What amount of monthly income do you guys consider fastlane?

[mav55339]

10k, 20k, 50k, etc?

 

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[Robdavis]

Fastlane is primarily a mindset. Some Slowlaners make a lot of money. An example would be sports stars who have well paid jobs.

Some Fastlaners don't make a lot of money because they are starting out or have had a business failure.

The Fastlane is a method for leveraging your expertise to be able to help large numbers of people. On the average, Fastlaners have more impact than Slowlaners and so could in principle receive a higher income.

 

[biophase]

10k, 20k, 50k, etc?

It's not about the income, it's about how you are making it.

$50k a month as a doctor working 80 hours a week?
$20k a month as an investor working 5 hours a week?

Which one is fastlane to you?

 

[P3HSB]

It's not about the income, it's about how you are making it.

$50k a month as a doctor working 80 hours a week?
$20k a month as an investor working 5 hours a week?

Which one is fastlane to you?

the investor guy has to go through volatility, periods of ups and downs. Not as sexy as you might think

 

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[Andy Black]

As others have said, it's not how much you earn but how you earn it.

And there's also this:

NOTABLE! - MINDSET - My friend, you are already IN the Fastlane.

Originally posted here by @MJ DeMarco Too good to be buried deep in the forum. ... My friend, you are already IN the Fastlane. Fastlane is not some arbitrary sum of money. It's not passive income while sitting on a beach. And it's not retiring at 30. Fastlane at its core is a mentality...

www.thefastlaneforum.com

 

[Hurks2048]

As others have said, it's not how much you earn but how you earn it.

And there's also this:

NOTABLE! - MINDSET - My friend, you are already IN the Fastlane.

Originally posted here by @MJ DeMarco Too good to be buried deep in the forum. ... My friend, you are already IN the Fastlane. Fastlane is not some arbitrary sum of money. It's not passive income while sitting on a beach. And it's not retiring at 30. Fastlane at its core is a mentality...

www.thefastlaneforum.com

Agree with this.
As said by others, I think the fastlane is more about mindset/lifestyle than a specific numerical income.
For example, If I was able to make $10k p/m from a dog walking business and was able to spend plenty of time with those I love, wouldn't that beat working an unpleasant 9-5 while earning $20k p/m?

Just some food for thought.

 

[K1 Lambo]

It's probably around $30k a month net for the majority of people. With that income you can basically live anywhere you want and still enjoy your life (even in expensive cities like Paris, Oslo, London etc.).

But to truly live that baller type of lifestyle; think of exotic cars, high-end apartments, frequent first class vacations/5 star hotels, shopping with your girl etc. It's at least $100k a month net minimum.

And again like others have pointed out, making $300k a month while working 20 hours a week is SO much better than making $10m a month while working 16 hours a day if it makes sense.

 

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[Fox]

I find there are two starting amounts where things change the most:

- 5 to 10k a month where people can quit their job and go fulltime in their own business. This allows people to set up their life as they wish and have enough money to start building a good lifestyle base.

- Around 50k/month where people can start to stack wealth a lot faster while also living a high standard of living.

 

[biophase]

the investor guy has to go through volatility, periods of ups and downs. Not as sexy as you might think View attachment 49397

It depends on what he’s investing in. I think you may be thinking of trading.

The only reason I put 5 hours a week is because nothing is truly 100% passive.

But you could get $20k/mo with 5% CDs and have zero work.

 

[biophase]

I find there are two starting amounts where things change the most:

- 5 to 10k a month where people can quit their job and go fulltime in their own business. This allows people to set up their life as they wish and have enough money to start building a good lifestyle base.

- Around 50k/month where people can start to stack wealth a lot faster while also living a high standard of living.

If we want to talk about absolute amounts of money. I agree. I think that $10,000 a month is probably where you start feeling a little comfortable in most areas of the United States.

I feel like at $20,000 a month. You are in kind of a limbo stage where you can spend freely but if you do so you are not accumulating any wealth at this level you need to be mindful of a budget still if you want to become in the top 1% later in life.

I think that around $50,000 a month is where You can start spending some money and not even worry about how much you are saving because you are just saving a lot of money without even trying. This is near the point where MJ mentions you can save close to 90% of your income without actively thinking about savings.

 

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[mav55339]

It depends on what he’s investing in. I think you may be thinking of trading.

The only reason I put 5 hours a week is because nothing is truly 100% passive.

But you could get $20k/mo with 5% CDs and have zero work.

What is a CD again lol? How much would you have to put into it to get 20k per month at 5%?

 

[biophase]

What is a CD again lol? How much would you have to put into it to get 20k per month at 5%?

$4.8M would get you $20k a month at 5%.

 

[Johnny boy]

My interpretation:

The fastlane is not a level of wealth but a philosophy about how to build wealth. That’s what the fastlane is. It’s the idea that there’s 3 groups.

1. Sidewalkers: total morons. Paycheck to paycheck, employees forever. Basically cattle.
2. Slowlaners: arrogant morons. They have a 401k and might have some retirement saved up by the time they’re 60. They think they’re so smart with their 80k debt in student loans and being enslaved to their job.
3. Fastlaners: getting paid from a scalable business. Sacrifice 5-10 years of busting your a$$ to build something real, it pays off for the rest of your life. Be an actual millionaire in your 30’s or maybe even your 20’s, and enjoy the best of what life has to offer, take risks and deliver real value to the world instead of punching a time clock for the rest of your life. Be a producer. Bust your a$$ to get paid when you sleep in 5 years.

Being on the fastlane by definition is just when you are taking actions to further goals that align with that philosophy. Things like growing a business. Once you are on the path you are a “fastlaner”. What makes someone “successful” is just how far along on that path they are. And that definition is different for everyone.

 

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[Fox]

If we want to talk about absolute amounts of money. I agree. I think that $10,000 a month is probably where you start feeling a little comfortable in most areas of the United States.

I feel like at $20,000 a month. You are in kind of a limbo stage where you can spend freely but if you do so you are not accumulating any wealth at this level you need to be mindful of a budget still if you want to become in the top 1% later in life.

I think that around $50,000 a month is where You can start spending some money and not even worry about how much you are saving because you are just saving a lot of money without even trying. This is near the point where MJ mentions you can save close to 90% of your income without actively thinking about savings.

Ya exactly. I know guys who have made 10k/m profit for years and have lived well but haven’t really saved anything.

It’s the guys who get to 50k/m and keep it over that amount that seem to really pull ahead. I feel that’s the tipping point amount.

Obvious people way over that amount are getting there even faster.

 

[Panos Daras]

For me, 20K is a good target to hit. I am not materialistic and even if I had the money I would not spend it on cars (I don't even own one), or big houses that make you a target for burglars. Before you know it I would have to manage personnel for security, cleaning, etc.

 

[MJ DeMarco]

My perspective... and this is based in US/Canada, other countries will be different.

1. $5-$10K/mo: Fastlane launchpad, here someone can take care of bills and really focus on their business.
2. $10-$20K: Debt repayments start to accelerate, you start to realize that you don't stress about money as much.
3. $20K-$50K: Personal debts can be paid instantaneously (student loans, car balances, mortgages) you start paying cash for things, and savings start to accumulate, even with modest lifestyle elevation, newer car, new house.
4. $50K-$100K Net worth starts to rapidly accelerate, both through cash flow and business evaluation. Lifestyle can elevate and your life starts to change. Friends/family might start taking notice.
5. $100K-$250K/mo: Net worth begins to go asymmetrical, life changes, no money worries at all, assuming your lifestyle didn't mimic the income elevation. Taxes start becoming a problem.
6. $250K+/mo: Life is never the same, lifestyle starts to go asymmetrical, net worth rapidly accumulates as does liquid reserves. Taxes become a major issue.

 

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[Raoul Duke]

 

[Nazca]

My perspective... and this is based in US/Canada, other countries will be different.

1. $5-$10K/mo: Fastlane launchpad, here someone can take care of bills and really focus on their business.
2. $10-$20K: Debt repayments start to accelerate, you start to realize that you don't stress about money as much.
3. $20K-$50K: Personal debts can be paid instantaneously (student loans, car balances, mortgages) you start paying cash for things, and savings start to accumulate, even with modest lifestyle elevation, newer car, new house.
4. $50K-$100K Net worth starts to rapidly accelerate, both through cash flow and business evaluation. Lifestyle can elevate and your life starts to change. Friends/family might start taking notice.
5. $100K-$250K/mo: Net worth begins to go asymmetrical, life changes, no money worries at all, assuming your lifestyle didn't mimic the income elevation. Taxes start becoming a problem.
6. $250K+/mo: Life is never the same, lifestyle starts to go asymmetrical, net worth rapidly accumulates as does liquid reserves. Taxes become a major issue.

How do you deal with taxe issues?

 

[Black_Dragon43]

Personally I think real wealth is people who are making $1M+/month. Below that, you may be able to take care of all your lifestyle needs, but you won't be accumulating massive wealth and influence that enables you to make big moves in the world.

With $1M coming in per month you can start multiple businesses, invest in political campaigns, dine with the elite, speak to members of your Parliament, etc. Suddenly at that point a whole new level of influence opens up. There almost won't be any door that you can't open if you put your mind to it.

To me, wealth is associated with kings and conquerors. It's not just about having money to fund your lifestyle, it's about having so much money that you're able to influence the world in significant ways.

To get there you probably need a business with revenues of $25-50M+/year so that profits can add up to $1M/month assuming a 25-50% profit margin.

 

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[MitchC]

I think it’s worth mentioning the scale part of cents.

Let’s use the doctor example again.

It was mentioned how he was making 50k a month and working heaps, vs 20k a month and not working much with a lifestyle business.

What wasn’t mentioned is that the doctor cannot work any more hours in the day. The doctor can not ask for a 200% pay rise.

The lifestyle business can scale and make 100k the next month, then 200k the month after.

 

[Tonmoy.bold]

It's not about the income, it's about how you are making it.

$50k a month as a doctor working 80 hours a week?
$20k a month as an investor working 5 hours a week?

Which one is fastlane to you?

absolutely true. And you should also consider if you can scale and automate it

 

[msissoko]

My perspective... and this is based in US/Canada, other countries will be different.

1. $5-$10K/mo: Fastlane launchpad, here someone can take care of bills and really focus on their business.
2. $10-$20K: Debt repayments start to accelerate, you start to realize that you don't stress about money as much.
3. $20K-$50K: Personal debts can be paid instantaneously (student loans, car balances, mortgages) you start paying cash for things, and savings start to accumulate, even with modest lifestyle elevation, newer car, new house.
4. $50K-$100K Net worth starts to rapidly accelerate, both through cash flow and business evaluation. Lifestyle can elevate and your life starts to change. Friends/family might start taking notice.
5. $100K-$250K/mo: Net worth begins to go asymmetrical, life changes, no money worries at all, assuming your lifestyle didn't mimic the income elevation. Taxes start becoming a problem.
6. $250K+/mo: Life is never the same, lifestyle starts to go asymmetrical, net worth rapidly accumulates as does liquid reserves. Taxes become a major issue.

Very good

 

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[MattR82]

I've gone back to a job to put some savings together to relaunch my business in a bigger city (5 million vs 300k).

I make 20 to 25k AUD a month gross but do 12 hour days and am in tunnels 800 metres underground. Does NOT feel fastlane lol.

If I was managing my business which had growth potential and was only clearing 1/3rd of that I'd feel much better.

 

[biophase]

I've gone back to a job to put some savings together to relaunch my business in a bigger city (5 million vs 300k).

I make 20 to 25k AUD a month gross but do 12 hour days and am in tunnels 800 metres underground. Does NOT feel fastlane lol.

If I was managing my business which had growth potential and was only clearing 1/3rd of that I'd feel much better.

Hope you are investing a lot of that money!

 

[MattR82]

Hope you are investing a lot of that money!

Only been there a month but will be using it for relaunching my commercial cleaning biz in a capital city I used to live in, targeting 5 to 15k per month clients. Got my a$$ kicked the first year I tried with too small clients, too small an area population wise, wrong productivity rates and margins, and much, MUCH more

 

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[Midnightbast111]

20 k I guess but fastlane income can differ greatly, with some people earning more than they would in a regular job. In the world of cash advance strategies such as 신용카드 현금화, fastlane could translate to significant monthly earnings that surpass standard wages. It involves taking advantage of opportunities for increased financial rewards beyond the usual 9-5 grind.