The Millionaire Fastlane is a book written by Mj Demarco. Demarco became a millionaire in his 20’s when he sold his business. This is a pretty popular book when it comes to finance books.
The subtitles says “crack the code to wealth” and it basically promises to show you the real road to wealth.
Does it really crack the code to wealth ? Or is it just catchy title ? Let’s find out.
What is the book about ?
Demarco tells us that there are only 3 roads or lanes you can take when it comes to money. Basically, there are 3 ways you can use money and only one of them will lead to true wealth.
The sidewalk :
Most people fall into this category. When you take the sidewalk, you’re living paycheck to paycheck whatever your income might be. The sidewalker always matches his expenses with his income, so the higher you get paid the more expensive your lifestyle is, so no matter how much money you make you’ll always be living without financial freedom or wealth.
You’ll also learn about some of the limiting beliefs that sidewalkers have about money such as “rich people are lucky”. These mindsets make sidewalkers stuck in a bad financial situation where they have no freedom.
The slowlane :
This is a bit different from the sidewalk because when you take the slowlane, you’re saving money for a better future.
People who use a 401k plan, invest their money so that it grows at 7% a year, and other long-term plans to grow their money are slowlaners.
While it’s better than the sidewalk, the slowlane is slow by definition. What’s the point of having a Ferrari and an awesome lifestyle when you’re 65 ? That’s why the slowlane isn’t a good option either.
The fastlane :
This is how you can really get rich. Basically, the book tells you that the real way to make your income explode is by finding a need and then meeting that need in exchange for a profit.
According to the book, you can only become financially free if you control the ‘variables’ involved in the money making process. This means that you should be able to control the amount of units you sell and also the profit you make on each unit. In other words, you should always be able to reach more people and sell your service or product at your own price.
It also shows you how you can become financially free. The idea is that your business should always have the potential to grow bigger and it also shows you how you can use leverage so that you can become independent from time. In other words, you’re making passive income.
The last chapters of the book are also helpful to get you to start thinking like a business owner, not an employee. For example, Demarco shows you how you can start thinking like a creator instead of a consumer. Instead of always buying stuff, think about what you can offer.
What’s good about the book :
The book has many strong points :
What’s not so good :
The book doesn’t have major flaws but there are somethings that could have been better. There are 2 things that could have been improved :
Who is it for ?
Absolutely anyone who wants to know how to become rich
I’ve read almost all of the popular books on the topic but I can tell you that this one is my favorite. It focuses on one method, gives you the basic strategy and makes you think like a creator instead of a consumer.
The bottom line is : I highly recommend this book.
You can buy the book from Amazon here