The Millionaire Fastlane
Millionaire fast-lane by DeMarco really opened my eyes to what it means to be someone aspiring to be financially independent, away from the typical path of being an employee. This book made me think, had me depressed, then left me inspired. The cover being a little off-putting, reminded me of an equivalent to a bad channel 13 movie, it was nothing short of informative.
1. Years of Deception
The traditional formula for a financially successfully future was going to school for an extended period of time, studying hard, obtaining large sums of debt, establishing employment, and work well into your 50s, contribute to an IRA and your company’s 401k plan. Hopefully by you get to that point; you’re still senile and physically mobile enough to enjoy it. It’s demanding a long life with substantial employment.
Sure, we all secretly know this is true, but it’s a hard pill to swallow and usually avoided by more hours of over-time, working for the latest gadget and long hours in front of the television recharging. DeMarjo also recommended a friend of his Trading Price Action Reversals: Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Wiley Trading). He’s an expert trader.
2. Process Orientated
It takes time. There’s a lot of effort involved. It’s a process, not an event, a repetitive, concentrated effort towards a specific goal.
All events of wealth are precluded by process, a backstory of trial, risk, hard work and sacrifice. If you try to skip process, you’ll never experience events. – MjDeMarco
We come from a culture of “Get Rich Quick!” We’re all seeking the magic-pill, hoping all the lottery tickets we’ve purchased throughout the years will finally allow you to cash in. We forget and often overlook that wealth usually involves a long, often agonizing path of frustration, tears, anger, and a whole array of other mixed emotions. It’s sacrifice, discipline, persistence, commitment, implementation and a long road.
3. Choosing To Be a Producer over a Consumer
Choosing to go against the grain of the typical long hour work week, jobs that lack passion; retreating at the end of the day to a home with a hefty mortgage and the big screen television. Not taking comfort in seeking salvation amongst a company where you trade the best 30years of your life in hopes of a tidy pension plan followed by bed health.
Choosing to be a producer, making an impact, solve problems, and offer value. Be the one who isn’t applying for the job, but offering the job, teaching the class, not taking the class.
Being introduced between the distinctions of Producer over Consumer had made me look at things and approach life entirely different. I can step back and ask “Is this taking me closer to my goals, or moving me further away?” It’s a shift of perspective how taking the former sets you up to win and opposed to living amongst the unloving.
4. Your Greatest Asset
It’s no secret, it’s time. Time is gas tank of life. The goal is learning to be frugal with your time and not squandering it away by it standing in line at 4am at the local Best Buy to catch the “early-bird-special,” or being the first on your block with the recent iPhone. It’s the breaking free of what MjDemarco referred to as “Indentured Time,” the time spent earning a living and all other obligations that comes with it. Learning to harness your time and recognize its valuable limited resource and investing it wisely, as oppose to choosing a lifestyle of indentured servitude of consumption.
5. Road to Wealth
MjDemarco has several tidbits and numerous ideas he mentions throughout his book on acquiring wealth and the path you take to get there. A simple concept to acquire wealth amongst a 300 page book is explained is boiled down to: To make millions, you need to impact millions. You need to touch millions of lives in scale, or many lives in magnitude.
It’s a shame how most books out there don’t tell it how it is the way it was explained in The Millionaire Fastlane. Many authors beat around the bush, marketing other products they’ve produced that never really give you any answers and just lead you astray. MjDemarco cuts through most of the shit out there and gives you a peak on a what it really takes to be successful.