The Millionaire Fastlane by MJ DeMarco
Sit Down and Read
One Line Summary
Money comes to those who don’t wait
Why it’s Awesome
This book is a fuck-you to the traditional way of looking at making money. You aren’t going to get any “get a good job and save up for retirement” advice here. DeMarco is an entrepreneur who saw through the current system for the bullshit it is and took advantage of it. You can too.
The main premise of the book is that there are three types of money people in this world: Sidewalkers, Slowlaners and Fastlaners. Let’s take a look at each type.
Sidewalkers aren’t even in the money game. These are the people who live paycheck to paycheck, never accumulating wealth and always residing in monetary scarcity.
Slowlaners are in the game, but they’re not the real rich. They get a decent job, invest some of their income and expect to be wealthy when they retire thanks to compound interest. This is the majority of people.
Then there’s this rare, third type known as Fastlaners. These are people who live in full abundance of money while they’re still young. They’re not waiting to have a 401k when they’re 65. They want it now in their 20’s and 30s and will not be denied. So they take the Fastlane to success.
As DeMarco explains, the Fastlane to success is entrepreneurship. You will NEVER be a Fastlaner when you work for someone else. It just isn’t how our system is set up.
But not all entrepreneurship is created equal. Think of the small store owner who must come into their shop every day because they can’t afford to hire a manager. They are still making the fundamental Slowlane mistake: trading time for money. Even if they get wealthy, they won’t have the time to spend the money they’ve earned.
I’ve seen this very example play out in my own life. My father was a successful dentist who owned his own practice and made more than enough money to afford an enviable life style. Yet time and time again he would lament to me his mistake of choosing to work with his hands instead of his brain.
In other words, if he didn’t work he didn’t make money. His business owned him instead of the other way around.
You want to be rich? Make money while you sleep.
True Fastlaners like DeMarco understand this. They understand that passive income is the way to win the game. They understand that you want to be an investor, not a consumer. They understand the more people you can affect and bring value to (scalability), the more money you will get.
That doesn’t mean it’s easy to do. Any successful business probably will take years before it really starts to pay dividends. Being an entrepreneur means you need to trust in your own abilities because the path isn’t secured for you. You have to be willing to follow your own instincts above all else and thrive in uncertainty and under pressure.
That’s the price you pay.
Are you willing to pay it?
Why Does It Suck
The practicality of this book is limited. Sure, DeMarco has some nice ideas, especially regarding scalability and passive income. But otherwise you basically just paid $15 for a guy to tell you to quit your job and start a business. Oh, and he’s going to tell you lots of stories about how he made money along the way. Not exactly mind blowing.
This book also neglects a lot of inner game issues when it comes to creating wealth. So don’t read this book if you’re looking to expand your mind about money.
The Wrap Up
If you’ve never read anything about wealth creation, this is a great foundational place to start. From there I would move on to more advanced and practical books.
Millionaire Fastlane was a hugely influential for me because it was one of the first self-development books I’ve ever read. A lot of these ideas, which are pretty obvious to me know, were ground breaking at the time.
DeMarco’s story is also inspiring in its own right. It’s worth the read in my opinion just to hear that. If you ass isn’t kicked into gear by reading this book, probably nothing will.
Buy The Millionaire Fastlane here on Amazon: