The Millionaire Fastlane.

the millionaire fast lane is one of the bestselling books written by MJ DeMarco who claims that you can get rich quickly I can assure you that this is not one of those scammy books that promis to make you rich overnight this was one of the 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 video is for you in the first part of the video I

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 according to the author there are only three types of financial roads you can take number one the sidewalk number two the slow lane and number three the fast lane 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 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 they can enjoy the weekend this is like trading $5 for $2 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 end of the waiting period when you take a look at the chart that shows investing $10,000 with 15% interest will yield $2.6 million in 40 years that sounds great however what most of the slow

laners never realize is that your investment is 662 th000 in 30 years and 163,000 in 20 years meaning to say a huge portion of the money is accumulated in the final decade when you're already very old do you really want to be a 65-year-old guy driving a Ferrari I'm sure you want to drive it with you are young and full of life however it's very hard to do if you are in 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 about 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 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 the fast lane the Fast Lane is all about business entrepreneurship and Building Wealth rapidly some examples for the fast lane can be a business you create Innovation you make the software you build systems you create Etc the Fast Lane 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 mindset requires that you be accountable not just responsible being responsible is admitting when you are at fault for something and constantly improving in the fast lane you can increase your income even double it but that's not possible in a slow lane next time when you go to the office try asking your boss to raise your salary from $2,000 a month to $4,000 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 pole 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 rooll from a consumer to a producer you will join the fast lane 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'll 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 something it is the poor who are greedy because they only produce for themselves and think about themselves 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 but I think you got 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 $1,000 to 100 people how will it make me Rich you're right it won't make you rich most probably people who receive money from you will run to the shop to buy something that they don't even need then what is the good

form of giving for example let's say you create some type of product that helps older 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's not impacting and changing the lives of many people in a positive way 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 the foundation of your business is if you study any successful business nine times out of 10 you'll find that they are following these five rules

the first rule is need the only reason 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 but unfortunately it isn't today the great entrepreneurial idea is to do what you love and follow your passion as if the market cares the market 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 to get into business if anyone off the street can start the business you're in then you're violating the rule of Entry again if getting into business is as simple as filling out some online form or joining some program you're violating entry 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 in instead you're looking for easy ways to make money the former 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 catastrophy one day you're making $10,000 and the next it's nothing if one 100% 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 are coming from one platform you're violating the control rule YouTube can kick you 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 this 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 3 months to build but the difference between that solution serving 10 customers and a thousand doesn't have a direct correlation you

make 100 times the profit but you don't have 100 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 lifechanging

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