The Millionaire Fastlane – MJ DeMarco Book Summary

The Millionaire Fastlane – MJ DeMarco | Free Book Summary

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 Three Road Maps To Wealth: The Sidewalk To Poorness

Sidewalker mindset:

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  • Debt perception: Credit allows you to buy things now. 
  • Time perception: There is enough time, and you could be dead in two weeks anyway.
  • Education perception. You don’t need to learn.
  • Money perception. If you have money, flaunt it
  • Primary income source. Whatever pays the most, you will chase it
  • Primary wealth accelerator. Luck
  • Wealth perception. The one with the most toys wins
  • Destination. “I live for today and I’m not bothered about tomorrow”
  • Responsibility and control. Indulges in the victim mentality
  • Life perception. Life is too short to plan ahead

The Three Road Maps To Wealth: Mediocrity- The Slowlane

Slowlane mindset:

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  • Debt perception: Debt is evil.
  • Time perception: Time is abundant
  • Education perception. Educations is important as it helps earn more dollars
  • Money perception. Each and every dollar must be accounted for because money is scarce
  • Primary income source. A job is the primary source of income
  • Primary wealth accelerator. Compound interest
  • Wealth perception. Savings, investments, and 401K
  • Destination. Comfortable retirement in the twilight years
  • Responsibility and control. Works to provide for the family by relying on others.
  • Life perception. Settle for less, and give up on any dreams

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 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!

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.

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:

  • Debt perception: Debt is useful as it allows one to grow their system
  • Time perception: Time is far more important than money
  • Education perception. Learning is important for growth
  • Money perception. Money is everywhere. It reflects the value you create
  • Primary income source. Business systems and investments
  • Primary wealth accelerator. Making something out of nothing
  • Wealth perception. Build business systems for cash flow and asset valuation
  • Destination. A lifetime of passive income. Life is what you make of it.
  • Life perception. Dreams are worth pursuing no matter how outlandish

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.

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 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

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