The Millionaire Fastlane book explains why this happens; what we usually consider the path to wealth does not really work. But fortunately, there is one way that works, and if you are ready to make some efforts and even sacrifice something, you will go this way much faster than you think.
MJ DeMarco is an entrepreneur, founder of Limo.com, which made him a millionaire at the age of 33. He is currently the founder of Viperion Corp., an electronic and print distribution company.
Why does not what we usually consider the path to wealth work?
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.
This book is available as:
From this book you will learn:
- Why a high salary does not make you rich;
- Why the pursuit of achievements can lead you to the side; and
- The secret to starting your own business.
If You Have the Wrong Settings – No Matter How Much You Earn – You Lose
How do people get rich? Are they just lucky or is it fate?
Many people think that way – this is an explanation of why they themselves are not rich. If you believe that getting rich is not in your power, this attitude jeopardizes your chances. You can control your future. You only need to be able to plan it.
If you think that planning something in advance is pointless, you are in big trouble. Without a preliminary plan, for example, financial or even banal 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 save you from ruin. 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 heard stories about people who won huge sums in the lottery or in the casino? and then completely dropped them in less than a year and again were left with nothing.
Of course, it can happen that you will be hit by a train tomorrow. But this is unlikely. And even if something bad happens in the future, you will still say thank you for at least having a plan of action for the worst-case scenario, for example, creating a financial cushion in case you really need it.
Why the Usual Ways to Get Rich Do Not Work
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 it will lead you exactly where you want. Any salary has a certain ceiling, 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.
No Wealth Needed for Wealth
In some areas – such as medicine – a specially prescribed education is certainly required. But remember one thing: getting a formal education is not always the best path to wealth.
Many people often spend a lot of money on education, hoping in the future to compensate for their high salary, which this very education will provide them.
Yes, perhaps you will earn more if you have a crust, such as an MBA, but the financial gap cannot be ignored. For example, according to estimates, getting a bachelor’s degree (including accommodation and meals) will cost you about $ 60 thousand.
To do this, you will most likely need to take a student loan, which will make your training essentially even more expensive.
Nor is there any guarantee that you will find well-paid jobs after graduation. People with college degrees usually earn about $ 54,000 a year. If you take into account the fact that getting an education takes several years, you have less time to make money.
The standard educational scheme, in addition, can teach you to think in standard ways. After you master the key concepts from your field and learn how to solve problems that can usually arise, it will become difficult for you to think outside the box. In terms of money, this may mean that you will know how to calculate your profit from investing, but you are unlikely to be able to invent an innovative approach to assessing the profitability of a particular investment.
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.
So, we figured out the thoughts and strategies that keep you from wealth and success. What then really works? And what does getting rich mean for you?
Wealth Does Not Mean Money, but Money Can Increase Your Wealth
Try to define wealth. When most of us hear this word, we immediately think about money. But actually it is something more.
Wealth, or rather wealth, is a combination of things that make your life complete. This concept consists of three main components, each of which is necessary in order to feel that life is a success.
The first factor is relationships with people, including with your family; the second is health and fitness, and the third is freedom.
So to be rich does not mean to have suitcases with money. A lonely person who is deeply depressed, but with millions in his bank account – this is hardly the picture you are striving for.
As already mentioned, financial independence puts you on the path to wealth, in particular, because it gives you freedom. Of course, money is not omnipotent. Their influence is limited. For example, you can pay with their help to the best clinic and the best doctors, but no amount of money will restore your health by itself. Similarly, you cannot exchange money for a strong relationship.
True, with freedom, everything is a little different. Once you have enough money to ensure a comfortable life, you no longer have to sell your time for money, as you would at work.
Therefore, you can use the money to buy yourself freedom – the freedom to spend your time on what you want, the freedom to visit the places that you want and generally do what you like.
Freedom means living wherever you want, traveling and enjoying your hobbies, even if they are expensive. In this regard, it is a large amount of money that can make your life saturated.
They Become Millionaires as a Result of the Process, and Not as a Result of the Breakdown of the “Big Jackpot”
The media regularly comes across articles about some 20-year-old boy who earned a million or several million dollars from his new Internet company. This news is usually presented to us in such a way that a feeling arises: you can get rich in one moment. But actually it is a process.
Getting rich is not possible with the click of a finger. 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.
So What Do You Need to Do? Make a Plan!
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.
A great example is J. 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.
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.
To get rich, think from the point of view of the manufacturer, not the consumer
From childhood, we are taught to be consumers. We are constantly surrounded by advertising in the media, and at home, we are taught to make lists of Christmas presents for family members. What is the result? The constant desire to consume.
If You Really Want to Get Rich, 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 quick 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.
If You Want to Become a Millionaire, Forget the Saying “Do What You Love”
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.
As the German proverb says: the worm should be liked by the fish, not the fisherman.
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 organic cheese.
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.
Entering a Standing Market is Effortless and Not Open to Everyone.
Imagine that you heard about a new direction in the Internet business. Your friends are delighted, several bestsellers have already appeared in bookstores telling how to get rich on this topic. The stakes seem to be low, is it worth it to get involved? In the end, everyone is sure that it will pay off.
Before you plunge into this adventure, you must remember that the easier it is to enter any path of a business, the less effective this business will be.
If everyone could do business, competition would soar up at the speed of a rocket. A huge number of people have the same passions as you (we have already discussed this), if this direction is competitive enough, there will be too many offers, and when the offer is much higher than demand, prices begin to fall rapidly.
Therefore, in order to get rich in such a situation, you must be able to do the job at an extraordinary level!
I hope you understand that starting a business requires effort, so if a business idea seems like an easy walk, an alarm should ring in your head.
Business is a series of actions and decisions. Even for a simple business such as renting beds, you need to find, buy or rent, repair a suitable room, provide it with everything you need, obtain official permission and arrange all the necessary paperwork, and all this before hiring the first employees and everything else that will follow.
Remember also that many of the founders of network marketing companies promise you that you can join them simply by purchasing a starter kit and filling out an application. Again, you should be suspicious of this, since most likely you are offered a business that costs nothing. And instead of becoming an entrepreneur, you will most likely become a regular customer of a real entrepreneur: the network company itself!
The Final Words
Many of us are trying to secure a safe future in the traditional way: to find a good job, work for 40 years, and save 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 as a rich man.
However, there is another 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.
When you get bored – learn something new. The next time you get bored, use this time to develop and generate ideas for new products. Listen to some conversational radio while standing in traffic, or read an article from a technical or art magazine while you sit in line for a doctor.
Explore your new purchase. Look at the latest product or gadget that you recently bought from a manufacturer’s perspective. What are its selling chips and features?
How was it introduced, and how would you describe the target consumer? Such questions will help you incorporate thinking aimed at creating something that you can subsequently sell, or even identify a market niche.
Why You Should Read “The Millionaire Fastlane “
- To start your own company;
- To stop doing the work you hate and start pursuing your dreams.
- To start working hard and in the right way in order to become a millionaire
This book is available as:
First Paragraph: Quick intro
Second Paragraph: What benefits the reader will get
Why You Should Read The Millionaire Fastlane?
The Millionaire Fastlane by MJ DeMarco
My Rating: ⭐⭐⭐⭐⭐
The Book in One Paragraph
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Lessons I Have Learned
- Lesson #1: text here
- Lesson #2: text here
- Lesson #3: text here
- Lesson #4: text here
- Lesson #5: text here
How The Book Changed Me
- It helped me
- It made me
- It encouraged me
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
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Key Idea #2: Start thinking like a producer
Key Idea #3: Doing What you love doesn’t guarantee you success
Key Idea #4: Becoming a Millionaire is a Process And Not a sudden jackpot
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Key Idea #5: The more People you can help the Wealthier you will become
business should be scalable
Putting It All Together
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.