Is $100,000k a year after tax SLOW LANE?

[jjipkr]

I'm a bit confused on this matter so if you could help me clarify my situation that would be great.

I live in a country where the median disposable income after tax is 2,500 per month.

I actually earn closer to 10,000 a month after tax.

I own and run my own business with my wife. We are in Education. We are the only people who work at the business.
We work 4 days per week 6 hours per day 3pm-9pm. Fri-Sat-Sun off. We can make our own schedule and plan holidays when we like.

Is this still slow lane?

I'm wondering because are working from an hourly. This seems like the opposite of fastlane, but the other benefits seem very fast lane. What's your take?

 

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[Jake]

Can it scale? Can you sell the asset that you have created?

That's the difference between a business owner making 6 figures and an employee. I cannot scale my time at my day job, I cannot sell of my slot as an employee for 7x yearly earnings.

Your earnings may not make you "rich" but you may be on the right road.

 

[1step]

Have you read the book? It should be pretty apparent how the term "fastlane" is used.

Is your pay directly connected with your hours worked? What happens if you dont work for a week?

 

[jjipkr]

Can it scale? Can you sell the asset that you have created?

That's the difference between a business owner making 6 figures and an employee. I cannot scale my time at my day job, I cannot sell of my slot as an employee for 7x yearly earnings.

Your earnings may not make you "rich" but you may be on the right road.

It can scale, we can add more students, charge more, work more days, add more classes, but it does depend on us being there.

We can sell it later on, but our knowledge is our main asset. We are thinking of making all of our knowledge free from 'time' in the form of a book, audio and video course. Then we can scale it much faster on the internet.

 

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[jjipkr]

Have you read the book? It should be pretty apparent how the term "fastlane" is used.

Is your pay directly connected with your hours worked? What happens if you dont work for a week?

Yes, we get paid for hour time with clients, if we don't work for a week, we are not paid.

 

[LeungJan]

Is your wealth growing exponentially?

 

[DeletedUser2]

to go fast lane, you may need to take your cash, and invest it in other ways. IE. Rentals, or other business, that is more automated and scale.

Z

PS read the book

 

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[Arturo-Jay]

It's not fastlane, but it's your foundation to eventually get there.
I'll gladly take your slowlane job instead of my slowlane job...

 

[Talisman]

It's not necessarily about money, if doing this gives you massive joy, great lifestyle, and you cannot think of anything you would rather be doing - then you're already wealthy, and in your own fastlane.

On the other hand, you're on a millionaire forum, so Im guessing you want more - and you've had that answered, above.

 

[1step]

Yes, we get paid for hour time with clients, if we don't work for a week, we are not paid.

Fastlane is associated with removing your time from money. So based on above it sounds like its not fastlane. You say education so I will just assume tutoring as an example, if you are tutoring to X number of students at some point you simply cannot handle anymore students your time is too full. If on the other hand you are tutoring online and can present for 1 hour to 1 million people all who have given you $1 then that would be considered fastlane. Its about removing your time from money (hourly pay etc.) and being able to scale and build systems that pay

 

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[MJ DeMarco]

I typically dislike absolute associations of "Fastlane" and "Slowlane" as it discounts a person's happiness and personal preferences.

However, if we are going to take a true analysis of the concept, I would ask yourself this ...

If you stopped working at your job (or sold your business) or whatever you're doing, how long can you live the lifestyle you want and are accustomed to? 2 days? 2 weeks? 2 months? 2 years? 20 years?

Your answer is in the years range, I'd say that's Fastlane.

 

[Captain Scarlet]

You are obviously doing well compared to the national median you quoted, but why do you ask the question you asked? Do you feel comfortable and don't want to run the risk of losing it all by pushing yourself.

Do you spend all your money? Do you invest? What are your long term plans? All these are questions that I've asked myself many times.

It's easy to get comfortable and just think that life isn't too bad so I'll just stick with what I know. Only you can make the decision whether to look for more out of life.

 

[jjipkr]

You are obviously doing well compared to the national median you quoted, but why do you ask the question you asked? Do you feel comfortable and don't want to run the risk of losing it all by pushing yourself.

Do you spend all your money? Do you invest? What are your long term plans? All these are questions that I've asked myself many times.

It's easy to get comfortable and just think that life isn't too bad so I'll just stick with what I know. Only you can make the decision whether to look for more out of life.

I've never really earned that much money before this year, we have been doing well, and we are thinking about what to do next, we don't know really!

 

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[HenkHolland]

jjipkr, I read the title of your post and thought 'who cares if it is slowlane'.
Apart from the fact that fastlane versus slowlane is not per se about the amount of money, you only need to run a business that nets you $100,000k per year for a few months to be set for the rest of your life.
$100,000k, i.e. $100,000,000 after tax is a lot of money.

 

[theag]

$100,000k, i.e. $100,000,000

He meant 100k = 100.000

 

[jjipkr]

He meant 100k = 100.000

yes you are right, I meant $100,000 usd per year

To me and the wife (I'm 26 and she is 24) this is good money and more than we have had as income before.

I always worked min wage jobs in the past.

I know it is not mega money though. We want to use the money wisely. I liked the idea mentioned earlier of recording our training and selling it as a package online that is free from our 'time value'.

 

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[HenkHolland]

$100,000 after tax is definitely a very good income, particularly if you consider your age and the average disposable income in your country..
I did not mean to downplay that.
Your work week is also better than that of a real slowlaner.
Nice achievement.

With my previous post I was not trying to be serious, but forgot to include a smiley.

 

[mayana]

It can scale, we can add more students, charge more, work more days, add more classes, but it does depend on us being there.

We can sell it later on, but our knowledge is our main asset. We are thinking of making all of our knowledge free from 'time' in the form of a book, audio and video course. Then we can scale it much faster on the internet.

You've come to the right place to get ideas for how to scale this (or any other business).

The idea is to remove the direct correlation between how much time you spend working and how much money you make. Earning 100,000 after taxes per year is nothing to sneeze at - most entrepreneurs would LOVE to get to that level. No doubt, you've learned a lot of business lessons along the way.

Read the TMF book, and see how those Fastlane ideas/principles can be applied to your existing business. In your industry, it's almost a guarantee that you can find some way to scale your business using the internet - go for it!

 

[TheBlackLion]

Here's the thing: you can't let me or anybody else on this forum define success for you. Does $100k help you accomplish your wealth goal? How long is it going to take?

Your business is doing great, what can you do in order to make it explode even more? Are you still an integral part of the picture? If so, what kind of system can you use in order to automate your business and stop trading your time for money? I suggest you re-read the book, you'll find that there's more on what you can do in order to fastlane your business.

 

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