The Millionaire Fastlane: Crack the Code to to Wealth and Live Rich for a Lifetime is a book written by MJ DeMarco and is unlike a majority of books that are written on financial security. MJ actually calls out a lot of the well known “wealth gurus” and for good reasons.
If you are anything like me when you hear the word fastlane, you probably immediately think scam. I believe this is hard-wired into us because everything that is perceived as fastlane is also perceived as being easy. (Thanks MLM)
The only reason for this is because so many marketers have used this term in their advertising to feed on the people who are gullible enough to believe that they can get extremely wealthy without doing a damn thing. I admit it, when I first started marketing online I believed this too. Needless to say, it isn’t easy and it can actually be more difficult than just going to a job and getting guaranteed money per hour worked.
I hadn’t even heard of this book until someone told me about it. I’ve been pursuing entrepreneurial activities for the past 3 years and have been a little frustrated lately and wanted to take the “easy road” out and get a job. I put a little tweet out saying that I might get a “real job” so that I could get an extra $50,000 or more this year. As soon as I put out that message, I received a tweet back from my friend Alex Rinehart telling me before I did that that I needed to read The Millionaire Fastlane. I trust Alex and when a friend recommends a book to me, I buy it and read it. Boy am I glad I did! You can check out Alex’s website at http://CoActiveHealth.com
So What is a Fastlane Business?
Let’s start off with what a JOB actually is. JOB is your Intrinsic Value.
JOB [Your Intrinsic Value] = (Hourly Rate of Pay) X (Hours Worked)
Where is the leverage in this equation? We’ve only got 24 hours in a day, and I sure as hell don’t want to work that much day by day, I’d die!
The way to true wealth is through a different equation.
Wealth = (Net Profit) + (Asset Value)
Net Profit = (Units Sold) X (Unit Profit)
A Fastlane business really switches your view on things. The average person is up late night watching infomercials and buying products on TV that claim to solve their problems. The fastlane millionaire is the one who is selling the products that the consumer is buying. The fastlaner has found a product to sell, figured out how much profit per unit sold and are selling millions of these units. This helps them create wealth without having to do work.
Switching Your Mindset
Become a producer first and a consumer second.
” Applied, what this actually means is that instead of buying products on TV, sell products. 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 a mortgage, hold a mortgage. Break free from consumption, switch sides, and reorient the world as a producer.”
Compound interest
How many times have you read about compound interest-paying bills for people who have written books about investing? Probably a bunch of times if you are like me. You’ve seen the numbers add up and make your interest pay for your bills when you are older and how well it works on paper.
The problem is that the people telling you about this earned a ton of money doing something else prior to getting this type of interest. They usually leave this part out, and that’s the part that we need to know the most. These people because millionaires by selling millions of something.
Stop Chasing Money…Start Chasing Needs
This was a fairly simple concept, but something that I was overlooking. It’s funny how this works sometimes… I had started certain businesses just so that I personally could make money. Your business needs to chase needs of others. The business needs to chase needs, problems, pain points, service deficiencies or emotions and help solve these problems for other people. The money will follow when you solve problems on a massive scale.
Some other random notes I took while reading this book…
-Slowlaners seek to minimize expenses while the Fastlaner seeks to maximize income and asset values.
-An idea trapped in your brain is like a supercar trapped in the garage with a dead battery. It accomplishes nothing and its purpose is untapped. Execution is making an idea real and giving the battery a charge. Execution is taking that Lamborghini out of the garage and slamming the accelerator to the floor, with the wind giving you a temporary face-lift. Execution is getting that idea out of your mind and onto the roads of possibility.
-Entrepreneurs struggle to differentiate between idea and execution. The think ideas are worth millions, when success is never about the idea but about the execution. “I had that idea!” Oh yeah? Who cares. What separates these people is that they executed the plan. They didn’t spend hours watching reality tv.
-When considering starting a business, focus on the NEED. If people 100% absolutely need your product or service to solve a problem of theirs, they will pay for it. Provide solutions to people and the money will follow. Ignore this and your business will perish.
-Doing what you love or doing what you know is a way of living that will allow you to have a good life, for a short period of time. If everyone is doing what they love, the market becomes saturated and this leads to more supply than demand, ultimately leading to a drop in price.
Should I Buy The Book?
Overall I would recommend reading this book. It’s going to get your mind racing with ideas and hopefully give you a blueprint
that you can do to achieve your ideal amount of money to live the way you want to live. This book also shares a formula for finding out how much money you actually need to make to have your passive income cover all your expenses. The formula alone is worth the price tag because you’ll understand that it really is possible for you to live the life you want to. The problem with this book is that it doesn’t give you detailed steps to take, but if a book did that, everyone would be a billionaire.
Go buy this book now, read it and start creating your fastlane business. You can buy the book here > Buy The Millionaire Fastlane.