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The cost of your dreams Chapter 37 of Millionaire Fastlane

Discussion in 'General Entrepreneur Discussion' started by NicholasCato, Jan 1, 2019.

  1. NicholasCato
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    NicholasCato Contributor

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    So I’m currently on chapter 37 of MF, and after spending a couple hours working on it, I’ve mapped out my roads destination. I thought I would share it here to keep myself accountable and make it real to me instead of having it in a google doc that only I have access to.


    The lifestyle:

    • A house across the country in the North-West - $5000/mo
    • The ability to take 3 months out of the year to focus entirely on learning a new skill. (used learning to surf on Bang Tao beach Thailand as an example) - $7,000 per month
    • Own a 718 Cayman - $800/mo

    Gross living cost:
    25,800 / .60 =
    $43,000


    Money system target:
    $10,320,000


    I’m still financially illiterate, but from what I understand a money system is having money from your passive income stream rented out to others in either the form of loans, or stocks, etc.
    The goal of the money system is to eventually have the money generated from it funding your lifestyle, replacing the passive business system which was funding your lifestyle expenses. If I’m wrong about this please let me know.

    Business system target:
    $215,000/mo


    As soon as I finished this I was asking myself “What does $1,400 a day in problem solving look like?” albeit that isn't necessarily a high volume of sells a day depending on what you sale, it immediately had me shifting around potential fastlane ideas I had.

    And if any of you guys have resources for the financial illiterate, please share. I have no idea how to calculate interest rates or the need for them in the first place. I figure it’ll make sense to get a grasp on the basic things before jumping into something this massive.

    Feel free to share your destination below and the steps you can take today towards them.
     
    Dre2001 likes this.
  2. NewManRising
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    NewManRising Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    My question is,
    How do you calculate such a high cost of monthly income needed? I think one problem that screws up people who are interested in the Fastlane is they set unrealistic goals. They fantasize about this high life of having mansions, multiple lambos, boats, armfuls of women, and champagne. You got to think, is this really YOUR dream or do you feel a need to show off and prove shit to the sheep? I think this is the wrong way to approach this. I think for most people in this game, they simply want autonomy above all else. And, it would be nice to have some extras and luxuries. You know how much I need to gain my freedom? Only about $2000 in passive income.

    When newbies to the game set this super high targets they realize it is too hard simply because they don't even have ANY experience making a single sale or a single dollar. How are you going to make $100,000,000 when you can't even make $1? They soon think it is too hard and bail and go back to the rat race. The thing people need to learn and understand is to get started, even if it is small. Build your skillset. Learn how to sell a product or service to a single person. Learn the mindset. And think more realistically from there. Having this wild dream of being a billionaire and not having a single business, skill, or sale under your belt, and wasting tons of time trying to plan out the perfect product or service, just ends up burning people out.
     
  3. NicholasCato
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    Thanks for the reply I totally get where you’re coming from and I agree. The way I approached this exercise was the perfect end goal. Not sure if that’s what MJ wanted you to do in the book. Being honest if I were to stay a bachelor and just be free of the 9 - 5 completely, 6 to $7000 a month passively is all I would need.

    If I wanted to spend 3 months out of the year traveling and own a Porsche then yeah I would probably need upwards of $20k in monthly income.

    But I completely agree with you my number are a tad bloated. The first step is getting started and finding out what your ideas are actually worth.
     
    Suzanne Bazemore likes this.
  4. The Abundant Man
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    The Abundant Man Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    [​IMG]
     
  5. poseidn
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    poseidn New Contributor

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    I always find it strange when people map out what they will spend all their newfound money on... before they've even began making it.

    Although, i may be wrong - you may be taking action as we speak?
     
  6. NicholasCato
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    I am actually :)

    I’m thinking of starting a log here of the execution I do everyday to sort of be able to map every step.

    This was a fun practice to know what the end goal can potentially look like. But now it’s time to step back into reality and manifest it
     
  7. BookwormMitch
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    BookwormMitch Silver Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    I disagree. It’s irresponsible not to. You need to calculate what you want so you can do the maths and create a business that will get you there. If you don’t do this you can end up spending years growing a business that will never have the potential to get you to your goal.

    Grant cardone explains this in his “millionaire booklet” audiobook, which I listen to fairly regularly.

    Also I disagree with limiting yourself. As Grant also says in that book “we don’t even know our own potential or limits so why would we set reasonable goals”.

    This is also explained in many other books I’m sure Millionaire Fastlane too which I haven’t read for years if I’m honest. The lazy mans way to riches is another one.
     
  8. BookwormMitch
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    BookwormMitch Silver Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Can you explain the numbers in your original post a bit better? I don’t get where you got the idea for $1400 a day from. 200k a month is significantly more than that.
     
  9. NicholasCato
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    That was based off gross monthly income, not the ideal monthly income target from a business system
     
  10. NewManRising
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    NewManRising Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    That is true. After I posted that I felt like I could be causing this guy harm. I don't believe in minimizing someone's dream or possible potential. This guy has all the potential in the world and his dream can be as big and small as he wants it to be, so long as he knows what is realistic. My hope was for him to approach it a little different and start small, but still dream big. It seems like he understood.
     
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  11. NewManRising
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    I've noticed that too. There was a guy who started a thread and was wondering about the passive income who would receive if he had 100 million dollars. The thing was, he didn't even have a business or a sale of $1 yet. I think people think way too far into the future and worry about shit that is years off, not to mention if it even becomes a reality. I think people whould worry about these things when they know and are within range of actually having that kind of money. In other words, worry about these kinds of questions when you are actually making money.
     
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  12. NicholasCato
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    Exactly I’m not trying to live some baller lifestyle, just simply doing the exercise presented in that chapter. There’s a Kanye lyric that goes “shoot for the stars, land on a cloud”.
    I’d rather prepare myself and work on something that could potentially make tens of thousands than a couple hundred.

    My very attainable within reach goal is to break 5k a month milestone by solving a problem. Currently exploring one option now that solves an obvious problem and looks very promising. But the “cost of entry” could take me half a year to execute before I can even think of selling something.
     
  13. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    The problem with these numbers is that they are financed numbers.

    If you OWN the house (Free and Clear) your monthly nut goes down by 90%.
    Same goes for the car.

    Also, does this $7000/mo include health insurance? What are you doing with $7K month?
     
  14. NicholasCato
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    NicholasCato Contributor

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    Ah did not think about that. Again I’m still financially illiterate. So you’re saying it’s better to buy a house and car outright once you reach ideal business system/money system targets?

    And the 7k was just an estimate based on my dream of taking 3 months out the year to learn a new skill. I used learning to surf in Thailand as an example, and everything from classes to personal training, rent, food, and traveling the country came out to around 6.5k again my numbers could be incredibly unrealistic. Digital nomads have told me you’d be hard pressed to spend $1000 a mo on living expenses in Thailand. maybe the $100 dollars a day in personal surfing lessons for 3 months is a bit too much.
     

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