The Millionaire Fastlane is more of a practical guide to creating wealth, MJ DeMarco has shared everything from how people think about wealth, why most of them choose to work 9 to 5, and how to live a life full of freedom.
This is a 322-page book, so let’s decode everything in a compact way.
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The Millionaire Fastlane Summary
The Millionaire Fastlane is a personal finance book where you will learn everything from how money will give you the freedom to do anything in life but to have that freedom you need to take risks. Without risk, you will only live paycheck to paycheck.
It’s always better to take high risks when you’re young because you can recover earlier from failure if you face any.
For example, you started a business when you were 21 years old but somehow that business didn’t work and you lost all the money you had.
From here, you can earn money whether it’s from a Job or maybe your parents can help you but imagine you’re 50 years old and you lost all of your money in business then it will be a bit hard to recover.
As the author says, start as early as you can whether it is investing or even business. Also, focus on the process and results will find their way. Even if you fail you will learn lots of things from failure.
So let’s deep dive into The Millionaire Fastlane and see why this can change your mindset toward money.
I’m keeping my promise, this is the mini-ebook of Secrets of The Millionaire Fastlane by MJ DeMarco. So download right now and read wherever you want for free. Happy Reading.
MJ DeMarco says there are three types of people; The SideWalk, The SlowLane, and the last is FastLane.
As you guessed it, you have to be Fastlane because it will give you the freedom to do anything but it also comes with lots of risks.
The sidewalk people are those ones who are doing jobs and making enough money to live life. They don’t want anything else or don’t want to take any sort of risk.
The Slow Lane is those people who are making a good amount of money but don’t bother to save money or do financial planning. They just like to spend money and sometimes, they might spend more than what they are making.
The Fastlane is those kinds of people who are willing to take risks, invest money, know where they’re spending their money, what they have to do to make more money and focus more on creating wealth rather than working for money.
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Now, it’s simple things, you have to take a few risks in life. If you want to live your dream life. No one will give you money, you have to find your way.
Whether you can start a business or if you don’t want to start a business then invest your money in the stock market or somewhere where you feel comfortable.
But do something where your money makes more money for you. So you don’t have to work 24/7 for the rest of your life.
Don’t be that guy who will work till the 60s and then look for a new job because he/she doesn’t have money to live a good life.
Be that guy who enjoys work and money is a by-product.
Make Money Tree
Everyone needs to have passive income, this is that income where you don’t have to work but money works for you.
For example, the stock market.
You do need money to invest but that money will make more money for you over a period of time. As the author says, think long-term when it comes to investing.
Invest whatever you can but for at least 5 to 10 years. Also, if you see an opportunity then don’t stick to the 5 or 10-year planning, take your money and re-invest.
Also, if you have enough money then you can also invest in Real estate and earn money by renting your property. Real estate does require a lot of money and if you don’t have that kind of money then you can choose to invest.
You can also start a blog like this or make a membership website. Now, here you have to work for a few days a week but over a period of time, your blog will make lots of money when you’re sleeping.
The moral of the story is to have some sort of passive income because it’s not good to only rely on one income source.
One more thing, business takes time to grow. You won’t make lots of money in one or two years, things will take time, and you have to understand that.
So don’t expect that things will grow fast and your business will be an overnight success.
As the author says “Wealth is not an Event”
You have to make something that people want, you can’t make random stuff and believe that people will buy it.
You have to understand what people are looking for. Also, have a producer mindset rather than the consumer.
You enter the Apple Store and you see people buying iPhones while some of them are just walking around.
Now what the author says is, observe what other buyers in the Apple Store are doing, and why they choose to visit this store and not Samsung One.
What kind of furniture Apple has used, why iPhones are placed this way, and why there is glass all around the store.
This is how the producer thinks.
What this will do is, your mind will explore and see the behavior of people and the things you have to do in your business.
So sometimes, even if you don’t want to buy anything, visit a few malls and see why some items are placed the way they are.
Don’t Focus on Results
This is the best thing about this book, as the author simply says “Never ever focus on results”.
Always focus on the most important task you have during the day and just focus on the process and the result will find its way but sometimes, things won’t go as per plan.
So during that time, see what kind of mistakes you have made and what you can do next time to improve in those areas.
I mean just take the example of J. K. Rowling. She tried all the possible ways but things didn’t turn out well for her but the day came and she became a bestseller.
This didn’t happen overnight, she has seen everything from top to bottom.
So if you want to take one takeaway from The Millionaire Fastlane then it should be “Everything takes time, so focus more on the process and don’t worry much about the end results whether it’s in business, investing, health, or even in life”
Health is Everything
There is nothing more important than your health, no matter what happens, never ignore your health.
You always have time to exercise, you always have the choice to eat healthy or not, you always have time to take a walk, and you always have time to spend time with your family.
So you have time, so take that time and focus on your health because as someone says “Health is Wealth”
If you can’t walk, write, see, hear, and feel then what you’re gonna do with all the money you have?
So do some sort of physical activity during the day because the body needs it.
The Millionaire Fastlane Lessons
- Wealth is not an Event. Your business will take time to take off, so always focus on the process rather than worrying about end result.
- You don’t have to live your life on one income source, build multiple sources that can help you to become a financially free life.
- Try not to work for money, make sure your money works for you.
- One of the important things in life is health, so don’t sacrifice your health for money.
- Think like a producer and make something that people want. Don’t make something that you feel people want.
The Millionaire Fastlane Quotes
“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.
“All events of wealth are precluded by process, a backstory of trial, risk, hard work, and sacrifice. If you try to skip the process, you’ll never experience events.”
“If you have to think about “affordability,” you can’t afford it because affordability carries conditions and consequences.”
“Change creates millionaires. Those who observe and take advantage of change will be the new millionaires and billionaires.”
“Opportunity drives through your neighborhood frequently, and when it does, you have to grab that bitch. Evaluate”
“Your business is a spouse. Quit cheating and give one business all of your attention. You will get out what you put in, and rationing your time among mistresses is a slow prescription to lackluster incomes and asset values.”
“Money can’t buy happiness, but it can make you awfully comfortable while you’re being miserable.
The Millionaire Fastlane Review
The question you might have is, whether you should read The Millionaire Fastlane by MJ DeMarco or not.
The answer is “YES” You should read it because the author doesn’t give you a guide on creating wealth, rather he has shared all the practical guides on why focusing on wealth is more important than working for money.
It’s a solid read to understand Money and why some people choose to work for money rather than making money work for them.
It is a 322-page book but it’s all work worth it because it’s pure knowledge that will help you to understand money, needs, wants, business, investing, and much more.
Now, yes, after reading this article, if you felt “I did not learn anything new and I already know what you have written”
In this case, you can skip The Millionaire Fastlane but if you learned something new here then make sure you grab a copy of this book.
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