If you have already read Mj Demarco’s The millionaire fast lane book, then, you probably have the general knowledge of that is listed here. This book has affected the lives of many readers out there.
If you have not read it yet or if you don’t have the time, here are the top points discussed in the book. If you need further elaborations, you need to buy the book and read it yourself.
The Millionaire Fast Lane: Tips to Become a Millionaire Fast
#The millionaire fast lane 1-The change in wealth begins with a change in self-understanding. A tamed lion in a zoo is still a wild lion. That is its true self. When you learn to leave what you have been trained to be and realize your true nature, you can become rich.
#The millionaire fast lane 2-There are three Lanes in the road to wealth: the slow Lane, the side lane, the fast lane. The slow could make you rich, hardly. Many people follow this lane, either trained or forced. This lane says, work hard, save and by sixty or later you will have a lot of money.’ The problem with the slow lane is you will be old to enjoy it.
#The millionaire fast lane 3- Side Lane is mediocrity. It is a step away from homelessness, therefore, it is a way back in the parent’s basement. People in this lane have no plan.
They follow fashion, lifestyle, buying the next thing. Their education ends at school, they use credit to buy anything. Time is abundant for them, and they have in Lottery thinking and follow ‘what pays most’ thinking. Not taking responsibility for own life and giving excuses.
*If you’re older than 35 and you have less than $13,000 in net worth let me be blunt: What you are doing isn’t working. You need a new roadmap.
The fast lane is what makes you rich young.
#The millionaire fast lane 4. The Trinity of wealth:
- Family (relationships)
- Fitness (health)
- Freedom (choice)
#The millionaire fast lane 5-IF MONEY DOESN’T BUY HAPPINESS … DOES POVERTY? ? Money doesn’t buy happiness only because it is misused and brings stress.
#The millionaire fast lane 6- wealth is not created with luck. Luck is a process.
#The millionaire fast lane 7- Avoid a victim mentality. Be responsible for what has happened in your life. No one has forced you to be in the situation that you are in. Be accountable.
#The millionaire fast lane 8- The philosophy of the slow Lane is getting a job work hard and grow, save and one day you get a raise or save a million dollars with Clip coupon, 402(k)… Sacrificing today for the fantasy of tomorrow. Wealth is better experienced when you are young.
#The millionaire fast lane 9- Jobs limit leverage and control. Lose them. Don’t sell freedom for slow money.
#The millionaire fast lane 10- The fast lane needs a changed perception. Debt is good if it builds your wealth. Education doesn’t stop after school. Time is the most important asset I have, more than money. Money is abundant and it’s a reflection of how many lives you touched. The strategy is ‘the more I help the more I get.’
#The millionaire fast lane 11- The fast lane is creating a better system to get rich than doing the heavy lifting. It has got rich quick in it, but not to be confused with getting rich easily that unethical marketers follow to make money off of victims.
#The millionaire fast lane 12- We are conditioned to want things, to consume. The minority produces. The majority consumes. That is the way of wealth. So, when you see an AD on the late-night show, don’t be tempted to buy. Instead ask, ‘what is the business model? How do they make money? Where is the product produced?’
To consume richly, produce richly first.
#The millionaire fast lane 13-The fast lane is not bound by the time. It continues to work even long after the product is launched or the process is over. For example, a book can sell years after it is published. If you have 1000 visitors per day and 10 percent conversion for 5 $ then you probably make 500$ per day.
But, the slow Laner won’t even have the chance to think that way as time is limited and they can’t sell more than the human limit and given time.
In the fast lane you won’t ask your boss for a raise
nor are you bounded with time. You control the tool for a profit. You either raise your cost by increasing conversation ratio or increase sales by increasing traffic or by increasing unit cost.
#The millionaire fast lane 14- Slow lanes buy deprecating goods: fashion, designer goods, cars…fast laners buy and sell appreciating goods such as brands, businesses, real estate, intellectual property… Accelerate wealth by increasing asset value and liquidating it to cash money.
#The millionaire fast lane 15- There are five businesses that the Fastlane loves.
PLEASE BUY THE BOOK TO SEE.
#The millionaire fast lane 16- Fastlaners (the rich) don’t use compound interest or the market to get wealthy but to create income and preserve liquidity.
#The millionaire fast lane 17- ‘A saved dollar is a seed to your money tree’
#The millionaire fast lane 18- Fast laners are lenders.
#The millionaire fast lane 19- The law of effection works than the law of attraction. The law says, ’the more lives you touch(serve) the more you will make.’ The scale is unit sold, magnitude is unit profit. Make a smaller impact on many or large impact with few.
#The millionaire fast lane 20- Fastlane is a result of choices. A single choice would make a big difference in life. That is a butterfly effect.
#The millionaire fast lane 21-Base your business decisions on various factors, location…never repeat your mistake or forget them. You failed once doesn’t mean you will fall again.
#The millionaire fast lane 22- A toxic relationship is a base for your lack of progress. Learn to associate with positive people and accelerate your progress.
#The millionaire fast lane 23- knowledge is key. Use online and offline resources to continuously educate yourself on necessary topics.
#The millionaire fast lane 24- Take risks. There are two kinds of mistakes: ‘moronic and intelligent’. Failure is part of the process. The risk without considering the outcome is moronic. And work hard and be committed. Because interest is where it begins and commitment is what crosses the line.
#The millionaire fast lane 25-THERE ARE FIVE LAWS OF FASTLANE: THE COMMANDMENTS OF NEED. In order to become a rich focus on the value, you create for people. People don’t pay for anything unless your solution benefits them. If you make million people laugh, or become confident or become healthy or feel good about themselves, you will be a millionaire. Buy the book to read other values you can offer to make money.
#The millionaire fast lane 26- Follow what your love or your passion is bad advice. Doing what you love for money will hurt your love. What you love doesn’t necessarily make money. Instead, follow the problem and you will find the money. Businesses are paid based on the problems they solve.
Rather than focusing on love, focus on passion. Passion gets a long way. Get Reminded of the things you wanted to be as a child. Or remember a time you were excited about achieving. That is your passion. Your passion will find your love. Even if you love caring for the poor, follow your passion and with the money you make you can fund your love of caring.
#The millionaire fast lane 27-The commandments of the entry say entree into saturated market needs exceptionality. It is a bad idea. If everyone is doing it then it is not a good entree. If the entree is an event rather than a process, it is a sign the entree law is violated. If doing a thing or two at entree is enough, leave. entree needs work.
#The millionaire fast lane 28- The commandment of control Invest in your brand only. A venture that you cannot control would leave you at any time. This includes ways of making money such as Ads and affiliate marketing. The only people who make money in network marketing, for example, are the ones on the top and in the circle. The rest have no much control over their income. The law says ‘if you can not be the source, serve the source.’
#The millionaire fast lane 29- Think big but also in scale and magnitude. The scale is how many people you affect, the magnitude is with how much profit.
#The millionaire fast lane 30- The commandment of time – your business should operate with your absence. Your business should not own you and your time. A business attached to your time is a job.
#The millionaire fast lane 31- The three paths that satisfy all the commandments are the internet, innovation, and intentional iteration. Read the details.
#The millionaire fast lane 32-If you can’t recognize the challenges around you, then you not tune into your fast lane. Challenges are opportunities. Entrepreneurs should not seek to brand new ideas but pursue unmet needs.
Can You do it then better? Don’t wait for a big idea. Look out for your frustrations like ‘i wish there were…’ I don’t like…’ I am tired of..’ That could be the beginning of a business.
#The millionaire fast lane 33- Don’t get overwhelmed with the big picture, rather break down the work into goals.
#The millionaire fast lane 34- Idea is everywhere. only execution makes you different. Better execution.
#The millionaire fast lane 35- Business ideas are useless. The world changes faster than ideas. Instead, create something that people can see like brands, create and show prototypes.. investors invest in you first.
#The millionaire fast lane 36- Complaints are discouraging. However, complaints of the void is an opportunity. What customers lack and complain about is what you should work on.
#The millionaire fast lane37- Act big is like fake it till you make it. That scares away competitors.
#The millionaire fast lane 38- partnerships are like a marriage. Carefully select whom to work with. Partners should be compatible. It means you should choose a partner that complements you, therefore, their skill should be different from yours.
#The millionaire fast lane 39- Make sure you believe your employees. Never hire people you don’t trust. A background check is necessary. Good accountant and attorney will save you time and money.
#The millionaire fast lane 40-Build a brand, not a business. Create a Unique selling proposition USP. To do so first identify the problem you plan yo solve. That is your USP.
Second, be unique. Instead, os saying ‘lose weight’ say ‘shared pounds’.
Third, be specific and give evidence. Dominos promise, ‘we deliver 30 min or it is free.’
Fourth, keep it short, clear, and concise. Fifth, integrate it with all your marketing material. Finally, deliver what you promised and be noisy.
#The millionaire fast lane 41- There are five ways to be above the norm.
- Polarize. Don’t be the norm. Have a stand. People would love you or hate you. Sex sells. It says above the noise.
- Arise emotions. Provoke emotion.
- Be interactive
- Be unconventional. Ignore the norm.
- What is in it for me?
#The millionaire fast lane 42- Marketing and branding are necessary tools in the fast lane.
#The millionaire fast lane 43- focus on business and don’t divert your attention. It is like marriage, and polygamous relationship does not create good partners.