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How much money should someone make to be considered a Fastlaner?

Anything related to investing, including crypto

Almada64

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I know that a fastlane life has not just about money but other important things such as time (freedom), health mind and body, etc. Money is not the only ingredient to the recipe. For example you can become a billionaire at 70y and this is not considered a fastlane.

But in this post I want to specifically talk about numbers (money). And I understand the subjectivity in this question. There is not a precise answer. But I would like to have at least an idea.



Should a fastlaner have cash on the bank? How much? Everything else should be in assets and/or in investments? What’s the financial goal of a fastlaner?



How much money is necessary to enjoy freedom with a good life style? Of course good lifestyle varies from people to people. And for some people money is never too much, it’s never enough. And good lifestyle can be very expensive. But generally speaking, how much money you need in the bank, with a good liquidity for all your needs, and how much money you should have in assets? In another words, probably my questions would be what’s a Fastlaner’s net worth?



Thanks all!
 
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Johnny boy

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To do what you want, where you want, with who you want, when you want to, and not be 50 before it happens.

Nest egg thinking is stupid. Cash flow is how you’ll get there quickly.

10k profit a month remotely and you’re the coolest 25 year old who isn’t famous.
 

alexkuzmov

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I know that a fastlane life has not just about money but other important things such as time (freedom), health mind and body, etc. Money is not the only ingredient to the recipe. For example you can become a billionaire at 70y and this is not considered a fastlane.

But in this post I want to specifically talk about numbers (money). And I understand the subjectivity in this question. There is not a precise answer. But I would like to have at least an idea.



Should a fastlaner have cash on the bank? How much? Everything else should be in assets and/or in investments? What’s the financial goal of a fastlaner?



How much money is necessary to enjoy freedom with a good life style? Of course good lifestyle varies from people to people. And for some people money is never too much, it’s never enough. And good lifestyle can be very expensive. But generally speaking, how much money you need in the bank, with a good liquidity for all your needs, and how much money you should have in assets? In another words, probably my questions would be what’s a Fastlaner’s net worth?



Thanks all!
Its like you get that the lifestyle varies based on the person, but you are still asking for some amount. Some mystic number.

The fastlane is a concept, an idea. Hence a "fastlaner" whatever that means, is a person who aspires to live according to the principles of that idea.

Its not about money.
If it was then a professional football player would be a "fastlaner" however they are some of the best examples of "sidewalkers"
 

heavy_industry

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What’s the financial goal of a fastlaner?
Freedom.

It's pointless to set a number as a target. Currency loses value yearly due to inflation, and chasing money is part of the slowlane mindset.

You are driving in the fastlane when you have the freedom to do anything you want.

And I've said "driving" in the fastlane, not "being parked" in the fastlane, because it's not a destination - it's a journey. It ends when you are 6 feet under.
 

Isaac Odongo

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To do what you want, where you want, with who you want, when you want to, and not be 50 before it happens.

Nest egg thinking is stupid. Cash flow is how you’ll get there quickly.

10k profit a month remotely and you’re the coolest 25 year old who isn’t famous.
I love this post. Johnny thanks for it.
 

Isaac Odongo

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Its like you get that the lifestyle varies based on the person, but you are still asking for some amount. Some mystic number.

The fastlane is a concept, an idea. Hence a "fastlaner" whatever that means, is a person who aspires to live according to the principles of that idea.

Its not about money.
If it was then a professional football player would be a "fastlaner" however they are some of the best examples of "sidewalkers"
True to the core. A fastlaner is some who lives by the principles of the fastlane and as Johnny doesn't have to wait till 50 to do so. I think it makes sense to read the Rat Race Escape. It has examples of such calculations. Also make a calculation of how much need to earn annually to live UNSCRIPTED . I did that a few months ago. But it is living like a producer not a consumer or rat.
 
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Andy Black

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Answering the thread title. HTH.

 

Almada64

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I think it makes sense to read the Rat Race Escape. It has examples of such calculations. Also make a calculation of how much need to earn annually to live UNSCRIPTED
One of the reasons why I started this thread, besides a simply and genuine curiosity, was to hear answers that could help me setting a goal. Because I don’t have that, yet. Everybody wants to make one million dollars, but in todays day, is that enough? I don’t think so, at least, not anymore. I said on the beginning that I understood the subjectivity on this question and money is not the only ingredient on this formula. But maybe reading some answers could help me figure out a number. I’ll say one more time, money is not everything, it varies from people to people (what can be a lot to me can be very low to you or vice versa) but I was just trying to get a sense.
I haven’t had the chance to ready the Rat Race Scape yet. Maybe I’ll find this answer or at least a guidance to this answer on this book. But thank you all for contributing.
 

inputchip

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I'm pretty sure there's a chapter dedicated to this in TMF , if not, go read The Four Hour Work Week.

The gist of it is, you need to reverse engineer your goals. What type of lifestyle do you want to live? How much monthly income do you need to live that lifestyle? How much money would you need invested to bring in that cash flow every month?

Someone may be the happiest person on earth living on $2k a month, whereas some people think they need $20k a month to live a specific lifestyle. There's no magic number.
 
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alexkuzmov

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One of the reasons why I started this thread, besides a simply and genuine curiosity, was to hear answers that could help me setting a goal. Because I don’t have that, yet. Everybody wants to make one million dollars, but in todays day, is that enough? I don’t think so, at least, not anymore. I said on the beginning that I understood the subjectivity on this question and money is not the only ingredient on this formula. But maybe reading some answers could help me figure out a number. I’ll say one more time, money is not everything, it varies from people to people (what can be a lot to me can be very low to you or vice versa) but I was just trying to get a sense.
I haven’t had the chance to ready the Rat Race Scape yet. Maybe I’ll find this answer or at least a guidance to this answer on this book. But thank you all for contributing.
Well, what goals are you considering? Have you got any in mind?
 

Almada64

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Well, what goals are you considering? Have you got any in mind?
I sure had. And freedom is the main goal for sure. Being able to be what I want, to do what I want. But that’s just the start. There is a lot more.
 
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Almada64

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I'm pretty sure there's a chapter dedicated to this in TMF , if not, go read The Four Hour Work Week.

The gist of it is, you need to reverse engineer your goals. What type of lifestyle do you want to live? How much monthly income do you need to live that lifestyle? How much money would you need invested to bring in that cash flow every month?

Someone may be the happiest person on earth living on $2k a month, whereas some people think they need $20k a month to live a specific lifestyle. There's no magic number.
Agreed with you. That was helpful
Thanks
 

Kevin88660

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I know that a fastlane life has not just about money but other important things such as time (freedom), health mind and body, etc. Money is not the only ingredient to the recipe. For example you can become a billionaire at 70y and this is not considered a fastlane.

But in this post I want to specifically talk about numbers (money). And I understand the subjectivity in this question. There is not a precise answer. But I would like to have at least an idea.



Should a fastlaner have cash on the bank? How much? Everything else should be in assets and/or in investments? What’s the financial goal of a fastlaner?



How much money is necessary to enjoy freedom with a good life style? Of course good lifestyle varies from people to people. And for some people money is never too much, it’s never enough. And good lifestyle can be very expensive. But generally speaking, how much money you need in the bank, with a good liquidity for all your needs, and how much money you should have in assets? In another words, probably my questions would be what’s a Fastlaner’s net worth?



Thanks all!
The short answer is you can learn directly online from using any form of simple retirement calculator based on the “4 percent rule”.

The higher standard of living you expect, the more you need.

The earlier you retire, the more you need, for your expense before your expected mortality.

Most of the textbook slowlane asset path looks like this.
-Poor when they are student. There is no income
-Cash rich asset poor when just got a job outside school (assume no crazy student debt). No financial obligation
-Liability starts to escalate after “having married and have kids”. Mortgage loans, car loan, child care expense. Cash poor. Little saving/investment except mandatory government imposed pension scheme and house. Wage incremental too slow to offset anything.
-True wealth starts to escalate after 50s, wage increase reach new high, liability starts to diminish as kids gets mature. Easier to save when wage is three times higher than fresh grads.

So to calculate based on needs, the bare minimum for a “high needs” case , for you to retire in 30s, is that you need to have enough for a fully paid down house, a fund that can last your family expense for 25 years with two kids, and an untouched retirement nest that can compound into a standard retirement fund when you reach 60s.

Single people, married couple with no kids, lgbt people with decent income typically hit retirement age much faster than the rest of the population with children, despite not having any cult like frugal living habits.

This is not a post on “Should you plan to have kids” which was discussed elsewhere on this forum. But this is the crux in calculating the minimum retirement figure needed.
 

MJ DeMarco

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You are driving in the fastlane when you have the freedom to do anything you want.

Be careful, the FIRE clowns call "freedom" the ability to do anything, as long as it don't cost money. That puts you on par with a homeless beggar on the street corner, who also has time freedom, but not economic freedom to do as they please.
 
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heavy_industry

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Be careful, the FIRE clowns call "freedom" the ability to do anything, as long as it don't cost money. That puts you on par with a homeless beggar on the street corner, who also has time freedom, but not economic freedom to do as they please.
The FIRE retards really like to believe that they have freedom, and they really like to believe the lies that they are constantly telling themselves.

No.
Freedom means the full expression of your human spirit. Without financial, social, or other types of constrains.
 

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