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Quit my job, living in the fastlane. (How I Set Myself Up To Quit)

Jeff Noel

Go all in.
Read Fastlane!
Read Unscripted!
Speedway Pass
Oct 26, 2018
700
1,510
Quebec, Canada
This is a great post !Thank you for putting out details.
 
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Sizemore

Contributor
Read Fastlane!
Read Unscripted!
Jul 21, 2019
43
37
What should you do with your earned income?
-Live off half
-Save half for your venture
-Leverage the salary to get approved for loans to invest/loc (when applicable)

Most people FAIL with their jobs and trap themselves because they live off of the entire income and build their lifestyle on it.

You should build your business off of your job and build your life on your business.

I enjoyed your message, thank you for sharing! Being pre-leap from my job, it is great to hear how people systematically accomplish my goals. Very motivating!

I especially like this quote. My wife and I were TERRIBLE financial sidewalkers! Eventually, you see how unsatisfying that behavior is. Focus on buying your time before buying... stuff! I applaud your efforts. Thanks again.
 

richstone.io

Creating & coaching on Web Apps | APIs | Webflow
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Read Unscripted!
Speedway Pass
Jan 28, 2019
122
107
Barcelona
I'm thinking about starting an execution thread about following a similar plan. Does anybody know of similar threads to see how others executed on this one?
 

TheNamesAngel

New Contributor
Read Fastlane!
Aug 6, 2018
25
18
Love this post .Its simply practical .Currently at step 2. Looking for a business opportunity.Just got a good sales job which I believe is a strength of mine .Will leverage it out and once I find my idea and start I'll make a progress thread ,how does that sound?
 

TreyAllDay

Whatever it takes
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Feb 9, 2016
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Edmonton, AB
Great post! Thank you for sharing
 
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ericaung

Contributor
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Oct 6, 2018
92
62
There is another thread similar to this post. check it out

 

jkerreid2

New Contributor
Aug 8, 2019
5
10
Amazing journeys here.

I just finished Fastlane and Read Unscripted during some time off.

I started my business 2.5 years ago, a consultancy to help tech startups scale their sales revenues and teams and realised that I have made many mistakes on both a psychological and practical level.

After reading Fastlane, I had this feeling of oh I need to start a new business, in time I probably do. Although one thing that I have got that I didn’t have is domain and industry knowledge. Rather than trying to run away and after reading Unscripted I realised wait a minute...

I can apply the skills, frameworks learned in both these books to increase skill, talent and execution intelligence right now in my current business. It may not be the right business long-term but through kinetic execution I can open up new possibilities through evolution and improvement of the existing businesses or neighbouring trends and opportunities that come my way through being out on the field day by day.

Thank you for two great reads. Now the damn hard work, the truth, the shift of getter to giver, to chaser to receiver and to really knuckling down to execute and learn.

N.b. Life changes so quickly that I think sometimes we put so much emphasis on finding the right venture or opportunity rather than applying ourselves first and keeping our sensory acuity high so we can spot opportunities to expand, grow and evolve into.

Here’s to day 1 - of a real damn steep climb but one that will be really worth it. It is in my control. I am Entrepreneur and a business owner, a CEO and a leader. Now it’s time to be, do and ultimately have the rewards after the market validates our value. In this venture or the next!! ☺️
 
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FacingReality

New Contributor
Read Fastlane!
Read Unscripted!
Aug 15, 2019
18
12
The Netherlands
Whats up Fastlaners,

This week was my first week as a full time entrepreneur and making this thread has been on my mind for quite some time. I keep thinking about how i got myself into this position because not too long ago I was literally living in a mobile home making 13/hr. Unlike most corny gurus that say that, that was actually my life and the life I live now is so unbelievably different. This month Ill make more money than I did in a year at my job, i dont set an alarm clock, no one tells me what to do, my companies are growing, and 6 years ago this is exactly what I planned as my "goal by 25" and I wanted to detail how I set myself up to quit so you can too.

My original thread: GOLD! - Its been one year of FLF for me. This forum will change your life and Ill prove it.

Theres a couple of factors and mindset is probably the biggest and im not going to get into it, i read TMF probably 10+ times through and through. Im expecting you already have the mindset.

Here's how I quit.

1. Get a job

The job is your base plate, its your foundation. I started as a customer service rep at 18 and worked my way into a VP of Operations at 24 using the thought process that every job is a stepping stone to getting out of the rat race. You NEED money to build your side hustle/business/investments. So you should constantly be pursing jobs that increase your hourly rate and lower your actual work time.

- I started at a job where I had to clock in and i could barely research or work on my own business.
- By the end i was salary, no schedule, operating my day how I wanted so I could work on my own business.

What should you do with your earned income?
-Live off half
-Save half for your venture
-Leverage the salary to get approved for loans to invest/loc (when applicable)

Most people FAIL with their jobs and trap themselves because they live off of the entire income and build their lifestyle on it.

You should build your business off of your job and build your life on your business.

2. Find Your Need & Build


You should be constantly looking for opportunities to start a business. Something that has the ability to scale far beyond your work income. You need to aim high, dont build a business that would have paid you the same as a job and been way less work and risk unless you truly love it.

Spend your hours after work researching, connecting with people necessary, building, creating, trying.

I would work 9-5, workout till 7:30/8, and study and build until midnight or 1am. To be honest this part consumed me, I didnt hangout with friends, I didnt party, I didnt spend money, all I did was build my idea. Your ability to remove the fear of missing out and remove the judgement of others will determine how far you can go. This part is lonely, the odds of your failure is extremely high (which is why you need the job so you dont lose ground).

This is also the part where this forum comes in handy the threads by BIOPHASE, JASONR, VIGILANTE, ALLENCRAWLEY, And VICK is all the information I needed to build my company. Thats it, those 5 guys and the information on their threads is enough you just need to implement it all. The faster you can try, fail and learn and close feedback loops will prove how quickly you can succeed.

I wish I could give more guidance on this but everyones ideas will be different, everyones process plays out in a different way because we all have different opportunities, passions, thoughts...

3. Kill Your Expenses

If you're serious about living in the fastlane, you need to kill your expenses. What you own will end up owning you and in doing so you wont be able to get out if you dont do this.

My rule of thumb and I still do this is 50/50.

I build my life, 50% is saved immediately in a seperate account I cant see, 30% funds my needs, and 20% funds my wants or gets saved.

The money that you save should be used for opportunity that can create income (businesses, investments). If I make 3k/mo I save 1.5k and leverage that money to build an idea.

If you find that you dont hit the 50/50 rule, Id downsize or find a new job that pays more, drive a wedge in your expenses and income. Sell your car, househack your home, move in with parents.


4. Get the business stable and growing

It's easy to see your business making 5k/mo and think that you've made it so you can quit when you've never made money before. Thats wrong, its shortsighted and you will lose in the long run.

Before I'd ever quit my job I knew that my business had to do 3 things.

1. It needs to pay me. (enough to live)
2. It needs to cover operating costs and any costs associated with the business.
3. It needs to be able to reinvest at a known rate to continue growing.

If you're company is making 5k/mo and you think you can quit your job and pay yourself 3k/mo but your operations are 3k and reinvesting is 2k+ you can see the gap in where you will stunt your growth, suck the money from your business, and eventually need to go get another job.

5. Build your emergency fund

This is hit or miss with some people but ideally your 50/50 lifestyle will continue as you start growing your business and you can continue saving. Before you quit your job you should save 6-12 months of runway so that if your business was not able to pay you you could atleast live off of your emergency fund as you try to figure out the issues that would prevent it from paying you.

If you are keeping your expenses low and not buying frivolous things you should be able to save 6-12 months within 3-6 months.

6. Get a mastermind group going

Im in a mastermind group with a couple of guys from this forum that are where I want to be or in the range that Im currently in. Without those guys Id probably still be at my job. When you have people holding you accountable every week asking you if you got your shit done, why your doing what your doing, where your trajectory is heading, its a MASSIVE advantage over being alone.

Having the expectation that you should not be spending your money on stupid things, building your emergency fund, and quitting your job from other people will keep the pressure on you to do so and prepare you to take the leap.

I hope this provides some insight, I understand its basic but for most people being consistent with it and truly following through is where you'll find success.

Good luck
Great inspiration! Thanks!
 

edgefinder

Contributor
Read Fastlane!
Read Unscripted!
Dec 13, 2016
52
55
43
South Africa
Thank you for writing this.

I'm 40 this year and am applying what you wrote down in your post.

***Currently finding a job and saving way more.***

I had a few failures, mostly due to not knowing what I should do, yet!

Self-employment not working as we know already.

The way I fix lower back pain hasn't scaled yet - I will keep at it.
 

PTFIRE

Contributor
Read Fastlane!
Mar 2, 2020
13
23
miami
Whats up Fastlaners,

This week was my first week as a full time entrepreneur and making this thread has been on my mind for quite some time. I keep thinking about how i got myself into this position because not too long ago I was literally living in a mobile home making 13/hr. Unlike most corny gurus that say that, that was actually my life and the life I live now is so unbelievably different. This month Ill make more money than I did in a year at my job, i dont set an alarm clock, no one tells me what to do, my companies are growing, and 6 years ago this is exactly what I planned as my "goal by 25" and I wanted to detail how I set myself up to quit so you can too.

My original thread: GOLD! - Its been one year of FLF for me. This forum will change your life and Ill prove it.

Theres a couple of factors and mindset is probably the biggest and im not going to get into it, i read TMF probably 10+ times through and through. Im expecting you already have the mindset.

Here's how I quit.

1. Get a job

The job is your base plate, its your foundation. I started as a customer service rep at 18 and worked my way into a VP of Operations at 24 using the thought process that every job is a stepping stone to getting out of the rat race. You NEED money to build your side hustle/business/investments. So you should constantly be pursing jobs that increase your hourly rate and lower your actual work time.

- I started at a job where I had to clock in and i could barely research or work on my own business.
- By the end i was salary, no schedule, operating my day how I wanted so I could work on my own business.

What should you do with your earned income?
-Live off half
-Save half for your venture
-Leverage the salary to get approved for loans to invest/loc (when applicable)

Most people FAIL with their jobs and trap themselves because they live off of the entire income and build their lifestyle on it.

You should build your business off of your job and build your life on your business.

2. Find Your Need & Build


You should be constantly looking for opportunities to start a business. Something that has the ability to scale far beyond your work income. You need to aim high, dont build a business that would have paid you the same as a job and been way less work and risk unless you truly love it.

Spend your hours after work researching, connecting with people necessary, building, creating, trying.

I would work 9-5, workout till 7:30/8, and study and build until midnight or 1am. To be honest this part consumed me, I didnt hangout with friends, I didnt party, I didnt spend money, all I did was build my idea. Your ability to remove the fear of missing out and remove the judgement of others will determine how far you can go. This part is lonely, the odds of your failure is extremely high (which is why you need the job so you dont lose ground).

This is also the part where this forum comes in handy the threads by BIOPHASE, JASONR, VIGILANTE, ALLENCRAWLEY, And VICK is all the information I needed to build my company. Thats it, those 5 guys and the information on their threads is enough you just need to implement it all. The faster you can try, fail and learn and close feedback loops will prove how quickly you can succeed.

I wish I could give more guidance on this but everyones ideas will be different, everyones process plays out in a different way because we all have different opportunities, passions, thoughts...

3. Kill Your Expenses

If you're serious about living in the fastlane, you need to kill your expenses. What you own will end up owning you and in doing so you wont be able to get out if you dont do this.

My rule of thumb and I still do this is 50/50.

I build my life, 50% is saved immediately in a seperate account I cant see, 30% funds my needs, and 20% funds my wants or gets saved.

The money that you save should be used for opportunity that can create income (businesses, investments). If I make 3k/mo I save 1.5k and leverage that money to build an idea.

If you find that you dont hit the 50/50 rule, Id downsize or find a new job that pays more, drive a wedge in your expenses and income. Sell your car, househack your home, move in with parents.


4. Get the business stable and growing

It's easy to see your business making 5k/mo and think that you've made it so you can quit when you've never made money before. Thats wrong, its shortsighted and you will lose in the long run.

Before I'd ever quit my job I knew that my business had to do 3 things.

1. It needs to pay me. (enough to live)
2. It needs to cover operating costs and any costs associated with the business.
3. It needs to be able to reinvest at a known rate to continue growing.

If you're company is making 5k/mo and you think you can quit your job and pay yourself 3k/mo but your operations are 3k and reinvesting is 2k+ you can see the gap in where you will stunt your growth, suck the money from your business, and eventually need to go get another job.

5. Build your emergency fund

This is hit or miss with some people but ideally your 50/50 lifestyle will continue as you start growing your business and you can continue saving. Before you quit your job you should save 6-12 months of runway so that if your business was not able to pay you you could atleast live off of your emergency fund as you try to figure out the issues that would prevent it from paying you.

If you are keeping your expenses low and not buying frivolous things you should be able to save 6-12 months within 3-6 months.

6. Get a mastermind group going

Im in a mastermind group with a couple of guys from this forum that are where I want to be or in the range that Im currently in. Without those guys Id probably still be at my job. When you have people holding you accountable every week asking you if you got your shit done, why your doing what your doing, where your trajectory is heading, its a MASSIVE advantage over being alone.

Having the expectation that you should not be spending your money on stupid things, building your emergency fund, and quitting your job from other people will keep the pressure on you to do so and prepare you to take the leap.

I hope this provides some insight, I understand its basic but for most people being consistent with it and truly following through is where you'll find success.

Good luck
But how do you get the attention of people that are already there when you start with nothing?
 

fredriksoder

PARKED
Dec 22, 2019
1
0
Whats up Fastlaners,

This week was my first week as a full time entrepreneur and making this thread has been on my mind for quite some time. I keep thinking about how i got myself into this position because not too long ago I was literally living in a mobile home making 13/hr. Unlike most corny gurus that say that, that was actually my life and the life I live now is so unbelievably different. This month Ill make more money than I did in a year at my job, i dont set an alarm clock, no one tells me what to do, my companies are growing, and 6 years ago this is exactly what I planned as my "goal by 25" and I wanted to detail how I set myself up to quit so you can too.

My original thread: GOLD! - Its been one year of FLF for me. This forum will change your life and Ill prove it.

Theres a couple of factors and mindset is probably the biggest and im not going to get into it, i read TMF probably 10+ times through and through. Im expecting you already have the mindset.

Here's how I quit.

1. Get a job

The job is your base plate, its your foundation. I started as a customer service rep at 18 and worked my way into a VP of Operations at 24 using the thought process that every job is a stepping stone to getting out of the rat race. You NEED money to build your side hustle/business/investments. So you should constantly be pursing jobs that increase your hourly rate and lower your actual work time.

- I started at a job where I had to clock in and i could barely research or work on my own business.
- By the end i was salary, no schedule, operating my day how I wanted so I could work on my own business.

What should you do with your earned income?
-Live off half
-Save half for your venture
-Leverage the salary to get approved for loans to invest/loc (when applicable)

Most people FAIL with their jobs and trap themselves because they live off of the entire income and build their lifestyle on it.

You should build your business off of your job and build your life on your business.

2. Find Your Need & Build


You should be constantly looking for opportunities to start a business. Something that has the ability to scale far beyond your work income. You need to aim high, dont build a business that would have paid you the same as a job and been way less work and risk unless you truly love it.

Spend your hours after work researching, connecting with people necessary, building, creating, trying.

I would work 9-5, workout till 7:30/8, and study and build until midnight or 1am. To be honest this part consumed me, I didnt hangout with friends, I didnt party, I didnt spend money, all I did was build my idea. Your ability to remove the fear of missing out and remove the judgement of others will determine how far you can go. This part is lonely, the odds of your failure is extremely high (which is why you need the job so you dont lose ground).

This is also the part where this forum comes in handy the threads by BIOPHASE, JASONR, VIGILANTE, ALLENCRAWLEY, And VICK is all the information I needed to build my company. Thats it, those 5 guys and the information on their threads is enough you just need to implement it all. The faster you can try, fail and learn and close feedback loops will prove how quickly you can succeed.

I wish I could give more guidance on this but everyones ideas will be different, everyones process plays out in a different way because we all have different opportunities, passions, thoughts...

3. Kill Your Expenses

If you're serious about living in the fastlane, you need to kill your expenses. What you own will end up owning you and in doing so you wont be able to get out if you dont do this.

My rule of thumb and I still do this is 50/50.

I build my life, 50% is saved immediately in a seperate account I cant see, 30% funds my needs, and 20% funds my wants or gets saved.

The money that you save should be used for opportunity that can create income (businesses, investments). If I make 3k/mo I save 1.5k and leverage that money to build an idea.

If you find that you dont hit the 50/50 rule, Id downsize or find a new job that pays more, drive a wedge in your expenses and income. Sell your car, househack your home, move in with parents.


4. Get the business stable and growing

It's easy to see your business making 5k/mo and think that you've made it so you can quit when you've never made money before. Thats wrong, its shortsighted and you will lose in the long run.

Before I'd ever quit my job I knew that my business had to do 3 things.

1. It needs to pay me. (enough to live)
2. It needs to cover operating costs and any costs associated with the business.
3. It needs to be able to reinvest at a known rate to continue growing.

If you're company is making 5k/mo and you think you can quit your job and pay yourself 3k/mo but your operations are 3k and reinvesting is 2k+ you can see the gap in where you will stunt your growth, suck the money from your business, and eventually need to go get another job.

5. Build your emergency fund

This is hit or miss with some people but ideally your 50/50 lifestyle will continue as you start growing your business and you can continue saving. Before you quit your job you should save 6-12 months of runway so that if your business was not able to pay you you could atleast live off of your emergency fund as you try to figure out the issues that would prevent it from paying you.

If you are keeping your expenses low and not buying frivolous things you should be able to save 6-12 months within 3-6 months.

6. Get a mastermind group going

Im in a mastermind group with a couple of guys from this forum that are where I want to be or in the range that Im currently in. Without those guys Id probably still be at my job. When you have people holding you accountable every week asking you if you got your shit done, why your doing what your doing, where your trajectory is heading, its a MASSIVE advantage over being alone.

Having the expectation that you should not be spending your money on stupid things, building your emergency fund, and quitting your job from other people will keep the pressure on you to do so and prepare you to take the leap.

I hope this provides some insight, I understand its basic but for most people being consistent with it and truly following through is where you'll find success.

Good luck
Great post with great advices! Keep going!
 
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FirstLawMotion

New Contributor
Read Fastlane!
Read Unscripted!
Jun 2, 2020
16
14
Canada
Whats up Fastlaners,

This week was my first week as a full time entrepreneur and making this thread has been on my mind for quite some time. I keep thinking about how i got myself into this position because not too long ago I was literally living in a mobile home making 13/hr. Unlike most corny gurus that say that, that was actually my life and the life I live now is so unbelievably different. This month Ill make more money than I did in a year at my job, i dont set an alarm clock, no one tells me what to do, my companies are growing, and 6 years ago this is exactly what I planned as my "goal by 25" and I wanted to detail how I set myself up to quit so you can too.

My original thread: GOLD! - Its been one year of FLF for me. This forum will change your life and Ill prove it.

Theres a couple of factors and mindset is probably the biggest and im not going to get into it, i read TMF probably 10+ times through and through. Im expecting you already have the mindset.

Here's how I quit.

1. Get a job

The job is your base plate, its your foundation. I started as a customer service rep at 18 and worked my way into a VP of Operations at 24 using the thought process that every job is a stepping stone to getting out of the rat race. You NEED money to build your side hustle/business/investments. So you should constantly be pursing jobs that increase your hourly rate and lower your actual work time.

- I started at a job where I had to clock in and i could barely research or work on my own business.
- By the end i was salary, no schedule, operating my day how I wanted so I could work on my own business.

What should you do with your earned income?
-Live off half
-Save half for your venture
-Leverage the salary to get approved for loans to invest/loc (when applicable)

Most people FAIL with their jobs and trap themselves because they live off of the entire income and build their lifestyle on it.

You should build your business off of your job and build your life on your business.

2. Find Your Need & Build


You should be constantly looking for opportunities to start a business. Something that has the ability to scale far beyond your work income. You need to aim high, dont build a business that would have paid you the same as a job and been way less work and risk unless you truly love it.

Spend your hours after work researching, connecting with people necessary, building, creating, trying.

I would work 9-5, workout till 7:30/8, and study and build until midnight or 1am. To be honest this part consumed me, I didnt hangout with friends, I didnt party, I didnt spend money, all I did was build my idea. Your ability to remove the fear of missing out and remove the judgement of others will determine how far you can go. This part is lonely, the odds of your failure is extremely high (which is why you need the job so you dont lose ground).

This is also the part where this forum comes in handy the threads by BIOPHASE, JASONR, VIGILANTE, ALLENCRAWLEY, And VICK is all the information I needed to build my company. Thats it, those 5 guys and the information on their threads is enough you just need to implement it all. The faster you can try, fail and learn and close feedback loops will prove how quickly you can succeed.

I wish I could give more guidance on this but everyones ideas will be different, everyones process plays out in a different way because we all have different opportunities, passions, thoughts...

3. Kill Your Expenses

If you're serious about living in the fastlane, you need to kill your expenses. What you own will end up owning you and in doing so you wont be able to get out if you dont do this.

My rule of thumb and I still do this is 50/50.

I build my life, 50% is saved immediately in a seperate account I cant see, 30% funds my needs, and 20% funds my wants or gets saved.

The money that you save should be used for opportunity that can create income (businesses, investments). If I make 3k/mo I save 1.5k and leverage that money to build an idea.

If you find that you dont hit the 50/50 rule, Id downsize or find a new job that pays more, drive a wedge in your expenses and income. Sell your car, househack your home, move in with parents.


4. Get the business stable and growing

It's easy to see your business making 5k/mo and think that you've made it so you can quit when you've never made money before. Thats wrong, its shortsighted and you will lose in the long run.

Before I'd ever quit my job I knew that my business had to do 3 things.

1. It needs to pay me. (enough to live)
2. It needs to cover operating costs and any costs associated with the business.
3. It needs to be able to reinvest at a known rate to continue growing.

If you're company is making 5k/mo and you think you can quit your job and pay yourself 3k/mo but your operations are 3k and reinvesting is 2k+ you can see the gap in where you will stunt your growth, suck the money from your business, and eventually need to go get another job.

5. Build your emergency fund

This is hit or miss with some people but ideally your 50/50 lifestyle will continue as you start growing your business and you can continue saving. Before you quit your job you should save 6-12 months of runway so that if your business was not able to pay you you could atleast live off of your emergency fund as you try to figure out the issues that would prevent it from paying you.

If you are keeping your expenses low and not buying frivolous things you should be able to save 6-12 months within 3-6 months.

6. Get a mastermind group going

Im in a mastermind group with a couple of guys from this forum that are where I want to be or in the range that Im currently in. Without those guys Id probably still be at my job. When you have people holding you accountable every week asking you if you got your shit done, why your doing what your doing, where your trajectory is heading, its a MASSIVE advantage over being alone.

Having the expectation that you should not be spending your money on stupid things, building your emergency fund, and quitting your job from other people will keep the pressure on you to do so and prepare you to take the leap.

I hope this provides some insight, I understand its basic but for most people being consistent with it and truly following through is where you'll find success.

Good luck
Great stuff!
 

Envision

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
May 5, 2014
847
5,763
28
But how do you get the attention of people that are already there when you start with nothing?

I started with nothing. I gave them my time and energy for free it's all I had.
 

SWHi

New Contributor
Jun 25, 2020
9
14
Sydney, Australia
I would work 9-5, workout till 7:30/8, and study and build until midnight or 1am.

Appreciate this whole post, although just this one line alone is huge for me. Think we're pretty similar age and i'm only just having my aha moment about most of the principles outlined in MFL, although my training is always one of those things I felt like i'd have to give up in order to keep up with making income and also commit to starting something up while working, and that's just not an option for me.

Big reason for wanting to drop the 40+ weeks is not only for the financial freedom, but the financial freedom would allow me to knuckle down and put more of my time into my training and learning which is my main passion. BJJ, boxing and bodyweight training and then hopefully build up enough expertise that I can help others one day realise their own physical potentials. Takes up a couple of hours every night minimum for me, some days is 2 sessions per day too.

Knowing that you've managed to keep up with your training schedule throughout is huge, I have read through your other thread a couple times over and it definitely spoke to me seeing that you have been taking your training seriously since you were in your teens, I applaud you for that and you've definitely given me a kick up the arse that it's possible for me to do the same. Thank you!
 
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farouqali

Contributor
Read Fastlane!
Read Unscripted!
Jun 16, 2021
53
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Whats up Fastlaners,

This week was my first week as a full time entrepreneur and making this thread has been on my mind for quite some time. I keep thinking about how i got myself into this position because not too long ago I was literally living in a mobile home making 13/hr. Unlike most corny gurus that say that, that was actually my life and the life I live now is so unbelievably different. This month Ill make more money than I did in a year at my job, i dont set an alarm clock, no one tells me what to do, my companies are growing, and 6 years ago this is exactly what I planned as my "goal by 25" and I wanted to detail how I set myself up to quit so you can too.

My original thread: GOLD! - Its been one year of FLF for me. This forum will change your life and Ill prove it.

Theres a couple of factors and mindset is probably the biggest and im not going to get into it, i read TMF probably 10+ times through and through. Im expecting you already have the mindset.

Here's how I quit.

1. Get a job

The job is your base plate, its your foundation. I started as a customer service rep at 18 and worked my way into a VP of Operations at 24 using the thought process that every job is a stepping stone to getting out of the rat race. You NEED money to build your side hustle/business/investments. So you should constantly be pursing jobs that increase your hourly rate and lower your actual work time.

- I started at a job where I had to clock in and i could barely research or work on my own business.
- By the end i was salary, no schedule, operating my day how I wanted so I could work on my own business.

What should you do with your earned income?
-Live off half
-Save half for your venture
-Leverage the salary to get approved for loans to invest/loc (when applicable)

Most people FAIL with their jobs and trap themselves because they live off of the entire income and build their lifestyle on it.

You should build your business off of your job and build your life on your business.

2. Find Your Need & Build


You should be constantly looking for opportunities to start a business. Something that has the ability to scale far beyond your work income. You need to aim high, dont build a business that would have paid you the same as a job and been way less work and risk unless you truly love it.

Spend your hours after work researching, connecting with people necessary, building, creating, trying.

I would work 9-5, workout till 7:30/8, and study and build until midnight or 1am. To be honest this part consumed me, I didnt hangout with friends, I didnt party, I didnt spend money, all I did was build my idea. Your ability to remove the fear of missing out and remove the judgement of others will determine how far you can go. This part is lonely, the odds of your failure is extremely high (which is why you need the job so you dont lose ground).

This is also the part where this forum comes in handy the threads by BIOPHASE, JASONR, VIGILANTE, ALLENCRAWLEY, And VICK is all the information I needed to build my company. Thats it, those 5 guys and the information on their threads is enough you just need to implement it all. The faster you can try, fail and learn and close feedback loops will prove how quickly you can succeed.

I wish I could give more guidance on this but everyones ideas will be different, everyones process plays out in a different way because we all have different opportunities, passions, thoughts...

3. Kill Your Expenses

If you're serious about living in the fastlane, you need to kill your expenses. What you own will end up owning you and in doing so you wont be able to get out if you dont do this.

My rule of thumb and I still do this is 50/50.

I build my life, 50% is saved immediately in a seperate account I cant see, 30% funds my needs, and 20% funds my wants or gets saved.

The money that you save should be used for opportunity that can create income (businesses, investments). If I make 3k/mo I save 1.5k and leverage that money to build an idea.

If you find that you dont hit the 50/50 rule, Id downsize or find a new job that pays more, drive a wedge in your expenses and income. Sell your car, househack your home, move in with parents.


4. Get the business stable and growing

It's easy to see your business making 5k/mo and think that you've made it so you can quit when you've never made money before. Thats wrong, its shortsighted and you will lose in the long run.

Before I'd ever quit my job I knew that my business had to do 3 things.

1. It needs to pay me. (enough to live)
2. It needs to cover operating costs and any costs associated with the business.
3. It needs to be able to reinvest at a known rate to continue growing.

If you're company is making 5k/mo and you think you can quit your job and pay yourself 3k/mo but your operations are 3k and reinvesting is 2k+ you can see the gap in where you will stunt your growth, suck the money from your business, and eventually need to go get another job.

5. Build your emergency fund

This is hit or miss with some people but ideally your 50/50 lifestyle will continue as you start growing your business and you can continue saving. Before you quit your job you should save 6-12 months of runway so that if your business was not able to pay you you could atleast live off of your emergency fund as you try to figure out the issues that would prevent it from paying you.

If you are keeping your expenses low and not buying frivolous things you should be able to save 6-12 months within 3-6 months.

6. Get a mastermind group going

Im in a mastermind group with a couple of guys from this forum that are where I want to be or in the range that Im currently in. Without those guys Id probably still be at my job. When you have people holding you accountable every week asking you if you got your shit done, why your doing what your doing, where your trajectory is heading, its a MASSIVE advantage over being alone.

Having the expectation that you should not be spending your money on stupid things, building your emergency fund, and quitting your job from other people will keep the pressure on you to do so and prepare you to take the leap.

I hope this provides some insight, I understand its basic but for most people being consistent with it and truly following through is where you'll find success.

Good luck
this is what i had in mind, am currently working and its paying good .i maximize my saving with an idea in mind but the time frame seems long. i would need to focus more on point 2 " find your need and build". then from there to point 4 "get the business stable and growing and to point 6" get a mastermind group".
am new to this forum; but i have no doubt am in the right place and with time i will prosper and live my dreams.
 

Vinz

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I like the part about climbing the ranks in your job to get a better position, make more and be able to quit

But at the same time all I see in people who have higher position in jobs is they work much harder than those who start. Maybe its me but I see managers and owners spending all their time and day at work.
Is it that I'm in Italy and work culture is different ?

That won't allow me to free up my time, instead successfully lock myself in with no free time to work on a business.
That is my issue with it
 

ericaung

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I like the part about climbing the ranks in your job to get a better position, make more and be able to quit

But at the same time all I see in people who have higher position in jobs is they work much harder than those who start. Maybe its me but I see managers and owners spending all their time and day at work.
Is it that I'm in Italy and work culture is different ?

That won't allow me to free up my time, instead successfully lock myself in with no free time to work on a business.
That is my issue with it

It is same in almost expensive countries like yours, singapore, NYC etc. Probably, our living cost high and we are over work. If you already achieve high position, why dun you start plan to quit your job and start a CENT business? Free time is extremely hard for us; we have no choice. Just save up cash and quit your J.O.B
 

Vinz

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It is same in almost expensive countries like yours, singapore, NYC etc. Probably, our living cost high and we are over work. If you already achieve high position, why dun you start plan to quit your job and start a CENT business? Free time is extremely hard for us; we have no choice. Just save up cash and quit your J.O.B
Well I wouldn't call Italy and "almost expensive country" and surely not compare it to singapore and NYC.

I didn't achieve an high position, but from what I have seen that is the tendency, to be overworked the higher you go
 

joshuajwittmer

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But how do you get the attention of people that are already there when you start with nothing?
*Disclaimer, I’m new to the forum. Seasoned vets feel free to correct me if I’m wrong. Seems to me the best answer to this question is to interact. Become a part of the dialogue and be cool. You have something to offer even starting a zero on the fast lane scale. Offer thanks, praise, respect, good questions, and your own personal insight. Offer your honest opinions when appropriate . Offer to help. Find a way to offer value.
 
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joshuajwittmer

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I started with nothing. I gave them my time and energy for free it's all I had.
Thanks so much for this valuable post @Envision! Would you give us some examples of ways you provided value to these heavy-hitters? Did you just ask them what they needed help with? Did you figure out what they needed by reading their posts and then help them by researching solutions? Any other suggestions? Mahalo!

Josh
 
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BD64

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I come back to this post often. I've followed these rules and it has honestly changed the trajectory of my life, especially the 50/30/20 spending outline. Thank you @Envision.
 

klaipeda

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If you are like me with 3 kids and a wife than those rules do not apply. The only thing that can help, it’s a wife that support you when you’re busy building your business.

Saving 50% of the salary it’s not easy even if I’m trying to get close to it. Also the time to spend on the business is much less.
 
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Mister

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Hey @Envision thanks for the thread.

I try to do the same things with some differences.

The biggest are these, wich I would love to hear your thoughts about:

1.
I try to build my emergency founds and then I will try to build a Fastlane business.

2.
Until then I try to do more the freelance path, to get experience and find possible needs.

Would you suggest to go straight for the Fastlane model ?
 

BD64

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If you are like me with 3 kids and a wife than those rules do not apply. The only thing that can help, it’s a wife that support you when you’re busy building your business.

Saving 50% of the salary it’s not easy even if I’m trying to get close to it. Also the time to spend on the business is much less.
Maybe you can't meet the rules today, but can you work towards meeting them tomorrow?

Are there any other excuses you'd like to share as to why you can't do things that other people have and are doing?
 

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