If you asked me to recommend you only one book that could make you financially free (or even crazy rich) this would be it.
M. J. DeMarco is on the opposite side of the “financial gurus” and does not teach you how to save 10% from each paycheck and become rich by your 60s.
Instead, he shows you the exact pathway you need to follow to generate wealth without sacrificing your entire life. This is the book I wish I read in high school.
Why You Should Read The Millionaire Fastlane?
- To launch your own business and become a successful entrepreneur
- To stop doing the work you hate and start pursuing your dreams
- To choose the right way to wealth and freedom
The Millionaire Fastlane by MJ DeMarco
My Rating: ⭐⭐⭐⭐⭐
The Book in One Paragraph
Many people are trying to secure a safe future in the traditional way: to find a good job, work for about 40 years, and save(invest) money for retirement.
But this is a sure way to doom yourself to life-long slavery, and there is no guarantee that you will retire wealthy and healthy.
Fortunately, there is a better way: to identify a good market niche, develop a business plan and spend several years creating a system that will bring you income even without your direct involvement.
|Mindposts||The Sidewalker||The Slowlaner||The Fastlaner|
|Debt||Credit allows them to buy things now. If they want it now, they’re going to get it now.||Debt is evil. Stay away from it.||Debt is useful if it allows them to build and grow their system.|
|Time||Time is abundant but they spend money like there’s no tomorrow.||Their time is abundant and they will gladly trade their time for more dollars.||Time is the most important asset they have.|
|Education||It stops after high school graduation.||Education helps earn more salary.||The moment they stop learning is the moment they stop growing.|
|Money||They spend every dime they earn and most of their bills are|
paid on time.
|They save as much as they can and sacrifice everything they want.||Money is everywhere, and it’s extremely abundant.|
|Primary Income Source||Whatever gig pays the most is what they will do.||Their job is their sole source of income.||Business systems and investments.|
|Primary Wealth Accelerator||Casinos and lottery tickets.||Mutual funds and compound interest.||Creating or improving various assets.|
|Wealth Perception||More belongings = Wealth||Work, save, and invest.||Building business systems for cash flow and asset valuation.|
|Wealth Equation||Wealth = Income + Debt||Wealth = job + market investments||Wealth = Net Profit + Asset Value|
|Destination||There is no goal or clear destination.||A comfortable retirement in their twilight years.||Lifetime passive income, either through business or investments.|
|Responsibility & Control||Everything good/bad happens to me, not because of me.||They take responsibility for their life and their family’s well-being. However, they strongly depend on other people.||Life is what they make it. They take full responsibility and control for their life.|
|Life||Live today and forget about tomorrow.||Settle for less and give up on big dreams.||Their dreams are worth pursuing no matter how much money they need to spend.|
Lessons I Have Learned
- Lesson #1: Working 9-5 jobs for the rest of your life will not make you rich.
- Lesson #2: The best way to become rich is to become offensive rather than defensive.
- Lesson #3: A fully controlled and scalable business is arguably the best way to financial freedom.
- Lesson #4: Execution and the necessary actions toward your goal are more important than any business plan and to-do lists.
- Lesson #5: The more people you help the wealthier you can become.
How The Book Changed Me
- It helped me develop a plan for building an online business for achieving financial freedom and securing the future of me and my family.
- It made me realize that saving 10% of my income and relying on mutual funds is not the best financial decision in my life.
- It encouraged me to consider starting a YoutTube channel that will become a helpful source for aspiring online marketers and an income-generating machine.
The Millionaire Fastlane Summary + Key Ideas
As you’ve already learned from the points above, The Millionaire Fastlane is a kind of book that certainly has something to offer even to the most educated and sophisticated reader.
Down below, I’ve listed the most important ideas, concepts, and insights from the book that I hope you will find useful and helpful.
Let’s get started with the first key idea:
Key Idea #1: The usual notions about wealth creation are Wrong
If you think that planning something in advance is pointless, you are in big trouble.
Without a preliminary plan, for example, financial or even good old health insurance – external factors such as dismissal, illness, or economic collapse can cause you many more problems.
Living in the present is great, but in terms of costs, this approach to life can have serious consequences. For example, if you live from paycheck to paycheck, then a sudden dismissal will mean that you can no longer pay for the apartment.
“If you refuse to take responsibility for your own life, then even a huge salary will not guarantee you financial freedom.“
If you think that determining what your life will be is not in your power, then the temptation to spend all the money that you now have will be very serious. Indeed, what if lightning kills you tomorrow?
It is because of this an approach that people strive to immediately lower everything that they have to luxury restaurants and expensive cars.
Thinking of this kind will very negatively affect your well-being, because no matter how much you earn – ten thousand or a million, you will spend everything to the last penny.
We all heard stories about people who won huge sums in the lottery or in the casino and then completely spent them in less than a year and again were left with nothing.
We are all familiar with the standard strategy: get a good education to find a well-paid job, then work, save and invest the money you earn. After about forty years, you will be able to retire and enjoy your wealth. But this strategy has one problem.
Firstly, it’s not a fact that this strategy will lead you exactly where you want. Any salary has a certain top point, above which you cannot jump alone.
It is clear that you cannot increase the number of working hours: it is impossible to work 1000 hours a week! Similarly, you are unlikely to be able to ask the boss to increase your salary by 200%, even if you are an exceptional and irreplaceable employee.
The stock market is also unpredictable; you cannot control it. Therefore, the stocks in which you invest can drop sharply in price or grow not as fast as you expected.
And finally, inflation and your savings and investments can be crippled, and you will find that you have only a miserable fraction of the value that you have so hard to collect.
It turns out that if you find yourself lucky enough after several decades to raise $ 2.5 million, then at some point this amount may turn into $ 250 thousand due to inflation. Add to this the likelihood that you will live long enough to enjoy this money.
Even if your plan works, then when you finally come to the endpoint, where you can fully enjoy your wealth and free time, you will be an old man by that time. This strategy is based solely on hard work in your best years, so you can enjoy the fruits of your labor only in old age.
What about leaving work as a young man? That sounds much better. Life energy and health weaken with time, but without them, it’s not very possible to enjoy free time without them. It is much more pleasant to go camping when your joints do not hurt from arthritis.
Key Idea #2: Start thinking like a producer
Consumer thinking limits you greatly. When you see an advertisement from the consumer’s point of view, you focus on the product, on the pleasure that it can bring to you, and on ways to get this product. This is where it all ends.
If you look at the world from the point of view of the manufacturer, you will find a huge amount of useful information about marketing and product design. You will understand what features make a product successful, as well as a strategy that helps sell it.
It is also useful to look for information on how the product is produced, and what is the model for ensuring a profit in the company. A simple study of this information will give you a lot in terms of understanding various business strategies.
The only way to get rich quickly is to start your own business, and the world view from the point of view of the manufacturer will greatly help you in this.
As you already understood, traditional methods of enrichment do not suit us. As long as you have an employer, you cannot make a fortune. And since you also cannot hope to win the lottery, the only real opportunity is to start your own business.
Only then will your income depend solely on your efforts and productivity!
So, to start a successful business, you need a strategy and a certain knowledge.
Key Idea #3: Doing What you love doesn’t guarantee you success
You’ve probably heard this many times: find a way to monetize what you like, and money will float. But the truth of life is that potential customers don’t really care about what you like and what don’t. All that interests them is what benefits your business can give them.
People will buy your product only if it satisfies their needs or brings some value to their lives. Most of us are driven by our own interests, and not by the fact that we want to make other people happy.
Therefore, if you need the money of your potential client, you need to offer something valuable in return for him. This means that the product must solve the problem, close the need or enable people to feel better.
For example, for people living in criminal areas, it could be locked with fuses or bars on windows, rather than glamorous handbags or matcha tea.
If you really do what you like within your business, this is good, but you must do it at an exceptionally high level in order to rebuild yourself from your competitors.
Because – whatever you like to do, most likely you are not alone in this. Just think about how many people like the same famous singers, artists, actors or other artists.
If you are convinced that a hobby should be your profession, be on the lookout. For example, if you want to become a professional actor, you should be among the few people who are constantly offered roles, or who have a contract with some theater. To achieve this stage takes years of practice, experience, and dedication.
Remember that this applies to all fields of activity, and not just to art. If you want to make computers, you have to do it better than Apple, HP and all the other top brands in this market.
Key Idea #4: Becoming a Millionaire is a Process And Not a sudden jackpot
Getting rich is not possible with a finger snap. Any successful transaction requires a well-thought-out plan and often years of hard work. Look at the contracts of any elite athlete.
These transactions are years of continued practice, participation in tournaments, competitions, and even victims in the form of free time or activities that can affect productivity.
Therefore, let’s live in the real world because if you wait for the “big jackpot”, it will push you to make the wrong and dangerous decisions – lottery games, risky investments, or game shows.
Far from reality, the thought that one event will suddenly lead to success will keep you from working in a direction that will really help realize your goals.
Key Idea #5: The more People you can help the Wealthier you will become
Building such a system is the most effective way to get rich because in this case, income does not depend on how much time you spend. But for this system to work, you need to find a market niche, develop a reliable business plan and master all the necessary skills.
A great example is J.K. Rowling.
Her books about Harry Potter have become bestsellers of all time, and films made from books have also achieved unprecedented success. As a result, Rowling became a multi-millionaire, and still receives royalties from the sale of her books.
It is important to understand the essence: you can become rich and successful without a prestigious crust. To implement cool business ideas do not need special education. But what you may really need is some special skills. For example, to develop a revolutionary online service, you need the ability to program, but you do not need a computer engineer diploma for this.
Keep in mind that some of the richest and most successful people in the world have never graduated from college. Among them are Bill Gates, Michael Dell, and David Geffen.
To become a financially independent person, you must create a product or business that will work independently. It takes time. If you want to become rich enough to never work again, you need to create a company or product that will generate income for you without your direct participation.
Putting It All Together
There are many strategies familiar to us from childhood that we think can make us rich: get a good education, then get a good job, save up money, retire, and then go nuts.
- But what if you want to have a lot of money not only in old age?
- And what will happen if the foreign exchange market collapses and all your savings become worthless?
There must be a different way!
Fortunately, in this book, you will find an explanation of the best way to become rich. Starting with the right attitudes and the restructuring of thinking, you can lose your old skin and become a rich and free person in the current period of your life, without waiting for old age.
Going Beyond the Summary
You wouldn’t expect me to leave you with the book summary alone, would you?
There are some extra materials I would like to share with you.
They might make a great addition to the knowledge you gained from the summary above.
So if you are up to going down the rabbit hole, I suggest you the following resources.
If you like The Millionaire Fastlane, you may also enjoy the following books:
- The 4-Hour Workweek by Tim Ferris
- Rich Dad Poor Dad by Rober Kiyosaki
- The Total Money Makeover by Dave Ramsey
Purchase the Original Book
There is always much more to discover from the full-text books.
Most of the time, you will even find some additional ideas and insights that have almost nothing to do with the book’s main topic.