Mindset to make wealth Fast (Millionaire’s fastlane)

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True wealth is comprises of the following

  • Family (relationships). Wealth is strong spirited familial relationships with people
  • Fitness (health). Fitness includes health, vibrancy, passion, and boundless energy
  • Freedom (choice). Freedom is the ability to pursue your dreams and do what you love

There are three road maps to wealth:

  • The Sidewalk to poorness
  • Slowline to mediocrity and
  • Fastlane to wealth

The Sidewalk to Poorness

The sidewalker is always one something from being homeless, bankrupt, or back to living in their parents’ basement. 

Sidewalkers are trapped in a lifestyle servitude that is characterized by an urgent and insatiable need for self-gratification.

Sidewalker mindset:

  • Debt perception:  Credit allows you to buy things now. What I want, I get!
  • Time perception: There is enough time and you could be dead in two weeks anyway
  • Education perception. You finished school when you graduated and so, there is no need to learn
  • Money perception. If you have money, flaunt it
  • Primary income source. Whatever pays the most, you will chase it
  • Primary wealth accelerator. Luck
  • Wealth perception. The one with the most toys wins
  • Destination. “I live for today and I’m not bothered about tomorrow”
  • Responsibility and control.  Indulges in the victim mentality
  • Life perception. Life is too short to plan ahead

Mediocrity- The Slowlane Roadmap

The Slowlane involves sacrificing today for a better tomorrow. If you are on the slowlane, you’ve been deluged with a series of doctrines that ask you to make a trade-off. Such trade-offs include getting a job, working for retirement, and saving 10% of the paycheck.

The Slowlane is a convenient exit for the sidewalk and soon evolves into maturity and increased adult responsibilities.

The Slowlane offers the promise for riches at the age of retirement when it’s not even possible to enjoy the fruits of labor.

Slowlane mindset and missives include:

  • Debt perception:  Debt is evil.
  • Time perception: Time is abundant and can be gladly traded off for more dollars
  • Education perception. Educations is important as it helps earn more dollars
  • Money perception. Each and every dollar must be accounted for because money is scarce
  • Primary income source. A job is the primary source of income
  • Primary wealth accelerator. Compound interest
  • Wealth perception. Savings, investments, and 401K
  • Destination. Comfortable retirement in the twilight years
  • Responsibility and control.  Works to provide for the family by relying on the employer, government, and the state of the economy
  • Life perception. Settle for less, and give up on any dreams

The Slowlane roadmap relies on the following equation:

The Fastlane Roadmap

The Fastlane: A business lifestyle that is characterized by controllable unlimited leverage (CUL). It creates the optimal environment for rapid wealth creation and an extraordinary lifestyle.

The Fastlane mindset:

  • Debt perception:  Debt is useful as it allows one to grow their system
  • Time perception: Time is far more important than money
  • Education perception. Learning is important for growth
  • Money perception. Money is everywhere. It reflects the value you create
  • Primary income source. Business systems and investments
  • Primary wealth accelerator. Making something out of nothing
  • Wealth perception. Build business systems for cash flow and asset valuation
  • Destination.  A lifetime of passive income. Life is what you make of it. Only you can choose how you react to circumstances
  • Life perception. Dreams are worth pursuing no matter how outlandish

The Fastlane is a business system while the Slowlane is a job. In the Slowlane, you trade your time for your employer’s cash while in the Fastlane, wealth is driven by a business system.

The Fastlane wealth equation looks like this:

Wealth = Net Profit + Asset Value

Asset Value = (Net Profit) X (Industry Multiplier)

Money trees: The Five Fastlane Business Seedlings

  • Rental systems. Real estate is an example of a rental system that produces a recurring monthly income
  • Computer/software systems. The internet and software programs have created more millionaires than any other system in history
  • Content systems. Content systems are systems of information. They include books, blogs, and social networks
  • Distribution systems. These are systems that move products to the masses. An example is Amazon
  • Human resource systems. Systems that are run by people. Sometimes they can work in conjunction with other systems

Produce, Don’t Consume: Build something that offers value to the world

Most people live life through the perspective of a consumer, which makes them blind to the Fastlane roadmap. Being a consumer means buying products and services without any consideration about where they come from.

The Real Law of Wealth

The law of effection: The more lives you affect in an entity you control, in scale or in magnitude, the richer you become.

“To exploit the Law of Effection, your business needs to make an impact of either scale or magnitude, or both. Within our Fastlane wealth equation, “scale” and “magnitude” are implicit to our “net profit” variable. NET PROFIT = Units Sold (Scale) X Unit Profit (Magnitude)

 

The Five Fastlane Commandments (NECST)

  1. The commandment of need. Businesses satisfy the needs of people. Don’t chase money. Rather, look at how your business will help other people
  2.  The commandment of entry.  As entry barriers to a business fall, or lessen, the effectiveness of that road declines while competition in that field subsequently strengthens. To overcome weak entry, you need exceptionalism
  3. The commandment of control.  Play in an organization that you control or you will be at the mercy of someone else
  4. The commandment of scale. Increase scale and magnitude in your business
  5. The commandment of time. Your business should detach you from your time
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