The Best Book You Will Ever Read On ‘Wealth Creation’
A quick overview.
I thought the best book on wealth creation and personal finance had to be Rich Dad Poor Dad or Intelligent Investor. After all, everyone talks about these books and how reading them impacted their financial lives. I thought so too. I’ve read both these books, and they are fascinating.
Reading Rich Dad Poor Dad changed my relationship with money. It allowed me to quit my job and pursue financial freedom. I still use the lessons from the book in my life.
Recently, I was introduced to another book on wealth creation. I thought it would be just like the traditional self-help books. Also, the title of the book sounded like clickbait. So, I passed.
But after reading several reviews of the book, I decided to give it a shot. I just finished reading it, and I must say; it’s one of the best books I have ever read on wealth creation. It has a deeper insight into making money than any other financial-intelligence book like Rich Dad Poor Dad.
The Millionaire Fastlane
MJ DeMarco wrote The Millionaire Fastlane because he wanted to teach the things he learned during his journey to wealth creation. When he was young, he worked as a limousine driver. He had a dream to drive a Lamborgini someday. Once during his job, he saw a young guy (around 25) with a Lamborgini. “How can someone so young afford such an expensive car?” he thought. So he confronted the guy and asked him how he could afford that car. The guy said, “I’m an inventor.”
Since that moment, MJ’s pursuit of wealth creation began. He wanted to be rich while he was young, not in his 50s or 60s. So, he searched for young millionaires and billionaires and how they got there. MJ discovered the path to riches in his journey. He calls this path the Fastlane. With the Fastlane strategy, MJ retired at 33 as a multi-millionaire.
What is different in MJ’s book is that he does not sell the same idea of working, saving, and investing. Neither does he asks the readers to start a typical business.
“Money doesn’t grow on trees.” I’m sure you have heard this statement before. But, MJ says that money does grow on trees if you plant a money-growing tree. His idea of wealth creation is to build a system that makes you money. Yes, you can become wealthy by investing your money. However, that strategy will not allow you to enjoy your wealth while you are young. So, if you want to become rich young, you have to use the Fastlane strategy.
One of the most significant points in his book is that it is impossible to create wealth if your income depends on your time. We all know that time is limited. So if your income depends on your time, you will have a limited income. However, the Fastlane strategy is not a get-rich-quick sell-out. You must put the effort and work towards wealth creation in this strategy. The effort you put in should build the system that makes money, not directly towards making money.
As the young millionaire said to MJ, you must become an inventor or a producer instead of a consumer. When you look at problems like an inventor, you will find many opportunities for wealth creation.
“Instead of buying products on TV, sell products. 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 a mortgage, hold a mortgage. Break free from consumption, switch sides, and reorient to the world as a producer.”
I highly recommend you read The Millionaire Fastlane because it will change your life. It was a game-changer for me.
Read this book if you want to:
- be in control of your life (including your work and time),
- understand the process to become wealthy,
- retire young,
- have financial freedom,
- learn how to make millions and enjoy your life.
Here’s an article by Keith Nicholas on how you can increase your reading speed:
Learn about the ‘Two-minute rule’ from Atomic habits here: