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GOLD! Lessons Learned from The Fastlane

Jorge

Bronze Contributor
Oct 5, 2007
583
103
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Mendoza, Argentina
Ok, so I was thinking that this are the key points of what I've learned from all members on this forum.

I don't know if there's a thread like this one already, if so just close this one :)

What I learned (or things I already supossed but where confirmed by the forum)

Concepts:

- Your most important asset is your time
- Its never to late to change your life
- Where slowlaners see problems, fastlaners see opportunity
- In order to become successful, first you must know yourself
- Failure is one of the best ways to learn
- Success is more than money

Rules:
- Successful businesses are based on solving people needs
- You don't need a lot of cash to create a successful business
- Usually, if everyone is in a certain market, the opportunity has gone
- Being rich is just a consequence of good choices

As I stated, this is only my POV. I cited some threads just as a follow up to the concepts, but off course others may take another lesson from each thread.

I'm sure there are some things that I'm forgetting, you are all invited to complete this thread :smxB:

Cheers! :thumbsup:
 

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Last edited:

Yankees338

Bronze Contributor
Jul 24, 2007
1,829
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NJ/MD
Re: Lessons Learned from TFTM

Excellent, excellent post, Jorge. Rep++++++++++++++++ (wish I could rep a post more than once :))

I'll try to think of a few more as I browse the forums tonight...
 

andviv

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Re: Lessons Learned from TFTM

a BIG ONE that I think is missing here is:

FOCUS
The One Trick Pony is one of the most important concepts in here, and it is easily overlooked.
 

Runum

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Re: Lessons Learned from TFTM

Good summation Jorge! ++++ speed.
 

MJ DeMarco

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Re: Lessons Learned from TFTM

Great thread! I thought "TFTM" was discussion about a stock ... Im gonna edit the title ... plus speed+
 

Diane Kennedy

Bronze Contributor
Aug 31, 2007
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Rep ++ as well. Fantastic post Jorge and perfect timing.
 

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OP
OP
J

Jorge

Bronze Contributor
Oct 5, 2007
583
103
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37
Mendoza, Argentina
Thanks for the speed everyone!

However, more than the speed, I'm interested in knowing what have you learned from this forum.
 

Poudda

New Contributor
Sep 7, 2007
118
12
22
Calgary, Alberta
This should be stickied - very good summary.

I've learned so much here, I wouldn't even know what to comment on. One big thing for me for real estate investing was Cost Per Door.
 

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
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Your belief in yourself has to be stronger than the disbelief of others.

Fastlane is not just about making money, it is about how you are making your money: create a system around a need.

There is the rat race, where you have a job and/or your expenses exceed your income (generally climbing the corporate ladder). The fast track, where passive income exceeds expenses (generally owning the ladder). Then there is the fastlane: passive income created from a system which is scalable, and achievable in a short timeframe (owning a web-based dropshipping ladder site!)

Any idea can become fastlane.

Having a community of successful, like-minded people to bounce ideas off of: priceless.

GREAT topic. Mods, can we sticky this?
 

andviv

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Yves, awesome post. Rep++
Yes, I think we will stick it... what forum should it be in though?
 

Runum

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I've learned about systems or the need for systems. I am still learning about systems. I only own 7 rental units right now and what I am seeing is that it gets more difficult to keep up with all the debts and collections with more units. Right now I can't imagine the headache for keeping up with 100+ units. So, earlier in my investing, I couldn't see the need to have a system for each aspect of the business. Now I see the need and know that I really can't grow, or shouldn't grow, until I figure out how to handle what I already have. I am making progress on it and hope to have some solid systems in place shortly. Thanks to all for promoting concepts and ideas even though I may not be mature to comprehend them yet. Good luck to all.:cheers:

Greg
 

Russ H

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Jul 25, 2007
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yveskleinsky said:
mods- can we sticky this?
Sure.

Also moved to General Discussion, since this is not a multi-millionaire story. :)

-Russ H.
 

lobster

New Contributor
Oct 23, 2007
48
3
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great boost of energy after reading this. thanks for posting it!
 

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slim_jim

Contributor
Jan 31, 2008
302
34
22
58
Columbus, OH
Not a lesson learned, but the people in the forum and at the "B&P" give you confidence to move forward, to get off the couch.

The like minded people being part of your team, bouncing your ideas/thoughts off of.
 

unicon

Contributor
Feb 23, 2008
211
61
36
Reaffirms community

Community is the salvation of the world - no small thing

The framework set up here is efficient, high quality input (speed itself)

Efficiency can be measured = Output / Input
 

michael515

Contributor
Aug 27, 2007
93
86
27
40
I have learned you must embrace uncertainty and move forward anyway.

Andy Stanley once said that generally speaking you're probably never going to be more than 80% certain. Waiting for greater certainty may cause you to miss an opportunity.

Perhaps thats what separates the top 1% from the rest. When 99% of us see it as risky the 1% see it as a risk but take it anyway. Courage - acting in spite of fear.

 

rzach41

Contributor
Oct 23, 2007
200
39
25
One glaring observation I have made just in these past two days is:

Don't get emotionally attached to your idea/business

Two days ago we changed the business model of our current project. I'll tell you what. I was absolutely in LOVE with the old idea. In fact, I was so bent over backwards that it clouded my judgement without me even realizing it. Only until we changed our business model did I realize how MEDIOCRE our idea was. It's scary to think that you can fall into a state of mind where you are unable to see the big picture for what it really is.

So what I personally learned was to approach your business/idea as objectively and unemotionally as possible. Anything otherwise and you risk viewing your idea/business through a pair of tainted sunglasses.

-Ryan
 

exon

Contributor
Jun 29, 2009
99
38
38
Croatia
compilation of 30 short&quick FL Tips that I have learned here and use them every day:

1) If you think something is impossible - Give Up or consider inventing from failures.
2) The only enemy to victory is you.
3) Focus only on the end result & goal.
4) Problems are challenges that need to be overcome.
5) Other people's opinion's do net make your reality.
6) Focus only on one (1) thing and kick a$$ at it.
7) 10 businesses that make $100/mo. aren't better than 1 that make $1.000/mo.
8) You have to eat, live and shit your thing.
9) Talent is not required, but desire and discipline are.
10) Every customer service must be S.U.C.S..
11) Service is better than product.
12) B2B is better than B2C. Companies care more about their ROI than average Joe.
13) Don't be Guru'd.
14) Answer to what you want to be must always represent a dream, vision and hope.
15) There is no experts in predicting markets.
16) Opportunity dosn't care about your timing.
17) Good money is $20.000/mo.; Big money is $200.000/mo.
18) You must do something for what you thing is good and enjoy.
19) "How can I make moey?" mindset will lead you no where.
20) Build system that generate money by filling needs and sole problems.
21) No product = no shipping + no product and/or shipping headaches.
22) Always have full control over your system. No matter are they made by partners, hire-outs or in-House.
23) Do what you love and money will follow is BS.
24) Anything build on sand comes crumbling down.
25) Never stop learning.
26) Get rich quick is good / Get rich easy is evil.
27) What do I have to offer the World?
28) Use "Pay Per Drink" revenue model.
29) Don't listen to those who have less.
30) Impact Millions.
 

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
28,816
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3,751
Fountain Hills, AZ
compilation of 30 short&quick FL Tips that I have learned here and use them every day:

1) If you think something is impossible - Give Up or consider inventing from failures.
2) The only enemy to victory is you.
3) Focus only on the end result & goal.
4) Problems are challenges that need to be overcome.
5) Other people's opinion's do net make your reality.
6) Focus only on one (1) thing and kick a$$ at it.
7) 10 businesses that make $100/mo. aren't better than 1 that make $1.000/mo.
8) You have to eat, live and shit your thing.
9) Talent is not required, but desire and discipline are.
10) Every customer service must be S.U.C.S..
11) Service is better than product.
12) B2B is better than B2C. Companies care more about their ROI than average Joe.
13) Don't be Guru'd.
14) Answer to what you want to be must always represent a dream, vision and hope.
15) There is no experts in predicting markets.
16) Opportunity dosn't care about your timing.
17) Good money is $20.000/mo.; Big money is $200.000/mo.
18) You must do something for what you thing is good and enjoy.
19) "How can I make moey?" mindset will lead you no where.
20) Build system that generate money by filling needs and sole problems.
21) No product = no shipping + no product and/or shipping headaches.
22) Always have full control over your system. No matter are they made by partners, hire-outs or in-House.
23) Do what you love and money will follow is BS.
24) Anything build on sand comes crumbling down.
25) Never stop learning.
26) Get rich quick is good / Get rich easy is evil.
27) What do I have to offer the World?
28) Use "Pay Per Drink" revenue model.
29) Don't listen to those who have less.
30) Impact Millions.
Most excellent!! I even had to copy this for myself to make sure I don't forget anything. Speed+
 

gary29910

PARKED
Nov 8, 2009
10
0
10
51
If we can figure out how much out time is worth and delegate or
outsource the menial labor task or bottom line & peace of mind
would be much better.
 

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