Slowlane Gravity ...

[MJ DeMarco]

There is a very strong gravity to keep people binded to the Slowlane. I call this Slowlane Gravity -- a natural state of being that compels you to bind to Slowlane doctrines and rituals.

This post is an exercise to IDENTIFY slowlane gravitational entities ... WHAT WANTS TO SUCK YOU IN, AND KEEP YOU IN?

For example ....

1) Bad relationships. People who just don't get it. "Oh that won't work" and "Oh rich people are miserable".

2) Regimented Schooling / False Programming. Teachers, professors, folks of authority who just don't realize that there is another road to wealth that doesn't take 50 years of mutual funds and 401K's.

Have you identified any Slowlane gravitational forces in your life?

 

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[Sparlin]

3)High Interest Rates. Paying someone extra money for a loan. (Exception would be if such a loan allows leverage to bring in a higher ROI.)

4) Paying Too Much. Paying blindly for convenience without considering how badly the item or service is needed and if the value is worth the price.

 

[Runum]

6) Print and television media.

7) Your mandatory, annual benefits meeting for your JOB. They bore you with all the details of your benefits and how they will take care of you.

8)Your mandatory, annual meeting to discuss your 401K allocations and performance.

9) Income tax refund checks. It's your freakin money to begin with. But it still makes you feel good to get that check.


Thanks Sparlin. Some may say poor math skills. Probably more like doing too many things at once.

 

[^eagle^]

10) The fear of the costs of health insurance when self employed. Something might happen to me or worse, something might happen to my daughter.

11) Diversifying your portfolio instead of being a one trick pony. An aquaintence of mine started talking about diversifying and I told him, "No, You need to find one vehicle and learn everything you can about it."

12)Being a consumer instead of an investor. Buying gadgets and things to create the illusion of wealth instead of buying assets.


13) Being overly frugal. That is fear of not having enough money. Its balancing act between the previous point and this one. Enjoy your money once your basic needs are taken care of. Reward yourself if and only if you accomplish a financial goal.

 

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[yveskleinsky]

1) Bad relationships. People who just don't get it. "Oh that won't work" and "Oh rich people are miserable".

I would also add just being in a relationship with someone who isn't entrepreneurial--this relationship doesn't even have to be bad--it just isn't "right" enough. Sharing the same goals of financial freedom is really, really important as striving for financial freedom often times means leaving safety and security behind, and if your partner isn't on board, odds are you'll never move toward financial freedom. ...I've seen this with several of my guy friends who have gotten into real estate. They were single and gung ho, and then got engaged to girls who were supportive (but only if things were going right, and only if it meant not having to make any sacrifices), then they got the girl pregnant or got married and got pregnant, and now their wives are in complete control. Guess what? No more real estate. Why? Because it's too risky and now they have a family. (Similar situations can be applied to us girls as well.)

14.) Getting caught up with doodads. More stuff=more time working, and it's a vicious cycle. (aka the rat race.) Having nice things before you can afford them keeps ya stuck treading financial water.

15.) A misguided sense of entitlement. This type of thinking leads to blowing money with the mindset that you deserve it.

16.) Not staying liquid. Having no money in the bank or no access to funds. You can't act on any opportunity because there is no funds to do it with.

17.) Ego. You've got to get over yourself and be willing to risk money, status, time, etc. to get to where you want to be. Lots of people get hung up on defining themselves thru their car or clothes, and think that owning a business is glamourous. It really isn't. It's tons of hard work at often times thankless and dirty jobs. Sometimes when you start a business it blows up in your face and you lose everything. You might have to sell the BMW or the nice house. You've got to let go of how other percieve you and focus on developing yourself to your fullest potential.

 

[Jonleehacker]

18) Being Clueless.

I was forty before the thought occurred to me that I didn't have to trade hours for dollars.

Thanks to RK's Rich Dad Poor Dad, I heard about "passive income" and the way the rich make money. But if you have no role models doing things in a more enlightened manner, you just don't see what the real possibilities are in life.

 

[Jill]

19) False sense of security in a job, amplified by the retention bonuses, un-vested stock options & 401k matching, training, etc - many of which never materialize.

e.g. If I just stay 2 more years, I'll get another $5000 in stock! Really??? That's really why you're staying?

 

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[ITA]

Yeah, I would say being clueless / unaware is the biggest thing. 80-90% of the population can't even think about the possibility of a different life - it doesn't show up on their mental map. So they can't even start to educate themselves, much less take action.

 

[kwerner]

18) Being Clueless.

I was forty before the thought occurred to me that I didn't have to trade hours for dollars.

Thanks to RK's Rich Dad Poor Dad, I heard about "passive income" and the way the rich make money. But if you have no role models doing things in a more enlightened manner, you just don't see what the real possibilities are in life.

I think Jon really hit this one on the head. And being clueless in conjunction with:

20) Belief Systems

These two together are probably the top two reasons why most people will never venture into the fastlane.

Anyone that has ever had the unfortunate experience of arguing / debating fastlane ideologies, or even investing in something other than their 401k, with someone that believes it's "impossible" or "that doesn't happen in the real world" knows exactly what I mean.

Your beliefs can really motivate you or really hold you back in life. I know Tony Robbins really emphasized this point in his books. And like Henry Ford said: "Whether you think you can or think you can't, you're right."

 

[madison]

21) Time - After working at least 40 hours during the week for someone else (at a job), many people lack the energy/motivation to do extra work for themselves that would actually set them onto the path towards financial freedom

22) Celebrity-ism - Many people obsess over the so-called "glamorous" life of celebrities, buying clothes and accessories because one of their favourite celebrities was seen wearing it.
The "big hat, no cattle" lifestyle is also portrayed in many movies.

 

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[Ironwill]

23) Fear - There is nothing wrong with a healthy dose to keep you aware and on top of your game with regards to due diligence etc., and to mitigate the risks of making unnecessary and possibly costly mistakes (and not exclusively in a monetary context). The problem however lies in subjugating oneself to that fear, and allowing it to paralyze them in such a way that it governs the course of their path through life.

 

[kwerner]

24) Excuses. Need I say more?

 

[PaulRobert]

25.) Being afraid to LEAD... Most people follow the leader, but sometimes that leader is following the last guy. People need to stop caring what others will think or say :coco: , and just set an example; Be the confident leader.

 

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[Dhappy]

Worried you may end up broke if you take a chance and have to start over.

 

[MJ DeMarco]

26) Failure to escape the group-think, herd mentality. If you expect to get results different from the masses, you have to be different and act different from the masses. That starts with thinking big, thinking out-of-the-box, and leading vs following. Be the driver, not the passenger!

 

[Jill]

27) Expectation of others. e.g. My parents worked very hard to pay for my college education. Therefore, I'd better show them how much I appreciate it by working in that profession for the next 10 -20 years. After all, I don't want to disappoint them or have them worrying about me all the time.

 

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[AroundTheWorld]

26) Failure to escape the group-think, herd mentality. If you expect to get results different from the masses, you have to be different and act different from the masses. That starts with thinking big, thinking out-of-the-box, and leading vs following. Be the driver, not the passenger!

This is a great one...
And it is so amazing to me how prevelant group think is. Often times, I think I have escaped group-think only to discover later that there is another layer... and another!

The importance of college.
What life "should" be like after marriage.
After kids.
Job w/ beni's 401K, etc.
and on and on it goes.

 

[Icy]

This doesn't quite fit but I feel it should be said:

Money brings happiness: They view money as the thing that is keeping them from being as happy as they could be, or just happy. I'm not talking from experience, but honestly the way I look at it, now money will only bring me fun/excitement. To me this is not the same as happiness (although enjoyable!). Happiness can be achieved with very little to no money.

Because they feel the money will make them happy they try to make (copy) something that will make them money. They are not making a company that will have value that exceeds other companies in the field. Which most of the time will lead to disappointment.

Wow, talk about a lot of parenthesis in sentences.

 

[ZDS]

Money can't buy happiness, but neither can poverty.

 

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[ITA]

Because they feel the money will make them happy they try to make (copy) something that will make them money. They are not making a company that will have value that exceeds other companies in the field. Which most of the time will lead to disappointment.

I would like to see others' opinion on this. I used to think this way but I've realized lately that many successful people just jump on money-making opportunities. It doesn't matter to them whether they love the field or not, if the money is good. They are focused on making money.

 

[yveskleinsky]

I would like to see others' opinion on this. I used to think this way but I've realized lately that many successful people just jump on money-making opportunities. It doesn't matter to them whether they love the field or not, if the money is good. They are focused on making money.

Seems to me there are three types of entrepreneurs out there:

1. Those that need to love the product.
2. Those that need to love the process.
3. Those that need to love the bottom line.

I suppose it's all in what motivates you. For me, my great loves in life all revolve around creating. I love to write, house project/interior design, start project or business ideas. I love the building process of it all. So for me, I would think that I could be happily entertained starting up a septic tank business as equally as I could if I were to start up an interior design studio. It's not the product, it's the process that's fun for me. At the same time, I would happily help someone try to get an idea off the ground for free, just 'cause I think it's fun.

Different people find different aspects of business fun, and each area of focus can lead to different results. I would think that you could find super wealthy people who focus more on the process or product who are as wealthy as those who focus on the bottom line. ...Not to say that the bottom line isn't important, just that it doesn't always drive successful decisions.

 

[ItsMyLife]

Perseverance: Starting many different projects and losing interest or getting distracted and leaving them off the in middle. You have to be able to concentrate and go thru from beginning to end. Starting is the hard part, so once you start, don't stop just keep going and things get done that way. If you keep stopping you have to keep starting and it gets harder every time. It's the difference between I could have and I did.

Focus: Goes hand in hand with perseverance. You have to keep your focus from beginning to end. There are too many distractions everywhere but if you really want something you have to stay on the track you have created in order to get things done. If you lose focus you never get to the finish line.

Contentment: That is a bad, bad disillusion. We convince ourselves that we are satisfied with something for the moment and lose the will to look for something better. But contentment and satisfaction are not the same. Never be content with the things you know are not the best for you, look for true satisfaction in knowing you get what you work for and what you really want.

 

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[czach41]

Laziness.
It is simply too easy to go through the motions of work, come home, sit on the couch and watch tv. Then you get up, go through your normal routine again and again.

It takes a lot of energy and conviction to break out of that path once you are in it.

 

[Andrew]

28) Spending tons of time thinking why you aren't where you want to be instead of how to get ahead exponentially.

 

[Scout]

29) The "Someday" reasoning: Not taking the time to figuring out what you want, laying out a plan and taking action.

30) Breaking away from how you were raised: You don't have to live the way you were brought up. (links into #26)

31) Material Possessions: Allowing material objects drag you down, they can cost time, $$ and distract your thinking and focus.

 

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[yveskleinsky]

Confusing a realistic idea with a good one. Being realistic is doing what you can or can make happen based off of current knowledge. Having a good idea means that the idea has merit. Financial zen happens when the two meet in the middle. Most people sell themselves and their dreams short by not allowing themselves to think big enough. ...Being realistic for many is the death rattle of a dream--it is synonomous with settling for acting based on current knowledge and experience. Most people start small because that's all they can fathom doing--the reality is when you are dealing with the economies of scale, the risk is more spread out and therefore lessened. Being "realistic" is risky and thinking big oftentimes isn't. Example: Knowing what I know now, I wouldn't buy SFH for long-term rentals anymore. Why? Well, if I am vacant I am 100% vacant--that and the management and costs are higher. If I were to buy a multifamily (say a 100 plex for the sake of math) and have a vacancy, I am only 1% vacant. Plus I have multiple units under one roof so my headaches and costs are consolidated. Is it realistic for me to jump into a 100 unit complex? Maybe, maybe not. It is realistic for SteveO? Yes. Would it be a good idea for someone like me with no experience in a building complex of that size to go it alone? Probably not. Would it be realistic and/or a good idea for someone to partner with someone like SteveO to own a 100 unit complex? Yes. ...So now when I see someone who buys a single family with the hopes of that being their retirement and making $50 a month cashflow off of their "passive" investment, I think to myself that they are not being realistic and perhaps that isn't the greatest idea. ...Funny how thinking changes.

Not asking a good enough question. Most people don't seek to understand, they seek to be understood--and in doing so they don't hear or see the opportunity around them because they are too focused on making sure others know about them and their wants. They don't bother to try and problem solve for other people--only themselves.

 

[Phil]

Doing a job you hate to make someone else Rich would be the first obvious one.
Another slowlane issue for me is procrastination: just wasting valuable time surfing ebay/google for doodads - I'm not talking about amazing houses or lambos which add to my drive, its usually just clothes and shoes, bikes etc. huge time suckers

 

[sswift]

having goals, but not setting a date to achieve them by. I used to write goals & to do lists, and tape them everywhere. inside my car door, my bathroom, on the ceiling above my bed. It worked for a little bit, but I found I was only accomplishing the easier goals. and it was all subconscious, I would write the list at the beginning of the month, go about my month, come back at the end of the month and cross off what i accomplished.

This was getting unacceptable, so I re-assessed my approach.

Now, I organize my to do list with dates that goals must be achieved by. I put the eaisier stuff first- change oil in car, pick up birthday card, etc. I know these will be easily accomplished. I put the more involved goals with later dates, Get job at "x", loose 20lbs, launch 1st landing page, etc. I also now cross off the goals as I accomplish them. At the end of every month, all the goals I did not accomplish get pushed to the front of the new list.

I find that I get done a lot more when due dates are there. It creates a sense of pass or fail, rather then "ehh, I didn't get to it, must not have had time, I will eventually get to it".

 

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[hakrjak]

My #1 hurdle:

Cost of Capital -- My biggest hurdle in escaping the slow lane has been money. Period. If I want to borrow hard money for my Real Estate deals, the cost of capital threatens to eat 60-80% of my potential profit. It makes it not worth my while in most cases. It is now almost impossible to get bank loans for investment real estate, unless you have a huge down payment and tons of money in the bank -- and even then, it's tough! Sure, there are "SBA" loans, etc for starting new businesses -- But when you look into that type of funding, it's actually a glorified HELOC, and if you don't have a lot of equity in your pri-res -- You're screwed. If I did have access to cheaper capital, it would immediately make a huge difference in my bottom line -- And I'd begin making an extra $50-100k a year almost instantly.

Kids -- Once you have kids, and you realize that you are responsible for another human being -- All of the sudden taking huge risks don't seem to be acceptable any more. When you were younger, you always figured you could move back in with your parents if things didn't pan out -- But with children and a family, you have the weight of the world on your shoulders to maintain a roof over their heads, and food in their stomachs... + soccer camp, + mathlete academy, + literacy tutoring... ++++++ until you are basically broke anyway! LOL

My wife's #1 hurdle:

The Hidden Costs & Roadblocks of becoming a high-paid S Quadrant Professional: My wife is graduating with her PHD in Psych in December, and is hoping to go into a lucrative post-doc, and then private practice after that time. Something nobody tells you when you go to become a head doctor is that a). Your student loans are going to max out in the final year of your program, and you're going to have to put tuition on credit cards, bank loans, or whatever you can do JUST to finish. b). The PHD dissertation process is basically hazing that lasts a year, to see how much shit you can handle being dumped on you over and over. c). When you do get out -- even if you are one of the lucky psychologists to start with a 6 figure salary, you're going to have $1500-2000 a month student loan payments for 10-20 years. d). If you don't make it through the program all the way into private practice, you'll end up bankrupt and have your credit destroyed -- So once you start down this path, you better make damn sure you finish it! e). Medicare is going to cut rates you can charge, and with the new health care reform -- there are no guarentees you'll even be able to earn a decent annual salary. I hear Psychologist friends telling us how they were making $300-350k/yr just 5 yrs ago, and now they are lucky to make 6 figures... And it's getting WORSE! f). Most internships and practicums are either non-paid or very low paid, so before you are finished with school you'll have to quit your job, and basically work 2 years for free somewhere.


Cheers,

- Hakrjak :smx4:

 

[SuccessInMind]

Numbers 1,2,26, and 30 ring true for me. It's hard to break away from the rat race when you have people around you who don't have a similar mind set as you and when you are trying trying to undo years of slow lane programming that your environment has instilled into you.