Book Summary and Review of “The Millionaire Fastlane”
-by M J Demarco.
If you are among the kind of person who wants to Live Life fully and beyond normal/ average – you have big dreams, want to own a huge House, fast cars or simply want to live Rich – yet you know, the current path is not going to take you there and wonder ‘There’s got to be more to Life’, its highly recommended for you to understand “The Millionaire Fastlane”.
Basically, there are 3 kinds of different Financial Roadmaps for People:
- They have No Financial Plan and live Paycheck to paycheck E.g. Spend whatever money you earn on the Latest Gadget, Drinking, Parties!
- Poor Money Management – Even if they earn enough they will end up spending everything, that’s how Celebrities, Sportsperson earning Millions one time go flat broke with 1-2 bad seasons.
- This is the Worst financial mistake as you can always go down as the Source of Income goes.
- These are typical Go to School- Get a Degree- Get a Good Paying Job – Save Money Mentality.
- Basically, you keep on working till 60, 70 years on Jobs you most likely Hate, Saving money in every possible way and Enjoying or may I say, Living only Weekends.
- The problem with Jobs is they have various Inherent limitations which Don’t favour you to be Rich.
These are :
- Lack Control – You don’t Control how much you Earn by Salary. Beyond getting Higher paying Jobs and 10–20% Salary hikes, there’s not much that can be Done.
- Office Politics – You might want to Work hard and constantly give Great Ideas. However, there are hierarchy and 10 process to be implemented beyond you and 5 other people have already staked a claim to your idea by the time it reaches anywhere near Execution.
- Limited Learnings –Generally, Jobs have very limited Scope of Work. After the initial learning, its Repetitive and Monotonous work over and over again. So, while you keep on Working your Bosses get richer and you Older!
- In spite of that, if you want a settled Life, Nice Salary and relax on weekends after working 5 days, Job and Slowlane is a Good Plan!
But for those, who want more this is not going to be enough!
- The Millionaire Fastlane is a Complete mental Transformation leading to behavioural shift and Actions that create Possibilities and higher probabilities to earn Massive Income, through Business, Self- Employment, and Entrepreneurship.
- You must switch from being Consumer to Producer. While slowlaners are Job seekers, Fastlaners are Innovators, Visionaries and Creators.
E.g.1 there’s a Fastlane when A divorced Jobless Author creates a book about teenage Wizard and turns it into a Billion Dollar in spite of earning just $4000 from her 1st Book Publication rights. That’s because after she published her book, it went Viral and Demand skyrocketed allowing her to value more for later Work.
E.g.2 A Augmented Reality based Game “that catches Pokémon’s” goes viral weeks after its launch and makes its founder Billions of Dollars. However, that did not happen overnight and took multiple products and innovations to make 1 Huge Hit.
Thus, not All Business or Ventures make to Fastlane.
So, what are the roadmaps for going Fastlane ?
There are very specific commandments that Business need to fulfill to go Fastlane :
- Need based – Solve problems, Service Gaps. Create something that is required/ valued by millions, and you have Potential for the Millionaire Fastlane business. Be in the business for right reasons to solve someone’s Need. Check if there’s a Need for your product/ service.
- Entry – there have to be some Entry barriers that don’t allow everyone or anyone to do it. If lacs of people are doing what you are doing, the Demand/ Supply ratio skews and you don’t have leverage.
- Control – can you Control majority of the factors affecting your business?
Price Change, Exposure, Conversion Ratio?
- Scale – Can your product/ service reach out to masses? Does it affect millions of people in small way or small no. of people in a large way? Affect millions in a large way and you can make Billions of Dollars! Remember Harry Potter & Pokemon Go
- Time – Does your creation work by itself? Can your systems/ processes work irrespective of you working, eating, sleeping, gambling?
Based on fulfilling the Need command, Internet and Computer Systems largely meet these commandments making them very highly Potent Fastlane Roads.
True Wealth consists of:
- Family and Friends (Great Relationships)
- Fitness (Good Health)
- Freedom (Choices)
So, for everyone who wants to Achieve or do more with their Lives and experience True Wealth, read the Millionaire Fastlane. It may not come easy, but it will be worth every second of your Efforts.