The Best Book I've Ever Read about Making Money
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- Опубліковано 14 тра 2024
- This video is an overview of one of the best books I've read that tackles creating a profitable business and getting out of the rat race-The Millionaire Fastlane by MJ DeMarco.
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00:00 Intro
00:33 Avoid the slow lane
04:10 Work the process
05:04 Build money trees
10:27 Switch from being a consumer to a producer
12:01 Show commitment, don't just show interest
14:46 1. The commandment of need
15:09 2. The commandment of entry
16:18 3. The commandment of control
17:06 4. The commandment of scale
18:01 5. The commandment of time
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Alright
Ok
Great How to Book of Need Entry Control Scale
best way to get rich is youtube - a harvard student told me
this book is also very famous from james jani
Thinking like a producer instead of a consumer has honestly changed my life.
how. you comented literally on the same day as the video uploaded.
Selfish people are consumers, empathetic/selfless people are producers.
@@PowFlix coz this is how they get followers- lol
@@PowFlix it's from the book.
@@PowFlix because the book was published way before?
The fact that nobody talks about the forbidden book Making Money Your Reality speaks volumes about how people are stuck in a trance
Scammer
Successful people don't become that way overnight. What most people see at a glance wealth, a great career, purpose is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life below ⬇️
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Kudos everyone--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- THESPACEHACKERS *COM ??? DO YOU THINK I WOULD BE ABLE TO GET TO MY SAID GOAL BY JOINING THEM!? So FAR ITS BEEN A CLEAR COAST TO TAKE.
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👍
Hell?
I read this book 8 years ago and it changed my life entirely. I learned to code and made a very profitable passive business entirely based on this advice.
Share the link with us pls
what kind of business? hows it passive?
@Mohammad Al-Shuwaiee The Millionaire Fastlane
I m a software engineer, how did you do it? Few tips might help us
@@robinfelix3879I doubt he will since the business probably doesn't want too many competitors hah. Getting rich is not easy after all! Figure it out yourself!
00:00 Intro
00:33 Avoid the slow lane
04:10 Work the process
05:04 Build money trees
10:27 Switch from being a consumer to a producer
12:01 Show commitment, don't just show interest
14:46 1. The commandment of need
15:09 2. The commandment of entry
16:18 3. The commandment of control
17:06 4. The commandment of scale
18:01 5. The commandment of time
@Abdullah Mubeen joe mah mah
but why?
@@jaidenrichert Those are because of his comment.
👍
Successful people don't become that way overnight. What most people see at a glance wealth, a great career, purpose is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life
You are right,
to be a successful person in life requires hard work, being focus and committed
I've been thinking of going into some kind of investment like Gold, Stock and Cryptocurrency I don't know which one is best at the moment
@@estheralvarez5496 I would advice cryptocurrency own my own side it's been very profitable using my tactics
I agree with you it has been an eye-opening experience :)
Investment is the key to achieving success with the current pandemic
greetings to everyone and greetings Ali, thank you for the brilliant video, I would add the mysterious book Astro Money Alchemy, which tells the great secrets of money and making it, it is simply brilliant, and thank you once again for such a good video
👍
Ali is making me fall in love with the teal and orange grade all over again. You are the son my parents deserved Ali 😆
This 😹
teal and orange? don't get it
@@raia9 he’s talking about the colour grade Ali is using on his new videos
Heck ya
@@ChrisDhegarty Check the terrifying IFR rate of 99.7% survival rate. Quake in your boots.
This book was unbelievable. Not one sentence was wasted and it was written with very direct prose and real life examples. Totally mind-blowing, best business book I've ever read
This is arguably the most repetitive book I've ever read. I can't believe you think not one sentence was wasted.
@@user-bs7vo3be6gAgree. Some useful advice, but waaayy too much time spent ragging on the “slow lane approach.”
@@user-bs7vo3be6g Repetition in different contexts helps with better understanding.
People who downvote a book just because it's repetitive are probably reading for pleasure and are on the hunt for new stuff.
This Book is TRASH! In the Time I read MJ non stop ranting I could have done Work, or Achieved Mastery in a Money SKill. We need to stop Promoting this Book!
👍
Building *Money Trees* and *disconnect time from money* are my most valuable lessons. Revisited my notes from 2020 because of this video. Glad I got some more value out of this book because of this. thanks! ✌🏻
The market is driven by; Narratives and emotions in the short run, Fundamentals and truth in the long run. Use this to your advantage.
Good to remind people of this right now. you buy on fear and sell on greed or just hold through it all for the long term. It’s easy but many forget
@@wiebeplatt4749 sounds interesting. how can one locate this your coach please?
As someone who is SUPER new to starting to think of themselves as a business person and feeling a bit overwhelmed with how there is to know about it, this has been really helpful and validating! Thank you so much fo the work that you do to create this content! You have such a calming and fun way of explaining concepts that can feel dense or difficult to understand!
"The hard work does not have to mean suffering." Really enjoy your videos and your perspective!
A producer mindset is so important. I've never heard that particular phrasing, but it feels like the biggest difference between people who are building and people who are losing. And you're so right ... working hard can be FUN!!!
I'm currently living with my parents and I disturb them all day by telling what I read everyday . I think unknowingly it is a great way to remember what you read. And now I’m currently about 80% through "Playbook to Millions by Grant Cardone. I have read a lot of entrepreneurial books and self improvement books, and this book is my absolute favorite. This book is extraordinary and really gets you to work extremely hard toward your goals in life and succeed at multiple different areas like personal finance, business and career. This is an absolute must buy if you need a push to get you going in business or you want more out of life.
Hope you’re paying rent and your own way while disturbing g them;)
Ali, really appreciate the review. In all the video/blog reviews of TMF (and there have been many!) yours was the best and covered all essential topics. Great job my friend, and a big congrats on your growing empire!
Your book is awesome MJ! I still lack commitment but it changed my take on Life.
Yep he did a great job. Just bought the book on Audible 🙂
Now I have to look for the book.
In the middle of reading TMF and I am hooked. Its made me see myself in a different light. I badly want to change my life now
Fantastic book MJ🙌
I did a video recommending my 4 best self help books to buy. Both the E Myth and Fast Lane were on there. The other two were Shad Helmsteter’s ‘what to say when you talk to yourself’, and the other was ‘The richest man in Babylon’.
Great video mate
Whoa, I read the book like 12 years ago. I need to read it now that I'm much older and wiser. Thanks for making this video.
I am extremely glad I was able to join in when I did. , basically the best decision I ever made this year, never been so happy⬇️
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Been watching your channel for years and I’m still blown away how amazing your videos have become. This was one of the most entertaining and valuable book reviews I’ve seen so far. Even the ad read was gripping dude. Need to learn how you do it. See you in PTYA.
I take Ali's advice more than other UA-camrs.I really enjoy your books and business stuff. can't thank you more. you are such a motivator with logical reasons and words.
Single handedly my the best entrepreneurship book out there.
I cannot really skip any part of your videos. Thanks for deciding to do this full time. You're an inspiration, Ali! Love from Philippines!
interesting to see ali be flustered describing his experiences with "hustle culture". it's a difficult position, because his life and upbrining were very different from the average viewer who didn't have great study skills and great confidence to see any meaningful output of thier hard work. this empty hustle activity for most people only compounds their reluctance for "the hustle" as they get older. i definitely don't fault him, but i think it's hard to speak to the average person's experience with hustles when i believe ali's habits and mindset, because they're so effective, took a lifetime to develop, nurture and hone.
Great summary. I believe good timing is the chief factor that is often forgotten. If your timing is good, you can grow any business. However, if the timing is not right, no matter what you do, you can fail. Therefore, we should be smart and develop a sense of following what is going on around us to catch opportunities on time.
1:05 3 path
2:21 trap slow lane
Lession 2 4:11
5:07 build money tree
5:40 type of money tree
10:30 be producer
11:55 book
14:40 5 commandment
Amazing content (and backlight). Love the idea of the money tree. I have 2 on my list - courses and stock music. Keep it up bro!
The cut to the commercial at 8:35 ish was the best-least ubrupt commercial break i have seen in a UA-cam video.
2:09 " You can enjoy your retirement at the age of 65 when you have osteoarthritis in both of your knees. " : (
This is what motivates me to workaholic in my 20's ; )
You can afford to play for total knee replacements. Problem solved!
Commitment is the hard part. It’s hard to work 40 hours/week, handle family responsibilities, chores, errands, exercise, sleep, AND work on your side hustle.
THIS
I’m reading the book now. I’ve always felt like a member of the entrepreneur club, I’ve had businesses before. But then I had kids and moved countries and changed everything about myself, including my profession. I’m a food photographer now, living from one project to the next. I’m looked at as someone in control of my time because I make my own hours, I can show up to my kids performances and sports events, as well as take a month off and take a trip half way around the world to see my family. But I don’t have savings, I don’t have a house and I know I can have it. I’m desperately trying to think of a product that’s useful and scalable.
Thanks for another detailed and entertaining book summary. When it comes to book reviews you are one of the best, if not the best.
This was a long summary but if it intrigues me enough to wanna read this book, then I think the summary has served its purpose! 👍🏼 Also please don't air quote successful and hardwork, on yourself Ali. You put it in the effort and discipline to get to where you are. Own it. You deserve it. :)
I read his book "unscripted". He is a gifted writer
Thank you so much for the review! I just finished reading this Book last night, it was great! I’m actually probably going to read it again starting today, there were so many great points! I was not aware of this book until I watched this video. It was funny and entertaining, as well as educational and a lot of great business ideas within it. Thanks again!
@@zakyizak5309 are you a billionaire now ?
Blind, are you a billionaire now after reading this book? I bet you are!! I think I saw your picture in Forbes.
@@mikevarga2058 😂
@@mikevarga2058 how about you
@@mikevarga2058 you still alive?
Yes have a backup because UA-cam is killing its business with all those adverts. They are more of them and they get longer, Google/Alphabet are really too greedy.
That was helpful! Thank you!
Avoid this man who is giving his Whatsapp number and pretending to be as Ali Abdaal
@Narendra Kumar Mourya yesss bots and paid likes / comments .. If you keep looking at his other videos you'll see same people making same comments over and over again..
Just found you ! I'm trying to start a blog & I am loving your content!
That is so awesome! 👏🏻👏🏻 That is something I am looking into adding to my online presence!
Best of luck for the blog 👍
I saw this book as a book recommendation on bigger pockets. I love book recommendations but I tend to buy books much faster than I can read them. I purchased this book and haven’t read it yet. I also just purchased the Psychology of Money due to your video.
Love these book reviews. Really great idea and useful info. Well done.
Authors like MJ are pretty rare. His honesty level is just commendable!
Plus
1989:565
26:80
Guys Suggest me some best self help books which works in all areas of life please 🙏
He is an inspiration for all young people
Yes that's my favourite book as well. MJ Demarco is really a straightforward author and entrepreneur.
Awesome book review! I’m going to add this one to my audible cart ☺️
love how you summarize the book into actionable plans, makes me even more interested to read the details and put things into practice.
This was such an amazing video, Ali! Perfectly summarised the book.
The interesting part about the Law of Effection is that it applies to employees as well as entrepreneurs. Your employer pays you based on how much effect you have on others and how many are affected. That's why the CEO gets paid so much more than the janitor. The janitor's effect is that the people he cleans up for don't have to do it themselves. The CEO affects all of the employees and all of the customers.
You kinda give me the motivation to get doing my stuff. Hopefully you keep making videos man.
Maybe a long summary but you were good in talking fast yet clearly enough to understand all the points. Great work, thanks
65 year old: Ah, I finally retired. Time for my vacation!
Osteopetrosis: Oh! I am coming too!
Your last recommended ‘The unfair Advantage’ was worth a million Ali n this one seems to be as valuable. You rock buddy👍👍👍
Hey what is it about
Thank Ali. Super helpful, I was skeptical 🤔 but now I’m clear about this book.
I Bought this book after watching this video, and by far it is the best book that i have ever read in my entire life. Really great book, tons of stuff to learn. THANK YOU so much for sharing this!!!
life changing book
Yes mate, Jeffrey would love it too
This is sick 😂😂
I watched this video at 2x so I'm already in the fast lane buds.
🤭 2x Ali speed?!! 🙌🏻😁
I really appreciate this! Even the break down of what "quick" actually means...I know it's basic but it helped me see a few things differently as normally I'm already eye rolling by now with the click bate type of titles and grabs... this was good! Thank you!
I almost watched every video you published, very inspiring, thank you so much for your sharing.
I should be a billionaire with the amount of millionaire making videos I’ve watched at this stage
Ali is slowly turning into an entire economy
Love ur recomendations, will read it!!
Thank you, this was extremely informative. I have to buy this book now
Ali, You're so lucky that you have thousands of friends from all over the world. So much love for all hardworking students. I am so excited to be connected with friends from different regions. Ans I need ur kind support ❤😊
lol - new account created for a fake comment coming from god knows where ..
This book is exactly what i need.. My psychology on money has always been this but could never be sure i was right.
Thank you so much for creating this video, it was wonderful to get to know how wealth actually works and how to build our way around it, love the video!
This is such a brilliant book. Best book out there to shift mindset!
Love the review this book sounds very similar to 10 pillar of wealth
I knew there was another faster way than the grandparent way!!!! 🎉🎉🎉 I’m getting my the book thank you!
Had the book for years and never finished it. Thank god for your book club
Thinking like a producer instead of a consumer has honestly changed my life
paid comment
@@10lbslighter If it is a paid comment, then that would make them a producer, because they would be getting paid to produce comments.
Man... this made me actually take a shot at building a product as a side business.. Not sure if very smart or very naive
Great advice! Thank you for sharing your wisdom!!
Thanks for the part where you talk about hard work! Kinda getting discouraged sometimes when business doesn't seem to be doing as good as prev weeks but consistency really is key and hard work really pays off ++ enjoying your work 😁 Rest when you have to and love the process ❤️
Excellent summary, I think we’re almost all taught to go to college, get a job, and save money to slowly become a millionaire. My favorite parts of your video are when you explain the difference of a consumer and producer mindset. The idea of creating scalable systems to make money versus something that isn’t scalable (i.e. barber cutting hair). And the point about effectuation, you have to effect millions to make millions. Can’t do that selling lemonade on the corner, time to start making great UA-cam vids like you Ali!
No we do those things not to become millionaires, but to contribute to civlization. Theres more to getting a higher education than to just get rich
@@milkdoubt8837 people only get higher education to make more money for themselves. Their contribution to society is just a byproduct of that so obviously if people could get rich in other ways they aren’t really concerned with their contributions to society as a labourer
Yes! So happy to learn other viewpoints on this subject and not only what colleges and universities teach ☀️
@@milkdoubt8837 I agree there's more to getting a higher education than getting rich. I'm a community college teacher and every semester I have my students calculate their expected loan payments after they finished their desired degree. College tuition has risen dramatically since I graduated, my payments were manageable as I was just getting started. But today it's easy for students to graduate with overwhelming debt...especially if they leave the affordable community college and head to a private University that doesn't give them any scholarships, etc.
Ali you do such an amazing job creating content that is engaging and overflowing with value
But he talks pretty fast, not good for ESL people or slow listeners...
This was a great summary, thanks Ali!
This is probably the best video summary i've ever seen about this book 👍
I realized that the secret to making a million is making better investment. I always tell myself you don't need that new Car or that vacation just yet and that mindset helps me make more money invest:ng. For example last year I invested 70k in blue chip stocks and crypt0 s (with the help of my advisor of course) and made about 380k, but guess what? I put it back and traded with her again and now I'm rounding up close to a million. Delayed gratification always pays off
@Stacy White I found her on a CNBC market interview, so I looked her up and we begun our awesome partnership
@Stacy White .You can connect with her on what'saap
+150
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I really like this book. I read it and you gave a great summary of it. I find it funny that we both think you have to read some parts with a grain of salt lol!
Much appreciated, Ali. Always extract the best things to share with us!!
Thanks for all your information about creating "passive income business". I saw you on Lewis Howes and now I'm following your You tube and blog. I have this book but have not read yet, I will! I've been working on "passive income business and REI investing" for 11 mos now. I'm learning so much. My "career" is Nurse Practitioner and the Medical Field has burned me out, especially during all this pandemic. I'm having a blast building my businesses and people like you are helping tremendously! Thank you!
This is the book that got me into entrepreneurship. Highly recommend it to everyone.
what did you build? is there more in the book than the summary?
I like when he said a stupid country like America that killed me 😂
That aside what a great review! I definitely was repelled by the name of the book but now I am going to read it.
Hi Abdaal, You are really amazing, honest and you're making impact to our mid set. Thank you so much Man!
Great recap, I actually listened to the audio book. Watching this video recapped some points I missed 👍🏼
Yeah, this is the reason why I subscribed to this channel. Thanks for standing up to that potential again.
This video shook me. I was not aware of having the consumer mindset, I am wondering if I can train it to become a producer; it seems like some people are naturally more inclined towards one or the other. Ali's videos have become so professional - the image quality and the contents (so to the point and efficiently presented) have greatly improved since the earlier days; it's a joy to observe that. The funny thing I noticed is the speed of Ali's speech - unlike other videos on youtube that I watch at least 1,5x speed, I almost want to slow down Ali's to process the information. Thoroughly enjoyed this one, let's see what I can do with the information I learnt 🙂
Wow what a great video. Thanks Ali. Will look at reading the book. Your channel looks really good too. Thanks
I read Rich Dad Poor Dad a year ago. I think it talks about a lot of the same concepts!!!! I wanna read this one too!!!
Let’s say a single mother wants to make money, she is super ambitious. Well, she also has a child to take care of. Since you do so many productivity videos and was actually raised by a single mother from what I understand from your videos, would you please do one such video.
I feel like I know all of this information as an accountant and general business interested person. But my issue is that I don’t know WHAT to create! :(
In the same boat as you. I'm not sure what my passion is.
@@supercrazydesi how would you spend your time if money was no barrier? I mean if you could make the same as you do now but your time could be spent in anyway you choose?
Man your production Quality is so good.Like MJ falls in love with Lamborghini in the book,I love your production Quality.
I agree with your comment on “hustle culture.” There are a lot of people at the top of their careers that tell people just starting that investing time and hard work is bad for you, yet without that time and hard work they necessarily wouldn’t be where they are?
ᵂʰᵃᵗˢᵃᵖᵖ♱①②④⓪⑧⑨②④⑥⑦④
Thanks~~~~
I agree, it’s my favorite book and I’ve read it several times.
Me too
The sad part is that even if it is extremely useful to switch from a consumer mindset to a producer mindset, the producers are nothing without their consumers. So if more of us turn to being a producer and less of a consumer, even if we do that to a small scale where we don't build wealth but we stay out of debt and live a decent life, it is going to affect the producers. Because even if your product is amazingly good and relevant, if more and more people consume less than they did before, producers will suffer. Hence why a lot of products break after a short period of time nowadays so we could buy even more. What I'm saying is, even though Ali's advice is good and inspiring, the whole system gets me down sometimes because it is based on infinite consuming and infinite resources from somewhere.
Is that English?
Disagree. Producers will still buy stuff, except that they become more discerning and not fall for the usual tricks like deceptive advertising, etc.
I’m not gonnna lie I really don’t understand your point but the feeling I get from it is that you just need to believe in yourself more!! Instead of telling yourself all the reasons you could Fail tell yourself all the reasons you can succeed!!!!!!
Need to use slow lane as a base, but build quick lane on the side
in rich dad poor dad, it is said that in order to get into fast lane, you need to have your own assets which one of it is a business system, its amazing how this book (specifically this video,) explains what type of system that available out there, it just make the point looks way clearer :O
Please make more amazing videos like that.
I personally think one should be connected with TIME in atleast one area where you are called expert. The expertise generates cashflow especially during bad times and good times without having assets and money trees, gives confidence and above all the Respect and confidence. Infact its the center to building wealth. You have one area connected with TIME and rest can be disconnected.
Ordered 😀Thank you for the book review.
Thanks for the summary man but most of these ideas are already available or shared on social platforms. Didn't really find a unique one. Anyway, keep up the good work!
dude - this guy is a sham. Look at the comments on his videos - same repeating comments from same / new multiple accounts.Use your logic and reasoning ..this guy has severe attention seeking deficiency.