The Millionaire Fastlane: Understand it in 5 mins
Oct 04, 2022 · 4 mins read
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Get in the fastlane
Serious wealth is rarely the result of a gradual, linear process like working a steady job or putting money aside. There is a way to do it quickly – as made famous in The Millionaire Fastlane by MJ DeMarco – and I'm going to share it with you now...
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Any strategy that promotes "getting rich slow" is a con, writes DeMarco. And that plays into the hands of financial gurus. Big payoffs – the things that truly make you wealthy – occur exponentially.
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There are three different paths to wealth:
1) the sidewalk
2) the slowlane
3) the fastlane
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Those who take the sidewalk tend to be people who spend more than they earn. They’re driven by instant gratification and they dream of gambling their way to a big payday.
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Most people take the slowlane. They follow the “compound effect” approach to life: work hard now for a better future. That means trading time for money – and you can't buy back time. This strategy takes too long, provides no leverage, and only pays off in your final years.
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Those who pursue the fastlane tend to accumulate wealth within a decade. They create jobs rather than seek them, and control their own assets rather than depending on external factors. Fastlaners share the sidewalker's lust for life and the slowlaner’s financial stability.
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To get in the fastlane, learn to give instead of take. Break out of the consumerist mindset by producing and providing for others. For example: instead of taking a class, give one; instead of taking a job, create one.
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Plant as many “money trees” as you can: passive systems or assets that generate income independently of your time and effort, e.g. distribution systems, rental systems, computer systems, content systems.
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The “law of attraction” is just an old practice of visualization rebranded by gurus. It's not a law because it doesn't apply to everyone. It won't even work if you're not creating tireless effort. Try “the law of effection” instead: the more lives you help, the more you profit.
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The core of any successful enterprise is you and your choices. Refine your decision-making by considering the worst-case scenario (how likely and/or acceptable is it?) and using the weighted decision matrix (comparing alternatives across multiple criteria in ranked importance).
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