The Millionaire Fastlane (Book Summary)
The Millionaire Fastlane is the best selling book by MJ DeMarco. Here’s a full summary of the book for those of you thinking of reading or just looking for a digest.
The Beginning Part of Millionaire Fastlane
A turning point in the life of MJ DeMarco was when he saw a Lamborgini in a neighborhood, with the owner being relatively young. At that point in life, DeMarco, just like many other people right now, assumed that wealth could not be accumulated at such a young age and that one needed to work and save, to then towards later parts of life, have riches.
MJ right away asked what the guy did to have such a car, with the individual responding that he was an “inventor.”
That day changed MJ’s life. It made him realize that he doesn’t need to follow the standard form of getting riches that wouldn’t be of as much use to him when he’s older.
You Need to Focus on the Process
Millionaire Fastlane mentions that the Millionaire Fastlane is only accessible if one is willing to drive on the Fastlane.
That you can’t just focus on that one event that will make you a millionaire, but that you need to focus on the process.
The 3F’s
Fitness. Family. Freedom.
Being wealthy is not about just having great riches. It’s also about these 3F’s.
Since this is The Millionaire Fastlane book summary, we aren’t going to get fully in-depth on this, but here, MJ also mentions Sidewalkers, which are people both rich and poor, that spend money like there’s no tomorrow.
He mentions that being a Sidewalker is dangerous because there’s a lot of things that can go wrong such as recession, a job cut, and many other external effects.
The Slowlane
We mentioned the Fastlane previously, but there’s also a Slowlane.
Slowlane people are the ones that sacrifice on today for a better future.
This is the option that most choose.
MJ mentions that this is a poor choice as most people lose 50% of their savings during recessions, and that wealth is best enjoyed when we are younger rather than older. After all, are you going to go skiing when you are 70?
Millionaire Fastlane mentions that Slowlaners work Monday to Friday, sacrificing their time for money, with no control over their income.
And even if they save a ton of money, that money will only compound later on in life, having to be untouched for many decades.
The Millionaire Fastlane
The Millionaire Fastlane method isn’t much different from the Slowlane but is tremendously faster.
MJ points out that while it takes Slowlaners take decades to accumulate wealth, with this method, it often takes less than 10 years.
He also mentions that the Fastlane will initially take a lot of work, ranging from 5–10 years, depending on the kind of success you require and that Fastlaners focus on building a system that does the heavy lifting, rather than doing the heavy lifting.
There’s no reason for you to spend 40–50 years to earn a million when you can spend a few years leveraging the Fastlane strategy, building the system, and then can earn millions after that.
Separate Time and Money
MJ’s suggestion is that you run businesses that can survive on their own.
Things such as rentals, software, content, and distribution systems all work extremely well.
The Road to Wealth
1. Solve an issue.
Don’t ever start a business with its purpose being to get you rich. You need a business that solves people’s issues.
2. The Entry
The harder it is to enter a sector, the better your business will be.
If you can’t do something exceptionally well to the point that it’s better than almost everything else, you need to be in a sector where it’s very hard to enter.
…Otherwise everyone can do it.
3. Control
Being on the Fastlane means you have control. If someone is able to make choices that will ruin your business, that means you aren’t in the Fastlane.
4. Scale
A business that can’t scale much will be limited in the future.
It’s important to look at how much scale there can be done.
5. Time
Making a lot of money, and enjoying it requires running a business that can be automated.
Your Speed
Your customer is your boss. Make them your priority. That’s something the new owners of MailTag applied right away when acquiring MailTag.
Build brands. Not businesses. MJ mentions that it’s not a matter of price, but marketing and branding.
That’s The Millionaire Fastlane Book Summary
The Millionaire Fastlane teaches what people do wrong, and how you can vastly accelerate your wealth, spending years rather than decades.
But of course, this is just a Millionaire Fastlane book summary. If you found this summary informative, we highly recommend you get the book to get all the golden nuggets that we couldn’t fit in in this post.
Found this useful? How about reading the 10 Life Changing Quotes From the 10x Rule?
Whatever business you will start? It will require sales and if they require emailing, why not know what happens after you send an email? That’s where the MailTag Chrome Extension comes in as an email tracker, scheduler, and a tool for automatic follow-ups.
