fastlane_dad
8 Figure Fastlane Graduate
FASTLANE INSIDER
LEGACY MEMBER
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I’ve been seeing a lot of thoughts / mentality / questions derailing from the FASTLANE mentality on here and what it takes to get there - and what is ultimately the higher purpose in this all – obtain your FREEDOM (time +financial) down the road.
I’m posting another recap and reminder of what it takes to achieve your dreams of obtaining all your fastlane goals / riches and ultimately FREEDOM (time AND financial).
I was able to get there by 38 years of age (over 2+ years ago) and now have the rest of my life to enjoy spending time however I want with my family.
Let's get into it - and break it down in 5 STEPS that I view as a good base / place to start on your journey (especially if you are young).
STEP 1: GET A SOLID EDUCATION (0-22 YEARS OF AGE)
There is a lot of backfire and derailment especially around here that somehow this is evil, shunned or you can or should skip this step.
While you can absolutely go around this step, be a ‘dropout’ failure, or a raging youtube success by 20 – chances are not stacked in your favor.
As a word of advice, unless you have a really good reason (which there are not many of) - you absolutely should not skip this step, and treat this step as a stepping stone and building block.
You should look at your education as your first business that you are getting into. That means don’t overspend in college. Live with your parents. Work part-time. Take on minimal loans.
Get yourself a high-paying degree!
I was able to obtain this with an engineering degree while going to a low-cost state college near my home.
I always thought that this is the ‘scam’ of the century how a few short years in school can springboard you into earning a solid base of income (almost guaranteed) at 22 years of age!
I was young and earning more than the median USA family income at the time, and more than both of my parents combined.
That really says something at the speed at which you can make things happen.
STEP 2: OBTAIN A WELL PAYING JOB (2-4 YEARS)
This worked out as anticipated for me! I was able to secure a well-paying job at the age of 22 after my college education, right in my hometown.
I almost thought it’s too good to be true, and realized how great America is to achieve the ‘American Dream’ with relative ease.
If I just did it without too much struggle, as an immigrant to the USA, living in a very middle class family, going to an average state college, not taking on much of any loans --- then leave college and collect a fat paycheck – what excuse can anybody else have?
At the time I thought I was ‘flush’ with money and can make all my (low-key) dreams come true.
Audi – CHECK! Travel – CHECK! Fly Clothes – CHECK! Going out / Eating Out - CHECK!
I have minimal expenses, and was able to sock away majority of my take home pay (while still living under my parents roof!)
BUT – this was never the last stop, or my big aspirational goals.
As good as this life was – I knew I was never going to buy Lamborghinis and hillside properties in CASH on my engineering salary. I did not want to be enthralled in corporate politics and ladders for next 40+ years.
The people I saw (my bosses and managers), 40-50 years of age, in their glass offices did not resemble the figures I wanted to become or aspire to be at the same age.
Endless meetings and presentations. Endless travel. Overweight. Missing children’s baseball games. In the office until 6-7pm daily. Working weekends. Building up someone elses business.
Sure – it might seem ‘stable’, and the money was ‘great’ – but where does this merry-go-round land?
If that’s as good as it gets by 50 – shoot me now.
STEP 3: LIVE BELOW YOUR MEANS TO EXPAND INTO THE FASTLANE WORLD / BUSINESSES (10 YEARS)
This is where things get good. Now that I had a consistent, reliable paycheck coming in, I was living way below my means – that I can afford to start working towards my fastlane business. You will need money to experiment. You will need time to experiment.
Being 22, living with parents (no home to take care of), single (no spouse no kids) – I had the motivation, time (evening and weekends) and money (saving much of my paycheck) to go out there and make things happen. Seeing this 'opportunity' that you have whilst being young, unattached, with minimal expenses and responsibility -- now through my 40 year old eyes - is not something to be taken lightly.
It took dozens of failed and successful ideas, many iterations, lots of hours spent trying, falling down and getting back up again until @NeoDialectic and I got to a place and a business we can build successfully upon. Ultimately for us it happened through an e-com business.
After being involved in everything from MLM, to flipping eBay items, to creating a standalone product (with no way to expand), to doing affiliate marketing – with each iteration and business plan we learned why the CENTS commandments are so important, and improved with each business venture we took.
It took us years until eventually our last business was on an upwards trajectory, clearing millions of profits a year, providing for a life we can only dream of.
The beautiful part is as good as life was, I was still able to save 80%+ of my income at this stage while living out all of my childhood fantasies.
STEP 4: SELL YOUR FASTLANE BUSINESS
After years and years of our business running successfully – it was time to plan for an exit.
We did not enter the business with this in mind – but once we realized how powerful selling a business can be (and that there's a buyer out there for ANY business larger or small) – we waited to grow our business, profits and revenues where it made sense to sell. When you realize that a business valuation can easily be 40X+ your monthly profits - you start seeing the value you created along the way in a whole different light.
It was in a way unreal to think that while we created significant value for others selling our products -- simultaneously we were building up even MORE value for our future investors who would eventually buy our company out.
This would ultimately acquire our set forth GOAL: TIME and FINANCIAL independence. Our business will now become someone elses daily ‘problem’ – and we walk away with a fat 8 figure paycheck. WIN-WIN.
STEP 5: INVEST TO SUSTAIN YOUR QUALITY OF LIFE AND PROVIDE FOR ETERNAL TIME + FINANCIAL FREEDOM
So the question now becomes – how to ensure that everything we worked so hard for will last a lifetime?
Easy (with a little due diligence, research, and a low-risk long term approach).
We looked at which financial instrument can help us best accomplish growing and preserving our wealth – and have found our answer through INVESTING our assets properly and conservatively.
We aren't looking to 'gamble' (individual stocks, crypto, latest fad etc).
Additionally - we aren’t looking to become ‘RICH’ of this (we already are!) The game now becomes keeping up with the lifestyle we have established for ourselves, and ensure we never run out of money until the day we die.
While much still will depend on your risk tolerance and timeline – our ultimate plan was not to risk what we have (money) for something that we don’t need more of (money).
-------------------------------------------------------------------------------------------------------------------
So now the question becomes of what do you do with this newfound freedom of time + money?
That can be answered differently by everyone – but what it does give you is ultimate freedom to figure out how you want to spend your day, work on projects of your own choice and not stress if the next ‘thing’ will turn into a successful financial endeavor.
The last few years this has given me time to spend with family and young kids, engage in hobbies that might or might not bring financial reward, not worry about day-to-day expenses, not worry about takeout or going out with my wife any night of the week and still have fun with multitude of hobbies I enjoy!
This is just one path of many to make this happen – but one that still makes the most sense to me in the real world!
Leaving this here to recap the timeline and the plan it took to get to where I’m at!
Welcome any thoughts, questions or contradictory viewpoints! Hope everyone is having a great day.
I’m posting another recap and reminder of what it takes to achieve your dreams of obtaining all your fastlane goals / riches and ultimately FREEDOM (time AND financial).
I was able to get there by 38 years of age (over 2+ years ago) and now have the rest of my life to enjoy spending time however I want with my family.
Let's get into it - and break it down in 5 STEPS that I view as a good base / place to start on your journey (especially if you are young).
STEP 1: GET A SOLID EDUCATION (0-22 YEARS OF AGE)
There is a lot of backfire and derailment especially around here that somehow this is evil, shunned or you can or should skip this step.
While you can absolutely go around this step, be a ‘dropout’ failure, or a raging youtube success by 20 – chances are not stacked in your favor.
As a word of advice, unless you have a really good reason (which there are not many of) - you absolutely should not skip this step, and treat this step as a stepping stone and building block.
You should look at your education as your first business that you are getting into. That means don’t overspend in college. Live with your parents. Work part-time. Take on minimal loans.
Get yourself a high-paying degree!
I was able to obtain this with an engineering degree while going to a low-cost state college near my home.
I always thought that this is the ‘scam’ of the century how a few short years in school can springboard you into earning a solid base of income (almost guaranteed) at 22 years of age!
I was young and earning more than the median USA family income at the time, and more than both of my parents combined.
That really says something at the speed at which you can make things happen.
STEP 2: OBTAIN A WELL PAYING JOB (2-4 YEARS)
This worked out as anticipated for me! I was able to secure a well-paying job at the age of 22 after my college education, right in my hometown.
I almost thought it’s too good to be true, and realized how great America is to achieve the ‘American Dream’ with relative ease.
If I just did it without too much struggle, as an immigrant to the USA, living in a very middle class family, going to an average state college, not taking on much of any loans --- then leave college and collect a fat paycheck – what excuse can anybody else have?
At the time I thought I was ‘flush’ with money and can make all my (low-key) dreams come true.
Audi – CHECK! Travel – CHECK! Fly Clothes – CHECK! Going out / Eating Out - CHECK!
I have minimal expenses, and was able to sock away majority of my take home pay (while still living under my parents roof!)
BUT – this was never the last stop, or my big aspirational goals.
As good as this life was – I knew I was never going to buy Lamborghinis and hillside properties in CASH on my engineering salary. I did not want to be enthralled in corporate politics and ladders for next 40+ years.
The people I saw (my bosses and managers), 40-50 years of age, in their glass offices did not resemble the figures I wanted to become or aspire to be at the same age.
Endless meetings and presentations. Endless travel. Overweight. Missing children’s baseball games. In the office until 6-7pm daily. Working weekends. Building up someone elses business.
Sure – it might seem ‘stable’, and the money was ‘great’ – but where does this merry-go-round land?
If that’s as good as it gets by 50 – shoot me now.
STEP 3: LIVE BELOW YOUR MEANS TO EXPAND INTO THE FASTLANE WORLD / BUSINESSES (10 YEARS)
This is where things get good. Now that I had a consistent, reliable paycheck coming in, I was living way below my means – that I can afford to start working towards my fastlane business. You will need money to experiment. You will need time to experiment.
Being 22, living with parents (no home to take care of), single (no spouse no kids) – I had the motivation, time (evening and weekends) and money (saving much of my paycheck) to go out there and make things happen. Seeing this 'opportunity' that you have whilst being young, unattached, with minimal expenses and responsibility -- now through my 40 year old eyes - is not something to be taken lightly.
It took dozens of failed and successful ideas, many iterations, lots of hours spent trying, falling down and getting back up again until @NeoDialectic and I got to a place and a business we can build successfully upon. Ultimately for us it happened through an e-com business.
After being involved in everything from MLM, to flipping eBay items, to creating a standalone product (with no way to expand), to doing affiliate marketing – with each iteration and business plan we learned why the CENTS commandments are so important, and improved with each business venture we took.
It took us years until eventually our last business was on an upwards trajectory, clearing millions of profits a year, providing for a life we can only dream of.
The beautiful part is as good as life was, I was still able to save 80%+ of my income at this stage while living out all of my childhood fantasies.
STEP 4: SELL YOUR FASTLANE BUSINESS
After years and years of our business running successfully – it was time to plan for an exit.
We did not enter the business with this in mind – but once we realized how powerful selling a business can be (and that there's a buyer out there for ANY business larger or small) – we waited to grow our business, profits and revenues where it made sense to sell. When you realize that a business valuation can easily be 40X+ your monthly profits - you start seeing the value you created along the way in a whole different light.
It was in a way unreal to think that while we created significant value for others selling our products -- simultaneously we were building up even MORE value for our future investors who would eventually buy our company out.
This would ultimately acquire our set forth GOAL: TIME and FINANCIAL independence. Our business will now become someone elses daily ‘problem’ – and we walk away with a fat 8 figure paycheck. WIN-WIN.
STEP 5: INVEST TO SUSTAIN YOUR QUALITY OF LIFE AND PROVIDE FOR ETERNAL TIME + FINANCIAL FREEDOM
So the question now becomes – how to ensure that everything we worked so hard for will last a lifetime?
Easy (with a little due diligence, research, and a low-risk long term approach).
We looked at which financial instrument can help us best accomplish growing and preserving our wealth – and have found our answer through INVESTING our assets properly and conservatively.
We aren't looking to 'gamble' (individual stocks, crypto, latest fad etc).
Additionally - we aren’t looking to become ‘RICH’ of this (we already are!) The game now becomes keeping up with the lifestyle we have established for ourselves, and ensure we never run out of money until the day we die.
While much still will depend on your risk tolerance and timeline – our ultimate plan was not to risk what we have (money) for something that we don’t need more of (money).
-------------------------------------------------------------------------------------------------------------------
So now the question becomes of what do you do with this newfound freedom of time + money?
That can be answered differently by everyone – but what it does give you is ultimate freedom to figure out how you want to spend your day, work on projects of your own choice and not stress if the next ‘thing’ will turn into a successful financial endeavor.
The last few years this has given me time to spend with family and young kids, engage in hobbies that might or might not bring financial reward, not worry about day-to-day expenses, not worry about takeout or going out with my wife any night of the week and still have fun with multitude of hobbies I enjoy!
This is just one path of many to make this happen – but one that still makes the most sense to me in the real world!
Leaving this here to recap the timeline and the plan it took to get to where I’m at!
Welcome any thoughts, questions or contradictory viewpoints! Hope everyone is having a great day.
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