Good question.

I'm gonna take a different approach.

The top 3 things that I needed to transition from the slow lane to the fast lane:

1. Learning to overcome my FEAR and stop stalling because "the time's not right".

2. Learning how to embrace, and learn from -even celebrate- FAILURE.

3. Learning how to stop thinking like a poor person and start thinking like a Rich Person (with thanks to Robert Kiyosaki).

There are other things:

-getting organized
-getting SUPER focused
-developing-- and sticking to-- a PLAN (thanks again to Robt K)
-and, oddly enough, playing Cashflow 101 with a bunch of crazy San Franciscans (thanks to Les G, SFCubby, the game organizers, and, again, Robt K).

Playing cashflow gave me the ability to "play" at different scenarios for making wealth, and probably was the single greatest element in really fast-tracking me. It taught me how to use leverage.

That was in 2002.

Or, about $3,500,000 in net worth ago.

-Russ H.

 

Whats the cards in the cashflow game business and real estate ?
I think many of the people that end up in the fastlane dont take failure personally?Or maybe they dont get too hung on success ?
They are constantly starting over and recreating themselves. Look at Burley he was making a great living in the financial business. Yet he recreated himself starting with real estate. Then he recreated himself doing the lecture circuit and writing books.
Rob

 

I just think that successful people

don't think of failure as failing.

They think of it as learning.

They don't let failures stop them at all.

Rather, they use them as stepping stones.

To their next success.

-Russ H.

(with credit to Kimber for her style of internet haikuesque phrasing)

 

Get your feet wet right now! Start anything, even if its a business that makes $10 a day. Once you are surrounded with a real business, everything you read and experience becomes of much greater value. This is because you have something real to relate too, a point of reference.

 

Wow, when I read the title I was thinking top 3 cars to get when you reach the fast lane. I'm still learning. For me the problem is day to day and minute by minute thinking. I have come to the realizations that you get what you focus on.

I am taking my path down the real estate tack. Just started last August. I now have 4 houses that have positive cash flow each month. I have my ears and eyes open for new opportunities but I get lazy, fall in to old habits, and forget to stay focused.

Good luck to all.:cheers:

 

Wow! All kinds of hidden nuggets of wisdom in this thread!!

Here is my answer - - short and sweet style.

1) Self Storage
2) Internet Biz (Not because I know it, but I see the potential - - - I'd partner w/ someone)
3) Apartment Buildings

 

There are some that tend to follow the trend of a 15 month goal. For others there are lies a problem in such a long term goal!

If you have never heard of "Parkinson's Law" let me explain.

Parkinson's law dictates that a task will swell in (percieved) importance and complexity in relation to the time alloted for its completion."It is the magic of imminent deadline.....If I give you 24 hours to complete a project, the time pressure forces you to focus on execution, and you have no choice but to do only the bare essentials. If I give you a week to complete the same task......If I give you two month, god forbid, it becomes a mental monster." The 4-hour work week", Timothy Ferris.

A new friend of mine said "It seemed as if you have "The Bug". But self diagnoses says that I suffer from a case of "Parkinson's Law". I suggest that anyone having trouble completing long term goals just give a goal a substancially shorter deadline.

Control of ones self is control of ones finances!

 

You just made me realize something about myself. I am always giving myself to long to get things done and then lose interest in them. speed++!!

 

As far as the above passage: The universal law is that there is no accountability without a deadline.

1) Real Estate (conquering space, positioning, 90% of the millionaires)
2) Business (conquering time, buying, selling, production, and finance) (activity)
3) Combination of the above allowing maximum choices

 

I can only propose starting a company. But I also know everyone is not fit to do that either mentally or otherwise. I absolutly believe people should use their natural strengths to their advantage. Some people are great day traders, others are great start-up entrepreneurs etc.

Instead of improving obvious weaknessses, follow your obvious strengths and monetize on them in a good way.

 

Without wanting to generalize I have the impression that RE is the road with the highest probability to get into the fastlane.
Over the years I have seen at least three people, who had tried to start several B type businesses and failed time after time, eventually becoming successful (acc. to fastlane criteria) in RE investing.
In spite of that I know that it's not for me. I have no passion for RE.

 

I think the 3 top vechiles are

investing-- stocks, futures, forex, rei ect.

building--- buisnesses (its the only building one that comes to mind atm)

creating-- inventing, writing ect.

 

lets look at forbes


1. stock investor/business owner
2. media mogul-not sure how he got to this point
3. inventor/business owner

By far, the easiest as far as work is concerned however, is inheriting. Look at the Walton clan.

 

inheriting tho has nothing to do with getting to the fastlane imo. someone else put you there.

Its a matter or who you were born too. I cant chose inheritence to get me there. I can however chose anything else above.

 

I know, but can be very fast.

Tuesday you are worth 0k, then rich uncle bob who always liked you croaks, and bam you are with 100 mill. At least this is how it happened in Brewsters Millions.

 

lol. if only life was like the movies!

 

Agree. Some people are good at RE. RE is very good for those with interest for details, because detailed information about statistics, finances etc are a very big part of RE as I have come to understand it. And interest in architecture doesn't hurt either.

 

I really enjoyed this post, I have all the ambition and drive, but as far as it goes business wise, I haven't figured out what my vehicle is going to be yet, but this post has gotten me weighing up a few pro's and cons.

My first choice would be to invent a new product and either build, market and distribute myself or sell off to the highest bidder.

Second would be an online business

Ultimately once the cash is flowing in on its own, I would use property to then further grow my fortunes.

 

Top 3 vehicles for me to the reach the Fasltane-

1. Inventing- Creating a simple product, creating a business out of it and let the fun begin. In my opinion if you have the ability to create a business out of your product, go for it. To me royalty rates are too small. Why only get 2-10% for your product when you can get 80%-100%.

2. Real Estate- Commercial and Residential.

3. Hedge Funds and other forms of private investments.


:fastlane: