In the last days I read again The Millionaire Fastlane because I repeatedly struggled with a Slowlane mentality. I was still struggling with the right mentality since there are many successful slowlaners around me preaching the benefits of the corporate world.
At one point of the book MJ is talking about the Wealth Acceleration Factor. When I read about this, I made a thought experiment that I want to share with you:
Put the case that you're working from your 20th to your 60th year of life. That are 40 years, or 480 months in which you have the potential to raise your asset (except investments).
Let's say you have an average net growth of $1000/month after taxes and cost of living.
Now you can multiply 480 months of possible income by a growth rate of $1,000 a month, which means
480 x 1,000 = 480,000
$480,000
After 40 years of work.
At the age of 60.
And now compare this result to your dreams. Do you still believe in the Slowlane?
At one point of the book MJ is talking about the Wealth Acceleration Factor. When I read about this, I made a thought experiment that I want to share with you:
Put the case that you're working from your 20th to your 60th year of life. That are 40 years, or 480 months in which you have the potential to raise your asset (except investments).
Let's say you have an average net growth of $1000/month after taxes and cost of living.
Now you can multiply 480 months of possible income by a growth rate of $1,000 a month, which means
480 x 1,000 = 480,000
$480,000
After 40 years of work.
At the age of 60.
And now compare this result to your dreams. Do you still believe in the Slowlane?
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