The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  • Sell-Me Saturday is Now Live!

    Have something to sell? Like to post a video from your YouTube channel? Want to promote your design service? Recommend a company? SELL-ME SATURDAY is your opportunity to self-promote whatever you'd like within the realm of entrepreneurship on one central thread... and at no cost. Go There
    Note: Indiscriminate SEO backlinking to questionable material is not allowed.
  • Join 50,000+ entrepreneurs who are earning their freedom and living their dream.

    "Fastlane" is an entrepreneur discussion forum based on The C.E.N.T.S Framework outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED®). From multimillionaires to digital nomads to side hustlers who are grinding a job, the Fastlane Forum features real entrepreneurs creating real businesses with one goal in mind: Freedom— both financial and temporal.

    Download (Unscripted) Download (Millionaire Fastlane) Register
    Registering for the forum removes this block.

GOLD! The final solution to all "I have some money what do I do?" threads.

splok

Gold Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Jul 20, 2012
638
1,054
388
I live in S. Korea and most of the popular Investment options arent available here.

Reading through the site here makes me kind of depressed.
This thread, and really this entire forum, is about investing our time and money into things that bring value to other people. The "popular investment options" are pretty much the antithesis to that. Luckily, the concept of bringing value to other people is universal, and even though the tactics will vary from place to place, the concept is the same no matter what country you live in. And even if you don't want to do business in Korea, we all have the same internet.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

jon.a

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Sep 29, 2012
4,323
13,938
2,805
Near San Diego
This guy in the comments didn't

"Ok so you told us what you do, but what is the best salary to be able to afford expensive cars or be able to feel rich. Is it not until you are making 100k or is it at 80k or even lower?"
That's just sad.
 

Andyc2288

Bronze Contributor
Speedway Pass
Nov 30, 2015
83
190
145
26
glad i came across this post.

As a 22 year old who never had this type of money before, a side of me does want to cave in to materialism but reading this thread has given me more discipline.

It's just the tip of the ice burg so why celebrate now when I can use my earnings to scale even greater.

Thanks op :)
 

gurnays

New Contributor
Feb 19, 2016
20
12
16
20
It was definitely the most potent idea of Rich Dad poor dad, but it really didn't sink in until I read TMF because it was explored outside real estate in such a comprehensive way. It all boiled down to the answer to this one question...

We see it on here all the time: "I have a thousand dollars, I have five hundred dollars, I have ten thousand dollars..." and the inevitable conclusions: "Should I go to school? Should I buy a car? Should I buy a boat? Should I blow it on a vacation?"

Reach into your pocket and grab whatever money you have. A dollar. A dime. Doesn't matter. Hold it and look at it. The difference between freedom and wage slavery, between working till you're old or retiring when you're young, is that you look at that, and stop seeing an opportunity to consume. When you have a little windfall and you're not in the fastlane, if you spend it on frivolities like a sports car or a cruise, you look as stupid as a fisherman who goes out to hook some blue fin tuna, but right as the school is swimming beneath his boat, he opens up the little tub of bait he brought along and starts shoveling the dirt and worms in his own mouth, greedily slurping down the little squirming maggots and telling everyone how awesome it tastes.

Meanwhile, 400lbs of prime seafood is getting away. Where are you? Choking down your little bit of dirt and tricking yourself into believing that it was worth it.

If you trade time for money, your money shouldn't be for consumable frivolities. It's not for designer clothes, or iPhones, or Sunday Ticket, or a Mustang GT. Shop at Wal-Mart or Marshalls, drive a $1200 Geo Metro, get a Republic phone, cancel your Netflix, and spend your money to get free. Even if you're really, really hungry, take that bait, hook it up, and get it the hell overboard. Let your stomach gurgle, you'll be eating good tonight.

Money is your best bet to earn more money. Until you're meeting needs at such a high volume that money is available in excess, the little bit you do have, whether it comes from a job or a lucky break from somewhere, should only be spent one way. There's only one fastlane answer to the question "I am in the slow lane and have X amount. What should I buy?"

Buy something to meet the needs of others.

Spend your money in a way that causes it to be multiplied rather than consumed.
Thank you for this. The last sentence just summed it up well. I will forever remember "Spend your money in a way that causes it to be multiplied rather than consumed"
 

Crossroads

Contributor
Read Millionaire Fastlane
Speedway Pass
Aug 31, 2016
59
64
120
It was definitely the most potent idea of Rich Dad poor dad, but it really didn't sink in until I read TMF because it was explored outside real estate in such a comprehensive way. It all boiled down to the answer to this one question...

We see it on here all the time: "I have a thousand dollars, I have five hundred dollars, I have ten thousand dollars..." and the inevitable conclusions: "Should I go to school? Should I buy a car? Should I buy a boat? Should I blow it on a vacation?"

Reach into your pocket and grab whatever money you have. A dollar. A dime. Doesn't matter. Hold it and look at it. The difference between freedom and wage slavery, between working till you're old or retiring when you're young, is that you look at that, and stop seeing an opportunity to consume. When you have a little windfall and you're not in the fastlane, if you spend it on frivolities like a sports car or a cruise, you look as stupid as a fisherman who goes out to hook some blue fin tuna, but right as the school is swimming beneath his boat, he opens up the little tub of bait he brought along and starts shoveling the dirt and worms in his own mouth, greedily slurping down the little squirming maggots and telling everyone how awesome it tastes.

Meanwhile, 400lbs of prime seafood is getting away. Where are you? Choking down your little bit of dirt and tricking yourself into believing that it was worth it.

If you trade time for money, your money shouldn't be for consumable frivolities. It's not for designer clothes, or iPhones, or Sunday Ticket, or a Mustang GT. Shop at Wal-Mart or Marshalls, drive a $1200 Geo Metro, get a Republic phone, cancel your Netflix, and spend your money to get free. Even if you're really, really hungry, take that bait, hook it up, and get it the hell overboard. Let your stomach gurgle, you'll be eating good tonight.

Money is your best bet to earn more money. Until you're meeting needs at such a high volume that money is available in excess, the little bit you do have, whether it comes from a job or a lucky break from somewhere, should only be spent one way. There's only one fastlane answer to the question "I am in the slow lane and have X amount. What should I buy?"

Buy something to meet the needs of others.

Spend your money in a way that causes it to be multiplied rather than consumed.
Yes. This is awesome. So grateful this has been bumped so that a newbie (like me) will more quickly find it. :happy:
 

LauraMorenoCa

Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
May 18, 2017
25
40
26
39
New York
It was definitely the most potent idea of Rich Dad poor dad, but it really didn't sink in until I read TMF because it was explored outside real estate in such a comprehensive way. It all boiled down to the answer to this one question...

We see it on here all the time: "I have a thousand dollars, I have five hundred dollars, I have ten thousand dollars..." and the inevitable conclusions: "Should I go to school? Should I buy a car? Should I buy a boat? Should I blow it on a vacation?"

Reach into your pocket and grab whatever money you have. A dollar. A dime. Doesn't matter. Hold it and look at it. The difference between freedom and wage slavery, between working till you're old or retiring when you're young, is that you look at that, and stop seeing an opportunity to consume. When you have a little windfall and you're not in the fastlane, if you spend it on frivolities like a sports car or a cruise, you look as stupid as a fisherman who goes out to hook some blue fin tuna, but right as the school is swimming beneath his boat, he opens up the little tub of bait he brought along and starts shoveling the dirt and worms in his own mouth, greedily slurping down the little squirming maggots and telling everyone how awesome it tastes.

Meanwhile, 400lbs of prime seafood is getting away. Where are you? Choking down your little bit of dirt and tricking yourself into believing that it was worth it.

If you trade time for money, your money shouldn't be for consumable frivolities. It's not for designer clothes, or iPhones, or Sunday Ticket, or a Mustang GT. Shop at Wal-Mart or Marshalls, drive a $1200 Geo Metro, get a Republic phone, cancel your Netflix, and spend your money to get free. Even if you're really, really hungry, take that bait, hook it up, and get it the hell overboard. Let your stomach gurgle, you'll be eating good tonight.

Money is your best bet to earn more money. Until you're meeting needs at such a high volume that money is available in excess, the little bit you do have, whether it comes from a job or a lucky break from somewhere, should only be spent one way. There's only one fastlane answer to the question "I am in the slow lane and have X amount. What should I buy?"

Buy something to meet the needs of others.

Spend your money in a way that causes it to be multiplied rather than consumed.
Loved the post!!!

I would say spending it in education and on creating products that sell. Any thoughts?
 

Van Halen

Bronze Contributor
Read Millionaire Fastlane
Speedway Pass
Mar 3, 2017
168
352
173
23
United Kingdom
It was definitely the most potent idea of Rich Dad poor dad, but it really didn't sink in until I read TMF because it was explored outside real estate in such a comprehensive way. It all boiled down to the answer to this one question...

We see it on here all the time: "I have a thousand dollars, I have five hundred dollars, I have ten thousand dollars..." and the inevitable conclusions: "Should I go to school? Should I buy a car? Should I buy a boat? Should I blow it on a vacation?"

Reach into your pocket and grab whatever money you have. A dollar. A dime. Doesn't matter. Hold it and look at it. The difference between freedom and wage slavery, between working till you're old or retiring when you're young, is that you look at that, and stop seeing an opportunity to consume. When you have a little windfall and you're not in the fastlane, if you spend it on frivolities like a sports car or a cruise, you look as stupid as a fisherman who goes out to hook some blue fin tuna, but right as the school is swimming beneath his boat, he opens up the little tub of bait he brought along and starts shoveling the dirt and worms in his own mouth, greedily slurping down the little squirming maggots and telling everyone how awesome it tastes.

Meanwhile, 400lbs of prime seafood is getting away. Where are you? Choking down your little bit of dirt and tricking yourself into believing that it was worth it.

If you trade time for money, your money shouldn't be for consumable frivolities. It's not for designer clothes, or iPhones, or Sunday Ticket, or a Mustang GT. Shop at Wal-Mart or Marshalls, drive a $1200 Geo Metro, get a Republic phone, cancel your Netflix, and spend your money to get free. Even if you're really, really hungry, take that bait, hook it up, and get it the hell overboard. Let your stomach gurgle, you'll be eating good tonight.

Money is your best bet to earn more money. Until you're meeting needs at such a high volume that money is available in excess, the little bit you do have, whether it comes from a job or a lucky break from somewhere, should only be spent one way. There's only one fastlane answer to the question "I am in the slow lane and have X amount. What should I buy?"

Buy something to meet the needs of others.

Spend your money in a way that causes it to be multiplied rather than consumed.
Nicely said. Relevant video:
View: https://www.youtube.com/watch?v=zOINz-J8biQ
 

GMSI7D

Gold Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jan 27, 2016
993
1,866
547
42
Lyon, France
There's only one fastlane answer to the question "I am in the slow lane and have X amount. What should I buy?"

Buy something to meet the needs of others.

Spend your money in a way that causes it to be multiplied rather than consumed.

this sounds emotional and good on paper like a good hollywood movie

so we give thanks and cry.

now, the most important part is the actual results of your philosophy, not the hype.

how many people are doing that ?

i guess less than 20 % here . we are talking about real life here, not hype.



most advices here are just a candle in the wind with no future in the arctic winter




.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

OP
OP
RHL

RHL

The coaching was a joke guys.
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Oct 22, 2013
1,484
10,043
2,436
PA/NJ

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
28,816
97,906
3,751
Fountain Hills, AZ

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
28,816
97,906
3,751
Fountain Hills, AZ
Relevant to this thread... for the youngsters who have money to burn...

[GALLERY=media, 79]Ecomonic Slavery Explained by MJ DeMarco posted Oct 9, 2017 at 7:13 PM[/GALLERY]
 

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
28,816
97,906
3,751
Fountain Hills, AZ
Bump.
 

HarrySA129

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jan 23, 2018
6
4
16
36
London
The only thing I never regret spending on (no matter how egregious the number at the time) is, and will always be, travel.

Other than that I regret pretty much every purchase I've ever made, because as you said, it takes you further away from the end goal.

Thanks for the renewed motivation.
I totally agree these are experiences that stay with you forever regardless of your situation
 

arfadugus

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jun 5, 2014
349
349
186
29
Anyone have rebublic cell service? How’s the coverage compare to AT&T or Verizon? I’m hesitant to switch because I don’t wanna lose cell phone coverage every where I go.
 

GWan

Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Nov 18, 2017
37
97
117
Toronto
View: https://www.youtube.com/watch?v=hjgN-K_b7nk

This is a great video by Dan Lok where he explains what you should spend your money on depending on your situation.

His concept is called the wealth triangle, which are 3 things you should have to reach financial freedom:

1. High Income Skills: Skills that can make you either $10,000/month or $100,000/year (Adds security and comfort). If you don't have this yet, then you should be spending your money on courses and books that will get you there.

2. Scalable Business: A business that can be grown with a good system and infrastructure in place. If you have high-income skills, then you should use the money to start a business.

3. High Return Investments: Investments that return 10% yearly returns (Builds net worth). For when you have so much money you don't know what to do with it.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

keith4444

Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jan 13, 2018
38
62
118
42
UK
Bump this great thread back up. I found this thread quoted in another recent thread and I’m so glad I found it. @RHL reps coming your way!
 

GoGetter24

Gold Contributor
Speedway Pass
Oct 8, 2017
571
1,100
365
Various
That video above about 3 stages is a great find, thanks.

That seems the best model so far. Most winners are doing that. Even in the cases of Musk & Gates, who never had a real 'career' and so skipped most of Step 1, they still gained the specific skill needed to start their businesses. And most men who's business doesn't have compelling need for capital start diversifying it out into real estate etc. Video really does match well.

I've seen guys online say stuff like "I'm trying to start a business, and nothings working and I'm going into the red, and I'm burning out, what do I do? Oh by the way I make $1k in my day job".

It's just the wrong way for 99% of guys. It violates the power law of business return (AKA hockey stick). With a high demand skill you have a much much more linear return -- you work for whichever business is still alive & profitable. Good salesmen will always be needed by someone, good designers, lawyers, etc. It's the lowest risk way to guarantee you're getting solid income in.

It's also the best stepping stone from job to business. Most people have to put up with a shitty job, shitty wage, and shitty boss because they don't have the power (marketable skills) to command otherwise. (The role jobs play in preventing them from reaching those skills is another topic -- corporations are rife with antisocial behavior)

If you get your skills strong & market yourself, people start to notice, job offers come in, headhunters call, bosses give you raises out of fear, etc. Your income increases, allowing you to store up capital faster. You, in pushing out at the margins of performance in a space, start to see unmet demands & solutions -- which could inspire a business play. You can also, with your reputation, become a sole contractor -- another step to becoming a businessman.
 

Mckenzie

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Aug 25, 2013
78
106
132
Wow, I'm honored. Thanks! You know, I was just getting ready to go to bed last night, it was late, I'm really spent right now because I've been up till 2AM every night trying to digest the tax laws of several states I'm considering moving to, and I took a break to get a drink and popped into the forum, saw a thread of the ilk mentioned above, and I thought... I'm not a fastlane expert, but I know this. "This is step A. This is step 1. This is the primal germ of the fastlane, and anyone asking "what can I buy myself" missed it. Doesn't matter if you just hit powerball and are getting $100M after taxes, doesn't matter if you're an NBA starter. If you pick up a dollar, and your first question is "What can this buy me" rather than "Can this buy something worth $1.50, $2.00, or $5.00 to someone else?" you're still in the slow lane or on the sidewalk.

I'm glad other people appreciated the sentiment. This community is what bred this belief in me, so I'm glad I can continue to keep this important idea in the sights of other people who browse here.
Strangely enough, I did actually picked this 50 cents coin at the beach, right where I setup my tent yesterday afternoon ! And this morning 5:30am I got an alert for this threat! .....I did asked myself...how can I use this 50cent in a more meaningful way?, Eg. to the poor on the street...and from that thinking came a much bigger thought: I’m cleaning up my garage today ...give all that I don’t need to charities or / and resell them on eBay/ Gumtree,...

Thank you RHL!
 

Attachments

Mckenzie

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Aug 25, 2013
78
106
132
It was definitely the most potent idea of Rich Dad poor dad, but it really didn't sink in until I read TMF because it was explored outside real estate in such a comprehensive way. It all boiled down to the answer to this one question...

We see it on here all the time: "I have a thousand dollars, I have five hundred dollars, I have ten thousand dollars..." and the inevitable conclusions: "Should I go to school? Should I buy a car? Should I buy a boat? Should I blow it on a vacation?"

Reach into your pocket and grab whatever money you have. A dollar. A dime. Doesn't matter. Hold it and look at it. The difference between freedom and wage slavery, between working till you're old or retiring when you're young, is that you look at that, and stop seeing an opportunity to consume. When you have a little windfall and you're not in the fastlane, if you spend it on frivolities like a sports car or a cruise, you look as stupid as a fisherman who goes out to hook some blue fin tuna, but right as the school is swimming beneath his boat, he opens up the little tub of bait he brought along and starts shoveling the dirt and worms in his own mouth, greedily slurping down the little squirming maggots and telling everyone how awesome it tastes.

Meanwhile, 400lbs of prime seafood is getting away. Where are you? Choking down your little bit of dirt and tricking yourself into believing that it was worth it.

If you trade time for money, your money shouldn't be for consumable frivolities. It's not for designer clothes, or iPhones, or Sunday Ticket, or a Mustang GT. Shop at Wal-Mart or Marshalls, drive a $1200 Geo Metro, get a Republic phone, cancel your Netflix, and spend your money to get free. Even if you're really, really hungry, take that bait, hook it up, and get it the hell overboard. Let your stomach gurgle, you'll be eating good tonight.

Money is your best bet to earn more money. Until you're meeting needs at such a high volume that money is available in excess, the little bit you do have, whether it comes from a job or a lucky break from somewhere, should only be spent one way. There's only one fastlane answer to the question "I am in the slow lane and have X amount. What should I buy?"

Buy something to meet the needs of others.

Spend your money in a way that causes it to be multiplied rather than consumed.
Netflix will not like you for this @RHL ...I just cancelled the subscription on the spot after reading this very post. What other subscriptions can I cancel to help getting me out of the consuming mode and into the producing mode ...faster?. ...
 

Attachments

Wolf

Contributor
May 13, 2014
27
29
25
23
United Kingdom
View: https://www.youtube.com/watch?v=hjgN-K_b7nk

This is a great video by Dan Lok where he explains what you should spend your money on depending on your situation.

His concept is called the wealth triangle, which are 3 things you should have to reach financial freedom:

1. High Income Skills: Skills that can make you either $10,000/month or $100,000/year (Adds security and comfort). If you don't have this yet, then you should be spending your money on courses and books that will get you there.

2. Scalable Business: A business that can be grown with a good system and infrastructure in place. If you have high-income skills, then you should use the money to start a business.

3. High Return Investments: Investments that return 10% yearly returns (Builds net worth). For when you have so much money you don't know what to do with it.
Had that video saved on my 'Watch Later' list after seeing this post a while ago. Just got around to watching it now and it was great! As someone who has been feeling super lost its a massive help. Just wanted to thank you for sharing!
 

Fastlane Liam

Bronze Contributor
Read Millionaire Fastlane
Speedway Pass
Feb 10, 2018
258
366
187
22
United Kingdom
View: https://www.youtube.com/watch?v=hjgN-K_b7nk

This is a great video by Dan Lok where he explains what you should spend your money on depending on your situation.

His concept is called the wealth triangle, which are 3 things you should have to reach financial freedom:

1. High Income Skills: Skills that can make you either $10,000/month or $100,000/year (Adds security and comfort). If you don't have this yet, then you should be spending your money on courses and books that will get you there.

2. Scalable Business: A business that can be grown with a good system and infrastructure in place. If you have high-income skills, then you should use the money to start a business.

3. High Return Investments: Investments that return 10% yearly returns (Builds net worth). For when you have so much money you don't know what to do with it.
That was golden
 

HelpAndProsper

Contributor
I've Read UNSCRIPTED
Apr 1, 2018
62
79
118
45
Boston
This thread, and really this entire forum, is about investing our time and money into things that bring value to other people. The "popular investment options" are pretty much the antithesis to that. Luckily, the concept of bringing value to other people is universal, and even though the tactics will vary from place to place, the concept is the same no matter what country you live in. And even if you don't want to do business in Korea, we all have the same internet.
What "things" are you referring to that bring more value to other people?

I can't seem to find any specific examples.
 

splok

Gold Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Jul 20, 2012
638
1,054
388
What "things" are you referring to that bring more value to other people?

I can't seem to find any specific examples.
This feels like a really strange question? Every gold thread on this forum has a specific example (probably far more than one). Every time you spend money, you're getting a specific example.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.



Don't like ads? Remove them while supporting the forum. Subscribe to become an INSIDER.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom