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Ok, I'll chime in here. This makes sense if you need mommy to hold your hand and force yourself to pay for something you bought faster. As @Johnny boy mentioned...this is high functioning slowlane.
But you are here at the Fastlane Forum. You are trying to do better than high functioning slowlane (there are tons of these websites if you are interested). So might I present a different option for you (based on the video above):
1. Let's say you already are stuck in a mortgage just as the video suggests with a similar income/debt situation. Let's bypass the financial switch-a-roo and just say you have a choice to allocate the $1,400 savings each month.
2. So you have $16,800 in the first year to establish a new business. Since she chose 7 years as the payoff period let's say you will have $117,600 in straight cash to invest in your own business over that same period.
3. Let's also assume you fail a lot and loose half of that. Realistically you now have $58,800 to work with. So you have $58,800 and 7 years of time to develop a realistic fastlane business. That's a lot of money and a lot of time, so let's say you were successful...
4. ...and the business you built profits $200,000 in year #7. You decide to use that profit to pay off your house...BOOM your house is paid for! But wait there's more...
5. Year #8 yields $200k+ more into your bank account....
6. Year #9 yields $200K+ more into your bank account....
7. Year #10 yields $200k+ and a business sale of $400k (2.0 multiplier)....
8. So in 10 years you made $1,141,200+.... and our princess in the video above saved/made $250,400.
I dunno, I guess I just prefer the Fastlane once again... Cheers!
But you are here at the Fastlane Forum. You are trying to do better than high functioning slowlane (there are tons of these websites if you are interested). So might I present a different option for you (based on the video above):
1. Let's say you already are stuck in a mortgage just as the video suggests with a similar income/debt situation. Let's bypass the financial switch-a-roo and just say you have a choice to allocate the $1,400 savings each month.
2. So you have $16,800 in the first year to establish a new business. Since she chose 7 years as the payoff period let's say you will have $117,600 in straight cash to invest in your own business over that same period.
3. Let's also assume you fail a lot and loose half of that. Realistically you now have $58,800 to work with. So you have $58,800 and 7 years of time to develop a realistic fastlane business. That's a lot of money and a lot of time, so let's say you were successful...
4. ...and the business you built profits $200,000 in year #7. You decide to use that profit to pay off your house...BOOM your house is paid for! But wait there's more...
5. Year #8 yields $200k+ more into your bank account....
6. Year #9 yields $200K+ more into your bank account....
7. Year #10 yields $200k+ and a business sale of $400k (2.0 multiplier)....
8. So in 10 years you made $1,141,200+.... and our princess in the video above saved/made $250,400.
I dunno, I guess I just prefer the Fastlane once again... Cheers!