The Millionaire Fastlane  – MJ DeMarco

The Millionaire Fastlane – MJ DeMarco

An excellent book on how to create insane wealth and live a great life. M. J. Demarco shares the secret to becoming a millionaire at any age. And it is not the kind of advice you receive from financial gurus, parents, or friends.

The Fast Roadtrip To Wealth

The roadmap to wealth is made up of four key ingredients:

Your roadmap. The roadmap is the guiding force behind the decisions you make 

Your vehicle. Your vehicle is you. No one can drive you to your financial 

destination

 

Your roads. Roads are the financial pathways that lead to wealth. You can be an engineer, a plumber, a truck driver, etc. The roadmap guides your actions and the consequences of those actions create your financial life

Your speed. Speed refers to execution or your ability to go from idea to implementation

The Five Fastlane Business Seedlings

Rental systems. Real estate is an example of a rental system that produces a recurring monthly income

Computer/software systems. The internet and software programs have created more millionaires than any other system in history

Content systems. Content systems are systems of information. They include books, blogs, and social networks

Distribution systems. These are systems that move products to the masses. An example is Amazon

Human resource systems. Systems that are run by people. Sometimes they can work in conjunction with other systems

You could own the best hotel in the world located on the best beach in California, but if customers are treated like inconveniences and requests go unfulfilled, they won’t return.

The Three Road Maps To Wealth: The Sidewalk To Poorness

Sidewalker mindset:

The ultimate act of insanity is to sell your soul Monday through Friday for the paycheck of Saturday and Sunday. Yes, give me $5 today, and in return, I’ll give you $2 back tomorrow. 5-for-2. No? Why? This is a smoking deal!

The Fastlane

The fast lane is a state of wealth that is characterized by abundance. In the fast lane, you don’t trade your time for money and are in complete control of all the wealth-generating factors.

The Fastlane lifestyle is for people who want to retire young and don’t want to follow the conventional get-rich roadmap that involves maxing out the 401(k), being frugal, and retiring at 65.

Being on the fast track requires that you turn your back on what society says about wealth. Otherwise, you will never get rich.

The Millionaire Fastlane isn’t about being old and with millions, but about redefining wealth to include youth, fun, freedom, and prosperity

The Three Fs

True wealth is authored by three fundamental F’s:

Somebody should tell us, right at the start of our lives, that we are dying. Then we might live life to the limit, every minute of every day. Do it! I say. Whatever you want to do, do it now. There are only so many tomorrows.

The Three Road Maps To Wealth: The Fastlane Roadmap

The Fastlane mindset:

Time isn’t a commodity; it’s something you don’t pass around like a cake. Time is the substance of life. When anyone asks you to give your time, they’re really asking for a chunk of your life.

The Three Road Maps To Wealth: Mediocrity- The Slowlane

Slowlane mindset:

The Slowlane Roadmap Equation

Wealth = (Primary Income Source: Job) + (Wealth Accelerator: Market Investments)

When in the Slowlane, you mindlessly trade your life for a paycheck.

The Fastlane Is A Business, Not A Job

The Fastlane is a business system while the Slowlane is a job. In the Slowlane, you trade your time for your employer’s cash while in the Fastlane, wealth is driven by a business system.

The Fastlane wealth equation

Wealth = Net Profit + Asset Value

Asset Value = (Net Profit) X (Industry Multiplier)

The Fastlane Roadmap is engineered for two purposes. It’s engineered to create a passive income stream for the excess of your expenses and lifestyle desires, and to make financial freedom a reality, regardless of age.

Instead of digging for gold, sell shovels. Instead of taking a class, offer a class. Instead of borrowing money, lend it. Instead of taking a job, hire for jobs. Instead of taking out a mortgage, hold a mortgage. Break free from consumption, switch sides, and reorient to the world as a producer.

True Wealth Isn’t Having A Bank Balance

The “get rich slowly” strategy that is championed by society is a losing game. It is anchored on your time, assumes that everything will go according to plan, and doesn’t involve getting rich at a young age.

If you want to get rich, take the fast track.

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