Quit my job, living in the fastlane. (How I Set Myself Up To Quit)

[fredriksoder]

Whats up Fastlaners,

This week was my first week as a full time entrepreneur and making this thread has been on my mind for quite some time. I keep thinking about how i got myself into this position because not too long ago I was literally living in a mobile home making 13/hr. Unlike most corny gurus that say that, that was actually my life and the life I live now is so unbelievably different. This month Ill make more money than I did in a year at my job, i dont set an alarm clock, no one tells me what to do, my companies are growing, and 6 years ago this is exactly what I planned as my "goal by 25" and I wanted to detail how I set myself up to quit so you can too.

My original thread: GOLD! - Its been one year of FLF for me. This forum will change your life and Ill prove it.

Theres a couple of factors and mindset is probably the biggest and im not going to get into it, i read TMF probably 10+ times through and through. Im expecting you already have the mindset.

Here's how I quit.

1. Get a job

The job is your base plate, its your foundation. I started as a customer service rep at 18 and worked my way into a VP of Operations at 24 using the thought process that every job is a stepping stone to getting out of the rat race. You NEED money to build your side hustle/business/investments. So you should constantly be pursing jobs that increase your hourly rate and lower your actual work time.

- I started at a job where I had to clock in and i could barely research or work on my own business.
- By the end i was salary, no schedule, operating my day how I wanted so I could work on my own business.

What should you do with your earned income?
-Live off half
-Save half for your venture
-Leverage the salary to get approved for loans to invest/loc (when applicable)

Most people FAIL with their jobs and trap themselves because they live off of the entire income and build their lifestyle on it.

You should build your business off of your job and build your life on your business.

2. Find Your Need & Build

You should be constantly looking for opportunities to start a business. Something that has the ability to scale far beyond your work income. You need to aim high, dont build a business that would have paid you the same as a job and been way less work and risk unless you truly love it.

Spend your hours after work researching, connecting with people necessary, building, creating, trying.

I would work 9-5, workout till 7:30/8, and study and build until midnight or 1am. To be honest this part consumed me, I didnt hangout with friends, I didnt party, I didnt spend money, all I did was build my idea. Your ability to remove the fear of missing out and remove the judgement of others will determine how far you can go. This part is lonely, the odds of your failure is extremely high (which is why you need the job so you dont lose ground).

This is also the part where this forum comes in handy the threads by BIOPHASE, JASONR, VIGILANTE, ALLENCRAWLEY, And VICK is all the information I needed to build my company. Thats it, those 5 guys and the information on their threads is enough you just need to implement it all. The faster you can try, fail and learn and close feedback loops will prove how quickly you can succeed.

I wish I could give more guidance on this but everyones ideas will be different, everyones process plays out in a different way because we all have different opportunities, passions, thoughts...

3. Kill Your Expenses

If you're serious about living in the fastlane, you need to kill your expenses. What you own will end up owning you and in doing so you wont be able to get out if you dont do this.

My rule of thumb and I still do this is 50/50.

I build my life, 50% is saved immediately in a seperate account I cant see, 30% funds my needs, and 20% funds my wants or gets saved.

The money that you save should be used for opportunity that can create income (businesses, investments). If I make 3k/mo I save 1.5k and leverage that money to build an idea.

If you find that you dont hit the 50/50 rule, Id downsize or find a new job that pays more, drive a wedge in your expenses and income. Sell your car, househack your home, move in with parents.


4. Get the business stable and growing

It's easy to see your business making 5k/mo and think that you've made it so you can quit when you've never made money before. Thats wrong, its shortsighted and you will lose in the long run.

Before I'd ever quit my job I knew that my business had to do 3 things.

1. It needs to pay me. (enough to live)
2. It needs to cover operating costs and any costs associated with the business.
3. It needs to be able to reinvest at a known rate to continue growing.

If you're company is making 5k/mo and you think you can quit your job and pay yourself 3k/mo but your operations are 3k and reinvesting is 2k+ you can see the gap in where you will stunt your growth, suck the money from your business, and eventually need to go get another job.

5. Build your emergency fund

This is hit or miss with some people but ideally your 50/50 lifestyle will continue as you start growing your business and you can continue saving. Before you quit your job you should save 6-12 months of runway so that if your business was not able to pay you you could atleast live off of your emergency fund as you try to figure out the issues that would prevent it from paying you.

If you are keeping your expenses low and not buying frivolous things you should be able to save 6-12 months within 3-6 months.

6. Get a mastermind group going

Im in a mastermind group with a couple of guys from this forum that are where I want to be or in the range that Im currently in. Without those guys Id probably still be at my job. When you have people holding you accountable every week asking you if you got your shit done, why your doing what your doing, where your trajectory is heading, its a MASSIVE advantage over being alone.

Having the expectation that you should not be spending your money on stupid things, building your emergency fund, and quitting your job from other people will keep the pressure on you to do so and prepare you to take the leap.

I hope this provides some insight, I understand its basic but for most people being consistent with it and truly following through is where you'll find success.

Good luck

Great post with great advices! Keep going!

 

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[FirstLawMotion]

Whats up Fastlaners,

This week was my first week as a full time entrepreneur and making this thread has been on my mind for quite some time. I keep thinking about how i got myself into this position because not too long ago I was literally living in a mobile home making 13/hr. Unlike most corny gurus that say that, that was actually my life and the life I live now is so unbelievably different. This month Ill make more money than I did in a year at my job, i dont set an alarm clock, no one tells me what to do, my companies are growing, and 6 years ago this is exactly what I planned as my "goal by 25" and I wanted to detail how I set myself up to quit so you can too.

My original thread: GOLD! - Its been one year of FLF for me. This forum will change your life and Ill prove it.

Theres a couple of factors and mindset is probably the biggest and im not going to get into it, i read TMF probably 10+ times through and through. Im expecting you already have the mindset.

Here's how I quit.

1. Get a job

The job is your base plate, its your foundation. I started as a customer service rep at 18 and worked my way into a VP of Operations at 24 using the thought process that every job is a stepping stone to getting out of the rat race. You NEED money to build your side hustle/business/investments. So you should constantly be pursing jobs that increase your hourly rate and lower your actual work time.

- I started at a job where I had to clock in and i could barely research or work on my own business.
- By the end i was salary, no schedule, operating my day how I wanted so I could work on my own business.

What should you do with your earned income?
-Live off half
-Save half for your venture
-Leverage the salary to get approved for loans to invest/loc (when applicable)

Most people FAIL with their jobs and trap themselves because they live off of the entire income and build their lifestyle on it.

You should build your business off of your job and build your life on your business.

2. Find Your Need & Build

You should be constantly looking for opportunities to start a business. Something that has the ability to scale far beyond your work income. You need to aim high, dont build a business that would have paid you the same as a job and been way less work and risk unless you truly love it.

Spend your hours after work researching, connecting with people necessary, building, creating, trying.

I would work 9-5, workout till 7:30/8, and study and build until midnight or 1am. To be honest this part consumed me, I didnt hangout with friends, I didnt party, I didnt spend money, all I did was build my idea. Your ability to remove the fear of missing out and remove the judgement of others will determine how far you can go. This part is lonely, the odds of your failure is extremely high (which is why you need the job so you dont lose ground).

This is also the part where this forum comes in handy the threads by BIOPHASE, JASONR, VIGILANTE, ALLENCRAWLEY, And VICK is all the information I needed to build my company. Thats it, those 5 guys and the information on their threads is enough you just need to implement it all. The faster you can try, fail and learn and close feedback loops will prove how quickly you can succeed.

I wish I could give more guidance on this but everyones ideas will be different, everyones process plays out in a different way because we all have different opportunities, passions, thoughts...

3. Kill Your Expenses

If you're serious about living in the fastlane, you need to kill your expenses. What you own will end up owning you and in doing so you wont be able to get out if you dont do this.

My rule of thumb and I still do this is 50/50.

I build my life, 50% is saved immediately in a seperate account I cant see, 30% funds my needs, and 20% funds my wants or gets saved.

The money that you save should be used for opportunity that can create income (businesses, investments). If I make 3k/mo I save 1.5k and leverage that money to build an idea.

If you find that you dont hit the 50/50 rule, Id downsize or find a new job that pays more, drive a wedge in your expenses and income. Sell your car, househack your home, move in with parents.


4. Get the business stable and growing

It's easy to see your business making 5k/mo and think that you've made it so you can quit when you've never made money before. Thats wrong, its shortsighted and you will lose in the long run.

Before I'd ever quit my job I knew that my business had to do 3 things.

1. It needs to pay me. (enough to live)
2. It needs to cover operating costs and any costs associated with the business.
3. It needs to be able to reinvest at a known rate to continue growing.

If you're company is making 5k/mo and you think you can quit your job and pay yourself 3k/mo but your operations are 3k and reinvesting is 2k+ you can see the gap in where you will stunt your growth, suck the money from your business, and eventually need to go get another job.

5. Build your emergency fund

This is hit or miss with some people but ideally your 50/50 lifestyle will continue as you start growing your business and you can continue saving. Before you quit your job you should save 6-12 months of runway so that if your business was not able to pay you you could atleast live off of your emergency fund as you try to figure out the issues that would prevent it from paying you.

If you are keeping your expenses low and not buying frivolous things you should be able to save 6-12 months within 3-6 months.

6. Get a mastermind group going

Im in a mastermind group with a couple of guys from this forum that are where I want to be or in the range that Im currently in. Without those guys Id probably still be at my job. When you have people holding you accountable every week asking you if you got your shit done, why your doing what your doing, where your trajectory is heading, its a MASSIVE advantage over being alone.

Having the expectation that you should not be spending your money on stupid things, building your emergency fund, and quitting your job from other people will keep the pressure on you to do so and prepare you to take the leap.

I hope this provides some insight, I understand its basic but for most people being consistent with it and truly following through is where you'll find success.

Good luck

Great stuff!

 

[farouqali]

Whats up Fastlaners,

This week was my first week as a full time entrepreneur and making this thread has been on my mind for quite some time. I keep thinking about how i got myself into this position because not too long ago I was literally living in a mobile home making 13/hr. Unlike most corny gurus that say that, that was actually my life and the life I live now is so unbelievably different. This month Ill make more money than I did in a year at my job, i dont set an alarm clock, no one tells me what to do, my companies are growing, and 6 years ago this is exactly what I planned as my "goal by 25" and I wanted to detail how I set myself up to quit so you can too.

My original thread: GOLD! - Its been one year of FLF for me. This forum will change your life and Ill prove it.

Theres a couple of factors and mindset is probably the biggest and im not going to get into it, i read TMF probably 10+ times through and through. Im expecting you already have the mindset.

Here's how I quit.

1. Get a job

The job is your base plate, its your foundation. I started as a customer service rep at 18 and worked my way into a VP of Operations at 24 using the thought process that every job is a stepping stone to getting out of the rat race. You NEED money to build your side hustle/business/investments. So you should constantly be pursing jobs that increase your hourly rate and lower your actual work time.

- I started at a job where I had to clock in and i could barely research or work on my own business.
- By the end i was salary, no schedule, operating my day how I wanted so I could work on my own business.

What should you do with your earned income?
-Live off half
-Save half for your venture
-Leverage the salary to get approved for loans to invest/loc (when applicable)

Most people FAIL with their jobs and trap themselves because they live off of the entire income and build their lifestyle on it.

You should build your business off of your job and build your life on your business.

2. Find Your Need & Build

You should be constantly looking for opportunities to start a business. Something that has the ability to scale far beyond your work income. You need to aim high, dont build a business that would have paid you the same as a job and been way less work and risk unless you truly love it.

Spend your hours after work researching, connecting with people necessary, building, creating, trying.

I would work 9-5, workout till 7:30/8, and study and build until midnight or 1am. To be honest this part consumed me, I didnt hangout with friends, I didnt party, I didnt spend money, all I did was build my idea. Your ability to remove the fear of missing out and remove the judgement of others will determine how far you can go. This part is lonely, the odds of your failure is extremely high (which is why you need the job so you dont lose ground).

This is also the part where this forum comes in handy the threads by BIOPHASE, JASONR, VIGILANTE, ALLENCRAWLEY, And VICK is all the information I needed to build my company. Thats it, those 5 guys and the information on their threads is enough you just need to implement it all. The faster you can try, fail and learn and close feedback loops will prove how quickly you can succeed.

I wish I could give more guidance on this but everyones ideas will be different, everyones process plays out in a different way because we all have different opportunities, passions, thoughts...

3. Kill Your Expenses

If you're serious about living in the fastlane, you need to kill your expenses. What you own will end up owning you and in doing so you wont be able to get out if you dont do this.

My rule of thumb and I still do this is 50/50.

I build my life, 50% is saved immediately in a seperate account I cant see, 30% funds my needs, and 20% funds my wants or gets saved.

The money that you save should be used for opportunity that can create income (businesses, investments). If I make 3k/mo I save 1.5k and leverage that money to build an idea.

If you find that you dont hit the 50/50 rule, Id downsize or find a new job that pays more, drive a wedge in your expenses and income. Sell your car, househack your home, move in with parents.


4. Get the business stable and growing

It's easy to see your business making 5k/mo and think that you've made it so you can quit when you've never made money before. Thats wrong, its shortsighted and you will lose in the long run.

Before I'd ever quit my job I knew that my business had to do 3 things.

1. It needs to pay me. (enough to live)
2. It needs to cover operating costs and any costs associated with the business.
3. It needs to be able to reinvest at a known rate to continue growing.

If you're company is making 5k/mo and you think you can quit your job and pay yourself 3k/mo but your operations are 3k and reinvesting is 2k+ you can see the gap in where you will stunt your growth, suck the money from your business, and eventually need to go get another job.

5. Build your emergency fund

This is hit or miss with some people but ideally your 50/50 lifestyle will continue as you start growing your business and you can continue saving. Before you quit your job you should save 6-12 months of runway so that if your business was not able to pay you you could atleast live off of your emergency fund as you try to figure out the issues that would prevent it from paying you.

If you are keeping your expenses low and not buying frivolous things you should be able to save 6-12 months within 3-6 months.

6. Get a mastermind group going

Im in a mastermind group with a couple of guys from this forum that are where I want to be or in the range that Im currently in. Without those guys Id probably still be at my job. When you have people holding you accountable every week asking you if you got your shit done, why your doing what your doing, where your trajectory is heading, its a MASSIVE advantage over being alone.

Having the expectation that you should not be spending your money on stupid things, building your emergency fund, and quitting your job from other people will keep the pressure on you to do so and prepare you to take the leap.

I hope this provides some insight, I understand its basic but for most people being consistent with it and truly following through is where you'll find success.

Good luck

this is what i had in mind, am currently working and its paying good .i maximize my saving with an idea in mind but the time frame seems long. i would need to focus more on point 2 " find your need and build". then from there to point 4 "get the business stable and growing and to point 6" get a mastermind group".
am new to this forum; but i have no doubt am in the right place and with time i will prosper and live my dreams.

 

[Vinz]

I like the part about climbing the ranks in your job to get a better position, make more and be able to quit

But at the same time all I see in people who have higher position in jobs is they work much harder than those who start. Maybe its me but I see managers and owners spending all their time and day at work.
Is it that I'm in Italy and work culture is different ?

That won't allow me to free up my time, instead successfully lock myself in with no free time to work on a business.
That is my issue with it

 

[klaipeda]

Thank you for your post!

 

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[ericaung]

I like the part about climbing the ranks in your job to get a better position, make more and be able to quit

But at the same time all I see in people who have higher position in jobs is they work much harder than those who start. Maybe its me but I see managers and owners spending all their time and day at work.
Is it that I'm in Italy and work culture is different ?

That won't allow me to free up my time, instead successfully lock myself in with no free time to work on a business.
That is my issue with it

It is same in almost expensive countries like yours, singapore, NYC etc. Probably, our living cost high and we are over work. If you already achieve high position, why dun you start plan to quit your job and start a CENT business? Free time is extremely hard for us; we have no choice. Just save up cash and quit your J.O.B

 

[joshuajwittmer]

I started with nothing. I gave them my time and energy for free it's all I had.

Thanks so much for this valuable post @Envision! Would you give us some examples of ways you provided value to these heavy-hitters? Did you just ask them what they needed help with? Did you figure out what they needed by reading their posts and then help them by researching solutions? Any other suggestions? Mahalo!

Josh

 

[klaipeda]

If you are like me with 3 kids and a wife than those rules do not apply. The only thing that can help, it’s a wife that support you when you’re busy building your business.

Saving 50% of the salary it’s not easy even if I’m trying to get close to it. Also the time to spend on the business is much less.

 

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[Mister]

Hey @Envision thanks for the thread.

I try to do the same things with some differences.

The biggest are these, wich I would love to hear your thoughts about:

1.
I try to build my emergency founds and then I will try to build a Fastlane business.

2.
Until then I try to do more the freelance path, to get experience and find possible needs.

Would you suggest to go straight for the Fastlane model ?

 

[Racks95]

Whats up Fastlaners,

This week was my first week as a full time entrepreneur and making this thread has been on my mind for quite some time. I keep thinking about how i got myself into this position because not too long ago I was literally living in a mobile home making 13/hr. Unlike most corny gurus that say that, that was actually my life and the life I live now is so unbelievably different. This month Ill make more money than I did in a year at my job, i dont set an alarm clock, no one tells me what to do, my companies are growing, and 6 years ago this is exactly what I planned as my "goal by 25" and I wanted to detail how I set myself up to quit so you can too.

My original thread: GOLD! - Its been one year of FLF for me. This forum will change your life and Ill prove it.

Theres a couple of factors and mindset is probably the biggest and im not going to get into it, i read TMF probably 10+ times through and through. Im expecting you already have the mindset.

Here's how I quit.

1. Get a job

The job is your base plate, its your foundation. I started as a customer service rep at 18 and worked my way into a VP of Operations at 24 using the thought process that every job is a stepping stone to getting out of the rat race. You NEED money to build your side hustle/business/investments. So you should constantly be pursing jobs that increase your hourly rate and lower your actual work time.

- I started at a job where I had to clock in and i could barely research or work on my own business.
- By the end i was salary, no schedule, operating my day how I wanted so I could work on my own business.

What should you do with your earned income?
-Live off half
-Save half for your venture
-Leverage the salary to get approved for loans to invest/loc (when applicable)

Most people FAIL with their jobs and trap themselves because they live off of the entire income and build their lifestyle on it.

You should build your business off of your job and build your life on your business.

2. Find Your Need & Build

You should be constantly looking for opportunities to start a business. Something that has the ability to scale far beyond your work income. You need to aim high, dont build a business that would have paid you the same as a job and been way less work and risk unless you truly love it.

Spend your hours after work researching, connecting with people necessary, building, creating, trying.

I would work 9-5, workout till 7:30/8, and study and build until midnight or 1am. To be honest this part consumed me, I didnt hangout with friends, I didnt party, I didnt spend money, all I did was build my idea. Your ability to remove the fear of missing out and remove the judgement of others will determine how far you can go. This part is lonely, the odds of your failure is extremely high (which is why you need the job so you dont lose ground).

This is also the part where this forum comes in handy the threads by BIOPHASE, JASONR, VIGILANTE, ALLENCRAWLEY, And VICK is all the information I needed to build my company. Thats it, those 5 guys and the information on their threads is enough you just need to implement it all. The faster you can try, fail and learn and close feedback loops will prove how quickly you can succeed.

I wish I could give more guidance on this but everyones ideas will be different, everyones process plays out in a different way because we all have different opportunities, passions, thoughts...

3. Kill Your Expenses

If you're serious about living in the fastlane, you need to kill your expenses. What you own will end up owning you and in doing so you wont be able to get out if you dont do this.

My rule of thumb and I still do this is 50/50.

I build my life, 50% is saved immediately in a seperate account I cant see, 30% funds my needs, and 20% funds my wants or gets saved.

The money that you save should be used for opportunity that can create income (businesses, investments). If I make 3k/mo I save 1.5k and leverage that money to build an idea.

If you find that you dont hit the 50/50 rule, Id downsize or find a new job that pays more, drive a wedge in your expenses and income. Sell your car, househack your home, move in with parents.


4. Get the business stable and growing

It's easy to see your business making 5k/mo and think that you've made it so you can quit when you've never made money before. Thats wrong, its shortsighted and you will lose in the long run.

Before I'd ever quit my job I knew that my business had to do 3 things.

1. It needs to pay me. (enough to live)
2. It needs to cover operating costs and any costs associated with the business.
3. It needs to be able to reinvest at a known rate to continue growing.

If you're company is making 5k/mo and you think you can quit your job and pay yourself 3k/mo but your operations are 3k and reinvesting is 2k+ you can see the gap in where you will stunt your growth, suck the money from your business, and eventually need to go get another job.

5. Build your emergency fund

This is hit or miss with some people but ideally your 50/50 lifestyle will continue as you start growing your business and you can continue saving. Before you quit your job you should save 6-12 months of runway so that if your business was not able to pay you you could atleast live off of your emergency fund as you try to figure out the issues that would prevent it from paying you.

If you are keeping your expenses low and not buying frivolous things you should be able to save 6-12 months within 3-6 months.

6. Get a mastermind group going

Im in a mastermind group with a couple of guys from this forum that are where I want to be or in the range that Im currently in. Without those guys Id probably still be at my job. When you have people holding you accountable every week asking you if you got your shit done, why your doing what your doing, where your trajectory is heading, its a MASSIVE advantage over being alone.

Having the expectation that you should not be spending your money on stupid things, building your emergency fund, and quitting your job from other people will keep the pressure on you to do so and prepare you to take the leap.

I hope this provides some insight, I understand its basic but for most people being consistent with it and truly following through is where you'll find success.

Good luck

Thanks for posting this blueprint on how to go fastlane.

 

[Harman]

Fantastic post. Every point is perfect. Thank you sir!

 

[tobifastlane]

Thanks for this. Still in my 9 to 5, have 2 real estate projects in germany generating some positive cash flow and generating net worth. Thinking of how to get out of the wheel now ! How much would you save before quitting?

 

[Alek]

Thanks Envision!

No. 6 is a very good point
I don't have a mastermind group or anything actualy I am very bad in connecting and communicating with people. How did you got your mastermind group or how you started connected with these people?

 

[Nhervel 1]

Merci pour ce post
J'en ai vraiment eu besoin
Je ne sais pas ce qui m'a déconnecté de ce forum pendant plus d'un an
Qu'à cela ne soit, aujourd'hui je ressens l'influence qu'un forum comme celui ci a pour moi

Plus je passe le temps ici, plus j'affine mes outils
J'ai il y a une semaine commencé un stage pré-emploi
Un post comme celui-ci me motive plus, actuellement je vais donner mon temps et mon énergie pour toucher un salaire puis mettre de l'argent de côté pour financer mes projets

 

[Haris101]

Aweso

Whats up Fastlaners,

This week was my first week as a full time entrepreneur and making this thread has been on my mind for quite some time. I keep thinking about how i got myself into this position because not too long ago I was literally living in a mobile home making 13/hr. Unlike most corny gurus that say that, that was actually my life and the life I live now is so unbelievably different. This month Ill make more money than I did in a year at my job, i dont set an alarm clock, no one tells me what to do, my companies are growing, and 6 years ago this is exactly what I planned as my "goal by 25" and I wanted to detail how I set myself up to quit so you can too.

My original thread: GOLD! - Its been one year of FLF for me. This forum will change your life and Ill prove it.

Theres a couple of factors and mindset is probably the biggest and im not going to get into it, i read TMF probably 10+ times through and through. Im expecting you already have the mindset.

Here's how I quit.

1. Get a job

The job is your base plate, its your foundation. I started as a customer service rep at 18 and worked my way into a VP of Operations at 24 using the thought process that every job is a stepping stone to getting out of the rat race. You NEED money to build your side hustle/business/investments. So you should constantly be pursing jobs that increase your hourly rate and lower your actual work time.

- I started at a job where I had to clock in and i could barely research or work on my own business.
- By the end i was salary, no schedule, operating my day how I wanted so I could work on my own business.

What should you do with your earned income?
-Live off half
-Save half for your venture
-Leverage the salary to get approved for loans to invest/loc (when applicable)

Most people FAIL with their jobs and trap themselves because they live off of the entire income and build their lifestyle on it.

You should build your business off of your job and build your life on your business.

2. Find Your Need & Build

You should be constantly looking for opportunities to start a business. Something that has the ability to scale far beyond your work income. You need to aim high, dont build a business that would have paid you the same as a job and been way less work and risk unless you truly love it.

Spend your hours after work researching, connecting with people necessary, building, creating, trying.

I would work 9-5, workout till 7:30/8, and study and build until midnight or 1am. To be honest this part consumed me, I didnt hangout with friends, I didnt party, I didnt spend money, all I did was build my idea. Your ability to remove the fear of missing out and remove the judgement of others will determine how far you can go. This part is lonely, the odds of your failure is extremely high (which is why you need the job so you dont lose ground).

This is also the part where this forum comes in handy the threads by BIOPHASE, JASONR, VIGILANTE, ALLENCRAWLEY, And VICK is all the information I needed to build my company. Thats it, those 5 guys and the information on their threads is enough you just need to implement it all. The faster you can try, fail and learn and close feedback loops will prove how quickly you can succeed.

I wish I could give more guidance on this but everyones ideas will be different, everyones process plays out in a different way because we all have different opportunities, passions, thoughts...

3. Kill Your Expenses

If you're serious about living in the fastlane, you need to kill your expenses. What you own will end up owning you and in doing so you wont be able to get out if you dont do this.

My rule of thumb and I still do this is 50/50.

I build my life, 50% is saved immediately in a seperate account I cant see, 30% funds my needs, and 20% funds my wants or gets saved.

The money that you save should be used for opportunity that can create income (businesses, investments). If I make 3k/mo I save 1.5k and leverage that money to build an idea.

If you find that you dont hit the 50/50 rule, Id downsize or find a new job that pays more, drive a wedge in your expenses and income. Sell your car, househack your home, move in with parents.


4. Get the business stable and growing

It's easy to see your business making 5k/mo and think that you've made it so you can quit when you've never made money before. Thats wrong, its shortsighted and you will lose in the long run.

Before I'd ever quit my job I knew that my business had to do 3 things.

1. It needs to pay me. (enough to live)
2. It needs to cover operating costs and any costs associated with the business.
3. It needs to be able to reinvest at a known rate to continue growing.

If you're company is making 5k/mo and you think you can quit your job and pay yourself 3k/mo but your operations are 3k and reinvesting is 2k+ you can see the gap in where you will stunt your growth, suck the money from your business, and eventually need to go get another job.

5. Build your emergency fund

This is hit or miss with some people but ideally your 50/50 lifestyle will continue as you start growing your business and you can continue saving. Before you quit your job you should save 6-12 months of runway so that if your business was not able to pay you you could atleast live off of your emergency fund as you try to figure out the issues that would prevent it from paying you.

If you are keeping your expenses low and not buying frivolous things you should be able to save 6-12 months within 3-6 months.

6. Get a mastermind group going

Im in a mastermind group with a couple of guys from this forum that are where I want to be or in the range that Im currently in. Without those guys Id probably still be at my job. When you have people holding you accountable every week asking you if you got your shit done, why your doing what your doing, where your trajectory is heading, its a MASSIVE advantage over being alone.

Having the expectation that you should not be spending your money on stupid things, building your emergency fund, and quitting your job from other people will keep the pressure on you to do so and prepare you to take the leap.

I hope this provides some insight, I understand its basic but for most people being consistent with it and truly following through is where you'll find success.

Good luck awesome

 

[Haris101]

Whats up Fastlaners,

This week was my first week as a full time entrepreneur and making this thread has been on my mind for quite some time. I keep thinking about how i got myself into this position because not too long ago I was literally living in a mobile home making 13/hr. Unlike most corny gurus that say that, that was actually my life and the life I live now is so unbelievably different. This month Ill make more money than I did in a year at my job, i dont set an alarm clock, no one tells me what to do, my companies are growing, and 6 years ago this is exactly what I planned as my "goal by 25" and I wanted to detail how I set myself up to quit so you can too.

My original thread: GOLD! - Its been one year of FLF for me. This forum will change your life and Ill prove it.

Theres a couple of factors and mindset is probably the biggest and im not going to get into it, i read TMF probably 10+ times through and through. Im expecting you already have the mindset.

Here's how I quit.

1. Get a job

The job is your base plate, its your foundation. I started as a customer service rep at 18 and worked my way into a VP of Operations at 24 using the thought process that every job is a stepping stone to getting out of the rat race. You NEED money to build your side hustle/business/investments. So you should constantly be pursing jobs that increase your hourly rate and lower your actual work time.

- I started at a job where I had to clock in and i could barely research or work on my own business.
- By the end i was salary, no schedule, operating my day how I wanted so I could work on my own business.

What should you do with your earned income?
-Live off half
-Save half for your venture
-Leverage the salary to get approved for loans to invest/loc (when applicable)

Most people FAIL with their jobs and trap themselves because they live off of the entire income and build their lifestyle on it.

You should build your business off of your job and build your life on your business.

2. Find Your Need & Build

You should be constantly looking for opportunities to start a business. Something that has the ability to scale far beyond your work income. You need to aim high, dont build a business that would have paid you the same as a job and been way less work and risk unless you truly love it.

Spend your hours after work researching, connecting with people necessary, building, creating, trying.

I would work 9-5, workout till 7:30/8, and study and build until midnight or 1am. To be honest this part consumed me, I didnt hangout with friends, I didnt party, I didnt spend money, all I did was build my idea. Your ability to remove the fear of missing out and remove the judgement of others will determine how far you can go. This part is lonely, the odds of your failure is extremely high (which is why you need the job so you dont lose ground).

This is also the part where this forum comes in handy the threads by BIOPHASE, JASONR, VIGILANTE, ALLENCRAWLEY, And VICK is all the information I needed to build my company. Thats it, those 5 guys and the information on their threads is enough you just need to implement it all. The faster you can try, fail and learn and close feedback loops will prove how quickly you can succeed.

I wish I could give more guidance on this but everyones ideas will be different, everyones process plays out in a different way because we all have different opportunities, passions, thoughts...

3. Kill Your Expenses

If you're serious about living in the fastlane, you need to kill your expenses. What you own will end up owning you and in doing so you wont be able to get out if you dont do this.

My rule of thumb and I still do this is 50/50.

I build my life, 50% is saved immediately in a seperate account I cant see, 30% funds my needs, and 20% funds my wants or gets saved.

The money that you save should be used for opportunity that can create income (businesses, investments). If I make 3k/mo I save 1.5k and leverage that money to build an idea.

If you find that you dont hit the 50/50 rule, Id downsize or find a new job that pays more, drive a wedge in your expenses and income. Sell your car, househack your home, move in with parents.


4. Get the business stable and growing

It's easy to see your business making 5k/mo and think that you've made it so you can quit when you've never made money before. Thats wrong, its shortsighted and you will lose in the long run.

Before I'd ever quit my job I knew that my business had to do 3 things.

1. It needs to pay me. (enough to live)
2. It needs to cover operating costs and any costs associated with the business.
3. It needs to be able to reinvest at a known rate to continue growing.

If you're company is making 5k/mo and you think you can quit your job and pay yourself 3k/mo but your operations are 3k and reinvesting is 2k+ you can see the gap in where you will stunt your growth, suck the money from your business, and eventually need to go get another job.

5. Build your emergency fund

This is hit or miss with some people but ideally your 50/50 lifestyle will continue as you start growing your business and you can continue saving. Before you quit your job you should save 6-12 months of runway so that if your business was not able to pay you you could atleast live off of your emergency fund as you try to figure out the issues that would prevent it from paying you.

If you are keeping your expenses low and not buying frivolous things you should be able to save 6-12 months within 3-6 months.

6. Get a mastermind group going

Im in a mastermind group with a couple of guys from this forum that are where I want to be or in the range that Im currently in. Without those guys Id probably still be at my job. When you have people holding you accountable every week asking you if you got your shit done, why your doing what your doing, where your trajectory is heading, its a MASSIVE advantage over being alone.

Having the expectation that you should not be spending your money on stupid things, building your emergency fund, and quitting your job from other people will keep the pressure on you to do so and prepare you to take the leap.

I hope this provides some insight, I understand its basic but for most people being consistent with it and truly following through is where you'll find success.

Good luck

Best thread I have read so far for starting your journey. clear simple straight to the point. Thank you.

 

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[Fraf88]

Thank you for sharing your experience with us.
Most people think that they need free time to take action but I can assure you that it is just an excuse to procrastinate.

Think about it...when you have free time what you are going to do is not work in your business, but probably you are going to spend your free time relaxing because you deserve that after working so hard.

I have friends that have a good amount of money and time to start a business but they are stuck in analysis paralysis and do not take any actions toward their goal.

People procrastinate as they get some benefits keeping doing nothing so the real question to ask yourself in order to understand why you do not take action is: What is the benefit you get if you do not do that specific thing (ex starting a business, losing weight, etc)?

 

[natansk1]

Very simple but effective rules to follow. I think #6 is what I've been missing.

Don't forget sleep & exercise though peeps!