Get Rich Young is Possible: The Millionaire Fastlane by MJ Demarco

The millionaire fast lane is one of the best-selling books written by MJ demarco, who claims that you can get rich quickly. I can assure you that it is not one of those scammy books that promised to make you rich overnight.

This was one of those eye-opening books for me personally, it completely changed the way I invest my money; if you are an entrepreneur-minded person who wants to get rich quickly enjoy life. While you are young and create the business you love, then this post is for you in the first part of the post.

I will summarize the author’s strategy for getting rich fast and in the second part, I will talk about five rules that every entrepreneur needs to follow.

Strategy for getting rich fast

According to the author, there are only three types of financial roads. You can take:

  1. The sidewalk
  2. The slow lane
  3. The fast lane

The sidewalk

The people who take the sidewalk are living well today at the expense of having more security tomorrow.

As the author explains, the sidewalkers see debt as an asset and they value spending over saving. More importantly, sidewalkers live a life of instant gratification and they don’t plan for the long term. It is important to note that being a sidewalker doesn’t mean that you are poor.

There are plenty of rich people like athletes and celebrities who make a lot of money, but they spend like there is no tomorrow. The second type of financial road that most people choose to travel is called the slow lane.

The slow lane

The slow laners sacrifice today so that they can be better off in the future and it is the opposite of the sidewalk. This is also another poor choice, because wealth is best enjoyed when you are young and healthy, not after decades of a soul-sucking job.

Slow laners sacrifice their monday through friday, so that they can enjoy the weekend. This is like trading five dollars for two dollars. Another problem with the slow lane is that they hope that their long-term investment in compound interest will make them rich.

However, compound interest does most of its work at the high end of the waiting period. When you take a look at the chart, that shows investing ten thousand dollars with fifteen percent interest will yield two point: six million dollars in forty years, which sounds great.

However, what most of the slow laners never realize is that your investment is 662 thousand dollars in 30 years and 163 thousand dollars in 20 years, meaning to say a huge portion of the money is accumulated in the final decade. When you are already very old? Do you really want to be 65 years old driving a Ferrari?

I’m sure you want to drive it when you’re, young and full of life. However, it is very hard to do if you are on a slow lane. The author says that holding a job will limit your wealth. Apart from that, the experience you accumulate is limited. You will learn much more running your own business in a month than working for someone else for a year plus you have no control over your income because your salary is greatly dependent on other people.

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The author also warns his readers about the advice from financial gurus. Some so-called gurus rarely get rich following the advice they give you in fact, these gurus get rich by writing books and selling seminars and courses. When you take financial advice from people make sure what they teach you is something that has actually worked for them.

The third type of financial road is fast lane. The fastlane road is all about business entrepreneurship and building wealth.

Rapidly. Some examples for fastlane can be a business. You create innovation, you make the software you build systems, you create, etc. The fastlane is all about get rich quick, but that is not the same thing as get rich easy.

It will take a lot of work and you might spend 10 years focusing on your business before you reach the kind of success that you want.

The benefit is that, once you’ve reached your desired level of wealth, you will have the freedom to do whatever you want for the rest of your life.

The fast lane

The fast lane mindset requires that you be accountable. Not just responsible. Being responsible is admitting, when you’re at fault, for something and constantly improving in the fast lane, you can increase your income, even double it, but it is not possible in a slow lane.

Next time, when you go to the office, try asking them to raise your salary from two thousand dollars a month to four thousand dollars a month and see what happens and in terms of building wealth.

The goal is not to do the heavy lifting, but to create a system that does it for you again. This doesn’t mean avoiding work, but it does mean being resourceful and optimizing and automating relentlessly. For example, let’s say you have to build a pyramid out of heavy stones. The slow lane approach is to carry the stones yourself, one at a time. Of course, this will take decades.

The fast lane approach would be to spend the first few years designing something to move the stones for you, a crane, a pull system whatever, after your upfront investment, the pyramid will be easier to build once you have your machine.

The key to the fast lane is producing, instead of consuming instead of buying products on tv sell. The products, instead of digging for gold, sell the shovels instead of looking for a job, be an employer and hire for jobs.

When you switch your thinking and roll from a consumer to a producer, you will join the fast line to create wealth quickly. You might think that rich people are greedy, but in reality poor people are greedy.

If you think a little bit, you will see that, in order to be rich, you have to help others. You have to give back something you have to build something for others.

You have to improve something in society. You have to produce something you have to invest in something it is the poor who are greedy because they only produce for themselves and think about themselves.

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Another interesting topic that the author talks about in order to become rich is called the law of affection.

The law of affection says that to make a million, you need to help a million people. Of course it does not have to be precisely a million people, but I think you get the point, the more people you help, the more you give to others.

The more you receive at first, this might not make sense, and you can say how can helping others and giving more make me rich.

For example, you can say if I go out right now and give a thousand dollars to 100 people. How will that make me rich you’re right?

It will not make you rich most likely. People who receive money from you will run to the shop to buy something that they don’t even need. Then what is a good form of giving, for example? Let us say you create some type of product that helps other people. This would be a very higher form of giving.

This is why jeff bezos is richer than the lady. You saw yesterday in the post office. Jeff bezos has built amazon which helps millions of people to shop safely and easily all around the world, but the lady in the post office is mainly helping herself and her family. Please don’t get me wrong. I’m not trying to belittle the lady in the post office.

If the lady wants to help herself and her family there’s nothing wrong with that, but according to the law of affection, she will not be rich because she is not impacting and changing the lives of many people in a positive way.

Five rules that every entrepreneur needs to follow

In the second part of the book, the author talks about five rules that you must obey if you want to build a successful business, you can also use this as a checklist for existing businesses to see how strong is the foundation of your business. If you study any successful business nine times out of ten you’ll find that they are following these five rules.

The first rule is need

Only reason for a business to exist is to solve a problem when problems are solved, money is exchanged. If you solve problems, make things easier, remove, inconveniences, provide better service, satisfy, wants and cravings.

You have honored the rule of need. You think something so simple would be so obvious. Unfortunately well it isn’t today. The great entrepreneurial idea is to do what you love and follow your passion as if the market cares. Margaret does not care.

If you have what I want, you get my money, passions, love and your dreams to own. A lamborghini are absolutely irrelevant. If there are 10 000 personal trainers doing what they love, but only 10 people who want to hire a personal trainer, do you think passion is going to pay the bills?

The second rule is entry

The rule of entry asks how easy or difficult it is getting in business?. If anyone off the street can start the business you’re in then you’re violating the rule of entry again, if getting in business is as simple as filling out some online form or joining some program you’re violating entry.

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The essence of entrepreneurship is problem solving and the problem you’re solving must have an element of difficulty.

The difficulty is in fact the opportunity, if you’re one of the entrepreneurs who look at potential ideas and complain that it is too hard.

Then what you’re saying is you’re not interested in solving legitimate problems, but instead you’re looking for easy ways to make money. The reformer creates millionaires, the latter creates money chasing people.

The third rule is control

The rule of control is like the land in which you build your business. Do you own that land or is it leased or controlled by someone else? Can some person or some company suddenly pull the rug under your feet and cause a business catastrophe one day, you’re making ten thousand dollars and the next? It’s nothing.

If one hundred percent of your customers come from a free google search, you’re violating the control rule, one google algorithm change can kill your business.

If 99 of your product sales is coming from one platform, you’re violating control rule youtube can kick off their platform without much explanation and as a result, your company goes from hero to zero and you did nothing wrong. That is why the author does not recommend relying only on a third party.

The fourth rule is scale

Can your product be scaled or replicated with relative ease? Please don’t confuse us with an entry which is your initial entry into the business.

The scale is about easily replicating the difficult problem you solved. For example, if you create a software service that solves a problem in the dental space, your solution might take three months to build, but the difference between that solution serving 10 customers and a thousand doesn’t have a direct correlation. You make a hundred times the profit, but you don’t have a hundred times the work.

The final rule is time

According to this rule, your product or service must exist without being connected to you. Does your product serve while you are away or off doing something else? The essence of the time rule is to get away from the worst relationship ever created, which is your time for money anytime, a creative effort exists.

Independent of you can also sell independently of you without exchanging time for money. If you honor these five rules, your business will honor you with life-changing outcomes to see more similar book summaries from this channel. Please don’t forget to subscribe so that you are informed every time I upload a new post.

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