Hello everyone, I am Bao from Malaysia. I just finished reading “Millionaire Fastlane ” and can’t wait to join this forum.
First, I would like to thanks MJ for crystallizing his experience and wisdom in the book. I am sure the book benefited a lot of people. (I finally read it after someone promotes it to me, I ran into the book a few times in bookstore but didn’t pick it up as the title of the book is too catchy and sounds like another “get rich quick” or should I call it “get rich easy” book).
Now I promote the book to my close friends who would want to be fastlaner. I am driving in the Fastlane albeit the journey is bumpy. But as I am driving on it, I can see unexpected opportunities. Indeed, Fastlane doesn’t have a very clear map. Transition from slowlane to fastlane is full of uncertainties, but I am glad I made the transition and have more time for my family and myself. I wish to learn and continue driving on the fastlane and do not want to go back to the slowlane. For Heaven's sake, I am not trading my 5 for 2 and I don't want to spend 30 years in a office cubicle.
Lastly, if you would allow me some of your time, I would like to share some of my mistakes and observations:
Some mistakes that I made:
Some observations that I would like to share:
First, I would like to thanks MJ for crystallizing his experience and wisdom in the book. I am sure the book benefited a lot of people. (I finally read it after someone promotes it to me, I ran into the book a few times in bookstore but didn’t pick it up as the title of the book is too catchy and sounds like another “get rich quick” or should I call it “get rich easy” book).
Now I promote the book to my close friends who would want to be fastlaner. I am driving in the Fastlane albeit the journey is bumpy. But as I am driving on it, I can see unexpected opportunities. Indeed, Fastlane doesn’t have a very clear map. Transition from slowlane to fastlane is full of uncertainties, but I am glad I made the transition and have more time for my family and myself. I wish to learn and continue driving on the fastlane and do not want to go back to the slowlane. For Heaven's sake, I am not trading my 5 for 2 and I don't want to spend 30 years in a office cubicle.
Lastly, if you would allow me some of your time, I would like to share some of my mistakes and observations:
Some mistakes that I made:
- Pursued a master degree just for the sake of a higher pay, which did not work out well because in nature, job is time consuming and I did not like it.
- Buying some products start up sale kit, be an insurance agent ect. Which I do not have control over the product and the terms. And there was no barrier of entry. Competition is fierce and I did badly and quit after a few months.
- Do not have control over my first business. When I formed my first company, the company shares is 50:50. Whenever we have a disagreement, it is perpetual duel and no decision can be made and action taken. In the end, divorce is inevitable but a painful process.
- Not courageous to make purchase decisions. Initially, I did not buy some vital machineries and opt for renting it from external parties, which I have no say of the rental rate and terms, and got ripped off. Now I do a buy or lease analysis for the vital machineries. My priority is to buy.
- I am still running my business in a sole proprietary and partnership form, I did the paperwork and all new businesses in going into the new private limited company now. But I am still expose to unlimited liability risk.
Some observations that I would like to share:
- Fastlane do not have a clear map. You might think your destination is A but you ended up with B and C plus a little of A. When I first started, I rent machinery for production purpose. Slowly I bought more and more machines. Now I rent them out to collect monthly rent. Gee, I prefer the rental business than the production business (human resource business). Less time needed to manage the rental business too!
- You have to have control of your business. Now I am the majority shareholder and managing director.
- Be wary of bad customers and bad business partners. MJ had discussed them in the book already.
- Stay liquid, make your monthly instalment on time and maintain a good credit record. Then bank is willing to fund your business expansion at a cheap rate. Then you can leverage your business without equity financing, which can be much expensive than debt financing.
- Focus on improving your business. Experiment and adopt new production techniques for cost saving/quality improvement purposes.
- Listen to your customers.
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