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swimkid

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most people just think I am... :coco:

Hi, I'm from Chicago... currently holed up in central IL until I can figure out my next move back to Chicago hopefully next month.

Super excited about getting in the Fastlane! Not sure how that's all going to play out, but looking forward to learning and earning!

My current project is learning to day trade, futures, mostly S&P and moving into the Dow some as well. Not exactly fastlane, but there sure is alot of leverage. Sort of trying to use this as a better than a job, job... because I don't want to have to "get a real job" Trying to get myself some seed money to start looking into some other stuff.

Also really trying to learn. I honestly have been completely financially illiterate up to this point... I mean, once I do have money, what do I do with it? How do I invest, save, etc etc...

Nobody teaches you any of this. It's like people are so proud of themselves for going through Dave Ramsey and not using credit cards and spending less than you make. They think this is financial literacy. That's like saying I can read because I learned the abc's in preschool. Or I'm healthy because I realize I need to shower and put on clean clothes every once in a while. Or I know how to keep up a car because I drive to a mechanic and I just do whatever he says for however much he says it costs. :rulez:

anyway.... rant over. I'm just all fired up after finishing reading The Millionaire Fastlane at around 3am last night. :seeya:
 
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Drew

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Keep in mind, I haven't read Fastlane yet because I'm waiting for it to come in the mail and I still might have some slow lane principles embedded in me.
I agree with Dave Ramsey on a lot of points, like staying out of long term consumer debt for example, but his followers are by no means on a track to becoming Fastlaners. He stresses getting completely out of debt and saving fifteen percent of your income for the rest of your life. I like how he says "live like no one else so later you can live like no one else" because at the beginning it is important to save and reinvest everything you possibly can so you can build your empire that much quicker but the phrase is opened for interpretation; I think he just stresses it as motivation to practice frugality. Spending less than you make and staying out of consumer debt IS at the heart of maintaining wealth but it doesn't do much for someone trying to acquire wealth quickly. Why do you think so many lottery winners lose everything? Programs like Ramsey's may be one big preschool lesson but the shows success is not surprising when the majority of people just can't get themselves to save money. It's like someone in the multi-billion dollar weight loss industry getting on the radio and screaming "eat less and exercise more" to callers who can't hold back their urge to eat mcdonalds five times a week. I'd rather study how Ramsey got to where he is than study the slow lane principles he preaches.

Can you elaborate on your lack of financial literacy up to this point and be more specific on your question about allocating your money?
 

CEBenz

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There are a lot of good books out there on financial literacy, the problem is most are written for slowlaners. That said, I do believe there is something to be gleaned from them. Afterall, Kiyosaki pointed to "have a plan to get by, a plan to be comfortable, and a plan to be rich." Face facts, retirement, as is typically preached, is worst case scenario insurance.

For basic financial literacy I think one of David Bach's books is ok (I'd go with Start Late Finish Rich), Kiyosaki's Rich Dad Poor Dad (don't bother with any of his other books, its the same drek re-packaged), and I'm about to check out a book called Dynamic Diva Dollars by Elon Bomani (hey, dollars are sex blind lol). One book I kind of liked and I think has some use, is Millionaire by 28 written by Todd Babbitt partly because it has some lessons in it that I believe can be applied across the board. Again, beware that these books, while having some useful info in them, are definitely slow lane material but the lessons can be carried over. As MJ has pointed out, many people are broke regardless of how much they make.

@ Drew Read MJs book first, it's a good read, and it'll help you to identify the slowlane principles espoused in the other books I mentioned.
 

Drew

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@ Drew Read MJs book first, it's a good read, and it'll help you to identify the slowlane principles espoused in the other books I mentioned.

I'll be reading it as soon as my Amazon order comes in. I've read a few books relating to financial literacy already, such as RD/PD, The Millionaire Next Door, The Richest Man In Babylon, The Total Money Makeover and others about investing in the stock market and real estate. I can't wait to abolish the slowlane antics I picked up in some of these books but I think they've helped me discipline myself financially which can only lead to better things. I've listed some of my slowlane experience in my introduction to the forum.
 
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swimkid

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I like Dave Ramsey. Not saying I don't. But following Dave Ramsey's advice and stopping there isn't getting you into the Fastlane anytime soon. I used alot of his principles amongst others to work myself out of a lot of credit card debt mostly from trying to do a direct marketing business in a really bad unintelligent way...ie financing it, and my rent payments on my credit cards. :smx4:

I'm just saying people think they're a financial genius because they decided to get out of debt and open a Roth IRA. But, since the majority of people don't get the idea that they should actually live below their means, and save for the future, means Dave Ramsey's making a killing. He's fastlane, his followers, not unless they're getting more input from other places.

I guess my comment on financial literacy, is what to do with the money when you have it. I get the Fastlane concept, MJ does a good job of talking about it in his book... but how do you invest your money once you're cruising in the fastlane to create passive income etc. Like he talks about, slowlane isn't necessarily not at all utilized, it's just not your wealth creating vehicle.... and how to tell if your financial advisor is an idiot. Those sort of things. What do you do with millions once you've got them? I feel like it would be a good idea to have a plan before you're sitting around going what do I do now, guess I'll just shove it in my savings account at 0.41% interest.

I've read Rich Dad Poor Dad, I'll check out some of those other books, thanks!
 

tekcraze

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I wouldn't worry too much about what to do once you arrive at your millions just right now. In my opinion it will distract you from your main focus, which should be how you can create opportunities for yourself to increase your income.

Most financial advisors work on creating an investor profile for their clients. This is typically based on how much you have and what your goals are - aggressive growth (fast but risky), stable income (slow but reliable), etc.

The short answer is that you will probably not have all your wealth tied up in any one investment, but diversified across different investment vehicles (with different risks) to provide some stability over the long term.
 

swimkid

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yeah I guess that makes sense. Focus now on the wealth creation, there is enough to learn there that will take up enough time. Once the money is there, there will be enough time to learn what to do with it.

It's one of the things I'm working on overcoming. I'm one of those planner people that wants to see everything 10 steps into the future. Unfortunately that leads to alot of analysis paralysis, imagining and planning for every possible scenario on earth, which leads to a whole lot of circles, anxiety and doing nothing. Usually what happens is something that I never even had on the radar. lol.
 
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MJ DeMarco

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I agree with Dave Ramsey on a lot of points

I do too but DR is a classic example of the guru hypocrisy. I was listening to his show the other night on the radio on my way back from softball and he admitted to selling over 10 million books AND being an entrepreneur. Wow. What a Fastlane success story ... and yet, he sells mediocrity to the suckers.

Spending less than you make and staying out of consumer debt IS at the heart of maintaining wealth but it doesn't do much for someone trying to acquire wealth quickly.

Sure it does -- spending less than you make is critical regardless of income. The difference is, Fastlaners aren't making $50K/year, they're making $50/k month. Unfortunately, when someone starts raking in the big $$, the also go out and SPEND the big $$. The lessons Dave Ramsey teaches can only help someone when they start their Slowlane <> Fastlane merge.

Welcome SwimKid!
 

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