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It’s the best business/money book I’ve ever read, and is the one book I recommend if you’re looking for how to become rich with no-nonsense, practical steps anyone can follow.
The Millionaire Fastlane exposes the basic principles that define how much you’re earning and why. And if you want to earn more, it tells you exactly what you need to change in your life.
This writeup is about what I took away from the book in terms of advice for entrepreneurs and those that want to earn a lot of money. It’s what I remember as important, and what I think is required to make millions of dollars in a relatively short period of time (a couple of years, not decades).
Don’t confuse getting rich quickly with getting rich easily though. Very different. This book does not claim to teach that, and most books that do are a racket. Plenty of hard work is involved!
Before I jump in, here are the 3 main “lanes” the book talks about:
The author of this book does a fantastic job of convincing you why you should attempt the Fastlane option, and how to go about doing it.
Becoming wealthy isn’t an event. It’s a process. It only seems like an event to the outside observer. We look at somebody who sells his/her company for $50 Million, or who writes a book that sells millions of copies, or develops a piece of software and licenses it to major corporations for millions of dollars, and we say “wow they’re lucky!! what a huge payday.” But the reality is that there’s a huge process behind that event. Often a multi-year process. Usually there are many previous failures, obstacles, and years of grinding behind the scenes. But we just see the big payday, label them as lucky, and move on with our lives. If you want to become wealthy, you need to focus on getting the process down. The payday or event will follow.
Small multipliers = small earnings. If you’re paid hourly, your pay is the number of hours you work multiplied by your hourly rate. There are only 24 hours in a day. That’s going to limit you, forever. There’s no way to grow your income exponentially if your pay is solely from hourly wages.
This can apply to entrepreneurs too. If you open a coffee shop, you’re limited by the space in your shop and the number of people in your town. Relatively small numbers still. If you sell 100 coffees per day typically, you’ll never be able to sell 10,000 out of that store the next day.
To get rich, you need to impact a high number of people. The Millionaire Fastlane refers to this as the Law of Effection. The more people you can effect, the more money you can make.
So what do high multipliers look like?
Let’s say you create a video course to teach a skill that you know (anyone can do this, check out www.udemy.com ), and you price it at $100. Then suppose you spend an entire year marketing it, and find only 1,000 people that are willing to buy it. That’s only 83 people a month.
And you just brought in $100,000.
Both variables in this equation are uncapped (price and # of sales).
Could you potentially get 5,000 customers the next year? Yes.
Can you control how much you charge for the course? Sure. You could add some additional content and extras and raise the price to $200.
This is a Fastlane business in a nutshell.
There are businesses you’ve never heard of, generating tens of thousands of dollars PER DAY for their owners.
Compare that to working for an hourly wage. 24 (the # of hours in a day) probably seems like a pretty tiny number now. You don’t want it as a part of the equation by which you’re paid!
Many businesses fail because they were founded by somebody thinking about themselves. How can I make money? How can I get people to pay me for this?
Completely wrong mindset. Why would somebody buy from you? Why would they care? Nobody cares how much effort you spent or how much time you spent. They care about how your product can help them! So that needs to be what you care about too if you want to make a ton of money.
Your business should look to fill needs. Impact people positively. Lots of people. Impact them emotionally. Help them with something.
I wrote an article on how to value your time properly in the past, and MJ DeMarco hits some great points on this in his book. In short, he says that you need to stop treating time like it’s an infinite resource.
When you spend 30 minutes waiting in line for a free coffee at an event, or you spend 2 hours collecting coupons to save $4, you’re guilty of this.
In his book, MJ talks about hypocrites, particularly financial advisers that will appear on TV or news websites and tell you to build your wealth by saving bits of each paycheck, living frugally, skipping that $4 cup of coffee, and slowly building your 401k.
When you hear this, you need to ask yourself one question. Did they become wealthy from following the advice they’re giving? The answer is no. The person you’re listening to probably created a course, a book, or some other type of Fastlane product. They’re on TV to plug their Fastlane product! They’re making money hand over fist recommending you skip a few coffees a week and live decades as a slow-laner, but they’re doing the exact opposite with their own lives.
In the case of The Millionaire Fastlane, the author did become rich by following his own advice. He created a Fastlane business (a service connecting buyers and sellers of limousine rides), and he shares the details in his book.
No. The book is simply pointing out that working at a fix rated of pay and then slowly saving and investing in the stock market is not going to make you rich any time soon. Despite what all the so-called experts tell you.
Everyone’s situation is different though. Most of my blog posts are geared toward helping people in the corporate world. 9-5 jobs are a reliable way to generate income and can be good depending on your situation or goals.
But the great thing about the concepts in The Millionare Fastlane is that you can test some business ideas while keeping your day job. No risk. Build a bare-bones version of your Fastlane product and see if there’s a market for it. Find a problem to solve and get a few people to sign up for pre-orders (you don’t even need a product at this point!)
If these topics from The Millionaire Fastlane appeal to you, and you’re interested in learning how to become rich with practical steps, I’d highly recommend buying it and reading it for yourself.
I found it enjoyable, and a pretty quick read despite how much info is packed into it.
Do you have questions or comments about this Millionaire Fastlane book review? Or have you read this book and want to add something? Leave a comment below and let me know!