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The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime!
Is the financial plan of mediocrity-a dream-stealing, soul-sucking dogma known as The Slowlane-your plan for creating wealth? You know how it goes-go to school, get a good job, save 10 percent of your paycheck, buy a used car, cancel the movie channels, quit drinking expensive Starbucks mocha lattes, save and penny-pinch your life away, trust your life-savings to the stock market, and one day you can retire rich. The mainstream financial gurus have sold you blindly down the river. For those who don't want a lifetime subscription to "settle for less," and a slight chance of elderly riches, there is an expressway to extraordinary wealth that can burn a trail to financial independence faster than any road out there. Demand the Fastlane, an alternative road to wealth that actually ignites dreams and creates millionaires young, not old. Hit the Fastlane, crack the code to wealth, and find out how to live rich for a lifetime.
322 pages, Paperback
First published November 8, 2010
About the author
M.J. DeMarco
6 books903 followersMJ DeMarco is a semi-retired entrepreneur, investor, advisor, and international best-selling author who’s books have been translated in over 15 languages worldwide. He is the current founder of Viperion Publishing Corp., a media company focused on online and print content distribution. He also is admin/founder for The Fastlane Forum, the web’s leading destination forum for start-up, finance, and entrepreneurial business discussions.
Prior to embarking into the world of writing and authorship, he was the former start-up Founder/CEO of Limos.com (1997-2007), a global ground transportation aggregator and marketplace that he successfully built and grew into a profitable multi-million dollar company, all with no money, no formal training, and with just a few employees. In 2001, he sold the company in an exit event but later reacquired the company via bankruptcy reorganization. He later sold the company again in 2007 to a Phoenix-based private equity company.
By refusing to accept society's default template for mediocrity (THE SCRIPT: jobs, 401(k)s, frugality, give your life savings to Wall-Street) MJ was able to retire young in his thirties without sacrificing the good life. Yes, that means he isn’t playing Wall-Street's “hope, wait, and pray” game where you nervously invest all your savings into the stock market, all while commiserating over the Starbucks you couldn’t drink because saving $4.12 was more important. (Do people seriously believe that sh*t?)
Currently, MJ owns a publishing company which produces, distributes, and licenses his work around the world while contributing daily to TheFastlaneForum.com: an entrepreneurial community featuring over 40,000 entrepreneurs. He lives in Scottsdale Arizona and enjoys road trips, softball, travel, fitness and nutrition, working out, and recklessly exploring the Sonoran desert on his UTV.
Prior to embarking into the world of writing and authorship, he was the former start-up Founder/CEO of Limos.com (1997-2007), a global ground transportation aggregator and marketplace that he successfully built and grew into a profitable multi-million dollar company, all with no money, no formal training, and with just a few employees. In 2001, he sold the company in an exit event but later reacquired the company via bankruptcy reorganization. He later sold the company again in 2007 to a Phoenix-based private equity company.
By refusing to accept society's default template for mediocrity (THE SCRIPT: jobs, 401(k)s, frugality, give your life savings to Wall-Street) MJ was able to retire young in his thirties without sacrificing the good life. Yes, that means he isn’t playing Wall-Street's “hope, wait, and pray” game where you nervously invest all your savings into the stock market, all while commiserating over the Starbucks you couldn’t drink because saving $4.12 was more important. (Do people seriously believe that sh*t?)
Currently, MJ owns a publishing company which produces, distributes, and licenses his work around the world while contributing daily to TheFastlaneForum.com: an entrepreneurial community featuring over 40,000 entrepreneurs. He lives in Scottsdale Arizona and enjoys road trips, softball, travel, fitness and nutrition, working out, and recklessly exploring the Sonoran desert on his UTV.
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Displaying 1 - 30 of 1,563 reviews
June 13, 2021
Incredible. Not much new stuff for me personally, but this is now top of my list of books to recommend to anyone who wants to become financially free, start their own business etc.
March 4, 2014
Rule number 1 of how to/self help/business books- take advice from people who have lived what they wrote. If they are primarily writers and public speakers, and that is their business model, toss the book and move on. The best advice comes from people who have lived it. On to this book-
I don't know why, but some of my favorite business books have had the scammiest titles ever. Regardless, this book has made me go "oh shit I didn't think of that" just about every other page. I'm glad I read this before I started my first company- I was on the right track, but now I'm confident that I will succeed. MJ's writing style is not bogged down in jargon and business language- he explains things using only what needs to be said.
He is slightly opinionated, but then again he has every reason to be, being a multi-millionaire and all. He talks a little crap on other authors, and he's right about most of them. He had some low key jabs at Tim Ferriss, who I follow with great attentiveness, but nothing crazy. If you're a fanboy of some of the more popular business books from the speaker circuit, be ready to get shat on. Anyway- great book.
If you are new to entrepreneurship, it will help you find the kinks and flaws in your logic and business model, things that prevent you from making stupid amounts of money. I highly recommend it.
Let me also say that he will not spoon feed you- It's up to you to come up with the business you want to pursue. So if you're expecting a book that is going to give you all the steps, doesn't require hard work, this is not what you're looking for.
I don't know why, but some of my favorite business books have had the scammiest titles ever. Regardless, this book has made me go "oh shit I didn't think of that" just about every other page. I'm glad I read this before I started my first company- I was on the right track, but now I'm confident that I will succeed. MJ's writing style is not bogged down in jargon and business language- he explains things using only what needs to be said.
He is slightly opinionated, but then again he has every reason to be, being a multi-millionaire and all. He talks a little crap on other authors, and he's right about most of them. He had some low key jabs at Tim Ferriss, who I follow with great attentiveness, but nothing crazy. If you're a fanboy of some of the more popular business books from the speaker circuit, be ready to get shat on. Anyway- great book.
If you are new to entrepreneurship, it will help you find the kinks and flaws in your logic and business model, things that prevent you from making stupid amounts of money. I highly recommend it.
Let me also say that he will not spoon feed you- It's up to you to come up with the business you want to pursue. So if you're expecting a book that is going to give you all the steps, doesn't require hard work, this is not what you're looking for.
December 4, 2013
No no no… not another get-rich-quick book???!!! Except it’s not. 113 out of 125 reviews on Amazon rated this five stars and left a ton of positive comments. So I bought it to see what all the fuss is about…
Rich Dad, Poor Dad is often considered the “go to” book of this category, and I would’ve agreed until I read this. It’s also no Four Hour Work Week either.
I much prefer MJ’s approach – no B-S, practical and realistic advice, handfuls of applicable psychology to push the norms you may have come into this work with.
I think you need a certain, very open mindset to approach this book and have it make sense for you. I can now see why it attracted so much love on Amazon.
A healthy read, but be prepared to be personally challenged.
Rich Dad, Poor Dad is often considered the “go to” book of this category, and I would’ve agreed until I read this. It’s also no Four Hour Work Week either.
I much prefer MJ’s approach – no B-S, practical and realistic advice, handfuls of applicable psychology to push the norms you may have come into this work with.
I think you need a certain, very open mindset to approach this book and have it make sense for you. I can now see why it attracted so much love on Amazon.
A healthy read, but be prepared to be personally challenged.
April 5, 2014
I'm kind of embarrassed to be reading a book with this title, but Mike Hrostoski listed it as required reading for his men's conference, plus apparently the author was interviewed on Smart Passive Income at some point and caught my eye back then, too.
So far, it's all common sense, except of course if it was that common, we'd all be rich by now.
The main important parts so far are:
- Wealth is not owning a Lamborghini. It's having enough money to have enough time for what you care about. By that standard, I'm almost wealthy right now.
- Rich people generate lots of money by producing something of value. I think he said 80% of penta-millionaires got that way by owning and selling a business, or by working for a company that experienced explosive growth (and presumably cashing in beaucoup stock options), not by inheriting it or building it up on the stock market or whatever.
Interested to see what specific advice he'll have on the rest.
…
Main advice is find a need, create a business to meet it and affect millions (or fewer but for lots of money per sale), exceed expectations, plan the business to lead to a major liquidation event down the road, sell, let that money earn 5% for you for the rest of your life and live off the income.
…
Update: It's been almost a month since I finished this book, and I have to say it's changed my life. Not that I'm a millionaire yet, but thinking about what I would buy/do if I had unlimited money--and realizing how little of what I want actually costs a lot of money--has made a huge shift in mindset for me. Now I'm taking weekends off, buying a lot more books, and generally seeking to make the most of the resources I have so I can make my current life as much like my ideal life as possible. I already knew all this stuff before, but apparently I needed a reminder.
Highlights:
In a survey of 3,000 pentamillionaires ($5 million net worth) the Harrison Group (HarrisonGroupInc.com) reported that almost all pentamillionaires made their fortunes in a big lump sum after a period of years. Worth repeating: a big lump sum, not “by saving 10% of his paycheck for 40 years.” “A big lump sum” is just another phrase for “asset value.” Furthermore, 80% either started their own business or worked for a small company that saw explosive growth. --location 1993
The 5 money-tree seedlings are rental systems, computer systems, content systems, distribution systems, and human-resource systems. --location 2229
I retired in my thirties because of this simple reality. I’m a lender, and when you have a lot of money to lend, you live free because passive income arrives every month. If you had $10 million and lent it at a mere 5% interest, you’d enjoy a passive income of $41,666 every single month. At 8% your monthly income would be $66,666 per month—fully passive. Over $60,000 every month! This is WITHOUT touching the principal. You can do this for years and still have 10 million dollars left over! --location 2263
Even in this low-interest-rate environment I can find safe investment yields in the 4%–6% range, some tax-free. While most people shudder at the thought of an interest rate increase, I love it. I get a pay raise. A 1% interest rate hike translates into thousands per month for me. And since inflation rises in unison with interest rates, my income has an element of inflation protection. If inflation rises, so do interest rates. --location 2268
When a rich politician or public figure comes forth and discloses his finances, notice the common themes. The source of their wealth comes from their business interests, while their liquid cash reserves are tied into fixed-income securities like municipal bonds, treasuries, and other highly liquid and safe investments. The rich aren’t using the markets to create wealth; they’re increasing their existing wealth with leveraged business assets. --location 2291
If you want to get rich, start observing the true law of the universe—MATH—and not some hocus-pocus law that can neither be proved nor documented. Singing positive platitudes around the campfire isn’t going to make you rich. --location 2326
To exploit the Law of Effection, your business needs to make an impact of either scale or magnitude, or both. Within our Fastlane wealth equation, “scale” and “magnitude” are implicit to our “net profit” variable. --location 2358
The first decision tool is Worst Case Consequence Analysis (WCCA), which requires you to become forward-thinking and an analyzer of potential consequences. WCCA asks you to answer three questions about every decision of consequence: What is the worst-case consequence of this choice? What is the probability of this outcome? Is this an acceptable risk? --location 2667
For WADM, you need paper and a pencil. Or alternatively, you can visit HelpMyDecision.com and let the web work the calculation for you. --location 2692
The universe simply doesn’t care. One person and one person only weaponizes past transgressions: you. If the universe doesn’t remember, why should you? --location 2729
While the consequences of our choices can’t be manipulated, you can manipulate your memories to serve you. --location 2744
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. --location 3295
Make 1 million people achieve any of the following: Make them feel better. Help them solve a problem. Educate them. Make them look better (health, nutrition, clothing, makeup). Give them security (housing, safety, health). Raise a positive emotion (love, happiness, laughter, self-confidence). Satisfy appetites, from basic (food) to the risqué (sexual). Make things easier. Enhance their dreams and give hope. . . . and I guarantee, you will be worth millions. --location 3348
If you can’t get paid doing some activity, identify a specific “why” or “end goal” that ignites your passion to act. What is your WHY? Why are you doing this? Why go Fastlane? Whom do you want to prove wrong? My “WHYS” read like this: “I want to pay off my mother’s mortgage.” “I want to wake up without an alarm clock.” “I want to write a book without the pressure of money.” “I want a big house on a mountainside with a pool.” “I want a Lamborghini.” “I want to make a difference.” “I want to prove him wrong.” --location 3415
When you catch yourself (or someone else) in these words, you’ve just uncovered a possible opportunity. Here are the most common phrases: “I hate . . .” What do you hate? Solve the hate, and there’s your open road. “I don’t like . . .” What don’t you like? Remove the dislike, and there’s your open road. “This frustrates me . . .” What is frustrating? Remove the frustration, and there’s your open road. “Why is this like this?” I don’t know, why is it? Remove the “why,” and there’s your open road. “Do I have to?” Do you? Remove the “have to.” There’s your open road. “I wish there was . . .” What do you wish? If you wish, others wish too. Make wishes come true, and there’s your open road. “I’m tired of . . .” What are you tired of? Fix someone’s tiresomeness, and there’s your open road. “This sucks . . .” What sucks? Remove or reduce suckage, and there’s your open road. --location 4025
Define the Lifestyle: What do you want? Assess the Cost: How much do your dreams cost? Set the Targets: Set the money system and business income targets. Make It Real: Fund it and open it! --location 4093
There are four types of complaints: Complaints of change Complaints of expectation Complaints of void and Complaints of fraud. --location 4348
Forget about your competition 95% of the time. The other 5% should be used to exploit their weaknesses and differentiate your business. If you forget about your competition, you’re forced to focus on your business, which is to innovate and win over the hearts and minds of your customers. --location 4664
Developing Your USP How do you develop a solid USP for your company? There are five simple steps. Step 1: Uncover the Benefit(s) --location 4726
Step 2: Be Unique --location 4729
Step 3: Be Specific and Give Evidence --location 4734
Step 4: Keep it Short, Clear, and Concise --location 4739
Step 5: Integrate Your USP into ALL Marketing Materials --location 4740
There are five ways to get your message above the noise: Polarize Arouse emotions Be risqué Encourage interaction and Be unconventional --location 4763
Interactivity increases response for anything. If you can taste it, feel it, or use it, you will be more likely to buy it. Interaction is like hearing your name. It’s your favorite. On Facebook, the most popular applications are “surveys” and “questionnaires” because people love narcissism. --location 4789
If you want to sell anything, translate features to benefits. A four-step process accomplishes this. Switch places. Identify features. Identify advantages. Translate advantages into benefits. --location 4831
to FastlaneEntrepreneurs.com or TheFastlaneForum.com --location 5016
So far, it's all common sense, except of course if it was that common, we'd all be rich by now.
The main important parts so far are:
- Wealth is not owning a Lamborghini. It's having enough money to have enough time for what you care about. By that standard, I'm almost wealthy right now.
- Rich people generate lots of money by producing something of value. I think he said 80% of penta-millionaires got that way by owning and selling a business, or by working for a company that experienced explosive growth (and presumably cashing in beaucoup stock options), not by inheriting it or building it up on the stock market or whatever.
Interested to see what specific advice he'll have on the rest.
…
Main advice is find a need, create a business to meet it and affect millions (or fewer but for lots of money per sale), exceed expectations, plan the business to lead to a major liquidation event down the road, sell, let that money earn 5% for you for the rest of your life and live off the income.
…
Update: It's been almost a month since I finished this book, and I have to say it's changed my life. Not that I'm a millionaire yet, but thinking about what I would buy/do if I had unlimited money--and realizing how little of what I want actually costs a lot of money--has made a huge shift in mindset for me. Now I'm taking weekends off, buying a lot more books, and generally seeking to make the most of the resources I have so I can make my current life as much like my ideal life as possible. I already knew all this stuff before, but apparently I needed a reminder.
Highlights:
In a survey of 3,000 pentamillionaires ($5 million net worth) the Harrison Group (HarrisonGroupInc.com) reported that almost all pentamillionaires made their fortunes in a big lump sum after a period of years. Worth repeating: a big lump sum, not “by saving 10% of his paycheck for 40 years.” “A big lump sum” is just another phrase for “asset value.” Furthermore, 80% either started their own business or worked for a small company that saw explosive growth. --location 1993
The 5 money-tree seedlings are rental systems, computer systems, content systems, distribution systems, and human-resource systems. --location 2229
I retired in my thirties because of this simple reality. I’m a lender, and when you have a lot of money to lend, you live free because passive income arrives every month. If you had $10 million and lent it at a mere 5% interest, you’d enjoy a passive income of $41,666 every single month. At 8% your monthly income would be $66,666 per month—fully passive. Over $60,000 every month! This is WITHOUT touching the principal. You can do this for years and still have 10 million dollars left over! --location 2263
Even in this low-interest-rate environment I can find safe investment yields in the 4%–6% range, some tax-free. While most people shudder at the thought of an interest rate increase, I love it. I get a pay raise. A 1% interest rate hike translates into thousands per month for me. And since inflation rises in unison with interest rates, my income has an element of inflation protection. If inflation rises, so do interest rates. --location 2268
When a rich politician or public figure comes forth and discloses his finances, notice the common themes. The source of their wealth comes from their business interests, while their liquid cash reserves are tied into fixed-income securities like municipal bonds, treasuries, and other highly liquid and safe investments. The rich aren’t using the markets to create wealth; they’re increasing their existing wealth with leveraged business assets. --location 2291
If you want to get rich, start observing the true law of the universe—MATH—and not some hocus-pocus law that can neither be proved nor documented. Singing positive platitudes around the campfire isn’t going to make you rich. --location 2326
To exploit the Law of Effection, your business needs to make an impact of either scale or magnitude, or both. Within our Fastlane wealth equation, “scale” and “magnitude” are implicit to our “net profit” variable. --location 2358
The first decision tool is Worst Case Consequence Analysis (WCCA), which requires you to become forward-thinking and an analyzer of potential consequences. WCCA asks you to answer three questions about every decision of consequence: What is the worst-case consequence of this choice? What is the probability of this outcome? Is this an acceptable risk? --location 2667
For WADM, you need paper and a pencil. Or alternatively, you can visit HelpMyDecision.com and let the web work the calculation for you. --location 2692
The universe simply doesn’t care. One person and one person only weaponizes past transgressions: you. If the universe doesn’t remember, why should you? --location 2729
While the consequences of our choices can’t be manipulated, you can manipulate your memories to serve you. --location 2744
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. --location 3295
Make 1 million people achieve any of the following: Make them feel better. Help them solve a problem. Educate them. Make them look better (health, nutrition, clothing, makeup). Give them security (housing, safety, health). Raise a positive emotion (love, happiness, laughter, self-confidence). Satisfy appetites, from basic (food) to the risqué (sexual). Make things easier. Enhance their dreams and give hope. . . . and I guarantee, you will be worth millions. --location 3348
If you can’t get paid doing some activity, identify a specific “why” or “end goal” that ignites your passion to act. What is your WHY? Why are you doing this? Why go Fastlane? Whom do you want to prove wrong? My “WHYS” read like this: “I want to pay off my mother’s mortgage.” “I want to wake up without an alarm clock.” “I want to write a book without the pressure of money.” “I want a big house on a mountainside with a pool.” “I want a Lamborghini.” “I want to make a difference.” “I want to prove him wrong.” --location 3415
When you catch yourself (or someone else) in these words, you’ve just uncovered a possible opportunity. Here are the most common phrases: “I hate . . .” What do you hate? Solve the hate, and there’s your open road. “I don’t like . . .” What don’t you like? Remove the dislike, and there’s your open road. “This frustrates me . . .” What is frustrating? Remove the frustration, and there’s your open road. “Why is this like this?” I don’t know, why is it? Remove the “why,” and there’s your open road. “Do I have to?” Do you? Remove the “have to.” There’s your open road. “I wish there was . . .” What do you wish? If you wish, others wish too. Make wishes come true, and there’s your open road. “I’m tired of . . .” What are you tired of? Fix someone’s tiresomeness, and there’s your open road. “This sucks . . .” What sucks? Remove or reduce suckage, and there’s your open road. --location 4025
Define the Lifestyle: What do you want? Assess the Cost: How much do your dreams cost? Set the Targets: Set the money system and business income targets. Make It Real: Fund it and open it! --location 4093
There are four types of complaints: Complaints of change Complaints of expectation Complaints of void and Complaints of fraud. --location 4348
Forget about your competition 95% of the time. The other 5% should be used to exploit their weaknesses and differentiate your business. If you forget about your competition, you’re forced to focus on your business, which is to innovate and win over the hearts and minds of your customers. --location 4664
Developing Your USP How do you develop a solid USP for your company? There are five simple steps. Step 1: Uncover the Benefit(s) --location 4726
Step 2: Be Unique --location 4729
Step 3: Be Specific and Give Evidence --location 4734
Step 4: Keep it Short, Clear, and Concise --location 4739
Step 5: Integrate Your USP into ALL Marketing Materials --location 4740
There are five ways to get your message above the noise: Polarize Arouse emotions Be risqué Encourage interaction and Be unconventional --location 4763
Interactivity increases response for anything. If you can taste it, feel it, or use it, you will be more likely to buy it. Interaction is like hearing your name. It’s your favorite. On Facebook, the most popular applications are “surveys” and “questionnaires” because people love narcissism. --location 4789
If you want to sell anything, translate features to benefits. A four-step process accomplishes this. Switch places. Identify features. Identify advantages. Translate advantages into benefits. --location 4831
to FastlaneEntrepreneurs.com or TheFastlaneForum.com --location 5016
February 17, 2015
Had this book been written by another author, it might have gotten a decent rating. But halfway through I stopped and skimmed the rest, and confirmed there was no way I'd keep on subjecting myself to the airs of the author. I get it, his target audience are people who "can't seem to figure out" how to get rich and want to know what the secret is. But there is a big difference between some though love and just breaking down everyone who doesn't fit your fastlane idea.
As for the 'secret', it is really very simple. If you want to get rich sooner than later in life, you start your own business that fills a need and avoid all the pitfalls that make businesses fail. And the author was successful in that. It's just a shame that somewhere along that line he turned into a giant prick who treats everyone who doesn't follow his way as vastly inferior. And much as he claims that others make money rehashing the same information, I'm sorry, but there is really nothing new in this book.
In short, there are many other books you are better off reading who work by motivating you rather than beating you down. Unless that works for you. I'm thinking it must for some considering how many five star ratings and raving reviews this book gets, but it just doesn't do it for me. If that makes me a slowlaner, I'll be happy with that. But I won't let anyone call me lesser for it. I'll be happy to just not have a Lamborghini then. I respect that the author has different priorities, and proven success, and I'm certain those who wish to follow in that will find the methods in the book useful. But I sincerely hope that they don't turn into elitists in the process, because what good are riches if you give up your heart for it.
PS: Author needs to do some research before slagging off gamers. A level 10 Druid in World of Warcraft is nothing, few minutes on Google will tell you that. And people who spend a lot of time on gaming aren't always automatically lazy or seeking easy escape. The fact is that for some people it is the only way to cope and have friendships while they battle with crippling depression, social anxiety, disability or auto-immune disease. So it's a pretty ugly generalization to make.
As for the 'secret', it is really very simple. If you want to get rich sooner than later in life, you start your own business that fills a need and avoid all the pitfalls that make businesses fail. And the author was successful in that. It's just a shame that somewhere along that line he turned into a giant prick who treats everyone who doesn't follow his way as vastly inferior. And much as he claims that others make money rehashing the same information, I'm sorry, but there is really nothing new in this book.
In short, there are many other books you are better off reading who work by motivating you rather than beating you down. Unless that works for you. I'm thinking it must for some considering how many five star ratings and raving reviews this book gets, but it just doesn't do it for me. If that makes me a slowlaner, I'll be happy with that. But I won't let anyone call me lesser for it. I'll be happy to just not have a Lamborghini then. I respect that the author has different priorities, and proven success, and I'm certain those who wish to follow in that will find the methods in the book useful. But I sincerely hope that they don't turn into elitists in the process, because what good are riches if you give up your heart for it.
PS: Author needs to do some research before slagging off gamers. A level 10 Druid in World of Warcraft is nothing, few minutes on Google will tell you that. And people who spend a lot of time on gaming aren't always automatically lazy or seeking easy escape. The fact is that for some people it is the only way to cope and have friendships while they battle with crippling depression, social anxiety, disability or auto-immune disease. So it's a pretty ugly generalization to make.
August 11, 2011
First, the bad: MJ DeMarco isn't an elegant writer, nor is he particularly scholarly in the way some business-minded people are. Just take a look at his blog where he posts videos of himself sitting poolside in his mansion, wearing a backwards ball cap, and seriously discussing the parallels of a supermarket conveyor belt and business strategies.
(Read full review here: http://wp.me/pWekB-6k)
DeMarco also seems to be a lucky dot-com millionaire. He started and sold a limousine chartering website for both limo rental companies and individuals looking for limos. Now that's a pretty good gig, considering how most people looking for limos are also either looking to spend a bunch of money on a special occasion, or have a bunch of money to spend regardless.
But I think the good outweighs the bad: DeMarco never claims to be a lucky dot-com millionaire. Instead, he analyzes what made him successful and provides a pseudo-mathematical formula for creating a scalable business. He attacks conventional wisdom and exposes the faults and fallacies of other finance "gurus." He speaks the truth of wealth creation—that it requires raw, uncut hard work. He gives some practical advice for entrepreneurs and business owners, and even has some smart passages on investing. And he does all this in a casual and fun voice that makes the book enjoyable.
See the Process Behind the Product
Unequivocally, the most important lesson from The Millionaire Fastlane is a change in perspective. DeMarco worked seven days a week to build his business. He talks endlessly of this fact, and with good reason. Building something of value takes hard work. When you go to the movies, think of how much work it took to create this 2-hour feature. When you buy a product, take notice of the complete package: the product design, the manufacturing, the advertising, the sales and distribution—it all comes together into this one product. And one person had to imagine it, all of it, before it was created. You think it takes just luck to become a millionaire? No. It takes luck and hard work, and ninety-nine percent of the population can't even imagine how much work it would take to create something of value.
Since reading his book, I've made a ritual of trying to see the process behind the product. It's hard. Like really friggin' hard. But, partly thanks to this book and partly to other business books, I'm beginning—just beginning—to realize what it takes to be an entrepreneur. I've only begun my forays into the world of business, and I'm sure I have much to learn, but it feels good to know I'm relatively on the right track.
Final Rating: 4/5 stars
If you are a beginning entrepreneur or business owner, I definitely recommend The Millionaire Fastlane . It will supply you with a much needed kick in the arse with an overarching optimistic lesson: it is possible to be free of financial worries. If you create something of value that satisfies the conditions DeMarco talks about, then you are well on your way to wealth.
Favorite Passages and Quotes
"All self-made millionaires create their wealth by a carefully orchestrated process. They have and use the entire formula. Despite what you may have read or heard, wealth is not an event. Wealth doesn't drop from the sky or come from a game show. It doesn't ring the doorbell and await you on the front porch with balloons and a check the size of a refrigerator. Wealth does not chime from a machine with spinning bars, lemons, and cherries.
Wealth is a process, not an event." —pg. 22
* * *
"People who declare, 'Money doesn't buy happiness' have already concluded they will never have money." —pg. 45
* * *
"Money doesn't buy happiness when it's misused. Instead of money buying freedom, it buys bondage. 'Wealth' and 'happiness' are interchangeable, but only if your definition of wealth hasn't been corrupted by society's definition. Society says wealth is 'stuff,' and because of this faulty definition, the bridge between wealth and happiness collapses. When you don't feel wealthy, you're likely trying to conjure that feeling. You buy icons of wealth to feel wealthy. You crave feelings, respect, pride, and joy. You want admiration, love, and acceptance. And what are these feelings supposed to do for you? You expect deliverance into happiness. You want to be happy!
"And that's the bait. We equate the corrupted definition of wealth with happiness, and when it doesn't deliver, expectations are violated and unhappiness is the consequence." —pg. 47
* * *
"If you don't control your income, you don't control your financial plan. If you don't control your financial plan, you don't control your freedom." —pg. 75
* * *
"Your choices spark the fires of future consequences." —pg. 156
* * *
"Value your time poorly and you will be poor." —pg. 179
* * *
"I saw a picture the other day of a student publicly protesting one of the government financial bailouts. She hoisted a large placard that read: 'I've got a 4.0 GPA, $90,000 in debt and no job—where's my bailout?' Where's your bailout? Let me tell ya, walk into the bathroom, flip on the light-switch and look in the freaking mirror. There's your bailout. I'm tired of sob stories from well-intended students who graduate from college with mountains of debt and can't get a job. Take responsibility. You bought into the myth that college ensures a job. The fact is, when you allow market forces to rive your vehicle you're likely to end on the street with a homemade poster proclaiming the value of your 4.0 GPA and the crushing burden of your six-figure debt." —pg. 192
Note: This kind of no-nonsense criticism is rampant throughout the book. And I love it. Makes for some entertaining and much-needed conventional wisdom detoxing.
* * *
"The sweat of success is failure." —pg. 197
* * *
"'A smart man learns from his mistakes. A wise man learns from the mistakes of others.'" —pg. 198
* * *
"It is easier to live in regret of failure than in regret of never trying." —pg. 199
* * *
"If you want to live unlike everyone, you can't be like everyone." —pg. 223
* * *
"At the heart of entrepreneurship is creation and innovation." —pg. 229
* * *
"Billionaire Mark Cuban recently wrote on his blog that it doesn't matter how many times you strike out in business because you only have to be right once, and that 'once' can set you up for life. In other words, be in the business of home runs." —pg. 233
* * *
"Entrepreneurs struggle to differentiate between idea and execution. They think ideas are worth millions, when success is never about the idea but the execution." —pg. 267
(Read full review here: http://wp.me/pWekB-6k)
DeMarco also seems to be a lucky dot-com millionaire. He started and sold a limousine chartering website for both limo rental companies and individuals looking for limos. Now that's a pretty good gig, considering how most people looking for limos are also either looking to spend a bunch of money on a special occasion, or have a bunch of money to spend regardless.
But I think the good outweighs the bad: DeMarco never claims to be a lucky dot-com millionaire. Instead, he analyzes what made him successful and provides a pseudo-mathematical formula for creating a scalable business. He attacks conventional wisdom and exposes the faults and fallacies of other finance "gurus." He speaks the truth of wealth creation—that it requires raw, uncut hard work. He gives some practical advice for entrepreneurs and business owners, and even has some smart passages on investing. And he does all this in a casual and fun voice that makes the book enjoyable.
See the Process Behind the Product
I'm a great believer in luck and I find the harder I work, the more I have of it.
—Thomas Jefferson
Unequivocally, the most important lesson from The Millionaire Fastlane is a change in perspective. DeMarco worked seven days a week to build his business. He talks endlessly of this fact, and with good reason. Building something of value takes hard work. When you go to the movies, think of how much work it took to create this 2-hour feature. When you buy a product, take notice of the complete package: the product design, the manufacturing, the advertising, the sales and distribution—it all comes together into this one product. And one person had to imagine it, all of it, before it was created. You think it takes just luck to become a millionaire? No. It takes luck and hard work, and ninety-nine percent of the population can't even imagine how much work it would take to create something of value.
Since reading his book, I've made a ritual of trying to see the process behind the product. It's hard. Like really friggin' hard. But, partly thanks to this book and partly to other business books, I'm beginning—just beginning—to realize what it takes to be an entrepreneur. I've only begun my forays into the world of business, and I'm sure I have much to learn, but it feels good to know I'm relatively on the right track.
Final Rating: 4/5 stars
If you are a beginning entrepreneur or business owner, I definitely recommend The Millionaire Fastlane . It will supply you with a much needed kick in the arse with an overarching optimistic lesson: it is possible to be free of financial worries. If you create something of value that satisfies the conditions DeMarco talks about, then you are well on your way to wealth.
Favorite Passages and Quotes
"All self-made millionaires create their wealth by a carefully orchestrated process. They have and use the entire formula. Despite what you may have read or heard, wealth is not an event. Wealth doesn't drop from the sky or come from a game show. It doesn't ring the doorbell and await you on the front porch with balloons and a check the size of a refrigerator. Wealth does not chime from a machine with spinning bars, lemons, and cherries.
Wealth is a process, not an event." —pg. 22
* * *
"People who declare, 'Money doesn't buy happiness' have already concluded they will never have money." —pg. 45
* * *
"Money doesn't buy happiness when it's misused. Instead of money buying freedom, it buys bondage. 'Wealth' and 'happiness' are interchangeable, but only if your definition of wealth hasn't been corrupted by society's definition. Society says wealth is 'stuff,' and because of this faulty definition, the bridge between wealth and happiness collapses. When you don't feel wealthy, you're likely trying to conjure that feeling. You buy icons of wealth to feel wealthy. You crave feelings, respect, pride, and joy. You want admiration, love, and acceptance. And what are these feelings supposed to do for you? You expect deliverance into happiness. You want to be happy!
"And that's the bait. We equate the corrupted definition of wealth with happiness, and when it doesn't deliver, expectations are violated and unhappiness is the consequence." —pg. 47
* * *
"If you don't control your income, you don't control your financial plan. If you don't control your financial plan, you don't control your freedom." —pg. 75
* * *
"Your choices spark the fires of future consequences." —pg. 156
* * *
"Value your time poorly and you will be poor." —pg. 179
* * *
"I saw a picture the other day of a student publicly protesting one of the government financial bailouts. She hoisted a large placard that read: 'I've got a 4.0 GPA, $90,000 in debt and no job—where's my bailout?' Where's your bailout? Let me tell ya, walk into the bathroom, flip on the light-switch and look in the freaking mirror. There's your bailout. I'm tired of sob stories from well-intended students who graduate from college with mountains of debt and can't get a job. Take responsibility. You bought into the myth that college ensures a job. The fact is, when you allow market forces to rive your vehicle you're likely to end on the street with a homemade poster proclaiming the value of your 4.0 GPA and the crushing burden of your six-figure debt." —pg. 192
Note: This kind of no-nonsense criticism is rampant throughout the book. And I love it. Makes for some entertaining and much-needed conventional wisdom detoxing.
* * *
"The sweat of success is failure." —pg. 197
* * *
"'A smart man learns from his mistakes. A wise man learns from the mistakes of others.'" —pg. 198
* * *
"It is easier to live in regret of failure than in regret of never trying." —pg. 199
* * *
"If you want to live unlike everyone, you can't be like everyone." —pg. 223
* * *
"At the heart of entrepreneurship is creation and innovation." —pg. 229
* * *
"Billionaire Mark Cuban recently wrote on his blog that it doesn't matter how many times you strike out in business because you only have to be right once, and that 'once' can set you up for life. In other words, be in the business of home runs." —pg. 233
* * *
"Entrepreneurs struggle to differentiate between idea and execution. They think ideas are worth millions, when success is never about the idea but the execution." —pg. 267
November 11, 2019
This book is super-cringy. I started reading because it was recommended in a list of business and marketing books alongside some others that I knew to be good, so I assumed it would be of the same quality. It's not. I made it through 20% by increasing the playback speed, then skimmed the rest of the content just to give it a fair shot.
This is a generic financial self-help book for people who are stuck in dead-end jobs, want to be successful enough to buy flashy cars, and don't know how to make a change. There's nothing wrong with that! Even the most basic financial education is lacking in U.S. education, and plenty of people aren't lucky enough to have family guidance to overcome this. There is valid, if blindingly obvious, advice (have a plan, focus on process, understand debt and leverage, have a unique selling proposition, solve for an actual need/desire/pain point in the market).
Unfortunately, the valid advice is drowned out in torrential and endless repetition of awkward metaphors and references to expensive cars, and insults to anyone who has chosen a path other than the author's (especially older people, and people with obligations other than just themselves). The tone is that of a late night infomercial.
The author spends almost 10% of the book setting the stage that he was literally a fat loser in dead-end jobs who became successful. He apparently did become successful, by growing a lead-gen business during the dotcom boom, selling at the peak, buying it back for pennies on the dollar after the crash, and riding the next wave up again. Full credit to him for that, and it seems he did hustle and derive useful lessons from the experience. However, there is no real acknowledgement of the inherent volatility of his approach, which is a glaring omission that could really lead some people down a risky path.
Better books of a similar style are Rich Dad, Poor Dad and perhaps Book Summary: I Will Teach You To Be Rich. Even The 4-Hour Workweek.
In summary, this is a self-help book and not a business book, and all the content has been better presented elsewhere.
This is a generic financial self-help book for people who are stuck in dead-end jobs, want to be successful enough to buy flashy cars, and don't know how to make a change. There's nothing wrong with that! Even the most basic financial education is lacking in U.S. education, and plenty of people aren't lucky enough to have family guidance to overcome this. There is valid, if blindingly obvious, advice (have a plan, focus on process, understand debt and leverage, have a unique selling proposition, solve for an actual need/desire/pain point in the market).
Unfortunately, the valid advice is drowned out in torrential and endless repetition of awkward metaphors and references to expensive cars, and insults to anyone who has chosen a path other than the author's (especially older people, and people with obligations other than just themselves). The tone is that of a late night infomercial.
The author spends almost 10% of the book setting the stage that he was literally a fat loser in dead-end jobs who became successful. He apparently did become successful, by growing a lead-gen business during the dotcom boom, selling at the peak, buying it back for pennies on the dollar after the crash, and riding the next wave up again. Full credit to him for that, and it seems he did hustle and derive useful lessons from the experience. However, there is no real acknowledgement of the inherent volatility of his approach, which is a glaring omission that could really lead some people down a risky path.
Better books of a similar style are Rich Dad, Poor Dad and perhaps Book Summary: I Will Teach You To Be Rich. Even The 4-Hour Workweek.
In summary, this is a self-help book and not a business book, and all the content has been better presented elsewhere.
March 1, 2016
This is one of those books that had an impact on how I see the world, but I hesitate to recommend it to anyone due to how poorly it is written. While I'm glad I read this book, I can't give it the four-star I'd like to give it for a number of reasons.
As far as entrepreneurship goes, this is my first foray into the topic. As a primer, it served that purpose well. DeMarco lays out (in broad, abstract strokes) the basics of identifying a need, providing a fix or solution for that need, and general advice on picking the right kind of market to maximise your income flow.
I'm going to echo other reviews here on a few negative points.
- The lack of editing. I had picked it long before he confirmed it in the text (proudly) that he served as his own editor. You know what they say about lawyers that represent themselves - it holds true for proofreading your own work too. Some points are repeated ad nauseam, and the machine gun fire of metaphors for the same point drains your patience. They frequently don't share common features, which defeats the purpose of using a metaphor. Elementary errors of "your" and "you're" are replete throughout.
- You *will* get tired of DeMarco's self-aggrandisement, no matter how much vicarious enjoyment you get out of it initially (as I did). That he quotes himself as the headline blurb of three chapters gives you a window on the man.
- There are many 'equations' presented, all of which are more simplistic than they have to be, especially since one of the main thrusts of the book is self-education.
- Disdain for the working class is dripping from this book. The notion that anyone could be an Internet or mobile app platform millionaire if they "just made the right choices" and "spent less time in front of the television" is asinine. People working 18-hour days at two or three jobs for minimum wage just to keep the lights on don't have the luxury (or the option) to "make the time" to go to the library to become an expert on something. The average person is not capable of emulating the starring role in Good Will Hunting. Given this reality, to not save from each paycheck, live frugally, and invest wisely, is terrible financial advice. The emphasis on 'good choices' is common among self-made millionaires, as it de-emphasises the element that luck played in their success (fundamental attribution bias).
- The two rubrics for decision making provided are rather naive attempts to solve a qualitative problem with a quantitative process. He is free to believe that he made one of the greatest decisions of his life due to a single-digit difference between two arbitrary totals of 200+, but he need not expect the rest of us to be as convinced by his hindsight bias.
So that's most of the bad out of the way, what about the good:
- There is a 'Get Rich Quick' path which is distinguishable from 'Get Rich Fast' (lottery and inheritance), but 'quick' means 5+ years of hard work and sacrifice.
- The standard advice of financial gurus will not *in and of itself* create wealth for you in your early life (and depending on when the inevitable crashes of the stock market occur, it may not even deliver wealth for you in your twilight years). Nobody retired at 30 after investing 10% of their paycheck every week.
- This book is not a how-to, but a how-not-to. Going into business because you want to be your own boss is a poor decision, because it doesn't necessitate that other people will buy what you're selling. Only tailoring your product to the needs (and complaints) of the people with the money will do that, and even that won't ensure success. Poor decisions can see you trading a 40 hour 9-5er working for someone else for a 100-hour week earning the same pay but with more stress.
- "Do what you love" is feel-good dead-end advice for anyone that isn't a professional with natural talent. If you're not a great singer, athlete, or actor, then this isn't how you're going to get wealthy. Accept it now, and do what you love *after* you retire young via another route.
- Time is the scarcest resource in existence, while money is plentiful. How we choose to spend that time gives it its relative value. Waiting two days in a line for a free box of Krispy Kremes implicitly values your time at a few cents per hour. People are willing to do this because they tacitly presume they're going to live forever (or at least, they live as if this was the case). Place a higher value on your time and you will begin to spend it in more profitable ways (both in terms of money and life satisfaction).
- Become a life-long learner. Humans live in a world rich in information. The more you learn, the more primed you are to take advantage of informational imbalances, or make connections that no one else has previously, and profit from them. Borrow, buy, and steal books to learn what you need to learn to Get It Done. Aim to read at least 12-20 books a year that will improve your skillset in some way. A special mention is given for learning about the world of finance and economics. Money makes this world go around, so if you want to get a lot of it (then grow and hang on to it), you need to know how it ebbs and flows through and among people and institutions. Start today.
- Start seeing the world through the eyes of a producer rather than a consumer. Listen for triggers in people's language usage for unmet needs and inconveniences that could be solved for a profit.
This book in a nutshell is "get rich by becoming a dotcom millionaire, because that's how I did it, and here are the factors that (I think) lead to my success." While it is true that the Internet has created a staggering number of millionaires (and billionaires) in the last 15 years, we only see the success stories. The graveyards full of aborted start-ups are invisible to us, and many of them failed through no fault of their own. Sometimes society just isn't ready for your idea yet. This, however, dovetails with DeMarco's business philosophy. Find a niche that is ready for take-off, and exploit it to the maximum.
As far as entrepreneurship goes, this is my first foray into the topic. As a primer, it served that purpose well. DeMarco lays out (in broad, abstract strokes) the basics of identifying a need, providing a fix or solution for that need, and general advice on picking the right kind of market to maximise your income flow.
I'm going to echo other reviews here on a few negative points.
- The lack of editing. I had picked it long before he confirmed it in the text (proudly) that he served as his own editor. You know what they say about lawyers that represent themselves - it holds true for proofreading your own work too. Some points are repeated ad nauseam, and the machine gun fire of metaphors for the same point drains your patience. They frequently don't share common features, which defeats the purpose of using a metaphor. Elementary errors of "your" and "you're" are replete throughout.
- You *will* get tired of DeMarco's self-aggrandisement, no matter how much vicarious enjoyment you get out of it initially (as I did). That he quotes himself as the headline blurb of three chapters gives you a window on the man.
- There are many 'equations' presented, all of which are more simplistic than they have to be, especially since one of the main thrusts of the book is self-education.
- Disdain for the working class is dripping from this book. The notion that anyone could be an Internet or mobile app platform millionaire if they "just made the right choices" and "spent less time in front of the television" is asinine. People working 18-hour days at two or three jobs for minimum wage just to keep the lights on don't have the luxury (or the option) to "make the time" to go to the library to become an expert on something. The average person is not capable of emulating the starring role in Good Will Hunting. Given this reality, to not save from each paycheck, live frugally, and invest wisely, is terrible financial advice. The emphasis on 'good choices' is common among self-made millionaires, as it de-emphasises the element that luck played in their success (fundamental attribution bias).
- The two rubrics for decision making provided are rather naive attempts to solve a qualitative problem with a quantitative process. He is free to believe that he made one of the greatest decisions of his life due to a single-digit difference between two arbitrary totals of 200+, but he need not expect the rest of us to be as convinced by his hindsight bias.
So that's most of the bad out of the way, what about the good:
- There is a 'Get Rich Quick' path which is distinguishable from 'Get Rich Fast' (lottery and inheritance), but 'quick' means 5+ years of hard work and sacrifice.
- The standard advice of financial gurus will not *in and of itself* create wealth for you in your early life (and depending on when the inevitable crashes of the stock market occur, it may not even deliver wealth for you in your twilight years). Nobody retired at 30 after investing 10% of their paycheck every week.
- This book is not a how-to, but a how-not-to. Going into business because you want to be your own boss is a poor decision, because it doesn't necessitate that other people will buy what you're selling. Only tailoring your product to the needs (and complaints) of the people with the money will do that, and even that won't ensure success. Poor decisions can see you trading a 40 hour 9-5er working for someone else for a 100-hour week earning the same pay but with more stress.
- "Do what you love" is feel-good dead-end advice for anyone that isn't a professional with natural talent. If you're not a great singer, athlete, or actor, then this isn't how you're going to get wealthy. Accept it now, and do what you love *after* you retire young via another route.
- Time is the scarcest resource in existence, while money is plentiful. How we choose to spend that time gives it its relative value. Waiting two days in a line for a free box of Krispy Kremes implicitly values your time at a few cents per hour. People are willing to do this because they tacitly presume they're going to live forever (or at least, they live as if this was the case). Place a higher value on your time and you will begin to spend it in more profitable ways (both in terms of money and life satisfaction).
- Become a life-long learner. Humans live in a world rich in information. The more you learn, the more primed you are to take advantage of informational imbalances, or make connections that no one else has previously, and profit from them. Borrow, buy, and steal books to learn what you need to learn to Get It Done. Aim to read at least 12-20 books a year that will improve your skillset in some way. A special mention is given for learning about the world of finance and economics. Money makes this world go around, so if you want to get a lot of it (then grow and hang on to it), you need to know how it ebbs and flows through and among people and institutions. Start today.
- Start seeing the world through the eyes of a producer rather than a consumer. Listen for triggers in people's language usage for unmet needs and inconveniences that could be solved for a profit.
This book in a nutshell is "get rich by becoming a dotcom millionaire, because that's how I did it, and here are the factors that (I think) lead to my success." While it is true that the Internet has created a staggering number of millionaires (and billionaires) in the last 15 years, we only see the success stories. The graveyards full of aborted start-ups are invisible to us, and many of them failed through no fault of their own. Sometimes society just isn't ready for your idea yet. This, however, dovetails with DeMarco's business philosophy. Find a niche that is ready for take-off, and exploit it to the maximum.
July 7, 2012
This book is amazing, which surprised me because the title is so bad. No, not just bad, but cringeworthy. Despite the title, the content is golden. The author, a self-made millionaire, breaks down a lot of accepted ideas about how to build wealth (like investing in 401Ks and mutual funds) and presents superior alternatives. The main premise of the book is that the traditional road to wealth has two main problems: the road is not in your control and it’s a very, very long road. The solution is to start a business of your own; to be your own boss and not just work for one; to be the guy selling franchises, not the guy buying them. This gives you much more control and the ability to build wealth for yourself as quickly as you can produce value for the rest of the world. Early in the book, the author poses the following question: how many 20-somethings or 30-somethings do you know who got rich from investing in mutual funds or stashing their money into 401Ks? It’s definitely an interesting thing to think about: that the path to financial independence that “financial gurus” keep promoting is not how they themselves became rich, and it won’t make you rich for many decades (if ever). The book has a lot of nuggets of wisdom about what kind of entrepreneurial ventures you should consider, how to approach various opportunities, and so on.
March 29, 2021
First, this guy loves himself way too much. Dude, we got it your not "small", your rich, and can do what you want. Check, don't spend half the book telling us.
Overall I get the main idea Mj is trying to make you understand that being "rich" young much more enjoyable than having a "safe" retirement plan. Trading your "life" working a 9-5 for 40 years only to be rich and "free" when your 65 is no way to live.
And to his credit, taking action towards making "big money fast" is a fantastic goal but I have a problem with his caviler approach. Going all in and over-leveraging your way to big returns can be risky and I think he drastically under-represents the potential downsides of "the fast lane".
If you can get past all the BS, like many self-help books this one has some good concepts but my advice is to read a few summaries don't read the whole book.
https://franticrock.medium.com/the-mi...
https://dansilvestre.com/the-milliona...
Overall I get the main idea Mj is trying to make you understand that being "rich" young much more enjoyable than having a "safe" retirement plan. Trading your "life" working a 9-5 for 40 years only to be rich and "free" when your 65 is no way to live.
And to his credit, taking action towards making "big money fast" is a fantastic goal but I have a problem with his caviler approach. Going all in and over-leveraging your way to big returns can be risky and I think he drastically under-represents the potential downsides of "the fast lane".
If you can get past all the BS, like many self-help books this one has some good concepts but my advice is to read a few summaries don't read the whole book.
https://franticrock.medium.com/the-mi...
https://dansilvestre.com/the-milliona...
June 20, 2018
Terribly self-centered hot trash.
"Oh look at the sidewalkers, they are useless and blame everything on others." "Here comes the slowlaners - work, work, work, save, save, save, heh heh, guy has a heart attack at 50, 5 years before his glory!!!"
Those aren't actual quotes, but they're pretty close to the essence. Online Limo rental company during the dot-com bubble? Endless references to trashy cars which frankly, are unattractive to a lot of folks regardless of their pricetag? Innumerable self-contradictions? Frugality doesn't let you enjoy life? Ew.
Oh, and the writing itself! It's like how my spoken english was in highschool - boring and unimpressive. Just avoid.
"Oh look at the sidewalkers, they are useless and blame everything on others." "Here comes the slowlaners - work, work, work, save, save, save, heh heh, guy has a heart attack at 50, 5 years before his glory!!!"
Those aren't actual quotes, but they're pretty close to the essence. Online Limo rental company during the dot-com bubble? Endless references to trashy cars which frankly, are unattractive to a lot of folks regardless of their pricetag? Innumerable self-contradictions? Frugality doesn't let you enjoy life? Ew.
Oh, and the writing itself! It's like how my spoken english was in highschool - boring and unimpressive. Just avoid.
August 1, 2016
There are certain books that, as soon as you start reading them, you know that they are going to change your life. And that's the feeling that I got when I went through the first pages of The Millionaire Fastlane.
Albeit a ridiculous and misleading title (I mean, it sounds like any other "Get rich fast" book), the Millionaire Fastlane is an encyclopaedia of everything financial, especially if you're not proficient in the topic.
Creating a strong parallelism between personal finance and the world of racing, he divides people's financial life in three "roads": the Sidewalk, or people who leave pay-check to pay-check; the Slowlane, or people who save small amounts in order to be rich when they're 65; and the Fastlane, or that small group of people who are wealthy at an age when they can still enjoy the fruits of their labour.
M.J. DeMarco does a great job in explaining how to reach the Fastlane, although I consider this book to be more of a call to awareness rather than a manual on how to achieve something. Despite a very informal style, the book is accurately structured and easy to read although, in my experience, it is best to read a couple of chapters and take a day or two to digest their content.
Regarding the feeling that I mention at the beginning of this review, this book has already changed my life because it has provided me a sense of awareness, of thinking how processes of acquiring wealth work and why, and an immense hunger to leave the Sidewalk and get a speeding ticket on the Fastlane!
Albeit a ridiculous and misleading title (I mean, it sounds like any other "Get rich fast" book), the Millionaire Fastlane is an encyclopaedia of everything financial, especially if you're not proficient in the topic.
Creating a strong parallelism between personal finance and the world of racing, he divides people's financial life in three "roads": the Sidewalk, or people who leave pay-check to pay-check; the Slowlane, or people who save small amounts in order to be rich when they're 65; and the Fastlane, or that small group of people who are wealthy at an age when they can still enjoy the fruits of their labour.
M.J. DeMarco does a great job in explaining how to reach the Fastlane, although I consider this book to be more of a call to awareness rather than a manual on how to achieve something. Despite a very informal style, the book is accurately structured and easy to read although, in my experience, it is best to read a couple of chapters and take a day or two to digest their content.
Regarding the feeling that I mention at the beginning of this review, this book has already changed my life because it has provided me a sense of awareness, of thinking how processes of acquiring wealth work and why, and an immense hunger to leave the Sidewalk and get a speeding ticket on the Fastlane!
December 21, 2023
Wow, I've read countless books on wealth creation, business and more, but this is ONE OF THE best I've read in a long time, dare I say it if not THE best...
The author just tells it how's it says, and has the guts to expose some of the crap that the 'Gurus' teach .. The very gurus and experts although I still learn from and respect today,
But DeMarco of this book just literally spelt out what I always saw as problems in the way we are taught, even from the experts
.. Look if your reading this review just go and get the book, because I can go on and on, yet only cover a fraction of what I found valuable In this invaluable wisdom the author shares with us, he can only do it justice by letting you read it for yourself
5 stars, one of my all time fav's - it's as simple as that... Now before I stop making any sense, let me sum it down to one point
I HIGHLY RECOMMEND THIS BOOK!
To Our Continued Success!
Seemy
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The author just tells it how's it says, and has the guts to expose some of the crap that the 'Gurus' teach .. The very gurus and experts although I still learn from and respect today,
But DeMarco of this book just literally spelt out what I always saw as problems in the way we are taught, even from the experts
.. Look if your reading this review just go and get the book, because I can go on and on, yet only cover a fraction of what I found valuable In this invaluable wisdom the author shares with us, he can only do it justice by letting you read it for yourself
5 stars, one of my all time fav's - it's as simple as that... Now before I stop making any sense, let me sum it down to one point
I HIGHLY RECOMMEND THIS BOOK!
To Our Continued Success!
Seemy
https://Waseem.tv/Blog
👆🏼 P.S -
If you found this review helpful - I’d like to invite you to discover more on our blog. Where the community share some of our most important insights to level up each others knowledge 💡- from experience in studying books like this, training programs, podcasts and much more - visit the blog link above to find out more.
P.P.S 😅 - You probably noticed from my profile that I’ve reviewed a LOT of books over many years now - if you love seeking knowledge like me I’d love to connect with you further as a like minded person (send me a friend invite! 😀) - Also if you are curious - here is my preferred and recommended resource for seeking timeless wisdom - Check it out via the website invite link below 👇🏼 (You’ll be able to claim some awesome books for free 📚)
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July 31, 2014
Waste of time.
After hearing about this book in a number of circles I finally got it and went through it and when I finished I was dumbfounded that so many people rave about it.
It honestly seems like he paid a team of writers in India to put this together and then had it edited by someone and released it.
Shallow, full of fluff and an absolute waste of time.
"Choose Yourself" by by James Altucher is a much faster read, more insightful and offers way more value.
After hearing about this book in a number of circles I finally got it and went through it and when I finished I was dumbfounded that so many people rave about it.
It honestly seems like he paid a team of writers in India to put this together and then had it edited by someone and released it.
Shallow, full of fluff and an absolute waste of time.
"Choose Yourself" by by James Altucher is a much faster read, more insightful and offers way more value.
April 17, 2023
49 يوم ..هى مدة قراءاتي و ترجمتي و تلخيصي للنسخة الانجليزية من هذا الكتاب ..دون انتظار ان يتم ترجمته للمكتبة العربية ...
يبدأ ب قصة ملهمة .. ك قصة روبرت كايوزاكي ..حينما كان لديه اب فقير اكاديمية ينصحه نصائح مملة و جاهلة "مالياً"
و اب روحي ..تعليمه متوسط و لكنه غني و ناجح و نصائحه مثقفة "مالياً"
القصة هنا .. كانت عن مراهق بكرش عادي جدا يشتري الايس كريم ..حينما رأي شاب ..شاب عادي و ليس رجل ناضج او كهل عجوز
ينزل من سيارته اللامبوريجني لشراء الايس كريم ..و هنا استجمع المراهق شجاعته و سأل اسمح لى ..ماذا تعمل لتستطيع شراء سيارة مثل هذه ؟
ليجيبه مبتسما ...انا مخترع ...
حينها لمعت فكرة في ذهنه ...اذن الثراء السريع ليس مستحيل ..ليس حلم بعيد المنال ...ليس قاصر على العجائز
هناك الكثير بالتأكيد مثل ذلك الشاب ..كونوا الثروة ..و لم يكسبوها ف يناصيب او يرثوها ...و طبعا لم يسرقوها
فقرا الكثير و الكثير من الكتب و الكورسات و الاسطوانات ..و بلغ مرحلة الشباب و لم يزل فقير او يكافح فى وظائف بسيطة
و يعيش مع والدته ...
يقول بنفسه فى اول الكتاب
فمثلا بقراءتك لكام كتاب عن الثروة فقط انت اشبه ب سيارة على طريق الثروة ببطارية ميتة او خزان بنزين فارغ ... الثروة هي معادلة من عدة متغيرات ..المليونيرات تصنعهم العملية و ليس الاحداث ..بمعني تقلبات اقتصادية لا تجعل منك فقيرا او مليونير و انما اداءك اثناء العملية "الرحلة" و ليس مجرد وجود منعطفات في الطريق ..مطلع او حتى منحدر...الفقراء يرو احداث فقط ...فلان الشاب باع شركة تقنية ب 30 مليون دولار..دا حدث و لكنهم لم يروا العملية بدء الشركة من الصفر و ب الديون و التعثر حتى الثبات و الانتظام ثم التطور..
الكتاب .. يقوم بشرح الفكرة بعمل analogy تماثل او تشبيه ..للسعى نحو الثراء السريع ...
ب حارة المشاة (حياة الفقر و الوظيفة)...
و حارة السيارات البطيئة(حياة الوظائف الاعلى و الحرف و المهن و مجالات البيزنس ذات الحجم المحدود)...
و حارة السيارات السريعة ( الاثرياء من مجالات سريعة و ذات حجم كبير)
الظريف فى الكتاب ..نغمة السخرية من كتب الثقافة المالية الاخرى و مؤلفيها ...و التي يقنعوك ب طرق الثراء البطيئة و الذين هم انفسهم لم يتبعوها
ذلك الذي لديه أبين "يقصد روبرت كايوزاكي"
ذلك الذي يسكن فى المسكن المجاور " يقصد توماس ستانلي"
و السيدة ذات قصة الشعر الرديئة و البشرة البرتقالية " يقصد سوزي اورمان"
و ذلك الرجل الذي يقنعك انك ستصبح غني بمجرد ان تسدد ديونك " يقصد ديف رامسي "
و ذلك الرجل الذى يطالبك باقتصاد ثمن كوب اللاتيه " ديفيد باخ" :D :D :D
الراجل باختصار ...يقول ان للثراء طريقين ..
طريق نمطي بطيء ستصبح ثري فى ال 50-60 من عمرك و حينها لن تستطيع التمتع بتلك الفلوس
و طريق استثئنائي سريع يتطلب منك الاتيان بفكرة و جسارة لتنفيذها و بيعها و غالبا فكرة تكنولوجية من افكار وادي السيليكون ..فيس بوك ..اوبر...جوجل....الخ
الكتاب هو كتاب للحديث عن المشاريع اكثر منه كتاب للحديث عن الثقافة المالية الشخصية
أرشحه للقراءة هو و كتب
تجرأ على أن تكون مختلفاً وتصبح ثرياً أسرار العصاميين
The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future
The Way To Wealth
الكتاب القادم : نزعة إلى الموسيقى: حكايات الموسيقى والدماغ
يبدأ ب قصة ملهمة .. ك قصة روبرت كايوزاكي ..حينما كان لديه اب فقير اكاديمية ينصحه نصائح مملة و جاهلة "مالياً"
و اب روحي ..تعليمه متوسط و لكنه غني و ناجح و نصائحه مثقفة "مالياً"
القصة هنا .. كانت عن مراهق بكرش عادي جدا يشتري الايس كريم ..حينما رأي شاب ..شاب عادي و ليس رجل ناضج او كهل عجوز
ينزل من سيارته اللامبوريجني لشراء الايس كريم ..و هنا استجمع المراهق شجاعته و سأل اسمح لى ..ماذا تعمل لتستطيع شراء سيارة مثل هذه ؟
ليجيبه مبتسما ...انا مخترع ...
حينها لمعت فكرة في ذهنه ...اذن الثراء السريع ليس مستحيل ..ليس حلم بعيد المنال ...ليس قاصر على العجائز
هناك الكثير بالتأكيد مثل ذلك الشاب ..كونوا الثروة ..و لم يكسبوها ف يناصيب او يرثوها ...و طبعا لم يسرقوها
فقرا الكثير و الكثير من الكتب و الكورسات و الاسطوانات ..و بلغ مرحلة الشباب و لم يزل فقير او يكافح فى وظائف بسيطة
و يعيش مع والدته ...
يقول بنفسه فى اول الكتاب
فمثلا بقراءتك لكام كتاب عن الثروة فقط انت اشبه ب سيارة على طريق الثروة ببطارية ميتة او خزان بنزين فارغ ... الثروة هي معادلة من عدة متغيرات ..المليونيرات تصنعهم العملية و ليس الاحداث ..بمعني تقلبات اقتصادية لا تجعل منك فقيرا او مليونير و انما اداءك اثناء العملية "الرحلة" و ليس مجرد وجود منعطفات في الطريق ..مطلع او حتى منحدر...الفقراء يرو احداث فقط ...فلان الشاب باع شركة تقنية ب 30 مليون دولار..دا حدث و لكنهم لم يروا العملية بدء الشركة من الصفر و ب الديون و التعثر حتى الثبات و الانتظام ثم التطور..
الكتاب .. يقوم بشرح الفكرة بعمل analogy تماثل او تشبيه ..للسعى نحو الثراء السريع ...
ب حارة المشاة (حياة الفقر و الوظيفة)...
و حارة السيارات البطيئة(حياة الوظائف الاعلى و الحرف و المهن و مجالات البيزنس ذات الحجم المحدود)...
و حارة السيارات السريعة ( الاثرياء من مجالات سريعة و ذات حجم كبير)
الظريف فى الكتاب ..نغمة السخرية من كتب الثقافة المالية الاخرى و مؤلفيها ...و التي يقنعوك ب طرق الثراء البطيئة و الذين هم انفسهم لم يتبعوها
ذلك الذي لديه أبين "يقصد روبرت كايوزاكي"
ذلك الذي يسكن فى المسكن المجاور " يقصد توماس ستانلي"
و السيدة ذات قصة الشعر الرديئة و البشرة البرتقالية " يقصد سوزي اورمان"
و ذلك الرجل الذي يقنعك انك ستصبح غني بمجرد ان تسدد ديونك " يقصد ديف رامسي "
و ذلك الرجل الذى يطالبك باقتصاد ثمن كوب اللاتيه " ديفيد باخ" :D :D :D
الراجل باختصار ...يقول ان للثراء طريقين ..
طريق نمطي بطيء ستصبح ثري فى ال 50-60 من عمرك و حينها لن تستطيع التمتع بتلك الفلوس
و طريق استثئنائي سريع يتطلب منك الاتيان بفكرة و جسارة لتنفيذها و بيعها و غالبا فكرة تكنولوجية من افكار وادي السيليكون ..فيس بوك ..اوبر...جوجل....الخ
الكتاب هو كتاب للحديث عن المشاريع اكثر منه كتاب للحديث عن الثقافة المالية الشخصية
أرشحه للقراءة هو و كتب
تجرأ على أن تكون مختلفاً وتصبح ثرياً أسرار العصاميين
The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future
The Way To Wealth
الكتاب القادم : نزعة إلى الموسيقى: حكايات الموسيقى والدماغ
May 6, 2013
Screw your passion!! Well...just a bit. If there isn't a market for your passion, and if you want to be young and rich, then you need to change direction. And be smart. Those Tv programs with pretty celebrities saying you should "do what you love and money will follow" are only slightly correct. People buy your product because they like it. They don't ask you how much passion you have before a transaction is made. The following scenario never happened: "That looks horrible, but are you passionate about your product? If so, I'll buy it anyway. Thanks" It's that simple.
As a result, this is a very important book for aspiring entrepreneurs to read. I finished it in 3 days. Definitely suitable for people with big dreams who are fed up with "let's wait for 40 years to be rich while increasing your income through your dead end job and compound interest" concept. This is for young and free-spirited people with limited income who want to live young and escape the confined life. Sure, you can and should invest, but not until you've gained an impressive wealth; otherwise, the time and energy are much better allocated for your own business. The author didn't provide a step-by-step guide, nor was he willing to hold your hand and be your personal mentor: you need to find your own path. What the author provides, however, is the fact that get-rich-quick is possible if you have certain mindsets and ideas, some of which we already know. Regardless, it's a very important foundation which, before embarking on an entrepreneurial adventure, one should be very familiar with for a clear understanding of how rich people make money. He also criticized about the famous "gurus" or "financial experts" who give advice only on saving and taking financial defense, instead of expanding your wallet through a much more difficult and rewarding journey.
This is such a positive review simply because a part of me, while watching financial shows, always wondered why the experts never told you to do something drastic in their lives and quite worrying about debt. Instead, they told you to save up, slash your saving, and invest in a bond or something. Legit as this may sound, it's not the whole picture, especially if you are still young like me with limited burden and freedom. Time is the most precious asset in your life, and the clock is ticking every minute every single day. It doesn't care that when you hit it big, it will stop for you to catch a break and enjoy palatable sight. Call me naive, but what's the point of investing for a small return and wait for decades? or work for a company that offers limited pay and progression. You would've lost your whole life and energy just to save up. Your passion to explore the world, for example, would've evaporated with the 9-to-5 dead end job. The author clearly had a passion about passive income and being innovative, doing something that most people don't think of. Sure it's hard work. Way harder than being in a "safe" cooperate environment. But isn't that life? Hard. It rewards only those who have not only worked hard, but also expanded resilience and vision. If you are young and always wonder what life has in store for you, then this is a brief glimpse of what successful people think.
As a result, this is a very important book for aspiring entrepreneurs to read. I finished it in 3 days. Definitely suitable for people with big dreams who are fed up with "let's wait for 40 years to be rich while increasing your income through your dead end job and compound interest" concept. This is for young and free-spirited people with limited income who want to live young and escape the confined life. Sure, you can and should invest, but not until you've gained an impressive wealth; otherwise, the time and energy are much better allocated for your own business. The author didn't provide a step-by-step guide, nor was he willing to hold your hand and be your personal mentor: you need to find your own path. What the author provides, however, is the fact that get-rich-quick is possible if you have certain mindsets and ideas, some of which we already know. Regardless, it's a very important foundation which, before embarking on an entrepreneurial adventure, one should be very familiar with for a clear understanding of how rich people make money. He also criticized about the famous "gurus" or "financial experts" who give advice only on saving and taking financial defense, instead of expanding your wallet through a much more difficult and rewarding journey.
This is such a positive review simply because a part of me, while watching financial shows, always wondered why the experts never told you to do something drastic in their lives and quite worrying about debt. Instead, they told you to save up, slash your saving, and invest in a bond or something. Legit as this may sound, it's not the whole picture, especially if you are still young like me with limited burden and freedom. Time is the most precious asset in your life, and the clock is ticking every minute every single day. It doesn't care that when you hit it big, it will stop for you to catch a break and enjoy palatable sight. Call me naive, but what's the point of investing for a small return and wait for decades? or work for a company that offers limited pay and progression. You would've lost your whole life and energy just to save up. Your passion to explore the world, for example, would've evaporated with the 9-to-5 dead end job. The author clearly had a passion about passive income and being innovative, doing something that most people don't think of. Sure it's hard work. Way harder than being in a "safe" cooperate environment. But isn't that life? Hard. It rewards only those who have not only worked hard, but also expanded resilience and vision. If you are young and always wonder what life has in store for you, then this is a brief glimpse of what successful people think.
August 20, 2018
I wonder how many more millionaires we have extra since this book was published.
Aka if everybody quit their jobs to start a business, try to imagine what would happen to our society. You need to see your doctor? Sorry, he quit to start his own business. He couldn't stand being in the rat race any longer.....
See the absurdity of this book and throw it where it belongs. In the trash can. I'm not saying you can't get rich, all I'm saying it's more of being lucky and trying again and again... Business is a huge gamble. 9-5 is very stable. Which one will you choose?
Aka if everybody quit their jobs to start a business, try to imagine what would happen to our society. You need to see your doctor? Sorry, he quit to start his own business. He couldn't stand being in the rat race any longer.....
See the absurdity of this book and throw it where it belongs. In the trash can. I'm not saying you can't get rich, all I'm saying it's more of being lucky and trying again and again... Business is a huge gamble. 9-5 is very stable. Which one will you choose?
February 21, 2011
It has been awhile since I've read a book that I couldn't put down. Definitely one of the most inspiring and motivating business books I have ever read.
February 15, 2019
• Fast lane, slow lane and sidewalk: what map are you following? The point is we are our choices, and something I use is the decision strategies in the book, very helpful indeed. WADM and WCCA. Weighted average for difficult decisions and worst case consequence analysis for everyday decisions.
• Fast lane: controllable unlimited leverage, business, lifestyle and rapid wealth
• Time is your most important resource, don’t exchange it for money. Time is scarce, money is abundant.
• The importance of control in your business
• The importance of execution; the king in chess, while marketing is the queen
• Internet: subscription, content, leads, social networks, brokerage systems, advertising, e-commerce
• Innovation: invent something, manufacture and distribute
• Iteration: repeat a formula x times until success
• The law of effection: the more lives you affect, the richer you will become
• Net profit = scale x magnitude
• Need: Businesses that solve needs win. Businesses that provide value win. Solve actual needs, 90% fail because of selfish, do what you love = crowded
• Entry: when entry barriers fall the effectiveness of that road declines while competition increases. Everybody is doing it = overbought, "dumb money". If you violate the law of entry you have to be exceptionally good to succeed
• Control: fastlaners create MLM companies, run hedge funds, offer employment, sell ipo shares; not join them
• Scale: what habitat: community, nation, the world. Scale is reached trough units sold and/or unit profit. Can you scale the net income from the business to infinity? Tiny habitats create tiny wealth.
• Time: can the business be automated? How can my time be separated from the business without it failing? Are you making money while sleeping?
• You have to always learn more: if you think you are done with learning your path is poor or mediocre at best. To have even a small probability for success education, especially self-education, is a must.
• Business plan: the best business plan in the world will always be a track record of execution
• Analogy of chess: King: excecution, queen: marketing, bishop: customer service, knight: product, rook: people , pawn: ideas
• Become a producer first and a consumer second
• Wealth = net profit + asset value
188-192
“In today’s information society, there is absolutely no excuse not to find out how.”
“I graduated from college with two business degrees, marketing and finance. Neither of them was related to computer science. I graduated with no computer programming experience. Yet I made my millions on the internet. Funny, after 13 years of expensive institutional education, I NEVER took a formal class about the internet or web technologies. Heck, my computer classes were limited to introductory business courses. If I didn’t go to school to learn the internet, how the heck did I learn and become educated within this skill set? I sought to change my oil frequently. I educated myself. I read books. I hit the library. I spent hours on the web and read articles, tutorials, wikis. I sought and consumed knowledge.” 188
Education is freely available:
“The greatest travesty of the free world is the underuse of knowledge. Walk into your local bookstore and inhale. Smell that? That’s the smell of infinite knowledge. Walk into your local library and look around. Amazing. Wall-to-wall books, free for the taking. Imagine if you could digest every book , every paragraph, and every sentence. Would “I don’t know” be a detriment to your success?”
“The acquisition and application of knowledge will make you rich.
So where do you find infinite knowledge inexpensively? Like the air you breathe, it’s all around you, like an apple tree waiting to be plucked.
Bookstores: books possess the greatest return for your educational dollar. Buy them, borrow them, or steal them. Just read them.
The library
Internet forums
Internet classes
Internet blogs/podcasts/screencasts/webcasts
Seminars
Television (history, discovery, science etc.)
Continuing education classes
Free magazines
Summary:
1. Formula
2. Admit
3. Stop and swap
4. Time
5. Leverage
6. Assets and income
7. Number
8. Effection
9. Steer
10. Uncouple
11. Passion & purpose
12. Educate
13. Road
14. Control
15. Have (value, solutions)
16. Automate
17. Replicate
18. Grow
19. Exit
20. Retire, reward, repeat
• Fast lane: controllable unlimited leverage, business, lifestyle and rapid wealth
• Time is your most important resource, don’t exchange it for money. Time is scarce, money is abundant.
• The importance of control in your business
• The importance of execution; the king in chess, while marketing is the queen
• Internet: subscription, content, leads, social networks, brokerage systems, advertising, e-commerce
• Innovation: invent something, manufacture and distribute
• Iteration: repeat a formula x times until success
• The law of effection: the more lives you affect, the richer you will become
• Net profit = scale x magnitude
• Need: Businesses that solve needs win. Businesses that provide value win. Solve actual needs, 90% fail because of selfish, do what you love = crowded
• Entry: when entry barriers fall the effectiveness of that road declines while competition increases. Everybody is doing it = overbought, "dumb money". If you violate the law of entry you have to be exceptionally good to succeed
• Control: fastlaners create MLM companies, run hedge funds, offer employment, sell ipo shares; not join them
• Scale: what habitat: community, nation, the world. Scale is reached trough units sold and/or unit profit. Can you scale the net income from the business to infinity? Tiny habitats create tiny wealth.
• Time: can the business be automated? How can my time be separated from the business without it failing? Are you making money while sleeping?
• You have to always learn more: if you think you are done with learning your path is poor or mediocre at best. To have even a small probability for success education, especially self-education, is a must.
• Business plan: the best business plan in the world will always be a track record of execution
• Analogy of chess: King: excecution, queen: marketing, bishop: customer service, knight: product, rook: people , pawn: ideas
• Become a producer first and a consumer second
• Wealth = net profit + asset value
188-192
“In today’s information society, there is absolutely no excuse not to find out how.”
“I graduated from college with two business degrees, marketing and finance. Neither of them was related to computer science. I graduated with no computer programming experience. Yet I made my millions on the internet. Funny, after 13 years of expensive institutional education, I NEVER took a formal class about the internet or web technologies. Heck, my computer classes were limited to introductory business courses. If I didn’t go to school to learn the internet, how the heck did I learn and become educated within this skill set? I sought to change my oil frequently. I educated myself. I read books. I hit the library. I spent hours on the web and read articles, tutorials, wikis. I sought and consumed knowledge.” 188
Education is freely available:
“The greatest travesty of the free world is the underuse of knowledge. Walk into your local bookstore and inhale. Smell that? That’s the smell of infinite knowledge. Walk into your local library and look around. Amazing. Wall-to-wall books, free for the taking. Imagine if you could digest every book , every paragraph, and every sentence. Would “I don’t know” be a detriment to your success?”
“The acquisition and application of knowledge will make you rich.
So where do you find infinite knowledge inexpensively? Like the air you breathe, it’s all around you, like an apple tree waiting to be plucked.
Bookstores: books possess the greatest return for your educational dollar. Buy them, borrow them, or steal them. Just read them.
The library
Internet forums
Internet classes
Internet blogs/podcasts/screencasts/webcasts
Seminars
Television (history, discovery, science etc.)
Continuing education classes
Free magazines
Summary:
1. Formula
2. Admit
3. Stop and swap
4. Time
5. Leverage
6. Assets and income
7. Number
8. Effection
9. Steer
10. Uncouple
11. Passion & purpose
12. Educate
13. Road
14. Control
15. Have (value, solutions)
16. Automate
17. Replicate
18. Grow
19. Exit
20. Retire, reward, repeat
May 6, 2017
This was recommended on a mailing list as "It totally changed my mindset," so I got it from the library. Skimmed most of it. It's a typical rags-to-riches story in hyperbolic style, with plenty of condemnation of poor people for being lazy. In chapter 2, the author describes how after getting his bachelor's degree, he had a string of entrepreneurial failures, and finally decided to relocate away from Chicago to start over. This gives you an idea of both the writing style and the author's decision-making:
This raises so many questions: Phoenix, really? Most people would probably have picked someplace with beautiful beaches, or someplace where they had friends or family, or a boom town where an industry was taking off. Why Phoenix? It's never explained.
Eventually the author built a successful business selling leads to limo companies, which was a pretty novel thing in the '90s. He sold the company and became a millionaire.
The worthwhile chapters in the book are 18, 19, and 35. Chapter 18 explains asset value, which is net profit times an industry multiplier. Translation: If you build a business in the right industry, you can sell it for many times the money it's bringing in. P. 124 lists a table of average multipliers per industry. Computer-related services have a high multiplier, as everyone would expect (8.19). But surprisingly, grocery stores also do well at 11.34. Patent owners and lessors are also high at 14.56 and surgical/medical equipment tops the list at 17.32. The table comes from Inc. Magazine data in 2009, and reminds me of the table in The Millionaire Next Door listing Return on Receipts (ROR) for different business types. (Professional services, engineering services, and medical/dental labs topped that list IIRC.)
Chapter 19 describes five categories or "business seedlings" and discusses their potential for becoming a passive income stream: Rental systems (anything that you lease, that produces royalty payments, or that you license), computer/software systems, content systems (from book franchises to online newsletters), distribution systems (including ecommerce, network marketing, and franchising), and human resource systems.
Both these chapters present useful ways of thinking about business value it gives back, and it was new information to me. The next chapter I found worthwhile didn't have anything new for me and is incorrect or outdated in a couple of things, but it was a nice breakdown to have in one place.
Chapter 35 breaks down internet businesses into 7 categories: subscription-based, content-based (not a business model; content makes its money in 2017 through either subscription or advertising), lead generation, social networks (again, not a business model), brokerage systems (including PayPal, Elance, Travelocity), advertising, and ecommerce.
It also talks about innovation (which can include a simple repackaging job, e.g. novelty vodka) and intentional iteration (scale) as factors in building a successful business.
In an instant, I felt powerful. The velocity of that choice infused my miserable existence with hope and a small drip of happiness. My failures evaporated and I felt reborn. Suddenly a dead-end road converged with a dream. It just wasn't about the decision to move; it was about taking control and knowing that I had a choice.
With this new power, I considered options that never had dawned on me. I asked a simple question: "If I could live anywhere in the country without restraint, where would I live?" I thought about the things important to me, and circled five cities on a map. The next month I moved, or should I say, escaped.
I arrived in Phoenix with 900 bucks, no job, no friends, and no family...
This raises so many questions: Phoenix, really? Most people would probably have picked someplace with beautiful beaches, or someplace where they had friends or family, or a boom town where an industry was taking off. Why Phoenix? It's never explained.
Eventually the author built a successful business selling leads to limo companies, which was a pretty novel thing in the '90s. He sold the company and became a millionaire.
The worthwhile chapters in the book are 18, 19, and 35. Chapter 18 explains asset value, which is net profit times an industry multiplier. Translation: If you build a business in the right industry, you can sell it for many times the money it's bringing in. P. 124 lists a table of average multipliers per industry. Computer-related services have a high multiplier, as everyone would expect (8.19). But surprisingly, grocery stores also do well at 11.34. Patent owners and lessors are also high at 14.56 and surgical/medical equipment tops the list at 17.32. The table comes from Inc. Magazine data in 2009, and reminds me of the table in The Millionaire Next Door listing Return on Receipts (ROR) for different business types. (Professional services, engineering services, and medical/dental labs topped that list IIRC.)
Chapter 19 describes five categories or "business seedlings" and discusses their potential for becoming a passive income stream: Rental systems (anything that you lease, that produces royalty payments, or that you license), computer/software systems, content systems (from book franchises to online newsletters), distribution systems (including ecommerce, network marketing, and franchising), and human resource systems.
Both these chapters present useful ways of thinking about business value it gives back, and it was new information to me. The next chapter I found worthwhile didn't have anything new for me and is incorrect or outdated in a couple of things, but it was a nice breakdown to have in one place.
Chapter 35 breaks down internet businesses into 7 categories: subscription-based, content-based (not a business model; content makes its money in 2017 through either subscription or advertising), lead generation, social networks (again, not a business model), brokerage systems (including PayPal, Elance, Travelocity), advertising, and ecommerce.
It also talks about innovation (which can include a simple repackaging job, e.g. novelty vodka) and intentional iteration (scale) as factors in building a successful business.
April 5, 2020
I will say this as plain as it gets: THIS IS A HORRIBLY WRITTEN BOOK!
Although it does have some good advice later on, it is just written so poorly and unnecessarily LONG! For the love of God I read this book for a couple of months because I couldn't push myself to read more since it was so boring and bland.
The first 30% of the book the author just trashes other ways of living and earning money, and hypes his "Fastlane". I do not want to spend a THIRD of the book reading about you hyping the fastlane. Tell me now, I am already reading the book, you do not need to sell it to me again.
By the time you get to the fastlane stuff you are just mentally exhausted, and I couldn't bother to read the whole book so I just skimmed it. A shame really, since there are some good bits but it is just buried deep down under all the boring stuff.
This could have been easily a longer essay, or at least a book under a 100 pages.
Cannot recommend this book at all. Let me save you time reading this book and just tell you the "secret".
BECOME AN ENTREPRENEUR, i.e. your own boss/self-employed, make it so that you are able to scale a business without being fixed with your personal time, so that you are able to experience rapid growth in your business and profit.
And that is it really, nothing more, nothing less.
Although it does have some good advice later on, it is just written so poorly and unnecessarily LONG! For the love of God I read this book for a couple of months because I couldn't push myself to read more since it was so boring and bland.
The first 30% of the book the author just trashes other ways of living and earning money, and hypes his "Fastlane". I do not want to spend a THIRD of the book reading about you hyping the fastlane. Tell me now, I am already reading the book, you do not need to sell it to me again.
By the time you get to the fastlane stuff you are just mentally exhausted, and I couldn't bother to read the whole book so I just skimmed it. A shame really, since there are some good bits but it is just buried deep down under all the boring stuff.
This could have been easily a longer essay, or at least a book under a 100 pages.
Cannot recommend this book at all. Let me save you time reading this book and just tell you the "secret".
BECOME AN ENTREPRENEUR, i.e. your own boss/self-employed, make it so that you are able to scale a business without being fixed with your personal time, so that you are able to experience rapid growth in your business and profit.
And that is it really, nothing more, nothing less.
June 26, 2011
The Millionaire Fastlane is an informative and engaging book. Very well written, easy to follow and more truthful than any book of this type that I have read in the past. I do not want to even compare this book to any other book because it is not like any other book, it is full of hard hitting truth. My mind had become numb over the years and I had stopped caring about my path. My idea generation engine had shut down through the doldrums of working a 9-5 and raising a family. Get up eat go to work come home eat go to sleep, rinse and repeat, that is my life. This book has energized my my want to be more, do more and start on the path of what is actually right and not what I have been told is right for the 35 years of my life. The Millionaire Fastlane is full of very useful information that I had forgotten over the years. After reading this book I now look at everything as a business opportunity. I look at everything with a new energy, a new angle of how can I make this better or how can I market this better. I would recommend this book to anyone who wants to forge their own path and get out of the 9-5 rut. I will read this book again.
November 18, 2020
Disclaimer: Read 60% skimmed through the last 40%
Normally I would not go for a book with such a title, but after it being highly recommended by one of my roommates I decided to give it a try... should have paid more attention to my own suspicions and stayed away from this one.
This book could have been summarized as "Start a Business". There a not enough new/worthwhile ideas to justify its 300+ pages instead you get to read the same rehashed tales about the author and his race cars or just him plain making fun of anyone who hasn't started his own business. Hiring an editor (Halfway through the book DeMarco confesses to being his own editor) could have easily improved this book by trimming down on the unnecessary content.
If you really need some advise on how to travel the 'fastlane' you will be better off reading 'Zero to One' by Peter Thiel.
Normally I would not go for a book with such a title, but after it being highly recommended by one of my roommates I decided to give it a try... should have paid more attention to my own suspicions and stayed away from this one.
This book could have been summarized as "Start a Business". There a not enough new/worthwhile ideas to justify its 300+ pages instead you get to read the same rehashed tales about the author and his race cars or just him plain making fun of anyone who hasn't started his own business. Hiring an editor (Halfway through the book DeMarco confesses to being his own editor) could have easily improved this book by trimming down on the unnecessary content.
If you really need some advise on how to travel the 'fastlane' you will be better off reading 'Zero to One' by Peter Thiel.
February 9, 2023
Many concepts shared by the author mock the implanted concepts of thriving authors on unseen universal powers.
The great books overthrown by MJ DeMarco are:
- Rich Dad, Poor Dad
- The Richest Man in Babylon
- All books on the Law of Attraction
- Magic of Believing
- The Millionaire Nextdoor
- And many more books
I believe this book is a practical guide to becoming a millionaire plus. The author is very candid in putting forth his ideas and sharply denigrating unwise ideologies.
The great books overthrown by MJ DeMarco are:
- Rich Dad, Poor Dad
- The Richest Man in Babylon
- All books on the Law of Attraction
- Magic of Believing
- The Millionaire Nextdoor
- And many more books
I believe this book is a practical guide to becoming a millionaire plus. The author is very candid in putting forth his ideas and sharply denigrating unwise ideologies.
January 7, 2023
they don't teach this stuff in school and they never will, but they absolutely should. legendary handbook on building the empire of your dreams. acidic, bro-y, macho writing style but i tolerated it because the value is incredible. i'd be interested to read his other book that's now out, considering he's much older now and I'm sure he has other things to say since writing this one.
February 23, 2016
A must read for everyone. One of the best books I have ever read.
November 21, 2023
Excelente libro, te cambia la manera de pensar sobre el dinero y los negocios, te da un pensamiento de un “fastlaner”. También tiene consejos muy valiosos para poder que puedas poner en practica con tu negocio y mejorar las probabilidades de éxito.
January 16, 2016
This is essentially a fairly common sense guide to entrepreneurship.
A lot of the book is spent on evaluating the fallacy of traditional wealth accumulation through work "servitude". That is, working for decades during the prime of your life in order to enjoy life in old age. This book is quite insightful if you've never questioned the logic in that. If you have though, then the value in this book is limited to a few chapters that detail the process of creating something with impact that could lead to rapid wealth accumulation.
He glosses over risk assessment (i.e. How to evaluate the risk of leaving a salaried job for a venture), but is pretty clear about the process of finding wealth. As stated in the book, "get rich quick" exists but "get rich easy" does not.
A lot of the book is spent on evaluating the fallacy of traditional wealth accumulation through work "servitude". That is, working for decades during the prime of your life in order to enjoy life in old age. This book is quite insightful if you've never questioned the logic in that. If you have though, then the value in this book is limited to a few chapters that detail the process of creating something with impact that could lead to rapid wealth accumulation.
He glosses over risk assessment (i.e. How to evaluate the risk of leaving a salaried job for a venture), but is pretty clear about the process of finding wealth. As stated in the book, "get rich quick" exists but "get rich easy" does not.
March 21, 2020
To be honest, I am not sure how to describe this book. I found so much valuable information, tips & tricks, and mathematical stuff. The author also shares his philosophy of what's the most vital asset in our lives - TIME, and how we could try to escape the Slowlane race and start playing on the Fastlane road. All information is presented very clearly with Chapter Summary which makes it easy to comprehend and remind yourself the most impart part of each chapter. The author's writing style is pretty direct and serious which I enjoyed a lot.
Last but not least, I strongly recommend this book to everyone who wants to better grasp, dissect and understand his way of living and eventually improve it.
Last but not least, I strongly recommend this book to everyone who wants to better grasp, dissect and understand his way of living and eventually improve it.
July 21, 2023
Одлична книга, ама ОДЛИЧНА! Буквално ги голтав страниците и сега сакам УШТЕ. Една од најкорисните книги кои ми паднаа во раце годинава, а конкретно оваа долго чекаше на листа на посакувани книги, и дефинитивно ВРЕДЕШЕ! 💙
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