The Millionaire Fastlane ► Book Summary (ft. MJ DeMarco)
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- Опубліковано 23 лип 2024
- Learn how to become a millionaire fast without the bullsh*t in this animated book summary of The Millionaire Fastlane by MJ DeMarco. The bonus interview features Brandon Nankivell and the kick-ass author MJ Demarco.
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[1:00] LESSON 1: The 3 Lanes
[1:05] LANE 1: The Sidewalk
[1:55] LANE 2: The Slowlane
[2:30] LANE 3: The Fastlane
[2:47] LESSON 2: The 4 Elements of The Fastlane
[4:13] LESSON 3: The 5 Commandments of a Fastlane Business
[4:24] COMMANDMENT 1: Need
[5:14] COMMANDMENT 2: Entry
[5:59] COMMANDMENT 3: Control
[6:44] COMMANDMENT 4: Scale
[7:10] COMMANDMENT 5: Time
[7:48] BONUS: Interview with MJ DeMarco
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This my favourite book regarding financial/money so far.
The most logic, the most correct and the less bullshit/theory book ever.
Oath.
It's one of my favourite, too
Thanks for the Video! Apologies for the intrusion, I would love your initial thoughts. Have you thought about - Schallingora Brain Reconstruction Scheme (probably on Google)? It is an awesome one off product for learning how to acquire the mind of a millionaire without the headache. Ive heard some amazing things about it and my mate at last got cool results with it.
Lovely Video! Sorry for chiming in, I am interested in your opinion. Have you thought about - Schallingora Brain Reconstruction Scheme (google it)? It is a good exclusive guide for learning how to acquire the mind of a millionaire minus the normal expense. Ive heard some incredible things about it and my GF got excellent success with it.
Indeed. Can anyone suggest other books that's similar to his book? Tia
Reading books has really skyrocket the way I think about investing. Indeed, no one has ever got rich by saving money. If you want to become financially free, You need to Invest. I've come to realize that the key to amassing wealth lies in making sound investments.
I’m trying to get onto the investing ladder at 40. I wish at 55 I will be testifying to huge success!
Whichever firm you select, make sure you get your insurance from a reputable financial adviser, such as *Jenny Pamogas Canaya,* who has dedicated her career to financial planning. Because they will assist you in escalating, navigating better, and completing the task in a safer manner..|
I've come across several positive endorsements of Jenny Pamogas Canaya on various platforms, including UA-cam channels, seminars, and more._.
Thanks to these recommendations, I successfully located her online profile and have already reached out to her with a message
DeMarco actually says in his book, 'There is a get-rich-quick. However, there isn't a get-rich-easy.'
This is the only book you need to think out of the box, change mindset about getting rich a d how you can achieve it. I stopped reading all other self development books when I came through this masterpiece!!
3 years. How did life change for you?
This book is one of my favourites about finance, a real milestone!
that entry stuff and that "accept rather than use" are the best ones for me.
This and Unscripted are my favorite best money business life philosophy books. I threw all the others in the trash.
Differently one of the best books I've read. Lifechanging! You explained the video very well, good job!
Awesome! Thank you for making this video!
Golden rule to avoid side-walk---- IF YOU CAN"T BUY 3 ..DON'T BUY 1..
OMG that's my principle
MbeastielGaming yes
👏👏
what you mean by that? if we cant buy that item 3 times, we shouldnt do it then?
@@will-wowdk1930 It means if you can't buy something 3 times (because you don't have the money to buy it 3 times) ... then don't buy it once at all. People lose money by not being strict with what they can afford so applying that rule helps.
Thank u so much! Appreciate ur work buddy! Keep going!
Yo friends of OnePercentBetter!
Chiming in to say I hope you enjoy the video and especially the conversation with MJ DeMarco. He retired at a young age. He now owns Lamborghinis and does whatever he wants, when he wants. And here's here to each us how to do the same. I haven't come across a more authentic dude.
I'm in Hawaii right now and will be heading to the west coast in December, right after I partake in an ayahuasca retreat. If you have connections on the west coast or want to meet up, flick me an email at brandonnankivell.com/contact
I'm also getting more on the Instagram bandwagon so check me out there: instagram.com/onepercentbetter/
Let me know in the comments what your biggest reading struggle is!
Best,
Brandon
P.S.
If you find subtitles helpful, check back in 24-hours then click subtitles button on the bottom-right corner of the video!
OnePercentBetter This is my first ever comment on your videos after following yoir channel and watching most of your videos.
This is really a CRAZY coincidenceI as I just had my uncle advise me a few minutes ago to MAX OUT my 401k. DeMarco said it right. Those are sure ways to get to the sidelane and slowlane.
I really really like your videos. Keep them up! They are very insightful.
I look forward to the next videos.
MJ is giving some real talk here. No offense to your work but the second part is really reach in content!
Thanks for commenting Feudjio, I appreciate your support big-time. More on the way.
Definitely!
this video is really helpful .. thank you so much for making this
MJ interview!
My biggest problem with reading is allocating enough time per sitting. Like, I can't just read for 15 minutes in one sitting, 3 times a day. I can remain focused for 25 minutes at a time.
But am often unable to have those 25 -30 minutes (someone interrupts, and stuff).
-Hamza Ali
Thanks bro u really solved my problem , i always nervous that i need to learn everything before taking action
Thank you so much 1 Percent Better and MJ DeMarco
Very good book summary thank you, first one i've watched loved the style
Glad you enjoyed. Watch one of my recent book summaries and let me know if you like the new style! -Brandon
Love your content Bro . Greetings from Dubai
I follow your Arabic content, from Mogadishu Somalia.
Love this great video!
This video is gold🥇.
I remember reading this book. It pumped me up so much. I think the deal with all these personal development books is that they don't necessarily give you answers, but they put you in a state of mind where after you're done with reading it you're elevated. Sort of like sitting down and meditating and then being mindful when you're done! Great video Brandon, always delivering the goods!
The goods will prevail
I would disagree!! You aren’t reading the right ones then my friend! But yes they certainly elevate you!
@@TribeOfCooks Do you have any recommendations? I would greatly appreciate it.
I love this book - absolute must read.
Really good summary. Anyone find an audio book on UA-cam?
You did an excellent interview. I'm pumped to read "Unscripted" now! Thanks man talk shortly
Thanks for this.
I love to read I tend to read a lot of mystery books and romance Novels but when it comes to self talk books and books that about business I tend to take my time reading them, and some time I can't relate to the info
Those scammers especially those webinars. Amazing !
Don't pay anyone that says "pay me and I teach you how to make money"...ever...ever...ever...you know who those people are...good luck....
The Commandments (remember CENTS):
Control - Being an affiliate means you don't have control of your business. Same thing for only relying on Google or UA-cam.
Entry - Can someone get the same "business" as you in a couple days? If so, you might be screwed.
Need - Are you creating stuff people actually WANT, or are you doing what YOU want?
Scale - Can you franchise, outsource, or make money in a way that isn't connected directly to your time?
Time - Are you detaching yourself from trading money from time, or did you just trade a job for a "job?"
it sounds like a great book. let me read it. Thanks
hahaha ...Make a seminar and charge 1000$... Loving your Interviews :)
Hahaha, this interview with M.J. is priceless :D
Good name for a book, good guy.
The fallacy of the book is that it promotes benefits of certain strategies but ignores the costs. Basically, you need to consider the trade-offs.
So, for example, it is nice to be in business with high barrier of entry, but to get to that position you need to pay the price .... Which is the same barrier of entry. Should you pay that price? That would depend on the price itself as well as the benefit you hope to achieve.
Now the price you pay, and the benefit you get also depend on the estimates of everyone else. If too many people think that it is a good idea, then the demand to enter will increase, which will push entry price up higher, and then there would be too many people in the business which would decrease the profit in the business. In that case you could say that market has overvalued that particular strategy.
So what you want is to find the strategy that market has undervalued (AKA a good deal). That could be an underpriced opportunity with barrier to entry, or low barrier to entry opportunity that few others discovered.
Same is true for having the control in your business: it will cost you and you have to figure out if it's a good deal.
Nice. You're more direct to the point than other cutesy summarisers.
Can you do hard times create strong men. I feel like you'll do an amazing job at summarizing that book
Gym 4-5 times a day? what a savage
true badass
You dont have to go to gym to become healthy.. . All u need is to spend a 20 min - 30 min workout 5x a day and improve on ur diet.. Just biohack it.. I think going to gym is just a waste of time except if you're an athlete or obsess with body building.
@@ChumsPelaez your wrong
Can you please do an animated book summary of the dhandho investor ..thanks
I love this very realistic
Nice video! So basically we need to create a scalable business that solves a problem and then automate it to get complete control of our time?
I really liked the “do the fucking work” haha and also the idea to start before you are ready.
FUUUUCKKK
Interesting... Visible Success makes attraction view from the public.
I like that he was honest enough to rek you, and that you still posted it. However, I think there is space for a young 'life coach', who can relate to the people and challenges of your demographic.
I like his ideas of 'fucking do the work' and not wait to be perfect, as well as not to chase low hanging fruit.
Yeah, he was honest and straight up. I appreciate that.
Great advice! 😘
xoxo
I love this book! It shows clearly the path to wealth! But here is the problem I have with this what is suggested: why can't people take the "slowlane" in conjunction with the fast lane? MJ was saying he was working as a limo driver and everyone was not happy with him day dreaming about business before he made it with his limo lead generation. I don't think it makes sense to drive taxis because you're "too ambitious" for a normal job. In my opinion, the best way is to work a normal job that your parents would be happy with, and shoot for your fast lane business at the same time.
And that's what many have done - It wasn't explicitly mentioned in the video but I can understand how that so called problem could be inferred from the video. Do what you have to do in the slowlane until it turns into a fastlane!
Nice video
No worries mate
Epic
Thanks for the book review you did a real good job one thing I disagree with in the book is that the author says, you can't start a business just to make money. That's a bunch of bullshit. That's exactly how and why I started my wholesale business 27 years ago..I needed to make money!!! I found consumer products that would sell well and help stores make a great profit. Always remember book authors do not know everything and a lot of them haven't even been out in the real world in business
Fair point!!
indeed.Thats why everyone is here in the first place
I doubt you really understand what MJ is saying here. What is bringing you money eventually isn't your desire to get money. And that's the point. Focus on what brings the money in, and that's providing value.
1:45 that hairstyle tho 😁
YOU ARE ONLY 19!!! Haha! Nice one!
I like this denunciation of those scammers that are spamming the web these days. Those so-called personal improvement guru and other "entrepreneurs" are dangerous for the whole UA-cam generation because nobody wants to do the work anymore!
Yes, I agree that this is a problem :D Everyone wants the freedom.
Buy my life coaching plz, only 5 payments of 59.95 with 30 day money back guarantee
On the other had, those who do work hard and want to break barriers... are more easily to get rich. Everybody is searching for short cuts.
Biggest struggle while reading.. Only some books are Loaded with pure Gold stuff.. Other books have some important point here and there but They put so much crap to fill up the pages !!
Damn right!
I like this book
Great video. I have an example who retires by the way of the fastlane. A friend's friend of mine is a sole supplier of bamboo stick that serves the panda in Canada. Its a great barrier to link between the bamboo and the pandas in the zoo. But once the logistics are hooked up, this entrepreneur just sit back and earn the easy money while she sleeps. As long as the cute panda in the zoo doesn't get retreated by China. Another example is, I heard from a TV show about a retired person in his mid 30s. He said, to retire early, you don't want to own the retail store that sells stationary, you want to BE the sole supplier of that unique eraser in the store that pays no rent, and supply to multiple stores. Hope you agree to what I wrote. Good Luck.
I love your quote on "He said, to retire early, you don't want to own the retail store that sells stationary, you want to BE the sole supplier of that unique eraser in the store that pays no rent, and supply to multiple stores. " and i am interested to learn more about the idea.
What TV show was this featured in?
Thanks and have a nice day :)
@@bestassump sad , didn't get a response 2 years later
Hi I'm frnchy speaking. I must challenge a faced in reading is distraction. I 'never an entire book in my life. Can I have some advices ?
Read
Does this mean MJ DeMarco is going to be on the podcast?
I guess so. Man he's got some fantastic guests on so far from what I've seen. I'm looking forward to this podcast.
Maybe ;)
Because I've been recording since February so many of my views have changed, some segments I'm tempted to crop out but I'm committed to keeping it raw and real. Will show how I've changed as more episodes are released in the future.
Very nice summary, I really like that you added the interview to the book summary. Also, for those reading, below is a powerful idea I enjoyed from the video (badly paraphrased):
"No single source of information will solve all your problems. Being an entrepreneur is about focusing on learning about the problem that you have in front of you right now and then fixing it. You’re essentially becoming this huge long time problem solver; it’s called kinetic execution."
Fastlane is hard guys. Its f very hard. I tried for months. Yes improvement is, unimaginable. But at the cost of discipline and willpower drain.
In addition, to survive fastlane choice, you should mix MJ implement alongside with Tim Ferris, maximize time efficiency, otherwise you would be burn out yourself
Have a goal and write it down daily to master your will power
Go to the gym 4-5 times a day !
I’ll give you the answer “why it’s him” that he didn’t think to give you. It’s because he’s already made his money. So he can tell the truth. He doesn’t have to try to scam people with crappy information that “sells”. He’s free to tell the truth. Plus, he’s obviously a cool person that respects honesty and truth.
The only thing i want is a rolex submariner blue gold lol
Buy the book. Read it twice and really try to understand what it’s saying
I started a tech company and I have to work a lot. But I will be rich if my company gets clients
you're still in the slowlane.
only if you can sell i for enough to retire in luxury immediately are you in the fastlane.
I got to raise the same issue I had with Rich Dad Poor Dad. This book seems to have no concept of class, or the extreme difficulties of class mobility. It also like Rich Dad Poor Dad seems to show open disdain for poor people and proposes a personal business model that would fall apart if everyone did it, meaning that to be a "fast laner" you need to have people in these slow lanes and sidewalks, essentially legitimizing a permanent underclass.
Step Back History I have noticed a very similar phenomenon in these books, but I don't agree that it is disdain, more like it is explaining how the system is rigged against the working class with the majority of all taxes being paid by employees.
Despite the fact that minimum wage employees literally earn the minimum allowable by law, yet the system taxes them at the very highest rate, high than the highest tax bracket in fact because the high income earners can pay to use loop holes that low wage workers cannot afford.
@@hexadecimal5236 the minimum wage employees(under a certain amount) don't have to pay any tax to begin with. Middle class probably pays the most in taxes if not the rich. Another way of looking at tax is it's a way to contribute to the country, just like how the big companies create more value than regular workers so everyone's doing their bit and the law rewards the stimulation of the economy. That's the bottom line not everyone is focused on it.
@@jameshuang2677 Yes, but then how many companies destroy their societal contributions from pollution, bribery and corruption, mass lay offs, mismangement of public funds, bribing politicians for billions in government loans and using those loans to give the managers $100 million per year salaries.
The US, Japan, China, EU, all countries have this problem where yes corporations contribute and build beautiful things, but then they corrupt the government systems around themselves to such an extent that the government systems don't work for the good of the people, they ONLY work to service the corporation.
Even food stamp and government housing contracts are given to SELECT Corporations.
It's the same game everywhere, extraction of time and resources from local populaces and natural resources to distant cities and places of management. But I'm not against corporation, I have an MBA and understand they are like children, The People must act as strong parents and guide them.
It must be regulated by nationalists and people with strong morals or the corporations become kingdoms, which may be happening.
Read: Jennifer GGovernment
en.m.wikipedia.org/wiki/Jennifer_Government
A major thing about mj demarco that most people don't realise is that he started a website which didn't require a large upfront cost/cost to scale. That's why he was able to become a millionaire young and also have time freedom. He did this during the dot com boom. If you created a different type of fast lane business you might not reap the rewards until a later age in life because of the extra capital required. Also if you fail with a higher capital business and go bankrupt you could be financially ruined for a long time. This is why if you do want to become rich young like the book suggests you should look for a fastlane business idea that requires low unfront cost and preferably an online business.
Everyday Millionaires by Chris Hogan shows the slow-lane approach to becoming an everyday millionaire
Do basically start a business selling something everyone needs at a profit, be a temprary workaholic to maximise time to profit ratio, sell the business at a huge profit, reinvest and repeat until rich. What percentage of people who tried this got rich?
Always remember that inspite of their financial advice most of these gurus are just book sellers and are not implementing the stuff they preach themselves.
I read well
Don't chase after money, chase after need? We really don't NEED a lot in this world, just food and clothes and be content with these simple things. Everything past these is a want. We don't need adidas clothing, we need just Joe's shirt and pants and shoes and socks. We really don't even need a roof over our heads, in fact, this guy is making MONEY off the people who buy it and this book is not even necessary. Farming, growing your own garden, getting material to make your own clothes, that is good enough. Finances is about making MONEY past your needs. We don't NEED to create dependency on others unless there is handicaps (that is not their fault). Other than that, stand on your own two feet and work and think to become financially free to buy the things you want.
why did you delete the vid w shrooms?? ):
Translates please for speaking indonesia
thank u
YOU'VE TALKED TO MJ!!!
YEAH!!!!
How to remember what you read
Focus on what you read and imagine all of it like it is a movie!!!
Very interesting but mostly applies to people who are middle class or somewhat upper class who have the means and the time to pursue the "fast lane". Understand your position before trying to pursue these methods. People don't stay in the side lane because they want to, they might not have the skills, time, money or opportunity to do something else. They might be stuck in a extremely poor nation, might be suffering from health issue, might have survived tragedies or have to put bread on the table for their entire family. 80% of Humanity lives under 10$ a day, and a over a billion humans make a dollar or less a day. Its not because they are lazy, its because they are stuck in a vicious cycle and a system reliant on exploitation. Those who are lucky enough to pursue the "FAST LANE", please do so, but understand that not everyone can and also don't blame yourself if you yourself can't. As Rutger Bergman discussed in his ted talk and book, those born in poverty have less than 10% chance to escape no matter how hard they try (according to statistics) and that is the bleak reality we live in.
Hii
Is it a whole book summary? Does this mean I don't have to read the whole book?
I do think we can learn from rich dad poor dad
Yes I learned alot from rich dad poor dad
Go to the gym 4-5 times a day?! 🤯🤣
I would like to say that many 19 year olds have "endured life." Be it mental illness, death, health issues... Even homelessness.
Lionzeal? 😮
Does trading count as entrepreneur
No. But you could technically earn a lot from trading.
Yeah you can build a trading robot that is an automated strategy that will take a trade based on confirmation and manage trade to move stop loss and take profit
The rich doesn't have two heads rather the poor have no proper information to multiply their income. Investment is the key, it has always worked for me and it can still work for you if you have the right information.
But don't u need to buy a stock to sell a stock
If you're the owner of a company, you sell your stocks.
First one😊😊
“Go to the gym 4-5 times a day…”
I Get bored fast
Why?? Where is your life going?
first comment.. a 40-year-old can still be inexperienced in life, simply from lack of experimentation.
it is narrow minded to believe that a 19-year-old can’t be a life coach and distil wisdom for others..
most live doing the same thing day in and day out, year by year.
19 year old life coach haha ! That's like a 40 y o telling a 90 y o how to live longer by not eating fat, drinking , etc.
Or write a book before this book reading trend slows down.
Biggest problem with reading? Getting somthimes tired or bored while reading.
Thanks Jan - I'll consider addressing this in future content
To much streching by your folish examples
NOT GETTING TIME...DUE TO OTHER PRIORITIES
Go to the gym 4-5 times a day and you’ll be rich
Dude your interview with MJ sounded so forced, like if you were trying too hard to make him feel good about himself. It's not a bad thing, in fact it shows you want to be nice guy but it also shows that its not the real you he's talking to. An example:"Classic MJ, classic." sounded extremely forced imo. That's just me I could be wrong but thats the way I see it.
My god these are the dumbest questions I’ve ever witnessed in an interview. 🤦♂️
A quick question for you, guys did Any of you get rich quick, thanks to this book, cause to me it seems like piece of crap mostly stating the obvious or talking about shit that has no practical use. Like those commandments
1 LoOk fOr thE nEed because apparently for someone to give money to you you'll need to fulfil their needs in some way (does he genuinely think we are That stupid? And if yes well then we obviously have no hope of understanding needs of people better than tens of millions of our competitors and if we can't reliably do so then they will have our niche and we'll go broke)
3 OpEn sHit wItH hiGh EntRy bArRier
(If you have hundreds of thousands of dollars MINIMUM needed to do so then you might as well throw this book out the window and congratulate yourself with retirement)
13:32 - 13:39 GUILTTYYYYYYYYY
The vocabulary of the book is so difficult, not easy to understand for non English speakers
A major thing about mj demarco that most people don't realise is that he started a website which didn't require a large upfront cost/cost to scale. That's why he was able to become a millionaire young and also have time freedom. He did this during the dot com boom. If you created a different type of fast lane business you might not reap the rewards until a later age in life because of the extra capital required. Also if you fail with a higher capital business and go bankrupt you could be financially ruined for a long time. This is why if you do want to become rich young like the book suggests you should look for a fastlane business idea that requires low unfront cost and preferably an online business.
He said higher barrier to entry, not higher capital necessary (that was just an example).
What he means is avoid starting a business which is highly saturated.
@@manasmahanand732 Yes but he started a low upfront cost business so he was able to turn a profit on that cost faster than someone else starting a high upfront cost businesses. He doesn't mention that but it was the key to him being rich younger.
@@lp5398 He does mention that in the book. Have you not read the book?
He mentions that, and yes he was there at the right time with to make it work as well. But even now, there are thousands of successful online businesses.
Just pick a need that needs solving, and work on it.
@@manasmahanand732 Yeah cheers for the advice now get off youtube and get to work on it