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Nik@16

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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.
 

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Davejemmolly

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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!
 

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MJ DeMarco has not considered high level specialisations and Management skills in his book . 50% of 1%tile income is earned by managers and supervisors specialist doctors. Only 5% of them are Entrepreneurs .It 'll just take a decade to make f*ck you money after education. Any Opinions ?
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
 

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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.
 
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Nik@16

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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?

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
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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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.
 

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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.
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. :)
 

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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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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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Nik@16

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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?
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.
 
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Ninjakid

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You have to sacrifice. I know some folks who makes 500k per year in India which is equivalent to 2.5 million in USA.
Are you trolling? This is extreme misinformation. 500K rupees is $6800 USD.

I think that one should consider Entrepreneurship second best option to make f*ck you money but the best option to become a billionaire.
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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biophase

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I think that one should consider Entrepreneurship second best option to make f*ck you money but the best option to become a billionaire.
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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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. :)
And they get taxed to death.
 

Mainstream7

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MJ DeMarco has not considered high level specialisations and Management skills in his book . 50% of 1%tile income is earned by managers and supervisors specialist doctors. Only 5% of them are Entrepreneurs .It 'll just take a decade to make f*ck you money after education. Any Opinions ?
You can start off with the slowlane and end up fastlane. Or stay slowlane, your choice.
 
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Nik@16

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Aug 22, 2018
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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.
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.
 
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Nik@16

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I think you’re on the wrong forum man
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.
 
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Nik@16

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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.
Nassim Nicholas Taleb can't say F*ck you to his boss after making $500k per annum for a decade in 80s.?
 
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Nik@16

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These people are making money from results. They certainly are Fastlane if their ventures are succeeding.
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
 

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Nik@16

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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!
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.
 
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Davejemmolly

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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.
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!
 

Davejemmolly

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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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Nik@16

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True, But I think that 1%tile income for a decade is enough for a person to never work again .
 

biophase

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True, But I think that 1%tile income for a decade is enough for a person to never work again .
In the USA the 1% income is $480,000. You can point out that doctors and lawyers make up that majority. But what you are not understanding is the difference in how an entrepreneur makes it vs a doctor.

The doctor's income is semi-fixed and based on a salary given to him. The doctor's income relies on his skill and him being present at work to earn the money.

The entrepreneur's income can be active or semi-passive. It's also controlled by the entrepreneur and he can throttle it up or down as he chooses.

Fastlane is not about how much money you make at its core. It's about the way the money is made. It is that the money is divorced from your time.

You can keep arguing this point, but nobody here is going to agree with you because you aren't getting the point.

You're probably going to say that the doctor can start a clinic or the lawyer can start his own firm and hire others, but then this totally contradicts your argument because you aren't talking about someone using their learned skill as a moneymaker.
 
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Nik@16

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In the USA the 1% income is $480,000. You can point out that doctors and lawyers make up that majority. But what you are not understanding is the difference in how an entrepreneur makes it vs a doctor.

The doctor's income is semi-fixed and based on a salary given to him. The doctor's income relies on his skill and him being present at work to earn the money.

The entrepreneur's income can be active or semi-passive. It's also controlled by the entrepreneur and he can throttle it up or down as he chooses.

Fastlane is not about how much money you make at its core. It's about the way the money is made. It is that the money is divorced from your time.

You can keep arguing this point, but nobody here is going to agree with you because you aren't getting the point.

You're probably going to say that the doctor can start a clinic or the lawyer can start his own firm and hire others, but then this totally contradicts your argument because you aren't talking about someone using their learned skill as a moneymaker.
1%tile income is 300,000 dollars . It's 480,000 dollars for men. I still don't understand the meaning of divorcing time from money . JD Salinger sold 70 million copies of the catcher in the rye. If he made 30 million dollars and it took him 1500 hours to write the book , He made 20,000 dollars per hour but Similarly if MJ DeMarco has worked 1500 hours for millionaire fastlane and he sells 700,000 books and makes 600,000 dollars as it is self published he makes 400 dollars an hour . Yes , The book can reach 4000 dollars per hour because the book is legendary but for one such book , There are a thousands of books which don't sell and are speculative.Yes, There is discrete probabilty in it but still we cannot deny the fact that for 50 doctors who don't make 200,000 dollars there are 50 doctors who make 200,000 dollars. A lawyer starting his firm and a doctor starting his firm and delegating is the management skills I was talking about. My point is that management skills and specialised skill is good enough to retire early and entrepreneurship is just the cherry on the cake. If you have specialised skills and management skills you can be a Peter Lynch and entrepreneurship over it (not exclusive of it) makes you a Warren Buffett.
Entrepreneurship is not exclusive of management skills. The fastlane books did not talk much about importance of management skills in entrepreneurship. It was more about about being solo entrepreneur and self-sufficient as compared to leading people and increasing their productivity .
I sincerely don't understand the difference between scale and time as even MJ said that writing and entrepreneurship is not passive income but leveraged income and he worked hours for it .
 
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PizzaOnTheRoof

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1%tile income is 300,000 dollars . It's 480,000 dollars for men. I still don't understand the meaning of divorcing time from money . JD Salinger sold 70 million copies of the catcher in the rye. If he made 30 million dollars and it took him 1500 hours to write the book , He made 20,000 dollars per hour but Similarly if MJ DeMarco has worked 1500 hours for millionaire fastlane and he sells 700,000 books and makes 600,000 dollars as it is self published he makes 400 dollars an hour . Yes , The book can reach 4000 dollars per hour because the book is legendary but for one such book , There are a thousands of books which don't sell and are speculative.Yes, There is discrete probabilty in it but still we cannot deny the fact that for 50 doctors who don't make 200,000 dollars there are 50 doctors who make 200,000 dollars. A lawyer starting his firm and a doctor starting his firm and delegating is the management skills I was talking about. My point is that management skills and specialised skill is good enough to retire early and entrepreneurship is just the cherry on the cake. If you have specialised skills and management skills you can be a Peter Lynch and entrepreneurship over it (not exclusive of it) makes you a Warren Buffett.
Entrepreneurship is not exclusive of management skills. The fastlane books did not talk much about importance of management skills in entrepreneurship. It was more about about being solo entrepreneur and self-sufficient as compared to leading people and increasing their productivity .
I sincerely don't understand the difference between scale and time as even MJ said that writing and entrepreneurship is not passive income but leveraged income and he worked hours for it .
Passive income is the eventual goal. Of course it’s not going to be passive at first.

I’m struggling to see why you’re not getting this.

Time is divorced from income when you can MAKE MONEY WHILE YOU SLEEP.

It doesn’t matter if you put in 400 hours to write a book 5 years ago, you’ve already done the work and you’re going to get paid regardless.

This forum is more lifestyle focused.

It’s not about retiring early. It’s about creating an asset (business system) that pays you no matter what.
 
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Nik@16

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Passive income is the eventual goal. Of course it’s not going to be passive at first.

I’m struggling to see why you’re not getting this.

Time is divorced from income when you can MAKE MONEY WHILE YOU SLEEP.

It doesn’t matter if you put in 400 hours to write a book 5 years ago, you’ve already done the work and you’re going to get paid regardless.

This forum is more lifestyle focused.

It’s not about retiring early. It’s about creating an asset (business system) that pays you no matter what.
That asset also has time value. Till know we can value MJ DeMarco's time valued at 200 dollars an hour for book and his entrepreneurial ventures combined . Lifestyles can be a gazillions from criminal activities to minimalism but main aim is enjoying as much life as possible . I think fastlane forum is about making best financial decision and not just a cult which is following a certain dogma .If the fastlane was about making passive income from your business than why did he sold it in first place ? It's about making money though sales , scale and magnitude and not a lifestyle choice. MJ never shuns getting a job or further education like Kiyosaki and this is the very reason why fastlane forum came into existence.
 

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