Who Do You Know in the Fastlane?

[MJ DeMarco]

The philosophy behind this forum is to delineate that there are TWO paths to wealth -- a slowlane and a fastlane.

You all might be familiar with the "slowlane" -- go to any bookstore, pick a book off the shelf that deals with wealth (Examples: Millionaire Next Door, Automatic Millionaire) and you'll find yourself knee-deep in the slowlane. The slowlane encompasses middle-class advice: Saving, penny-pinching, frugality, stocking up 401K's, paying off your house early, and of course, cutting up your credit cards. These books ultimately teach you that a boring life of saving and frugality will lead to you retiring old and rich.

I don't know about anyone else, but I want to live richly NOW, NOT when I'm 65 years old and too tired to enjoy it.

The fastlane involves acquiring massive amounts of wealth in the shortest period of time. The fastlane exists.

So, who's been in the fastlane? Who do you know?

John Paul DeJoria
In 1980, John Paul DeJoria and Paul Mitchell first decided to launch hair products. They established a partnership with a borrowed $700.00 which eventually become known as John Paul Mitchell Systems

. John eventually sold the company for MILLIONS and then started Patron Tequila.
Years earlier, he was homeless.

JK Rowling, Harry Potter Brand - Once on welfare, this woman is now one of the richest humans alive - for females, she is 2nd only to Oprah. Did JK Rowling get rich saving money for her 401K? Nope.

Who do you know?

 

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[royemunson]

Branson

One of my favorite bio's was of Richard Branson. Mainly b/c he never
wore ties and suits - who needs that (unless you enjoy it).

They couldn't even afford the rent when they started their direct marketing music business/store.

The guy was selling illegally across Europe. He fibbed and said he was worth a ton to get a helicopter ride to tour islands to buy. When he offered a rediculously low ball price, the seller accepted.

His only hit for years was one act in the music production biz.

He came up with the idea for an airline while waiting for his own plane one day. He decided to charter a private plane and sell seats.

The fact that he acted in tremendous doubt and when the odds were against him were amazing.

These may not all be perfectly accurate but these are what I remember.

Tony Robbins was living in a 400 sq foot apt doing hiis dishes in his tub and one year later he was worth 1MM and had bought his 10K foot castle.

These are just a couple of my favorites.


Joe

 

[MJ DeMarco]

Good ones ... I don't own a suit or a tie either ... geez, I hope no one dies!

Donny Deutsch on the Big Idea has had some really great stories.

 

[emorgan]

Circle of friends

I actually know several people in the "fast lane", and they people I call friends. My circle of friends has changed as my mindset has changed. Although I am not where I want to be yet, I can see by the examples of my friends how it can be done, and I am encouraged by them everyday.

 

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[Jason_MI]

I know Erin.

 

[emorgan]

Lol

LOL :cheers:

 

[Jason_MI]

I've met and talked to Ken Hendricks, who runs ABC Supply; one of the largest building supply companies in the world. Real roots to riches story, very down-to-earth, very shrewd business person who sees the silver lining in just about any opportunity, even ones others would pass up.

 

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[kimberland]

Just a while ago, was talking to Heather Reisman,
founder of the largest bookseller in Canada
(and wife of Gerry Schwartz, founder of Onex, a major investment firm).

She's frugal though.
Plows all her money back into business and investments.
Why buy popcorn at the movies
when you can buy the movie theater instead?

I think along the same way.
If investing and business building gives you joy...

But then I'm on the slow train...

: )

 

[futuremills]

I do not personally know anyone who is living the fastlane. Most people i know just graduated like me and are looking to get in the slow lane

 

[Antonio.]

Pierre Omidyar is one of my favorite ones.

 

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[MJ DeMarco]

Who do you know?

I know Peter2!

 

[Peter2]

This is all I have to say.

 

[andviv]

find at least one!!!

I do not personally know anyone who is living the fastlane. Most people i know just graduated like me and are looking to get in the slow lane

OK, now you know what is your next assignment... go find at least one person living in the fast lane. Why? Cause it is critical to have friends that can mentor you and show you how they did it.

 

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[Russ H]

Interesting topic.

I'm not sure if *any* of my past clients could be considered "fast laners".

Not even the rock stars or TV personalities (or the producer of the last 3 Star Wars films).

Some of them drove MBZs, lived in 6000 ft2+ houses, had at least 2 other homes (vacation spots like Tahoe, Napa Valley, Carmel). But not all of them.

In Northern Cal, living fast (and showing it) is almost frowned upon.

Not technically, of course. We all still drool when a lambo or Ferrari goes by (and yes MJ, you have my sincere apologies in advance for using those 2 marques in the same sentence )

Folks would hire me to put in six figure ($200-500K) AV systems, and one of their greatest concerns was always, "Please, don't ever tell my friends how much I spent on this, OK?"

I did some work down in LA where the opposite was true: Guys who spent $20K on a system wanted to tell their buddies they'd spent over $100K.

My point?

Fastlaners sometimes drive stealth bombers. And live in small houses.

With $500K theaters.

MJ-- would you consider a self-made centi-millionaire a fast-laner if they didn't drive a flashy car or live in a mega-mansion? If that same person owned a major stake in 6 Flags and Motown? (She was a venture cap, probably owns something else these days).

Or how about the time a gal in baggy sweatpants and sweatjacket took me around her house (gorgeous), and wanted me to put a theater in the cinderblock basement, to entertain her dozen+ grandkids? (I had no idea I was meeting Daniel Steele at the time, but I should have guessed something was up given who referred her to me).

So MJ, my quesion is, do these folks qualify as fastlaners? All had net worth in excess of $50-100,000,000.

But you'd never know by how they acted, what they wore, or what they drove.

Hmmm . . .

-Russ H.

 

[MJ DeMarco]

So MJ, my quesion is, do these folks qualify as fastlaners? All had net worth in excess of $50-100,000,000.

-Russ H.

Absolutely. Fastlane is not about driving fancy cars or big houses - its about having the choice to do so. Having the resources to live well NOW vs when your 65. I can tell you that none of cent-a-millionaires didn't get that way saving $$ from their 401K. (Please exclude the inherited wealth; that doesn't count - i.e Donald Trump) Danielle Steele probably made her fortune in book selling; not waitressing at Chile's. Warren Buffet, albeit a frugal chap, bought companies and added tremendous value to them. Sure WB doesn't drive around in 300K cars, but he can. He can do anything he wants. Talk to anyone and they'll always tell you; they want the freedom of financial independence now, not while they're too old and worn out to enjoy it.

I'd rather be rich, than look rich - that is why most American's today live paycheck to paycheck.

Its hard to fully explain the concept in 1 post when I'm writing a 200 page book about it.

 

[australianinvestor]

A friend will be a billionaire (a few times over) within the next two-three years. I also have a customer who comes in occasionally and pays me with a black titanium credit card. You know the one ;-)

 

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[MJ DeMarco]

I'm gonna bump this ... and perhaps make Legendary for some of the newbies.

 

[kimberland]

So MJ, my quesion is, do these folks qualify as fastlaners? All had net worth in excess of $50-100,000,000.

But you'd never know by how they acted, what they wore, or what they drove.

Hmmm . . .

-Russ H.

I hang with a lot of the Asian posse
and most of them don't believe in showing their wealth
(avoiding the evil eye of jealousy).

Had dim sum with an honorary Uncle
in London on Saturday.
He owns a chain of grocery stores across Europe and Asia.
He looks no different from his middle class customers.
Even his driver drives an older vehicle.

Told me something significant.
Money is easy to make.
True friends not so.
(He is lucky to have both)

 

[Jonleehacker]

I don't know about anyone else, but I want to live richly NOW, NOT when I'm 65 years old and too tired to enjoy it.

There is an assumption in this quote that I don't agree with.

I understand the fastlane stuff about building wealth as quickly as possible, makes total sense.

But it has been my experience that as I get older I enjoy life more and more.

I expect that trend to continue irregardless of how much money I have.

Just wanted to toss that out there, so we get a more well rounded look at the fastlane.

I'm 47 btw.

 

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[AroundTheWorld]

<hijack>

You are 47, really? You age very well!!!

</hijack>

 

[andviv]

No way you are 47!
You look 35!!!

 

[Jonleehacker]

LOL, my secret is to never grow up!

 

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[AroundTheWorld]

My thoughts exactly!!! 30 even!