I'm the author of the notes. I was surprised to find them here =). Just wondering, do people find notes like this useful? I am considering summarizing some startup and business related books at my new blog, http://codingvc.com (I no longer maintain leoexplor.es). Books I'd like to summarize: Art of Profitability, Venture Deals, Founder's Dilemmas, etc.
The Millionaire Fastlane
71–80 of 86 posts
Re: The Millionaire Fastlane
#72A 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.
The average technical book (for instance) sells 2000 copies. That's not going to provide a whole lot of lead generation for most authors.
Re: The Millionaire Fastlane
#73Earlier quoted context omitted.
He isn't proposing that everyone can be rich. Have you read the book? He's proposing that 1. If you don't think it is possible for you, it will never be. 2. Getting rich (financially) requires a LOT of hard work On the subject of saving and investing wisely, he reminds the readers that investment works on compound interest. It is good to invest, but the more you put in, the more you get in return and it is a pretty s…
OK - my last comment on this - the book has wasted enough time already... For my sins, I read it. And it was painful. But he doesn't say what you remember he did. You took away the wrong message. He belittles the 'slowlane' approach of building up wealth through compound interest, encouraging you to build a business that scales first (then look at compound interest to consolidate). Much of what he says makes sense, i…
Created account on HN to chime in, I support everything you said. I posted similar comment in r/Entrepreneur, where the book/review is also making rounds today. My comment on reddit was the first time I've ever been motivated to do a negative book review, kudos to the book I guess... You and I must be fighting the same war of principles.
http://www.reddit.com/r/Entrepreneur/comments/21bghh/notes_f...
Re: The Millionaire Fastlane
#74I'm the author of the notes. I was surprised to find them here =). Just wondering, do people find notes like this useful? I am considering summarizing some startup and business related books at my new blog, http://codingvc.com (I no longer maintain leoexplor.es). Books I'd like to summarize: Art of Profitability, Venture Deals, Founder's Dilemmas, etc.
It was useful to me. Thank you.
Re: The Millionaire Fastlane
#75I'm the author of the notes. I was surprised to find them here =). Just wondering, do people find notes like this useful? I am considering summarizing some startup and business related books at my new blog, http://codingvc.com (I no longer maintain leoexplor.es). Books I'd like to summarize: Art of Profitability, Venture Deals, Founder's Dilemmas, etc.
It is.
I'd prefer if bullet points were used sparingly though, you could just make use of headings and paragraphs. A very long list of points looks unstructured and is more difficult to read.
Re: The Millionaire Fastlane
#76I'm the author of the notes. I was surprised to find them here =). Just wondering, do people find notes like this useful? I am considering summarizing some startup and business related books at my new blog, http://codingvc.com (I no longer maintain leoexplor.es). Books I'd like to summarize: Art of Profitability, Venture Deals, Founder's Dilemmas, etc.
It is. I'd prefer if bullet points were used sparingly though, you could just make use of headings and paragraphs. A very long list of points looks unstructured and is more difficult to read.
Thank you for the feedback.
Re: The Millionaire Fastlane
#77A 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.
By your logic, few people get wealthy off their businesses, so hey, don't start a business.
The reality is you have to figure out what is going to sell. I have no interest in writing books, but if I did, and I wanted to make money. You can bet it's not going to be a technical book. I'll be going after a market that is large and hot, think books like Harry Porter or 50 shades of gray.
Make no mistake about it, the business doesn't start until the book is done, the business is not writing the book but selling the book. Most authors just write and then sit and hope it get's popular. You have to hustle and push and sell and sell, so it get's popular.
I watched MJ write this book, he mentioned he was going to write it on his forum, then he did. Did he make any money? Nope! Then he got into marketing/sales mode and pushed it, and it sold. Got lot's of review on amazon and sales took off, I don't know his numbers but I betcha it's much much larger than your average technical books.
I won't be surprised if he is well into the 5 digits. He also self published, so he's collecting pretty much most of the income. How did I reach 10k? 4 hour workweek has sold about 1,350,000 copies and has almost ~3k reviews, amazon MJ's book has a little bit 1/6th ~500+ reviews on amazon. They both have 4.5/5 stars.
Re: The Millionaire Fastlane
#78From 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"
Right. And by your smart ass tine you act like there is a third way. Which will it be? Winning the lottery or your boss suddenly decides to give you a 500k per year salary increase?
Really. It us like criticising a book on becoming a sumo champion by saying it is yet another book advocating weight gain for those under 120lbs soaking wet.
Re: The Millionaire Fastlane
#79Slow lane folks, I sleep like a baby.
Thats a good one!
Re: The Millionaire Fastlane
#80Earlier quoted context omitted.
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…
Having a backup plan means planning to go back. It means holding something back from your effort. Its much harder to win big when you're not committed, when you haven't committed all of your resources to win where you're at. All sorts of schemes are possible; its not a no-brainer that a balanced approach is the best for everyone. In fact I'm certain its not.
For me, having a backup plan means when 10-15 years on into the startup career and the tenth startup doesn't work out and shuts it's doors, I have a foundation in place that means I'm not starting from ground zero or hoping that the next startup is a lottery ticket that pays off.
Also, the backup plans I envision involve more than one person and I realize that working with your partner isn't an option for everyone.