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The best way to make f*ck you money, Entrepreneurship or High paying employment ?

Discussion in 'The Unscripted Entrepreneurial Mind' started by Nik@16, Oct 2, 2018.

  1. Nik@16
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    Nik@16 Contributor

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    MJ Demarco has not considered high level specialisations and management skills as a standalone skills that can also be a way to make f*ck you money in a decade while spending like an average person.These skills can or cannot be entrepreneurial ventures . 50% of 1%tile income is earned by managers and supervisors and super specialist doctors. It becomes easier to become rich if we combine entrepreneurial , management and and specialised skills. I think that you can be financially free even without entrepreneurship if you have right jobs and skills.
     
    Last edited: Oct 5, 2018
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  2. Davejemmolly
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    Davejemmolly Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Pretty sure he covered it in Fastlane.
    If you're at the pointy end of the management structure / high level specialisation, in an organisation that has has magnitude, then you can make millions.

    That said, the owners of the hospital / clinic, are still making heaps more than anything they'll be paying the health professional / management.

    Which is kind the point... you can make millions in the slowlane, but still be in the slowlane!
     
  3. MHP368
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    MHP368 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Except no doctor is going to school for 13 to 15 years to live like a gradschool kid for ten years to retire as middle class

    With that logic why not save on the schooling , become a nurse , work 80 hours week for 2 years and buy a house cash then 60 hour weeks for ten and retire on 30k a year at age 32?

    Or how about same guy joins the army out of highschool and just does the bare minimum to age 38 for that sweet gubmint cheese?

    That doesnt make any sense , if I go to school for 15 years lifestyle inflation be damned i'm sure as hell spending the ever living crap out of my MD paychecks
     
  4. Ninjakid
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    Ninjakid Platinum Contributor Speedway Pass

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    You're absolutely right. The top 1% are high-paid educated professionals. They went to college, got good jobs, now they make six-figures a year.

    The 0.001% you mentioned are the successful entrepreneurs. They make millions, have their choice of Lambo or Ferrari, and travel all over the world on a whim.

    It's just a matter of who you want to be my man.
     
  5. Nik@16
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    It also includes product managers at Facebook , Google , Venture Capitalists , Hedge Fund , Investment Banking , Private Equity You don't have to go to school of 15, years. 50% of you You can make 3 million after taxes for sure if you get into Harvard or Stanford by the time you're in mid 40s. It means 120grand if you can make 4% which is 1%tile income. Chances of making 3mil by the time you're better than you're 45 are better than making 5million when you're 37. The specialist doctors make 1%tile income earner not the median doctor. I'm talking about urologist who rakes in a year after taxes . I'm talking about product manager at Facebook who can make 3 million in a decade and a half with better chances.
     
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  6. Andreas Thiel
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    Andreas Thiel Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Also pretty sure that he has covered it ... and the main problem is that it is still mostly Uncontrollable Leverage, even if the Limit (there still is one) does not bother you.
    Somebody else must decide that you are the one who actually gets promoted, you need to be smart enough to be the best and you need to make sure the time you invest actually leads to measurable results.
     
  7. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    You are also talking about the people who work 60+ hours a week and have 4 weeks vacation a year. That's the biggest difference. I was making $100k a year when I was 33, but I only had 3 weeks of vaca. Sure I was in the top 5% but life was not that great.

    Also, the second biggest issue is that you aren't in control at all. There is a boss above you that determines how much money you should make and if you should get a raiser or not.

    I know a few doctors that make mid to high six figures. They all wish they had my life. :)
     
  8. Ocean Man
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    Ocean Man New Contributor

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    I can relate to biophase in some ways. I work remotely and I've been doing my "traveling/vacation" for the past six months. I can't imagine sitting in a cubicle and having 2-3 weeks of vacation a year. Although I get paid significantly less right now, I'm really happy. And I'm looking for ways provide more value, use less time, and earn more.

    Hence the reason why I'm working on Smart Namu right now.
    :)
     
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  9. Knugs
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    Knugs Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    If you only had an idea of the amount of sacrifice one has to give to get into medical school and pass it, to be then working 70-100 hour /week night and weekend shifts for another 6 years. Then to be only certified as a specialist doctor. You still need to sub-specialize and continue training before we can work independently. I'm not even accounting for the time and effort we have to invest into research and audit programs, how many do you think of us turn actually into the top earning doctors?
     
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  10. Nik@16
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    You have to sacrifice. I know a person who makes 500k dollars per year in India which is equivalent to 2.5 million dollars in USA as India is a cheaper country .They choose to work hard and love their job. I think that one should consider entrepreneurship a second best option to make f*ck you money but the best option to become a billionaire.
     
    Last edited: Oct 4, 2018
  11. Ninjakid
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    Are you trolling? This is extreme misinformation. 500K rupees is $6800 USD.

    The whole point of f*ck you money is that no one can fire you. I know a guy who makes $300K a year as an engineer, but he's away from home two weeks on, two weeks off. HIs family's whole lifestyle is dependent on his job, so as long as he wants to keep up with the Joneses he can't just walk away.
     
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  12. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    LOL, Go ask those people that they know if they would ever say F*ck you to their boss. They can't.
     
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  13. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    These people are making money from results. They certainly are Fastlane if their ventures are succeeding.
     
  14. PizzaOnTheRoof
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    PizzaOnTheRoof Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I think you’re on the wrong forum man
     
  15. maverick
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    maverick Unorthodox Nonconformist Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    And they get taxed to death.
     
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  16. Mainstream7
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    Mainstream7 Beauty is Truth FASTLANE INSIDER

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    You can start off with the slowlane and end up fastlane. Or stay slowlane, your choice.
     
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  17. Nik@16
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    Nik@16 Contributor

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    I meant 500k dollars and not rupees. I meant 2.5 million dollars in actual purchasing power parity.The person I'm talking about is self employed urologist who now owns a hospital. Entrepreneurship started when he turned 52 as investment .The lifestyle problem can easily be solved by being lean. There is no excuse of living a 300k lifestyle per year if you're making 300k.
     
    Last edited: Oct 8, 2018
  18. Nik@16
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    Even if you're taxed at 99%.The more money you make the more money you keep.
     
  19. Nik@16
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    High level skills through education and Management skills are one of the finest ways to become an Entrepreneur and a great way to make f*ck you money. Don't forget about founders of CEO of Cisco , Google etc who were PhD's. An average surgeon makes more than an above average electrical engineer . An average dermatalogist makes more than a great physician . There is noone stopping them from being an entrepreneur.
     
    Last edited: Oct 8, 2018
  20. Nik@16
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    Nassim Nicholas Taleb can't say f*ck you to his boss after making $500k per annum for a decade in 80s.?
     
  21. Nik@16
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    They are making bonuses from results but a lot of then don't have skin in the game. The person who ruined limos.com before MJ overtook it, Ask him what did he loose after ruining a great venture
     
  22. Nik@16
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    Folks who own hospitals started with millions and they made a few millions on it. Fastlane is going from 0- millions though increasing scale and magnitude. Yes he covered it but he didn't mentioned that highest income earners in 1%tile group are doctors and high level managers.
     
    Last edited: Oct 4, 2018
  23. Davejemmolly
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    Davejemmolly Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    You're right of course.. most of the highest earners in the 1% are doctors and high level managers... but the highest earners in the .001% are all business owners / founders / entrepreneurs!
     
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  24. Davejemmolly
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    Davejemmolly Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    It all becomes a moot point anyway if you only want to rationalise / justify for the sake of it... as my adorable wife often says to me... do you want to learn, or do you want to be right?

    i hate it when she says that!
     
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