"Change your choices. Change your equation. And then you get to change your life."
If you really think about the simple beauty of that statement and try to comprehend that success is defined by math, it is the meat of all of our discussions. Don't get bogged down by things. Make a choice. Define the math of your life. Profit by the variables you can control. It's very elegant.
While I am not battle-hardened in business, for those who do not plan to start their own businesses, TMF still has lots of great quotes. (I do not re-cite all of them exaclty though.)
- Compound interest is a scam
- The 3-3 rule and lots of other great rules
- Act, assess, adjust
- Think before you act
- Always be responsible and accountable
- You should learn your entire life long
- Don't waste your time for hyperrealities
But my favourite quote is that you should never trust any financial advice that cannot be proven mathematically. The Law of Attraction is not proven. The Law of Effection is. I also recommend to utilize statistics and especially the Law of the Large Numbers if you are a Sidewalker who tries transitioning into wealth.
I just found these notes I made on my iPhone while reading MJ's book about 4 years ago in Starbucks:
MNEMONIC SUMMARY: FASTLANE SUPERCHARGER
F: Formula! Wealth is a process, not an event! Macro Patience - Micro Speed
A: Admit that Getting rich quick is real and that luck is the residue of engagement!
S: Stop and Swop! Stop being a Consumer and become a Producer!
T: Invest time into a business system that can turns indentured time into free time!
L: Leverage: Leverage Wealth through a Passive Income System that can lead to Exponential Growth!”
A: Assets: Accelerate Wealth by using a system that can be Systemized and Sold!”
N: Number? How much money will you need to live a lifestyle of your choosing?
Determine the number, break it down, and start making it real today!
“What’s your passive income number? Make it real!”
E: Effection: Impact millions and you will make millions! Money reflects value
S: Steer: “Steer towards Fastlane ideology using WADM and WCCM. Your commitment to this forms your process. “ become responsible followed by accountable
Use WCCA and WADM to become responsible followed by accountable.
Make good decisions using WCCA and WADM pg 166.
Your commitment to the Fastlane ideology forms your process.
-Worse case consequence analysis
-Weighted average decision matrix
U: Uncouple: Uncouple from the slowlane equation by creating a company that pays itself first and the government last!
P: Passion and Purpose. It doesn’t matter what you do, as long as the passion burns hot enough to burn a hole in your pants and get you embroiled into process!
E: Educate. Pledge never to stop learning. Seek Fastlane knowledge that fosters the construction and operation of business systems in an environment that you control!
R: Road: Get onto a Fastlane Road! Train your mind to see needs and problems and the road will choose you!!
Remember many of the best businesses in the world are based on products that already existed!
C: Control: Obey the commandment of control and “create your financial plan in an organisation that you fully control.” Swim as a shark, not a guppy! “Fastlane entrepreneurs are the control structure!”
H: Have: Honour the commandment of need and seek to have what your fellow man wants! “Focus on What attracts money!”
A: Automate: Adhere to the commandment of time by Automating your business and detaching your time from it! Remember the 6 money tree seedlings!
R: Replicate: Respect the commandment of scale and make sure your product/service can be replicated globally to tap into the law of effection.
1.) Monogamy leads to Polygamy!
2) Build a brand not a business! Listen to the market for your best clues! Focus on one business and one business only! The richest people in the world got rich by focusing on one core purpose, not by diverting focus!
Avoid Tekel Syndrome: Shotgun Splatter
E: Exit: have an exit strategy! Know when it’s time to get off the horse and learn to ride a new one!
R: Retire, Reward or Repeat: whatever you do reward yourself for every victory and milestone achieved!
Beware Tekel's Sundrome! (My own personal Achilles heel)
Beware of Action Faking instead of Action taking!
Isolate the Macro Process that builds the habit
ACT UNTIL ECHO! Take disciplined action until a feedback loop kicks in!
Stop hunting money and start hunting value
Create Value Vouchers
The Fiduciary Principle pg 144
Great Value precedes Great Wealth!
Beware Utopian Charts! Ch 25
Change must precede Change: Great change can only happen with a great behaviour change!
Your Perception is not the Reality!
Believing is Seeing!
Reward is found not in the pursuit of happiness, but happiness in your pursuits
We’re all Perfectly imperfect! And so are our heroes
Luck is based on Mathematical probabilities of an applied stimulus
Intuition is critical to luck!
Probability Principles: 5 behaviours:
1.) change your universe
2.) Take action!
3.) Use your Intuition
4.) Routine: more variety equals more luck
Other great Quotes:
Happiness page 217
You will overestimate what you can do in 1 year, and underestimate what you can do in 5
Learn More, Know Less
Don’t mistake pleasure for happiness
Success is more about what you stop doing versus start doing!
When you heal your thoughts, you heal your life
Habits are the agents of permanent change!