Eight best ideas from “The Millionaire Fastlane” by MJ Demarco.
The book is about people living in the slow lane and how he got to the Fastlane to wealth. It’s not a scammy get rich quick book, he comes up with some great information, I really wish I read this book many years ago, I only read it last year but it was too late for me.
The story is similar to mine and many other peoples. I recommend this book to people that are fed up with life and don’t know where things are going…
- Getting rich quick does happen to some people, some things go viral, or the sales kick-off. Entrepreneurs sell ideas, products or exit heir businesses. There is a YouTuber that said he got 49,000 subscribers from one of his videos and barely any from others, this is compounding which can happen rapidly. But let’s say someone’s song goes viral and they are rich very quickly, you need to look at how many years they practised, how many hours, how many songs failed. Often it’s perceived as quick, but many people start learning a skill or a trade when they leave school.
- The Millionaire Fastlane is about figuring out a way to accelerate your income/business by getting the right tools, building the right machines, processes, automating stuff if possible and selling your ideas/processes and not your time. This can mean getting a core team that grows your business full time or some software or outsourcing some work.
- Start today, don’t wait. You can break your goals down into daily habit-forming processes. You can do the slow lane and the fast lane at the same time. You can keep your job as you learn new skills, create a strong business with enough customers to survive without a job, some people leave their jobs to quickly. It takes years for a business to grow strong routes, especially if you are not established already.
- Fill a demand instead of trying to create one. Instagram, uber, air bnb were made to fill a demand that was found. Some market examples you can try to enter with a service, health, wealth and relationships
- Find a larger barrier to entry, the easier a business is to start, the more competition there is. Blogs/vlogs are pretty hard because they take a long time to get established, schools, whisky companies are other examples in business that take a long time. You want ones that are difficult because once you are established, you are protected, especially if you have a brand!
- Do you have control over your direction, speed? Using a third-party app like youtube gives you less control, having your own website, email list is having more control. Google algorithm has kicked my ass many times, you need to have some control over your content such as hosting your own online course.
- Time – Delegate your jobs to staff, employ people, train them, schedule your time, have productivity journals and checklists. To start with we have to do all our own stuff, especially because we need to learn, to get it right and delegate it. You can buy your time back by training people and paying them to do your tasks.
- Readers are leaders, the more you learn, the more you earn. Continuing education should be a daily habit. I wrote here about how to accelerate your learning with minimal time.
You can join other like-minded people in your entrepreneurial quest in this busy forum https://www.thefastlaneforum.com/community/