Book Review: The Millionaire Fastlane
The book in 3 sentence
For now, my number one entrepreneurship / economics book explaining and showing the math for fast success.
By skipping the process you will never reach an event that leads to wealth.
They conditioned us to be normal in a corrupted society, working hard 5 days a week with 2 days off is not a good deal for you.
How I discovered it
I mentioned Ali Abdaal before right? Saw his thumbnail on YouTube, didn’t watch the video but just purchased the book.
Who should read it?
If you want to understand the road to success and wealth then you must read this book. This book will explain how the modern economics work and also shows you the math. This guy is al about facts and straight to the point. Are you looking for a quick fix? Leave this book and any other book.
How did the book change me?
This book made me aware how to look at entrepreneurship and the economics. It’s written in clear language for everyone to understand. I always want to do what I love the most and this book tells you that everyone is doing what they love and that doesn’t made them rich with a few handful exceptions. In order to get wealthy really quick I needed to think different and pivot to filling the need of thousands and maybe later millions of people.That math backs it up to, for example if I could fill a need with a service for 1 dollar and if 1 million people would purchase that service I just made 1 million dollars. This could be day, week or month revenue. I’m into photography, editing and creating other content how many people do that and I’m not extremely good at it and definitely not unique in the field their are thousands of people that are way better then me so what are the odds of me getting to that wealth fast? They are not so great my friend I can tell you that much. While reading I had my mind blown away almost every chapter. I will also read MJ DeMarco’s Unscripted book also an entrepreneurship book apparently also a must read.
Top 3 Quotes
“I’d rather live in regret of failure than in regret of never trying.”
“Wealth is built with time as an asset, not as a liability!”
“If you’re defined by your past, it will be impossible for you to become who you need to be in the future.”
My summary, notes, interpretation.
MJ divided this book into 8 parts. In this book, MJ explains everything in the road and car metaphor, so I hope you have your driver’s license.
Part 1 explains the reason for this book and the road trip MJ took before getting a multimillionaire. MJ explains you don’t need fame or talent for getting wealthy and that you must find your own money tree. Sometimes, he slept in his car while he was driving a limousine because he had no money. At a young age, he spotted a Lamborghini and within seconds; he knew he wanted one and searched for ways to get rich. He read a lot of books, and he could hear his “rich” clients talking and taking every information he could use. Mr. DeMarco came up with a reservation system for limousines. With every reservation, he gained a commission from that. His Moneytree was planted and growing fast. He invested a lot of time to go national and improve his website until he crushed his competition and became number one in his field.
Part 2 explains the formula for wealth. Proces forged all self-made millionaires and NOT by events. If you try to skip the process, you’ll never experience events. There is no shortcut to success. The formula is explained like this: Your roadmap 1) The Sidewalk, 2) The Slowlane, 3) The Fastlane. More on that later. That vehicle would be you. You could be a professional, inventor, or a franchise. I explain later your Speed in the book your roadmap determines the maximum speed you may travel on that specific road you have chosen. The roads are filled with toll roads that separate the weeds from the weak. Don’t resist the toll!
Part 3 The Sidewalk Sidewalkers are the people with no financial plan or destination. Their mind posts guide them through life. They have different perceptions of, for example, Debt, Time, Education, Money, etc. When growing up, I had this mindset as well. When I graduated from school I was like, yes! I’m done. Time to get a job and make money now! I was naïve and my parents came from poverty and they also didn’t know how to educate me in that respect. Other people my age were wealthier because of their parents. Other people’s cars and houses easily impressed me. My belief system was to loan money from the bank in order to buy the things I wanted. The sidewalkers buy wealth icons such as expensive cars on lease, ridiculously expensive purses of some other designer clothes. So when you think you can afford it, the answer is you can’t. Big companies and influencers don’t care if you can afford it or not, so defend yourself by exposing the hook beneath the bait.
Part 4 The Slowlane So, if you were like me after a period of sidewalk you graduate with a certain amount of debt because studying is not cheap and now you have to exchange 5 days of your life to work for a boss and get 2 days off. In the meantime, you get a mortgage for our house, start a family, and the hustle begins. How is that fun? So, let me repeat that again. You graduate with a certain amount of debt right into a professional life. In sport terms, the game begins on the whistle of the rev and you are already behind. How in the world is that justified by us? Okay, let’s say you work a decade and you pay off that debt of your college and now the real money comes in, right? Now, you can save 10% and maybe buy some stocks and keep doing so for 50 years. Yeah baby, now life starts for me. I’ve made it! I beat everyone around me and finally created my wealth, my freedom. Oh yeah, I am indeed 70 years now so I’m going to enjoy the rest of my life not working! Why is this plan a failure? Because it’s based on time and factors, we can’t control. According to this book and I believe this to you can’t bet your money on factors that you can not control. That is not how fastlaners think they bet their money on factors they control. But this is a clear slowlane mentality or mindset, if you will. I want to finish part 4 with this quote: ”Every day, people sacrifice their time for tiny nuggets of wealth, where time is the liability and not the asset. Anything that steals time and doesn’t have the power to free time is a liability.” ~ MJ DeMarco. The hypocrisy of the Gurus. This chapter was unexpected for me but enjoyed reading it because MJ also read Think and Grow Rich and guess what? After thinking for 2 years, nothing happened to him financially. He needed also to put in the work! Then comes the guy with 2 dads one rich one poor. Did this guy became a success because of his books, games and seminars or does he do as he preaches? Gurus fill a market need and there’s nothing wrong with that, but if you want to know everything about touchdowns, you go to the guy who’s scoring them and not from somebody who doesn’t even get on the pitch.
Part 5 The Fastlane Roadmap ”The Fastlane is a business and lifestyle strategy characterized by Controllable Unlimited Leverage (CUL), hence creating an optimal environment for rapid wealth creation and extraordinary lifestyles. Definitively, pay attention to the four segments: CUL, Business, Lifestyle and Rapid Wealth Creation.” In this chapter, he gives many examples of the Fastlane success story without naming them, followed by an ancient story of 2 brothers, and it comes down to this. Work smart and not hard. Think and focus on process, not events, because when that event happens, then you are the one people are going to talk about you getting lucky to even be offered a deal or achieved any form of success. From the day we are born, we are programmed to want things, to need things, or to need to buy stuff. That is just how it is and it’s time to change teams. Don’t be the consumer, be the producer. The trick is to find the source to millions of people (the need) and you find yourself a wealth explosion. Why do pro athletes earn a lot of money? Because they entertain millions. Serve millions and you can make millions.
Part 6 You In this part, the focus is on you. How to protect yourself by choosing the right business entity. When you see a problem, don’t mask it but fix it because if you mask the problem, it will come later in your life to bite you in your ass. Everything is a choice don’t forget that you have a choice and don’t say you don’t. Everything you’ll say is excuses. The choices you made brought you where you are and the choices that you make from here on will get you to your next destination. Better choices leads to a better life and here MJ introduces The Weighted Average Decision Matrix (WADM) where you can learn to make tough decisions based on some factors you can rate between the 2 choices then you sum it up and the one with the most points win and the decision has been made based on the factors that are important to you. This sentence is also very true: ”If you’re defined by your past, it will be impossible for you to become who you need to be in the future.” ~ MJ DeMarco. Thank your past because it made you the man or woman you are today and move on to the next. This is not a simple task for some people. It took me almost 2 years to accept my past and thanking it and move on to the future. I know in my gut everyday I come a step closer where I want to be. Time is your greatest asset, not money. When you work for a boss and you go on a vacation, that time. Is the time that’s already paid for by a year of indentured time. What does this even mean? That there are 2 kinds of time. Free (GOOD TIME) and Indentured (WRONG TIME). In the book, there are some examples of how you can use your time, good and bad, which, after reading, make sense. Finally, I want to touch on education before we move to the next part. Education is everything for making money. In school I learned nothing, it turns out. Reading this book alone gave me so much I really can say it forced to change my belief system and look at things differently, like more from a rich man’s perspective.
Part 7 The Roads to Wealth In this last part, Mr. DeMarco explains that not all businesses are on the right road to wealth. There are 5 Commandments for the purest Fastlane which are Control, Entry, Need, Time and Scale. DeMarco goes in depth for each commandment, so you know how to think and where to look in order to succeed on your road trip. This book is very inspiring and I highly recommend you reading it even if it’s for pleasure. I enjoyed it very much and learned a lot and thought differently and hit the road. It’s been awesome so far and the return is very satisfactory.
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