Welcome to the first daily post! I’ll start with something new on my blog. Let’s talk personal finance or entrepreneurship for a minute or two! I am currently listening to: The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime.
I’ll cover a few chapters of that book over the next few days. They are relevant no matter what you are aiming for life. If you need a kick in the butt for planning your financial future, that book might be precisely what you need!
The author, MJ De Marco, explains that there are three ways in life when it comes to finances:
- The Sidewalk
- The Slowlane
- The Fastlane
The side-walker is your average person. Living paycheck to paycheck, no matter the income. Some superstars are side-walker and that is why you see them broke. When on the sidewalk, you spend all your money, you have little to no saving and often you buy new materials good such as cars or a new phone with as credit.
The side-walker isn’t financially responsible
The classic slow-laner is going to school to get a diploma, find a good job, saves 10% of his income and invest it in the stock market and hopes to get rich by the time he needs to retire. The slow-laners use compounding for his money but with no leverage so he needs to wait 20-30-40 years to be rich.
The slow-laner also max is IRA (Life Penson), and as a bottom line, according to the author, he is selling his soul for 40 years of hard work.
“The fastlane is a business and lifestyle strategy characterized by controllable unlimited leverage, hence creating an optiomal environment for rapid wealth creation and extraordinary lifestyle”
Here are the four pillars that a fast-laner could leverage to carry themselves into being a millionaire:
- Online Business: Marketing Agency, Coaching Business, Selling Online Courses, Drop shipping etc.
- Real Estate: Flipping, Buy/Renovate/Rent it, Buy Lands etc.
- Regular Business
- Investing: Stocks, Cryptos, Angel investing etc.
A fast-laner is a producer, not a consumer. A fast-laner is a loaner, not the person in needs of one. A fast-laner is employing, not the employee. In short, the fast-laner is in charge!
The fast-laner understand that time is rare and money is abundant and he values his time hugely.
That’s it for today! Tomorrow we will explore the five commandments of a fast-laner! Let me know what you think in the comments about that new format!