Entrepreneurial Personal Finance

[jpanarra]

Hey guys!

I went over personal finance a bit in my personal progress thread here.

I mean the concept is basic, If I can't take a hold of the finances at home... How can i even fathom to mange a lean and profitable business. So I've been working on the home front on cutting down expenses and building a budget.

Tons of resources and tools out there, I've noticed myself going back to r/personal finance. Before you start shooting them down for the 'slowlane' mentality. There are solid gems and advice in there that I deemed valueable. However, the biggest thing for me is their wiki and pool of spreadsheets and resouces to make yourself even more effeicent.

One of the biggest things that I really liked was this flow chart.

It's really profound, but what would you change in it to make it Fastlane? For me everything makes sense until you hit step 3 or 4.

I'll be honest, I'm not that far ahead myself. I'm working on my current emergency fund.

This is an awesome road-map and was wondering if we could modify it to meet the fastlane mindset and how we contribute our time and money.

 

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[amp0193]

It's really profound, but what would you change in it to make it Fastlane? For me everything makes sense until you hit step 3 or 4.

Damn, the slowlane is really complicated. No wonder so few find any success that way.

The Fastlane is much simpler.


Fastlane:

Step 0 - Don't spend money on things you don't need. If you need it, buy it as cheaply as possible.

Step 1 - Get cash to pay bills and create an MVP. Get a job, craigslist, etc.

Step 2 - Pay off credit card debt.

Step 3 - Re-invest as much profit as you can into the business.

Step 4 - Do not contribute into a retirement account. Re-invest profits in the business instead.

Step 5 - Re-invest into the business some more.

Step 6 - When the sale price of your business equals your desired f*ck You Money amount, sell it.

Step 7 - Pay off all remaining student loans and other debts, including mortgage, in one lump sum.

Step 8 - Put your money in traditional investments or real estate to store your wealth.

 

[ZCP]

Just passed this along to some slowlaners that make good money and we're asking for initial 'no businesses' finance ideas. Thanks!