The Millionaire Fastlane ► Book Summary (ft. MJ DeMarco)

  • Book Name - The Millionaire Fastlane
  • Book Author - MJ DeMarco

My favourite is the 19-year-old life coach. - [Brandon] Classic MJ, classic. You're 19 years old. How are you a life coach? You haven't endured any life. - [Brandon] Yeah. - [MJ] You're having problems finding success because, not you, I'm just saying to the person out there struggling, because you're on an everlasting search for a shortcut. That does not exist. If you just do the fucking work, you will succeed. - [Brandon] Most of what you've been told about making is BS. Compound interest with index funds. Max out your 401k. Save 10% of what you earn. For me this book put a lot of what I've already known into question, such as The Richest Man In Babylon, Unshakable by Tony Robbins even some aspects of Rich Dad Poor Dad by Robert Kiyosaki. Read The Rest Of The Article to find out how you can take the fast lane to wealth no this is far from a get-rich-quick scheme. So there are three lanes. The sidewalk, the slow lane the fast lane. The sidewalk. Sidewalkers pursue pleasures today at the expense of a more secure tomorrow. Side walkers are always one step away from broke. He never knows if he'll be able to pay the rent each month. Meanwhile he chokes down a case of beer to temporarily suspend his life problems. He thinks time is abundant he can spend money like there's no tomorrow. He graduated from school justifies that that's all the education he needs to get by. He takes whatever job he can that pays the most. May as well live life whilst he can. You know you're a side walker if you change jobs frequently, haven't learned much since graduating from school, have poor credit, barely any savings put faith into politicians government to fix a system. An estimated 60% of adults live their lives on the sidewalk. Right, so the sidewalk doesn't sound so attractive. Why don't we move on to the slow lane. Slappy the slow laner sacrifices today in the hopes of a brighter freer tomorrow. In MJ's own words, "Your glorious tomorrow might arrive "when you're 73 years old soaked in urine " strapped to a stinking bed "because you've lost your mind to Alzheimers." Slow laners also sacrificed their time for money. This is why the typical narrative of becoming a doctor, maxing out your 401k investing in mutual funds for 40 odd years puts you in the slow lane. You can get to wealth but it's very slow you don't have time basically. Okay so what on earth is the fast lane. Well in MJ's own words, "The fast lane is a business lifestyle strategy "characterised by controllable unlimited leverage, "hence creating an optimal environment "for rapid wealth creation extraordinary lifestyles". The following four elements further describe the fastlane. So first of all, let's clarify controllable unlimited leverage. In the slow lane there are uncontrollable variables. You have much less control over your time expenditure income level whereas a fast lane gives you maximum control leverage over time, money other stuff, like being able to work from anywhere in the world for example. The second business. Like a job is to the slow lane, self-employment business is the fast lane. Then we've got lifestyle. The fast lane is a lifestyle choice. It is not succumbing to the typical narrative as a means to just get by in life. And number four is rapid wealth creation. The fast lane is about creating crap tonnes of wealth quickly beyond the confines of the middle-class. Now I interviewed MJ DeMarco, the author of this book believe me he doesn't mean to be bashing on the nine-to-fivers or anything of that nature. The fast lane is really built for the people who want to create massive wealth quickly not just enjoy it when they're like 73 years old in retirement. This is about building a big-ass business, tanking it out for five years then selling it off for millions of dollars. So yes, nine-to-fivers are important but this fast lane, this is for the ones that want to really become rich, okay? So there is a five commandments of building a fast lane business. These are perhaps some of the most important principles that I took away from the book.

The first is the commandment of need. This is a reason 95% of businesses fail within five years. MJ says never start business just to make money. Stop chasing money start chasing needs. Stop thinking about your business in terms of your selfish desires, whether it's money, dreams or that do what you love mentality. Instead chase needs, problems, pain points, service deficiencies emotions. You know you're not satisfying the commandment of need if you're the guy that asks, "How can I make passive income?" or "What's a good product to sell on eBay?" MJ emphasises that the masturbatory, "do what you love the money will follow" advice is BS. For "do what you love" to work you need two things. Number one you'll love must solve a need two, you must be exceptional at it.

The second commandment, the commandment of entry. Higher entry barriers equate to stronger more powerful roads with less competition less need for being awesome. Let's take a helicopter tourist service for instance. It takes a fully qualified helicopter pilot, the money required to buy the helicopter a bunch of other boring paperwork to get this business up running but once it is, you're off. Compare that to the tens of thousands of newbies sitting on their couch at home who sign up to a 200 dollar programme that's offered to 10,000 other people who end up fighting to sell the same crap.

In MJ's own words once again, "The world is littered with so-called businesses "that have no entry barriers that is why they suck " the people who follow them aren't rich. Very polite in there MJ, thank you.

Commandment number three, control. Drivers control everything in their business. Drivers sell stock, they don't buy it. Drivers accept rents royalties. They don't pay rents royalties. Drivers offer affiliate programmes, they don't join them. And this one surprised me, drivers offer drop shipping, they don't use drop shipping. If you don't know, dropship is basically ship cheap stuff from China sold to buyers in the US to make big juicy profits they do it from their laptops. Now MJ isn't saying you can't make big money as a drop shipper but you are what he calls a hitchhiker because you are still giving up a large portion of control by relying on an array of other companies.

Commandment four, scale. The guy who runs a local restaurant isn't able to scale because his customers are confined to a single geographical location. A restaurant can also serve a limited amount of food customers in one day whereas an online business in which you sell information products gives you the ability to sell unlimited copies at a massive scale. There's no shortage of customers because everyone is can buy your stuff online, even while you sleep.

The commandment of time. You must attach your business from your time. One hour online fitness coaching sessions is not detaching a business from your time but creating a video course would be because you can record it once it's up its up forever. You can sell it over over again without you having to be there. So these were my favourite ideas from The Millionaire Fastlane by MJ DeMarco. If you made it this far I'd like to thank you by sharing some snippets from my interview with MJ himself. Super valuable. Also drop a comment below to let me know what your biggest struggle is when it comes to reading. I'm really keen to hear help you out. Cheers. So why is it that you seem to be the only guy that I've found who's achieved massive success. You're one of the very few people that puts real raw authentic advice on the table then we've got all these other guys- that are selling their, don't know, little courses that amount to nothing.

You know the type of people I mean, who say invest in this programme, invest in this seminar you're gonna get rich. Why is it that you've been the guy that's really took off in terms of giving raw authentic advice? I'm just wondering why it's you? - [MJ] Well, first of all think it's a racket out there. I actually don't like this industry because there's so many scammers, there's so many hucksters that are selling selling shit that don't work. My favourite is the 19-year-old life coach. - [Brandon] Classic MJ, classic. - [MJ] You're 19 years old. How are you a life coach? You haven't endured any life. - [Brandon] Yeah. - [MJ] It's like the old envelope stuffing scam. If you send me a dollar I'll tell you how to get rich then you send the dollar they say, tell other people to send you a dollar you can tell them how to get rich. Here's a make money seminar. It's 1,000 dollar seminar. Make money, I'll tell you how to make money. You get into the room, the guy says, "Well, have a seminar. "Charge 1,000 dollars, that's how you make money. "Thank you for coming." So it's like this circle-jerk it's kind of disheartening that in my eye, I'm trying to be authentic telling people how it is it's brash. It's more logical, it's not emotional. It's like truth, hard truth. It's tough love, people don't want to hear it but unfortunately that kind of stuff also doesn't sell very well. So that's the kind of you know position I'm in. Everyone's looking for the shortcut. There is no fucking shortcut. You're having problems finding success because, not you, I'm just saying to the person out there that is struggling because you're on an everlasting search for a shortcut that does not exist. If you just do the fucking work, you will succeed. Quit looking for the diet pills, quit looking for the girdles, quit looking for this, do the fucking work. Go to the gym four or five times a day. Eat right. 20 out of 21 meals every week or whatever, how many there are. If you do the necessary work, it's easy. The difficulty is that you're not finding the shortcut so you keep looking, you keep trying, you do this you do that you do that. Stop with the fucking shortcuts do the necessary work. Commit, be disciplined do it. - [Brandon] Sure thing. Okay so my question is does reading books count as work? - [MJ] I believe that definitely it's good to be reading books. But what happens is a lot of entrepreneurs are doing a what I call action faking. Entrepreneurial masturbation. They think they're doing work because they're reading books in the end they're not doing nothing, they're not acting. Laying in your bed reading a book if you strip it down, excuse me, it's not work, it's not taking action. I like to say I'm always asked on podcasts what books should entrepreneurs read? And I say the best book an entrepreneur should read is the book that solves the problem that is sitting in front of them right now. So if you're starting a business you're having problems creating a brand, well you should read a damn branding book. If you're trying to grow your business you're not sure how to hire deal with employees, well you should buy a book on employees managing employees. If you need to develop a web app you have this great idea you know that the tools are out there to learn how to programme a web app, that's the book or the YouTube podcast you should be looking at. So there is never all the answers. When you want to start a business you want to become an entrepreneur, if you're sitting around saying, well I need all the answers first, you will never be an entrepreneur. You have to act. Immediately act what happens is you're gonna encounter problems along the way, every single day, every week that's when you have to search out these solutions. So you're basically becoming this huge longtime problem solver. So the books you want to be reading or the podcasts you want to be listening to or the YouTube videos you're watching, you want those to solve the problems that sit before you. I call this kinetic execution that's in my next book Unscripted, that is starting before you're ready. That is acting letting the problems fall before you then solving each one each step of the way. So after you have solved, I don't know, 60-70 problems you actually have a solution that you can sell to the world or a product or whatever it is. As opposed to sitting around waiting for all the right answers.

I have to read this book, I have to do this, I have to do this this then in fact you never do anything because it is so overwhelming. If you look at all the things, I mean if I had a look back at what I had to accomplish in order to get where I was, if I looked at all that in aggregate, looking at the mountaintop, I would never have gotten started because it was so overwhelming. But I just took one step at a time so that's how you want to do that. Kinetic execution is one step at a time, one problem at a time.

No comments:

Post a Comment