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?
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
