Mindset: "Quiet Wealth". A thing of the past?

[MJ DeMarco]

Right now, the #1 "thing" I want is a chef's kitchen.

Ha ha, well here's some eye-candy for ya; this is my kitchen:

 

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[AllenCrawley]

I showed my wife your kitchen pics and she just sighed, lol. This is her dream kitchen.

 

[JAJT]

I don't think my HOUSE is made up of that much real wood.

Good God...

I think this will be the photo I put up above my workstation instead of a Lambo...

 

[MJ DeMarco]

I think this will be the photo I put up above my workstation instead of a Lambo...

And isn't that the essence of a Fastlane? Everyone is motivated differently by different things. You? Kitchen. Others? Exotic cars. Some others? Freedom to travel. Whatever drives you, use it to motivate you in the right direction.

 

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[Rawr]

FWIW an owner of a 100+ boat once told me:

"In America, you try to talk to other owners docked next to you, and people keep quiet about what they do. In Canada, we talk"

I am curious if others with $$ have this experience as well, or if people open up once they know you are "safe"


I dig the classy stuff - nice clothes but not with gucci print all over. Nice watch but not bling bling, nice car, but to my style not to other's perception of "cool"

 

[Czech]

Wealth is whatever you use to create value in your life-- If having $1,000,000 in your bank balance is what makes you feel happy, do that.

If having a lamborghini makes you feel happy, buy an exotic car.

Personally I like the 4HWW version of wealth: Freedom from time and location.

 

[TheTruth]

Ha ha, well here's some eye-candy for ya; this is my kitchen:

View attachment 3730

View attachment 3731

View attachment 3732

couldn't resist.

 

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[andviv]

I still rather be like biophase when I grow up...

 

[dknise]

Ha ha, well here's some eye-candy for ya; this is my kitchen:

Your place looks super homey!

Oh... and this is interesting. So I grew up in Issaquah, WA, a town just outside of Seattle which is saturated with Microsoft and Boeing employees. The average house here costs around $800k. Growing up, I was extremelyyy poor. My dad's business only brought in about $20k a year for our family of 4, BUT, nearly all of my friends had million dollar homes with huge, gorgeous kitchens like that.

The difference between your kitchen and theirs?

Every person's home was owned by a parent that worked at a corporate company, and most likely their entire home, the car, the life, everything, was completely financed by debt. In 2008, you could drive down Lake Washington and Lake Sammamish and every other house was up for sale or in a short sale. Really showed how much "fake" wealth there was in this area.

Congrats MJ on having such a nice place without that burden.

 

[The-J]

This information is so hard to come by if you browse through your traditional media outlets or listen to "guru's".

The information's pretty easy to come by if you read the Fastlane Forum for an hour or so.

 

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[dknise]

I just remembered this! This thread also reminds me of what I call "wantrapreneur's." Not only do they whip out the whambulence at every bump in the road, they also are people who are entrepreneurs because they want the flash. When you talk to a wantrapreneur about their business, there is very little talk about who their customer's are, what they do for them, how they fill their needs, or how they ease their pain points. Often you'll hear what they want, the cars, the house, the money, the life. When you go down the list, their wants are ten times what their gives are. It's the nickname I gave to 90% of the guys I meet at networking events for college students.

 

[Crumbs2Bricks]

And isn't that the essence of a Fastlane? Everyone is motivated differently by different things. You? Kitchen. Others? Exotic cars. Some others? Freedom to travel. Whatever drives you, use it to motivate you in the right direction.

Nice kitchen MJ. Yeah, I love to cook. Give me THAT over a EXOTIC any day. That's motivation..

 

[Tommy92l]

I would choose to live in the same house I live in now. I don't like the idea of a big house if I don't need it. Granted, I am sure it changes once you live in it. Anytime I am over my friends houses that are huge, I feel like I need to take a break when I walk from one "Wing" to the other. Its a pain in the a$$ I can live just as fine, if not BETTER than I do in my smaller house now. But like I said, when the money is in hand the opinion could change; who knows!

It is all preference.

Anyway, Think about it this way.

Take a look at people on youtube...

You have the A.Dedicated people. And the B. Money Chasers.

RayWilliamJohnson, ShaneDawson, SXEPHIL. While I don't like any of them, they ALL got to the top from passion, money came last. Take a look at the rest of youtube. How people don't even focus on the quality of their videos and just chase the quick gimmicks and money. THEY FAIL!~!!!!!

Seems to me like the people who want money just to show off never get there.

 

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[Steele Concept]

The kitchen is one of the most important parts of the house. It's where a majority of the cooking and socializing go down. People congregate in the kitchen.

MJ's got a nice one. Of course I'm partial to steel>wood naturally lol.

 

[funkj25]

I've got an exotic as my user pic just because I was tired of not having one (a profile pic) at all and the only alternative I could think of are pictures of me running, which I think has little relevance here on an entrepreneurial forum.

If, err when, I have the ability to purchase such a car I don't know that I'll actually have the mindset to do it since it is just a big toy. Anyway, just my two bits.

 

[Kak]

Realistically, I don't think an exotic car is enough to motivate someome. I'm sure 90% of people would like a lambo if they could afford it, but they stay at their dead end job. I like status symbols as vain as it sounds. I will enjoy my success because I really like things like private jets, Rolls Royces, expensive watches, big houses, yachts. I do not feel that I need to be ashamed of the wealth I create. If it pisses off some faggot 99% douchebag then that makes it even more fun.

Obviously there is a time an place to be stealth. There is no reason to drive a Rolls Royce around everywhere. I would probably get a 4 Runner or something.

My motivation is not things, however, it is 50% about freedom and 50% because I enjoy building businesses. It doesn't feel like work to me.

 

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[JAJT]

Realistically. I don't think an exotic car is enough to motivate someome.

Different people are motivated differently. There is no "realistically" about it.

People will jump through fire for a pat on the back in front of a crowd while others won't lift a finger without financial compensation. Some people couldn't care less about money or recognition as long as they are in power over others. For some, it's all about the chicks. Go ask anyone at green peace and they aren't motivated by anything but making a better world come hell or high water. Others would literally murder if it meant giving their kids a better life. And others seem incapable of motivation entirely.

Motivation is extremely personal. Many big businesses fail to understand this and find it nearly impossible to maintain a motivated workforce because they are trying to find a magic bullet.

Hell, I have a friend who does NOT want freedom. It would be poison to him. Seems totally insane but he thrives in the trenches of "big business". I've seen him take vacation and he goes stir crazy. He goes on long road trips, bar hops, talks to everyone, goes to parties, but all this does is tide him over temporarily. Sure he enjoys it but he isn't "fired up" with freedom - he just kills time until it's time to work again. ALL he loves talking about is the next big deal and how he recently convinced a long-term regular buyer who is used to paying 3% margins on their product to start paying 40% margins (he does this so well it's almost magic to watch).

Actually, one of the best books on the subject I've read is "First, Break All The Rules" (excellent book by the way). One thing it mentions is noticing when you have a motivated, happy person and rewarding them for it. So many businesses promote people away from happiness or expertise. Oh, you are the best maid we have? Let's give you a management position over the other maids! This completely fails to take into account that the best maids are motivated by seeing the fruits of their labor - turning a dirty room into a clean one, receiving tips from happy patrons, getting every detail right - none of this is in a management position. Suddenly you have a better paid worker with more money and responsibility who is utterly miserable. Rather, you should recognize them with something like a raise, or a seniority position with no extra responsibility (Maid Class 2/3/4, for example - same position, better pay, more recognition).

The key is always seeing what puts fire in your eyes and running with it, whatever it is.

 

[Kak]

Not exactly my point.

I was saying that probably the majority of the young to middle aged population would want a lambo. It obviously isn't enough motivation for most people because I see maybe 2 per month.

 

[MTF]

I was searching for something and came across this thread. It's an oldie, but a goodie so...

BUMP!

 

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[GMJimmy]

There are two types of wealthy people. Those who feel the need to show off wealth, and the type that doesn't. Patricians and parvenus, as they are called in luxury marketing, I have copied a link here if you are interested (it's just the first relevant hit when I googled, nothing related to me):

https://www.linkedin.com/pulse/luxury-marketing-4-ps-patricians-parvenus-poseurs-sean-allan

I'm more of a hiding type of person (though not rich yet, my income and wealth puts me somwhere in the top 5-10% wealth band). My cars are 10+ years old, not because I couldn't afford newer ones, I just dont need them. And I will never buy a Lamborghini. For example Gallardos and the Audi RS are the exact same cars, but I would definitely go for the Audi if I ever wanted a fast car.

Apart from those who are very close to me, no one knows how much I have. Sometimes people are surprised when I effortlessly buy something they think I cannot afford, it seems that they are continuously making some kind of mental calculations, estimating your incomes and expenses. Even though I'm not showing off, it's getting harder to keep these things private, and I'm nowhere near super-rich.

 

[Rudynate]

C2B,

I really like the "quiet wealth" idea. I find that knowing I can afford something as opposed to actually buying it is much more fulfilling for me. I enjoy toys, but not one toy has made me happier, gotten me any friends, or made me feel more accomplished. I enjoyed "The Millionaire Next Door" because they talk a lot about this.

Stealth wealth is just plain fun

I find a big bank balance very motivating.

 

[JokerCrazyBeatz]

One debate that it seems everyone one is having in this thread which one is BETTER.

And the answer is NEITHER

Just because you have alot of money but dont spend it on "fancy" things doesn't make u some humble person

And just because you have alot money and like to buy "fancy" things doesn't make you reckless or wild with money

Different people like different things thats it .

Neither way of living is better then the other . IF YOU HAVE THE MONEY SPEND IT HOW YOU WANT

At the end of the day neither is better then the other and honestly it doesn't really matter.

Different people like different things , it dosent matter what others do with their money it only matters what YOU do with YOUR money.
​

 

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[ZF Lee]

Different strokes for different folks.

Some people here can care less about cars -- they want freedom.



Yup. I didn't want to advertise myself as one of those "evil rich guys" -- you know, the type of person who stole from the 99% to become one of the 1%.

I'm not sure if this is permanent or just a phase, but after several Lambos, Vipers, and Corvettes, the "fast flashy car" thing has passed. I stopped driving my Lambo, and when that happened on a sunny 85 degree day, I knew it was time to let it go.

Now, I'm interested in NOTHING other than a drama free car that will get me from Point A - to Point B, comfortably, and reliably.

I've been driving a 7 year old Toyota. Most everything on the road today is NEWER. I think that speaks volumes on what is important to the Sidewalking majority.

BUMP.
BUMP! Why in the heck I didn't know of this?

I'm.....astonished.
Not that I prefer a lambo MJ DeMarco, but I'm glad to find that the man subscribed to the true wealth of freedom, family and health.
It is quite practical too.
As we grow older, a slower but economical car is better as age can come with slower reflexes and reaction. Driving needs considerable concentration, so the choice of vehicle should be adjusted accordingly.
Besides, a good old Toyota would have more affordable maintainence costs compared to a flashy lambo. It would be a shame to drain income on replacing lambo tyres! I think your change of viewpoints was pragmatic rather than 'just a trend'.

But on the 'evil rich guys', I think the villainy belongs to those who have the means, but don't attempt to create value, be they poor or rich.

Unfortunately, buying economical doesn't always means it's good. My country produces its own national line of cars, very economically priced, but infamously fragile. Integrity near that of a Model T. Needed some technological cooperation with Mitsubishi and others to jack up standards, but then the deal folded due to the production lines COPYING the foreign cars. We get what we pay for, I guess.