Lessons Learned From The Millionaire Fastlane by MJ DeMarco

Rating: 7/10
Finished: 2016
Related Books: Rich Dad Poor Dad, Money: Master the Game.
Buy the book on Amazon here / See all my lessons from books and smart people HERE

The Short Summary of “The Millionaire Fastlane” by MJ DeMarco

Sound financial advice, packaged in a punchy, non politically correct language. It is easily digestible, and MJs points do hit home. Its essence is about differentiating between “fastlane” and “slowlane” paths to explosive wealth, how we get conditioned towards slowlaning, and how to swap lanes if we so desire.

Lessons learned

 

The Slowlane tedium: Go to school, get good grades, graduate, get a good job, save 10%, invest in the stock market, max your 401(k), slash your credit cards, and clip coupons . . . then, someday, when you are, oh, 65 years old, you will be rich. […] Had I chosen the “Get Rich Slow”-path, my dreams would be on life-support, likely replaced with an alarm clock and a heavy morning commute. How about your dreams? Do they need resuscitation?

College is a five-year prenatal employee brainwashing with graduation as the overrated climax.

If you want to get rich and “Get Rich Slow” is your strategy, I have bad news. It’s a losing game, with your time wagered as the gamble. Do you seriously think that the guy who lives in that palatial beach estate with the $500,000 supercar in the driveway got rich because he invested in mutual funds?

Normal is to believe the illusion that the stock market will make you rich. Normal is modern-day slavery.

If you have to think about “affordability,” you can’t afford it because affordability carries conditions and consequences. Think about the last time you bought a pack of gum. Did you fret over the price? Did you ask, “Hmmm, can I afford this?” Probably not. You bought the gum and it’s done. The purchase had no impact on your lifestyle or your future choices.

Negative 60%: The ultimate 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? How about five loaves of bread today and in return, I’ll give you two back tomorrow. No again? Why? This is a smoking deal! While people easily recognize and reject a negative 60% return on their money, they do it willingly with their time.

Two fundamentally different types of millionaires:

  • Slowlane millionaires have MBAs. Fastlane millionaires hire people with MBAs.
  • Slowlane millionaires work for their time. Fastlane millionaires have time working for them.
  • Slowlane millionaires are employees. Fastlane millionaires hire employees.
  • Slowlane millionaires have 401(k)s. Fastlane millionaires offer 401(k)s.
  • Slowlane millionaires are cheap with money. Fastlane millionaires are cheap with time.
  • Slowlane millionaires use their house for net worth. Fastlane millionaires use their house for residency.

How Fastlaners see time and money:

  • Time Perception: Time is the most important asset I have, far exceeding money.
  • Money Perception: Money is everywhere, and it’s extremely abundant. Money is a reflection of how many lives I’ve touched. Money reflects the value I’ve created.

The beauty of passive income is it doesn’t care if you’re 20 years old or 80. If your monthly income exceeds your lifestyle expenses including taxes, guess what? You’re retired!

How to get rich? Impact millions and make millions. It doesn’t get any simpler than that!
In other words, how many lives have you touched? Who has benefited from your work, your assets, and your handiwork? What problems have you solved? What value are you to society?

Time isn’t a commodity, something you 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.
~ Antoinette Bosco

The amount of money in your life is merely a reflection to the amount of value you have given to others. Make a freaking impact and start providing value! Let money come to you!

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