I’m always interested in autobiographies of successful people, and one of the figures and books I’ve recently discovered is The millionaire fastlane by MJ DeMarco, read as suprised by the amount of positive reviews describing it as one of one book with “honest” tips, and not just hot air as most of the high-demand books/courses on the subject are.
No, it’s not a boring book about money and becoming a millionaire, but a life story and things we should be aware of, such as understanding the various paths to achieve things and where to put your effort into. I think there are some important life lessons inside, around which path to choose in life (following the crowd or have the courage to risk and achieve things before it’s too late), where to put your effort into (teach 5 days a week, or create video course that can “scale” and works for you) and many others.
The book title contains “Fastlane” as road types are used as an analogy to different ways to achieve things:
- The sidewalk is equivalent to work for an employer, 40 years of your life. This is described as the worst investment of your life, as you work 5 days a week to get back only 2 days on weekend. A negative ROI in financial terms, and in terms of time that is your most precious (and limited) asset. This is the easiest path to follow, but mainly something that governments and companies want, as well as what schools teach us for decades. Difficult to think there are other lanes when growing up with only this mindset.
- The Slowlane is investing your money, into the stock market or real estate. That will give you back 5-10% (if you do that well and you are lucky) and will make you wealthy, but will take decades. A 7% will double your money in 10 years, but don’t forget inflation that will half your earnings. It’s called a “slow” lane for those reasons.
- The Fastlane is about creating a business that is based on solving a need (that is not making money) and you becoming one of the best at solving it. The money will automatically follow. The business will work for you, whilst you can enjoy your free time, a concept also well described by the most popular Kiyosaki’s book, so a reason more to consider it. The principle can be applied to anything that is not a proper business, as the idea is basically not spending your time on things that will disappear but spend time on things that exist in perpetuity. The author mentioned a time where he refused a radio interview but always said yes to youtube interviews, as the latter exist forever for everyone. For the same reasons, investing your time in video course to sell online is better spent then teaching one-to-one, as the video will work 24/7 for you whilst you sleep and go on holidays.