Favorite quote from the author:
Many people want to change their life, but they are not willing to change their choices and daily decisions which ultimately changes nothing. - MJ DeMarco
Don’t read this book, if your sole purpose is to find shortcuts to get-rich-quick. He voids concept of - work 40 years, save every penny and eventually wait for enjoyment till you are 70 years old.
This book is MJ DeMarco’s story of how he managed to retire at 33, a multi-millionaire.
I will try to summarize this book through 3 most important lessons:
- Wealth stands for 3 things, but none is related to money.
- Make your income independent of your time.
- Think like a producer, not like a consumer.
As the book name suggests, we will be going in the Fastlane! Fasten your seat belt.
Lesson1: Wealth stands for 3 things, but none is related to money.
I am sure you remember cartoon serial of Duck Tales in which Uncle Scrooge used to take a dip in the vast sea of gold coins. Wealth isn’t about just money.
It goes beyond and 3 things which MJ DeMarco said in his book are:
- Meaningful relationship with friends
- Being healthy (physically & mentally)
- Freedom (to take your own decisions)
Point no.3 is where the money comes in. Money can buy you an unlimited amount of freedom i.e. freedom to live where you want, eat what you want, travel where & when you want or invest in your hobbies, even if they are expensive.
Since you don’t have to trade your time for money any longer, you can now spend it as you wish and that’s really what wealth is all about.
Lesson2: Make your income independent of your time.
For ages, we are taught that to earn money we need to work hard & give time. MJ contradicts this basic belief and says “In order to make your income independent of time, you have to unlink it from the hours you put into work.”
This transition doesn’t happen overnight, but it’s a gradual process and demands commitment & patience. Take an example of J.K.Rowling, she put in years of time before publishing first Harry Potter book and kept receiving royalties while she started on next editions.
The Fastlane approach might be fast, but it’s not a shortcut. You have to build a product or a company that can yield you passive income, even though you are sleeping.
That’s the way to become rich and retire young.
Lesson3: Think like a producer, not like a consumer.
We are conditioned to be a consumer, being a producer is tagged with carrying a lot of risk & responsibilities.
Lucrative offers & catchy advertisements are all around us, and with the addition of social platform, it has started bombarding more heavily via tweets, images, articles and podcasts.
Seldom we put effort to appreciate and recognize product packaging & usability. That’s because we are tuned to consumer’s mindset. We never ask a question :
- What if I have to produce this product?
- Can I make more creative advertisement?
- How can the product be more useful to the user?
- How much profit could that product make?
To get a fair answer to about questions, you have to take of consumer glasses and be open & curious about the world of producing.
That’s one of the ways which MJ DeMarco strongly suggests if you wish to take “Fastlane Millionaire” lane. I really like author’s message. It feels real, practical and pushes us to change our perception about making money & getting rich.
This book also gives a lot of learning on :
- How to get into the right mindset of becoming rich?
- Misconceptions about the wealth and avenues for it.
- Why competitions are good and how you can take benefit out of it.
- How not to spend time on something you don’t love to do & expect to become rich.