Don't like ads? Remove them while supporting the forum. Subscribe.
"Fastlane" is an entrepreneur discussion forum based on The C.E.N.T.S Framework outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED®). From multimillionaires to digital nomads to side hustlers who are grinding a job, the Fastlane Forum features real entrepreneurs creating real businesses with one goal in mind: Freedom— both financial and temporal.
Download (Unscripted) Download (Millionaire Fastlane) Register
Registering for the forum removes this block.
Remove ads while supporting the Unscripted philosophy...become an INSIDER.
Don't like ads? Remove them while supporting the forum. Subscribe.
But Musk himself often shows a very normal side, understanding of other people etc.
Neuralink is also maximum on the creepy scale.
But this discussion is also completely pointless.
If ease of cleaning is a priority, go with the glass-top stove. Those are the easiest to clean. You can get them SPOTLESS with a little bit of Weimans Glass Cook Top Heavy Duty Cleaner and a razor blade. I would say these take the least effort to clean of any kind of stove top.On top of that, everything is either gas or these newish radiant stovetops. But those are hard to clean also. The conspiracy theorist in me thinks the companies all decided to build things which won't hold up under normal use in order to create additional demand down the road.
I'm seriously considering having gas installed at my house now.
If ease of cleaning is a priority, go with the glass-top stove. Those are the easiest to clean. You can get them SPOTLESS with a little bit of Weimans Glass Cook Top Heavy Duty Cleaner and a razor blade. I would say these take the least effort to clean of any kind of stove top.
View attachment 36908View attachment 36907
Here's an 8-minute on how-to clean these stoves. In my opinion, these stoves are a DREAM. You can keep them looking brand new for years with some pretty simple cleanup.
View: https://www.youtube.com/watch?v=snSqRXgaRxQ
That being said, a gas stove is the GOLD STANDARD for precision control over your cooking. Once you get used to a gas cooktop, you'll never be able to tolerate any other kind.
So... if you're considering installing gas in your house, I'd say INDULGE YOURSELF AND GO FOR IT!
Who owns the insurance companies? Mortgage companies? “X Place Mortgage Group!”
I read a lot because I want to understand how the world works and how everything fits together. Obviously there are some massive companies out there but what I can’t find clarity on is how these financial companies work.
For instance, you have the salespeople who do mortgages or insurance or investments... sometimes they have their own office, other times they work for a larger company as a franchise.
But do any of them actually have Control and have a real company? How can you tell?
One guy my dad is friends with owns the “Joe Blow Insurance Group,” and has lots of agents who work for him. But apparently they “bid out” the insurance itself to other companies. What?
Then there’s a new business like Goosehead Insurance - as far as I can tell, they are the REAL deal. Control. Actual company, not just a franchise or reseller of another company.
Just curious if anybody can shed some light on how these industries work (I know I named multiple industries, sorry).
Thank you BizyDad, this is a great write up. Gold information right here!!That's the pep talk I needed. Gas feels extravagant because I don't think I'll be in this house for more than a few more years. The maintenance part of my complaint is partly because I'll convert this house into a rental, and I'm concerned about the care renters will give to the appliances. Knowing how my kids have handled my fridge...oh vey.
Thanks for being so helpful. Much appreciated.
Let's make an analogy. A builder is building a community. To sell the houses in that community, the builder might bring in an outside real estate brokerage and their team of agents to sell the units. Those agents often can get other clients elsewhere and sell them other homes to supplement their income. Or the builder might have a captive agents that are working directly for the builder. Those agents only ever sell their community's homes. (Ignore the buyers agent for this example).
Insurance and Mortgages work much the same. Banks, for example, actually lend the money. They have their own in house team of people to handle loans. But they often also underwrite loans that are brought to them by independent mortgage brokers.
Insurance companies do the same. Some insurance companies underwrite the insurance (Analagous to the banks or the builder). Some insurance you can only purchase through dedicated in house agents (Northwestern Mututal, State Farm, etc). But some insurance companies have agreement to underwrite deals brought to them by independent agencies.
Things get a little more complicated for mortgages because even direct lenders might sell the loans later to another company, and the loan vs the service of the loan are separate issues. I don't know how detailed you want the answer, but I think I answered the basics of it.
Which ones have control? Which ones are real businesses?
None have true control. Banks don't control fed funds rate, or economic forces like tight or loose money supply. Insurance companies don't control accidents and natural disasters. And brokerages don't control the policies, procedures or underwriting terms of the products they are selling.
But they are all real businesses.
Goosehead handles the issue of no/poor control by working with "over 100 insurance companies that underwrite personal lines and small commercial lines risks, and its operations include a network of nine corporate sales offices and over 1,100 operating and contracted franchises." (Source - Overview | Goosehead Insurance, Inc. ) They are just a reseller like Joe Blow is.
But by working with many companies, they have some form of control, kind of, because if they can't get you a policy with company 1, they go to company 2, etc.
How do you tell the difference?
The key is understanding who is doing the underwriting. You can ask the mortgage person if his company is a "direct lender" or a brokerage. For insurance, ask if they are the direct underwriter or a brokerage.
Another way to tell is who's name is on your legal paperwork you are signing. State Farm folks only sell you State Farm insurance. But Goosehead will sell you someone else's insurance. Same applies to mortgages.
There are fastlanes, franchises, sand pits, and jobs... you pick. Agencies and brokerages are a type of business in their own right; they can have more, or less, control than the principals they represent. Very often, the good ones build assets until they can provide insurance, mortgages, and other financing on their own. "Just" selling someone else's contracts is a funny idea. Imagine getting 10-25% of the gross revenue, but not taking on the risk of losses or needing decamillions in capital to get started. I don't think it's a bad deal at all.Who owns the insurance companies? Mortgage companies? “X Place Mortgage Group!”
I read a lot because I want to understand how the world works and how everything fits together. Obviously there are some massive companies out there but what I can’t find clarity on is how these financial companies work.
For instance, you have the salespeople who do mortgages or insurance or investments... sometimes they have their own office, other times they work for a larger company as a franchise.
But do any of them actually have Control and have a real company? How can you tell?
One guy my dad is friends with owns the “Joe Blow Insurance Group,” and has lots of agents who work for him. But apparently they “bid out” the insurance itself to other companies. What?
Then there’s a new business like Goosehead Insurance - as far as I can tell, they are the REAL deal. Control. Actual company, not just a franchise or reseller of another company.
Just curious if anybody can shed some light on how these industries work (I know I named multiple industries, sorry).
Also worth mentioning... an insurance agency is not an insurance 'company' or carrier. A broker is neither. A mortgage broker is not a bank or mortgage company.Who owns the insurance companies? Mortgage companies? “X Place Mortgage Group!”
I read a lot because I want to understand how the world works and how everything fits together. Obviously there are some massive companies out there but what I can’t find clarity on is how these financial companies work.
For instance, you have the salespeople who do mortgages or insurance or investments... sometimes they have their own office, other times they work for a larger company as a franchise.
But do any of them actually have Control and have a real company? How can you tell?
One guy my dad is friends with owns the “Joe Blow Insurance Group,” and has lots of agents who work for him. But apparently they “bid out” the insurance itself to other companies. What?
Then there’s a new business like Goosehead Insurance - as far as I can tell, they are the REAL deal. Control. Actual company, not just a franchise or reseller of another company.
Just curious if anybody can shed some light on how these industries work (I know I named multiple industries, sorry).
Don't like ads? Remove them while supporting the forum. Subscribe.
Thank you BizyDad, this is a great write up. Gold information right here!!
I guess that means there are lots of potential “fastlanes” here, with all sorts of meandering paths...
I have also heard that Insurance businesses are able to invest in equities and trade options using insurance as OPM.
Can any insurance agency do the same thing? I.E. is “Joe Blow” investing the insurance premium/float?
This is great. Very eye opening.So now that Rabby explained how Joe Blow isn't the kind of insurance company that does all that fancy stuff you like, the other thing I'll add is that the "real" insurance company is going to have capital requirements sufficient to pay out against it's potential losses. It doesn't get to create a pool of money and only do that "fun stuff" you mentioned. Too much "fun stuff" gets this company in trouble.
In fact, if anyone gets wind you are trying to start this kind of company just to do the fun stuff, you won't the permission you seek.
So to answer the perhaps unasked question, but it's kind of lingering out there.
If you had a big (yuge) pool of money and wanted to start one of these, which should you start: insurance company, mortgage company, or bank?
For my money, I'd start a bank. But I'm biased, it's the one I "know". And it feels safer, is less prone to loss. Mortgage companies go out of business every downturn and insurance, God bless those people, but I wouldn't want to be in the insurance biz.
But if you're interested in doing all that fun stuff, just go the hedge fund route.
Now if the question is how to amass that yuge pile of cash, well, that's a whole other conversation. Not to deter you, but I would think you'd be better off not going down this path. There are faster ways to get where you want to go. Solve bigger problems.
This makes a lot of sense. Thank you @RabbyThere are fastlanes, franchises, sand pits, and jobs... you pick. Agencies and brokerages are a type of business in their own right; they can have more, or less, control than the principals they represent. Very often, the good ones build assets until they can provide insurance, mortgages, and other financing on their own. "Just" selling someone else's contracts is a funny idea. Imagine getting 10-25% of the gross revenue, but not taking on the risk of losses or needing decamillions in capital to get started. I don't think it's a bad deal at all.
So now that Rabby explained how Joe Blow isn't the kind of insurance company that does all that fancy stuff you like, the other thing I'll add is that the "real" insurance company is going to have capital requirements sufficient to pay out against it's potential losses. It doesn't get to create a pool of money and only do that "fun stuff" you mentioned. Too much "fun stuff" gets this company in trouble.
In fact, if anyone gets wind you are trying to start this kind of company just to do the fun stuff, you won't the permission you seek.
So to answer the perhaps unasked question, but it's kind of lingering out there.
If you had a big (yuge) pool of money and wanted to start one of these, which should you start: insurance company, mortgage company, or bank?
For my money, I'd start a bank. But I'm biased, it's the one I "know". And it feels safer, is less prone to loss. Mortgage companies go out of business every downturn and insurance, God bless those people, but I wouldn't want to be in the insurance biz.
But if you're interested in doing all that fun stuff, just go the hedge fund route.
Now if the question is how to amass that yuge pile of cash, well, that's a whole other conversation. Not to deter you, but I would think you'd be better off not going down this path. There are faster ways to get where you want to go. Solve bigger problems.
We had a discussion about this on this thread (buried since the thread has thousands of posts) and basically I think the consensus is give food, not money.Random question: what do you do when a homeless, young, healthy guy begs you for money or food in the supermarket parking lot? Do you ever give them something, say no, lie that you'll buy them food only to hope you'll sneak out without them seeing you (lol), ask the supermarket employees to call the police?
I always think that if they're healthy and young, they can easily find some kind of work. So by giving them stuff I essentially sponsor their laziness and make their lives even worse (because if they keep getting stuff, they'll never stop begging). I can understand helping out an elderly or sick person though even then, often it's unfortunately a part of a gang scheme, not just a single person struggling.
Yeah and I am totally being a podium popper here but it’s mostly just to know how this stuff works, not to copy others.If limited to those choices, I would start an insurance company, brokerage, or agency. Mainly because the regulations are slightly less onerous than in banking, but also just like you knowing banking, I know the insurance business. Funny enough though, the bank I use was started by an insurance agency owner who I know very well. There's a lot of crossover investment in financial services.
I always think that if they're healthy and young, they can easily find some kind of work.
I have also heard that Insurance businesses are able to invest in equities and trade options using insurance as OPM.
I was getting new fridge for same kitchen. It ended up more expensive, smaller and louder than previous without anything to justify that - and there was no alternative models of that size. While buying prev fridge there was option to buy 5 years extended warranty - so far so good right? That prev fridge got broken after 5 years and 6 or so months.The conspiracy theorist in me thinks the companies all decided to build things which won't hold up under normal use in order to create additional demand down the road.
Don't like ads? Remove them while supporting the forum. Subscribe.
There was a video by Bloomberg about this and no one else but Warren Buffet.
Warren is praised as a stock picker and value investor but in fact he just
used this exact vehicle to get rich - he bought insurance company to get
funds to invest more.
Just a side note about Warren - he was average investor until around 50 y.o. when he did
this "trick" above.
All thinking that one can get rich by value investing is 95% myth.
I was getting new fridge for same kitchen. It ended up more expensive, smaller and louder than previous without anything to justify that - and there was no alternative models of that size. While buying prev fridge there was option to buy 5 years extended warranty - so far so good right? That prev fridge got broken after 5 years and 6 or so months.
I mean i bet it "worked" as planned.
I wouldn't be surprised if a typical task for material engineer is "make material that will break after exactly 6 years of average daily usage".
That being said another guy in town had an insurance biz and he used clients’ money to finance all sorts of other business dealings he did, new home constructions, a restaurant, so much stuff. I don’t even think that’s legal. He was mayor at one point. Has been bankrupt a couple times but never in jail or charged for anything!!
Personally I know nothing about insurance, but I pretty well understand the options component.
You could start a white label bank tomorrow if you wanted to. I am half interested in starting a member’s only bank for a specific kind of chemical customer.So now that Rabby explained how Joe Blow isn't the kind of insurance company that does all that fancy stuff you like, the other thing I'll add is that the "real" insurance company is going to have capital requirements sufficient to pay out against it's potential losses. It doesn't get to create a pool of money and only do that "fun stuff" you mentioned. Too much "fun stuff" gets this company in trouble.
In fact, if anyone gets wind you are trying to start this kind of company just to do the fun stuff, you won't the permission you seek.
So to answer the perhaps unasked question, but it's kind of lingering out there.
If you had a big (yuge) pool of money and wanted to start one of these, which should you start: insurance company, mortgage company, or bank?
For my money, I'd start a bank. But I'm biased, it's the one I "know". And it feels safer, is less prone to loss. Mortgage companies go out of business every downturn and insurance, God bless those people, but I wouldn't want to be in the insurance biz.
But if you're interested in doing all that fun stuff, just go the hedge fund route.
Now if the question is how to amass that yuge pile of cash, well, that's a whole other conversation. Not to deter you, but I would think you'd be better off not going down this path. There are faster ways to get where you want to go. Solve bigger problems.
Random question: what do you do when a homeless, young, healthy guy begs you for money or food in the supermarket parking lot? Do you ever give them something, say no, lie that you'll buy them food only to hope you'll sneak out without them seeing you (lol), ask the supermarket employees to call the police?
I always think that if they're healthy and young, they can easily find some kind of work. So by giving them stuff I essentially sponsor their laziness and make their lives even worse (because if they keep getting stuff, they'll never stop begging). I can understand helping out an elderly or sick person though even then, often it's unfortunately a part of a gang scheme, not just a single person struggling.
I'm generally the type to follow "the survival of the fittest", and don't feel much empathy towards the poor, homeless, etc. I've been in this category myself (poor) and I'm 100x better now because I channeled my suffering into practical, life-changing actions and it worked. I'm biased, I believe everyone can improve his/her life no matter the circumstances. Debt, clinical depression. They sucked and were draining, but unless you go blind, deaf and lose your limbs, you can continue to fight for a better life. It's a mental battle, and when you hit the rock bottom, you really only have 2 choices, you - do everything to improve your life or kill yourself. Harsh, but that's pretty much it. Homeless are somewhere in between, it can't get much worse, they're not getting help and they're not jumping down the bridges. It means they're "fine" with their situation and have chosen to sit there.Random question: what do you do when a homeless, young, healthy guy begs you for money or food in the supermarket parking lot? Do you ever give them something, say no, lie that you'll buy them food only to hope you'll sneak out without them seeing you (lol), ask the supermarket employees to call the police?
I always think that if they're healthy and young, they can easily find some kind of work. So by giving them stuff I essentially sponsor their laziness and make their lives even worse (because if they keep getting stuff, they'll never stop begging). I can understand helping out an elderly or sick person though even then, often it's unfortunately a part of a gang scheme, not just a single person struggling.
Was the pay low?Offer them a job, I did that one time and the beggar left me alone after saying the pay is to low
Homeless Canadians live better than most people in the world.
Join Fastlane Insiders.