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I have been reading a lot of posts after a long absence from the forum. It is nice to see all the new names here. I was real happy to meet a number of you at the B&P recently.
I love to see all the things that people are doing. This really is a creative crowd with a different way of looking at the world. I feel very comfortable around these types of people.
I have noticed that there seems to be a drifting definition of "fastlane" and "slowlane".
In my opinion, fastlane means "no longer needs to work" to live very comfortably. This can and should be coupled with accelerating income but does not need to be. Obviously, if you are retired and living on a pension, this would not count.
You could have passive income from businesses, investments, and even from stocks and bonds. If you have 10M in assets and it is earning 10%/year, is this slowlane?
Slowlane means that you are living life with a paycheck. Perhaps you are saving some money and have an IRA. The intent is to work for 30plus years and retire with some nest egg or pension supplemented by social security.
I hear a lot about quitting the job, working a business at home, and being in the fastlane. It is only fastlane if you can leave the business and you will have enough income to live. Or better yet, still be in an accelerating mode upwards with regards to income and assets.
If someone is working on a job but placing their money into assets that will get them passive income, they become fastlane as soon as their income surpasses what they need to live on. So, just because they still have a job, does not mean that they are slowlane.
I am open to debate as there are not clear dividing lines. These are just my thoughts.
I love to see all the things that people are doing. This really is a creative crowd with a different way of looking at the world. I feel very comfortable around these types of people.
I have noticed that there seems to be a drifting definition of "fastlane" and "slowlane".
In my opinion, fastlane means "no longer needs to work" to live very comfortably. This can and should be coupled with accelerating income but does not need to be. Obviously, if you are retired and living on a pension, this would not count.
You could have passive income from businesses, investments, and even from stocks and bonds. If you have 10M in assets and it is earning 10%/year, is this slowlane?
Slowlane means that you are living life with a paycheck. Perhaps you are saving some money and have an IRA. The intent is to work for 30plus years and retire with some nest egg or pension supplemented by social security.
I hear a lot about quitting the job, working a business at home, and being in the fastlane. It is only fastlane if you can leave the business and you will have enough income to live. Or better yet, still be in an accelerating mode upwards with regards to income and assets.
If someone is working on a job but placing their money into assets that will get them passive income, they become fastlane as soon as their income surpasses what they need to live on. So, just because they still have a job, does not mean that they are slowlane.
I am open to debate as there are not clear dividing lines. These are just my thoughts.
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