The Millionaire Fastlane Book Breakdown
The Millionaire Fastlane does sound like a very clickbaity title but after reading the book… it actually does make a lot of good arguments.
For example, the author talks about the difference between making money easily and making money quickly. A lot of Get-Rich-Quick schemes that we see on the internet are selling the idea of easy money. Whereas MJ (I think we’re on a first-name basis) states that they’re likely to be scams. In reality, getting money quickly is possible but will take hard work.
Get Rich Easy — probably a scam
Get Rich Quick — a lot of hard work and commitment and not overnight
Slowlane vs Fastlane
The next thing the book explains is the slow way of making money AKA the Slowlane.
The Slowlane as described by MJ is saving 10% of your income every month. It’s putting that money in the stock market. It’s accruing money over time, and then waiting until retirement age before being able to enjoy any wealth. That is wealth building in the Slowlane.
And that’s the commonest advice we see when it comes to money.
Instead, the Fastlane requires creating a business and getting more wealth in the short term.
Years, not decades.
How to utilize the Fastlane
MJ states to make millions you have to impact millions. But how do you do this?
By creating a business that serves people. But it can’t just be any business, it’s a business that needs to optimize for leverage.
An example of utilizing leverage is a business that is based on the internet. Billions of people have access to the internet every day, so the potential is almost limitless.
The opposite of this is a corner shop. Only the people in the immediate area would have access to it. That limits leverage.
