“The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime!” is truly an inspiring book for every entrepreneur who wishes to make big money in a short amount of time. In this book, MJ Demarco, in his own give-it-to-you-straight kind of style takes the reader on a journey to crack the code to wealth in the Fastlane of life. But wait, that isn’t even the best part; what’s even great is that he teaches the reader how to sustain that crazy-rich level to always stay on top.
Here are 10 of the best ideas that I found in his book.
Idea number 1: Getting rich quick, does exist!
You heard that right! Don’t believe everything that Grandpa Steve tells you, people get rich overnight and that’s actually very common. Take for instance, an artist whose album tops the billboard, an athlete who gets a life-changing contract, an actor who gets casted in a multi-million-dollar project, an entrepreneur whose brilliant idea gets sold to a big name in the tech industry.
“Getting rich quick happens all the time. Getting rich easy, doesn’t”
What you need to understand is that to top the billboard, the artist had to rehearse for endless hours since he was a mere adolescent. The unending hours of sweat and tears of the athlete can not be ignored after he has scored that life-changing contract. The muti-million-dollar deal that the entrepreneur bagged does not take away from him the brain-frying nights that he had spent thinking and drafting his idea into something spectacular. If you’ve gotten super-rich super-easily, then I’m afraid that this situation is going to be evanescent for you.
Idea number 2: Stop grinding
MJ Demarco frequently uses the terms “Slowlane” and “Fastlane” in his book and urges his readers to quit the mindset of the former. The Slowlane mentality, as explained by MJ, is the sluggish mindset of studying for 20 years, working on a static 8 to 6 job for another 40 and then relaxing for 20; the BEST years of your life.
Considering that you will have a lifespan of 80 years, (in case you haven’t noticed pal, that’s pretty rare) you wouldn’t ever have the energy or charisma to enjoy the money that you spent all your life saving.
Idea number 3: Move to the “Fastlane”!
If you actually do want to make money fast, it will require a complete rewiring of your brain. The Fastlane mentality refers to building contraptions that help the money flow in from not just one inlet, but many others. These sustainable contraptions include businesses, passive income and assets that ensure that the money coming into your pocket only multiplies.
In this day and age, the spectacle of a business being ruined is as common as one being set. Having only one method of income is risky for someone who has to provide for himself or a family. In case a new law or a change in Google’s algorithm or the constantly lurking tax files catch up with you, thereby nullifying a source of income, you should always have a couple of other sources to keep yourself moving.
Figure out ways of how to make passive money that doesn’t require any particular input from your side. Here’s a great quote that might help you in the right direction.
“If your business requires your input, then it’s not a business, it’s a job.”
Idea number 4: Don’t wait!
Here’s something that I find a lot of people struggling with. They have a plan which has the capability to work, they have the required monetary backup to execute that plan, but they aren’t jumping into action. In such a situation, people often say that they aren’t ready.
What is ready? Is it when you know every nuance of the business that you’re about to start?
What people fail to understand is that it takes months, if not years, to actually understand the ins and outs of a business, and that too after you’ve started. You are never going to know what to do until you jump into it. The more time you waste, the lesser there is for you to do something useful in life.
Understand that this does not mean that you jump into a business with nothing but a dead fly and a pack of chewing gum in your pocket. Money is extremely important, not so much for the business but for your well-being in case the business does not workout. Be ready for failure, not just mentally but monetarily as well. If you do not have the financial backup to embark on this journey, I would advise you to get a job and work as long as you have to until you have enough to feed the people that you’re responsible for.
Idea number 5: Fill a demand
While thinking of a business idea, always look to fill a demand instead of creating one. Introducing something completely new to the world can be extremely demanding and often too premature for your audience. Instead look for a problem that people are facing right now and create a solution for it.
Three golden markets that always have good demand are Health, Wealth and Relationships. These markets are booming right now and always have been and it’s a good idea to look for some demand to fill in these sectors.
Idea number 6: Judging the Barrier of Entry into a business
It isn’t a smart decision to jump into a market that is already too saturated. A trick for understanding the saturation of a market or predicting it to be so in the future, is to judge its Barrier of Entry.
The Barrier of Entry of a business refers to how easy it is to join or become a part of it. If the input (time and money) and required expertise for that business are low, then it is easier for people to join that business, hence saturating the market.
For instance, publishing an e-book on Amazon would roughly cost someone around $100 which includes writing, getting it proofread and edited and getting a dashing cover designed. The financial input for this is too low and one does not require any degree or particular expertise to become a writer as well. Resultantly, too many people are going to try this and your gem-of-an-e-book is going to remain buried in a sea of others just because it isn’t noticeable enough. On a rough estimate from people who have dozens of books published on Amazon (and hence dozens of titles selling simultaneously), $1000 per month is the cap in this market.
On the contrary, designing an online course is extremely hard and requires a great amount of expertise and planning. The effort into creating a whole interactive course for people, good enough that they actually pay you to learn, is an extremely difficult task. That is why the barrier to entry in this business is too high. One of the highest paid entrepreneurs of the world are currently giving online courses and getting paid exponentially as compared to the amount generated from e-books.
“If you’re in a gold rush, don’t go digging for gold, sell shovels.”
Idea number 7: Stay in control of your income
This is an issue, especially for people who earn through various online platforms. More often than not, the platform that generates people money isn’t their own but a larger one that can not be controlled by them. For instance, if someone makes Youtube videos, then who sees their videos or how high their videos rank isn’t directly controlled by the Youtubers themselves.
For explanatory purposes, MJ uses the terms “Driver” and “Passenger” in his book. Are you the driver of your business, who has complete control of the steering and can prevent himself from crashing, when required? Or are you a passenger in someone else’s car and wouldn’t be able to help yourself or give any input when the car that you’re sitting in is about to crash?
Algorithms on such websites as Youtube, Facebook and Google change all the time and your e-business that ranks practically on top of the world today that can fall down just within a matter of seconds. And you wouldn’t even be the first one to have endured such hard luck.
Having all of your eggs in someone else’s basket is not a smart option!
Idea number 8: Save time
As explained above, if your business requires too much attention and input, then it’s not a business at all. Learn to free yourself from every nuance of your business once it is on track and only focus on the top 5% that matters and can not be done without your input. Move on to other methods of income and create greater contraptions for passive income. Design your business so that it is able to run without you in the picture.
When your business is still in the startup phase, it can be a little hard to detach yourself from it and I would highly advise against doing so. Lay a strong foundation and a system that doesn’t require you once it’s all set. When it is, slowly slide out of the picture and just watch the money roll in from people that you’ve hired.
Idea number 9: Education never seizes!
The complacent Slowlane mentality congratulates fresh graduates on their educational success and urges them never to touch a book again. The Fastlane mentality, on the contrary, believes in procuring information and education at all costs as a Fastlaner believes that:
“The more you learn, the more you earn.”
A great tip to value the things that you learn is to start buying your education. In an age where every piece of information is just a click away, imbecility still blossoms proudly. The reason is that we do not have the right information on the right time or just not enough time to get that information.
Invest in learning. Buy books and take online courses so you value the knowledge that you’re getting due to the financial input attached with it.
Idea number 10: Learn to make the right choices
The Millionaire Fastlane has a great portion dedicated to making correct choices on the perfect time. Most of us run away from making decisions when they are required the most. But at times, it is undeniable that immediate decision making is required.
MJ gives a mathematical solution to this dilemma which involves prioritizing your choices by ranking order and risks involved and using his given formula for obtaining the best decision. It is one of my favorite parts from the book and if you’re interested in learning it, then you can purchase a copy and procure this technique from the absolute genius of MJ Demarco.