Rep bank $0? How it mimics your real life bank.

[MJ DeMarco]

How the forum's REP BANK concept mimics a real FASTLANE...

First, let me say that this thread excludes @Yoda who gives away ALL of his rep bank as he earns it. Had he not be so charitable, he'd be one of the forum's richest.

Anyhow, I thought this needed its own thread.

@MidwestLandlord made an interesting comment here ... I thought it needed special attention. If you enjoy this post, share the REP with him.

Every time I log in, I see that people have liked comments I left days or even weeks ago.

Those likes put reps into my forum rep bank, from "work" I already did way earlier. I've found that the more quality comments I make, the more likely previous comments are to be liked as well.

I have real life processes in place that do the same. Not fastlane yet, but close.

The Fastlane Forum's REP BANK concept is actually a microcosm of a REAL FASTLANE.

Think about it.

The value you add here, say a great post, a GOLD thread; a funny comment, it exists in perpetuity. It exists seperate from your time and has the opportunity to help people 24/7. As more and more eyeballs read your value, you collect REP DOLLARS. These REP DOLLARS collect 24/7, no matter what you are doing.

You could be sleeping.
You could be traveling.
You could be at the gym.

In other words, your value bombs here are your unique pieces of work offered to the community, work that never goes dark and always is working for you, collecting views, likes, and rep transfers.

While you are away, your REP BANK grows. While I sleep, my REP BANK grows by hundreds of dollars every single day. Oddly enough, my REAL BANK does the same except with REAL DOLLARS.

Why?

I've thrusted VALUE out into the WORLD community and get paid REAL $$. Every. Single Day.

I've thrusted VALUE out into the FORUM community and get paid REP $$. Every. Single. Day.

Want to make money 24/7?

Start producing value that exists in space-time separate from your time.

 

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[G-Man]

I'd like to see a reset.
I'd bet my rep in time the stats would be similar.

I remember when I knew everything because I'd spent my first semester at college....

Me: Dad, don't you think it's wrong that there's like 6 billion people in the world and a few of them have all the money?

Dad: Right or wrong, if you divided that money up 6 billion ways evenly, in 10 years the same people would have it again.

Me: How would they do that?

Dad: Same way they got it the first time, genius.

 

[Scot]

I had this conversation with another forum member the other day. I treat this forum like a networking event or like work.

With the exception of off topic threads, I never post anything without wondering if it will give value.

Because this forum is full of people who are willing to share their hard earned knowledge. What if I act like a fool and need help on a copywriting question. Would Lex ignore me?

What if I had a great idea and start a progress thread, would guys like Midwest or Kak, who might have great input pass it by when they see my name?

I've seen it time and time again on this forum where people who give value get value in return and people who post lazy questions get nothing or ridicule.

You fight like you train.

This forum isn't real business, but how you act here is probably how you'll approach real business.

 

[SteveO]

Years ago, I contributed a lot of advice with regards to real estate investing. There were more people interested in RE. Most people on the forum are looking for information to help with online businesses. Can't help much there.

Most of my input these days has to do with outlook on life.

Giving advice helps me to assess my own situations.

 

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[theag]

My fastlane forum wealth is mainly built on a quicksand-like legacy of Emma Watson memes.

 

[JAJT]

Just found this thread.

Started off interesting, got a little silly in the middle. I'd give it an 8/10. Would read again

Regarding rep, I'll say this:

When I got here in 2012, I had a full time job, never ran my own business before, was pretty lost in life and felt pretty useless from an "add value" perspective. I felt like the scrawny guy who just joined the gym and was intimidated by the gigantic regulars who looked like buying shirts to fit their arms was the biggest problem in their lives. They were benching 300 and I could barely lift the bar. What the hell was I even doing here?

Then I looked around and saw a lot of "little things" I could do.

I hadn't started a business yet but I knew a decent amount about sales from the 9-5.
So I gave some sales advice.

My house still has a mortgage but I thought I was smart in how we bought our home.
So I talked about some problems I avoided when buying our home.

I don't own a library but I have read some books I liked.
So I talked about the books I've read and what I learned from them.

I'm not a psychologist but I've overcome some attitude and motivation problems.
So I shared those experiences.

I wasn't trying to bench 300 or even pretend like I could. I was handing folks water bottles and bringing them towels. When I could lift 50 I was helping folks who looked lost as they entered the door.

Everyone has something to share. I'm 33 and have learned plenty from some 18 year olds. Everyone has a different tool belt and nobody has all the tools.

And if you genuinely, honestly, truly believe that there is nothing anybody at any stage of their journey can learn from you, you can always stay quiet and read and read and read until you find a small enough question that you think you know the answer to and chime in then.

 

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[Thiago Machado]

I'd like to see a reset.
I'd bet my rep in time the stats would be similar.

Makes me think of 2 things:

• The lottery winners who lose everything and never get it back.
• The millionaires who lose everything, start over, and make their millions again.

Fastlane is a mindset.

 

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[Yoda]

Had he not be so charitable, he'd be one of the forum's richest.

I am the richest because I give it all away.

 

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[jon.a]

I'd like to see a reset.
I'd bet my rep in time the stats would be similar.

 

[Vigilante]

With the new forum I think there should be a reset to zero.

 

[MJ DeMarco]

*Keep your rep bank at a healthy level

I'm waiting on a few technical items, but my goal is to transform the rep bank into an "alt coin" for the forum where it could buy things, books, gift cards, INSIDERS subs, entrepreneur goods, etc. Then it will have more value beyond simple reputation -- it will be able to buy stuff.

 

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[G-Man]

After reading this post, I think we need to get rich in real life before getting rich on this forum. We cannot add any value to this forum if we are still poor, right?

Not true. A lot of the best threads on here are from people that are in the process of building a business from ground up. You get a real-time look at lessons learned and obstacles overcome. You get a birdseye view on someone else's process.

The premise of this thread is that there is a high level of correlation between people who are "successful" on this forum and people who are successful in real life. Real life experiences that others can learn from make for better threads, posts, and therefore, more rep gained.

 

[Vigilante]

Here's what I anticipate would happen with a rep reset.

We'd lose some veterans who wouldn't give a shit. Some veterans would continue to contribute, and rise to the top again. Some new posters would emerge as the next generation of superstars. Legacy content would stop contributing to rep speed. Right now, I get more rep$$ for stuff I wrote three years ago as it gets rediscovered and bumped.

Here's what wouldn't happen : someone who has been here for four years with 130 shitty posts and 20 likes would all the sudden become a value contributor.

All in all, @MJ DeMarco I think it would be good for the forum. It would be an excellent value lesson.

 

[MJ DeMarco]

We cannot add any value to this forum if we are still poor, right?

Wrong.

You don't need to be rich to add value.

Otherwise you end with a paradox, a chicken-or-the-egg scenario.

If you can't provide value unless you're rich, and value is needed to become rich, how does one become rich in the first place?

Value is magnetizing.

 

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[Scot]

I can list off about 5 people without even having to think about it who I know aren't rich but will definitely be in the next 5 years.

And you know what most of them have on their profile? Rep banks over $10,000. Some of them are even Legendary Contributors.

You don't have to be the CEO of a Fortune 500 company to be an expert in your field.

 

[MidwestLandlord]

Would be an amazing feature if people's real net worth change since joining could be anonymously queried and displayed under their name somehow.

Mine would say:

-75%

Does that mean I now provide less value here?

On the contrary, I feel like my INSIDERS posts transparantly describing my mistakes and difficulties are the most valuable posts I've made here. My like to post ratio seems to confirm that.

I don't care what anyone's net worth is...not here or in real life.

What I do care about when reading others posts is:

Ease of reading
Rep bank*
Like to post ratio
Whether other posters that I respect have commented on a thread or liked a post
INSIDERS badge
Attitude (I tend to stay away from high drama, bro marketer wannabes, or pessimistic members)

*Keep your rep bank at a healthy level until you make a name for yourself here, afterwards be quite generous with it for the same reason.

 

[MidwestLandlord]

I had this conversation with another forum member the other day. I treat this forum like a networking event or like work.

With the exception of off topic threads, I never post anything without wondering if it will give value.

Because this forum is full of people who are willing to share their hard earned knowledge. What if I act like a fool and need help on a copywriting question. Would Lex ignore me?

What if I had a great idea and start a progress thread, would guys like Midwest or Kak, who might have great input pass it by when they see my name?

I've seen it time and time again on this forum where people who give value get value in return and people who post lazy questions get nothing or ridicule.

You fight like you train.

This forum isn't real business, but how you act here is probably how you'll approach real business.

Haha, I'm not even close to being in the same league as @Kak , but I do want to be like him when I grow up.

 

[dave773]

This is seriously the best forum..

I took a different piece of value from this thread. Let me explain.

Most of my rep bank is from @Vigilante and @Kak. They unloaded some rep on me over a couple of small posts I made when I joined this forum. It was pretty cool at the time. Legendary members are giving me rep? How did this happen? I have only been here two days.. honestly though.. I didn't deserve it. In the spirit of Christmas, I am sure they simply wanted to give.

I have YET to provide any REAL value to this forum. Maybe some new members get caught in this type of rat race where rep bank = more real rep bank. Well all know though..it is obviously the other way around.

I love the concept of rep bank. It truly is awesome. For me though.. a bigger rep bank is only going to work if I can increase my REAL rep bank. I'm not a wisdom bomber ..nor do I have much knowledge to drop ..but there are quite a few special members on this forum that are. You would be hard pressed to find the real truths in what they had to do. I am sure even MJ left out a ton of failures from his book.

To me when I read their posts.. it symbolizes what this person went through to get where they are now. The blood, sweat and tears through their life that transmutes into beautifully crafted and simplistic pieces of writing. They create infinite gold.. every.. single .. day on this forum just with their fingers. Everyone knows who they are. It's pretty clear who walks the walk.. and who doesn't. They could have zero rep bank, change their username, make one post a day.. and you could still find those hidden gems if you paid attention.

A $100 rep bank is my perception of my worth right now. SO, that's what it shall be. I am here to rebuild .. but only after I rebuild my real life. I am seriously humbled and reminded everyday on this forum how far I need to go, how much more I must do, how much I still have to learn.. and how much more action I need to take.

Thank you to @MJ DeMarco and @MidwestLandlord for this thread.

Later this year, I WANT to try and give some real value back to this forum. I have no idea how yet. I have some failures or possibly some small wins coming up in a few months.. but these will still be dwarfed by what some members have done in such a small space of time.

I am moving city next month to go in a different direction.. and I am looking to compound on my efforts and see where it takes me.

 

[SteveO]

To me when I read their posts.. it symbolizes what this person went through to get where they are now. The blood, sweat and tears through their life that transmutes into beautifully crafted and simplistic pieces of writing.

The blood, sweat, and tears are part of life experiences. Not speaking for others but accepting this as part of your journey is important. Don't be fearful of what lies ahead and don't be afraid to work.

 

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[Vigilante]

it is harder to get reps in 2017 while 80 % of what is to be said on a subject has already been said by legendary contributors since 2007

look this way : a newbie comes and says many things

people don't care because these things have already been shared for years by 1000's of users

you can't feed a dog which has eaten like bears for the past 3 days

" we don't care, you can't discover hot water again "

this is like customers in a world of increasing supplies

" we don't care about your products, we already know about that"

Look at the curious case then of @MidwestLandlord

He's been here 6 months less than you but his rep bank is 5x

Why?

 

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[MJ DeMarco]

In a way this forum is like a mini society, where people who bring the most value, gets the most reps. “Value” is a highly subjective matter,

It very much so is, which is why I made this thread.

Another thing you might notice is having a "reputation" also helps the money flow, whether it's here or in real life.

I've read some great posts by some great people (some NEW and with ZERO rep bank) and the post will get very few likes. Yet, if I posted it, or @MidwestLandlord or @IceCreamKid, or @SteveO, the post would get swarmed with a ton of likes.

Likewise, if GaryV showed up and made a post about "doing what you love!" (a phrase I totally despise) I guarantee you he'd get overwhelmed with likes and kudos!

So, given the exact same comment/information, if it comes from a newbie, it's harder to get traction.

If it comes from someone with a reputation, it attracts like flies to melting butter.

Reputation matters. Both here at the forum and in real life.

If you're JJ Abrams (reputation) how hard would it be to get financing on some great new movie project, vs myself (no reputation) -- we both could have the same idea. One has earned a rep, the other has not.

Bottomline, once you've built a reputation, things move easier.

The rep system would do a better job of drawing the real-life parallel if it had other intrinsic value beyond simple reputation. For instance, if $200K in rep bank got you a $10,000 Amazon gift card, how many people would be posting better stuff? And how much more would the rep bank be more coveted with people being less charitable?

 

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[TKDTyler]

With the new forum I think there should be a reset to zero.

We could donate all of our rep to @Yoda...

 

[Andy Black]

Want to know a sure-fire way of getting more rep (that works especially well for those who don't believe they have any value to offer)?

GIVE THANKS.



Did someone do something that inspired you or gave you an insight?

Give thanks. Not in a rep-chasing non-value-adding way, but by explaining how it helped you and what you'll do differently going forward.

Your learnings can help other people, and can help the person you're thanking to keep going or better understand how to help you.

By articulating why you're giving thanks it will also solidify the lesson for you.


I was just chatting to a friend last night about why I'm so keen my kids grow up with manners and give thanks.

Not only is it nice to be nice, but it means you have to be less "me" centric.

How can you thank the waiter who comes over to serve your food if you didn't even notice?

How good a business owner can you be if you don't notice the people around you and the things they do?

Give praise. Give feedback. Catch them when they're good.

Encourage the behaviour you want more of.

Try thanking people more often and see what happens.


This thread may help:

• Learnings from 700+ PMs with fellow forum members

 

[G-Man]

My fastlane forum wealth is mainly built on a quicksand-like legacy of Emma Watson memes.

People just give you rep because nobody wants Putin on their a$$.

 

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[MidwestLandlord]

I'd like to see a reset.
I'd bet my rep in time the stats would be similar.

Yep. If anyone here fears a rep reset, they should probably ask themselves why.

 

[Vigilante]

Thanks for the ++ @AllenCrawley

I tried to PM you, but you must have your phaser set to "leave me the hell alone".

Are you the dude that intentionally leaves his voicemail full so nobody can leave a message? Be honest.

My voicemail literally tells people not to leave me a message. Honest.

 

[B. Cole]

I gave all mine away to celebrate a special occasion for somebody


I tend to look at likes more than rep, particularly the ratio of posts/likes for users. Some people have a ton of posts, but an almost even number of likes. Those people typically don’t provide a lot of value to the forum.

Some people have a crazy amount of likes (5 to 10 times as many) compared to posts. These are very high quality contributors, like moderators and heavy hitters that have progress threads and provide more content than comments.

I’m almost to a 3/1 ratio. I strive to one day be a 10/1 or better. When my venture succeeds and I can share a lot of helpful, validated information I suspect I’ll start getting closer.

 

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[jon.a]

With the new forum I think there should be a reset to zero.

I think that it would be an interesting social experiment.

 

[TKDTyler]

I'd like to know how much total rep @Vigilante has given away...

All his donations have been to shell accounts to siphon rep into his offshore bank account. He's been prepared for that reset.

 

[MidwestLandlord]

I take issue with that. @MidwestLandlord also has more rep than me, dammit.

He pretty clearly had the unfair advantage of having something to say that others found worth listening to. What a clown.

Now, now...it's not a competition.

But if it was...