Hey everyone, I’m Ryan, from Michigan, wanted to introduce myself after having been on here for a few months. I’ve found tons of gold nuggets of advice and experience strewn about on here, and am looking forward to finding more, and giving back some myself.
I’m a sophomore, at a local University, pursuing studies in “Business,” though I may focus on Finance, as well as Philosophy.
In case you didn’t scan for the length before you started, this is stupidly long. The two things I can’t do in writing are 1) stop writing and 2) stop editing my writing.
So, I realized after reading TMF that I’ve been raised as a die-hard slowlaner, pretty much all my life. My parents are huge Dave Ramsey followers/practitioners. I was watching his videos back when they were on VHS’s. I like the guy, and he teaches some good general money management habits, which are good for the majority of Americans who aren't smart with their money, but I have no issues managing money.
When I was little, I used to be so thrilled at what he showed the results of investing in the almighty-mutual-funds, reaped at the age of 65. It’s what MJ rightly calls “Wheelchair Wealth.” I’ve realized the odds of all these investments going according to plan is way against me, as well as the built-in assumption that I’ll have a consistent enough job that I can actually continue to invest over the course of my life...
While my parents have always encouraged college, and a career, I don’t know that they're against entrepreneurship. It’s just not something they’ve done before, and thus not passed to me.
My dad (head of finance/accounting/hr at a small business) has always told me college is the “best investment” I can make in myself. He’s too practical to be fully sold on the notion that college guarantees me a good-paying and long lasting career though... I think.
I think he just doesn’t want me to end up working at a dead end career, like so many people in their late teens/young 20’s do, for a low wage, and thinking that’s a success, because I could buy some nice things I wanted, and live a “semi-comfortable” lifestyle.
Like near me (since I'm a gearhead), where guys with low paying jobs flaunt “faux wealth,” with modded cars with rims that cost more than a month's pay. I have to be careful not to be drawn into that.
I've always been taught that the money now that they flashed was a terrible tradeoff compared to a college graduate's income from a good paying job, 5 years down the road.
This assumes I could get good paying job, but I understand the concept (which is true slowlane). I'm working on the mindset to take a step in a different direction, by creating my own roadmap of entrepreneurship. More on that later.
This book has really shattered and refreshed my mindset on how to approach/plan on having a successful life. Still re-wiring my mind, and learning lots from a lot on here in the process. I've also looked at changes in the industry I've always planned to be in, and have been trying to decide if it's a good decision.
I've always planned to be is an attorney. And I want to admit freely, but not unashamedly, that besides the fact that I’ve have many of the characteristics of a good attorney (in terms of reasoning, writing abilities, oral arguments, argument dissection/composition, or whatever else you want to make up), I really have always been highly driven by the money involved as well.
Please, no sighs of disgust yet.
Stay with me!
I enjoy debating, writing arguments, dissecting cases- and enjoyed an internship with a commercial contracts attorney- but the top money that can be made in the top firms in the country (which I’ve planned my life around how to get into, it’s not just an unrealistic dream, though it is extremely hard) is what I’ve been chasing BIG TIME as well. More on this at the end, so you hopefully don't think I'm a lost cause...
[Hopefully without sounding like a sidewalker, I admit that I have an extremely strong desire to make money, coupled with a superb work ethic (some of which I credit to my upbringing), and I don't look for the short way out in life.
Essentially, I’m not looking for some get rich easy scheme (the book and this forum have made me a believer in the possiblity of getting rich quick
), but instead, I’ve chased things that were an exchange of lots of money (relative to most careers) and lots of time.
As an example, I’ve even chased things such as I-banking (since that’s in the finance field, which interests me), as that was an equally lucrative career, though I’m not sure I would find that as interesting. Insight on this and its relation to income in part two.
[Funny story, I remember calling into one of the top firms in the country (Skadden Arps) as a freshman in highschool (only like 5-6 years early…) and asking a whole sheet of questions. The lady asked at the end if I had an application in, and then definitely stifled a chuckle when I said I was in highschool still].
Back to business.
I'm not interested in the profession for the way Hollywood portrays it (inaccurately).
I have no issues with litigating, but am (was/have been) only interested in business disputes, if that makes sense. Besides not wanting to deal with the public sector, I"ll admit that my desire to not practice in any of those branches was encouraged by the severely lower income made (like by a state prosecutor or such).
I always planned to work at whatever firm I was hired by for 5-7 years, hope to make “equity partner” for a time, but leave within a decade, and start my own firm.
But drawing from the book, it looks to me like a corporate attorney is the epitome of “soul sucking corporate slavery” with how it violates the time commandment.
70 hours/week is considered normal, if not low, with hours regularly ranging from 85-100, with annual billable hour quotas (to blow past) if you ever want a chance at making partner (MJ did mention doctors/lawyer as being someone who could leverage time in their favor in a video, but I’m not sure that he was serious, since the biggest earners are also the biggest corporate slaves..?).
I realized that while A+A’s are mentioned as being an integral part of your business in TMF , they themselves are anything but Fastlane opportunities. There are always huge time commitments (at least for attorney's), even for a senior partner pulling in millions. Not to mention the violation of control (the partners who give you your work), and I think scale. I know there are some online “ask an attorney question” sites, but I doubt being "employed" there is Fastlane...
Luckily, that didn’t force me into what I am interested in (business related, like M&A’s, buyouts/takeovers, joint ventures, contracts, etc).
But, there has been a severe industry decline over the last few years (for quite a few reasons, won't get into that), and even though my whole life has been planned around it, I’m realizing that it really isn’t a wise decision right now.
Since I want to commit myself to solving needs via the Fastlane, it won't ever be a wise decision. So I'm working on parting ways with that, which is pretty tough, since it's been a life long plan. Again, this book has been an instrumental factor in making this decision.
So, that’s a lot of talk there. I’d appreciate any comments on it, or insights/suggestions for and/or about me anyone gets from reading this.
Now, on to part two. Told you this was long….
I’m a sophomore, at a local University, pursuing studies in “Business,” though I may focus on Finance, as well as Philosophy.
In case you didn’t scan for the length before you started, this is stupidly long. The two things I can’t do in writing are 1) stop writing and 2) stop editing my writing.
So, I realized after reading TMF that I’ve been raised as a die-hard slowlaner, pretty much all my life. My parents are huge Dave Ramsey followers/practitioners. I was watching his videos back when they were on VHS’s. I like the guy, and he teaches some good general money management habits, which are good for the majority of Americans who aren't smart with their money, but I have no issues managing money.
When I was little, I used to be so thrilled at what he showed the results of investing in the almighty-mutual-funds, reaped at the age of 65. It’s what MJ rightly calls “Wheelchair Wealth.” I’ve realized the odds of all these investments going according to plan is way against me, as well as the built-in assumption that I’ll have a consistent enough job that I can actually continue to invest over the course of my life...
While my parents have always encouraged college, and a career, I don’t know that they're against entrepreneurship. It’s just not something they’ve done before, and thus not passed to me.
My dad (head of finance/accounting/hr at a small business) has always told me college is the “best investment” I can make in myself. He’s too practical to be fully sold on the notion that college guarantees me a good-paying and long lasting career though... I think.
I think he just doesn’t want me to end up working at a dead end career, like so many people in their late teens/young 20’s do, for a low wage, and thinking that’s a success, because I could buy some nice things I wanted, and live a “semi-comfortable” lifestyle.
Like near me (since I'm a gearhead), where guys with low paying jobs flaunt “faux wealth,” with modded cars with rims that cost more than a month's pay. I have to be careful not to be drawn into that.
I've always been taught that the money now that they flashed was a terrible tradeoff compared to a college graduate's income from a good paying job, 5 years down the road.
This assumes I could get good paying job, but I understand the concept (which is true slowlane). I'm working on the mindset to take a step in a different direction, by creating my own roadmap of entrepreneurship. More on that later.
This book has really shattered and refreshed my mindset on how to approach/plan on having a successful life. Still re-wiring my mind, and learning lots from a lot on here in the process. I've also looked at changes in the industry I've always planned to be in, and have been trying to decide if it's a good decision.
I've always planned to be is an attorney. And I want to admit freely, but not unashamedly, that besides the fact that I’ve have many of the characteristics of a good attorney (in terms of reasoning, writing abilities, oral arguments, argument dissection/composition, or whatever else you want to make up), I really have always been highly driven by the money involved as well.
Please, no sighs of disgust yet.
Stay with me!I enjoy debating, writing arguments, dissecting cases- and enjoyed an internship with a commercial contracts attorney- but the top money that can be made in the top firms in the country (which I’ve planned my life around how to get into, it’s not just an unrealistic dream, though it is extremely hard) is what I’ve been chasing BIG TIME as well. More on this at the end, so you hopefully don't think I'm a lost cause...
[Hopefully without sounding like a sidewalker, I admit that I have an extremely strong desire to make money, coupled with a superb work ethic (some of which I credit to my upbringing), and I don't look for the short way out in life.
Essentially, I’m not looking for some get rich easy scheme (the book and this forum have made me a believer in the possiblity of getting rich quick
), but instead, I’ve chased things that were an exchange of lots of money (relative to most careers) and lots of time.As an example, I’ve even chased things such as I-banking (since that’s in the finance field, which interests me), as that was an equally lucrative career, though I’m not sure I would find that as interesting. Insight on this and its relation to income in part two.
[Funny story, I remember calling into one of the top firms in the country (Skadden Arps) as a freshman in highschool (only like 5-6 years early…) and asking a whole sheet of questions. The lady asked at the end if I had an application in, and then definitely stifled a chuckle when I said I was in highschool still].
Back to business.
I'm not interested in the profession for the way Hollywood portrays it (inaccurately).
I have no issues with litigating, but am (was/have been) only interested in business disputes, if that makes sense. Besides not wanting to deal with the public sector, I"ll admit that my desire to not practice in any of those branches was encouraged by the severely lower income made (like by a state prosecutor or such).
I always planned to work at whatever firm I was hired by for 5-7 years, hope to make “equity partner” for a time, but leave within a decade, and start my own firm.
But drawing from the book, it looks to me like a corporate attorney is the epitome of “soul sucking corporate slavery” with how it violates the time commandment.
70 hours/week is considered normal, if not low, with hours regularly ranging from 85-100, with annual billable hour quotas (to blow past) if you ever want a chance at making partner (MJ did mention doctors/lawyer as being someone who could leverage time in their favor in a video, but I’m not sure that he was serious, since the biggest earners are also the biggest corporate slaves..?).
I realized that while A+A’s are mentioned as being an integral part of your business in TMF , they themselves are anything but Fastlane opportunities. There are always huge time commitments (at least for attorney's), even for a senior partner pulling in millions. Not to mention the violation of control (the partners who give you your work), and I think scale. I know there are some online “ask an attorney question” sites, but I doubt being "employed" there is Fastlane...
Luckily, that didn’t force me into what I am interested in (business related, like M&A’s, buyouts/takeovers, joint ventures, contracts, etc).
But, there has been a severe industry decline over the last few years (for quite a few reasons, won't get into that), and even though my whole life has been planned around it, I’m realizing that it really isn’t a wise decision right now.
Since I want to commit myself to solving needs via the Fastlane, it won't ever be a wise decision. So I'm working on parting ways with that, which is pretty tough, since it's been a life long plan. Again, this book has been an instrumental factor in making this decision.
So, that’s a lot of talk there. I’d appreciate any comments on it, or insights/suggestions for and/or about me anyone gets from reading this.
Now, on to part two. Told you this was long….
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