What is the fastlaner spending mindset

[Mido]

How does the fastlaner spend his money?

 

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[Andy Black]

Intentionally and not because everyone else is doing it.

Within his/her means.

Without becoming a debt slave.

Likely not to impress people.

Ideally so that every dollar spent comes back with friends.

Without the fear they can't make any more.

In exchange for more time.

 

[ZCP]

For the business: when the math supports it to keep the machine running.
For personal: only from the payment stream of one of the machines. Then without fear or obligation.

 

[JAJT]

Intentionally

 

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[Greg R]

How does a Fastlaner spend money?

I actually think that this is a great question and I would also like to ask the same question with a little more detail.

How does a Fastlaner spend money?

Personal finance was really easy for me until I started trying to build a business. Then it got confusing. Allow me to explain...

During the start up phase, I noticed that I'm burning through cash. I try to bootstrap where possible. More often than not, business expenses are outweighing our job income month to month which has taken a serious impact on my net worth. What took me years of savings and investments to build up is now being spent in record speed on the startup phase, thus causing anxiety. I know this is very short sided of me, but the stress is real.

Currently, we have an emergency savings that will carry us for six months during catastrophe. The emergency savings is NOT for business spending.

We also have our investment and business savings. The money here is quite sizable from saving my income and all of my business wins. This is what I use to fund my ideas. That goes without saying though that I have to be willing to part ways with it if the venture does not work out. That is the hard part...

As I try to start a business, the lines get blurred because I am using personal money to fund the business stuff and tracking it gets kind of wacky. Maybe I have to dedicate a separate personal bank account and a separate credit card for the business spending until I can get a business account when the business gains traction...

When most of your are funding an idea, do you typically become more frugal to preserve cash for inventory and such???

You never really know exactly how much you will need and you don't want to get a quote from your manu for your first order that exceeds how much you have in the bank.

Thanks guys.

 

[Imgal]

Awesome question. I can figure this out more by looking at the two different ways I've spent money

Slowlaner - Spent recklessly either on quick fix solutions out of the life I didn't want to be or as a treat for having such a terrible life and putting up with it

Fastlaner - Business wise, I spend only when I know I can afford to and if I know it's going to move me forward. Personally, I actually find it really hard to spend money. Part of that comes down to not having the same need to "treat" myself to make me feel better. The other part I have to admit is having f*cked up so royally in the past that I don't trust myself to waste it if I do start spending!

 

[Greg R]

Awesome question. I can figure this out more by looking at the two different ways I've spent money

Slowlaner - Spent recklessly either on quick fix solutions out of the life I didn't want to be or as a treat for having such a terrible life and putting up with it

Fastlaner - Business wise, I spend only when I know I can afford to and if I know it's going to move me forward. Personally, I actually find it really hard to spend money. Part of that comes down to not having the same need to "treat" myself to make me feel better. The other part I have to admit is having f*cked up so royally in the past that I don't trust myself to waste it if I do start spending!

Good way to look at it.

 

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[MJ DeMarco]

For me, I subscribe to a reward system, similar to what you would find in a video game.

If I want something new and costly, I have to earn it with new skills, income, growth, or assets. Slay a dragon? Oh wow look there, 5 gold pieces!

My objective is to always keep the net worth line growing.

Very rarely do I buy something with "old money" that was earned years ago.

 

[Greg R]

For me, I subscribe to a reward system, similar to what you would find in a video game.

If I want something new and costly, I have to earn it with new skills, income, growth, or assets. Slay a dragon? Oh wow look there, 5 gold pieces!

My objective is to always keep the net worth line growing.

Very rarely do I buy something with "old money" that was earned years ago.

Goes back to the growth mindset.

"How can I afford it" instead of "I can't afford it."

 

[sparechange]

money should be spent on experiences in life, taking memorable trips, vacations, hobbies and things like that. if you are true fastlane, money is just useless paper

 

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[G-Man]

money should be spent on experiences in life, taking memorable trips, vacations, hobbies and things like that. if you are true fastlane, money is just useless paper

Not totally useless.... it can pay for all those trips, vacations, and hobbies....

To original question: I don't really buy things, but like @Andy Black suggested, I will buy the hell out of things/services that save me time. Except for Keurigs. Screw Keurig. It's just a fast way to make shitty coffee.

 

[Almantas]

 

[Greg R]

I would be interested to hear what more forum members philosophies are. This is turning out to be a cool thread!

 

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[Longinus]

When I was a sidewalker, I almost couldn't leave a shop without buying some stuff: CD's, stupid gadgets, clothes... Now it's more vice versa.

When there is something I would like to buy, I delay the purchase as long as possible. In the most cases, I forget about it.

 

[SteveO]

I have way too much shit as it is. Many things don't get used. This is why I like to run. All I need are shoes, shorts, and a route...

Extra stuff has to be maintained, managed, moved.

For necessities, quality is important. Less interested in luxury or comfort. As an example, our vehicles are Tundra and Camry.

I like adventures though. Grand Canyon river rafting, hiking, and camping. Mt Whitney hike to summit. Team adventure running races always leave lasting memories. Traveling softball tournaments to Vegas or Flagstaff are always fun and exciting.

 

[SteveO]

During the start up phase, I noticed that I'm burning through cash. I try to bootstrap where possible. More often than not, business expenses are outweighing our job income month to month which has taken a serious impact on my net worth. What took me years of savings and investments to build up is now being spent in record speed on the startup phase, thus causing anxiety. I know this is very short sided of me, but the stress is real.

This is a fastlane mindset but not fastlane yet. This scenario is part of the building process.

My guess is that the original poster is asking how you would spend when you have plenty of discretionary funds at your fingertips. It may be the same way because some people will always be building businesses.

 

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