Last Updated on February 1, 2023 by The Unbounded Thinker
M.J Demarco’s, Millionaire Fastlane shares the best methods for becoming wealthy within a short period. Demarco believes being employed for the rest of your life is the slowest roadmap to making millions because he trusts that millions are quickly built through inventions and owning businesses.
He believes you can be a millionaire while still young and he shows you how to do so. His teachings are reliable since he uses mathematical formulas to support them. You have to read the book if you are an aspiring millionaire.
Here are six primary lessons from the book
- The Traditional Way of Getting Rich is a Slow Method
Since we were young we were advised to get rich the traditional way. Teachers and parents told us to get good grades, then get a job and minimize our expenses. M.J Demarco agrees that you can get rich using this method, but the sad thing is that you’ll be rich at age 70. As he points it out in the book, ‘Yes Sir, get a job, work 50 years, live frugally, invest in the stock market, your day of freedom will arrive at age 70.’
- Be Ready to Take Shitty Jobs If You Want To Concentrate on Building Businesses
When M.J Demarco decided to be an entrepreneur, he had to work in low-paying jobs for him to earn a living because most of his businesses failed. Besides Demarco, many people who become rich through entrepreneurship often have a rough start because, in the early stages of the journey, most of their businesses fail, and for this reason, they always have to take high school drop-out jobs for them to pay their bills. The good thing about these jobs is that they give you enough time to work on your business/project.
- Wealth is A Process Not An Event
When we see sportsmen or web developers making million dollar deals, we focus on the event and forget the process. We think they are lucky because we don’t take time to study what they did to make the million dollar deals. We don’t realize that they couldn’t have gotten these deals if it is was not for the years of hard work, sleepless nights, failure, anxiety, and stress.
- The Three Road Maps to Wealth
The Sidewalk Roadmap – Sidewalkers spend surplus money on the next great gadget, trip, car, or fashionable styles. They focus on pleasure and social image. For this reason, they seldom become wealthy.
The Slowlane Roadmap – Slowlaners are employees who work 50+ hours a week and expect to achieve financial freedom at retirement.
According to Demarco, “The Slowlane is a plan that takes decades to succeed, often requiring masterful political prowess in a corporate environment.”
The Fastlane Roadmap – Fastlaners are businessmen and innovators. They usually have a slow start but become wealthy after a few years.
- Wealth Demands Accountability
Never allow other people to invest money on your behalf if you want to be wealthy because you won’t get the financial returns you expect.
Never let your close friend or relative manage your business because they won’t do it the way you could have done it. Businesses that succeed are managed by their owners/founders.
- Impact Millions And Make Millions
Most millionaires create things that many people like. Successful musicians make millions because many people love their music. Rich authors write books that many people like.
Were Demarco’s lessons helpful?
You are welcome to join my email list and facebook community:Unbounded Wisdom Community for discussions, insightful quotes, and ideas.