Book: The Millionaire Fastlane
Author: MJ DeMarco
Takeaway: Don’t be stuck in “The Slowlane”. Driving in the slowlane will seal your fate of financial mediocrity. Relying on a 401k, a good job and the stock market to build wealth
is an outdated plan that you are leaving to chance. The housing, stock and job market are unpredictable. None of these factors you will ever be in full control of. You need to create a “Fastlane” plan to wealth that you can control, leverage and scale quickly.
I loved this book. While the style of writing is a bit brash and in your face, I loved every second of it. MJ DeMarco really sticks it to you and makes valid points that the middleclass is in trouble. Leaving it to the stock market and other traditional investing platforms to build serious wealth is a flawed plan with mediocre return. Even if you do “get lucky” with these traditional investing platforms you won’t be able to enjoy the fruits of your labor until your well into your 50’s and that’s a best case scenario.
After reading this book, I realized I was driving in the “slowlane”. It was quite the kick in the ants that has fueled my fire to get in gear and drive like a maniac in the Fastlane. What’s the Fastlane you ask? The Fastlane is a where you have full control of your financial destiny. You are in business for yourself. You take massive imperfect action and you are relentless. You don’t really on one source of income to feed your family.
How can one achieve this? The method that MJ talked about that really resonated with my was his creation, usage and leverage of modern technology. It’s easier than ever to start a business and build income and revenue from the internet. MJ outlines a business model that I just started mimicking. The model revolves around internet lead generation. I won’t get into the super specifics but the model works because of a few key and critical factors; scalability, low overhead, can operate 24hrs a day and can leverage modern technology.
I would highly recommend this book to business owners everywhere and especially recent college grads. It is an updated modern approach on how to build a wealth and get out of the slowlane!