I've done my due diligence, so I'm finally opening a thread. (Not sure it belongs in this section, given that the investments here mean owning businesses, not stocks. While it can involve real estate, it isn't just that--so this is the closest I could find.)
Is anyone here familiar with or following Justin Donald's "Lifestyle Investing" strategy? (He lists Millionaire Fastlane on his resources page, so I am guessing there might be some familiarity?) The nutshell summary is about finding businesses to invest in, getting your principle out quickly, ensuring that you get a steady flow of income from them that will cover your basic expenses, then parlaying each participation into a bigger one (generally through financing debt rather than getting equity, but sometimes the latter).
It sounds like a very viable path for deploying assets, but it's tough to see where to begin. Justin started with a whole life insurance policy he could borrow against, which let him get two mobile home parks--and the rest is history (or content, really).
The broader question-behind-the-question: as with so many great ideas ("you just do X, then Y, then Z"), there's usually a fair amount of pre-work that needs to be done ("A through W")--e.g., starting a company (LLC/corp/holdco?) and finding deals to work with--but which the book doesn't address. If your aim is to become an investor in businesses rather than stocks of this sort, how the heck do you start? Short of the $500 course, it isn't terribly clear to me just from the book.
Thanks for your insights here. I'm taking small steps toward my Next Act (outside of wage employment), and this is a recurring issue I want/need to address.
Take care,
Mr. L
Is anyone here familiar with or following Justin Donald's "Lifestyle Investing" strategy? (He lists Millionaire Fastlane on his resources page, so I am guessing there might be some familiarity?) The nutshell summary is about finding businesses to invest in, getting your principle out quickly, ensuring that you get a steady flow of income from them that will cover your basic expenses, then parlaying each participation into a bigger one (generally through financing debt rather than getting equity, but sometimes the latter).
It sounds like a very viable path for deploying assets, but it's tough to see where to begin. Justin started with a whole life insurance policy he could borrow against, which let him get two mobile home parks--and the rest is history (or content, really).
The broader question-behind-the-question: as with so many great ideas ("you just do X, then Y, then Z"), there's usually a fair amount of pre-work that needs to be done ("A through W")--e.g., starting a company (LLC/corp/holdco?) and finding deals to work with--but which the book doesn't address. If your aim is to become an investor in businesses rather than stocks of this sort, how the heck do you start? Short of the $500 course, it isn't terribly clear to me just from the book.
Thanks for your insights here. I'm taking small steps toward my Next Act (outside of wage employment), and this is a recurring issue I want/need to address.
Take care,
Mr. L
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