer. And Volleyball. And kart racing.

I wasn't great at any of those things so I had to find different ways to become "professional" (i.e. get paid for what I do).

Thank God I was good at math, became a Software/systems Engineer (well, 15 years ago they just called it System Engineering, as everything was part of the system). After that I specialized on web applications. And that is how I get paid.

Funny part is, by doing my job, helping companies to fulfill their mission, helping others to have their web applications help them to achieve their goals, I am also fulfilling my passion of helping others.

So, I never imagined I'd be a computer's guy, but I found I could enjoy what I do and make money that way.

That puts food on my table. My investments will give me my financial freedom.

Thanks again for your message.
 

Sid23

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It is interesting that the "do what you love" advice seems to be ingrained into our thinking. Though I know it isn't true... I still find myself thinking (as I knit a scarf or home school the kids) . . . "How can I make money doing this?"

Of course, I quickly figure out that I can't - - - but that doesn't stop the thought from occasionally making it's way into my head.

Maybe I'm just trying to be a contarian here (seems to be the theme of my day), but if you really loved knitting, why couldn't you find a way to make money with it? A website devoted to knitting techniques, styles, etc? An online store that sells knitting stuff? Or if you love home schooling - what about a line of products to help others home school their kids that you sell on a a website or something? Maybe I'm reaching here, not sure...

And Andviv, if you love those sports so much, who says you have to be a professional to make money? You could start a camp, program, organize some other sort of fastlane business involving these sports? Camp for kids to learn these sports? Instructional book, website, etc?

Again, maybe I'm off base here...but I remember reading several times on this site..."Figure out what you love, then figure out a way to create a fastlane business around it."
 
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MJ DeMarco

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Again, maybe I'm off base here...but I remember reading several times on this site..."Figure out what you love, then figure out a way to create a fastlane business around it."

You're not off base at all ... more on target ... you're suggesting to take derivatives of "what you love" and see if you can go Fastlane with that. That is the logical first step after you figure out that "what you love" can't be directly done. For example, I'm sure Mark Cuban loves basketball. He can't play professionally so what did he do? Went out and bought a team. Cuban's Fastlane success made his "love" possible.

Unfortunately, not all loves have direct derivatives that are possible so we have to get more creative and dig into deeper "whys" and deeper derivatives.
 

Sid23

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Deciding to live in San Francisco where it takes about $10M minimum to retire financially free might have skewed my vision a little as well. It's more likely that I'll be working extra years based on that decision...so I guess I was thinking along the lines of "might as well enjoy it..."
 

AroundTheWorld

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Again, maybe I'm off base here...but I remember reading several times on this site..."Figure out what you love, then figure out a way to create a fastlane business around it."

I see what you are saying for sure.... my mind goes down this road often.

But. . . the next part of the equation is the leverage factor.

Of all the ideas, avenues, skills you have . . . which will get you to financial freedom in the fastest way?

I know for sure that will will make bucket loads more developing self storage than I will selling yarn online.
 
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BeingChewsie

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HC, if you have gave up on your dream of building wealth and living the lifestyle you REALLY desire deep down...this is not the place for you.

That isn't necessarily true. We still read here, We still like the folks here. We love to read about peoples successes, just because it wasn't for us doesn't mean we shouldn't be here. I understand if you mean not discussing our lives here, I'd agree, but we like it here. We like the people, We want to see them make the fastlane work for them.

Sue
 

Russ H

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Kimberland said:
. . . I met thousands of men before meeting my husband . . .
Oh, Kimber, if ya keep lobbing these low and over the plate, I'm gonna have to take a whack at 'em ;)

Brilliant responses, all around. I always love the HC Bailly threads-- HC, it seems like you never change-- constantly searching, never happy, always telling yourself you're doomed to fail, and continuing to do pretty much the same thing as when you last posted.

But for some reason, it really brings out some amazing responses from the regulars.

-Russ H.
 
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