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The Millionaire Fastlane

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Re: The Millionaire Fastlane

#61

Post by ForHackernews »

davidw wrote: post #8
teemo_cute wrote: post #4

Earlier quoted context omitted.

4-time MLM business owner? Have your actually read the book? For one thing MJ is against MLM's because it fails the commandment of control and entry (read the book to find out). For those of you curious about the book, just read the sample chapters given in his forum, or listen to the audio book sample. Make your own conclusions. For one thing this is the book venture capitalists don't want you to read.

Looks a bit spammy to me. I recommend this one every chance I get as a practical book about how to do your own small business as a developer: http://www.amazon.com/Start-Small-Stay-Developers-Launching-... One of the things I like about it is that it is not a "get rich quick" book. Indeed, one of the quotes I highlighted is "strive to build a startup that generates $500 per month in profit". That really resonated wit…

I'll also recommend "The $100 Startup": http://www.amazon.com/The-100-Startup-Reinvent-Living/dp/030...

It was a little bit too self-help-y in tone for my taste, but it didn't feel scammy like "4 hour work week" (and the book mentioned in this OP sounds), and has lots of basic, practical advice.

Re: The Millionaire Fastlane

#62

Post by hnnewguy »

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…

>and property market

And yet, he suggests buying property to rent as a method of the Fastlane. Ask a small-time landlord if renting their property in a halfway efficient market is making them rich.

I don't have a problem with the first half of the article, discussing the philosophy of getting rich. It's when he seems to delve into practical advice (write a book! rent out a house!) that the author seems to lack a sense of financial matters.

Re: The Millionaire Fastlane

#63

Post by giarc »

mildtrepidation wrote: post #52
giarc wrote: post #49

Earlier quoted context omitted.

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 neighbou…

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. Or at least not in that neighborhood. You have an anecdote... that's all. I'm sure there are others that match it, but being a dick to your neighbors and having neighbors that are dicks to you is not a necessary pre- or…

I don't think my point was to say "Getting rich means you will hate your neighbours" but more of a "Getting rich doesn't bring instant gratification." A "money can't by happiness" type message.

Re: The Millionaire Fastlane

#64

Post by jaworrom »

hnnewguy wrote: post #62
corkill wrote: post #29

Earlier quoted context omitted.

"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…

> and property market And yet, he suggests buying property to rent as a method of the Fastlane . Ask a small-time landlord if renting their property in a halfway efficient market is making them rich. I don't have a problem with the first half of the article, discussing the philosophy of getting rich. It's when he seems to delve into practical advice (write a book! rent out a house!) that the author seems to lack a se…

Every real estate investor/landlord I know has worked up to a 7 figure net worth pretty quickly. Started with single family homes or a few duplexes, traded them up/reinvested cash flow, and eventually settled with a few multifamily complexes. Property management does the work, they collect the check. It's not easy, mind you, but it is worth the efforts. The rental market is the most solid investment vehicle out there. The market may go up and down, but it's always trending upward. Can't say the same about the stock market.

Re: The Millionaire Fastlane

#65

Post by giarc »

will_work4tears wrote: post #56
giarc wrote: post #49

Earlier quoted context omitted.

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 neighbou…

Or just build up a modest wealth (no necessarily "rich") and live in a neighborhood like the middle class one you mention. Nobody has to know what you make. Personally I see this happening for me if I ever "Strike it rich." (or build my own product and work hard at making it highly profitable, whichever actually happens)

If you'll allow, another story. I grew up in a small town with a prestigious private school. I was no where near rich enough to attend. However there were other "townies" with parents as doctors or dentists that could afford to attend. Even though they were rich by small town standards they were seen as poor by the students with parents that were even wealthier. So perhaps even when you are rich, you can still feel poor.

So I think you are right, maybe it's better to be the richest in the middle class neighbourhood, then the poorest in the upper class neighbourhood.

Re: The Millionaire Fastlane

#66

Post by sahil_videology »

This book was useful in changing my outlook on what I really wanted. I actually realized I did not want to be entrepreneur because I didn't want to do the hard work (non-engineering work like dealing with lawyers, accounts, employees, etc.) that it requires to be in the fastlane. I really just want to be a great engineer. It's not that I couldn't have come to this conclusion without the book, but the book just made it clear in ways that I hadn't seen elsewhere. Guess I'll just try to be slowlane defiant.

Re: The Millionaire Fastlane

#67

Post by orasis »

Despite the terrible title and cover image, it is actually a very useful book.

I see it as a set of criteria to analyze any project by to see if it can potentially scale. If you focus your time on business that can scale, you improve your chance of making big bucks.

Re: The Millionaire Fastlane

#68

Post by _cbb1 »

akandiah wrote: post #21

If you're after a better book on this subject, save your time and read the classic "Think and Grow Rich" by Napoleon Hill.

Napoleon Hill's "Think and Grow Rich" is great. I would also recommend Dr. Thomas Stanley's book "The Millionaire Next Door" to this list.

Re: The Millionaire Fastlane

#69

Post by Kurtz79 »

PalUk wrote: post #6

I've never really believed in a recipe book for millionares. If the books like this really worked, every second person would be a millionare. I strongly believe that a millionare is the person who follows his/her own way and does it well, keeps on doing it when the whole world says: You suck, dude! You don't have to write or read a book about it. It's simpler -do whatever you want and if you do it right, you'll make…

"If the books like this really worked, every second person would be a millionare"

To be fair to the author, he is not saying that just by reading the book or following simple rules everybody can be a millionaire.

Hard work and a sound strategy are still required, and not every second person has the discipline or ability follow up.

There is about an article a day saying something similar on HN, so I think I will follow his advice and not spend my precious time by reading the book.

Re: The Millionaire Fastlane

#70

Post by hnnewguy »

jaworrom wrote: post #64
hnnewguy wrote: post #62

Earlier quoted context omitted.

> and property market And yet, he suggests buying property to rent as a method of the Fastlane . Ask a small-time landlord if renting their property in a halfway efficient market is making them rich. I don't have a problem with the first half of the article, discussing the philosophy of getting rich. It's when he seems to delve into practical advice (write a book! rent out a house!) that the author seems to lack a se…

Every real estate investor/landlord I know has worked up to a 7 figure net worth pretty quickly. Started with single family homes or a few duplexes, traded them up/reinvested cash flow, and eventually settled with a few multifamily complexes. Property management does the work, they collect the check. It's not easy, mind you, but it is worth the efforts. The rental market is the most solid investment vehicle out there…

>The market may go up and down, but it's always trending upward. Can't say the same about the stock market.

Yes, you absolutely can say the same about the stock market. In fact, the historical compound annual growth rate of the market, adjusted for inflation, is almost 7%. That's over 100+ years. I don't have the data in front of me, but I'll bet the market returns crush real estate returns over that period.

You'll have to explain how these people managed to accumulate such wealth "quickly" through real estate, unless it involved flipping houses during one of the biggest housing bubbles in economic history, of which there were massive amounts of losers on the other end of these transactions (aka bagholders). This era produced a ton of "real estate gurus", but it will prove to be an anomalous period. But, taking the economic environment in context , it was a great, clever way to make a fortune; akin to telling someone to sell Tulips in 1640. I just think the idea that "buy real estate, get rich" is naive. The real trick is figuring out the next real estate, or Tulip, early in the cycle.

TINSTAAFL. There is nothing magical about expected real estate returns, and they are in line with any other investment vehicle when adjusted for risk.

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