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The Millionaire Fastlane

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Re: The Millionaire Fastlane

#41

Post by jorleif »

corkill wrote: post #29
normloman wrote: post #23

Saying it once and for all: Not everyone can be rich. And getting rich requires lots of luck. That's why it's better to be frugal and invest wisely, than to gamble on writing a best seller or invent the next big thing. I'm not saying don't invent or write books either. Just don't bet your life on it.

"And getting rich requires lots of luck." No it requires making something useful to other people that you can sell to them. You really should read the book. Airbnb (hardwork and launching 4 times? nah just luck) Dropbox (solving a hard problem? nah just luck) "That's why it's better to be frugal and invest wisely" This concept is explored in depth in the book. It's called wealth in a wheelchair and is highly dependen…

It's not either "just luck" or no luck involved. Sure, most people who do get rich try and work very hard. The question is how big a proportion of people who work hard do get rich. If it is only 1% and it cannot be predicted in advance who it is, then there certainly is an element of luck.

Re: The Millionaire Fastlane

#42

Post by spada »

corkill wrote: post #29
normloman wrote: post #23

Saying it once and for all: Not everyone can be rich. And getting rich requires lots of luck. That's why it's better to be frugal and invest wisely, than to gamble on writing a best seller or invent the next big thing. I'm not saying don't invent or write books either. Just don't bet your life on it.

"And getting rich requires lots of luck." No it requires making something useful to other people that you can sell to them. You really should read the book. Airbnb (hardwork and launching 4 times? nah just luck) Dropbox (solving a hard problem? nah just luck) "That's why it's better to be frugal and invest wisely" This concept is explored in depth in the book. It's called wealth in a wheelchair and is highly dependen…

thank you for this reply. it's amazing how so many people think success is luck.

Re: The Millionaire Fastlane

#43

Post by hippee-lee »

JoeAltmaier wrote: post #27
normloman wrote: post #23

Saying it once and for all: Not everyone can be rich. And getting rich requires lots of luck. That's why it's better to be frugal and invest wisely, than to gamble on writing a best seller or invent the next big thing. I'm not saying don't invent or write books either. Just don't bet your life on it.

...says the not-an-entrepreneur. Some of us think its NOT better to play it safe. Just sayin.

Not playing it safe doesn't mean you don't have a back up plan, right? Why does it have to be all one way or the other? The finance folks on Wall Street take big risks that get lots of press when they fail but they or their parent company also mitigate the risk.

I'm not an entrepreneur, maybe a wanna be which is why I keep choosing start ups to work for. What I am curious about is why there is so much resistance to a balanced approach that doesn't require you to go all in without a plan for mitigating the risk your are taking on.

I totally get not playing it safe, all the big names in tech seem to have done this and made fu money. But I'm not that smart and even less connected. (I suspect most folks on here lack the connections that the big names in tech had before they made their $ - I could very well be mistaken about this and it's importance to starting up and striking a jackpot) so, I don't get not having a plan that looks at the long term consequences for all the potentail outcomes and plans accordingly.

I'm really interested in your feedback on this if you have the time.

Re: The Millionaire Fastlane

#44

Post by [deleted] »

JoeAltmaier wrote: post #27
normloman wrote: post #23

Saying it once and for all: Not everyone can be rich. And getting rich requires lots of luck. That's why it's better to be frugal and invest wisely, than to gamble on writing a best seller or invent the next big thing. I'm not saying don't invent or write books either. Just don't bet your life on it.

...says the not-an-entrepreneur. Some of us think its NOT better to play it safe. Just sayin.

[deleted]

Re: The Millionaire Fastlane

#45

Post by grdeken »

Haven't read the book yet. Read the highlights. Not everyone is going to get rich. We live in a world of winners and losers. But there's some truth to the adage that "The harder I work, the luckier I get".

You can still be prudent and take risks. And let's be honest, saving up millions for my future cancer treatments isn't how I envision using my hard earned dollars. I see the author's point there...

Re: The Millionaire Fastlane

#46

Post by ergest »

From a quick scan of the notes, it seems like this is yet another 300 page book that says nothing beyond "quit your job and start a multi-million dollar business of some kind"

Re: The Millionaire Fastlane

#47

Post by nilkn »

corkill wrote: post #29
normloman wrote: post #23

Saying it once and for all: Not everyone can be rich. And getting rich requires lots of luck. That's why it's better to be frugal and invest wisely, than to gamble on writing a best seller or invent the next big thing. I'm not saying don't invent or write books either. Just don't bet your life on it.

"And getting rich requires lots of luck." No it requires making something useful to other people that you can sell to them. You really should read the book. Airbnb (hardwork and launching 4 times? nah just luck) Dropbox (solving a hard problem? nah just luck) "That's why it's better to be frugal and invest wisely" This concept is explored in depth in the book. It's called wealth in a wheelchair and is highly dependen…

This sort of backward reasoning doesn't work very well. Yes, Dropbox solves a hard problem. Plenty of other people have solved hard problems and didn't make much money. You have to explore the factor that differentiates the cases if you want your post to have any real substance.

The parent post would probably propose that this differentiating factor is, at least partially, luck.

Re: The Millionaire Fastlane

#48

Post by BaconJuice »

toblender wrote: post #34
teemo_cute wrote: post #2

I'm a member of the author's forum: http://www.thefastlaneforum.com/community/ He gives away sample chapters of the book, or if you like listening, the first chapter is also in audio format.

The Audiobook is the way to go. He treats it like a coffee shop conversation. Really put my ass into gear.

Can you provide a link to the audiobook please? Couldnt find it. Thank you.

Re: The Millionaire Fastlane

#49

Post by giarc »

ThePhysicist wrote: post #39

What I find odd when reading these kinds of posts and the discussion that ensues is that most people don't even seem to ask if "becoming rich" is really that important to begin with: For example, in his post the author gives the impression that only money can buy you a decent and fulfilling life and that you should better get rich quick since otherwise "you’ll be too old to enjoy it". Personally I think building up m…

Your comment about asking whether becoming rich is really that important reminded me of a lesson I learned.

I live in a city that had some major flooding recently. I volunteered to help pump out water and clean basements. I did this in primarily two neighbourhoods. A very affluent neighbourhood with multimillion dollar homes. The other neighbourhood was middle class, 30-50 year old bungalows.

In the affluent neighbourhood, the neighbours all hated each other. It seemed like at some point, everyone had done something to piss off someone else. We set up a large pump on a driveway and were told by the neighbour that we had to move the pump since it was on their side of the driveway (which they were not using). The neighbour also moved the 4 inch pipe into their neighbours garden which basically acted as an excavator until we noticed it. It was actually upsetting to see in times of such crisis.

Other the other hand, and you likely can predict how this story will go, the middle class neighbourhood was full of community, helping hands and people willing to go out of their way to assist others. It actually came to a point where there was too much help. People were driving around with coffee and home made sandwiches which they couldn't give out because 3 other cars with the same had just driven by. People were thankful and would rush across the street to help you move a heavy refrigerator.

I realized over that week that if getting rich means hating your neighbours/being hated by your neighbours, having no one to reach out to, maybe I don't want to be rich. At least not financially rich.

Re: The Millionaire Fastlane

#50

Post by MicroBerto »

corkill wrote: post #33
onion2k wrote: post #5

A few examples of Fastlane projects: write a book (lots of work, but then it makes money forever without you having to put in more work), make an invention (lots of work, but then you get royalties for a long time). The median average annual earnings for an author in the UK is about £12,330 ($20,300). With the ease of self-publishing platforms like Kindle and the proliferation of promotions and sales at traditional b…

Few people that get wealthy off books do so from the book sale royalties. They sell seminars, keynote talks, services etc, it is a form of lead generation and an expert positioning tool.

Yet that is the exact opposite of the "Fastlane", because your seminars are not detached from your time. Sure, it could turn out to be good good hustle income, but he's not saying to do this as your end point.

There is a cap on how many hours anyone can work in a day/year. If you are charging hourly for your time, you are capped.

If you want to make it more Fastlane, you'd turn it into a sellable seminar video series that can be created infrequently and sold forever via memberships, DVDs, etc.

Note that I'm not for or against books or seminars. Not my area of expertise. I'm just stating that a lot of people in this thread are misunderstanding what MJ means by Fastlane.

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