interesting points ,if anyone else needs to find out about mind tricks to be successful try Magic Progress Shortcut ( search on google ) ? Ive heard some decent things about it and my partner got great results with it.
DEFFINETELY A FASTLANER..!!! but when it comes to "destination & goals" I was a SIDEWALKER for 10 fucking years of my life, because of SCHOOL and the toxic family I grew up in, both of which crushed any glimmer of ambition out of me and made me incapable of even imagining the possibility of a future worth living.. thankfully I managed to distance myself and never stopped learning, so 10 years later I am starting to get my shit together.. (only mentally for now)
@@kartikeyagupta1466 this happens rarely if you live frugal and are willing to grind a part-time job during the early days.. Getting homeless is a vicious cycle where it’s difficult to get out. But as long as drugs aren’t your thing, there is no economic crisis and you have a working brain, getting homeless is also of pretty low probability...
I have listened to the whole audio book of the Millionaire Fastlane, you have summed it up in a very nice way, both visually and accurately! Love your channel
You have plenty of time to straighten things out @ only 26 years old. If you open A Roth IRA @ 26 years old ; plus contribute something to your 401k while building yourself Up; you will do just find . Think of others who @ 48 years old or even older have little to no savings or Retirement investments!!! Good luck 🍀; you have time on your side .
it's ok, just take a job stable to start. Then, you can try to start a business, but you need a stability first with a job. You have to be secure first before take risk with a business :)
I am thinking about a new type of restaurants: eating-spots in eating-spots, food keeps changing, chefs also rotate this is opposed to current restaurants, thanks to this rotation of food and chefs, eating-spots are more powerful than restaurants, along with that, there is an app, people vote for the food that will be cooked in the next days, menu is influenced by the live input of the people via an app
Don't quit your day job. Start the business small and THEN see how it works out while still working. Work on becoming an expert in your field. Then either sell your consultation services to people or invest money in your field using your expertise. Got this advice from my entrepreneurship events at my university and "The Millionaire Next Door" by Thomas Stanley
Some key points with this. MJ spent 5 years with no money presuming his entrepreneurial path with many failures, losing his GF and living with his mom who told him to get a job. He hit it big on his limo renting online booking business. You need to take many punts on ideas before you find something that works, this is not an easy process. He make his own luck by trying many times and failing until he found success.
It's amazing how you have covered the 3 wealth personality👌👌👌 And this book is a must read for anyone looking forward to creating wealth and becoming rich.
My take-away from the take-aways :D 1. If you don't start a business, the probability of ending in the mediocre lane/life is high. Even with a decent job, it takes your whole life to build up the wealth that ensures you enough freedom and more "free-time". 2. A good business scales well. Therefore the revenue doesn't depend much on the amount of work hours put in. (at least it is not linear) Therefore: salary has to be maxed out as fast as possible in your profession and using the accumulating funds, it has to be invested in your own/other people's businesses. The process converges through a point where it doesn't worth to sell your time anymore, to the end, where you can live a comfortable life from earning interests, dividends, royalties, etc.
no, creating value has nothing to do with money, you can create a valuable product or service that does not do well in the marketplace. It's a nice 'saying' though.
Fastlane. I start my one person consulting business when I was 29 and started to invest in real estate 8 years later. I have reached my first goal and have 9 houses with 17 apartments. But I am a bit stuck. The ratest eat up the revenue, the bank do not want to loan money. In 15 years, it will be great. I work full time to keep all together. I am looking for the next phase and trying different startups. But non has taking of and only cost money. Think and grow rich book was a great book. I have lost my focus the last two years. The road is hard but fun. I have crashed, been fatigued, have grey hair, and drink too much. But soon, I will be in the game again. It's a hard road. Now I am 43 and I wish that I start purchasing real estate 20 years ago. First, by flipping and then using the BRRRR strategy.
Magnitude and scale - good one. Compounding only works best if have either the magnitude or the scale to back it. Compounding $100 at a 10% interest won’t help you fly. 100 units of $100 at 10%, or $10000 at an even lower interests of 8% will do way better. 👍🏻
It is true. Getting that starting capital is very important for your investing success. I would emphasize that it's good to practice investing with a small account first though, I'd much rather make my first mistakes with a $10,000 account than a $1,000,000 one 👍
@@hirdayjitsingh I did. thus the reason I said "it is not easy as YOU WELL KNOW" But with your attitude the odds of you being successful is minimal at best
I love this book because it taught me that when opening a business, you need to find what problems what you need to solve. If you can solve that problem, like tesla creating a solution to ev, then you have a better understanding of making money out of that. Oneday, I'll get there.
Hey Swedish Investor - this is one of my all time favourite books. Thanks for doing such a good summary of it. IDEA: what if you provide a high res image of the final summary for users to download? I would love to have that as a wallpaper in my desktop - just to keep the concepts fresh in my head every time I start my computer (and also for motivation) Thanks again for such a good video!
A business idea - create this high res image but don't just give it out to public. Whosoever subscribes to you on your mailing list, send it to them via mail. What a great way to convert viewers!!
One of the MUST read books for finance! Life's a b*tch, if we don't treat it as one, it will cause lots of problems for us. Therefore, the only way to create and maintain wealth is to build wealth FAST by creating a profitable and scalable business and then reinvesting excess profits into cash flow producing assets. This is the gist of The Millionaire Fastlane, and absolutely important for achieving financial freedom forever. Great read.
I live in UK, I managed to understand that time is the real asset in life. From the graphic: I relate to Time, Destination&Goals, life but I suck at the primary income.
I am somewhere between a fast laner and slow laner.... Everythng other than my primary income is of fast laner.... but as of now,my primary income is from my employer. But hoping to change this in few years and be financially independent. Unless yoou are going to take loans, the best most can do is be in between slowlaner and fastlaner imo. And i dont like loans, as it increases the risk of being broke.
Well,now that he descried how fast laner defines wealth, I think i am a slow laner. But I am not going to quit my job and start a business with a loan to become a fast laner. No ty, I am no good at handlng liabilities, I dont have good people skills. Liabilities increases your speed,But it doesnt tell you in which direction, it can speed up and make u rich or it can speed up and make u broke before realizing what you did wrong. Not to mentiton the amount of strain in ur mind to repay that debt.
@@VishnuAnilkumar1 You don't need loans to start a business. You first need a product or service people will pay for that makes money. You use the profit to reinvest.
"we want odds in our favour" and "therefore, we want to start a business" are contradictory. The amount of new business that go bust is staggeringly high, and even of those that survive, the ones that actually make the founder a lot of money are few and far between.
I'm no expert, but part of it might be that the type of people that have this drive tend to try again and again. So if it takes them 9 failed attempts to get to success on the 10th, they are still going to make it and the stats will show what you are saying. It's just a thought, I've never had a business.
You don’t get it. He’s talking about your odds of becoming super rich. Your odds of being wealthy by doing job are going to be none or very very slim. But your odds of making it in business are going to much better. The statistics tell us that 3 out 10 business get successful in North America. Which means your odds right of the back are 3 out 10. Then you can improve those odds by changing your mindset, I know this sounds odd, but it is very true. There are roughly 10 to 15 common things that millionaires do to get successful, and more than half those things are to do with how they think or react to a situation. 1 example is poor people think business = risk, rich people think business = freedom of time and income. There is a lot more to be said on this topic but I just gave you small jist.
@@-RockOn- so you think if all aspiring business owners would have the "millionaire mindset", all of their businesses would be successful? so let's say all business owners have the millionaire mindset then every single one of them would be successful and the odds stacked against them is no longer there? yeah, don't think this is true, if what you're saying is real we'd have much more rich and successful business people nowadays, anyone and everyone attempting to open a business would be successful as long as they have the "millionaire mindset", and we wouldn't have people being employees anymore even in a hypothetical world where all business owners have the millionaire mindset
@@sleepless2541 I did say "The Odds" of being successful would be much better. The problem is that most people who go into business go in with a neglect mindset. They assume that because they now own a business they are thier own boss so now they can work when ever they want, sleep when ever they want etc. While that is true it also means you have to work a lot harder. "Millionaire mindset" talks about these things. Poor people say Life Happens Rich people say I will work hard to make my life better. Now just because I say "I will make life better does not mean it will happen. I actually have to put the work behind it. If you look at most successful people in the world (mind you I said successful not rich) they have a few things in common that dont find in unsuccessful people. Eg work Ethic, Rich Mindset, Discipline, Desire to achieve something etc. Having a "Millionaire Mindset" is not what makes you successful. Doing what Successful people do and thinking the way they think is what helps you get closer to your success. Your right 7 out of 10 businesses in North America go out of business but do you also know that 5 out of those 7 go out business because the owners never realized the work ethic it took to actually run that business. In your own neighborhood choose 2 restaurants, Same food same size, same location, one successful and other one not. Then you see what the differences are. 1. Attitude of Owner right from the beginning 2. Work Ethic. I am boss so I can sleep in. I am boss so I have to be the first one at the restaurant. 3 Coacability and ability to accept new information. I already know how to run a business, don't teach me how to do vs I would like to learn more from the successful business around me to adopt change and get more successful. 2 out of the 7 businesses go through a personal tough time. Financial or Family or something out of thier own control. These business owners I feel for because it wasn't something they could control.
@@TheSwedishInvestor the millionaire next door has inspired a lot of ppl to becoming millionaires. Now sure the same can be said about the fast lane book
It seems to me that the fastlane is still limited. It is limited by skill (necessary to have control and barrier to entry) which it self is limited by time. Instead of building a business you could just at well "get good" at your job and increase your salary to the point it ain't stuck to time (stock options, bonus, results based pay). In the end the secret to getting a lot of money seems to be to just get good. And there is no secret to that.
Not necessarily, if you start your own business YOU CONTROL how fast you progress depending on how fast and how much work you put into learning the material and educating yourself from books and content. COMPARED to a job and corporate no matter how advanced you might be, ultimately how fast you progress through the ranks depends on the company aka SOMEONE ELSE. They might promote you every 5 years (or even every 10 years…. yikes) and by the time you reach the top it will already be 20-25 years later which would make you fit the sidewalk and slow lane box more since it took you so long to do this. Learning a SKILL through entrepreneurship is often times faster since you don’t depend on anyone for your progress and you can fail and try again over and over again. You can’t experiment as much with a corporate job.
You definitely need skill. But I think with the "be good at the job" approach you would need much more. Even if you get to the point of getting bones and stocks, that also takes time to bring you enough money. It has other advantages tho, like more stability which can bring peace of mind
@@MrVafflisMost software developers that I know are bound by time limits. Especially if they are trying to get a new product to the market. If you don't meet the deadline you are fired.
Closer to fastener but to be enough got need to work on money just started new business but now need to learn about investment.. It is really sad that schooling doesn't tech you about money
Im stuck between the fast lane and side walk, thinking of the last few year i have been transitioning between all the lanes, im transitioning i was on the sidewalk now im off the the highway 🎉, good luck to everyone on the same journey
Reading this book took 15+ hours of my time. Yeah, I'm a slow reader. I haven't applied any of its teachings, but I intend to. I will come back to this video once what I have learned from the book pays off.
I 100% agree. I also think that money can be a huge improvement of life, but to think that it's the one solution for all your worries and problems would be naive :)
If you think it'd about making more money you got the wrong take away from this book. This book stresses that time not money is the most valuable resource.
I am a terrible reader. Your videos helps me a lot. Thank you so much. Please make a video on bitcoin. Its a new financial world, a new way of investing and im sure theres a book about it.
I'm in the slow lane. But have passive income. And other sources of income! And I'm became a millionaire at age 34 so maybe not a tractor or formula car. Maybe I'm a Corvette. Nothing fancy but I get it done!
I love your videos, the swedish investor ist one of the most useful channel that I use daily. Thank you for your summaries, they are simple, clear and funny. A question, what kind of program you use to make the drawings and animations??? Congratulation and thank you again
ive been scouring investment books and videos for years and this single-handedly over hte years has stood out to changing my mindset. I'm a medium to high income earner into stocks and have been looking to diversify. I guess I should focus on investing on my income above all else.
Nah if you have terrible spending habits you can still make yourself broke. look at those people that win the lottery and still manage to spend it all with a “slowlane” mindset as it’s called in the book
@Mech That's an urban myth, google hard statistical data. You will see most lottery winners do not become poor. Maybe some declare bankruptcy on various companies, but that's a common tactic to avoid taxes, financial obligations and do other financial tricks :)
Still, slowlane is way better than the sidewalk. It's a preferred method for those who are incapable or are unwilling to do something risky or those who really love their job. That's the majority. So it's still a pretty good way. Second generation would be well set up for life
6:57 ... I do not know where did you take that table from, but assuming (excuse my French) that the amounts are correct, for the number of years though... there is a 0 missing => 39 years would be 390 years ... ;)
I totally appreciate your summary. My only argument is what happens when you place someone who has never driven a car in a formula 1 car and have them drive at 250km?
Fast lane frank, cause I want my dreams to become a reality. I work while investing and I am working on a side hustle that will generate that wealth ; I desire.
Playlist of books on how to start your first business: bit.ly/391czmD
Indeed A great way to communicate and educate people about new market trends and investments.
I sent you an Email. Just check them out. 🙂
Heĺlow!
I would like to request your advices in my personal development please send me your what'sapp number or WhatsApp me through 0767783399
interesting points ,if anyone else needs to find out about mind tricks to be successful try Magic Progress Shortcut ( search on google ) ? Ive heard some decent things about it and my partner got great results with it.
😂😂😂😅
DEFFINETELY A FASTLANER..!!! but when it comes to "destination & goals" I was a SIDEWALKER for 10 fucking years of my life, because of SCHOOL and the toxic family I grew up in, both of which crushed any glimmer of ambition out of me and made me incapable of even imagining the possibility of a future worth living.. thankfully I managed to distance myself and never stopped learning, so 10 years later I am starting to get my shit together.. (only mentally for now)
This book changed my life. At 18, I quit my job and left all the 9-5 behind. Now I live on the streets and eat out of the trash
is this true lol
Well, I guess, if thats what you want, your dreams, etc...You pursued them... So, that's good...Right?
That's the flip side of the coin no one talk about
@@kartikeyagupta1466 this happens rarely if you live frugal and are willing to grind a part-time job during the early days..
Getting homeless is a vicious cycle where it’s difficult to get out. But as long as drugs aren’t your thing, there is no economic crisis and you have a working brain, getting homeless is also of pretty low probability...
@@kartikeyagupta1466 Every millionaire talks about their harsh backgrounds.
To move in a fast lane play this video at 1.25x speed
Yo the one
2x and skipped through it. Cheers
Did it at 1.5x - Woohoo!
Lmao!
No wrong. Fastlaners don't watch this type of video.
Starting a business is easy, but having a successful one is hard as hell
Fact
Few people understand that it's so true
Off course Fastlane isn't for anyone .
@OSRS RSPS not true
especially when there’s no customers interested in your product you are selling
I have listened to the whole audio book of the Millionaire Fastlane, you have summed it up in a very nice way, both visually and accurately! Love your channel
Hm. So I don’t need to read that book. 100% banalities.
@@f.h.4038 Yeah no you don't. It's all summarised nicely here
This book changed my life. I read it and a few months after I quit my job and started my own software startup. That was 5 years ago.
I'd love to have some business tips from you. dankwa.sampsondl@gmail.com
@Digong DU30 The book was published in 2011, that was 9 years ago.
may u fullfill ur dreams....all the best work like beast
How’s the business going?
@@_MoneyMike_ Still going with its ups and downs. But best decision I've ever made. Not easy at all, tho.
Wow, such a profound book! Who would have thought that having a successful business is going to make you rich.
Man the fact that I am a 26 year old living with my mom makes this hit harder.
You have plenty of time to straighten things out @ only 26 years old. If you open A Roth IRA @ 26 years old ; plus contribute something to your 401k while building yourself Up; you will do just find . Think of others who @ 48 years old or even older have little to no savings or Retirement investments!!! Good luck 🍀; you have time on your side .
it's ok, just take a job stable to start. Then, you can try to start a business, but you need a stability first with a job. You have to be secure first before take risk with a business :)
'Here is an ad for you' I died lol, never been happier to get an ad.
Best part of the video 😂😂
That was a curve ball..
Robert Vink same here 😂
haha and I was not gonna skip it until it said the ad was 47mins 😂
I am thinking about a new type of restaurants: eating-spots
in eating-spots, food keeps changing, chefs also rotate
this is opposed to current restaurants,
thanks to this rotation of food and chefs, eating-spots are more powerful than restaurants,
along with that, there is an app,
people vote for the food that will be cooked in the next days,
menu is influenced by the live input of the people via an app
i used to be a slowlaner but now I can tell that am absolutely a fastlaner !!!!
Don't quit your day job. Start the business small and THEN see how it works out while still working.
Work on becoming an expert in your field. Then either sell your consultation services to people or invest money in your field using your expertise.
Got this advice from my entrepreneurship events at my university and "The Millionaire Next Door" by Thomas Stanley
Some key points with this. MJ spent 5 years with no money presuming his entrepreneurial path with many failures, losing his GF and living with his mom who told him to get a job. He hit it big on his limo renting online booking business. You need to take many punts on ideas before you find something that works, this is not an easy process. He make his own luck by trying many times and failing until he found success.
It's amazing how you have covered the 3 wealth personality👌👌👌
And this book is a must read for anyone looking forward to creating wealth and becoming rich.
Thanks to Demarco I learnt that having a lot of money is way better than having none. Thx Maestro 🙏🏻
Danke!
Fast laner from Sweden! Just got started this month and crazy motivated!
Best wishes for you from Brazil ! I heard that sweden is one of the best contries in the world to start a business, don't let anything stop you.
Lycka till!
Any update?
Hur gick det?
Here's an ad for you.
Me watching using UA-cam premium: lol.
The principle is exactly the same, because you are paying Google for your UA-cam premium.
Me watching in youtube PREMIUM : lol
Me watching on UA-cam Vanced : "amateurs"
@@hirdayjitsingh Me watching on UA-cam Vanced using UA-cam Premium: Noobs.
Me watching in nomral youtube : meh
Aaaaand me using a free add blocker, HAAAAAA consumers
My take-away from the take-aways :D
1. If you don't start a business, the probability of ending in the mediocre lane/life is high. Even with a decent job, it takes your whole life to build up the wealth that ensures you enough freedom and more "free-time".
2. A good business scales well. Therefore the revenue doesn't depend much on the amount of work hours put in. (at least it is not linear)
Therefore: salary has to be maxed out as fast as possible in your profession and using the accumulating funds, it has to be invested in your own/other people's businesses. The process converges through a point where it doesn't worth to sell your time anymore, to the end, where you can live a comfortable life from earning interests, dividends, royalties, etc.
It is amazing how wealth is mostly a mind game.
David onewayticket True!
Do you have any personal evidence of this?
Nope, the mind doesn't bring you money but hard work and the value you bring to peole
@@RandomVideos-kn3pf wrong. Hard work rarely pays off
@@RandomVideos-kn3pf But it all start in mind.
Sidewalk William seems like a chill dude
Great summary, thank you !!
This book is one of my favourites about finance, a real milestone!
Audiobook Summary thx
"Mindset is really about disrupting and rearchitecting your beliefs around wealth and your ability to create it." ~ Anne Marie Houghtailing
utterly meaningless sentence.
Love the jibe you took at yourself at 10:47 haha
It'd be cool to see a summary of his other book, Unscripted
Money is simply a reflection of how much value i've been able to create and deliver to my fellow men.
no, creating value has nothing to do with money, you can create a valuable product or service that does not do well in the marketplace. It's a nice 'saying' though.
The best investing channel on UA-cam!!!! I love youuuuu!!!!!
Nana thank you a lot for your support! 🙌 I appreciate it a ton!
Fastlane. I start my one person consulting business when I was 29 and started to invest in real estate 8 years later. I have reached my first goal and have 9 houses with 17 apartments. But I am a bit stuck. The ratest eat up the revenue, the bank do not want to loan money. In 15 years, it will be great. I work full time to keep all together. I am looking for the next phase and trying different startups. But non has taking of and only cost money. Think and grow rich book was a great book. I have lost my focus the last two years. The road is hard but fun. I have crashed, been fatigued, have grey hair, and drink too much. But soon, I will be in the game again. It's a hard road. Now I am 43 and I wish that I start purchasing real estate 20 years ago. First, by flipping and then using the BRRRR strategy.
Magnitude and scale - good one. Compounding only works best if have either the magnitude or the scale to back it. Compounding $100 at a 10% interest won’t help you fly. 100 units of $100 at 10%, or $10000 at an even lower interests of 8% will do way better. 👍🏻
It is true. Getting that starting capital is very important for your investing success. I would emphasize that it's good to practice investing with a small account first though, I'd much rather make my first mistakes with a $10,000 account than a $1,000,000 one 👍
All jokes aside, this book was life changing for me. Complete shift in perspective and plan
"Quit your job and start a business!" - Best advice ever! I never knew it was so easy! WOWOWOWOW
Uh....it is not easy as you well know. Thus the reason so few are really successful. But I can see by your comment you are in the slow lane of life
@@wildtill9 feel the sarcasm pal!!
@@hirdayjitsingh I did. thus the reason I said "it is not easy as YOU WELL KNOW" But with your attitude the odds of you being successful is minimal at best
@@wildtill9 lol
@@wildtill9 you must be fun at parties
One of my favorite videos from this channel!
Awesome, I love to hear it Patrick! 😁
I'm literally 100% a slow lane guy...I'm buying this book asap
Did you buy it allready?
FASTLANER!!! This is one of my favorite books :)
excellent insights. All your videos gives a new dimension for books.
Great book and amazing review. If only more people could be aware of this. Thank you for what you do!
I'm happy for your support Alex Kubbinga! Thanks for your comment!
Thank you! Your presentation is actually much better than the original book itself.
Really nice and wonderful summary of the great book : THE MILLIONAIRE THE FASTLANE by MN XeMARCO
I love this book because it taught me that when opening a business, you need to find what problems what you need to solve. If you can solve that problem, like tesla creating a solution to ev, then you have a better understanding of making money out of that. Oneday, I'll get there.
Hey Swedish Investor - this is one of my all time favourite books. Thanks for doing such a good summary of it.
IDEA: what if you provide a high res image of the final summary for users to download?
I would love to have that as a wallpaper in my desktop - just to keep the concepts fresh in my head every time I start my computer (and also for motivation)
Thanks again for such a good video!
A business idea - create this high res image but don't just give it out to public.
Whosoever subscribes to you on your mailing list, send it to them via mail.
What a great way to convert viewers!!
@@hirdayjitsingh great idea you can take all your past and future videos and turn these into posters and sell them for at least 20 or $30 each
@@jmm1817 the books are around $10-20. What are you talking about?
@@somethinghere2815 laminated posters are more expensive than books
HUH, Just use Snagit to screen capture it and print it easy huh. welcome
I’m in between the slow laner and the fast laner...I need to start thinking, since a very precious resource is being used up
Andrey that’s how I felt I’m somewhere in the middle of the two but I’m trying to step into the fast lane
One of my favourite book of all time ! Great summary ⭐
The self-awareness was golden haha.
One of the MUST read books for finance! Life's a b*tch, if we don't treat it as one, it will cause lots of problems for us.
Therefore, the only way to create and maintain wealth is to build wealth FAST by creating a profitable and scalable business and then reinvesting excess profits into cash flow producing assets. This is the gist of The Millionaire Fastlane, and absolutely important for achieving financial freedom forever. Great read.
Swedish Investor,
Please make video on Art Of Thinking Clearly by Rolf Dobelli. Please explain each bias in detail. Thanks in advance.
It is a really good book. Thank you for the cliff notes
Do a video on wealth vs happiness - IIRC the rich missing out on life, as they are fast laners.
This is the best I found about this book! Thank you!
11:35 Funny! The car in the middle is upside down!
I live in UK, I managed to understand that time is the real asset in life. From the graphic: I relate to Time, Destination&Goals, life but I suck at the primary income.
The five commandments, CENTS :
C : Control
E : Entry
N : Need
T : Time
S : Scale
I am somewhere between a fast laner and slow laner....
Everythng other than my primary income is of fast laner.... but as of now,my primary income is from my employer.
But hoping to change this in few years and be financially independent.
Unless yoou are going to take loans, the best most can do is be in between slowlaner and fastlaner imo.
And i dont like loans, as it increases the risk of being broke.
Well,now that he descried how fast laner defines wealth, I think i am a slow laner. But I am not going to quit my job and start a business with a loan to become a fast laner.
No ty, I am no good at handlng liabilities, I dont have good people skills. Liabilities increases your speed,But it doesnt tell you in which direction, it can speed up and make u rich or it can speed up and make u broke before realizing what you did wrong.
Not to mentiton the amount of strain in ur mind to repay that debt.
@@VishnuAnilkumar1 You don't need loans to start a business. You first need a product or service people will pay for that makes money. You use the profit to reinvest.
"we want odds in our favour" and "therefore, we want to start a business" are contradictory. The amount of new business that go bust is staggeringly high, and even of those that survive, the ones that actually make the founder a lot of money are few and far between.
I'm no expert, but part of it might be that the type of people that have this drive tend to try again and again. So if it takes them 9 failed attempts to get to success on the 10th, they are still going to make it and the stats will show what you are saying. It's just a thought, I've never had a business.
You don’t get it. He’s talking about your odds of becoming super rich. Your odds of being wealthy by doing job are going to be none or very very slim. But your odds of making it in business are going to much better. The statistics tell us that 3 out 10 business get successful in North America. Which means your odds right of the back are 3 out 10. Then you can improve those odds by changing your mindset, I know this sounds odd, but it is very true. There are roughly 10 to 15 common things that millionaires do to get successful, and more than half those things are to do with how they think or react to a situation. 1 example is poor people think business = risk, rich people think business = freedom of time and income. There is a lot more to be said on this topic but I just gave you small jist.
@@-RockOn- so you think if all aspiring business owners would have the "millionaire mindset", all of their businesses would be successful? so let's say all business owners have the millionaire mindset then every single one of them would be successful and the odds stacked against them is no longer there? yeah, don't think this is true, if what you're saying is real we'd have much more rich and successful business people nowadays, anyone and everyone attempting to open a business would be successful as long as they have the "millionaire mindset", and we wouldn't have people being employees anymore even in a hypothetical world where all business owners have the millionaire mindset
@@sleepless2541 I did say "The Odds" of being successful would be much better.
The problem is that most people who go into business go in with a neglect mindset. They assume that because they now own a business they are thier own boss so now they can work when ever they want, sleep when ever they want etc. While that is true it also means you have to work a lot harder. "Millionaire mindset" talks about these things. Poor people say Life Happens Rich people say I will work hard to make my life better.
Now just because I say "I will make life better does not mean it will happen. I actually have to put the work behind it.
If you look at most successful people in the world (mind you I said successful not rich) they have a few things in common that dont find in unsuccessful people. Eg work Ethic, Rich Mindset, Discipline, Desire to achieve something etc.
Having a "Millionaire Mindset" is not what makes you successful. Doing what Successful people do and thinking the way they think is what helps you get closer to your success.
Your right 7 out of 10 businesses in North America go out of business but do you also know that 5 out of those 7 go out business because the owners never realized the work ethic it took to actually run that business.
In your own neighborhood choose 2 restaurants, Same food same size, same location, one successful and other one not. Then you see what the differences are.
1. Attitude of Owner right from the beginning
2. Work Ethic. I am boss so I can sleep in. I am boss so I have to be the first one at the restaurant.
3 Coacability and ability to accept new information. I already know how to run a business, don't teach me how to do vs I would like to learn more from the successful business around me to adopt change and get more successful.
2 out of the 7 businesses go through a personal tough time. Financial or Family or something out of thier own control. These business owners I feel for because it wasn't something they could control.
saved me many hours of reading the book. thank you! Now I will open my netflix :P
Putting this book on my list. "I just finished The Millionaire Next Door" great break down enjoy your content!
Those two are polar opposites 😊 could be great to get both perspectives to see which one you resonate with more
@@TheSwedishInvestor Haha yes these are very different!
@@TheSwedishInvestor the millionaire next door has inspired a lot of ppl to becoming millionaires. Now sure the same can be said about the fast lane book
Very good book. If you implement things from that book you will see how fast your finances will change. Another good book is Cash Flow Quadrant.
I’m planning to start my own start up! Not sure where to start. I’m about to complete my web and mobile application development course!
Pick a problem you have that lots of other people have that you can solve.
It seems to me that the fastlane is still limited. It is limited by skill (necessary to have control and barrier to entry) which it self is limited by time. Instead of building a business you could just at well "get good" at your job and increase your salary to the point it ain't stuck to time (stock options, bonus, results based pay).
In the end the secret to getting a lot of money seems to be to just get good. And there is no secret to that.
Not necessarily, if you start your own business YOU CONTROL how fast you progress depending on how fast and how much work you put into learning the material and educating yourself from books and content.
COMPARED to a job and corporate no matter how advanced you might be, ultimately how fast you progress through the ranks depends on the company aka SOMEONE ELSE. They might promote you every 5 years (or even every 10 years…. yikes) and by the time you reach the top it will already be 20-25 years later which would make you fit the sidewalk and slow lane box more since it took you so long to do this.
Learning a SKILL through entrepreneurship is often times faster since you don’t depend on anyone for your progress and you can fail and try again over and over again. You can’t experiment as much with a corporate job.
You definitely need skill. But I think with the "be good at the job" approach you would need much more. Even if you get to the point of getting bones and stocks, that also takes time to bring you enough money. It has other advantages tho, like more stability which can bring peace of mind
@@edgbarra what if you're doing a well paid job which is not bound to time. Let's say, software developer is a good example
@@MrVafflisMost software developers that I know are bound by time limits. Especially if they are trying to get a new product to the market. If you don't meet the deadline you are fired.
What an incredible book!!!
Great summary and break down of the book ! Really informative and Entertaining !
Cheers BroLessons! I'm glad you liked it! 🙌
Closer to fastener but to be enough got need to work on money just started new business but now need to learn about investment.. It is really sad that schooling doesn't tech you about money
6:23 I work 12hours per day at one job and it comes with no overtime incentives. And its a muti national company. Its about time i start parking out.
multi*
That ad timing blew my mind 🤯
Im stuck between the fast lane and side walk, thinking of the last few year i have been transitioning between all the lanes, im transitioning i was on the sidewalk now im off the the highway 🎉, good luck to everyone on the same journey
Wow, you did a really good job explaining the millionaire fastlane! The overview at 4:15 works really well! I love the book as well. Great job!
Love the brawn gp f1. Go Barrichello! 🇧🇷
Video, kênh này chẳng hạn là một chiếc xe tốc độ cao và tạo giá trị cho hàng triệu người, xây dựng sự bền vững (evergreen content)
Your videos are so helpful thank u for all the hard time u put into making them they are just wonderful👍
That was a great summary, you made me buy the book from your link, thanks😁
amazing how you have covered the 3 wealth personality👌👌👌
And this book is a must read for anyone looking forward to creating wealth and becoming rich.
Stupid
Reading this book took 15+ hours of my time. Yeah, I'm a slow reader. I haven't applied any of its teachings, but I intend to. I will come back to this video once what I have learned from the book pays off.
How's the progress
Money is important but I think there's more to life than trying to chasing money. I don't necessarily see making more money = bigger winner in life.
I 100% agree. I also think that money can be a huge improvement of life, but to think that it's the one solution for all your worries and problems would be naive :)
If you think it'd about making more money you got the wrong take away from this book. This book stresses that time not money is the most valuable resource.
Loved the sugue to the advertisement. I clicked the ad just so you’d get your little cut 😊👍
I think this is the best book ever written
think again
Great video, thank you for your work!
Effects millions you will surely become millionaire!
wrong
I am a terrible reader. Your videos helps me a lot. Thank you so much. Please make a video on bitcoin. Its a new financial world, a new way of investing and im sure theres a book about it.
Nice breakdown im actually on Chap 44 of this book, which i believe is the last
FASTLANER!!! Never heard of the book, although i'm investing and chasing my dreams.
Please do The Wanda way by Wang Jianlin !! Your videos are SUPER informational and essential thank you!!
I'm in the slow lane. But have passive income. And other sources of income! And I'm became a millionaire at age 34 so maybe not a tractor or formula car. Maybe I'm a Corvette. Nothing fancy but I get it done!
I love your videos, the swedish investor ist one of the most useful channel that I use daily. Thank you for your summaries, they are simple, clear and funny. A question, what kind of program you use to make the drawings and animations??? Congratulation and thank you again
Very great summary. Thanks a lot
There is no shortage of money in the world,
So start hustling!
can someone help please brake down how to improve the Primary Income side of the table 4:06 ?
ive been scouring investment books and videos for years and this single-handedly over hte years has stood out to changing my mindset.
I'm a medium to high income earner into stocks and have been looking to diversify. I guess I should focus on investing on my income above all else.
Hi, how is it going? I am trying to learn about the process myself. Could I have some advice? Thank you very much!
I took an important lesson from Kahneman's book, people miss the role of luck in probability
Which whiteboard animation software did you use bro? Nice job
Fast Laner
Super Duper Phenomenal Awesome Video
I appreciate it a ton! Cheers!
Plot twist: the 3 modes of thinking are usually the effect of the amount of money you have, not the cause.
Nah if you have terrible spending habits you can still make yourself broke. look at those people that win the lottery and still manage to spend it all with a “slowlane” mindset as it’s called in the book
@Mech That's an urban myth, google hard statistical data. You will see most lottery winners do not become poor. Maybe some declare bankruptcy on various companies, but that's a common tactic to avoid taxes, financial obligations and do other financial tricks :)
Fastlaner. That’s why I watch yours.
I din't realize this was new good job, i believe for me its breaking out of being shy.
This my wealth equation ever since .
Still, slowlane is way better than the sidewalk. It's a preferred method for those who are incapable or are unwilling to do something risky or those who really love their job. That's the majority. So it's still a pretty good way. Second generation would be well set up for life
6:57 ... I do not know where did you take that table from, but assuming (excuse my French) that the amounts are correct, for the number of years though... there is a 0 missing => 39 years would be 390 years ... ;)
I believe middle class can have a tendency toward being less frugal and less observant of smart budgeting.
I totally appreciate your summary. My only argument is what happens when you place someone who has never driven a car in a formula 1 car and have them drive at 250km?
Amazing Summary! Thank You Swedish Investor :)
Excellent book by MJ! 👍
Very informative presentation - well done - thank you
Definitely a Fastlaner!!
Fast lane frank, cause I want my dreams to become a reality. I work while investing and I am working on a side hustle that will generate that wealth ; I desire.