An excellent book on how to create insane wealth and live a great life. M. J. Demarco shares the secret to becoming a millionaire at any age. And it is not the kind of advice you receive from financial gurus, parents, or friends.
The Fast Roadtrip To Wealth
The roadmap to wealth is made up of four key ingredients:
Your roadmap. The roadmap is the guiding force behind the decisions you make
Your vehicle. Your vehicle is you. No one can drive you to your financial
destination
Your roads. Roads are the financial pathways that lead to wealth. You can be an engineer, a plumber, a truck driver, etc. The roadmap guides your actions and the consequences of those actions create your financial life
Your speed. Speed refers to execution or your ability to go from idea to implementation
The Five Fastlane Business Seedlings
Rental systems. Real estate is an example of a rental system that produces a recurring monthly income
Computer/software systems. The internet and software programs have created more millionaires than any other system in history
Content systems. Content systems are systems of information. They include books, blogs, and social networks
Distribution systems. These are systems that move products to the masses. An example is Amazon
Human resource systems. Systems that are run by people. Sometimes they can work in conjunction with other systems
You could own the best hotel in the world located on the best beach in California, but if customers are treated like inconveniences and requests go unfulfilled, they won’t return.
The Three Road Maps To Wealth: The Sidewalk To Poorness
Sidewalker mindset:
- Debt perception: Credit allows you to buy things now.
- Time perception: There is enough time, and you could be dead in two weeks anyway.
- Education perception. You don’t need to learn.
- Money perception. If you have money, flaunt it
- Primary income source. Whatever pays the most, you will chase it
- Primary wealth accelerator. Luck
- Wealth perception. The one with the most toys wins
- Destination. “I live for today and I’m not bothered about tomorrow”
- Responsibility and control. Indulges in the victim mentality
- Life perception. Life is too short to plan ahead
The ultimate act of insanity is to sell your soul Monday through Friday for the paycheck of Saturday and Sunday. Yes, give me $5 today, and in return, I’ll give you $2 back tomorrow. 5-for-2. No? Why? This is a smoking deal!
The Fastlane
The fast lane is a state of wealth that is characterized by abundance. In the fast lane, you don’t trade your time for money and are in complete control of all the wealth-generating factors.
The Fastlane lifestyle is for people who want to retire young and don’t want to follow the conventional get-rich roadmap that involves maxing out the 401(k), being frugal, and retiring at 65.
Being on the fast track requires that you turn your back on what society says about wealth. Otherwise, you will never get rich.
The Millionaire Fastlane isn’t about being old and with millions, but about redefining wealth to include youth, fun, freedom, and prosperity
The Three Fs
True wealth is authored by three fundamental F’s:
- Family (relationships). “Wealth” is based on vibrant familial relationships with people.
- Fitness (health). Fitness includes health, vibrancy, passion, and boundless energy .
- Freedom (choice). Freedom is the ability to pursue your dreams and do what you love.
Somebody should tell us, right at the start of our lives, that we are dying. Then we might live life to the limit, every minute of every day. Do it! I say. Whatever you want to do, do it now. There are only so many tomorrows.
The Three Road Maps To Wealth: The Fastlane Roadmap
The Fastlane mindset:
- Debt perception: Debt is useful as it allows one to grow their system
- Time perception: Time is far more important than money
- Education perception. Learning is important for growth
- Money perception. Money is everywhere. It reflects the value you create
- Primary income source. Business systems and investments
- Primary wealth accelerator. Making something out of nothing
- Wealth perception. Build business systems for cash flow and asset valuation
- Destination. A lifetime of passive income. Life is what you make of it.
- Life perception. Dreams are worth pursuing no matter how outlandish
Time isn’t a commodity; it’s something you don’t pass around like a cake. Time is the substance of life. When anyone asks you to give your time, they’re really asking for a chunk of your life.
The Three Road Maps To Wealth: Mediocrity- The Slowlane
Slowlane mindset:
- Debt perception: Debt is evil.
- Time perception: Time is abundant
- Education perception. Educations is important as it helps earn more dollars
- Money perception. Each and every dollar must be accounted for because money is scarce
- Primary income source. A job is the primary source of income
- Primary wealth accelerator. Compound interest
- Wealth perception. Savings, investments, and 401K
- Destination. Comfortable retirement in the twilight years
- Responsibility and control. Works to provide for the family by relying on others.
- Life perception. Settle for less, and give up on any dreams
The Slowlane Roadmap Equation
Wealth = (Primary Income Source: Job) + (Wealth Accelerator: Market Investments)
When in the Slowlane, you mindlessly trade your life for a paycheck.
The Fastlane Is A Business, Not A Job
The Fastlane is a business system while the Slowlane is a job. In the Slowlane, you trade your time for your employer’s cash while in the Fastlane, wealth is driven by a business system.
The Fastlane wealth equation
Wealth = Net Profit + Asset Value
Asset Value = (Net Profit) X (Industry Multiplier)
The Fastlane Roadmap is engineered for two purposes. It’s engineered to create a passive income stream for the excess of your expenses and lifestyle desires, and to make financial freedom a reality, regardless of age.
Instead of digging for gold, sell shovels. Instead of taking a class, offer a class. Instead of borrowing money, lend it. Instead of taking a job, hire for jobs. Instead of taking out a mortgage, hold a mortgage. Break free from consumption, switch sides, and reorient to the world as a producer.
True Wealth Isn’t Having A Bank Balance
The “get rich slowly” strategy that is championed by society is a losing game. It is anchored on your time, assumes that everything will go according to plan, and doesn’t involve getting rich at a young age.
If you want to get rich, take the fast track.
