Lately I have become very interested in financial education. Although I have always been interested, I just didn't have the willpower or desire to learn more about finance. I still lack the desire but that's where self-discipline comes.
It has always been clear to me from personal experience and common sense that you won't always have the desire or willpower to do something, sometimes you even find it difficult to do what you love, and with time your love for a certain person, skill, hobby or profession fades away.
So, in essence to love something or to continue loving something you have to apply self-discipline, and discipline is not hereditary.
Ok, here I am again trying to discipline myself, pushing myself towards the right direction. I have made it my goal to study about finance and become familiar with financial terms and start making some serious financial decisions.
It won't be easy I know, I guess I have to stick with self-discipline… Hey! Discipline, let's become friends 😁😁😁.
I was exploring some topics about Money on YouTube when I stumbled upon a video created by MJ DEMARCO where he discussed "THE 3 WEALTH PERSONALITIES".
I agree with most of the points he made and I want to make a summary of the video hoping to impact those who can't go and watch the video.
This is the first video of MJ DEMARCO I have ever watched, if not from the search results I might never have met him, I might be consuming more of his contents in the future, so stay tuned because we are in this together.
Without any further Ado, let's dive into the summary…
THE 3 WEALTH PERSONALITIES
In this video MJ DEMARCO mentioned 3 personalities possessed by individuals.
- Sidewalker
- Slowlaner
- Fastlaner
These personalities are not inherited, rather they are personalities we develop by virtue of exposure, the kind of family we were born into, the friends we keep, the books we read and how all these things affect our perception of life.
Although old habits die hard, it is possible to change the way we think, by unlearning many things and that requires self-discipline.
Now let's talk about each of the "3 WEALTH PERSONALITIES".
SIDEWALKER
These are people who earn income on an hourly rate. The SIDEWALKER do not appreciate Time or view time as a limited commodity, so they rather waste it. The SIDEWALKER focuses more on CONSUMPTION so they rather go for pleasure and leisure most of the time.
Becoming Rich for a SIDEWALKER happens only by luck, since the focus only on trivia things.
SLOWLANER
The SLOWLANER earns income on a salary rate.
These are people, whether self-employed or working for a company, who believe that they can become rich by saving their money in the bank or risking it in stock investments(Hoping to become rich after 8 years or so). To SLOWLANER time is a liability because they are always trading their time for money.
The SLOWLANER is controlled by the stock market, the housing market (if he's into real estate) and the Job market because he relies on other people to create wealth for him.
The SLOWLANER focuses on EXPENSES and not on INCOME.
With these attitudes it will take the SLOWLANER 40 years or more to become rich.
FASTLANER
The FASTLANER earns income by Net Profit through business ownership. They used units sold to lever wealth, by solving problems and selling these solutions to the public. For a FASTLANER, getting rich takes only ten years or less.
To the FASTLANER time is an asset, so the more time that passes the more money they make.
The FASTLANER focuses on INCOME rather than EXPENSES OR CONSUMPTION. The FASTLANER saves to reinvest and is constantly learning new things to enhance their business.
The FASTLANER is not controlled by the stock market, the housing market or the job market because he has created massive wealth, so he won't be really affected by inflation.
THE FACT
It is very easy to counter some of the things MJ DEMARCO said, but earlier in the video he said that we all possess some of these three personalities. Overall, there will always be one that's more dominant than the others.
So, I think we should work on where we are lacking.
Who are you, a SIDEWALKER, a SLOWLANER or a FASTLANER?
When you answer this question then ask yourself, who do I want to be?
I think consistent self evaluation is crucial to our very existence.
Thanks for your attention, see you next time.
All the pictures are mine, unless stated otherwise.
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