The Millionaire Fast-lane!!!

Introduction

What’s in it for me? Discover how to get rich now so you can retire young and enjoy it Imagine you’re going about some regular activity of your daily life like running errands and suddenly, a spectacular sight shakes you right out of your ho-hum existence: it’s the exotic sports car of your dreams — the exact one you had posters of as a teenager – or maybe even as an adult. Out steps a person who appears very young and doesn’t look that much different from you, except the obvious, which is that they’re holding the keys to that machine.

The author of The Millionaire Fast-lane, M.J. DeMarco had an encounter with a person who drove a spectacular sports car, which made him curious about how the driver was able to afford such an expensive car. To his surprise, the driver revealed that he was an inventor, which made DeMarco realize that there are various ways to become wealthy at a young age without relying on fame or luck. After years of studying self-made millionaires, experiencing numerous failures, and living with his mom, DeMarco finally decided to change his trajectory by relocating to a new city with only $900 and sheer determination. This decision eventually led him to make millions of dollars and retire at the age of 33. He wrote an international best-selling book to share his secrets with others.

In this Article, DeMarco's top takeaways are presented, including the importance of exploring one's current money mentality, why the fast-lane approach to wealth is superior to traditional methods, and the principles to follow on the journey to getting rich and retiring early.

First, figure out your money mentality

When it comes to money, there are three types of people in the world: Sidewalkers, Slowlaners, and Fastlaners, as DeMarco calls them. Which one are you?

Let’s do a quick check:

*Do you frequently jump jobs for higher pay and spend most of your money as soon as you receive it? Do you rely heavily on your available credit, count on luck, and generally live in the moment? If so, you’re a side-walker. Don’t feel too bad: according to DeMarco, this is the most common mentality. And hey, you’re probably taking in this information for a reason.

Do you have a steady job with a competitive salary and save a considerable amount of your income? Do you avoid debt and risk at almost all costs and look forward to retiring comfortably in your twilight years? In this case, you’re a slowlaner. Again, no need for shame since it’s the second most common mentality and you’re probably here for help on that.

Do you own your business, reinvest most of your profits in the business and yourself, and calculate risk against potential gain? Do you rarely ask yourself whether you can afford things? Congratulations on being a fastlaner, or at least meeting a few of the many characteristics. There still may be more you can learn to further multiply your good fortune.

But if you identify with the first two mindsets, as most do, the most important point to remember is that anyone can jump from the sidewalk to the slow lane, the slow lane to the fast lane, or, as DeMarco did, leap from the sidewalk to the fast lane.

In fact, an idea gleaned from his last dead-end job actually opened the door to his next opportunity. Before moving away from his mom’s to a new city, he was a limo driver and frequently heard customers ask about booking services in other cities. He taught himself how to build a website to answer that need. But he’d been so busy juggling his soul-crushing job and sad existence, he hadn’t put much effort into marketing it, much less enhancing it. That changed once he was in a new city with little money and no job. He used what he’d learned to build one-off websites for other people to pay the bills. He considered that to be his side hustle while putting most of his effort into marketing and growing his own online business, taking risks, and continuing to teach himself almost everything along the way.

Soon, he had several offers to buy the company and took the highest bid of $1.2 million. When the new owners couldn’t sustain its success, he bought it back for $250,000. He then went about rebuilding it to turn huge profits, living very well off it in the meantime. Finally, he sold the company a second time for many millions more than the first sale and retired at the age of 33.

Now consider again the questions you were asked earlier and how this fastlaner mentality contrasts so dramatically with those of the side-walker and the slowlaner. You should see what it takes to make that leap. Own where you stand now and firmly decide you’re willing to make the changes and then do the work to stay the course. If you’re a slowlaner, you’d probably not take the risk of moving to a new city with little money, no job, or much of a plan. A side-walker would be more likely to risk the move and hope for the best, but their next step would be to find a decent-paying job with no future. Or, they might find a job with a good salary and savings plan, finally graduating to slowlaner status. “Hooray!” they might be thinking – as a fastlaner zooms by in their dream car.

You should be in that car! Or perhaps you don’t really care about a car, specifically. Maybe you want everything that true wealth comprises, which DeMarco defines as “family, fitness, and freedom.”

Let’s do the Maths.

When you do the maths, only the fast lane makes sense:

Option one: You have a 1 in 6 million shot of winning $50 million right now. 

Option two: In 40 years, you have a 1 in 6 shot of winning $1 million. 

Option three: You have a 1 in 7 shot of winning $15 million in 6 years.

I would choose option three, which offers a 1 in 7 chance of winning $15 million in 6 years.

I agree with the author's analysis that the fast-lane approach is the most efficient way to accumulate wealth. The wealth equation of "Wealth = Net Profit + Asset Value" is based on creating a successful business that generates net profits and has high asset value, which can be sold for a substantial profit. This equation offers unlimited control over what is sold, how much is sold, and at what price, which can lead to massive wealth creation. In contrast, the wealth equations of side-walker and slowlaner mentalities are limited by income and debt, and job and market investments, respectively.

To create a successful business, it is essential to choose the right industry and develop a product or service that solves a real problem or fulfills a need in the market. It is also crucial to understand the target audience, develop effective marketing strategies, and continuously innovate and improve to stay ahead of the competition. By following the fast-lane approach and creating a successful business, it is possible to achieve financial freedom and live life on your terms.

Five Guidelines for a successful business.

To start a successful fast-lane business, you should follow the five guidelines proposed by MJ DeMarco, which are Control, Entry, Need, Time, and Scale (CENTS):

1. Control: You should establish and maintain complete authority over all aspects of your business. This means that the business model should allow you to have full control, which may not be possible with affiliate programs and network marketing.

2. Entry: Consider how easy or difficult it is for you or anyone else to enter the industry. You want it to be somewhat difficult to avoid too much competition, which can erode potential profits.

3. Need: To succeed, your business has to solve problems or meet a real need for other people. Therefore, you need to identify your target audience and consider how your business can provide value to them.

4. Time: Consider the likelihood of your being able to step away and allow automation or other people to effectively run the business for you. Also, consider the timeline for when that can happen. The goal is to create wealth that sets you free to spend time with family or doing anything else you want.

5. Scale: You should think big about where your potential customers can be reached and make sure it aligns with your financial goal. To make unlimited fast-lane money, you need to be able to reach a large audience.

By following these guidelines, you can create a business that brings value to millions of people and brings in millions in financial rewards. Remember that not all businesses are suited for the fast-lane equation, so it's important to evaluate your business idea against these guidelines.

Summary

To achieve financial success and unlock the greatest wealth opportunities, you need to adopt a fast-lane mindset and take action. This means understanding the three money mentalities: side-walker, slowlaner, and fastlaner, and the math that drives each group. The fast-lane approach offers unlimited potential for explosive wealth. To choose the best business opportunities that align with your fast-lane financial goals, follow the five principles of CENTS: Control, Entry, Need, Time, and Scale. By doing so, you can get rich quick, retire, and thrive in the lifestyle that affords.