Get Rich Quick With Millionaire Fastlane

The author of “the Millionaire FASTLANE” MJ DeMarco sheds some light on how he got wealthy and how you can do the same. It sounds like a “get rich quick” scheme but I was surprised to find many timeless lessons about responsibility, market value and customer centricity.

I got this book as a present and it turned out to be an interesting read on entrepreneurship and how to accommodate wealth over a couple of years instead of decades.

Millionaires mindset

In contrast to the past books I shared in the past, DeMarco postulates, that becoming a millionaire will not work out for the most of us via compounding and patience.

Don’t just chase money; create value—wealth follows those who solve problems for others. #successhabits

In his view there are three types of paths when it comes to money:

• sidewalks: Is about poorness, both in time and money. Most people on the sidewalks life for the moment and don’t consider their impact on tomorrow. They life beyond their means.
• slowlane: The slow lane is an employment. You basically exchange your time and skills for money to work for someone else. As employee you make someone else rich. There is limited growth potential because increases on wages are more or less linear. Also any day has just 24h, so nothing to scale on this side as well.
• fastlane: The fast lane is a business system allowing exponential growth by definition. Not every business falls into the category of a fast lane. If you are a self-employed electrician you can’t scale your time same as with the slow lane. The important factor is the business system that allows you to generate wealth independent of your time. I see parallels to goals vs. systems post shared earlier.

3 Timeless lessons learned from this book

#1 – You are responsible for your life situation. This also includes your financials. If desire to be wealthy but you are not, you should consider changing your behaviour.

“If you want to keep getting what you’re getting, keep doing what you’re doing” – DeMarco

With this you don’t have to resign your employment. But first acknowledge the fact that you are in the driver seat of your life. Reflect on your spending habits as a starting point.

#2 – Be aware of your behaviour as a consumer and experience the creator point-of-view. Because we are all targets to the marketing machinery exposed 24/7 on all channels. Even this blog is an example of me selling you my thought process and you paying with your time and attention. Your mindset about money will change, once you understand that for the most cases, someone is constantly trying to sell something to you. The best way to grasp what this means is becoming a creator, a maker or producer to others. It will sharpen your senses about multiple means around you to address you as a consumer.

#3 – riding the fastlane is hard work as nothing comes for free. “Rich people got lucky” is something attributed to the wealthy. What most of us neglect is the fact that being wealthy is not an event. It is the aftereffect of a process by which you improving your probabilities to deliver yourself to true wealth. This is to identify a business need, deliver a scaling solution and improve it by talking to your customers until you found the right formula.

The dark side of the Millionaire FASTLANE

DeMarco states, that the risk profile of a fast lane strategy isn’t much different from the slow lane but the rewards are far greater. While I agree on the later, I don’t agree with the risk part. It is oversimplified and does not count the individual life situation. This unfortunately leads to the impression that entrepreneurship is glorified without point out enough on the actual risk that is part of the game.

There is still a lot of opportunities out there to “collect money on the streets”, but still the majority of startups fail. And if you decide to follow that path, you have to accept failure culture as part of you daily life. “Fail early, fail often” they say.

Summary and takeaways

• Getting rich quick not only about self employment, but a business system that generates wealth independent of your time contribution.
• The fast lane strategy is not for everyone, because it requires a high tolerance for coping with failure.
• Think of habits that fuel your maker mindset to become a producer first and consumer second.

My next read is “Expert Secrets” by Russel Brunson on how to make profit out of your knowledge.