Would you like to get rich while you are still young enough to enjoy the money? This book is one of my favorite business books. It offers advice that can help you achieve your goals more quickly.
In The Millionaire Fastlane, M.J. DeMarco, Viperion Publishing Corp. 2011. DeMarco shares his experience of building his own internet company and then selling it to become a millionaire. He also shares some tips on how you might be able to accomplish this as well.
The first step to creating wealth while you are still young is to create a system that provides income for you exponentially, not linearly. For example, a company that sells products over the internet worldwide operates exponentially, while working at a job provides linear income.
DeMarco divides people into three categories according to the wealth they are likely to achieve during a lifetime of work. Those on the sidewalk spend all they earn and end up with nothing or less than nothing if they carry a lot of debt. DeMarco describes those in the slow lane as the people who dutifully work a 40-hour workweek, save at least 10 percent of income in a retirement plan and wait until they reach retirement age to enjoy life. To get into the fast lane, you need to become a producer, and in Demarco’s world, this usually means a business owner.
Five fast lane businesses that produce passive income include the following:
1) Rental systems: these include real estate, storage businesses, royalty payments from books, owning patents or copyrights, etc.
2) Computer software systems: build applications for Facebook, iPhones, android phones, etc.
3) Content systems: books such as this one, and like the Harry Potter series, or Dan Brown’s books can become large money trees.
4) Distribution systems: Selling stuff on Amazon, QVC, or similar networks.
5) Human resource systems: large companies operated with employees.
The law of math is a wonderful chapter that explains that in order to make millions, you must either serve millions in scale or millions in magnitude.
A chapter on how to evaluate choices makes the book a worthwhile investment for everyone no matter what strategy you choose to leverage your income. DeMarco advocates asking these questions when considering any choice:
(1) What are the worst-case consequences of this choice?
(2) What is the probability of this outcome?
(3) Is this an acceptable risk?
Also, Demarco introduces readers to the weighted average decision matrix which is a brilliant way to analyze potential options before choosing.
Further, DeMarco adds some advice on how to create a good system for producing
exponential income.
Overall, this is a good book that can help people think more about their own financial plan and the choices they are making in their lives in a new way.
Rating: $$$$$ out of 5 This book contains a blueprint smart people can use to earn more money.
Copyright @ 2016
You can find out for yourself whether this book can help you create systems to earn more money by buying the book. This book can be purchased on Amazon by clicking the link below. I paid for my copy of this book the same as you will should you decide to purchase it. I have received nothing from the author or publisher for this review.
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I just finished reading The Millionaire Fastlane and the best part to me was when he discussed scale. Scale is a great way to determine if your business is in the fastlane. He goes on to state to make a million dollars you have to affect a million people. If you like reading a have compiled list of free ebooks from top authors in self help, sales and leadership here https://perfecttraining101.com/sales-and-leadership-books/
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