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A review by boboswell
The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime! by M.J. DeMarco
3.0
In The Millionaire Fastlane, there's a lot of good information here that's a bit obscured by M.J. DeMarco's pretentious attitude. Despite coming off as a bit cocky, he does offer some good information that he sums up with the acronym FASTLANE SUPERCHARGER:
F - Formula - Wealth is a process (formula) of your decisions, actions and habits.
A - Admit - Admission that the typical wealth plan, which he terms "Get Rich Slowly," is flawed; you should have a plan that allows you to find your own "luck."
S - Stop and Swap - Stop living your life by the "slow lane" and live by the "Fastlane." Swap from being a consumer to a producer.
T - Time - Time, especially free time, is your most important asset. Make good decisions about how, where, and with whom your time is invested.
L - Leverage - Leverage the mathematics that create wealth.
A - Assets/Income - Live below your means, control expenses by investing in valuable assets.
N - Number - Determine the number (amount) you need to live the lifestyle you want.
E - Effection - The "Law of Effection" claims that the more lives you impact, the more money you'll make.
S - Steer - Making good choices and decisions on ways to increase your wealth.
U - Uncouple - Removing yourself from the "slowlane wealth equation" and creating a C- or S-Corporation or an LLC, which pays itself first.
P - Passion & Purpose - Instead of "do what you love," find a Passion and Purpose that drives you to do what it takes to accomplish your goals.
E - Educate - Don't stop learning. Find new ways to increase your knowledge.
R - Road - Find a way to get on the "fastlane road," even if you can't decide which road to travel. Train yourself to see potential in the needs and problems of others.
C - Control - "Commandment of Control" states that you should control your financial plan and get involved with opportunities that allow you to fully control them.
H - Have - HAVE something to offer that others WANT/NEED.
A - Automate - Free yourself from time restrictions by automating as much as you can.
R - Replicate - Keep in mind that "Commandment of Scale" so that you can scale up your potential.
G - Grow - Grow your business as a Brand. Treat customers well, differ from competition, focus on your business goals.
E - Exit - Keep an exit strategy in mind and be aware of when it makes more sense to liquidate assets and find a new road.
R - Retire, Reward, or Repeat - Reward yourself for your accomplishments, and decide to retire or repeat the process.
I did find some value in this information and I am glad I read the book. It's a motivating read if you can cope with the author's personality.
F - Formula - Wealth is a process (formula) of your decisions, actions and habits.
A - Admit - Admission that the typical wealth plan, which he terms "Get Rich Slowly," is flawed; you should have a plan that allows you to find your own "luck."
S - Stop and Swap - Stop living your life by the "slow lane" and live by the "Fastlane." Swap from being a consumer to a producer.
T - Time - Time, especially free time, is your most important asset. Make good decisions about how, where, and with whom your time is invested.
L - Leverage - Leverage the mathematics that create wealth.
A - Assets/Income - Live below your means, control expenses by investing in valuable assets.
N - Number - Determine the number (amount) you need to live the lifestyle you want.
E - Effection - The "Law of Effection" claims that the more lives you impact, the more money you'll make.
S - Steer - Making good choices and decisions on ways to increase your wealth.
U - Uncouple - Removing yourself from the "slowlane wealth equation" and creating a C- or S-Corporation or an LLC, which pays itself first.
P - Passion & Purpose - Instead of "do what you love," find a Passion and Purpose that drives you to do what it takes to accomplish your goals.
E - Educate - Don't stop learning. Find new ways to increase your knowledge.
R - Road - Find a way to get on the "fastlane road," even if you can't decide which road to travel. Train yourself to see potential in the needs and problems of others.
C - Control - "Commandment of Control" states that you should control your financial plan and get involved with opportunities that allow you to fully control them.
H - Have - HAVE something to offer that others WANT/NEED.
A - Automate - Free yourself from time restrictions by automating as much as you can.
R - Replicate - Keep in mind that "Commandment of Scale" so that you can scale up your potential.
G - Grow - Grow your business as a Brand. Treat customers well, differ from competition, focus on your business goals.
E - Exit - Keep an exit strategy in mind and be aware of when it makes more sense to liquidate assets and find a new road.
R - Retire, Reward, or Repeat - Reward yourself for your accomplishments, and decide to retire or repeat the process.
I did find some value in this information and I am glad I read the book. It's a motivating read if you can cope with the author's personality.