InfiniteSummaries reviewed The millionaire fastlane by M. J. DeMarco
Good book, if you're 20
3 stars
The Millionaire Fastlane by MJ DeMarco
[My review of the 12min summary]
This is yet another how-to-get-rich book. It offers some practical advice. I mostly agree with his approach. Its primary audience is people in their 20s and 30s, because they can get the most benefit from it. His basic idea is that you start a business in your 20s or 30s, then you'll be successful enough that you won't have to work nearly as hard after that. I'm giving it three stars because it is less applicable to me, and there are a lot of books like this.
DeMarco says that there are three roads to wealth: the sidewalk, the slow lane, and the fast lane.
The sidewalk is people who spend money as fast as they make it. They never get anywhere in life.
The slow lane is people who squirrel money away in their 401k and defer …
The Millionaire Fastlane by MJ DeMarco
[My review of the 12min summary]
This is yet another how-to-get-rich book. It offers some practical advice. I mostly agree with his approach. Its primary audience is people in their 20s and 30s, because they can get the most benefit from it. His basic idea is that you start a business in your 20s or 30s, then you'll be successful enough that you won't have to work nearly as hard after that. I'm giving it three stars because it is less applicable to me, and there are a lot of books like this.
DeMarco says that there are three roads to wealth: the sidewalk, the slow lane, and the fast lane.
The sidewalk is people who spend money as fast as they make it. They never get anywhere in life.
The slow lane is people who squirrel money away in their 401k and defer most fun until they're 65 and to old to enjoy the fun they can then afford.
The fast lane is people who start their own business. They work 80 hours a week for five years, then cut their hours back to 20 or 30, because their employees are now generating all of the wealth for them.
He says that the business you decide to start must follow his Five Fastlane Commandments: 1. Need (It must fulfill a market need) 2. Entry (If it has a high barrier of entry, you will have less competition.) 3. Control (You must have control over everything in your business.) 4. Scale (The business must have room to grow. That's how you leverage other people's labor and become the next capitalist oligarch.) 5. Time (You eventually need to be able to create processes that run on their own. That allows you to detach your time from the business. You can take frequent trips to Tahiti while your underpaid vassals toil away.)
FINAL NOTES (quoted from 12min) "Let's put it this way: 'The Millionaire Fastlane' isn't like most of the finance books you've read so far. And that's a good thing. Because even when the book relays some pretty common wealth strategies, it relays them in a new, memorable way. Moreover, it also shares some tips and tricks you've probably never happened upon before. Couple that with a pretty nice roadmap analogy, and you get one of the best books on acquiring wealth of the 21st century.
Be warned, though: if you're not ready for a few acronyms and a few more mathematical equations wrapped in an energy-bursting, Lamborghini-heavy, no- nonsense approach to becoming wealthy, then this may not be the book for you."