Book Review – The Millionaire Fastlane by MJ deMarco

“The Millionaire Fastlane – Crack the Code to Wealth and Live Rich for a Lifetime”

by MJ DeMarco

This isn’t your run-of-the-mill self-help book that gently nudges you toward a slow and steady path to wealth. Nope, it grabs you by the collar, gives you a good shake, and says, “Hey, if you really want to get rich, there’s a faster way, but buckle up because it’s going to be a bumpy ride!” Now, let’s dive into this whirlwind of a book and see what makes it tick.

It’s not what we’ve always been told

First off, DeMarco challenges the traditional financial advice that most of us have been spoon-fed since we could count—go to school, get a good job, save 10% of your income, invest in a diversified portfolio of stocks and shares, and then, one fine day when you’re about 70, you can live the life of your dreams.

Sounds familiar, right?

Well, DeMarco pretty much throws that model out the window and introduces what he calls the “Fastlane” to becoming a millionaire.

The core idea of the book is that living a scripted life of save-and-hoard, like a squirrel stashing nuts for a long winter that might never come, isn’t just boring; it’s downright ineffective if your goal is to achieve wealth while you’re young enough to enjoy it.

The “Fastlane” is essentially about creating value in a scalable way, such as starting a business or creating a product that can sell millions, not just once, but over and over again.

DeMarco breaks down his philosophy into several key components, which he vividly illustrates with metaphors (and, occasionally, a bit of vehicular jargon—fitting for a book titled with a Fastlane theme!).

He talks about the difference between being the driver in your life, as opposed to sitting in the passenger seat or, worse, being stuck on the sidewalk. According to him, most people opt for the sidewalk or the slow lane, paths that are unlikely to lead to extreme wealth.

What revs the Engine

Now, let’s talk about the parts of the book that really rev the engine. DeMarco is brilliant when it comes to explaining complex financial concepts in a way that not only makes sense but sticks with you. For instance, he uses the analogy of a lemonade stand to explain economic control. Imagine you’re selling lemonade directly from your own stand.

You control the product, the pricing, and the promotion. Now imagine instead that you’re selling someone else’s lemonade, from their stand, and at their prices. That’s the difference between owning your own business and working for someone else. In one scenario, you’re in the driver’s seat; in the other, you’re just hoping the ride doesn’t end up in a ditch.

DeMarco also doesn’t shy away from discussing the risks and challenges of the Fastlane approach. This is not a “get rich easy” scheme. The strategies he proposes require hard work, a significant amount of risk, and an entrepreneurial spirit that’s not dampened by the possibility of failure.

He’s brutally honest about the pitfalls and the setbacks you might face on this journey.

What I like about “The Millionaire Fastlane”

What I particularly appreciate about DeMarco’s writing is his no-nonsense, straight-to-the-point style. He’s like that friend who tells you what you need to hear, not what you want to hear. There’s no sugar-coating here. Some readers might find his tone a bit brash, but it’s refreshing in a genre filled with too much fluff.

 

Excerpt : The Road to Effection

“The Five Fastlane Commandments.

The Law of Effection says to make millions, you must impact millions.

How can you impact millions?

In the Slowlane, you explode intrinsic value, become enormously indispensable, and earn millions.

In the Fastlane, you engineer a business that touches millions of lives in scale or many lives of magnitude. If your road doesn’t lead through Effection’s neighborhood or have an exit ramp onto it, sorry, you’re on the wrong road. The power of the Fastlane wealth equation is ignited by a business that drives to the Law of Effection.

Business opportunities are plentiful, and unfortunately, most of them aren’t Fastlane roads. If you’re stuck in a retail store selling $15 hair- cuts, can you reasonably expect to serve millions? A kick-butt attitude is snuffed if your road is directionally challenged toward Effection, because Effection is the gatekeeper to wealth.

To light the Law of Effection and illuminate your Fastlane road, cross-examine it against the Five Fastlane Commandments, the CENTS framework.

The Commandment of Control

The Commandment of Entry

The Commandment of Need

The Commandment of Time

The Commandment of Scale

CENTS is a Fastlane litmus test and validates your road.

Does your road (or potential road) route to wealth?

Is it Fastlane?

Can it be made Fastlane?

Can it hit Effection?

Can your road route to a multimillion-dollar enterprise, generate passive income and end at a final liquidation event?

A road meeting all five commandments can make you filthy rich fast. As violations accrue, the road degrades in its wealth potential, and your ability to get near Effection also degrades. While it’s possible to violate one or more commandments and still create wealth quickly, you should aim for a road that satisfies all five commandments.

Potent roads are potent wealth creators. Sadly, most business opportunities fail the commandments, and if they fail, they don’t deserve your respect or attention.”

It may not be for everyone (if you don’t like risk)

However, it’s worth noting that this path isn’t for everyone. If you’re content with a 9-to-5 job and find security in predictability, DeMarco’s advice might seem a bit too radical. But if you’re itching for financial independence and are willing to take some risks, this book could be the roadmap you need.

To sum it up, “The Millionaire Fastlane” is an eye-opening read that challenges conventional wisdom about wealth and presents a bold, alternative path to financial freedom. It’s packed with practical advice, real-world examples, and DeMarco’s own experiences from deep in the trenches of business. Whether or not you decide to hit the Fastlane, this book offers valuable insights that can help you evaluate your financial goals and the paths available to reach them.

Buy The Millionaire Fastlane at Amazon

So, have you ever felt stuck in the slow lane? Or maybe you’ve taken a detour that led you somewhere unexpected? I’d love to hear your thoughts and experiences, so please drop a comment below!

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