- Title: The Millionaire Fastlane (Amazon) (Goodreads)
- Author: MJ DeMarco
- Publication: Viperion Publishing Corporation (January 4, 2011)
- Genre: Business/Finances
- Pages: 336
- Format: Paperback
- Source: Library
- Rating: 5/5
The Millionaire Fastlane is one of the best books for aspiring entrepreneurs I’ve read so far this year! The title appears scammy but the book covers clearly authentic material. The book was an immediate reliever after reading the unsettling Automatic Millionaire. Author MJ DeMarco offers a “no BS” guide to the millionaire lifestyle of your dreams. Take note: it’s a long path of dedication and hard work.
DeMarco began his self-made millionaire journey after his encounter with his dream car: a Lamborghini. What surprised him even more than the car was the owner, a young inventor. DeMarco thought if the young man could afford a Lambo, he could too. He built and sold a highly successful limousine directory website and the rest was history.
The Millionaire Fastlane is a wake up call to readers to take a leap of faith, acknowledge their own power to create money, and work like it’s nobody’s business. DeMarco states there are three paths of wealth people take: the Sidewalk, the Slowlane, and the Fastlane. Sidewalkers are always broke, Slowlaners depend on retirement wealth, and Fastlaners build money systems (multiple passive incomes, businesses, etc).
Here’s a closer look at the three:
- Complete consumers
- Dependent on people to give them money all the time
- Look rich but completely broke
- Sometimes steal
- Scheme people for money
- Spend their entire paycheck on crap on payday then complain about not being paid enough
- More productive than the Sidewalker but still tend to consume useless liabilities. Even go into debt for it.
- Example: Going into credit card debt for a rarely used boat
- Hoping to earn millions through a decent full-time job with low to average pay with an annual 1% salary increase
- Returning to college (and further debt in the process) for an advanced degree in hopes of receiving a higher paying job
- Working for an employer for forty-five years and contributing money for a 401k in order to retire rich (if they don’t die first)
- Complete producers
- Creates businesses
- Sometimes sells them
- Example: Minecraft creator Markus Persson sells his creation to Microsoft for $2.5 billion
- Sometimes sells them
- Own multiple streams of passive income
This book shatters the old beliefs about becoming a millionaire. There’s no age or career requirements to be one. The only tools you need are your ideas, passion, and commitment.
Now, DeMarco states passion alone isn’t enough to gain ultimate wealth. I was confused by this statement until he presented an example of a woman’s passion for art. She was so enthralled with art that she opened up an art gallery/cafe. The business shut down a few months after it opened. The problem: it didn’t answer to people’s needs.
If you can figure out how your passion can solve problems, you have a successful business!
I loved how DeMarco pointed out the difference between being “interested” in creating a business and being committed. The person interested in making a business would only work on the idea for an hour a day twice a week while the committed one works seven hours a day, seven days a week.
The committed individual will go farther financially than the interested one. Staying committed is part of the millionaire fastlane process.
The Millionaire Fastlane has done a great job guiding readers out of the outdated financial beliefs that wealth is only reserved for the naturally talented and retired old folks.
Please read this book along with other “millionaire” books you may find and see which ones you should keep. Not long before I’ve created this review, I purchased my own copy. The notes I’ve written down from my previous library copy wasn’t enough. I had to have a copy of my own because I know for sure I’ll be reading it again and keeping it as my personal strategy guide.
Comment below if you’ve read this book or have any related book recommendations!