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Chapter Summary: Fastlane Distinctions ✓- “Get Rich Slow” demands a long life of gainful employment. ✓- “Get Rich Slow” is a losing game because it is codependent on Wall Street and anchored by your time. ✓- The real golden years of life are when you’re young, sentient, and vibrant.
The object of life is not to be on the side of the masses, but to escape finding oneself in the ranks of the insane. ~ Marcus Aurelius
Chapter Summary: Fastlane Distinctions ✓- Fame or physical talent is not a prerequisite to wealth. ✓- Fast wealth is created exponentially, not linearly. ✓- Change can happen in an instant. ✓- Don’t fear taking roads that have not been paved by others. ✓- I wrote this book because it is something I wished I could have read when I was 20 years old.
All self-made multimillionaires create their wealth by a carefully orchestrated process. They have and use the entire formula. Despite what you may have read or heard, wealth is not an event.
Wealth eludes most people because they are preoccupied with events while disregarding process. Without process, there is no event.
The Fastlane isn’t a straight tree-lined street with white picket fences and children swinging on tires hanging from oak trees. It’s a dark, deserted, unpaved road strewn with potholes that forces change and evolution.
Chapter Summary: Fastlane Distinctions ✓- Wealth is a formula, not an ingredient. ✓- Process makes millionaires. Events are residual by-products of process. ✓- To seek a “wealth chauffeur” is to seek a surrogate for process. Process cannot be outsourced, because process dawns wisdom, personal growth, strength, and ultimately, events.
Ultimately your choices determine how your life unfolds. But where do these choices come from? They bud from your belief systems which are defined within your roadmap. To change your choices it has to start from your roadmap because it is there where your beliefs lie, both literally and figuratively. Radical life disruption comes from a radical disruption in your roadmap. Change that, and you change everything.
Beliefs are powerful mechanisms that drive action, whether true or not.
Each roadmap contains key mindsets that act as signposts, or “mindposts,” that provide direction and guide actions, just like a roadmap. Those mindposts are: Debt Perception: Does debt control you or do you control your debt? Or, do you even have debt? Time Perception: How is your time valued and treated? Abundant? Fleeting? Inconsequential? Do you work for time? Or does time work for you? Education Perception: What role does education have in your life? Does it have a role at all? Money Perception: What is money’s default position in your life? Is money a tool or a toy? Plentiful or scarce?
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Chapter Summary: Fastlane Distinctions ✓- To force change, change must come from your beliefs, and your roadmap circumscribes those beliefs. ✓- Each roadmap is governed by a wealth equation and predisposed to a financial destination—Sidewalk to poverty, Slowlane to mediocrity, and the Fastlane to wealth.
When you’re the first person whose beliefs are different from what everyone else believes, you’re basically saying, “I’m right, and everyone else is wrong.” That’s a very unpleasant position to be in. It’s at once exhilarating and at the same time, an invitation to be attacked. ~ Larry Ellison
Chapter Summary: Fastlane Distinctions ✓- A first-class ticket to the Sidewalk is to have no financial plan. ✓- The Sidewalk’s natural gravitational pull is poverty, both in time and money. ✓- You cannot solve poor financial management with more money. ✓- You can be income rich and still ride the Sidewalk dirty. ✓- If wealth is defined by income and debt, wealth is an illusion, because it is vulnerable to potholes, detours, and “bumps in the road.” When the income disappears, so does the illusion of wealth. ✓- Poor financial management is like gambling; the house eventually wins.
Wealth is not authored by material possessions, money, or “stuff,” but by what I call the three fundamental “F’s”: family (relationships), fitness (health), and freedom (choice). Within this wealth trinity is where you will find true wealth and, yes, happiness.
Chapter Summary: Fastlane Distinctions ✓- Wealth is authored by strong familial relationships, fitness and health, and freedom—not by material possessions. ✓- Unaffordable material possessions are destructive to the wealth trinity.
Money doesn’t buy happiness because money is used for consumer pursuits destructive to freedom. ✓- Anything destructive to freedom is destructive to the wealth trinity. ✓- Money, properly used, can buy freedom, which can lead to happiness. ✓- Happiness stems from good health, freedom, and strong interpersonal relationships, not necessarily money. ✓- Lifestyle Servitude steals freedom, and what steals freedom, steals wealth. ✓- If you think you can afford it, you can’t. ✓- The consequence of instant gratification is the destruction of freedom, health, and choice.
Like wealth, luck is created by process, not by event. ✓- Luck is created by increased probabilities that are improved with the process of action. ✓- If you find yourself playing the odds of “big hits,” you are event-driven, not process-driven. This mindset is conducive to the Sidewalk, not the Fastlane. ✓- “Get Rich Quick” marketing is a Fastlane because savvy marketers know that Sidewalkers place faith in events over process.
✓- Moneymaking “systems” are rarely as profitable as the act of selling them to Sidewalkers.
Hitchhikers assign control over their financial plans to others, which effectively introduces probabilities to victimhood. ✓- The Law of Victims: You can’t be a victim if you don’t relinquish power to someone capable of making you a victim. ✓- Responsibility owns your choices. ✓- Taking responsibility is the first step to taking the driver’s seat of your life. Accountability is the final.
The Slowlane is a natural course-correction from the Sidewalk evolving from responsibility and accountability. ✓- Wealth is best experienced when you’re young, vibrant, and able, not in the twilight of your life. ✓- The Slowlane is a plan that takes decades to succeed, requiring masterful political prowess in a corporate environment, frugality, and Wall-Street wizardry. ✓- For the Slowlaner, Saturday and Sunday is the paycheck for Monday through Friday. ✓- The default return on your time in the Slowlane is negative 60%—5-for-2. ✓- The 5-for-2 trade inherit in the Slowlane is generally fixed
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In a job, you sell your freedom (in the form of time) for freedom (in the form of money). ✓- Experience is gained in action. The environment of that action is irrelevant. ✓- Wealth accumulation is thwarted when you don’t control your primary income source.
Slowlane wealth is improbable due to Uncontrollable Limited Leverage (ULL). ✓- The first variable in the Slowlane wealth equation stems from a job that factors to intrinsic value which is your nominal value for each unit of your life traded. ✓- Intrinsic value is the value of your time set by the marketplace and is measured in units of time, either hourly or yearly. ✓- In the Slowlane, intrinsic value (regardless of its time measurement) is numerically inhibited because there are only 24 hours in the day (for the hourly worker), and the average lifespan is 74 years (for the salaried worker).
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Slowlaners attempt to manipulate intrinsic value by education. ✓- Indentured time is time you spend earning a living. It is the opposite of free time. ✓- Parasitic debt is debt that creates indentured time and forces work.
Take advice from people with a proven, successful track record of their espoused discipline. ✓- Many money gurus often suffer from a Paradox of Practice; they teach one wealth equation while getting rich in another. They’re not rich from their own teachings.
12 Distinctions Between Slowlane and Fastlane Millionaires 1) Slowlane millionaires make millions in 30 years or more. Fastlane millionaires make millions in 10 years or less. 2) Slowlane millionaires need to live in middle-class homes. Fastlane millionaires can live in luxury estates. 3) Slowlane millionaires have MBAs. Fastlane millionaires hire people with MBAs. 4) Slowlane millionaires let their assets drift by market forces. Fastlane millionaires control their assets and possess the power to manipulate their value. 5) Slowlane millionaires can’t afford exotic cars. Fastlane millionaires
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- The Slowlane has seven dangers, five of which cannot be controlled.
✓- The risk of “lifestyle” is the one risk Slowlaners will try to control. ✓- The Slowlane is predisposed to mediocrity because its mathematical universe is mediocre. ✓- Slowlaners manipulate the “expense” variable because it is the one thing they can control. ✓- Exponential income growth and expense management creates wealth—not just by curtailing expenses. ✓- You can break the Slowlane equation by exploding your intrinsic value via fame or insider corporate management. ✓- Successful Slowlaners not famous or in corporate
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The Fastlane is a business and lifestyle strategy characterized by Controllable Unlimited Leverage (CUL), hence creating an optimal environment for rapid wealth creation and extraordinary lifestyles.
1)Controllable Unlimited Leverage (CUL) Whereas the Slowlane is defined by uncontrollable variables with no leverage, the Fastlane exploits the opposite conditions: maximum control and leverage. 2)Business
Your own business, self-employment, and entrepreneurship are centrist to the Fastlane, much like a job is to the Slowlane. 3)Lifestyle
The Fastlane is a lifestyle choice: a commitment of blended beliefs, processes, and actions. 4)Rapid Wealth Creation
The Fastlane is about creating large sums of wealth rapidly and beyond the confines of “middle class.”
Like the other roadmaps, the Fastlane Roadmap contains the same mindposts or behavioral characteristics that drive the Fastlaner’s actions along the journey. They are: Debt Perception: Debt is useful if it allows me to build and grow my system. Time Perception: Time is the most important asset I have, far exceeding money. Education Perception: The moment you stop learning is the moment you stop growing. Constant expansion of knowledge and awareness is critical to my journey. Money Perception: Money is everywhere, and it’s extremely abundant. Money is a reflection of how many lives I’ve
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The risk profile of a Fastlane strategy isn’t much different from the Slowlane, but the rewards are far greater. ✓- The Fastlane Roadmap is an alternative financial strategy predicated on Controllable Unlimited Leverage. ✓- The Fastlane roadmap is predisposed to wealth. ✓- The Fastlane Roadmap is capable of generating “Get Rich Quick” results, not to be confused with “Get Rich Easy.”
Applied, this means instead of buying products on TV, sell products. Instead of digging for gold, sell shovels. Instead of taking a class, offer a class. Instead of borrowing money, lend it. Instead of taking a job, hire for jobs. Instead of taking a mortgage, hold a mortgage. Break free from consumption, switch sides, and reorient to the world as producer.
To switch teams and become a producer, you need to be an entrepreneur and an innovator. You need to be a visionary and a creator. You need to give birth to a business and offer the world value.
Producers are indigenous to the Fastlane roadmap. ✓- Producers are the minority as are the rich, while consumers are the majority as are the poor. ✓- When you succeed as a producer, you can consume anything you want. ✓- Fastlaners are producers, entrepreneurs, innovators, visionaries, and creators.
✓- A business does not make a Fastlane—some businesses are jobs in disguise. ✓- The Fastlane wealth equation is not bound by time and its variables are unlimited and controllable.
1)Raise Units Sold by Increasing Conversion Ratio A 1% increase from 12% to 13% would give me an instant raise of about $480 per day. That’s $14,400 per month. If I redesign the website, hit a home run and get conversion to 15%, now I’ve expanded my income to over $43,000 PER MONTH.
2)Raise Units Sold by Increasing Web Traffic To raise profit, I can increase traffic. If I increase web users to my website from 12,000 to 15,000 and conversion stays at 12%, my daily income rises by $1,440 per day, or $43,200 per month! Not likely? It happened! On some days I would have traffic spikes where over 20,000 users would visit.
3)Raise Unit Profit If I detect a weakness in supply for my service or improve value, I can raise prices and increase my unit profit. If my unit profit moves from $4 to $4.50, I raise my income to $10,800 per day from $8,000. That translates t...
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The primary wealth accelerant of the rich boils down to one concept: Appreciable and controllable assets.
Asset valuations of businesses, real estate, and other appreciable assets are nothing, but just that—valuations based on subjective analysis and market data.
The key to the Fastlane wealth equation is to have a high speed limit, or an unlimited range of values for units sold. This creates leverage. The market for your product or service determines your upper limit. ✓- The higher your speed limit, the higher your income potential. ✓- The primary wealth accelerant for the rich is asset value, defined as appreciable assets created, founded, or bought. ✓- Wealth creation via asset value is accelerated by each industry’s average multiplier. For every dollar in net income realized, the asset value multiplies by a factor of the multiple. ✓- Your industry
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Seedling 1: Rental Systems (Passivity Grade: A)
Rental systems are powerful money trees because they are high on the passivity scale and survive time.
Seedling 2: Computer/Software Systems (Passivity Grade: A-)
Seedling 3: Content Systems (Passivity Grade: B+) Content systems are systems of information. That information can be fused to a variety of other systems, like the Internet and physical distribution systems.
Seedling 4: Distribution Systems (Passivity Grade: B) A distribution system is any structure or organization designed to move products to the masses. Distribution systems can be hybrids with the other seedlings, such as content and computer systems.
To divorce yourself from the Slowlane’s transactional relationship of “time for money,” you need to become a producer, specifically, a business owner. ✓- Business systems break the bond between “your time for money” because they act like surrogate operatives for your time trade. ✓- If you have a passive income that exceeds all your needs and lifestyle expenses including taxes, you’re retired. ✓- Retirement can happen at any age. ✓- The fruit from a money tree is passive income. ✓- A Fastlane objective is to create a business system that survives time, exclusive of your time. ✓- The 5
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One saved dollar is the seed to a money tree. ✓- A mere 5% interest on $10 million dollars is $40,000 a month in passive income. ✓- A saved dollar is the best passive income instrument. ✓- Fastlaners (the rich) don’t use compound interest or the markets to get wealthy but to create income, preserve liquidity, and deploy capital. ✓- A saved dollar is a freedom fighter added to your army. ✓- The rich leverage compound interest at its crest, applied against large sums of money. ✓- Fastlaners eventually become net lenders.
Impact millions and make millions. It doesn’t get any simpler than that! In other words, how many lives have you touched? Who has benefited from your work, your assets, and your handiwork? What problems have you solved? What value are you to society?
The Law of Effection states that the more lives you affect or breach, both in scale or magnitude, the richer you will be. ✓- Scale translates to “units sold” of our profit variable within our Fastlane wealth equation. Magnitude translates to “unit profit” of our profit variable within our Fastlane wealth equation. ✓- The Law of Attraction is not a law, but a theory. The Law of Effection is absolute and operates exclusive of a roadmap.
✓- All lineages of self-made wealth trace back to the Law of Effection. ✓- The Law of Effection’s absoluteness comes from direct access and control (you are
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The majority of publicly traded companies are C corps that do not distribute dividends to their shareholders. They grow revenue and asset value.
“Pay yourself first” is fundamentally impossible in a job. ✓- To own your vehicle (you), start a corporation that formally divorces you from the act of business. Your corporation is the body of your surrogate. ✓- The recommended Fastlane business entity is a C corp, an S corp, or an LLC.
Your life is the sum result of all the choices you make, both consciously and unconsciously. If you can control the process of choosing, You can take control of all aspects of your life. You can find the freedom that comes from being in charge of yourself. ~ Robert F. Bennett
