How can you become financially free? To multi-millionaire MJ DeMarco, you need to transition over to what he calls the “fastlane”. MJ states that there are 3 “lanes” of finances: the sidewalk, the slow lane, and the fastlane. To be able to transition over to the fastlane, it’s a process through a series of events rather than a single event. In this book, he lists a plethora of ideas, strategies, and techniques on how to switch over to the fastlane. A lot of what he addresses in this book are the same things I’ve heard or read from other successful multi-millionaires such as Tai Lopez, T. Harv Eker, and Neil Patel on ways to switch over to the “fastlane”. For those of you who are interested in starting your own business, this is an all encompassing must-buy book. Here are some points of the book:
1. Want to make millions? Make an impact on millions. If you were to impact 10 million people, there’s a high probability you’ll become a millionaire. Find a solution to a problem that millions have and you’ll make your millions. “Impact millions. Impact millions and make millions. It doesn’t get any simpler than that! In other words, how many lives have you touched? Who has benefited from your work, your assets, and your handiwork? What problems have you solved? What value are you to society? If you’re working the front desk at a hotel, you simply aren’t making much of an impact, and your bank account will represent that same fact. The amount of money you have (or don’t have) is a direct reflection on the amount of value you have provided (or not provided).“
2. To become truly wealthy, it goes against conventional thinking of going to school, getting good grades to get into a good school to then end up with a well paying job. I once saw this picture of a corporate office where the captions read “Traditional Education” and below it was attached a picture of a yacht where the captions read “Self Education”. Self-education is your key to wealth. “It’s a great myth: To get rich you need an expensive college degree. Hogwash. A degree isn’t a prerequisite to Fastlane wealth. Some of the richest Fastlaners are people who never finished either high school or college. Bill Gates, Steven Spielberg, Richard Branson, Michael Dell, Felix Dennis, David Geffen, and John Paul DeJoria all dropped out of school to pursue Fastlane objectives. How dare they get rich and not be ‘educated’?“.
3. Start valuing your time more than you do. There’s a reason why there’s a saying “time is money”. The more you squander your time, the less of it you have to use it to produce meaningful things. “Why will most people never get rich? Look no further than a $6 bucket of chicken. It made big news: A major fast-food restaurant offered a free bucket of chicken to anyone who had an Internet coupon. People flocked to restaurant locations and waited for hours, all for a free $6 bucket of chicken. Know anyone who would stand in line for hours just to get something for free? Are you one of them? These stories are common, and yet my reaction is the same: What the hell is wrong with people? I’ll tell you: These people value their time at zero. It’s free. Like the air we breathe, they’re convinced that time is abundant and in endless supply. They live as if they were immortal. They are certain that time, the fuel of their life, never runs empty. I wonder if these people had three weeks left to live, would they be standing in line for a bucket of chicken? What if they had three months? Three years? At what level of morality would they rule that standing in line for three hours for free chicken is not good use of time? The greasy truth: Value your time poorly and you will be poor. When time is wasted as a lifestyle choice you will be stranded in places you don’t want to be.“
4. I’ve heard this many times over and over about how it’s never a good idea to consistently chase after and switch to different lucrative opportunities to make money. To make money, it requires focus. No one got rich from chasing opportunities, they all established one thing first and then transitioned or expanded. “Never start a business just to make money. Stop chasing money and start chasing needs. Let me repeat that, because it’s the most important thing in this book: Stop thinking about business in terms of your selfish desires, whether it’s money, dreams or ‘do what you love’. Instead, chase needs, problems, pain points, service deficiencies, and emotions. Entrepreneurs fail because they create businesses based on selfish premises, and selfish premises don’t yield profitable businesses; they lead directly into the 90% failure wastebasket.”
By Ryan Lee
Check out the book here: