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GOLD! How to create monetary wealth in just 5 years. (Or less!)

Discussion in 'The Unscripted Entrepreneurial Mind' started by MJ DeMarco, Apr 4, 2018.

  1. Philip Marlowe
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    Philip Marlowe Every Day On, No Days Off Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass Summit Attendee

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    For those who were not at the summit, MJ gave an in-depth presentation on his equation. And what I realized - which should have been obvious - is that your whole life is an equation. All your goals can break down in a similar way.

    When I decided to lose weight, I looked at my equation. It was something like:

    Wake-up late + skip breakfast + Dunkin Donuts + Working Lunch....

    You get the idea. My equation now is:

    Wake-up early + work-out first + healthy breakfast + pack a lunch...

    You can do the same thing for your business goals. Are you waking-up late and trying to hustle at night when you're tired, or are you making it a priority and grinding first thing when you're free? I've already been up for 2 hours (EST) and gotten my "ONE THING" done for today. If I didn't do anything for the rest of today, it would be a success. It's an amazing feeling.

    This is obviously a complete hijack of the concept, but MJ's presentation changed how I viewed all of my goals. YMMV.

    -PM
     
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  2. Ivan M.
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    Ivan M. Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    This is truly Gold material MJ. I agree with you 100%
     
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  3. TheOrchestrator
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    TheOrchestrator Freedom Fighter Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    @MJ DeMarco ,
    Thank you for this, MJ. It was quite helpful.
     
    Last edited: Jul 2, 2018
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  4. miraman
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    Such an easy concept to understand, yet so hard to accomplish.
     
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  5. jmusic
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    jmusic Meep. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Very much so. And of course, to make the cubicle jail cell complete, they put everything on credit. Even though I'm still a cubicle slave (for now), I try to think of every purchase in terms of how many hours of my life will be required to pay for the next gadget.
     
  6. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    Of course, and thank you!
     
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  7. Yzn
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    Yzn Bronze Contributor

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    @MJ DeMarco

    Does making videos about a certain topic on Youtube count? even though you don't CONTROL the platform?
     
  8. James Gill
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    James Gill Bronze Contributor I've Read UNSCRIPTED

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    I know you have tagged MJ and wouldn't attempt to answer for him but I don't think YouTube can ever be truly Fastlane. However there are lessons you can learn from MJ's fantastic opening post that can get you closer to Fastlane. To compare to MJ's book example which I have oversimplified:

    MJ creates the book and then sells on various platforms at a margin to what it cost to create and market per unit. MJ doesn't control the platforms but he does set the sale price and can negotiate/control the publishing and marketing costs to a certain extent. Like YouTube, the reach of his various platforms is worldwide so his potential audience or customer is therefore worldwide.

    With YouTube, you can create as many videos (units) as you like, you can control your marketing and your production cost, and your audience has the potential to make you profit from these units indefinitely as long as the video stays live. However it is no secret while your video will stay up indefinitely, the YouTube algorithm gives it somewhat of a lifespan.

    And unlike MJ you will never be able to control your sale price. Your earnings (adsense $ per view) will always be controlled by the platform and you're also unable to update your videos once they go out of date. MJ can republish updated versions of his books to ensure the information remains accurate.

    To get closer to the message MJ is promoting in this thread you need to think outside the box of just creating and uploading videos.

    Adding more layers of income to each unit (video) would enable you to be able to have more control over your total sale price (average $ per view). Sponsorships and affiliate deals not only add an extra layer of income but also can be negotiated. By adding more variables to your equation, not only does this get closer to Fastlane but you will create more income along the way.

    Instead of (unit=video):

    Monetary Wealth = unit X (total views X adsense $ per view rate)

    Turn your equation into:

    Monetary Wealth = unit X ((total views X adsense $ per view rate)+(sponsorship value)+(total views X average affiliate conversion per viewer) X affiliate $ per conversion rate))

    I might be off with the brackets there but I hope you see what I mean.

    This isn't totally Fastlane, you won't be able to release one or two videos and live off of the proceeds while doing minimal maintenance work, you need to keep creating units, marketing them etc. But there are certainly actions you can take to become less Slowlane.
     
  9. Yzn
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    Yzn Bronze Contributor

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    Great reply.
     
  10. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    YouTube is a channel to reach an audience. As is Amazon. These are channels. They don't wholly represent my business, they are pieces of the business.
     
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  11. Envision
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    Envision Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    Credit isnt bad in all cases. You dont start out rich so I understand having to do what you have to do. Hell, i have debt but I have a method of getting rid of it and I have a reason for it. Im not unconsciously piling on debt without tracking it. Credit is fine, just be aware of what you are doing.
     
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  12. Roughneck
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    Roughneck Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    As someone who has only just started reading unscripted, learning to change mindset about hyper-realities. This has really set in. Starting to view the world differently.

    Everyone scripted is focused on that hourly rate or annual salary. I even found myself excited to see the "3%" pay increase thinking 'awesome, that's above inflation'.

    These equations, simple equation I might add, make so much sense. Saved this post so I can come back to it again.

    Sent from my Pixel 2 using Tapatalk
     
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  13. Roughneck
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    Roughneck Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Sometimes debt is a necessary evil in alot of cases, like you said - having a game plan to reduce and eliminate is the key.
    Sent from my Pixel 2 using Tapatalk
     
  14. Dre2001
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    Dre2001 Contributor FASTLANE INSIDER

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    (hourly-wage)*(hours) + (0) + (0) + (0) [...]
     
  15. NMdad
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    NMdad Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Holy moly, the simplicity of this is astounding.

    It's been a while since I read TMF, and I know time can't be scaled. But focusing on scaling UNITS--that's the key to the puzzle. I knew that, but seeing it as an equation compared to wage-earner equations--that's the red pill.

    Probability is another piece of the puzzle, and I think it's often either ignored or glossed over. For example, some people make an assumption: "If I could capture 10% of the market..." instead of making a reality-based assessment: "If A & B & C are true, then X is likely."

    Probability lets you compare opportunities so you can choose what to focus on. For example, does X opportunity have a 1% or 80% probability? Very different. Does X opportunity have the (reality-based) potential to scale to 10x or 100x more units compared to Y opportunity? And what variables can you control that could increase the probability?

    Profit margin per unit is another piece. Can I make $.01, $1.00, or $1,000 per unit, taking into account the probability of selling X units?

    Having an equation is inescapable. But we have the choice to determine what it looks like.
     
  16. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Probability based strategy is a key component to everything. Everything we do carries unseen probabilities, but they are there. Glad you caught it. ;)
     
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  17. Jonathan Hoch
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    Jonathan Hoch Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    So, I just counted. 58 streams of income... Why not 60? Lazy? Just kidding, don't ban me I like my new home!
     
  18. Surf16
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    Surf16 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Great idea @Philip Marlowe

    I am going to create equations for some of my daily, weekly, monthly goals outside of my business equation.

    Thanks!
     
    MJ DeMarco likes this.
  19. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    My equation has far more variables, the "58" was an simplification of a more complex equation. ;)
     
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  20. Leo Hendrix
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    Leo Hendrix Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Great to see you're into crypto.

    Would be nice to have a legend/ brief explanation of your formula :)
     
  21. Santiago_12
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    Santiago_12 New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Thank you , Mj.



    anank
     
  22. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Not really, I own some, but nothing but speculation.
     
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  23. NAVEN23
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    NAVEN23 New Contributor

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    Where can I learn more about this probability ?
     

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