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

[biophase]

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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[Davejemmolly]

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!

 

[biophase]

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.

 

[Ricko]

@biophase I admire your patience and your underlying aim to help a stranger despite the fact that they are making it very hard for you to help. Please have some rep!
I'd compare this conversation to trying to play chess against a pigeon. The pigeon can't play chess, won't listen to basic instructions, will knock the pieces over, crap all over the board and then still strut around like he won the game. But I shall also try and help.

@Nik@16

There is a big difference between being self employed and starting a Fastlane business. Again, this concept is clearly defined in the books. Selling $100 bills for $10 makes you self employed but it also makes you an idiot.

You also mentioned that people try Fastlane businesses and they fail so go back to work. This ignores another major argument of the book.

Fastlane businesses do not fail if they are truly Fastlane.

If you apply the principals of the book to a business idea before launching it and follow the correct process principals then it is highly likely that you will succeed. I would imagine that 99.9% of the self employed in India do not have Fastlane businesses and the majority of these 'businesses' could be replicated over night with little pain, education or capital. The cancer corollary was by far the most important part of unscripted , read this over and over again. Nobody will give a flying f*ck that you are 19 and from India if you produce something of incredible value. "Oh you have to be paranoid to survive?" "Shut up and take my money"

Here is my own highly personal example of why you should start a Fastlane business instead of working in a large corporation no matter your age, location or gender.

• I worked in a large corporation and progressed to a high level relatively quickly. Earning over $100k per annum before the age of 30.
• This 'achievement' is placed in high regard by the script. My parents and other seeders were so proud.
• I even owned 40% of the house that I lived in. Again, getting on the property ladder despite $400,000 of debt which must be services by $2000 monthly payments is considered enviable by the scripted.
  
• I swapped 5 days for 2, took five weeks of email disturbed holiday and set an alarm for 5am each day.
• I had been promised the top job and future riches in the form of an even higher salary and also the prospect of comfort in old age if I just invested 10% of my salary in the stock market forever. The lotteries of the property, stock and job markets and my own mortality.
• But I decided that the promises weren't worth sh*t and that I couldn't stomach one more day of scripted BS. Making other people rich had become the result of my hard work rather than my initial goal of making myself rich from my hard work.
• I saw an opportunity to start my own business in a related field to my profession and I applied CENTS to my idea.
• It all checked out so I handed in my notice and started my own business on the 1st of October 2017.
• One year in and I have doubled my closing salary. I also;
• Stopped spending $10,000 on a train ticket (after tax)
• Stopped setting an alarm.
• Started going to gym every day.
• Eating dinner with my family.
• Playing football.
• Walking the dog on a week day! - The list of positives is endless.

The business is by no means Fastlane yet and I have so much more to achieve but it is already producing income which is not dependant on my time. If my clients work harder and produce larger turnover in their business, it produces bigger profits in mine.

Even if my first year had been a disappointment and I had only made the same salary as I did in the corporate world then I would still be better off.
Why? This is because of the truth that you keep ignoring. A business which makes $100k per annum bottom line is a huge asset and one which would be worth more than all the money that I managed to stow away in an untouchable stock market pension fund over the previous ten years.

Read the books again. Don't be an askhole. Use the forum. Find some luck. Don't be like the 99%. We wish you all the best.

 

[biophase]

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.

 

[MJ DeMarco]

MJ DeMarco has not considered high level specialisations and management skills in his book

In other words, you haven't read my book, or you didn't read it carefully.

 

[biophase]

I'm 19. I started my started
first venture in 11th grade . We made an application and sold food to college graduates as the college's canteen cannot make . We reached our market but things didn't worked out for us.I plan to study accounting in school and is thinking of starting a business after completing my education. The market here is very competitive and only the product with cheapest cost survives. We were selling premium products which didn't worked out for us for a long run.
If an economy has no minimum wage everyone tries to work for themselves and the price of products go super low. India is 5 times cheaper than USA.I have read the cashflow quadrant and all the other Kiyosaki books. A self employed person is a doctor and a business owner is the person who owns that hospital. We were not cooking the food but we were marketing it to people. It was online business based on a particular region. We focused on magnitude instead of scale .The reason we failed was that we were not lean .

So now I'm hearing, you started a business and it failed, so getting an education and a high paying job is another way to go. You failed in your first business so now you come here to tell us that being a doctor can make you rich.

Well, that is true, but it's not the WAY people here want to get rich. People on this forum already have jobs, and many have high paying jobs. But that's not what they want. The books show a different way to do it.

Why are you even here? Go be a doctor then.

You have limiting beliefs. You hear no minimum wage, so people work for themselves because they get paid too little. I hear no minimum wage, which tells me that I can pick from a good pool of employees and they'd be super happy to get paid a decent living.

 

[Get Right]

If only someone had written a book about all this.

 

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[Ninjakid]

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.

 

[biophase]

1%tile income is 300,000 dollars . It's 480,000 dollars for men.

How does your statement even make any sense? So you are saying top 1% income is $120,000 for women? Where did you get your info?

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

He did not make $20,000 an hour. He made $0/hour while writing the book. And made $30,000,000 in semi-passive income after that.

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.

You are talking about management skills as the owner of the company vs. management skills as a top level executive in a company. Big difference here.

And that is not what you said in your original post, "50% of 1%tile income is earned by managers and supervisors and super specialist doctors. Only 5% of them are plain entrepreneurs." You mention nothing about management as the owner of a company.

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.

Guess why? Because it's a given. The book doesn't talk about understanding math either, but I bet entrepreneurs use math. And the book was not at all about being a solo business person but about building a company.

You are correct that it wasn't about "leading people and increasing their productivity" because that would be a corporate manager type business book.

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 .

Scale and Time are totally different, they aren't directly compared to each other in the books. Maybe indirectly if your business can't make enough product to meet demand.

Scale is being able to sell thousands of units.
Time is being able to make money while you are sleeping.

 

[biophase]

Soooo....

You are basically telling MJ that he missed the part in his entrepreneurial book where it should have said go get a high paying job, save your money and you can be a millionaire?

Now I just think your stupid.

Do you understand that books are written to address certain topics.

But now that I think of it, that last book I read on vegan living totally did not address the part about eating meat as a means of getting protein. I better write that author and tell her.

 

[JM35]

I spent some time working in private wealth, working on a team covering clients with $100mm+ of liquid net worth.

Not a single one of those clients was in the $100mm+ category because they climbed the corporate ladder.

They all built their own businesses and started at the top of the ladder.

Now I work in private equity where we write probably 10-12 $50mm+ checks a year. Not a single one of those checks is going to someone in our office. They're going to entrepreneurs who started their own businesses. We have some guys in our office (the top dogs) who have made $30mm+ in their career here, but that's from spending 20+ years here at the top of the food chain.

Having seen a lot of big checks and unreal bank accounts, I have unfortunately realized that that will never be me unless I build something of my own.

 

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[biophase]

Why will you have to pray after making 120k per year at 22. You can moonlight after that job . You can save half a mil by 30 and start your own venture. You can stay at the job. It's your choice lol.

1) Because you can't save $62500 a year, making $120,000 a year
2) Because you are waiting until you are 30 to start

or

1) You can start at 22 and have a chance to make $300k a year by the time you are 25.

How old are you?

 

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[Knugs]

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?

 

[Scot]

Let's be optimistic with these numbers. Let probabilty of you selling a company for 20 million be 1%. Let probabilty of you saving 300k be 90 . expected value is -7 million and opportunity cost is 300k.

See, there is your problem.

You don’t think anyone can build a company and exit it.

Maybe it’s because of the difference in perspective between our up bringing.

In America, we have the American Dream. Anyone can work hard and succeed. And it happens, every day. It’s happened here on the forum many times.

You have such a pessimistic view on entrepreneurship because you are from a country that doesn’t have that same belief in success.



And you’re also and obtuse troll.

 

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[MJ DeMarco]

but that doesn't deny that it doesn't have a provision of reaching f*ck you money at a a considerably young age .

Wuh? My books don't address making FU money at a young age?

What books did you read?

Again, it's clear you have a reading disability so I'm going to assume it's due to English being your second language.

That said, if you continue to cite stuff that is actually contradicting and erroneous to what I wrote, you will be removed.

We're not going to entertain your lack of reading comprehension.

What next will you claim I said? MJ DeMarco said you should spend $250,000 for a gender studies degree?

 

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[biophase]

That's because you do not consider the fact that you can retire young with a high paying job. Michael Bloomberg retired at 37. A lot of investment bankers and rockstar software engineers can retire by 37 by moving up the ladder .

It's like talking to a brick wall...

 

[Raoul Duke]

#landfill

 

[The Abundant Man]

That's because you are not open minded and opinionated. Think about an economy where 50% People are self employed and only 15% people do a regular 9-5 job . Think about an economy which has no minimum wage laws. That economy is India . What would you ? . Rush to start a business or hope to get a high paying job ?

Start a business. Nearly 1.5 billion people in India. Huge market potential.

No wonder why Amazon is trying to get in India

Sent from my SM-G960U using Tapatalk

 

[Scot]

I make $120,000 at my day job. Cost of living where I live, to earn that much from my day job is high. Saving half of that is completely impossibe, considering 33% of that money goes to taxes. So, if I save $60K per year, for 10 years, that $1.6 million. But, I have to live off of $20,000 for those 10 years, at the poverty level? That seems like a pretty shitty trade off.

But.. what if I grow my company to $15 million in revenue in 5 years and sell it to Kraft Foods for $20 million.

Doesn't that sound like the better trade off?

 

[Xeon]

Well, OP......

Don't forget to bring the coffee to your supervisor tomorrow morning. She likes it with sugar and less milk.
And when you leave the office at 10.45pm tonight, remember to say good night to Mr. Reddy, else it might affect your year end appraisal.

Enjoy trading 5 days for 2, or (gasp!) 6 days for 1.

 

[Longinus]

Only here to read the tags.

 

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[MHP368]

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

 

[Andreas Thiel]

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.

 

[Davejemmolly]

To be honest. I think you're being deliberately obtuse, which is pretty rude to the people who have taken the time to try and educate you.

My 10 year old picked up this concept faster than you!

 

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[biophase]

That's because you are not open minded and opinionated. Think about an economy where 50% People are self employed and only 15% people do a regular 9-5 job . Think about an economy which has no minimum wage laws. That economy is India . What would you ? . Rush to start a business or hope to get a high paying job ?

You need to read the cashflow quadrant by Kiyosaki. Self employed vs. business owner is not the same thing.

The guy selling food from a cart on the corner is self employed. He's not a business owner in the way we define it here.

If the economy has no minimum wage laws, why wouldn't you rush to start a business? Isn't that good for your business?

Again, I ask, how old are you?

 

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[PizzaOnTheRoof]

1.) I was just asking your opinions over the possibility of making 1-1.5 million by the age of 35-40 by just saving the salary.
2.) I was saying that you can make 1-1.5 million by 35-40 by going to colleges like Harvard business school or Harvard law school too. It's less risky and a easier way to do so.
I wanted your opinions on it.

If you understood the books and browsed the forum over a month you’d know our opinions.

This is like asking a bodybuilding forum their opinions on running to stay healthy.

 

[biophase]

@biophase I admire your patience and your underlying aim to help a stranger despite the fact that they are making it very hard for you to help. Please have some rep!

It's a slow week for me... but I'm almost done with this.

 

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[jon.M]

I feel like users should be able to mark these kinds of threads as time-wasters to save others from walking into the same trap.

 

[biophase]

Let's be optimistic with these numbers. Let probabilty of you selling a company for 20 million be 1%. Let probabilty of you saving 300k be 90 . expected value is -7 million and opportunity cost is 300k.

LOL, the probability of saving $300k is not 90%. The probability of selling your company for $20 is not 1%. Both probabilities are way lower than that.

But let's say they are the same ratio and that your math was correct.

The HUGE important factor that you did not put into the opportunity cost of the $300k is time. The opportunity cost of the $300k is also at least 10 years.