{"id":3345,"date":"2023-10-12T09:16:07","date_gmt":"2023-10-12T09:16:07","guid":{"rendered":"https:\/\/www.sitrakaratsimba.com\/?p=3345"},"modified":"2023-10-12T09:24:16","modified_gmt":"2023-10-12T09:24:16","slug":"the-millionaire-fastlane","status":"publish","type":"post","link":"https:\/\/www.sitrakaratsimba.com\/fr\/the-millionaire-fastlane\/","title":{"rendered":"The Millionaire Fastlane"},"content":{"rendered":"

The Millionaire Fastlane<\/b><\/h1>\n

The millionaire Fastlane: Contrary to what many “money experts” say about getting rich slowly over 40 years, there’s actually a quicker way to wealth. It’s like a fast road that shows how MJ DeMarco, a guy who began with nothing, became a multimillionaire and retired at just thirty.<\/span><\/p>\n

The Millionaire Fastlane MJ DeMarco, <\/span>Viperion Publishing<\/span><\/i>, 2011, (321 pages, Paperback, English).<\/span><\/p>\n

\"the<\/p>\n

Summary of The Millionaire Fastlane<\/b><\/h2>\n

Introduction<\/b><\/h3>\n

The author of this book The Millionaire Fastlane MJ DeMarco, introduces himself and challenges the common idea of being cautious with money. He’s a millionaire entrepreneur who runs a top limousine rental company in the U.S. What makes him stand out is that he sold and then successfully bought back his business. He has a direct and unconventional style, not following the typical money advice. You can get a sense of his approach by checking out his YouTube channel. DeMarco, who loves cars, likens the journey to wealth as a “road trip” and identifies three paths: the roadside, the slow lane, and the fast lane.<\/span><\/p>\n

Part 1: Wealth in a wheelchair: \u201cgetting rich slowly\u201d means \u201cbeing wealthy and bed-ridden\u201d!<\/b><\/h2>\n

The idea that you can get rich by saving a little bit at a time is a big lie. Do you really believe the person in the fancy seaside house with a yacht and luxury cars got there by pinching pennies and using coupons their whole life? Despite the obvious answer, many people are fooled by the false promise of slow and steady wealth-building\u2014a risky and lengthy journey that might only pay off in old age. The “get rich slowly” path relies on factors we can’t control and forces us to live a very frugal life, giving up our dreams in the hope that we might enjoy them many decades later.<\/span><\/p>\n

The 90 seconds that changed MJ DeMarco\u2019s life and the discovery of the millionaire fast lane<\/b><\/h3>\n

When MJ DeMarco was young, he saw a guy parking a fancy Lamborghini and, curious, asked what he did for a living. The man said he was an inventor. Since that moment, DeMarco was determined to find the path that allowed someone to own such an expensive car. However, his journey wasn’t easy. Despite various disappointments and low-paying jobs, he found hope when working as a limousine driver. Listening to his passengers, he discovered a fast lane to wealth that didn’t involve inheritance or winning the lottery.<\/span><\/p>\n

One winter evening, with $900 and an old mattress, he left his hometown for Phoenix. There, he started his first limousine rental business online, became successful, and sold it for $250,000. Thinking he was rich, he soon realized he was in debt and had to sell everything. This marked the beginning of his discovery.<\/span><\/p>\n

Part 2: Wealth is more a trip than a road<\/b><\/h2>\n

Now, things are getting serious. Even though he spent his money, MJ DeMarco was fueled by the belief that quick wealth was possible. He caught a glimpse of the formula for the fast lane to wealth. Now that MJ DeMarco’s story has begun, it’s time for YOUR story to start!<\/span><\/p>\n

Here’s the battle plan:<\/span><\/p>\n

Your roadmap:<\/b><\/p>\n

Learn about the distinctions and habits of the three paths: the roadside, the slow lane, and the fast lane.<\/span><\/p>\n

Your vehicle:<\/b><\/p>\n

YOU are the vehicle. It’s about the fuel you need, nurturing your engine to avoid pitfalls, and having a windshield to protect against obstacles.<\/span><\/p>\n

Your route options:<\/b><\/p>\n

Some routes are faster than others. Inventing something is quicker than relying on a salary. Entrepreneurship pays more than just changing jobs. Investment, invention, and replication are the most direct paths to wealth.<\/span><\/p>\n

Your speed:<\/b><\/p>\n

Speed is your ability to turn ideas into action. Many fail here. You won’t reach your destination without speed.<\/span><\/p>\n

All these components are in The Millionaire Fastlane. The basic principle remains the same: Getting into the fast lane is a state of mind that needs determination, work, and a constant change of perspective on the business world.<\/span><\/p>\n

Think in terms of process and work, creation over consumption, and control rather than delegation. This mindset shift can be challenging but is crucial. After asking specific questions about your views on money and wealth, the author explores the available routes for you to consider.<\/span><\/p>\n

\"the<\/p>\n

Part 3: Poverty: the roadside route<\/b><\/h2>\n

Most people follow the roadside in life, a financial path with no clear destination and marked by certain behaviors. Here are some telltale signs:<\/span><\/p>\n

    \n
  1. You haven’t learned anything new since leaving school.<\/span><\/li>\n
  2. You frequently change jobs.<\/span><\/li>\n
  3. You believe politicians should change the system instead of changing yourself.<\/span><\/li>\n
  4. Living paycheck to paycheck while waiting for the next one (although not everyone does this).<\/span><\/li>\n
  5. Regularly buying lottery tickets and spending money in casinos.<\/span><\/li>\n
  6. Being easily impressed and seeking to impress others.<\/span><\/li>\n<\/ol>\n

    In The Millionaire Fastlane, MJ DeMarco describes these points with sharp humor to help you see how these behaviors can lead to poverty. Giving money to people on the roadside often results in more poverty. Think about lottery winners who squander their winnings or MJ DeMarco himself, who initially sold his company to buy expensive clothes and cars on credit!<\/span><\/p>\n

    Someone on the roadside lacks a wealth plan. Even if they accidentally become rich, their money management habits won’t change. For example, living a \u20ac1500-a-month lifestyle when you earn only \u20ac1000 clearly puts you on the roadside. In this case, credit is used to boost income rather than being seen as a problem.<\/span><\/p>\n

    The illusion of wealth: to look rich<\/b><\/h3>\n

    As told in The Millionaire Fastlane MJ DeMarco faced misfortune despite earning $250,000 from selling his business because he prioritized buying things he couldn’t afford without a clear plan. The roadside choices led him to financial struggle.<\/span><\/p>\n

    DeMarco criticizes the harmful effects of consumer culture and emphasizes the true meaning of wealth. It’s about rich relationships, good health, freedom, and not just material possessions.<\/span><\/p>\n

    Money does not bring happiness\u2026.and poverty?<\/b><\/h3>\n

    The three key elements of wealth are freedom, health, and relationships. Using money wisely enhances this wealth trinity. Money can buy time, which boosts your freedom. For instance, when your boss pays for your time, it increases their freedom.<\/span><\/p>\n

    Although money can’t directly buy happiness, it can contribute to happiness by securing health and fostering good relationships. Relying too much on consumption, constantly buying more, diminishes your freedom. The more you depend on a consumption-heavy lifestyle, especially if your income source disappears (like just having a salary in the roadside case), the less free you become.<\/span><\/p>\n

    The roadside approach makes us rely on false promises, like DVDs claiming quick riches or expensive seminars promising stock market success. MJ DeMarco doesn’t claim making money is easy; he says the process can be fast, which is quite different.<\/span><\/p>\n

    Those on the roadside focus on the end goal (profits), while The Millionaire Fastlane guides you to concentrate on the necessary process, initially overlooking the result.<\/span><\/p>\n

    The law of the victim<\/b><\/h3>\n

    Imagine this: “Hitch-hikers don’t drive.” MJ DeMarco uses this metaphor to highlight the mindset shift needed to move from the roadside to the fast lane of fortune.<\/span><\/p>\n

    Being on the motorway means you have to drive, and if you’re walking on the roadside, you’re not driving. Driving implies taking responsibility and stopping the victim mindset. It’s nothing new; we all know that playing the victim won’t make you rich.<\/span><\/p>\n

    What gets interesting is when MJ DeMarco gives practical points to work on and warns against starting blocks that lead to victimization. Just existing doesn’t mean you automatically deserve anything. According to MJ DeMarco, the roadside is full of selfish narcissists.<\/span><\/p>\n

    A key point he stresses is maintaining control of your road, your vehicle, and your direction. MJ DeMarco strongly discourages delegating your financial future to others. You should be the one in control of your vehicle!<\/span><\/p>\n

    Part 4: Mediocrity: the slow lane<\/b><\/h2>\n

    The lie that you have been sold: the slow lane<\/b><\/h3>\n

    Hold on tight because in The Millionaire Fastlane\u00a0 MJ DeMarco is about to challenge the common money advice we usually hear!<\/span><\/p>\n

    For those cruising in the slow lane, wealth is thought to be:<\/span><\/p>\n

    Wealth = market value + compound interest<\/b><\/p>\n

    Here are the main things slow laners believe:<\/span><\/p>\n

      \n
    1. Going to school<\/span><\/li>\n
    2. Getting good grades<\/span><\/li>\n
    3. Being frugal is good<\/span><\/li>\n
    4. Skip Starbucks<\/span><\/li>\n
    5. Pay yourself first<\/span><\/li>\n
    6. Overtime is welcome<\/span><\/li>\n
    7. Quickly pay off your house<\/span><\/li>\n
    8. Use discount vouchers and cashback<\/span><\/li>\n
    9. Invest in safe assets and hold onto them for life<\/span><\/li>\n
    10. Save 10% of your income<\/span><\/li>\n
    11. Your home is an asset<\/span><\/li>\n<\/ol>\n

      This thinking is quite common in France, and it’s a big part of what’s sold to us as “progressive enrichment.” The issue is that this plan takes decades and is riskier than entrepreneurship!<\/span><\/p>\n

      In the slow lane, you basically trade two days of freedom (Saturday and Sunday) for five days of hard work (Monday to Friday). This means sacrificing your prime youth years in the hope of a better life later, but a plan that takes so long and depends on so many factors beyond your control is risky. Economic conditions or unexpected job layoffs can quickly throw a wrench into the works.<\/span><\/p>\n

      The criminal trade-off: your Job<\/b><\/h3>\n

      Here are four common mistakes people make when earning a salary:<\/span><\/p>\n

        \n
      1. Slow Wealth Growth:<\/b> Even with high salaries, getting rich isn’t quick. MJ DeMarco shows, with simple math, that even a specialized doctor would take 105 years to save $1 million by putting aside 10% of their income. Time is super valuable because it’s limited, and any job linked to time is inefficient for getting rich.<\/span><\/li>\n
      2. Lack of Experience: <\/b>Experience doesn’t just come from your job; it comes from what you do in life. What’s more likely to make you rich? Doing routine tasks at work or gaining experience from your own creations and growth that can lead to financial independence?<\/span><\/li>\n
      3. Lack of Control: <\/b>Being an employee is like riding in the back of a pickup truck. Any sudden jolt, like being fired or falling ill, can throw you out.<\/span><\/li>\n
      4. Paying Yourself Last: <\/b>Despite personal finance gurus advising to pay yourself first, it’s challenging if you’re on a salary. The company will always prioritize itself. If everyone else gets your money first, and you have to save what’s left after deductions, getting rich quickly becomes unlikely!<\/span><\/li>\n<\/ol>\n

        \"the<\/p>\n

        The slow lane: why you are not rich<\/b><\/h3>\n

        In this part of The Millionaire Fastlane MJ DeMarco breaks down the idea that investing \u20ac10,000 now will magically turn into \u20ac2.5 million in 40 years with a 15% interest return. Depending solely on compound interest to get rich is just a trick.<\/span><\/p>\n

        Compound interest relies on time, and as you learned earlier, anything linked to time limits wealth. Plus, predicting return rates, especially over a long time, is tricky.<\/span><\/p>\n

        Interestingly, those famous money experts preach a strategy they don’t follow themselves. They don’t become millionaires by using coupons, pursuing higher degrees, or relying on compound interest. Their wealth comes from the methods they sell\u2014methods that put them in the fast lane.<\/span><\/p>\n

        Part 5: The wealth map: the fast lane<\/b><\/h2>\n

        Now that we’ve realized the limitations of the slow money approach, it’s time to dive into the renowned millionaire fast lane. Many things we thought were true are now being reconsidered.<\/span><\/p>\n

        Unlike the slow lane, which relies on a salary, the fast lane is all about an entrepreneurial system. The wealth formula here is:<\/span><\/p>\n

        Wealth = net income + asset value<\/span><\/p>\n

        This means working with two things: net income and asset value. Net income is calculated by multiplying units sold by earnings per unit. For example, if you’re selling products online, you can create wealth by increasing the number of units sold (through good marketing and results) and\/or by raising the product price. Unlike a salary and compound interest, these two elements can be influenced without being tied to time!<\/span><\/p>\n

        In The Millionaire Fastlane MJ DeMarco’s example, a mere 1% increase in sales brought in $480 a day, totaling $14,400 a month! Compare that to how long it would take an employed manager to reach this amount. And by raising the price by just $0.5 per sold product, earnings jumped from $8,000 a day to $10,800, adding an extra $84,000 per month!<\/span><\/p>\n

        The key here is recognizing the importance of these levers when you create and offer things to people. The fast lane is all about understanding consumer needs and meeting them.<\/span><\/p>\n

        Do you need to be passionate? No! This might sound contradictory, but passion doesn’t necessarily fill your wallet. What fills it is the “money tree” you create.<\/span><\/p>\n

        The 5 entrepreneurial models most eligible for the fast lane<\/b><\/h3>\n

        In this part of The Millionaire Fastlane MJ DeMarco has handpicked five types of “money trees” for you to grow in the fast lane to fortune:<\/span><\/p>\n