Crack the code to wealth and live rich for a lifetime!
Time is the coin of your life. It is the only coin you have, and only you can determine how it will be spent. Be careful, lest you let other people spend it for you. ~ Carl Sandburg
Takeaway – My notes and quotes from the book
- Instead of trading my time for money (manual labor), I traded it into a business system—industrialized wealth production. In my situation, time was working for me, not against me.
- If you have a passive income that exceeds all your needs and lifestyle expenses including taxes, you’re retired.
- Streamline my processes and systems
- Wealth is a process
- Financial plan
- Affordability is when you don’t have to think about it
- Wealth is about process improving probabilities
- Take responsibility and accountability
- Sat-Sun are the paycheck for Mon-Fri (5 for 2)
- Slowlane wealth equation
Wealth = Job + Market Investments
Job (your intrinsic value) = hourly rate of pay x hours worked
Control is weak, if not absent
- Consumption of your time, time becomes the paycheck for wealth
- The Paradox of practice: Are you a model of what you teach?
- Rich use the markets for income and wealth preservation – not to create it
- I don’t want to finish rich, I want to live rich
- Money gurus teach one wealth equation while rich in another
- The rich aren’t using compound interest to get wealthy; they’re using it for income and liquidity.
- Impact millions and make millions.
- The Law of Affection states that the more lives you affect or breach, both in scale or magnitude, the richer you will be.
- When you own a corporation, net profits are reduced by expenses. The remaining profit is taxed, and those taxes are paid to the government.
- “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.
- If you aren’t where you want to be, the problem is your choices.
- The fabric of your life is sewn by the cumulative consequences of your choices—millions of them—that you set into motion.
- Yes, you are as you have chosen. And if that’s unhappiness, you need to start making better choices.
- Regardless of age, reflect on your life and analyze the forks in the road and where those forks have taken you. The forks are choices, both large and small, and each shares the common thread of having the magnificent power to take you somewhere different. Whatever today impacts tomorrow, weeks, months, years, decades, and yes, generations.
- The first step in making better choices starts with your choice of perception, because your actions evolve from those perceptions.
- If you want extraordinary results, you’re going to need extraordinary thinking.
- As your journey progresses, respect yourself and ask, is this a good choice of perception? A good choice of action?
- WORSTE CASE CONSEQUENCE ANALYSIS (WCCA )
The first decision tool is Worst Case Consequence Analysis (WCCA), which requires you to become forward-thinking and an analyzer of potential consequences. WCCA asks you to answer three questions about every decision of consequence:
- What is the worst-case consequence of this choice?
- What is the probability of this outcome?
- Is this an acceptable risk?
- THE WEIGHTED AVERAGE DECISION MATRIX (WADM), WADM is for big decisions
- The universe has no memory, only you do.
- Before you know it, 45 years have passed and you need another 25 just to make your financial plan work.
- As a producer, you are the minority, while consumers are the rest.
- If your hated job drains the life out of you, it’s a headwind. After a long workday and you have nothing left for your dreams and your Fastlane plan, you’re done. The headwind keeps you trapped.
- People are like roads—they can either bring opportunity or distress into your life.
- Think of the relationships in your life like an army platoon readying for battle. Are these the people you want to go to battle with? If not, you need to pick better warriors to have on your team.
- Time is the greatest asset you own, not money.
- Money buys free time and eliminates indentured time. However, the irony of your free time is it isn’t FREE; it’s bought and paid for by your indentured time. You enjoy a two-week vacation because it was paid for by a year of indentured time.
- How much free time is this going to cost me?
- Racers remove everything nonessential to make the car as light as possible.
- The Law of Chocolate Chip Cookies: If the cookies don’t get into the grocery cart, they don’t get home. And if they don’t get home, they don’t get in my mouth. And if they don’t get in my mouth, they don’t transform into belly fat.
- Behind the tangled roots of poorness, you will find a poor valuation of free time, which breeds from bad choices.
- Time is king.
- Lifestyle extravagances have two costs: the cost itself and the cost to free time.
- Parasitic debt has to be stopped at the source: instant gratification.
Education is what remains after one has forgotten everything he learned in school. ~ Albert Einstein
- What you know today is not enough to get you where you need to be tomorrow. You must constantly reinvent yourself, and reinvention is education.
- People are lazy. People want it handed to them. People don’t want to read and connect the dots; they want it done for them.
- A Fastlaner’s education serves to advance their business system and their money tree, not to raise intrinsic value.
If things seem under control, you are just not going fast enough. ~ Mario Andretti
- You can’t experience success without failure. Failure is simply a natural response to success. If you avoid failure you will also avoid success.
- You can’t drive the road to wealth with the brakes engaged. You have to take risks. You have to get uncomfortable. You have to get out there and fail.
- Opportunity drives through your neighborhood frequently, and when it does, you have to grab that bitch.
- Interest is first gear. Commitment is the Redline.
The brick walls are there for a reason. The brick walls are not there to keep us out; the brick walls are there to give us a chance to show how badly we want something. The brick walls are there to stop the people who don’t want it badly enough. They are there to stop the other people! ~ Carnegie Mellon University professor Randy Pausch
- If you’re a Slowlaner, your road is your job: doctor, lawyer, engineer, salesman, hairdresser, pilot. If you’re a Fastlaner, your road is a business: Internet entrepreneur, real estate investor, author, or inventor.
- The best roads and the purest Fastlanes satisfy the Five Fastlane Commandments: Need, Entry, Control, Scale, and Time.
- Consumers are selfish. They demand to know is “what’s in it for me!” To succeed as a producer, surrender your own selfishness and address the selfishness of others.
- No one cares about your selfish desires for dreams or money; people only want to know what your business can do for them.
- There’s an old saying, “In a gold rush, don’t dig for gold, sell shovels!”
- When there is irrational exuberance about any investment that pervades to Team Consumer—the general populous—that’s when I know it is time to GET OUT AND STAY OUT.
- Think big, but think scale and/or magnitude.
I am long on ideas, but short on time. I expect to live only about a hundred years. ~ Thomas Edison
- A business that earns income exclusive of your time satisfies the Commandment of Time.
- Internet business models (roads) fall into seven broad categories:
Offer users access to data, information, or software, and charge a monthly fee. Data can be leads, sales information, a proprietary database, or good old fashioned pornography. When 10,000 people pay you $9.95 per month for your information, you’re balling the Fastlane!
Content-based models are online news magazines and blogs that disseminate information to a particular niche or industry. These services provide content for free consumption and sell advertising to parties who want to reach those eyeballs.
- The best Fastlanes satisfy all five Commandments: Control, Entry, Need, Time, and Scale.
- Set your destination: 4 steps to starting
- Define the Lifestyle: What do you want?
- Assess the Cost: How much do your dreams cost?
- Set the Targets: Set the money system and business income targets.
- Make It Real: Fund it and open it!
- Get started today by looking three feet in front of you, not three miles.
- Slowlaners seek to minimize expenses while the Fastlaner seeks to maximize income and asset values.
- Planned obsolescence is a marketer’s expectation that whatever they’re selling you, you won’t use it. And if you don’t use it, you are unlikely to ask for your money back.
- Speed is not thinking about a Fastlane business, but creating it.
- The world tells you which direction you should be going at all times. Heed the signs.
- The best business plan in the world will always be a track record of execution.
- I logged my customers’ complaints because they provided a kaleidoscope into the mind of my customers. One complaint meant there were 10 others who felt the same way.Don’t allow your own perception of price direct your brand to mediocrity.
- The most successful entrepreneurs lived their business and were 100% committed to it.
- 3 reasons to read this book
- You need a reminder that your time is limited.
- You need a reminder that you need to start your own business instantly.
- You need an eye-opener what your 9 to 5 job really is.
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