Supercar dilemma: We can't afford them until well past our prime

[Pilot35]

A slowlane article I came across the other day.

As I learned in my long-ago study of the classics, the gods are not always kind. They may grant our wishes, but with a cruel and unimagined twist. We dream of owning a supercar, for example, all eyes upon us as we pull up in front of a nightclub in a skirl of exhaust noise, our toned bicep resting on the windowsill.

Then comes reality: By the time we can afford the car of our dreams, our biceps have withered, and we don’t like nightclubs any more. Our hair is gone, and we’re walking with a multitipped aluminum cane.

http://www.theglobeandmail.com/glob...with-cane-and-no-longer-able/article25394982/

 

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[TonyStark]

Ha!

 

[Tiger TT]

Correct me if I'm wrong, but this may also be true for the fastlane. Because fastlane is a "way of living", it's a "mentality thing", right? As far as I understand, you can create a fastlane system which runs itself and is not dependent on your time, but that fastlane system may not bring in enough money to buy a supercar until you're old.

So the system has to be fastlane, but at the same time it also has to bring in enough money to buy the supercar when you're still young, is this correct?

 

[GPM]

That's what society shoves down your throat. You are either born into money or you are a mega genius who sells his tech company that you started in high school.

I recently started surrounding myself with everyone successful I can find. I was at a little get together the other night and the average age in the room was probably 25 and they were all making passively well over 100k each, and going after more. At 32 I felt like an old fart. There is an unlimited supply of success and wealth out there. People just need to get off their asses and go get it.

 

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[thinkandgrowrich]

That's what society shoves down your throat. You are either born into money or you are a mega genius who sells his tech company that you started in high school.

I recently started surrounding myself with everyone successful I can find. I was at a little get together the other night and the average age in the room was probably 25 and they were all making passively well over 100k each, and going after more. At 32 I felt like an old fart. There is an unlimited supply of success and wealth out there. People just need to get off their asses and go get it.

Where do you find people like that lol

 

[Tiger TT]

That's what society shoves down your throat. You are either born into money or you are a mega genius who sells his tech company that you started in high school.

I recently started surrounding myself with everyone successful I can find. I was at a little get together the other night and the average age in the room was probably 25 and they were all making passively well over 100k each, and going after more. At 32 I felt like an old fart. There is an unlimited supply of success and wealth out there. People just need to get off their asses and go get it.

I attend different social gatherings, but no one has passive income except rent. I'm the only one who has a small business that's generating passive income in those gatherings. How did you meet those people? Online forums or sites?

 

[GPM]

Where do you find people like that lol

I met a lot of people from here by attending a meetup. I keep in touch with a few through texts and skype and what not. Makes a HUGE difference being able to fire a question or an update to these guys rather than my old friends who don't know anything from anything.

As far as the meetup where I live. An old friend met some successful people and I started listening instead of talking. Turns out there is a group of people in my area acting as mentors teaching youngin's how to grow passive income through some business channels that they themselves used to grow financial freedom. While I follow a completely different business path, the mindset is the same among these people. Success takes a million different forms, but in order to get there it takes drive and passion. You have to have focus and never give up on what you want. THAT key ingredient is completely missing from slowlane life.

 

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[MidwestLandlord]

I met a lot of people from here by attending a meetup. I keep in touch with a few through texts and skype and what not. Makes a HUGE difference being able to fire a question or an update to these guys rather than my old friends who don't know anything from anything.

As far as the meetup where I live. An old friend met some successful people and I started listening instead of talking. Turns out there is a group of people in my area acting as mentors teaching youngin's how to grow passive income through some business channels that they themselves used to grow financial freedom. While I follow a completely different business path, the mindset is the same among these people. Success takes a million different forms, but in order to get there it takes drive and passion. You have to have focus and never give up on what you want. THAT key ingredient is completely missing from slowlane life.

But are these people actual fastlane? Or just successful slowlaners?

Most of the wealthy people I know (and I know a bunch of them) are just like me...successful slowlaners. Still trading time for money. If they are fastlane, they are older and "finally" have enough passive income to be free. It seems the "rich professional" (doctor, lawyer, realtor, etc) is a common slowlane trap.

Just curious.

 

[ZF Lee]

But are these people actual fastlane? Or just successful slowlaners?

Most of the wealthy people I know (and I know a bunch of them) are just like me...successful slowlaners. Still trading time for money. If they are fastlane, they are older and "finally" have enough passive income to be free. It seems the "rich professional" (doctor, lawyer, realtor, etc) is a common slowlane trap.

Just curious.

That is why I cringe when the education fair sales agent tries to talk me into a time-leeching career of engineering, medicine or biosciences. That sales talk won't work on me! I'm reading and building sales systems so I know what you are trying to do...to put me as a chess piece in your game!

Stupid education fairs! Pisses me off sometimes...

But yes, the 'rich professional' is a very dangerous slowlane trap, but it's the more commonly touted way to wealth for my peers in my country. I wish they would see @MJ DeMarco 's chart on time taken for professions to earn and save $1 million, and let reality shatter their fantasies and hard work into pieces:vamp:

 

[MidwestLandlord]

Haha, for sure.

I'm taking accounting classes. I get this from my "adviser" all the time:

"You really should go for your bachelor's in accounting after you finish the associates. Did you know accountants start at $67,000 per year? Isn't that amazing?!"

Yeah..."amazing" lol.

I get this from the financial aid department too:

"Why pay cash for your education when you can get loans and keep your cash for fun stuff! Why don't you tell me what your wages were for last year and I'll see what loans you qualify for! Then you can keep your cash!"

Uhh...no. Notice the language in that too?..."fun stuff" "wages" "keeping cash" (as if I wouldn't owe it later...plus interest)

 

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[ZF Lee]

Haha, for sure.

I'm taking accounting classes. I get this from my "adviser" all the time:

"You really should go for your bachelor's in accounting after you finish the associates. Did you know accountants start at $67,000 per year? Isn't that amazing?!"

Yeah..."amazing" lol.

I get this from the financial aid department too:

"Why pay cash for your education when you can get loans and keep your cash for fun stuff! Why don't you tell me what your wages were for last year and I'll see what loans you qualify for! Then you can keep your cash!"

Uhh...no. Notice the language in that too?..."fun stuff" "wages" "keeping cash" (as if I wouldn't owe it later...plus interest)

Loans? Loans???
Speaking of loans, my dad just told some a$$ of a bank sales rep to piss off because he kept hammering loans down his throat.

I guess someone's not having it good on the sales quota

 

[biophase]

It seems the "rich professional" (doctor, lawyer, realtor, etc) is a common slowlane trap.

Just curious.

You can still learn alot from these people.

There's a difference between a doctor and a doctor who runs his own practice. Same goes for an attorney vs a partner. Same goes for a realtor vs. a realtor who's clients are primarily investors. Don't discount people so quickly when you meet them.

 

[MidwestLandlord]

You can still learn alot from these people.

There's a difference between a doctor and a doctor who runs his own practice. Same goes for an attorney vs a partner. Same goes for a realtor vs. a realtor who's clients are primarily investors. Don't discount people so quickly when you meet them.

I hear ya. I wasn't discounting anybody for sure, and I try not to in real life either. Just making the point that real fastlaners are a rare thing, and most wealthy people I know are in that "high income but still trading time for money" category.

I love people. Usually. Ok, I'm working on it...

 

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[Niptuck MD]

personally the cars are nice, but i have come to learn to put that money into better use. Now a private jet, helicopter and rolls phantom are viable business expenses lol; the supercars are nice every now and then;

 

[ZF Lee]

You can still learn alot from these people.

There's a difference between a doctor and a doctor who runs his own practice. Same goes for an attorney vs a partner. Same goes for a realtor vs. a realtor who's clients are primarily investors. Don't discount people so quickly when you meet them.

Good for them if they are professionals and they can be self-employed. However, don't forget that some businesses, although quite independent can still be JOBS.

I am quite skeptical as I have fallen head over heels over that kind of talk when I asked such professionals for their advice. These are some questions I should have asked:

1. What kind of LEVERAGE (i.e systems, connections, sudden opportunities) did you use and HOW LONG (measure of effect)did you take to execute it?

2. How MANY people can you service? What is the MOST you can reach out to? (potential of scale, achievement ceiling)

3. Does the business NEED YOU TO BE AROUND? (Commandment of Time)

I don't look down on people. I just wonder whether some business models can be converted into Fastlanes more easily than the others. MJ spoke on some basics of money trees, but when hybrids come in, you get all kinds of classes.

I have to ask questions that tell me about the PROCESS. Forget about the events, they can be quite dillusional if just examined at face-value. PROCESS intrigues me.

 

[OpulentSupercars]

You have to budget your priorities first before buying any supercar, but if your young and don't have a family a super car can be more in reach if your in the fastlane or slowlane but are making money.

My business can also help with that but that's another topic.

 

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[Pilot35]

 

[RisingStars]

Haha, for sure.

I'm taking accounting classes. I get this from my "adviser" all the time:

"You really should go for your bachelor's in accounting after you finish the associates. Did you know accountants start at $67,000 per year? Isn't that amazing?!"

Yeah..."amazing" lol.

I get this from the financial aid department too:

"Why pay cash for your education when you can get loans and keep your cash for fun stuff! Why don't you tell me what your wages were for last year and I'll see what loans you qualify for! Then you can keep your cash!"

Uhh...no. Notice the language in that too?..."fun stuff" "wages" "keeping cash" (as if I wouldn't owe it later...plus interest)

I hope you don't mind me asking where are you taking accounting classes? Since I am pretty young I didn't went to business school. I think most of the things thought there aren't relevant anyways, but I would like to grow my knowledge on certain business topics which are from relevance for me.
I started my business right after highschool and I still learn a lot by doing and reading on the internet, but I never took any real classes on general business knowledge.
Does your accountant teach your stuff or do you go to college classes/something else?

 

[MidwestLandlord]

I hope you don't mind me asking where are you taking accounting classes? Since I am pretty young I didn't went to business school. I think most of the things thought there aren't relevant anyways, but I would like to grow my knowledge on certain business topics which are from relevance for me.
I started my business right after highschool and I still learn a lot by doing and reading on the internet, but I never took any real classes on general business knowledge.
Does your accountant teach your stuff or do you go to college classes/something else?

National American University.

I do all of it online.

I use 2 accountants, one i use mainly for taxes, the other one does all the bookkeeping and I'm also married to her lol.

Yeah, she's been exceptionally helpful in teaching me this stuff.

 

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