The Millionaire Fastlane

[danthony]

hmm, good idea for the kindle book. Are you sure kindle books aren't in a proprietary format that's read only by Kindles? If not, i may buy more books this way. Good financial tip!

[James81]

Originally Posted by danthony

hmm, good idea for the kindle book. Are you sure kindle books aren't in a proprietary format that's read only by Kindles? If not, i may buy more books this way. Good financial tip!

Well, you can only read them through Kindle programs/apps, but you do not need an actual Kindle to read Kindle books.

You can read them on your computer with the Kindle for PC download (I provided the link above).

You can read them on your smartphone with the Kindle for iphone or the Kindle for Android (depending on which kind of smartphone you have) app. The Kindle for iphone app is also available for the itouch, btw. Don't need the actual phone part.

Most kindle books are $9.99 or less. I tend to boycott (i.e. not buy ) the ones more expensive than that.

[alexb5784]

I don't really care for the title because it takes away from experience of doing something you love and making mistakes. Mistakes and failure is a good thing.

As is Steve's latest post, most if not all, successful people go bankrupt and fail many times before succeeding. You have to pay your dues and nothing is quick. God knows I'm on my sixth start-up and have only had one profitable company.

I started my first company when I was twenty-four and now I'm doing it for the sixth time at thirty. I have six attempts, four failures, and seven years of experience behind me. I've managed to make money through consulting and by selling info products online. However, I've failed a lot....A LOT! So much that I've gone broke three times and had to move out of my apartments. But the life lessons have been worth it. I can now take all of my experience and succeed. Every round I learn something new.

If I had to chose between getting rich quick (the fastlane) versus learning and making mistakes, then becoming massively wealthy...I'd take the longer route. When taking the long road, I become a more couragous person and have a better understanding of what made me successful. Also I become a better mentor to others.

However, I'll read the book to find one or two gems hidden in it. Apparently this guy is doing something right if he's got people talking about his product, even in a negative light.There's always something to be learned. And then I'll give the book away to the library or something.

[gene2009]

Originally Posted by James81

I'm just being curious here but...why would you pay 22 dollars for the PDF version (and have to wait for up to 8 hours) when you could have the Kindle version instantly for 10 dollars?

Well, i asked my USA friend to buy me the book and re-send it to me. In my damn country ever Paypal doesn't work. So, i need to do my business via my friends in USA or UK. I always keep some money of mine there.

[mikethedrummer44]

Originally Posted by alexb5784

I don't really care for the title because it takes away from experience of doing something you love and making mistakes. Mistakes and failure is a good thing.

As is Steve's latest post, most if not all, successful people go bankrupt and fail many times before succeeding. You have to pay your dues and nothing is quick. God knows I'm on my sixth start-up and have only had one profitable company.

I started my first company when I was twenty-four and now I'm doing it for the sixth time at thirty. I have six attempts, four failures, and seven years of experience behind me. I've managed to make money through consulting and by selling info products online. However, I've failed a lot....A LOT! So much that I've gone broke three times and had to move out of my apartments. But the life lessons have been worth it. I can now take all of my experience and succeed. Every round I learn something new.

If I had to chose between getting rich quick (the fastlane) versus learning and making mistakes, then becoming massively wealthy...I'd take the longer route. When taking the long road, I become a more couragous person and have a better understanding of what made me successful. Also I become a better mentor to others.

However, I'll read the book to find one or two gems hidden in it. Apparently this guy is doing something right if he's got people talking about his product, even in a negative light.There's always something to be learned. And then I'll give the book away to the library or something.

I like the book because it gives you a direct formula to judge your business ideas by. Basically, it cuts down completely on the failure rate, because if you have a business idea that matches all the fastlane principals, you are going to have a million dollar business.

That being said, I also like the idea of playing around, testing out my own ideas, and learning along the way. I'll get to a million eventually, in the mean time, I'm just cruising along.

If you want the fastest journey to wealth, though, there's nothing better than the fastlane.

[alexb5784]

Having read some of the book and a couple of reviews by reputable bloggers, my opinion has changed. It's not a bad book and lays out a couple of good points. Still reading it though and so far I like it.

[danthony]

Curious, what types of companies did you start? I'm always intrigued about entrepreneurs that started their own business and didn't let failure stop them. Basically, working on their own until they become successful.

I've personally had a car parts company, a decorative concrete company and even an outsourcing company for technology. They've all gone under now but it didn't stop me from starting on yet another venture.

Originally Posted by alexb5784

I don't really care for the title because it takes away from experience of doing something you love and making mistakes. Mistakes and failure is a good thing.

As is Steve's latest post, most if not all, successful people go bankrupt and fail many times before succeeding. You have to pay your dues and nothing is quick. God knows I'm on my sixth start-up and have only had one profitable company.

I started my first company when I was twenty-four and now I'm doing it for the sixth time at thirty. I have six attempts, four failures, and seven years of experience behind me. I've managed to make money through consulting and by selling info products online. However, I've failed a lot....A LOT! So much that I've gone broke three times and had to move out of my apartments. But the life lessons have been worth it. I can now take all of my experience and succeed. Every round I learn something new.

If I had to chose between getting rich quick (the fastlane) versus learning and making mistakes, then becoming massively wealthy...I'd take the longer route. When taking the long road, I become a more couragous person and have a better understanding of what made me successful. Also I become a better mentor to others.

However, I'll read the book to find one or two gems hidden in it. Apparently this guy is doing something right if he's got people talking about his product, even in a negative light.There's always something to be learned. And then I'll give the book away to the library or something.

[danthony]

P.S. I'm getting more and more antsy about reading this book as soon as I get done with a few books i'm already reading. I'll do a complete review on the millionaire fastlane when i'm done.

[newmark]

Originally Posted by gene2009

Well, i asked my USA friend to buy me the book and re-send it to me. In my damn country ever Paypal doesn't work. So, i need to do my business via my friends in USA or UK. I always keep some money of mine there.

Where do you live?

[alexb5784]

danthony,

My first company was a medical newsletter. That didn't work out because I spent too much time on design and content without learning how to market a newsletter to niche subscribers. The idea was to take complex medical information and rewrite it in plain English for parents of children with neurological diseases.

Company Number 1.5: I partnered with someone to start an IT consulting company. That never got off the ground. I don't consider it a failure per-se.

Company Number 2: Online marketing and PR for tech start ups. That was successful. After five months, my largest client hired me to work for him full-time as an employee. I dropped my other customers after I took the job.

Company number 3: Online marketing and PR for non-profits. I landed an account with a large non-profit but they laid me off because of the 2009 stock market crash.

Company number 4: Personal development e-book and online course. Managed to sell books and get a few membership site sales. I haven't put much energy into this company as I've been a bit busy. I've made some money though.

Company number 5: Everything is still on the drawing board. I'm thinking about doing PR/Marketing for first-time authors and independent filmmakers. I want promote products that really inspire people.

So out of all my attempts, I've only made money in twice.

[alexb5784]

Here's a link for people who haven't bought the book yet.

Free Download - The Millionaire Fastlane by MJ DeMarco

[gene2009]

Originally Posted by newmark

Where do you live?

I'm from the Ukraine.
-----
About the book. I've read until a chapter 16. I like his writing style, and of сourse, i understand the book is writen with the US style of life. For example. In my country, no many people who are slowlaners. Oh yeah, here many folks who are sidewalkers and few who are fastlaners. But these fastlaners are made their riches with criminaly businesses. Well, the talk isn't about the Ukrainian rich folks and their bad smell riches.
I just bought that book and hope to dig up something useful for myself. I cannot make money offline, but i hopeful the book shows me an online road to money. I've made some money online, but no much.
Well, i go on my reading that book.

[sssputnik]

The book by MJDeMarco is actually pretty good! I love his 5 commandments for entry into starting a millionaire fastlane business. It does have a male persona tone to it - fast cars, money... but I do like it. And recommend it. And he is very personable on FB, too.

[azmat]

Weird how I am reading this book and it's being talked about here. Gotta love that LoA

Although I am still reading the book, I would say its pretty good. I think it's a fun read and I was referred to it by another blog I follow.

I think the main benefit I have gotten from is the book makes a compelling argument about never getting a job. As I was reading the book, there were striking similarities between what the author wrote and steve's "10 reason never to get a job" blog. I honestly couldn't tell the difference between their fundamental points.

Although I had already decided not to get a job ( working on my own SBI business) I would say I did have a shift while reading the book. It made getting a job seem like the dumbest thing I could ever do in my life. Honestly, after reading this book I feel almost repulsed at the thought of getting a job.

Like I said I am still finishing up the book. However, I think it's a good read and consistent with what steve has talked about in his blogs.

[Ceoarob]

I've read it 3 times.

Better than anything out there.

Period.

[Ceoarob]

Originally Posted by Ceoarob

I've read it 3 times.

Better than anything out there.

Period.

It's going to be the top business book for the next 5 years.

Then, someway/somehow, the model of making money is going to change (we're going to get a facebook, ipod/ipod, google killer that pops up out of no where and changes the way we do things).

Principles are solid.

[Kaie]

I just got it from Amazon, can't wait to start it.

[James81]

I'm loving the crap out of this book.

There's a lot of truth that is very hard to swallow there for me. Some of it very recent. The part about embracing both repsonsibility AND accountibility was particularly hard to take in for me, but it's so true.

And, funnily enough, his spiel about not getting a job got through to me in a way that Steve's blog posts didn't.

[Kaie]

I started it this morning and couldn't put it down, I was almost late for work

It has me questioning some of my recent decisions.

[Mounds]

My only wish is that I hadn't bought it in Kindle format. This is the kind of book that I want to pick up and read off and on. I find skipping around with the Kindle is inconvenient. I'll likely pick up a paper copy down the road

[AshNZ]

I'm loving this book. It is something what I've been thinking a lot myself and then I came across this book which shares the same ideas that I've had in my mind over last 1-2 years. I can't recommend it enough from what I have read so far. Almost 200 pages in 2 days and right now I wish I was reading it rather than being at work. I think I will be reading this book more than once. Definitely the best business book I've read. Others are meh compared to this.

[James81]

There is one situation that fits the slow lane formula that would also build wealth fast, though.

And that's the case where someone makes 100k to 200k per year at their job and only spends maybe 30k of it but saves the rest of it. With that plan you could be a millionaire in five to ten years.

[AshNZ]

Originally Posted by James81

There is one situation that fits the slow lane formula that would also build wealth fast, though.

And that's the case where someone makes 100k to 200k per year at their job and only spends maybe 30k of it but saves the rest of it. With that plan you could be a millionaire in five to ten years.

I went through numerous scenarios (before reading this book) through the compound interest calculator to try to get to million asap but it is just too tough on the slowlane. Situation you describe is theoretically possible but highly improbable because:

- Not sure about US but here not many people are able to earn 100k - 200k when they are young. You'd have to be atleast in 30s to be able to earn that much (plus earning that much probably means heck lot of study - and inevitably student loans etc). So by the time you hit million you'd probably be in your 40s atleast (which mind you isn't too bad but not as good as having a million in 20s or 30s).
- Not many people who earn 100k-200k will have discipline to live on only 70k and that too for 10 years.

[James81]

Originally Posted by AshNZ

I went through numerous scenarios (before reading this book) through the compound interest calculator to try to get to million asap but it is just too tough on the slowlane. Situation you describe is theoretically possible but highly improbable because:

- Not sure about US but here not many people are able to earn 100k - 200k when they are young. You'd have to be atleast in 30s to be able to earn that much (plus earning that much probably means heck lot of study - and inevitably student loans etc). So by the time you hit million you'd probably be in your 40s atleast (which mind you isn't too bad but not as good as having a million in 20s or 30s).
- Not many people who earn 100k-200k will have discipline to live on only 70k and that too for 10 years.

Your first point is valid, I think. I never said it was likely, but in some fields I think it's possible. Doctors and Lawyers come to mind immediately.

Your second point is less valid because it's subjective. Discipline is something that can be strengthened or weakened based on your own resolve and not outside factors. (In other words, it's leverage that YOU control--which is part of the point of the book.)

[aelle]

Originally Posted by AshNZ

I went through numerous scenarios (before reading this book) through the compound interest calculator to try to get to million asap but it is just too tough on the slowlane. Situation you describe is theoretically possible but highly improbable because:

- Not sure about US but here not many people are able to earn 100k - 200k when they are young. You'd have to be atleast in 30s to be able to earn that much (plus earning that much probably means heck lot of study - and inevitably student loans etc). So by the time you hit million you'd probably be in your 40s atleast (which mind you isn't too bad but not as good as having a million in 20s or 30s).
- Not many people who earn 100k-200k will have discipline to live on only 70k and that too for 10 years.

I have to agree with James here. It's highly improbable for anyone to become a millionaire quickly -if by improbable you mean the ratio is small. But if you want to be rich young, and if you have the brains to enter a lucrative career and a plan to reach a 6 figure salary before your 30s (which is completely doable in some fields), then yeah, leverage the **** out of these brains.

[James81]

Originally Posted by aelle

I have to agree with James here. It's highly improbable for anyone to become a millionaire quickly -if by improbable you mean the ratio is small. But if you want to be rich young, and if you have the brains to enter a lucrative career and a plan to reach a 6 figure salary before your 30s (which is completely doable in some fields), then yeah, leverage the **** out of these brains.

I would like to clarify that I don't think it's improbable for people to become a millionaire quickly. I think it's very probably that if people apply what we read in this book, that being wealthy within 5 years is very probable actually. I think the improbable part of the whole back is people willing to put in the kind of time, focus, and sacrifice that he's suggesting. It's definitely not a "get rich easy" plan.

I just thought I'd expand that there *are* some "slowlane" scenarios that would get you there quickly as well, and they require to you leverage your self discipline and your ability to increase your income.

All in all, though, I think it's more probably to become wealthy starting your own business/being an entrepreneur than it is to become wealthy working from someone else.

[Digital Jack]

First off, I want to start by thanking everyone for their reviews of this book in this thread... I had no idea this book even existed until I accidentally came here, and since then, Ive been refreshing this thread every couple hours to see what people are saying about it.

As for my own view point on it... well, I'm about 50% of the way through the first read through (yes, I intend to read it again) and its already one of the greatest books on wealth I've ever read. It's extremely motivating in a way I wasn't expecting at all, and chock full of useful information and ideologies.

Originally Posted by James81

I would like to clarify that I don't think it's improbable for people to become a millionaire quickly. I think it's very probably that if people apply what we read in this book, that being wealthy within 5 years is very probable actually. I think the improbable part of the whole back is people willing to put in the kind of time, focus, and sacrifice that he's suggesting. It's definitely not a "get rich easy" plan.

I just thought I'd expand that there *are* some "slowlane" scenarios that would get you there quickly as well, and they require to you leverage your self discipline and your ability to increase your income.

All in all, though, I think it's more probably to become wealthy starting your own business/being an entrepreneur than it is to become wealthy working from someone else.

He DOES mention that these kinds of 'Slowlane' millionares do indeed exist, and makes reference to it when he talks about the odds of actually succeeding in that lane... but alas, I think these people are in the vast minority. For every 'slowlane millionare', there's probably at least 20 (or more?) people out there flipping burgers for minimum wage and no benefits.

But yes, after reading this... it makes you really wonder how so many people get suckered into the life-long 9-5 life in the first place... including yourself at times. @_@ IMO there hasn't been a better book out there that so effectively breaks the mass-induced hypnosis of the "working world", and attempts to not only wake up the reader, but launch him out of his bed with hydraulic actuators! (hows that for a car analogy? )

[Agota]

No, seriously, it's not surprising that Amazon.com reviews seems like the author hired people to write them - this all thread seems like author hired you all

I've downloaded a free preview version, will see if it catches my attention

[Digital Jack]

Originally Posted by Agota

No, seriously, it's not surprising that Amazon.com reviews seems like the author hired people to write them - this all thread seems like author hired you all

I've downloaded a free preview version, will see if it catches my attention

I'm seriously not paid or anything... I've been registered here long before the book came out, and have made pleanty of other (sometimes useful, sometimes embarrassing) posts. I spent the bare minimum and bought the Kindle version for 10$, though Im kinda wishing I bought PDF at the very least least so I could print it out.

To my knowledge, he doesn't work up to selling any seminars, and doesn't outline exact specifics of what youre "supposed to do" to make money, although he does offer a series of ideas based on their various qualities. (Ill confirm when Im done with it) He directly states over and over that making any sort of money is never easy, and requires lots and lots of hard work in many cases.

Probably the most informative parts are how he breaks down people's different spending lifestyles, and why people remain barely afloat despite their best efforts in many cases.

So, Ill stop there, because I really am starting to sound like a paid ad... Ive said my praises, so check this book out, I can say it's definitely worth spending the extra 10 or so on a paperback of PDF copy.

[gene2009]

I've just finished reading the book. I liked it very. I found many new things as well as some old ones in the book. That guy collected useful stuff from some old books and add new ideas. In a nut shell, this is the best business book i've read before. I'll re-read a few parts of that book again.