The Millionaire Fastlane Summary
The Millionaire Fastlane Summary – Friends, all of us are taught to go to school, get a college degree, do a good job, work hard, earn money and save that money and invest a little bit so that you can retire comfortably till the age of 60 and Enjoy your remaining life.
Now, most people live their lives according to this plan. But if we tell you that there is also a way in which you can get rich quickly from the rest, you can get all the things that you want and can enjoy your life. And for this, you will not have to wait even for your 60th birthday
If you are reading this article, then there are some chances that you want to become a millionaire. M. J. DeMarco had a similar hobby, he was initially realized that he cannot become rich by doing 9 to 5 jobs.
He had to start his own business to become rich, immediately after college, he put his entire focus on building businesses, but he could not be successful. He was trying to do something with his parents while staying at home. But at once he got angry and he decided that enough is enough.
He took a decision that now I am going to change and he moved to another city and he had only 900 dollars in his bank account even then he left.
So, friends, this is the first lesson that you should have enough courage to believe in yourself that you can take a decision, yes I have to change my life and then you can do that work.
So when M. J. DeMarco moved to another city, he started building websites for other people and gradually he became more popular and people started coming to him to build more websites.
But gradually M. J. DeMarco realizes that he was now making money. But while he was serving his time, he was making money. This meant that if they stopped working, the money would stop coming.
M. J. DeMarco decided that he would focus on his website. On one thing that would make money for him even while sleeping, after much hard work, he created a website, which he sold to another company for $ 1.2 million.
So now m. J. DeMarco tells us that there are three ways to become rich.
Roadmaps to Wealth
M. J. DeMarco explains that there are three ways to achieve financial success. Sidewalk, Slow lane, and Fast lane. By relying on these paths, a person takes all major decisions related to his career and money.
The people walking on the path of the sidewalk spend all that they earn, who are stuck in short-term prices and spend their lives only on the basis of their monthly income and salary.
While suddenly there is an emergency in their life, like an illness or an accident or a lot of money is needed, then they have absolutely no money. They then borrow money from others, take loans from the bank, and put themselves in even more problems.
Now it is not that the people walking on the sidewalk route are very poor, but the people with very high wages also walk on the same path in which they make a lot of money, but at the same time they spend more money on that expensive car, expensive Phone, holidays, etc. Like we all hear about how famous people who used to be very rich and went bankrupt.
ii.) The Slow lane
This path takes us a lot of time to move forward in our life. We spend half our life for saving money, we wait for the sale to buy anything. Adjust the cheapest things so that one day we can stop working and enjoy our saved money.
But when the time comes, we are old and our savings do not fulfill our dreams, but rather from our hospital bills or our children’s fees, or perhaps we do not have the strength to enjoy that money.
But there is also one thing that this road is much better than the sidewalk. Yes, there is no 100% guarantee of success in this way, as many factors affect it such as market crashes, major family problems, missed jobs, or health issues. Here you may not have to take a loan like a side walker but your savings may be over.
People know that this path can be easy. That’s why most people follow this path, but the problem is that most people don’t know that there is a third way to get better results from it and that is “The Fastlane”. This is the path the author went on to become a millionaire at the age of 37.
iii.) The Fastlane
Fast lane simply means building a business and every person who has become rich at his young age. He has created some kind of business. Except for those who were very famous or who are very talented.
Friends, a business gives you complete control over your life. From your money to your most valuable assets time, you can do everything according to yourself. But keep in mind that Fastlane means getting rich quicker than getting rich easily.
Just like the author worked for a full 7 days a week and 12 hours a day at the time of launching his business, but after a few years of hard work, he worked a few hours in a week, yet still earn a lot more than an average job.
Work The Process
Everyone wants to get rich quickly so that is why people believe that getting rich quick is like an event. Like – whatever is popular at that time, they start to think that they can become rich very quickly with that one thing.
For Example – 20 years ago, people who invested money in real estate and tax stocks are very successful today. People who gave their time in blogging and Facebook ads five years ago are very rich today. Or, in today’s date, people who are investing in bitcoin or earning a lot of money by drop shipping, they will be very successful in the future.
Success is not like winning a lottery, but it is like building a house on empty land, where you have to do different kinds of work and all of these tasks together make your house complete.
You have to assume that the reason for your success will not be determined by any one factor, rather you will have to work continuously.
You have to try new things and believe in the same process that one day it will mix all these things and achieve all your dreams.
DeMarco’s Five Commandment
If you want to build a business in which you can become wealthy rather than rich in the long term, then your business should have the potential to generate VAT.
That is why DeMarco created the Five Commandments from which you can find out whether your business has the potential to create wealth.
1.) The Commandment of Control
You should have complete control over your organization, your product, and its pricing. If you are not able to do this, then the future of your business will never be perfect and you will face many problems in the future.
2.) The Commandment of Entry
When a business becomes easy to do, then competition increases in it, then your business should be something that not everyone can easily do.
For example – Mark Zuckerberg created Facebook with Steps And his special thing was that at that time there were very few people who could do coding, so it was very difficult for anyone to create another Facebook.
You have to be exceptional in your business and have to do something that is very difficult for everyone else.
3.) The Commandment of Need
The same businesses are the most successful in the market that caters to the needs of the common people.
Because it is true that people never spend money on things that are right for you or your business, rather they spend money on things that solve most of their problems.
Therefore you should keep in mind that your business is meeting someone’s requirement. Otherwise, that business is of no use.
4.) The Commandment of Time
The author says “To become free, we must disconnect our income from our time”. Most people’s income depends on their time.
The more work they do, the more money they will get. If you do not work, you will not get any money.
Being stuck in this trap, people are not able to generate wealth as they always have to work to run their business.
To become rich, you do not need to depend on your time for your income.
Such as M.J. DeMarco had automated all systems and processes within a few years of launching their website, causing their business to grow even without them.
5.) The Commandment of Scale
You should choose a business idea that can grow in the future because the more people you reach, the more you will grow.
For example – The business of a coffee shop or Sandwich Restaurant will never give you a lot of profit because the daily customer limit in this business is very low. You can attract only a few people according to your location in a day.
On the other hand, if you start a business using the Internet, you will get customers from all over the world from day one, and it is the capacity of your business that you can reach millions of people in a single day.
People become millionaires and billionaires only when it affects people’s life on a very large scale or at a very high magnitude, providing value to millions of people.
The author called it Law of Affection which directly means affect Millions & take Millions.
If you reach Millions of people then you will become a millionaire. Whom Author M.J. DeMarco explains this with his Profit equation. “Net Profit = Units Sold (Scale) * Unit Profit (Magnitude)”
Scale means reaching many people simultaneously and giving them their service or product.
For example – If you sell 10 million pens and earn a profit of $5 on a pen, then you will have a total of $50000000.
The magnitude means that people will have to make a very strong impact, providing them with so much value that they also pay more for it.
For example – if a businessman could sell any of his online products to only 50 thousand followers of his five million followers for only $ 2500
So he still becomes a millionaire but the value of the product should be the same.
By increasing the scale, you make less profit per unit, but you earn this profit from many people, which increases your net worth.
In the same Magnitude you do not affect more people, but all the people to whom you provide value, you make a lot of profit from them which increases the net worth.
If you want to build a successful business, you will need to increase your scale or increase the impact of your magnitude on either of them.
When the author was working on his website, he was most focused on these two things, how he could increase the unit or scale sold and reach more people. And how they can make more profit by providing more value to the people.
So, guys, this was a summary of the book “The Millionaire Fastlane”. How did you like this The Millionaire Fastlane Summary, do let us know by commenting.