Wealth eludes most people because they are preoccupied with events while disregarding process. Without process, there is no event. Take a moment and reread that. Process makes millionaires, and the events you see and hear are the results of that process. For our chef, the cooking is the process, while the meal is the event. (Location 658)
The billion-dollar “get rich” outcome is the event—the process is the struggle and the backstory. (Location 670)
The Fastlane process demands sacrifices that few make to resolve to live as few can. (Location 707)
The problem with looking wealthy versus being wealthy is that the former is easy while the latter is not. (Location 992)
Wealth is not authored by material possessions, money, or “stuff,” but by what I call the three fundamental “F's”: family (relationships), fitness (health), and freedom (choice, both fiscally and personally). You will find true wealth and, yes, happiness within this wealth trinity. (Location 1010)
“Remember, no man is a failure who has friends.” (Location 1014)
After basic needs are met (security, shelter, health, food), our happiness quotient is most significantly impacted by the quality of our relationships with our partners, family, friends, spirituality, and ourselves. (Location 1072)
Affordability is when you don't have to think about it. (Location 1127)
Wealth, like health, isn't easy. Both are cut from the same fabric with identical processes. They require discipline, sacrifice, persistence, commitment, and yes, delayed gratification. (Location 1149)
Process creates events that others see as luck. (Location 1188)
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Force your process out into the world, and you can defy the odds of “being in the right place at the right time.” (Location 1206)
People need to think before they act. Own their choices before they make them. I am okay with people making mistakes—but freaking own that you made a mistake and learn from it. That's what true accountability and responsibility is all about. (Location 1324)
Stop being a victim by taking responsibility, followed by accountability. (Location 1336)
Own your mistakes, failures, and triumphs. Reflect on your choices. Are you in a situation because you put yourself there? Did you make an error in the process? Were you lazy? Most bad situations are consequences of bad choices. Own them, and you own your life. (Location 1349)
Simply put, wealth is best lived young and enjoyed while you have health, vibrancy, energy, and yes, maybe even some hair. (Location 1436)
Life does not begin on Friday night and end Monday morning. (Location 1507)
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When little Miranda speaks her first word, walks her first walk, dances the first dance, she doesn’t care if you’re in Houston for the quarterly manager’s meeting. Kids and relationships don’t wait for the weekend to grow, and while you’re out trading 5-for-2, guess what—the kids get older, and so do you. (Location 1531)
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If you want to escape the Slowlane and find wealth and freedom fast, you’ve got to dump the job. Let me repeat. Dump the damn job! (Location 1602)
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If you don’t control your income, you don’t control your financial plan. If you don’t control your financial plan, you don’t control your freedom. (Location 1633)
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Your value is dictated, diminished, and delimited. Therefore, the job becomes a delimiter on what’s essential: wealth, freedom, and self-growth. (Location 1666)
You will die someday, and, hopefully, 60% of your time wasn’t squandered in a cubicle while your children grew up and your neglected spouse cheated with the yoga instructor. (Location 1835)
Folks, the rich use the markets for income and wealth preservation—not to make it! (Location 1976)
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If the “do as I say” doesn’t match the “do as I do,” you should be suspicious. (Location 1991)
Take advice from people with a proven, successful track record of their espoused discipline. (Location 2013)
Yet, a Slowlaner will try to manipulate his weak mathematical universe by making the variables malleable. Manipulate intrinsic value by increasing hours worked. (I need to make more money!) Manipulate intrinsic value by changing jobs or adding jobs. (I need to get paid more!) Manipulate intrinsic value by going back to school. (I need a better career!) Manipulate compound interest by seeking better investment yields. (I need better investments!) Manipulate compound interest by expanding the investment time horizon. (I need more time!) Manipulate compound interest by increasing the investment. (I need to save more!) (Location 2072)
The Slowlane is predisposed to mediocrity because the numbers are always mediocre. (Location 2085)
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Hoodwinking expenses does not create wealth. Exploding income and controlling expenses create wealth. (Location 2099)
You can defy the Slowlane’s limitations by becoming so indispensable that your value to society skyrockets. (Location 2125)
You can break the Slowlane equation by exploding your intrinsic value via fame or insider corporate management. (Location 2188)
$10 million, or a baby-billionaire, is the new $1 million. (Location 2191)
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Business -Your own business, self-employment, and entrepreneurship are centrist to the Fastlane, much like a job is to the Slowlane. (Location 2222)
The Fastlane is about building a better system, a better gadget, a better product, or a better “something” that will leverage your work. In the Slowlane, you are the source of heavy lifting, while in the Fastlane, you construct a system that does it for you. (Location 2363)
Yes, become a producer first and a consumer second. (Location 2391)
Applied, this means instead of buying products on TV, sell products. Instead of digging for gold, sell shovels. Instead of taking a class, offer a class. Instead of borrowing money, lend it. Instead of taking a job, hire for jobs. Instead of taking a mortgage, hold a mortgage. Break free from consumption, switch sides, and reorient to the world as a producer. (Location 2391)
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When you encounter an advertising message that coaxes you to buy something, examine it from the producer’s perspective. How does this company make money? What psychological tactics are used in its marketing messages? What kind of operational processes are involved in offering this product or service? Is this company making a profit? What is the revenue model? Is this product manufactured overseas or locally? (Location 2398)
watch infomercials not to buy but to see what the pros do. (Location 2403)
To switch teams and become a producer, you need to be an entrepreneur and an innovator. You need to be a visionary and a creator. You need to give birth to a business and offer value to the world. (Location 2410)
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Fastlaners are producers, entrepreneurs, innovators, visionaries, and creators. (Location 2433)
Wealth = Net Profit + Asset Value Underneath this equation lies the true power of the Fastlane and how to build wealth fast. Its variables are controllable and unlimited. If you can manipulate the variables inherent to your wealth equation, you can get wealthy. Those variables are: Net Profit = Units Sold × Unit Profit ~ and ~ Asset Value = Net Profit × Industry Multiple (Location 2453)
weaponize the Fastlane wealth equation, you must deploy a Fastlane business that has the potential for leverage or high-speed limits. Retarded numbers retard wealth! (Location 2493)
The primary wealth accelerant of the rich boils down to one concept: Appreciable and controllable assets. (Location 2499)
Fastlaners buy and sell appreciating assets: businesses, brands, cash flows, notes, intellectual property, licenses, inventions, patents, and real estate. As it relates to the Fastlane wealth equation, the power of “Asset Value” lies in your ability to control the variable in a virtually limitless fashion. (Location 2504)
Asset Value = (Net Profit) × (Industry Multiplier) (Location 2517)
The latest trend of content distribution has merged with computer systems. Video blogging (YouTube/TikTok), social networks (Facebook/Instagram channels), e-books, and online magazines serve the newest computer systems and content distribution hybrid. (Location 2690)
When inventing any product, the invention is always half the battle. Distribution is the other. The most fantastic product in the world goes unused if it isn’t leveraged into the proper distribution system—either one that exists or one that you create. (Location 2702)
The Law of Effection states that the more lives you affect in scale and/or magnitude in an entity you control, the richer you will become. (Location 2884)
Impact millions and make millions. It doesn't get any simpler than that! (Location 2890)
NET PROFIT = Units Sold (Scale) × Unit Profit (Magnitude) (Location 2896)
Scale creates millionaires. Magnitude creates millionaires. Scale and magnitude create billionaires. (Location 2906)
The corporate executive who facilitates a corporation that services millions is paid millions. (Location 2927)
Become indispensable and irreplaceable like an athlete, entertainer, or top-brass executive. (Location 2930)
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The closer you get to the source of large numbers, the closer you will get to wealth. To serve millions is to make millions. Think big to earn big. (Location 2939)
You are the vehicle to wealth. You are the impetus for action and progress. You are responsible for the journey, and the first step in taking charge of you is to own yourself. (Location 2959)
Selecting an Entity Selecting an entity depends on your goals and your vision for your business. Here are some general questions to help you decide. What is your exit strategy? Go public? Sell to private investors? What is your growth strategy? What is your liability exposure in the worst case? Do you plan on raising capital now or in the future? Do you plan to hire employees? Do you plan to take on new partners? Do you plan on earning profits fast? Or not for a while? (Location 3009)
Success means having the courage, determination, and the will to become the person you believe you were meant to be. (Location 3044)
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Whatever you decide today impacts tomorrow, weeks, months, years, decades, and yes, generations. (Location 3171)
The goal of this book is to change your perception of wealth and money. Believe that retirement at any age is possible. Believe that old age is not a prerequisite to wealth. Believe that a job is just as risky as a business. Believe that the stock market isn’t a guaranteed path to riches. Believe that you can be financially free just a few years from today. (Location 3241)
WCCA asks you to answer three questions about every decision of consequence: What is the worst-case consequence of this choice, and is it a DARE? What is the probability of this outcome? Is this an acceptable risk? (Location 3258)
Your past never equals your future unless you allow it. (Location 3327)
Extraordinary wealth will require you to have extraordinary beliefs. (Location 3372)
As a producer, you are the minority, while consumers are the rest. To be unlike “everyone” (who isn’t rich), you (who will be rich) require a strong defense; otherwise, their toxicity infects your mindset. (Location 3393)
Value your time poorly, and you will be poor. When time is wasted as a lifestyle choice, you will be stranded in places you don’t want to be. (Location 3464)
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Any debt that forces you to work is expensed from free time and shifts to indentured time. (Location 3530)
The ultimate wealth has the free time to live how you want to live. The Fastlane is about being both lifestyle rich as well as time rich. (Location 3551)
Fastlaners are frugal with time, while Slowlaners and “millionaires next door” are frugal with money. (Location 3575)
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Education, your oil, is a critical component of your wealth road trip. When you continually inject yourself with new education, skills, and competencies, new roads open, and things run smoothly. The appropriate education has incredible horsepower. New opportunities rarely follow an old education. (Location 3606)
The acquisition and application of knowledge will make you rich. (Location 3663)
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Be sure you make the right choice because you will have to live with the results of that choice. (Location 3695)
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Fastlaners aren’t interested in being a cog in the wheel. They want to be the wheel. (Location 3775)
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Interest reads a book; commitment applies the book fifty times. Interest wants to start a business, commitment files LLC paperwork. Interest works on your business an hour a day Monday through Friday; commitment works on your business seven days a week whenever time permits. Interest leases an expensive car; commitment rides a bike and puts the money into your system. Interest is looking rich; commitment is planning to be rich. (Location 3797)
You can’t drive the road to wealth with the brakes engaged. You must take risks. Get uncomfortable and fail to progress. (Location 3836)
If you quit your job to pursue a Fastlane business, it’s an intelligent risk. Your upside could be millions. The downside? You might have to live below your standards: mop floors, flip burgers, eat rice and beans and ride your bike to the grocery store. (Location 3870)
Your Fastlane journey never starts, and year after year passes with new preconditions being added while the old ones are satisfied. While opportunity passes, guess what else passes? Time. (Location 3892)
To light the Law of Effection and illuminate your Fastlane road, cross-examine it against the Five Fastlane Commandments, the CENTS framework. The Commandment of Control The Commandment of Entry The Commandment of Need The Commandment of Time The Commandment of Scale (Location 3954)
Fastlaners control their brands, their properties, and their financial plans. They don’t blindly give it to others and hope for the best. (Location 4066)
The Commandment of Entry states that as entry barriers to any business road fall or lessen, the effectiveness of that road declines while competition in that field subsequently strengthens. (Location 4127)
Higher entry barriers equate to more robust, more powerful roads with less competition and the need for exceptionality. (Location 4129)
The correct foundation is externally based on market needs, not internal selfish needs. (Location 4238)
Money isn't attracted to selfish people. It is attracted to businesses that solve problems. It's attracted to people who fill needs and add value. Solve needs massively, and money massively attracts. (Location 4269)
The amount of money in your life is merely a reflection of the amount of value you have given to others. (Location 4271)
The marketplaces and consumers, not you, determine if your business is viable. (Location 4273)
Look around outside your world, stop being selfish, and help your fellow humans solve their problems. (Location 4279)
“What do I have to offer the world?” Offer the world value, and money becomes magnetized to you! (Location 4286)
“It is for others to say whether I am useful or not.” (Location 4303)
If you are one of the lucky few who can earn an income from a specific activity that you love AND are good enough, kudos to you. And congratulations—you might not need a Fastlane. A Slowlane just might suffice. (Location 4314)
Not enough need, too much supply. (Location 4331)
What is your WHY? Why are you doing this? Why go Fastlane? Whom do you want to prove wrong? (Location 4354)
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Effection always is biased toward the architect of the system. (Location 4574)
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Think big but think scale and/or magnitude. (Location 4586)
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Scale is achieved in reach (units sold) and/or magnitude (unit profit). (Location 4593)
Thou shalt not invest in a needless business. Thou shalt not trade time for money. Thou shalt not operate on a limited scale. Thou shalt not relinquish control. Thou shalt not let a business startup be an event over the process. (Location 4622)
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Innovation covers any act of creation followed by distribution. Let me repeat that: Innovation involves two actions: manufacture and distribution. (Location 4692)
Value skew is anything your business does better than the competition AND is discernible by your target audience, causing them to buy. (Location 4763)
You’ve got a great idea, but someone is already doing it? So what. Do it better. Find value attributes and skew them favorably. Do it better than the existing company. (Location 4771)
Skip the big idea and go for the big execution of more value skew. You don’t need an idea that has never been done before. Old ideas suffice; just do it better and execute as no one has! (Location 4784)
The opportunities of open roads come in easily painted language: Discomfort, distress, inconvenience, complaints, problems, and performance gaps. You must attack these challenges and introduce solutions—offer solutions to the masses, and I guarantee the money will follow! Moral: Solve other people’s problems, and you will solve your own money problems! (Location 4832)
Many brilliant people lack rudimentary knowledge of basic economic concepts such as: Interest rates Taxable and non-taxable yields Amortization of mortgages The balancing of a checkbook Basic percentage calculations Calculating return on investment Why stocks rise and fall Why a guaranteed 15% return on a bank CD is screaming, “scam!” How stock options work, such as calls and puts Why insurance exists How a mutual fund works What bonds are and how they rise and fall Global currency (Location 4966)
Slowlaners seek to minimize expenses while the Fastlaner wants to maximize income and asset values. (Location 4981)
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Speed is not thinking about a Fastlane business but creating it. Speed is turning off Playstation. Speed is uncovering a need and formulating a solution and a prototype. Speed is filing paperwork for your business entity. Speed is making contacts and forcing your process out into the world. Speed is approaching your business like a strategic chess game while your opponents play checkers. (Location 5031)
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The King: Your execution The Queen: Your marketing The Bishop: Your customer service The Knight: Your product The Rook: Your people The Pawn: Your ideas. (Location 5043)
Successful entrepreneurs don’t start in flashes of brilliance; no, they take that flash of an idea (the event) and transform it into massive execution (the process). Execution is the great divider separating winners and losers from their ideas. (Location 5060)
You see, it isn’t about your ideas and their potential speed, but about your execution! (Location 5082)
Execution takes process: effort, sacrifice, discipline, and persistence. Ideas are just events. (Location 5091)
You see, the world tells you which direction you should be going at all times. Heed the signs. (Location 5123)
So, if you really want to get funding for your business, get out and make your idea tangible. Give investors something they can see, touch, and feel. Give investors a glimpse of your execution because that is what creates speed on the Fastlane. (Location 5168)
Complaints are the world’s whispers hinting at the direction you should be moving. (Location 5195)