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I know most of you are ready to place my neck on a guillotine and crucify me for the headline I wrote above, but let’s be real…
Most of us after reading The Millionaire Fastlane thought we could also start a web service and make millions, I also made that mistake while failing to recognize other opportunities that existed and problems that needed to be solved around me.
MJ spotted a problem that needed to be solved on the internet, executed well and made millions but not all of us will be successful on the internet. Mj also found Chicago to be depressing because of the cold and he decided to move to a new city with less than $1000 in his pocket. That’s Mj’s story and the risks he took were because of his situation, I’m sure most of us don’t need to make such drastic moves to be successful.
Ok I know making millions on the internet is still possible but there are plenty more businesses with enough potential to secure an early retirement. Just look around you and opportunities are everywhere.
My view on being Unscripted :
My dream was and still is to make 5 figures a month, move in to a prestige home in the suburbs near the ocean and own a sport car, a SUV, a luxury sedan and a boat big enough to have a bed in it. All paid up… No monthly installments and Retire before the age of 40.
How can one get here… we Switch teams and join the Unscripted .
The Business that is needed:
Any scalable business that is properly executed can make you the kind of money capable of buying your dream life. Not necessarily an internet business. I have a friend making it in a taxi business and he knows nothing about the internet. Others like me see opportunity in real estate and calculate that it can get me there…
Make sure you don’t have a side walker’s mentality:
This is most important rule that MJ mentions in his books. A lot of people will instantly start to increase their life expenses as soon as they start making bigger income. It’s the worst mistake for anyone wishing to live unscripted can make. This move will get in the way of your dreams and cripple your ability to boostrap your business.
Never Rent:
Mj says he had to rent a studio apartment when he moved to phoenix. Yes, what MJ did was risky but he had to do it, He had no home and no relatives in phoenix . I see a lot of people suddenly moving into a luxury apartment as soon as their income increases; sometimes the apartment cost more than 50% of their total income. And they add on to purchasing a fancy car on installments… Money down the drain again… this money should be used to boostrap your business as quick as possible.
Most of us also have this desire to live in a mansion and set themselves up to making just enough income to qualify for a 20 year mortgage. Bad move once again. Do you wonder how the hell you can afford such an expensive home and not owe anything on it? I’m not sure how and at which point MJ bough his mansion but he says something about not owing cent on it.
Ok, this is how I figured how one can move in a good neighborhood before having millions cash, without ever renting or paying mortgage…
Save money and buy a plot of empty land at your desired location. Empty land where people have huge houses is much cheaper than you think. By purchasing the land you lose nothing because the land itself can be re sold and you get your cash back or more.
Ok the point is to move into a sea side neighborhood without a mortgage as quickly as you can right? At this point you have your fast lane business running and you are still re investing money on it. Now take surplus parts of your profits and start building part of you dream home. It can be a 2 bedroom house. While you have your neighbors in 3 storey homes; there is no law that forces you to build a mansion right away.
In the coming years you can keep extending your home until you reach that dream mansion you wished to own. No mortgages, no setbacks. Just water and lights bill.
The cars and boat:
For me personally an expensive car paid on installment is the worst mistake anyone at any level of income can ever make. I would suggest paying cash for a car at any level. If you cannot pay cash for the car then you shouldn’t buy it and that includes the boat.
My suggestion is to wait until you can afford to pay cash or buy a point A to B income is cheap car for the time.
Scaling up your business to your desired income for retirement:
I personally have chosen building rental apartments for supporting my early retirement. Mj made millions selling his internet business, sold millions in books and receives passive income from various investments. A lot of other people have done other stuff to support their retirement. Keep in mind that the road to retirements is not as straight forward as building a business from scratch and selling it. Sometimes you have to start with other smaller businesses that will fund your fastlane business. I mean think about it, all fastlane business have high entrance barriers and sometimes those barriers can be having a certain amount of money to buy some sort of manufacturing machine or renting industrial space.
Why did I choose property rentals? Well, I already had 2 empty plots properties inherited at my disposal. I then sported big opportunity for this type of business in my country at the moment. It’s easy to manage and also income is 90% passive from the get go. I’m now working on my 3rd rental proper and already I don’t wake up to an alarm clock but Retirement for me is still almost a decade from now. I still work on my business on stuff like installing electricity, installing doors, installing windows, and installing the roof and the rest of the taught work I leave to building professionals.
Real estate might be slower than the businesses MJ made millions out of but yet again; we spot different opportunities and prefer different securities. MJ might be over $30 million in networth mostly in liquid assets and he knows how to handle them well. I on the other hand prefer having my networth stuck in assets that I can physically see and touch. I don’t buy and hold to sell property; I only build to rent out for monthly income.
Banks and investors are not the only people that can help speed up your business:
Mj says entrepreneurship is not a destination, it’s a lifestyle. F*cking 100% spot on!!
I once sat at my desk and planned on my early retirement… the calculations said 8 years from that time… F*ck. I wished I was on the 7th year towards retirement. Ok I was event orientated at that time but as soon as I realized that entrepreneurship is a lifestyle I started to enjoy the process.
With my good and kind reputation I started cutting deals with builders. “Build me X amount of apartments and I will pay you x amount of installments per month for x months” . Builders agreed. Wow now I don’t have to slow down in business because I don’t have to pay building contactors their total amount whenever they finished a job. I cut deals with my sisters. “Let me convert our home into a rental property and buy you a new home somewhere else and with money I make, part of it will pay for your new home’s mortgage”. I cut deals with relatives, neighbors etc. you name it…
Cutting deals with people and keeping my promise is one of the greatest skills I have developed. This skill will allow you to make extra ordinary progress while you have limited access to cash money.
What about borrowing money from the bank?
Mj Mentions that he used his credit card to market his internet business… It was a risky move but the point was that his business was already up and running and he could almost predict how much it was going to make in future. Using your credit card or borrowing a short term loan to buy a massive television set is a terrible mistake and doing so proves that you are still roaming on a scripted mindset.
I will also advise to not borrow money for a non running business, it is high risk, but for someone who knows what they are doing and are already looking to expand on a business that is already making profits, I think the risk is worth the shot. In fact the one way that can speed up business more than anything is borrowing and paying back in small chunks later: borrowing Money, borrowing peoples time or skills ect. But make your calculations carefully before making a move.
“Don’t copy MJ De-Marco” is a statement that I came up with when I realized that there are a lot more different opportunities outside the internet. The fact that MJ went through all those things doesn’t mean we all have to Skip town and start an internet business in a $495 a month studio apartment. We all have different life situations that need different solutions…
WHAT’S YOUR LIFE STORY??
I HOPE THIS THREAD WAS USEFULL… Thank you!
Most of us after reading The Millionaire Fastlane thought we could also start a web service and make millions, I also made that mistake while failing to recognize other opportunities that existed and problems that needed to be solved around me.
MJ spotted a problem that needed to be solved on the internet, executed well and made millions but not all of us will be successful on the internet. Mj also found Chicago to be depressing because of the cold and he decided to move to a new city with less than $1000 in his pocket. That’s Mj’s story and the risks he took were because of his situation, I’m sure most of us don’t need to make such drastic moves to be successful.
Ok I know making millions on the internet is still possible but there are plenty more businesses with enough potential to secure an early retirement. Just look around you and opportunities are everywhere.
My view on being Unscripted :
My dream was and still is to make 5 figures a month, move in to a prestige home in the suburbs near the ocean and own a sport car, a SUV, a luxury sedan and a boat big enough to have a bed in it. All paid up… No monthly installments and Retire before the age of 40.
How can one get here… we Switch teams and join the Unscripted .
The Business that is needed:
Any scalable business that is properly executed can make you the kind of money capable of buying your dream life. Not necessarily an internet business. I have a friend making it in a taxi business and he knows nothing about the internet. Others like me see opportunity in real estate and calculate that it can get me there…
Make sure you don’t have a side walker’s mentality:
This is most important rule that MJ mentions in his books. A lot of people will instantly start to increase their life expenses as soon as they start making bigger income. It’s the worst mistake for anyone wishing to live unscripted can make. This move will get in the way of your dreams and cripple your ability to boostrap your business.
Never Rent:
Mj says he had to rent a studio apartment when he moved to phoenix. Yes, what MJ did was risky but he had to do it, He had no home and no relatives in phoenix . I see a lot of people suddenly moving into a luxury apartment as soon as their income increases; sometimes the apartment cost more than 50% of their total income. And they add on to purchasing a fancy car on installments… Money down the drain again… this money should be used to boostrap your business as quick as possible.
Most of us also have this desire to live in a mansion and set themselves up to making just enough income to qualify for a 20 year mortgage. Bad move once again. Do you wonder how the hell you can afford such an expensive home and not owe anything on it? I’m not sure how and at which point MJ bough his mansion but he says something about not owing cent on it.
Ok, this is how I figured how one can move in a good neighborhood before having millions cash, without ever renting or paying mortgage…
Save money and buy a plot of empty land at your desired location. Empty land where people have huge houses is much cheaper than you think. By purchasing the land you lose nothing because the land itself can be re sold and you get your cash back or more.
Ok the point is to move into a sea side neighborhood without a mortgage as quickly as you can right? At this point you have your fast lane business running and you are still re investing money on it. Now take surplus parts of your profits and start building part of you dream home. It can be a 2 bedroom house. While you have your neighbors in 3 storey homes; there is no law that forces you to build a mansion right away.
In the coming years you can keep extending your home until you reach that dream mansion you wished to own. No mortgages, no setbacks. Just water and lights bill.
The cars and boat:
For me personally an expensive car paid on installment is the worst mistake anyone at any level of income can ever make. I would suggest paying cash for a car at any level. If you cannot pay cash for the car then you shouldn’t buy it and that includes the boat.
My suggestion is to wait until you can afford to pay cash or buy a point A to B income is cheap car for the time.
Scaling up your business to your desired income for retirement:
I personally have chosen building rental apartments for supporting my early retirement. Mj made millions selling his internet business, sold millions in books and receives passive income from various investments. A lot of other people have done other stuff to support their retirement. Keep in mind that the road to retirements is not as straight forward as building a business from scratch and selling it. Sometimes you have to start with other smaller businesses that will fund your fastlane business. I mean think about it, all fastlane business have high entrance barriers and sometimes those barriers can be having a certain amount of money to buy some sort of manufacturing machine or renting industrial space.
Why did I choose property rentals? Well, I already had 2 empty plots properties inherited at my disposal. I then sported big opportunity for this type of business in my country at the moment. It’s easy to manage and also income is 90% passive from the get go. I’m now working on my 3rd rental proper and already I don’t wake up to an alarm clock but Retirement for me is still almost a decade from now. I still work on my business on stuff like installing electricity, installing doors, installing windows, and installing the roof and the rest of the taught work I leave to building professionals.
Real estate might be slower than the businesses MJ made millions out of but yet again; we spot different opportunities and prefer different securities. MJ might be over $30 million in networth mostly in liquid assets and he knows how to handle them well. I on the other hand prefer having my networth stuck in assets that I can physically see and touch. I don’t buy and hold to sell property; I only build to rent out for monthly income.
Banks and investors are not the only people that can help speed up your business:
Mj says entrepreneurship is not a destination, it’s a lifestyle. F*cking 100% spot on!!
I once sat at my desk and planned on my early retirement… the calculations said 8 years from that time… F*ck. I wished I was on the 7th year towards retirement. Ok I was event orientated at that time but as soon as I realized that entrepreneurship is a lifestyle I started to enjoy the process.
With my good and kind reputation I started cutting deals with builders. “Build me X amount of apartments and I will pay you x amount of installments per month for x months” . Builders agreed. Wow now I don’t have to slow down in business because I don’t have to pay building contactors their total amount whenever they finished a job. I cut deals with my sisters. “Let me convert our home into a rental property and buy you a new home somewhere else and with money I make, part of it will pay for your new home’s mortgage”. I cut deals with relatives, neighbors etc. you name it…
Cutting deals with people and keeping my promise is one of the greatest skills I have developed. This skill will allow you to make extra ordinary progress while you have limited access to cash money.
What about borrowing money from the bank?
Mj Mentions that he used his credit card to market his internet business… It was a risky move but the point was that his business was already up and running and he could almost predict how much it was going to make in future. Using your credit card or borrowing a short term loan to buy a massive television set is a terrible mistake and doing so proves that you are still roaming on a scripted mindset.
I will also advise to not borrow money for a non running business, it is high risk, but for someone who knows what they are doing and are already looking to expand on a business that is already making profits, I think the risk is worth the shot. In fact the one way that can speed up business more than anything is borrowing and paying back in small chunks later: borrowing Money, borrowing peoples time or skills ect. But make your calculations carefully before making a move.
“Don’t copy MJ De-Marco” is a statement that I came up with when I realized that there are a lot more different opportunities outside the internet. The fact that MJ went through all those things doesn’t mean we all have to Skip town and start an internet business in a $495 a month studio apartment. We all have different life situations that need different solutions…
WHAT’S YOUR LIFE STORY??
I HOPE THIS THREAD WAS USEFULL… Thank you!
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