Slowlane Mentality Going Strong in School (a bit of a rant)

[Merging Left]

My accounting professor just worked out the math on how much we'll have in retirement if we want to be able to spend 80% of our 30-year salary, and people are it all up. "I'll have $6,000,000 in 30 years?! I'll only be 55!" No. You won't.

We assumed a $60,000 starting salary will become $300,000 in 30 years and he assured us that it was a conservative estimate for public accountants. We also assumed a "conservative" estimate that our savings will grow at 8% with stock market investments.

It's pretty amazing how pervasive the Slowlane model is, even within the walls of a graduate business school. My classmates scoff at me when I suggest that they'd be better off trying to start their own business, or that there might even be an alternative to working for 30+ years for a shot at comfort.

Most businesses fail within 5 years? If you're doing it right, it won't take you that long!
You don't have any good ideas? Let other people TELL you what your idea should be!

In a class of 47 "business-minded" students, I swear I'm the only one actually thinking about starting one instead of becoming a cog in someone else's machine.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MJ DeMarco]

Most businesses fail within 5 years?

Yup, and that's because they fail some, or all of the commandments. Need? Naw. Control? Meh. Scale? Does 20 count?

In a class of 47 "business-minded" students, I swear I'm the only one actually thinking about starting one instead of becoming a cog in someone else's machine.

Gold. Awareness is the first step into a better existence.

 

[Digamma]

I find it amusing. Why don't we see 55yo millionaires coming out of every hole? The numbers don't lie, right?
They will make brilliant businessmen.

 

[KostjaX]

I share the same opinion. But for me it's not only about the money, after I read the blog of steve pavlina "10 reasons you should never get a job" I recognize how biased my view of the world really is. The reality is, that if you don't have a lot assets you will get really f*cked up when you lose your job, especially if you've got a family to feed. The best way to prevent being poor over the years is to spread your income into a lot of businesses. If it enables you a millionaire lifestyle - great! If not you gonna be much safer than being an employee anyway. Even if you are well educated and have a lot experiences in your job, it doesn't mean that your jobskills will last the next 10 years. There is a big unknown what plays against you: economic dynamics.

In my opinion we as young people should see "a job" as something what is useful to help us over the time when we ain't got a good business running. But not as a "mission of life".

The truth is simply that your classmates will never be comfortable in our system as long as they don't realize that they gotta be able to adapt in our economic system.

An interesting link: http://www.braingainmag.com/the-top-10-careers-that-didn-t-exist-10-years-ago.htm

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Natasha Dao]

Many people will confide to their comfort and safe zone, especially people at a later age with more risks and life responsibilities and will most likely be risk adversed.

 

[ApeRunner]

Talk about a later age. That's why you should start your business at your twenties .

Thirties or forties are fine too. But 50, 60, 70? You will not have the speed, the strength and health necessary to cope with the process.

Just saying.

 

[vinisterz]

I share the same opinion. But for me it's not only about the money, after I read the blog of steve pavlina "10 reasons you should never get a job" I recognize how biased my view of the world really is. The reality is, that if you don't have a lot assets you will get really f*cked up when you lose your job, especially if you've got a family to feed. The best way to prevent being poor over the years is to spread your income into a lot of businesses. If it enables you a millionaire lifestyle - great! If not you gonna be much safer than being an employee anyway. Even if you are well educated and have a lot experiences in your job, it doesn't mean that your jobskills will last the next 10 years. There is a big unknown what plays against you: economic dynamics.

In my opinion we as young people should see "a job" as something what is useful to help us over the time when we ain't got a good business running. But not as a "mission of life".

The truth is simply that your classmates will never be comfortable in our system as long as they don't realize that they gotta be able to adapt in our economic system.

An interesting link: http://www.braingainmag.com/the-top-10-careers-that-didn-t-exist-10-years-ago.htm

I read Steve Pavlina's blog too.
Here's the link to his blog if anyone is interested: http://www.stevepavlina.com/blog/2006/07/10-reasons-you-should-never-get-a-job/

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Ninjakid]

Most businesses fail within 5 years? If you're doing it right, it won't take you that long!

This.

 

[Thoelk]

Great post! And the tpyical University know-it-all arrogance! I had the same kind of professor!
And big numbers (60k/year as a starter isn't bad) were thrown at us, to fool us in believing we were special, because of our Uni Degree...

 

[chipmx]

Great example!! to become a slowlaner

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[maxlane]

"Most businesses fail within 5 years?" - Most employees get fired within 6 months!

 

[Natasha Dao]

I read Steve Pavlina's blog too.
Here's the link to his blog if anyone is interested: http://www.stevepavlina.com/blog/2006/07/10-reasons-you-should-never-get-a-job/

The best job to get is to be your own boss and take control of your destiny... Although continual practical and applied learning, especially for entrepreneurs is highly required in education, in which most cases many universities are failing students to be fully geared as higher success rate as entrepreneurs.

 

[Iammelissamoore]

In a class of 47 "business-minded" students, I swear I'm the only one actually thinking about starting one instead of becoming a cog in someone else's machine.

THAT right there, is what makes the difference - YOU are the ONLY one Thinking. Before we woke up, someone else was doing the thinking for us, that's how most people end up in trouble. Rock on with your awaken self!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[King Moist]

In a class of 47 "business-minded" students, I swear I'm the only one actually thinking about starting one instead of becoming a cog in someone else's machine.

Same here. Whenever I hear anything about rising up the corporate ladder, I want to stab my ears and eyes out.

 

[QDF]

My accounting professor just worked out the math on how much we'll have in retirement if we want to be able to spend 80% of our 30-year salary, and people are it all up. "I'll have $6,000,000 in 30 years?! I'll only be 55!" No. You won't.

This plan also assumes they live to be 55 years old. You're relying more on luck in that case than you would be if you started your own business.

Completely up to them if they want to wait til 55 tho I guess....

 

[7elusal]

Mindsets have a center of gravity of there own, or 'attractor field'. Interesting to see Tony Robbins endorse slow lane mechanics in an interview about his new book 'Money'. Caught that...

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[FeaRxUnLeAsHeD]

I don't care if I'm going to have 50 million in 30 years. I'm not wage-slaving for the next 30 years to get 50 million. Nobody knows if we're going to be around in 30 years, and i'm not willing to give up 30 years for the *HOPES* of a big retirement fund or reward at the end.

Now some people will use this rationalization to live on the sidewalk. "Don't know if youre here or gone tomorrow, so spend spend spend"

Others use it to empower them to build businesses and enjoy each and every day. I choose the latter.

I also *love* when people jump on the bandwagon saying "95% of businesses fail!!!"
I'm surprised it's not NINETY NINE PERCENT (99%) - why?

Because we *ALL* fail eventually. You don't LEARN unless you fail. So i'm surprised the number isn't much higher, because i'm sure every entrepreneur has had a failed business. What's the difference with the failed business (95%) and the successful (5%) ? The 5 percent experienced failure, maybe many many times over, and they kept trying and learning until they succeeded.