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Davejemmolly

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Perhaps the most simplistic way to understand it is this.
Say (in your example) you made $250k per year, and by some miracle, after paying 40- 50% tax and still living, you saved $100,000 per year = $2,500,000 after 10 years.

At the end of your 10 year working life, you have $2,500,000.

A successful fastlane entrepreneur might also work for 10 years, and years 1 - 5 might only average out at $50,000 saving nothing in that time, however as his business scales out, might see exponential income growth in years 6 -10 allowing him to save the same $2,500,000 by the end of his same 10 year period, but MOST IMPORANTLY, by the end of year 10 he has built an asset that can be liquidated.

Selling that business asset is the event that realises the FU money... thats where you can cash out an put $5- $50 million into your money system and never work again.
 

Nik@16

Contributor
Aug 22, 2018
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If I haven't read the books where did so many references and statistics came from ?
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.
 

biophase

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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.
 

biophase

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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?
 

Nik@16

Contributor
Aug 22, 2018
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Perhaps the most simplistic way to understand it is this.
Say (in your example) you made $250k per year, and by some miracle, after paying 40- 50% tax and still living, you saved $100,000 per year = $2,500,000 after 10 years.

At the end of your 10 year working life, you have $2,500,000.

A successful fastlane entrepreneur might also work for 10 years, and years 1 - 5 might only average out at $50,000 saving nothing in that time, however as his business scales out, might see exponential income growth in years 6 -10 allowing him to save the same $2,500,000 by the end of his same 10 year period, but MOST IMPORANTLY, by the end of year 10 he has built an asset that can be liquidated.

Selling that business asset is the event that realises the FU money... thats where you can cash out an put $5- $50 million into your money system and never work again.
Yes. it's true. I never denied that fact but I was heartbroken when MJ told me that he was not given enough credits for being CEO of limos.com and the multiple is in the range of 3-4 which is very little compared to public companies.
 

Davejemmolly

Bronze Contributor
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I've Read UNSCRIPTED
Read Millionaire Fastlane
Oct 1, 2018
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Australia
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.
I really think you're confusing the concepts... if you can make $120k per year at 22 and stick that out for 8 years before 'starting your own venture' then that is completely different to your opening theory of just 'working as a doctor / high level manager', where the implication was you would just do that for life.

You appear to be moving the goal posts here
 
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Davejemmolly

Bronze Contributor
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I've Read UNSCRIPTED
Read Millionaire Fastlane
Oct 1, 2018
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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!
 

Nik@16

Contributor
Aug 22, 2018
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I really think you're confusing the concepts... if you can make $120k per year at 22 and stick that out for 8 years before 'starting your own venture' then that is completed different to your opening theory of just 'working as a doctor / high level manager', where the implication was you would just do that for life.

You appear to be moving the goal posts here
It was a reply to that person who changed my threat.
I haven't changed the title of my threat. The purpose of my post was to consider that you can make enough money by 35-40 by certain jobs to retire without taking any financial risk . If you can do that is it rational to start your own venture ?
 
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Nik@16

Contributor
Aug 22, 2018
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India
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?
You can also get promoted and make till 200k at 30 at Google which helps you to save up to 62.5k . I even accounted for that. 160k - 64k - personal expenses can be 62.5k.
 

Nik@16

Contributor
Aug 22, 2018
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India
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!
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!
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 .A high paying job doesn't compel you to remain in that job.What if your whole life was spend hustling and you did not succeed ? This is what I'm saying. Instead of trying to teach me and mock me try to understand what I'm saying .
 

biophase

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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...
 

Davejemmolly

Bronze Contributor
Speedway Pass
I've Read UNSCRIPTED
Read Millionaire Fastlane
Oct 1, 2018
93
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156
Australia
It’s seems like you’re chasing validation for your life choices.

Stick with your full time job, make millions and enjoy your 4 weeks holiday a year.

I think you’ll find most people here don’t care what you do.

You’ve managed to find the one forum where people are actively trying to take the other path.

All the best mate!
I hope you kill it!
 

Nik@16

Contributor
Aug 22, 2018
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India
It’s seems like you’re chasing validation for your life choices.

Stick with your full time job, make millions and enjoy your 4 weeks holiday a year.

I think you’ll find most people here don’t care what you do.

You’ve managed to find the one forum where people are actively trying to take the other path.

All the best mate!
I hope you kill it!
I am just playing devil's advocate and making a point.Maybe it's unscripted to be self employed in USA but in India , 50% people are self employed.
 

Nik@16

Contributor
Aug 22, 2018
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India
It's like talking to a brick wall...
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 ?
 

The Abundant Man

Gold Contributor
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Jul 3, 2018
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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
 

Nik@16

Contributor
Aug 22, 2018
110
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India
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.
LOL. I said that he can write a book about it if he want. It has a huge market because a lot of folks are graduating in debt by majoring in stupid shit. He can specify what is good and what is bad. An unadressed market is an another book.
 
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PizzaOnTheRoof

1% Better Every Day
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Speedway Pass
Jul 30, 2018
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Correct me if I’m wrong but here’s what I think you’re saying:

“Entrepreneurship is not the only road to wealth. You can become wealthy and retire early by moving up the ladder using a specialized skill, and saving >50% of your income.”

Sounds about right?

Here’s the issue with that idea....

For every corporate millionaire, there are 10,000 people living paycheck to paycheck trying to do the same thing.

Let’s compare both roads. 1) The skilled professional vs 2) the Fastlane entrepreneur.

1) Takes 15-30 years to achieve. Is subject to layoffs and industry changes. Earns $175k a year and retires at 48 with 1.2M in stocks and bonds. Lives off of a modest 4% WR @ $48k a year.

2) Takes 5-10 years. Owns a moderately successful business. At age 35 he decides to retire and bring on staff to run the business. He retires with the business paying him $120k a year, while investing 25% into various markets, but most importantly.......he owns AN ASSET.

That’s what the Fastlane is about...

...creating ASSETS that PAY YOU FOR LIFE.
 

biophase

Legendary Contributor
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Jul 25, 2007
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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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Davejemmolly

Bronze Contributor
Speedway Pass
I've Read UNSCRIPTED
Read Millionaire Fastlane
Oct 1, 2018
93
213
156
Australia
After 3 pages, we’ve finally got to the crux of your issue, and yes, I’d recommend you read the books again.

You’re definitely confusing being self employed with having a fast lane business.

Starting a low barrier entry business, that doesn’t have opportunity to effect millions (either in scale or magnitude) is basically just buying yourself a job.

That’s opposite to the philosophy preached on this forum and espoused in the books.

Maybe read them again from a different perspective!
 

Nik@16

Contributor
Aug 22, 2018
110
29
29
India
You need to read the cashflow quadrant. 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?
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 .
 

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