The Millionaire Fastlane by MJ Demarco Summary

About The Author

MJ DeMarco is the author of “The Millionaire Fastlane“.

He is a self-made multimillionaire who retired in his thirties and has since become a serial entrepreneur and investor. He founded the Limos.com and DeMarco Automotive Group. 

DeMarco has shared his insights and experiences on building wealth quickly through his book, “The Millionaire Fastlane”, which has gained a strong following among aspiring entrepreneurs and investors.

The Millionaire Fastlane Book Summary

Are you tired of the slow and traditional ways of building wealth? Do you want to learn how to achieve financial freedom as fast as possible? 

Look no further. 

In his book “The Millionaire Fastlane,” DeMarco challenges the conventional wisdom of “get rich slow” and offers a roadmap to building wealth quickly. 

Get ready to be inspired and motivated to take control of your financial future.

Alrighty, so without further ado, let’s get started.

Lesson #1: The long journey to financial freedoom looks promising, but is it practical?

Old age.

Doesn’t it sound boring?

Your hairs turned grey. Your body not working according to you. 

Many people squander their youth, assuming they have plenty of time in the future.

When it comes to achieving financial freedom, the general idea is that you should build wealth slowly over the years. And then on that one “great day,” you’ll retire from your exhausting life, and fulfill all your desires to your heart’s content.

The author thinks that these ideas lead to mediocrity.

Such ideas push you into a matrix where you’ll be wasting a lot of golden years moving slowly when you could move fast.

The author calls this new road “ the millionaire fastlane.”

If you’re young right now, these are your best years of life.

These are your golden years. You can do whatever you want.

This also doesn’t mean that old age can’t be amazing.

The author tries to say that waiting too much to live your best life is foolish.

Why move so slow when you could move fast with energy?

Obviously, you also have to think and make smart decisions by keeping an open-mind.

Think about all the amazing ideas you can bring to life if you get rich fast.

The idea of “get rich slow” is basically your mind procrastinating on taking challenges right now and convincing you that you are doing the right thing.

This is the same tendency that makes us avoid implementation, and makes us believe that “we are learning right now, so we can’t implement.”

But we all realize that the best learning comes after implementation.

Without implementation, those ideas are just entertainment.

You have to be a little faster than you are. Yes, you can do it.

If you are struggling to build wealth right now, it’s not because you can’t, it’s more because of your current reality, it’s because of the ideas that you have fed inside your mind.

Society wants us to act in a certain way.

So if you follow all those traditional methods, you’ll be like everyone else, you’ll live that same kind of life where money is misunderstood.

Maybe you still think that you need lots of talent to build wealth, and billionaires are some kind of genius people that happen once in a decade.

And who knows, perhaps they are. But that’s not the point.

The point is: We can study rich people and learn insights from them to grow wealth faster.

When we say “rich people,” they don’t need to be someone famous like Bill Gates or Jeff Bezos. Even someone living next door could have more money than you.

It could be someone who simply played their cards right without requiring any talent or fame.

Lesson #2: No wealth-building strategy will be successful if you are only focused on the end result.

Most people expect magic when it comes to wealth building.

You must have heard people asking questions to successful people like “Tell me just one advice so that I get rich without any effort and investment.”

We all want secrets as if we all are entitled to become rich.

Wealth has a special place in our minds.

Everybody wants it so they can prosper and fulfill their wishes.

Nobody likes poverty, right?

Forget poverty, now we don’t even like middle-class.

Everybody wants to be and seen as upper class.

So naturally, we are focused on the end-result, we are so occupied with money that it can turn our world upside down if any financial crisis happens.

Do you see the problem here?

We never pay attention to the process. Everybody wants the rich lifestyle, but nobody wants the struggle that comes before it.

Consequently, we find ourselves hunting for wealth-making secrets.

The secrets that they promise don’t work, do they?

You keep searching for answers, but end up even more confused, regretting all the time you wasted listening to those fake rich gurus with a fancy lifestyle.

Again, what’s the problem here?

Yes, we don’t want to see the process.

We simply want the end result without putting any work — without taking risks — without doing any investments.

So if you want to move on the fastlane as the author suggests, it’s not going to be easy.

Expect some highs and lows on that journey.

Lesson #3: Move on the fastlane instead of moving on the slowlane or sidelane.

The author talks about 3 financial roadmaps in this book:

• Slowlane (too slow)
• Sidelane (leads to poverty)
• Fastlane (for aspiring millionaires)

Just as we need a roadmap to travel, we need a plan or some kind of business strategy to build wealth fast.

Let’s understand why we should all move on the fastlane and what other lanes leads us to.

a) The Slowlane

This, as the name suggests, is the slowest way to build wealth. Expect yourself waiting and sacrificing your today for a better life in a distant future. People with a decent job people fall in this category. “Saving” and “Sacrificing” are their mantras. They wait and they wait patiently until they turn old. They even wait for deals so that they can save some money for the future. Most people walk this road as it’s safe and less risky comparatively. 

b) The Sidelane

People who don’t think long-term walk this road. They don’t care about the future, so they spend as much as they can to maximize their pleasure — by getting the best experience at any given time. We all have seen people who live paycheck-to-paycheck without thinking about tomorrow. Their favorite slogan is “Live in the moment.” They suffer from instant gratification. It doesn’t matter how much they earn, they always find themselves spending on shiny things and soon become broke. A majority of the population on the earth falls in this category.

c) The Fastlane

People who walk this road are highly ambitious. They start businesses and are ready to take challenges. They want to build wealth as much as possible, but don’t like to wait for decades. They have patience, but they are also smart. They create multiple sources of income. They are always ready to think out of the box. Such people are fast movers.

Just to be clear, moving on the fastlane doesn’t mean that you have to get rich quickly.

There are lots of schemes online that promise you to turn into a millionaire while you sleep. That’s only a fantasy.

Moving on the fastlane requires a proper business strategy. 

You’ll have to learn from people who have figured out how to build wealth smartly.

The key here is to realize which road you’re moving on right now.

Are you moving on slowlane barely managing to keep up with market fluctuations? Or are you moving on sidelane spending money on liabilities?

Without realizing the road you’re moving on, you’ll reach the wrong destination, even if you move at a high speed.

Speed is not the only thing when we talk about moving on the fastlane. You have to be moving in the right direction.

Lesson #4: Moving on the fastlane gives you control over your life and unlimited leverage.

People moving on the sidelane or slowlane keep struggling for control over their lives.

If you have a job, it’s difficult to balance your work and your personal life. After all, it’s a job, where you have to do the assignments and projects, which are decided by your boss.

And if you’re someone who runs after instant gratification, anybody can control you if they have something captivating to offer.

But for people who move on fastlane, it’s’ difficult to control their lives.

That’s because such people are usually visionaries or businessmen on top of the chain.

As they own their business, they have full control over what they want to do.

And as they don’t subscribe to “get rich slow,” they have a comfortable income and lifestyle, that further aids their ability to control every aspect of their lives.

Sure, nobody can control everything, but still, we should try to bring as many things as possible under our locus of control.

It’s rather more about taking responsibility than having control actually.

In the book, The Almanack Of Naval Ravikant, the author also talks about leveraging resources and man power.

So if you’re a business owner, try to leverage your precious resources like time and money.

For instance, you can delegate redundant tasks to your employees and save your time to build more assets or spend that time learning new things or build new relationships.

After all, if you want to move on fastlane, it’s difficult to achieve your goal if you’re doing everything by yourself.

It’s only by controlling your leverage can you invest in assets that grow in value over time.

Kindly note that leveraging doesn’t mean that you won’t need to work at all.

Leveraging is about being smart and getting the maximum returns from your investments.

People often make mistakes and unknowingly create hurdles for themselves.

Let’s discuss what those mistakes are in the next lesson.

Lesson #5: Build something that’s hard to duplicate, requires less time, and solves real problems.

As we discussed, to grow wealth quickly, you need ideas and execution.

A regular isn’t enough to get rich fast.

Most people on the fastlane are businessmen and innovators.

The problem is: It’s difficult to be both of them.

Business and innovation is challenging as hell.

Just think of something new, and you’ll realize that it’s not new at all. So many people are already doing it better than you’ll ever do.

The challenge is: Not only do you have to think something new, it’s to be something that will help people solve real life problems.

It’s to be helpful.

If nobody buys what you create, your business will become another failure story.

People don’t buy products, they buy solutions.

Before you think of any crazy innovative business idea, always ask yourself:

• “Do people really need this? And if yes, then exactly what real problem does it solve?”
• “Is my product too easy to replicate?”
• “Will I be able to outsource the product creation?”
• “How much time will take to give returns?”

Questions like these will give you some clarity.

Remember, if anybody can do it, then your business won’t last for long.

You need a entry barrier, you need some kind of advantage over other businesses that exist in your industry. 

Competition is good for consumers, but it’s not always good for business-owners.

Try to avoid as much competition as possible initially, especially if you have less capital to begin with.

A lot of business people ignore critical self-evaluation.

And as a result, they learn by making mistakes going through frustrating events.

But this is not a smart approach.

It’s much better to learn early on from other people “what not to do.”

“What not to do” is way more important than “what to do.”

At any given time, you have hundreds or even thousands of things you can do. But knowing what you don’t need to do saves you a lot of time and energy.

By knowing exactly what you need to do, you feel more control and are able to move faster without having self-doubts.

If you can understand and do all the things discussed above, you’re on already on your way to build crazy wealth.

Bullet Summary: Key Takeaways From This Book

• Building wealth slowly over time can lead to mediocrity
• Focus on the process, not just the end result, when building wealth
• Move on the fastlane, not the slowlane or sidelane, to build wealth faster
• Moving on the fastlane gives you control over your life and unlimited leverage
• Build something that’s hard to duplicate, requires less time, and solves real problems to achieve success

The Millionaire Fastlane Review

Last update on 2023-02-22 / Affiliate links / Images from Amazon

Who is this for?

• This book is for those who want to build wealth quickly and are willing to take on challenges to achieve that goal.
• It is especially useful for entrepreneurs and innovators who aim to create something new and helpful to solve real problems.

Pros

• Lot of ugly truths revealed.
• The book will make you question your current lane.

Cons

• I doubt the title justifies. Readers will expect some kind of “get rich quick” technique, which the book doesn’t provide. It’s a good thing in a way, though.

You can buy the book in your preferable format below.

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