The Millionaire Fastlane Summary (MJ DeMarco)

Use your money as a tool. Don’t try to control yourself by money. Everyone is willing to achieve name, fame, and money.

Many youngsters want to achieve their dreams at an early age. Many people around you have already achieved success at an early age. Many people who worked hard wanted to succeed but were still unsuccessful.

Is there any other way to achieve success at an early age? Or do they have a different way of doing work?

Or do they have very lucky people who became rich very soon? We have many questions in mind.

So, let’s start our journey to find the answers to all these questions. To understand this, we must first understand DeMarco’s book summary of The Millionaire Fastlane.

Shortcuts To Earn Money

Friends, imagine that you are doing your routine activities, and suddenly, a scene that astonishes you comes in front of your eyes: a sports car you dreamt of is in front of you. It’s just the same as you dreamt it to be when you were a teenager.

Then, a younger boy stood in front of you and seemed like you. There was only one difference between you and him: the key to the car in his hand.

For years, you’ve worked hard – a decent job, steady savings. But this car… this is next-level wealth. Questions whirl in your mind. Celebrity? Athlete? Lottery winner? You almost hope he’ll say that because at least those answers make some sense.

Instead, the boy smiles. I’m an inventor, he says, and a door swings open in your mind. A door you would never have considered. And then many questions come in your mind. Is there truly a shortcut to success? Could I, too, break the mold and become a millionaire at a younger age?

How Rich People Think About Money

First of all, you have to know about your money mentality. There are three types of people in this world when we discuss money.

The first step is a sidewalk, the second is a slow lane, and the third is a fastlane. What do you think you categorize yourself as?

Let’s try to see. First, ask a few questions from yourself.

• Do you usually change your job for some extra money?
• And as you get money, you spend the most out of it?
• Or do you have great faith in your credit card or more faith in your luck?
• And always live in today?

If all your answers are “YES,” then you are a sidewalker. A sidewalk is a common money mentality.

Now, let’s talk about the most common second-money mentality. To learn more about it, ask yourself a few questions.

• Do you have a compatible job and a salary?
• Do you save most of your income?
• Or do you constantly try to avoid taking a loan as a risk?
• And do you want to live happily after retirement?

If your answer is YES, then you can count yourself in Slow Lanier. This is the second command mentality about money. You need some help.

Now, let’s talk about the third most popular money mentality.

Do you have your own business? Or do you reinvest your money to improve yourself and your business?

Or calculate risk against potential gain?

Have you asked yourself whether you can afford this thing or not?

If yes, then you are a fast learner. And still, you can learn numerous things. If you have the mentality of a slow learner and side walker, as most people have that mentality, then remember anyone can be a side walker to slow learner and then a slow learner to fast learner.

The Fastlane Mindset

After losing his last job, Demarco realizes that it opens up fresh possibilities. He was a driver of a luxurious limousine, and during that time, he created a website to understand the customers’ needs. However, due to his job and personal problems, he could not pay attention to the advertisements on his website.

After some time, Demarco moved to a new city. In this city, he did not have a job or money, and his condition had totally changed.

Whatever he learned, he used to make a website for people to pay bills. This time, he paid attention to marketing and took a risk to increase his online business. Within a short time, he got many offers to buy that company. He made the highest bid of 1.2 million dollars.

The company’s new owner did not achieve much success from this website. Then, the author bought the same company from his owner. He started rebuilding it and sold it again with a huge profit to make more profit.

In between, he had a wonderful time and retired at the age of thirty-three.

Now, you will think about the question you asked at the start. The fastlane mentality is entirely different from the sideline and slow lanes.

You must think about that for a long jump: What will you do? Accept where you are right now. Decide you will change this situation.

Maybe you like true wealth like Demarco. Demarco’s true wealth is in family, fitness, and freedom, which we will discuss in the next chapter.

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How To Make Yourself Rich

Having lots of money does not mean being wealthy. It also matters how much time and freedom you have for yourself.

For example, you can also understand money mentally by using math equations.

Before discussing this serious topic, let’s play a game. DeMarco gives you three options. What will you choose from all three?

• Option 1: You now have a chance of 6 out of 1 to win 500 million dollars.
• Option 2: Within forty years, you can win 10 crores, 6 out of one.
• Option 3: This option provides an opportunity to win 15 crores within six years, with a probability of 7 out of 1.

Look at money and time and think about every option.

I hope you select the last one, which is a fast Laner approach. The first option is for people who do not plan to save in the future. It’s only luck that gives him this by chance. Which has fewer opportunities. The second option is for someone who thinks that compound interest and pre-planning for his savings will be helpful until his retirement age. You will choose less time with maximum money if you want to achieve something like this.

Now, let’s understand it from math calculation. DeMarco math equation says that:

• A sidewalk, Wealth = Income + Debt.

It implies that he used his income plus debt to pay bills, which he used to live a healthy lifestyle.

But he will increase his liabilities by paying his bill. This means that the equation will show you poverty.

• A slow laner counts his wealth = Job + Market investment.

And he follows the same. Where his wealth is per hour salary or monthly salary+compound interest includes. Even so, slow Laner gets more than side walker by doing more savings and compound interest. His income is limited, like a variable sidewalker’s income. It’s like we all have a limited time, and for us, nothing is more precious than our time. Time is the most valuable asset. Throughout the day, we can work only for a few hours; if you’re getting a good salary for long hours, then you are compromising your time and freedom.

Friends, you have to understand that we can’t control market stability. It is possible that your investment does not provide you with the desirable amount.

Or you can guarantee that your high-salary job will be guaranteed forever. What will happen in this situation?

Demarco thinks that there is only one solution for this kind of issue: create an asset with your business.

• The fast lane equation is like this: Wealth =Net profit + Assert Value

You can see a net profit figure like this. Count that number and multiply whatever you sell with profit; that would be your net profit. Now, let us discuss the asserted value by multiplying the industry multiplier.

The price of a public-related company is equal to its earning ratio. In simple language, it is the expected price your company would pay. Remember, it is too many times more than your net profit.

You can see which product you are selling in the opposite of these two equations.

What is your sales value?

How much can you control on your price? Your control net profit will impact your company’s net profit.

In the next chapter, we will learn how to start a fast-lane business.

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5 Secrets Of Fastlane Business

Your business can be your wealth ticket. If you follow these five commandments, you will succeed in business.

Let’s assume you invested your money in purchasing Frenchies. Now, you are not getting as much profit, so you can afford a supportive staff to help you. To manage this, you are the only one, and you are working more than last time. What could be more frustrating than this?

Instead of paying attention to marketing and finances, you are spending your complete time on making the growth of your Frenchies.

This condition is like doing the job at a different place—or maybe worse. You work for many hours but are unaware of its results.

As we discussed earlier, the fastlane will not work perfectly for all kinds of businesses.

To understand it better, Demarco talks about the Law Of Attraction. If you want to earn lakhs, then you have to do the production for that thing which adds value to many people’s lives. DeMarco talks about five commandments, which are :

• Control
• Entry
• Need
• Time
• Scale

Let’s talk about this in detail.

• First, Control represents your complete authority and control over your work (Business).
• The second entry represents whether it is easy or difficult for someone to enter your business. If you want to be competitive, remember that too much competition creates noise, which can end your potential profit.
• Third is your need. It shows that you should guard your ego while doing work. Always remember who your customers are. You have to solve the problem or pay attention to the customer’s needs, which people require.
• Fourth is time. It will tell you whether you will go further, use automation, or hire others to run your business perfectly. If you are thinking of doing something like this, when can it happen? You have to think about a time limit for all this. Doing a job for yourself is different. Your goal should be like that, where you can spend time with your family and live freely.
• The fifth scale represents your big thinking—how to reach your potential business. This time, you must consider your financial goal.

If you want unlimited fast-lane money, then geographically, do not limit yourself.

By remembering all these points, you can make your business more successful.

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Takeaway

If you want to achieve success, you must train a high-speed mindset and create an action plan.

By this book summary, you may understand the three-money mentality. First Side walker, second Slow walker, third Fast Laner.

The side-walker equation has some problems, while the slow Laner has some clear restrictions. However, the Fast Laner equation clearly states that you can use your full potential and power.

Demarco suggests that you keep the five secrets in mind if you want to be successful in business. If you would like to be rich in less time. This way is for you only.