The REAL Fastlane - It's not what you think

[Venetian]

Today I had this conversation with a VERY successful man about the 'fastlane'.

Here's basically what he said:

Check every millionaire or billionaire that lost his fortune and got it back, and see how fast they did it.

They certainly didn't re-start with a website making $100 a month and build it from there, they went straight for the millionaire status in just a few years.

That's the real fastlane.

He said that once you reach into the millions your mind expands, and you don't really care about small stuff anymore, you go straight for the jugular.

 

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[PatrickP]

I think it is MUCH better to follow what MJ says in the book.

Take approx 5 years to make your million(s)

Then don't be stupid and lose it all.

That way you wont have to start all over and go for the millions straight off.

 

[MakeItHappen]

I think thats really true! If a selfmade billionaire would go broke how long would it take to make his first million back? I think he would do it easily super fast!

 

[MakeItHappen]

I think it is MUCH better to follow what MJ says in the book.

Take approx 5 years to make your million(s)

Then don't be stupid and lose it all.

That way you wont have to start all over and go for the millions straight off.

It's still about your money mindset. If you made your first million after 5 years and just for the sake of it you would try to get one million from scratch once again i bet you won't net anything close to 5 years!

 

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[oddball]

Curious to hear Jack chime in on this.

 

[21elnegocio]

This is interesting, what book is that ?

 

[The-J]

It's still about your money mindset. If you made your first million after 5 years and just for the sake of it you would try to get one million from scratch once again i bet you won't net anything close to 5 years!

Mindset? I don't think that's it.

To me, it seems to be experience. A lot of mistakes get made going toward the first fortune. A lot of roadbumps, a lot of "Dammit, if I had only done this instead of that, I'd have done so much better!". Then you lose that first fortune, or it's time to start your next venture, and you're so much more prepared to do it again, but faster and smarter without making the same stupid mistakes the second time around.

 

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[Whole Paradigm]

This is interesting, what book is that ?

He had a conversation with someone, not read in a book.

 

[bernieshawn]

What about connections made while doing it the first time?

 

[socaldude]

Mindset? I don't think that's it.

To me, it seems to be experience. A lot of mistakes get made going toward the first fortune. A lot of roadbumps, a lot of "Dammit, if I had only done this instead of that, I'd have done so much better!". Then you lose that first fortune, or it's time to start your next venture, and you're so much more prepared to do it again, but faster and smarter without making the same stupid mistakes the second time around.

I agree with The-J. Entrepreneurship is war. And if you have been there and done that. You already have a huge list of strategies, insights, plans, perspectives and thought processes that can give you a winning venture. But none of this comes from a mind set(think big, think positive blah blah) all of this comes from the trenches.

 

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[JEdwards]

He said that once you reach into the millions your mind expands, and you don't really care about small stuff anymore, you go straight for the jugular.

Having been there, I can tell you that it is partly true. The second time you do not fall for the B.S. you did the first time. The first time you don't know anybody, the second time well let's just say if I needed 1/2 a million tomorrow to make a big buy, I know people.

Having said that. Doing it twice is hard work. Work you might not want to do anymore cause you think you are above it, but at least you are not caught up in the little things.

I got a friend right now spending a ton on his dream retail store. Something I would never do.. (inheritance) He is spending at least a million bucks on finish out alone. Has he run a retail store before? No, Has he had employees? No.. Will he take anyone's advice? No.. This is going to be a lot of fun watching this one..

I am just glad for him he still has many millions in the bank for after it is over..

Curious to hear Jack chime in on this.

Here you go..

 

[Bond]

Remember that doing the second time he would have a huge head start due to connections and experience acquired doing the first millions...

 

[PatrickP]

Well I have to say I feel different than many posts here.

I have seen a few people I worked for be quite successful with a business. Make a few million. Then they think they are a big time entrepreneur.

They try another business and fail and another and fail over and over. I see the same in Damien from The Shark Tank. He as admitted he has not had much success since FUBU.

I am fortunate I had success once but I do not falsely believe I now have the secret. Actually quite the opposite I am STRUGGLING to find something else.

Perhaps I set the bar too high or am not motivated enough. But for me, yes I learned a lot from the first time around but am sure luck has a LOT to do with the success many have. Look at Zuckerber I am not so sure he could get out of fb and start anything that would come even close to what he did the first time.

 

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[The-J]

Well I have to say I feel different than many posts here.

I have seen a few people I worked for be quite successful with a business. Make a few million. Then they think they are a big time entrepreneur.

They try another business and fail and another and fail over and over. I see the same in Damien from The Shark Tank. He as admitted he has not had much success since FUBU.

I am fortunate I had success once but I do not falsely believe I now have the secret. Actually quite the opposite I am STRUGGLING to find something else.

Perhaps I set the bar too high or am not motivated enough. But for me, yes I learned a lot from the first time around but am sure luck has a LOT to do with the success many have. Look at Zuckerber I am not so sure he could get out of fb and start anything that would come even close to what he did the first time.

So are you simply looking for a business to start, or would you be happy buying a business and building it to its potential?

 

[PatrickP]

I am definitely of the mindset of wanting to start and build a business. The one I have just got too big for me and my experience in the industry. I am a simple person and like the small things and actually miss the fun I used to have with the company.

Now it has employees, managers, reps etc ugggggggggggg that is why I hated working for someone else lol

So now I put in my 1 - 2 hours a week, leave it in the hands of more qualified people and am fortunate enough to get all the profits.

So I would like to start something small online and slowly build it up and hand it over to someone else : )

 

[JEdwards]

The reason they fail over and over and over again, is because truly they were not great business people to begin with.

I had many Ex-employees that ran out and did the same exact thing I was doing. Exactly, rode it for years and years. Not because they are great businessmen, they were just good at copying a successful deal and ran with it, made a ton of money, bought Porsche's, nice houses. etc.. until the industry changed.

Now, I see them from time to time, at car lots, or weirdly their resume comes across my desk.

They could not adapt. One trick pony..

The smartest genius business man I know personally, if you took every dollar he had, gave him 20 bucks and the clothes on his back, that's it. Told him he could not use or call any one he knew before, he could not open a business in the same industry, no C.C., no loans, nothing. I would say even give him bad credit... I know for a fact in 24 months, he would be back living at his mansion, on top of the hill, and blowing 50k a month in Vegas.. no doubt in my mind.

 

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[Venetian]

The smartest genius business man I know personally, if you took every dollar he had, gave him 20 bucks and the clothes on his back, that's it. Told him he could not use or call any one he knew before, he could not open a business in the same industry, no C.C., no loans, nothing. I would say even give him bad credit... I know for a fact in 24 months, he would be back living at his mansion, on top of the hill, and blowing 50k a month in Vegas.. no doubt in my mind.

This is EXACTLY what this guy told me.

 

[carozy]

The smartest genius business man I know personally, if you took every dollar he had, gave him 20 bucks and the clothes on his back, that's it. Told him he could not use or call any one he knew before, he could not open a business in the same industry, no C.C., no loans, nothing. I would say even give him bad credit... I know for a fact in 24 months, he would be back living at his mansion, on top of the hill, and blowing 50k a month in Vegas.. no doubt in my mind.

This needs to be a reality show. "Make Your Millions." There, I just named it.

 

[carozy]

Actually I am thinking about how I can start it...

 

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[Rain]

The primary difference between the first fortune and the second (if one loses the first) is most likely the learning curve. It's a bitch to get through, but once you've moved past it, you never have to do it again.

Clearly all circumstances are different, and the connections you've made the first time around help as well, but the first time requires a painful initiation stage that the second may not necessarily need.

 

[The-J]

This needs to be a reality show. "Make Your Millions." There, I just named it.

I would SO watch that. Make it similar to the Russ H board "$3,000 to $1 million in 15 Months". Thirty episodes, one for every half-month of the challenge. Thirty contestants from a variety of backgrounds. Two teams. Have elimination rounds every episode.

Bam.

 

[TK1]

Threads like this always remind me of the book "Ready, fire, aim"

 

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[MakeItHappen]

I would SO watch that. Make it similar to the Russ H board "$3,000 to $1 million in 15 Months". Thirty episodes, one for every half-month of the challenge. Thirty contestants from a variety of backgrounds. Two teams. Have elimination rounds every episode.

Bam.

would love something like this as well

 

[Mexidan]

This needs to be a reality show. "Make Your Millions." There, I just named it.

I think I actually saw something similar on BBC entertainment once while working out.
Successful people left in a different country with a couple of $ and the challenge to make as much as they could in.. a week? month?
They had to form teams.

Do not remember the name but it was pretty cool.

 

[carozy]

I would SO watch that. Make it similar to the Russ H board "$3,000 to $1 million in 15 Months". Thirty episodes, one for every half-month of the challenge. Thirty contestants from a variety of backgrounds. Two teams. Have elimination rounds every episode.

Bam.

I was thinking just follow 5-6 people put in that same situation, but each one is different with their own plan/industry specialty. If you have a team, you have help. The whole fun is watching someone go from nothing, no connections, no usual help, $20 bucks in their pocket and the clothes on their back, they can't call their friends/usual business connections - and make millions a year/two later.

People who have done it before and are confident they could do it again with no help and the cards stacked against them ~ have them show us.

What would their first steps be with $20 in their pocket and not able to call friends for help? How would they translate that homeless situation to millionaire status soon after? How about just quickly making some big bucks to cover their necessities right away?

 

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[Pete799p]

How about a bootstrappers show where you get two groups of fastlaners together and give them a goal like take this $500 and turn it into $1 mil any way you can. Or apprentice like tasks but have them last longer like a month instead of a day to see who can really sell the most burritos etc.

 

[The-J]

I was thinking just follow 5-6 people put in that same situation, but each one is different with their own plan/industry specialty. If you have a team, you have help. The whole fun is watching someone go from nothing, no connections, no usual help, $20 bucks in their pocket and the clothes on their back, they can't call their friends/usual business connections - and make millions a year/two later.

People who have done it before and are confident they could do it again with no help and the cards stacked against them ~ have them show us.

What would their first steps be with $20 in their pocket and not able to call friends for help? How would they translate that homeless situation to millionaire status soon after? How about just quickly making some big bucks to cover their necessities right away?

You should have some people who are fastlaners, some slowlaners, and some sidewalkers. Like, 15% Fastlane, 25% Slowlane, 60% Sidewalkers. The Sidewalkers should range from flat broke (high school dropout) to rich as hell (athlete, inheritance).

They shouldn't be homeless but instead all of them could live in the same crappy apartment complex by themselves with nothing but $3,000. As for the rules, I can't think of any. They should be allowed to call their friends but not allowed to take loans of any sort.

I love how off-topic this thread became.

 

[Milkanic]

This thread reminds me of something I heard once along the lines of "If you took all the wealth in the U.S. and redistributed it evenly across the population, the wealth distribution would return as it is today within 100 years."

 

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[JEdwards]

This thread reminds me of something I heard once along the lines of "If you took all the wealth in the U.S. and redistributed it evenly across the population, the wealth distribution would return as it is today within 100 years."

100% True.. Sadly.

 

[theBiz]

Well I have to say I feel different than many posts here.

I have seen a few people I worked for be quite successful with a business. Make a few million. Then they think they are a big time entrepreneur.

They try another business and fail and another and fail over and over. I see the same in Damien from The Shark Tank. He as admitted he has not had much success since FUBU.

Very true, business is hard for anyone, i dont think many people understand what it takes to make real money. Even if they know they can do it for the second time around, sometimes they are just mentally tired and dont want to do what it takes to get there again which is understandable. The Richard Branson way of business, buying a business, hiring excellent management, and doing nothing while it grows is very, very, rare, so do not try to replicate it just yet.

I had many Ex-employees that ran out and did the same exact thing I was doing. Exactly, rode it for years and years. Not because they are great businessmen, they were just good at copying a successful deal and ran with it, made a ton of money, bought Porsche's, nice houses. etc.. until the industry changed.

True

The smartest genius business man I know personally, if you took every dollar he had, gave him 20 bucks and the clothes on his back, that's it. Told him he could not use or call any one he knew before, he could not open a business in the same industry, no C.C., no loans, nothing. I would say even give him bad credit... I know for a fact in 24 months, he would be back living at his mansion, on top of the hill, and blowing 50k a month in Vegas.. no doubt in my mind.

The final exception, true.

There are some people that just plain work hard, there is also an element of luck, and there are other people who just think differently and were born to be an entrepreneur, they can make money... they would never be on this forum, they would be too busy making money fast. Some people it takes years or decades, some other people with a gift can do it in 6 months and keep making quantum leaps.

Some people when they were born could just pick up a pen and draw a beautiful picture that is so vivid it looks fake, others it make take 30 years to learn that skill, it is what it is. One thing is for sure, if you ever meet that guy, stick by him, and try to have his traits rub off on you.

I think Jack's input is the most relevant, he has made a ton of money, and started something up very fast making money again with under 25k. I think the key to this is getting in front of 1 person, selling something, seeing if it works, hire more people to sell more of the same and grow, this all = plain ol' sales BTW. In order to be a gifted businessman you must be a salesman, bill gates is a salesman, mark zuckerberg is a salesmen, yes they are dweeby but i guarantee you they can influence other people, obviously.