The Millionaire Fastlane

[Agota]

I've read the free chapters, I'll definitely get the book in a month or so.

I liked that he rejects the traditional concept of having a job, working all your life and then retiring with some money saved up. I mean, all my life this just seemed irrational, but people around me didn't really get me. Saving on lattes? Burying your dreams in order to save few pennies? Blah. There's gotta be more to life. It's nice to see someone whose logic is functioning

[Crixus]

I've read the book also and thought it was mind blowing, his style of writing is just straight to the point and the car / driving related metaphors make it VERY easy to understand the concepts being a huge car fan!

This book just makes sense, plain and simple, the first business book I have read that hasn't left me thinking "yea, but HOW did you do it or WHY does that work?"

I found it funny after reading it my perspective changed almost immediately on some things, and was instantly noticeable, for example you can immediately see the damaging "consumer mentality" that people adopt just by looking at your facebook and seeing people getting new cars on finance or posting pics buying champagne in clubs when you know they work at KFC.

I walked into a store and noticed things like seeing fitness mags plastered with "get lean NOW, get ripped without spending ages in the gym!"....instant gratification, people love it and that kind of thing is highlighted in the book and really allowed me to see some mistakes i've made in the past and why I am not where I want to be.

I am a real person also but i've been recommending this book because it isn't often I feel a book or message is genuinely "fresh" and not just re-hashing the same old stuff, I also appreciate honesty and I truly believe this book is a genuine and workable method of creating a lot of value and wealth that the author himself has actually used to get where he is today!

MJ has a couple of videos on youtube also which are good, along with the forum mentioned in the book which seems to be a goldmine of useful info and positive people.

[James81]

This guy isn't holding anything back! LOL.

Now he's going after the Law of Attraction. (After he took shots at Rich Dad, Poor Dad, Suze Orman, and Dave Ramsey )

It is kind of refreshing to read a book like this that is straightforward and directly on point.

[Alice Hive]

I've read it too, now. And I liked it, too!

First this book is important for people who believe that you can't do better than a job.

Second it's important for people who want to build real wealth anyway: Because in this book they will find the conditions that are needed for building fast wealth.

Actually I wrote a whole article about it: The Millionaire Fastlane | Follow The Red Queen

[Kaie]

Originally Posted by Alice Hive

I've read it too, now. And I liked it, too!

First this book is important for people who believe that you can't do better than a job.

Second it's important for people who want to build real wealth anyway: Because in this book they will find the conditions that are needed for building fast wealth.

Actually I wrote a whole article about it: The Millionaire Fastlane | Follow The Red Queen

I am almost finished with the first reading. I couldn't put it down. Eff giving up my lattes, and feeling deprivation so I can travel when I am too old to enjoy it.

[Angelique]

I wonder if MJ is still reading these posts.. if you are, thank you, MJ!!


Best business/financial book ever. I especially love that you addressed the topic holistically.

[mikethedrummer44]

I have to wonder how many copies this book would've sold if the title and cover art were completely different.

It's doing pretty good right now, but it seems like every sale comes from people persuading other people to read the book.

Can't really blame people for being skeptical though.

[RebekahH]

I actually bought this book because it came up on this thread. I love the reviews on Amazon, and yes, usually a plethora of only good ones would put me off. I am halfway through, and it is really really good--though how good, I guess you have to wait 5 years to put the work in.

It is great to read something that is exciting, that makes you think of the dreams you gave up, that makes you think of the dreams you never had because you thought it was impossible. I have been a long time admirer of Steve and I credit him for helping me to wake up three years ago. I now have a relationship I want, a better job at a place where people love me and I produce value. Strangely enough, I find myself now in Sales, because I find it to be more honest--in that my paycheck more accurately shows my value. When I produce more, I am paid more.

The ultimate goal is to work for myself. I still have a lot of brain training to do, getting rid of the thoughts that I need to have a job to be safe, OMG what about health insurance and what if I was filthy rich and my family tried to mooch off of me? But I am doing the inward work now to get to that place, to practice the self discipline. This book inspires me and is helping to remove the conformity brainwashing.

[Angelique]

Yeah, I agree with you two. I'm skeptical of the too good to be true reviews, too. I made my decision based on the reviews in this thread.

[neomonkey]

My thinking has changed about money in that it is unlimited and producable. For example, my cable bill just went up by $5 a month. No big deal, I'll just make another $5 a month. You can only do this when you are a producer.

[EndGrind]

I've not only read the book but had the opportunity to interview MJ as well. This guy is the real deal! He knows his stuff and his book is one of the best I've ever read on the subject.

If you want to listen to the interview (it will be posted on 6/11), please check out EndingTheGrind.com.

Thanks

[SnerpGoodWord]

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 don't think this path is THAT impossible. I hit my first >$100K year at age 29 as an engineer. I certainly wasn't the only one. I hit $150K on a mix of engineering and trading profits the next year.

I don't say that to brag, but rather to point out that it's very doable. Furthermore, I might argue that the odds are much better than the supposed "fast lane" in that had you created 10 clone version of me and had them all try to hit 100K/year by age 30 via engineering, I suspect at least 8 of the 10 would have succeeded. The same can't be said for 10 businesses (where you might expect 2 to succeed).

[Rebecca800]

I'm reading this book now and it's had a powerful impact on me. I can't write a full review just yet as I'm only a third of the way through -- but it's a real page turner; MJ is a very good writer.

Most of the philosophy he's taught so far were already things I felt deep down, but the book solidifies it all for me and helps me put my gut feelings into context. However there were a couple of genuine light bulb moments for me - like shedding the victim mentality and being accountable for everything I do. It's totally pointless to hold other people accountable for your life. MJ has also renewed my conviction to push my own business to new levels.

I quit my "good" city job when I was 24 and have been making uncapped income by my own rules ever since (I'm now 27). This mirrors Steve Pavlina's philosophy too when he talks about passive income. I'm extremely grateful I discovered this concept in my 20s and not later in life. Kudos to MJ and Steve for propagating this concept and help us all dig ourselves out of the Slowlane existence.

However I'm not a millionaire yet and so I'm obviously missing some Fastlane ingredients. I hope to take my websites (or at least one in particular) into Fastlane success. I know it's possible. I look forward to MJ telling me what it is

[Rebecca800]

Just finished this book and can't stop raving about it. There are so many people I want to recommend it to. ANYONE looking to start a business or change their financial circumstances needs to read this book!

The first two-thirds is all about breaking down damaged beliefs and replacing them with winning beliefs that will enable you to take control of your money/purchases/debt - instead of letting them control you. The final third is about becoming a producer rather than a consumer and contains invaluable guidance on starting a scalable, passive income business.

I was pleased to see my existing business model fits most of MJs fastline criteria -- and I can now address the ways in which it falls down to take it to the next level. He doesn't mess around, he gived highly specific instruction on how to develop a winning business (short of handing you a pre-conceived business idea and doing it for you).

For instance, I learned that I have to make my monetization model less dependent on affiliate sales to give me total control over my products, service, operations, marketing, unit price and scalability. I also have to be monogamous to my website business - which means focusing on one winning website instead of diluting my efforts over five passable ones.

The Millionaire Fastlane is an extremely valuable read. I can't say I could relate to all the car analogies but that is just about the only way I could fault this book. 5/5 stars. Must go put my review on Amazon now, MJ deserves massive recognition for sharing so much business wisdom.

[Trustme]

It's a great book and afterwards you ask yourself some serious questions...

I almost wouldn't have bought it because of the cheesy title and especially cover.

[SquarePeg]

Originally Posted by Cochonette

Curtis, I have to agree with you. Mounds' review sounds like he was paid to do it. I'm not kidding! I guess you could say that I would give ratings to reviews themselves - now, most people appear to rate reviews on how positive/negative they are. Whenever I write a review on Amazon, it's popularity is based on how many good things I had to say... if I wrote a glowing review, I got all "helpful" ratings, if I wrote a scathing review, I got no "helpful" ratings. It had little to do with the actual content of what I said.

But this mindlessness annoys me! Seriously, I know Mounds' post is just a post and not an actual "post a review on Amazon" type of thing, but I do not rate reviews as helpful for statements like, "It's worth the paper it's written on." lol. I mean, I know, since Mounds has cred here, it means something, but if were coming from a totally anonymous stranger? No. The internet is too full of junk to be trusted like that, IMO. I almost bought this book once that had glowing reviews on Amazon... I clicked on the photo and discovered that the book in its entirety was actual available to be read right there on Amazon. So I read it. It was absolute drivel. I also bought one book on Amazon with similarly glowing reviews that was totally awful... I noticed later that someone had reposted the exact same 5-star review 2-3 times... and when I posted a scathing review, someone reposted that 5-star review once more to push mine down.

Think about it. If you were writing a paper for class, this would not be acceptable. You do not get graded for how positive you are, at least not at a rigorous university. You have to justify what you're saying, make an argument, persuade through critical thinking.

Now a positive review from you would be well worth something! So which books do you recommend?

I'm still going for this book based on Mounds' review -- especially since he compared it to Rich Dad Poor Dad -- but now I'm really curious what you yourself find helpful, as I'm of precisely the same mindset as you on this....

[SquarePeg]

Originally Posted by Mounds

Hi Cochonette,

This post has nothing to do with you but a phenomenon I've seen many times before. I think it's called loss aversion.

Ya know what other book is freakishly good, which I recommend any chance I get? I Will Teach You To Be Rich by Ramit Sethi. Between that book and the one in question, I spent a grand total of $20.

Ramit Sethi's book helped me pay down $20,000 in debt.

Millionaire Fastlane got me thinking in new directions and I expect that one day, it will make me a lot of money.

Rich Dad, Poor Dad saved me $5 on toilet paper.

Now I'm going to take the time to talk about some things that I spent about $20 on, which gave either negative results or no results at all:

Two tickets to the latest Jennifer Aniston movie for $20 = two hours of sheer pain.

Two meals at McDonalds for $20 = heartburn and hours in the bathroom.

Two packs of cigarettes for $20 = about 50 hours off of my life.

A visit to the VLT's for $20 = a virtual guarantee that I will lose my money.

Four terrible investments that people will gladly spend their money on. Of course, no one cares about that. We care about getting taken by a positively reviewed book that doesn't live up to expectations. A book is a far greater waste of money than a pack of cigarettes or an awful movie. No one is going to agree with that statement but our actions would suggest differently.
I believe loss aversion is the term. No one wants to get screwed. At least with cigarettes and junk food, we know what were getting. VLT's have ways of negating the loss aversion (making you feel good with bright colors, lights and the slight possibility of winning). But when we read that a book is really good and contains information that you can actually use, we yell, "STOP THE MADNESS!".
Rich Dad, Poor Dad is a titan of a book and it contains literally nothing that you can make money with. What it does do is make you feel like you can do anything, including invest in real estate. So what happens if your $300,000 investment doesn't pan out? File for bankruptcy?
Loss aversion, baby. Avoid getting screwed, even if it means you miss out

Fair point -- which is why I try to check things out in the library or book store first!

[SquarePeg]

Originally Posted by RebekahH

I actually bought this book because it came up on this thread. I love the reviews on Amazon, and yes, usually a plethora of only good ones would put me off. I am halfway through, and it is really really good--though how good, I guess you have to wait 5 years to put the work in.

It is great to read something that is exciting, that makes you think of the dreams you gave up, that makes you think of the dreams you never had because you thought it was impossible. I have been a long time admirer of Steve and I credit him for helping me to wake up three years ago. I now have a relationship I want, a better job at a place where people love me and I produce value. Strangely enough, I find myself now in Sales, because I find it to be more honest--in that my paycheck more accurately shows my value. When I produce more, I am paid more.

The ultimate goal is to work for myself. I still have a lot of brain training to do, getting rid of the thoughts that I need to have a job to be safe, OMG what about health insurance and what if I was filthy rich and my family tried to mooch off of me? But I am doing the inward work now to get to that place, to practice the self discipline. This book inspires me and is helping to remove the conformity brainwashing.

Wow, the best review of the book so far in my opinion, given where I am in life!

[ron7519]

I'm in the middle of reading the book. It is very good so far and I enjoy the author's writing style (seems like he's sitting with me at Starbucks talking to me over coffee). However, it does get repetitive. He describes the slow lane and gives examples over and over and over again. It seemed like filler to me but oh well.

I just hope when I get to the fast lane part of the book he answers the "how" question and doesn't just describe what the fastlane is.

[alexjones]

Interesting guys!

[Rebecca800]

Originally Posted by ron7519

However, it does get repetitive. He describes the slow lane and gives examples over and over and over again. It seemed like filler to me but oh well.

I just hope when I get to the fast lane part of the book he answers the "how" question and doesn't just describe what the fastlane is.

Yes there were a few chapters in the middle that lost that wow-factor but I guess this is what you call hammering the point home.

It does soon pick up again and gives you the "how-to" you want, the last third is a practical checklist for the fastlane....

[Peterw]

Is this book relevant for building a trading/investing business?

[MoonUnit]

Yeah I've read it, I can vouch for this book

MJ's really not the best writer and whoever edited it must ride around on LOLerskates or something, but I actually really liked his loose writing style.

He's really blunt and I really appreciate that

A few things that stood out for me:

- Jobs are dumb

- Focus on adding value

- The goal of your business is passive income

- Create products

- Don't need to make something new, just make something better than everyone else

- Be the person at the very top of the pyramid. Have OTHER people beg for opportunity to sell YOUR products. You get to the top by creating your own pyramid.


Everything he says is spoken from his own limo driver to internet king story. He only wrote this book cos he felt like sharing, he clearly don't need the money

[ENTP]

Originally Posted by mikethedrummer44

Sure. The concept is based on three different 'roads' you can take through life.

The Sidewalk: People who play the lottery, max out on credit cards, basically, people who want something now, and don't worry about the consequences. If they do win the lottery, they lose it, and go bankrupt.

The Slowlane: The typical go to college, get a job, invest in your 401k, retire with $1,000,000 plan. He talks about how it rarely ever works, and how 'job security' doesn't exist. He also talks about how if you factor in inflation and taxes, your $1,000,000 is a hell of a lot less. Slowlane people are usually extremely stubborn and closed minded.

The Fastlane: The fastlane is a philosophy based on creating a business that caters to specific factors. Mainly control, volume, need, value, and passivity. He talks about why most people fail at business, because they do what THEY want, instead of what the market wants. He talks about finding a need, and answering it with a business that is profitable, and allows you to earn money while you sleep.

It might sound similar to the four hour work week, or think and go rich, but actually, TMF talks about BOTH books, and talks about why they're bad books. The Millionaire Fastlane is definitely the best business-related book I've ever read, and I've read the majority of the popular books (think and grow rich, science of getting rich, four hour work week, rich dad poor dad).

Also, here's a big difference. MJ DeMarco was worth $10,000,000+ BEFORE he wrote his book. He didn't gain his fortune through book sales. He's a legitimate millionaire (creator of limos.com, before he sold it). Although the book might sound 're-spun,' and although it does repeat SOME information (with a new twist on it), it has enough new concepts that it's worth the purchase.

This is all information I remember seeing on his introductory previews/pitch.

[hervens]

Am I the only here that thinks that the concepts the author is trying to teach us is overhyped and very unrealistic?
I only read about the first 3 or so chapters, and I just had to stop, because he is criticizing a universal concept (that works) that's been in place for hundreds of years.

I think the author forgot to mention that over 95% of the american population retires broke?
Or that over 50% of young adults between 20 and 25 have at least $7000 in credit card debt?
Or that 80% of all new businesses die within the first 5 years?

The way I see it, the most sureway of getting rich is
1)Learn to enjoy life with what you have
2)Learn to live below your means,
3)Put a good portion of your savings in a mixed investment portfolio (Gold/stocks/bonds)

Also, you might have heard this before: A 20 year old who puts 200$/month in an account yeilding 8% interest each year will get well over 1 million$ by the time he reaches 65 (Look up cummulative interest).

The author got lucky, and created a limo service website that made him over 1 million dollards, but that doesn't necesarely mean everyone will have the same luck. The web is saturated and very competitive nowadays.

However, I'm not saying that you should not be working on your business on the side, on the contrary, you should put all your efforts into making your dreams come true. I just think that you will have a better and "less worry" life overall, and you'll be a lot wealthier if you live frugaly and save/invest wisely, instead of spending money on fancy sport cars or other instant gratification toys.

[mikethedrummer44]

Originally Posted by ENTP

This is all information I remember seeing on his introductory previews/pitch.

What's your point?

[mikethedrummer44]

Originally Posted by hervens

Am I the only here that thinks that the concepts the author is trying to teach us is overhyped and very unrealistic?
I only read about the first 3 or so chapters, and I just had to stop, because he is criticizing a universal concept (that works) that's been in place for hundreds of years.

I think the author forgot to mention that over 95% of the american population retires broke?
Or that over 50% of young adults between 20 and 25 have at least $7000 in credit card debt?
Or that 80% of all new businesses die within the first 5 years?

The way I see it, the most sureway of getting rich is
1)Learn to enjoy life with what you have
2)Learn to live below your means,
3)Put a good portion of your savings in a mixed investment portfolio (Gold/stocks/bonds)

Also, you might have heard this before: A 20 year old who puts 200$/month in an account yeilding 8% interest each year will get well over 1 million$ by the time he reaches 65 (Look up cummulative interest).

The author got lucky, and created a limo service website that made him over 1 million dollards, but that doesn't necesarely mean everyone will have the same luck. The web is saturated and very competitive nowadays.

However, I'm not saying that you should not be working on your business on the side, on the contrary, you should put all your efforts into making your dreams come true. I just think that you will have a better and "less worry" life overall, and you'll be a lot wealthier if you live frugaly and save/invest wisely, instead of spending money on fancy sport cars or other instant gratification toys.

Well, it helps if you read the whole book.

Actually, based on your entire post, I'd say you really need to read the whole book.

It's not "luck" when you create a business that answers a need within the market. Limos.com did this, but there are PLENTY of other ideas that do this as well.

Businesses fail when they aren't based on a need. Businesses fail when people start a home business "doing what they love" instead of what the market demands.

Like the book says, your "sure-fire" way of getting rich relies on HOPE. It relies on hoping, if you save a certain amount of your income, you'll be able to retire rich by the time you're 70 years old.

The author DID mention all those examples... he calls it "the slowlane."

Who cares about "wealthy," really?

I mean, I read that book "The Millionaire Next Door," and to be frank, it made me sick to my stomach. I have no desire to look at a big number in my bank account and get warm fuzzy feelings.

I want to live an enjoyable lifestyle, and for me, the word "frugal" is a quick road to misery. This isn't to say I spend money on anything and everything – I don't.

When there's something I want, though, I'm more than happy to pay top dollar for it. Why? Because I know money is something that can be reproduced relatively easily. As long as you know how to listen to the market and address its demands, you'll never have problems making money again in your life.

Now, with your recommended life path, you work 45 years then, HOPEFULLY, retire with $1,000,000 in the bank.

But how much is $1,000,000 really going to be worth in 45 years? Do you think it'll be worth anything NEAR what $1,000,000 is worth now, given the current rate of inflation?

[ENTP]

Originally Posted by mikethedrummer44

What's your point?

You responded in a post, meaning to refute the claim that no one who raved abut the book actually read the whole thing. Your post didn't refute the claim, given that the material on it was just yoinked off the free preview.

[mikethedrummer44]

Originally Posted by ENTP

You responded in a post, meaning to refute the claim that no one who raved abut the book actually read the whole thing. Your post didn't refute the claim, given that the material on it was just yoinked off the free preview.

Hmm..

My post was meant to be a brief summary of the book without giving too much detail away. I'm pretty sure that's the same point of the free preview, wouldn't you think?

I didn't "rip it," either, just wrote based off of the information in my brain.

I'll try and mix it up for you next time... I guess!

[moonrambler]

Originally Posted by ENTP

You responded in a post, meaning to refute the claim that no one who raved abut the book actually read the whole thing. Your post didn't refute the claim, given that the material on it was just yoinked off the free preview.

What was that about vibes again?