{"id":201,"date":"2021-11-29T18:54:53","date_gmt":"2021-11-29T18:54:53","guid":{"rendered":"http:\/\/blogs.harvard.edu\/hamzakhan\/?p=201"},"modified":"2021-11-29T18:58:00","modified_gmt":"2021-11-29T18:58:00","slug":"mindset-to-make-wealth-fast-millionaires-fastlane","status":"publish","type":"post","link":"https:\/\/archive.blogs.harvard.edu\/hamzakhan\/2021\/11\/29\/mindset-to-make-wealth-fast-millionaires-fastlane\/","title":{"rendered":"Mindset to make wealth Fast (Millionaire&#8217;s fastlane)"},"content":{"rendered":"<p>True wealth is comprises of the following<\/p>\n<ul>\n<li><strong>Family (relationships)<\/strong>. Wealth is strong spirited familial relationships with people<\/li>\n<li><strong>Fitness (health).<\/strong>\u00a0Fitness includes health, vibrancy, passion, and boundless energy<\/li>\n<li><strong>Freedom (choice).<\/strong>\u00a0Freedom is the ability to pursue your dreams and do what you love<\/li>\n<\/ul>\n<h3>There are three road maps to wealth:<\/h3>\n<ul>\n<li>The Sidewalk to poorness<\/li>\n<li>Slowline to mediocrity and<\/li>\n<li>Fastlane to wealth<\/li>\n<\/ul>\n<h2><span id=\"The_Sidewalk_to_Poorness\" class=\"ez-toc-section\"><\/span>The Sidewalk to Poorness<\/h2>\n<p>The sidewalker is\u00a0<strong>always one something from being homeless, bankrupt, or back to living in their parents\u2019 basement.\u00a0<\/strong><\/p>\n<p>Sidewalkers are trapped in a lifestyle servitude that is characterized by an urgent and insatiable need for self-gratification.<\/p>\n<p>Sidewalker mindset:<\/p>\n<ul>\n<li><strong>Debt perception:\u00a0\u00a0<\/strong>Credit allows you to buy things now.\u00a0<em>What I want, I get!<\/em><\/li>\n<li><strong>Time perception:\u00a0<\/strong>There is enough time and you could be dead in two weeks anyway<\/li>\n<li><strong>Education perception.\u00a0<\/strong>You finished school when you graduated and so, there is no need to learn<\/li>\n<li><strong>Money perception.<\/strong>\u00a0If you have money, flaunt it<\/li>\n<li><strong>Primary income source.<\/strong>\u00a0Whatever pays the most, you will chase it<\/li>\n<li><strong>Primary wealth accelerator.<\/strong>\u00a0Luck<\/li>\n<li><strong>Wealth perception.\u00a0<\/strong>The one with the most toys wins<\/li>\n<li><strong>Destination.<\/strong>\u00a0<em>\u201cI live for today and I\u2019m not bothered about tomorrow\u201d<\/em><\/li>\n<li><strong>Responsibility and control.<\/strong>\u00a0 Indulges in the victim mentality<\/li>\n<li><strong>Life perception.\u00a0<\/strong>Life is too short to plan ahead<\/li>\n<\/ul>\n<h2><span id=\"Mediocrity-_The_Slowlane_Roadmap\" class=\"ez-toc-section\"><\/span>Mediocrity- The Slowlane Roadmap<\/h2>\n<p>The Slowlane involves sacrificing today for a better tomorrow. If you are on the slowlane, you\u2019ve been deluged with a series of doctrines that ask you to make a trade-off. Such trade-offs include getting a job, working for retirement, and saving 10% of the paycheck.<\/p>\n<p>The Slowlane is a\u00a0<strong>convenient exit for the sidewalk<\/strong>\u00a0and soon evolves into maturity and increased adult responsibilities.<\/p>\n<p>The Slowlane offers the promise for riches at the age of retirement when it\u2019s not even possible to enjoy the fruits of labor.<\/p>\n<p>Slowlane mindset and missives include:<\/p>\n<ul>\n<li><strong>Debt perception:\u00a0\u00a0<\/strong>Debt is evil.<\/li>\n<li><strong>Time perception:\u00a0<\/strong>Time is abundant and can be gladly traded off for more dollars<\/li>\n<li><strong>Education perception.\u00a0<\/strong>Educations is important as it helps earn more dollars<\/li>\n<li><strong>Money perception.<\/strong>\u00a0Each and every dollar must be accounted for because money is scarce<\/li>\n<li><strong>Primary income source.<\/strong>\u00a0A job is the primary source of income<\/li>\n<li><strong>Primary wealth accelerator.<\/strong>\u00a0Compound interest<\/li>\n<li><strong>Wealth perception.\u00a0<\/strong>Savings, investments, and 401K<\/li>\n<li><strong>Destination.<\/strong>\u00a0Comfortable retirement in the twilight years<\/li>\n<li><strong>Responsibility and control.\u00a0\u00a0<\/strong>Works to provide for the family by relying on the employer, government, and the state of the economy<\/li>\n<li><strong>Life perception.\u00a0<\/strong>Settle for less, and give up on any dreams<\/li>\n<\/ul>\n<p>The Slowlane roadmap relies on the following equation:<\/p>\n<h2><span id=\"The_Fastlane_Roadmap\" class=\"ez-toc-section\"><\/span>The Fastlane Roadmap<\/h2>\n<p><strong>The Fastlane:<\/strong>\u00a0A business lifestyle that is characterized by controllable unlimited leverage (CUL). It creates the optimal environment for rapid wealth creation and an extraordinary lifestyle.<\/p>\n<p>The Fastlane mindset:<\/p>\n<ul>\n<li><strong>Debt perception:\u00a0\u00a0<\/strong>Debt is useful as it allows one to grow their system<\/li>\n<li><strong>Time perception:\u00a0<\/strong>Time is far more important than money<\/li>\n<li><strong>Education perception.\u00a0<\/strong>Learning is important for growth<\/li>\n<li><strong>Money perception.<\/strong>\u00a0Money is everywhere. It reflects the value you create<\/li>\n<li><strong>Primary income source.<\/strong>\u00a0Business systems and investments<\/li>\n<li><strong>Primary wealth accelerator.<\/strong>\u00a0Making something out of nothing<\/li>\n<li><strong>Wealth perception.\u00a0<\/strong>Build business systems for cash flow and asset valuation<\/li>\n<li><strong>Destination.<\/strong>\u00a0 A lifetime of passive income. Life is what you make of it. Only you can choose how you react to circumstances<\/li>\n<li><strong>Life perception.\u00a0<\/strong>Dreams are worth pursuing no matter how outlandish<\/li>\n<\/ul>\n<p>The Fastlane is a business system while the Slowlane is a job. In the Slowlane, you trade your time for your employer\u2019s cash while in the Fastlane, wealth is driven by a business system.<\/p>\n<p>The Fastlane wealth equation looks like this:<\/p>\n<p><strong><em>Wealth = Net Profit + Asset Value<\/em><\/strong><\/p>\n<p><strong><em>Asset Value = (Net Profit) X (Industry Multiplier)<\/em><\/strong><\/p>\n<h2><span id=\"The_Five_Faslane_Business_Seedlings\" class=\"ez-toc-section\"><\/span>Money trees: The Five Fastlane Business Seedlings<\/h2>\n<ul>\n<li><strong>Rental systems.<\/strong>\u00a0Real estate is an example of a rental system that produces a recurring monthly income<\/li>\n<li><strong>Computer\/software systems.\u00a0<\/strong>The internet and software programs have created more millionaires than any other system in history<\/li>\n<li>Content systems. Content systems are systems of information. They include books, blogs, and social networks<\/li>\n<li><strong>Distribution systems<\/strong>. These are systems that move products to the masses. An example is Amazon<\/li>\n<li><strong>Human resource systems.<\/strong>\u00a0Systems that are run by people. Sometimes they can work in conjunction with other systems<\/li>\n<\/ul>\n<h2>Produce, Don\u2019t Consume: Build something that offers value to the world<\/h2>\n<p>Most people live life through the perspective of a consumer, which makes them blind to the Fastlane roadmap. Being a consumer means buying products and services without any consideration about where they come from.<\/p>\n<h2><span id=\"The_Real_Law_of_Wealth\" class=\"ez-toc-section\"><\/span>The Real Law of Wealth<\/h2>\n<p><strong>The law of effection:<\/strong>\u00a0The more lives you affect in an entity you control, in scale or in magnitude, the richer you become.<\/p>\n<blockquote class=\"wp-block-quote\"><p><em>\u201cTo exploit the Law of Effection, your business needs to make an impact of either scale or magnitude, or both. Within our Fastlane wealth equation, \u201cscale\u201d and<\/em>\u00a0<em>\u201cmagnitude\u201d are implicit to our \u201cnet profit\u201d variable.\u00a0<strong>NET PROFIT = Units Sold (Scale) X Unit Profit (Magnitude)<\/strong>\u201d<\/em><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<h2><span id=\"The_Five_Fastlane_Commandments_NECST\" class=\"ez-toc-section\"><\/span>The Five Fastlane Commandments (NECST)<\/h2>\n<ol>\n<li><strong>The commandment of need.<\/strong>\u00a0Businesses satisfy the needs of people. Don\u2019t chase money. Rather, look at how your business will help other people<\/li>\n<li>\u00a0<strong>The commandment of entry.\u00a0\u00a0<\/strong>As entry barriers to a business fall, or lessen, the effectiveness of that road declines while competition in that field subsequently strengthens. To overcome weak entry, you need exceptionalism<\/li>\n<li><strong>The commandment of control.<\/strong>\u00a0 Play in an organization that you control or you will be at the mercy of someone else<\/li>\n<li><strong>The commandment of scale.\u00a0<\/strong>Increase scale and magnitude in your business<\/li>\n<li><strong>The commandment of time.<\/strong>\u00a0Your business should detach you from your time<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>True wealth is comprises of the following Family (relationships). Wealth is strong spirited familial relationships with people Fitness (health).\u00a0Fitness includes health, vibrancy, passion, and boundless energy Freedom (choice).\u00a0Freedom is the ability to pursue your dreams and do what you love There are three road maps to wealth: The Sidewalk to poorness Slowline to mediocrity and [&hellip;]<\/p>\n","protected":false},"author":9898,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[291253],"tags":[],"class_list":["post-201","post","type-post","status-publish","format-standard","hentry","category-building-wealth"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/archive.blogs.harvard.edu\/hamzakhan\/wp-json\/wp\/v2\/posts\/201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.blogs.harvard.edu\/hamzakhan\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.blogs.harvard.edu\/hamzakhan\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.blogs.harvard.edu\/hamzakhan\/wp-json\/wp\/v2\/users\/9898"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.blogs.harvard.edu\/hamzakhan\/wp-json\/wp\/v2\/comments?post=201"}],"version-history":[{"count":3,"href":"https:\/\/archive.blogs.harvard.edu\/hamzakhan\/wp-json\/wp\/v2\/posts\/201\/revisions"}],"predecessor-version":[{"id":204,"href":"https:\/\/archive.blogs.harvard.edu\/hamzakhan\/wp-json\/wp\/v2\/posts\/201\/revisions\/204"}],"wp:attachment":[{"href":"https:\/\/archive.blogs.harvard.edu\/hamzakhan\/wp-json\/wp\/v2\/media?parent=201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.blogs.harvard.edu\/hamzakhan\/wp-json\/wp\/v2\/categories?post=201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.blogs.harvard.edu\/hamzakhan\/wp-json\/wp\/v2\/tags?post=201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}