I believe MJ talks about this some in Unscripted , but it's something that I kind of had in the back of my mind for a while. And the thread on Fastlaner spending made me consider it further.
What is the fastlaner spending mindset
It's something I'm still trying to iron out, so give your feedback!
Most people are driven by their desires.
I am craving a donut. I eat the donut.
I want a big house in the suburbs. I "buy" it.
The most successful people only consume what their EARN, which has a higher standard & is far less than others might think it "deserves".
This is something I noticed very fit people do inherently with diet/exercise. They feel like they really have to work hard to deserve pizza/whatever bad food - timing it to be after grueling workouts, or after a week of super healthy on-point dieting. And if they mess up and eat a couple bad meals in a row, they make themselves pay for it by putting in extra work at the gym. And these are people who, by regular folks' standards, don't "need" to work so hard because they are already in amazing shape.
The same thing seems to apply to money. The people who Produce *earn* their ability to consume. And when they want more, they make themselves Produce to get it. This has multiple benefits. First, it's motivation to work harder and achieve more. Second, this mentality ensures a high savings rate/accelerated freedom.
I used to think $250,000/year was about as much as I'd ever like to earn. Then I realized that after taxes, living a very moderate lifestyle compared to others at that income, it would still take 15+ years to save $2,000,000 (enough to fund that same lifestyle indefinitely).
That thought process made me reconsider what earning meant. Just because you can make the payment doesn't mean you can afford it!
So how do we further develop and instill this mentality?
What is the fastlaner spending mindset
It's something I'm still trying to iron out, so give your feedback!
Most people are driven by their desires.
I am craving a donut. I eat the donut.
I want a big house in the suburbs. I "buy" it.
The most successful people only consume what their EARN, which has a higher standard & is far less than others might think it "deserves".
This is something I noticed very fit people do inherently with diet/exercise. They feel like they really have to work hard to deserve pizza/whatever bad food - timing it to be after grueling workouts, or after a week of super healthy on-point dieting. And if they mess up and eat a couple bad meals in a row, they make themselves pay for it by putting in extra work at the gym. And these are people who, by regular folks' standards, don't "need" to work so hard because they are already in amazing shape.
The same thing seems to apply to money. The people who Produce *earn* their ability to consume. And when they want more, they make themselves Produce to get it. This has multiple benefits. First, it's motivation to work harder and achieve more. Second, this mentality ensures a high savings rate/accelerated freedom.
I used to think $250,000/year was about as much as I'd ever like to earn. Then I realized that after taxes, living a very moderate lifestyle compared to others at that income, it would still take 15+ years to save $2,000,000 (enough to fund that same lifestyle indefinitely).
That thought process made me reconsider what earning meant. Just because you can make the payment doesn't mean you can afford it!
So how do we further develop and instill this mentality?
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