THE MILLIONAIRE FASTLANE (BY MJ DEMARCO)
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- Опубліковано 4 чер 2024
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In this video I will summarize my 5 greatest takeaways from MJ DeMarco’s The Millionaire Fastlane, a truly inspiring book that may be able to change the way you currently think about becoming wealthy.
Playlist of books on how to start your first business: bit.ly/391czmD
Top 5 takeaways from The Millionaire Fastlane:
0:00 Intro
01:29 1. The Sidewalker, The Slowlaner & The Fastlaner
04:24 2. The Mathematics of Poverty & Mediocrity
07:19 3. The Mathematics of Wealth
10:03 4. The 5 Fastlane Commandments
12:57 5. The Law of Effection
TL;DW:
- Your beliefs form your actions. Try to change your attitude to that of a fastlaner, and you will see results in your personal finances down the road
- The sidewalk is mathematically predisposed towards poverty, the slowlane is predisposed towards mediocrity and …
- The Fastlane is predisposed towards wealth. We want to stack the mathematical odds in our favour.
- A Fastlane business should fulfil as many as possible of the following 5 commandments: control, entry, need, time and scale
- Provide value in scale or magnitude to become a millionaire
My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there - investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties - I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process - upgrading your money-making toolbox.
Playlist of books on how to start your first business: bit.ly/391czmD
Indeed A great way to communicate and educate people about new market trends and investments.
I sent you an Email. Just check them out. 🙂
Heĺlow!
I would like to request your advices in my personal development please send me your what'sapp number or WhatsApp me through 0767783399
interesting points ,if anyone else needs to find out about mind tricks to be successful try Magic Progress Shortcut ( search on google ) ? Ive heard some decent things about it and my partner got great results with it.
😂😂😂😅
This book changed my life. At 18, I quit my job and left all the 9-5 behind. Now I live on the streets and eat out of the trash
is this true lol
Well, I guess, if thats what you want, your dreams, etc...You pursued them... So, that's good...Right?
That's the flip side of the coin no one talk about
@@kartikeyagupta1466 this happens rarely if you live frugal and are willing to grind a part-time job during the early days..
Getting homeless is a vicious cycle where it’s difficult to get out. But as long as drugs aren’t your thing, there is no economic crisis and you have a working brain, getting homeless is also of pretty low probability...
@@kartikeyagupta1466 Every millionaire talks about their harsh backgrounds.
To move in a fast lane play this video at 1.25x speed
Yo the one
2x and skipped through it. Cheers
Did it at 1.5x - Woohoo!
Lmao!
No wrong. Fastlaners don't watch this type of video.
Starting a business is easy, but having a successful one is hard as hell
Fact
Few people understand that it's so true
Off course Fastlane isn't for anyone .
@OSRS RSPS not true
especially when there’s no customers interested in your product you are selling
This book changed my life. I read it and a few months after I quit my job and started my own software startup. That was 5 years ago.
I'd love to have some business tips from you. dankwa.sampsondl@gmail.com
@Digong DU30 The book was published in 2011, that was 9 years ago.
may u fullfill ur dreams....all the best work like beast
How’s the business going?
@@_MoneyMike_ Still going with its ups and downs. But best decision I've ever made. Not easy at all, tho.
'Here is an ad for you' I died lol, never been happier to get an ad.
Best part of the video 😂😂
That was a curve ball..
Robert Vink same here 😂
haha and I was not gonna skip it until it said the ad was 47mins 😂
I am thinking about a new type of restaurants: eating-spots
in eating-spots, food keeps changing, chefs also rotate
this is opposed to current restaurants,
thanks to this rotation of food and chefs, eating-spots are more powerful than restaurants,
along with that, there is an app,
people vote for the food that will be cooked in the next days,
menu is influenced by the live input of the people via an app
Here's an ad for you.
Me watching using UA-cam premium: lol.
The principle is exactly the same, because you are paying Google for your UA-cam premium.
Me watching in youtube PREMIUM : lol
Me watching on UA-cam Vanced : "amateurs"
@@hirdayjitsingh Me watching on UA-cam Vanced using UA-cam Premium: Noobs.
Me watching in nomral youtube : meh
Aaaaand me using a free add blocker, HAAAAAA consumers
I have listened to the whole audio book of the Millionaire Fastlane, you have summed it up in a very nice way, both visually and accurately! Love your channel
Hm. So I don’t need to read that book. 100% banalities.
@@f.h.4038 Yeah no you don't. It's all summarised nicely here
i used to be a slowlaner but now I can tell that am absolutely a fastlaner !!!!
It is amazing how wealth is mostly a mind game.
David onewayticket True!
Do you have any personal evidence of this?
Nope, the mind doesn't bring you money but hard work and the value you bring to peole
@@RandomVideos-kn3pf wrong. Hard work rarely pays off
@@RandomVideos-kn3pf But it all start in mind.
Sidewalk William seems like a chill dude
It's amazing how you have covered the 3 wealth personality👌👌👌
And this book is a must read for anyone looking forward to creating wealth and becoming rich.
Man the fact that I am a 26 year old living with my mom makes this hit harder.
Wow, such a profound book! Who would have thought that having a successful business is going to make you rich.
"Quit your job and start a business!" - Best advice ever! I never knew it was so easy! WOWOWOWOW
Uh....it is not easy as you well know. Thus the reason so few are really successful. But I can see by your comment you are in the slow lane of life
@@wildtill9 feel the sarcasm pal!!
@@hirdayjitsingh I did. thus the reason I said "it is not easy as YOU WELL KNOW" But with your attitude the odds of you being successful is minimal at best
@@wildtill9 lol
@@wildtill9 you must be fun at parties
excellent insights. All your videos gives a new dimension for books.
I love your summary..the first of the many I'll browse on your channel, I wish you all the success you deserve!
One of my favorite videos from this channel!
Awesome, I love to hear it Patrick! 😁
I'm literally 100% a slow lane guy...I'm buying this book asap
This is the best I found about this book! Thank you!
It'd be cool to see a summary of his other book, Unscripted
Fast laner from Sweden! Just got started this month and crazy motivated!
Best wishes for you from Brazil ! I heard that sweden is one of the best contries in the world to start a business, don't let anything stop you.
Lycka till!
Any update?
FASTLANER!!! This is one of my favorite books :)
My take-away from the take-aways :D
1. If you don't start a business, the probability of ending in the mediocre lane/life is high. Even with a decent job, it takes your whole life to build up the wealth that ensures you enough freedom and more "free-time".
2. A good business scales well. Therefore the revenue doesn't depend much on the amount of work hours put in. (at least it is not linear)
Therefore: salary has to be maxed out as fast as possible in your profession and using the accumulating funds, it has to be invested in your own/other people's businesses. The process converges through a point where it doesn't worth to sell your time anymore, to the end, where you can live a comfortable life from earning interests, dividends, royalties, etc.
what i liked best was that you didn't feel the need to put cheesy background music in there
One of my favourite book of all time ! Great summary ⭐
Great summary, thank you !!
It is a really good book. Thank you for the cliff notes
The self-awareness was golden haha.
Great book and amazing review. If only more people could be aware of this. Thank you for what you do!
I'm happy for your support Alex Kubbinga! Thanks for your comment!
That was a great summary, you made me buy the book from your link, thanks😁
"Mindset is really about disrupting and rearchitecting your beliefs around wealth and your ability to create it." ~ Anne Marie Houghtailing
utterly meaningless sentence.
Love the brawn gp f1. Go Barrichello! 🇧🇷
Your videos are so helpful thank u for all the hard time u put into making them they are just wonderful👍
Amazing Summary! Thank You Swedish Investor :)
I love this book because it taught me that when opening a business, you need to find what problems what you need to solve. If you can solve that problem, like tesla creating a solution to ev, then you have a better understanding of making money out of that. Oneday, I'll get there.
Great summary and break down of the book ! Really informative and Entertaining !
Cheers BroLessons! I'm glad you liked it! 🙌
"we want odds in our favour" and "therefore, we want to start a business" are contradictory. The amount of new business that go bust is staggeringly high, and even of those that survive, the ones that actually make the founder a lot of money are few and far between.
I'm no expert, but part of it might be that the type of people that have this drive tend to try again and again. So if it takes them 9 failed attempts to get to success on the 10th, they are still going to make it and the stats will show what you are saying. It's just a thought, I've never had a business.
You don’t get it. He’s talking about your odds of becoming super rich. Your odds of being wealthy by doing job are going to be none or very very slim. But your odds of making it in business are going to much better. The statistics tell us that 3 out 10 business get successful in North America. Which means your odds right of the back are 3 out 10. Then you can improve those odds by changing your mindset, I know this sounds odd, but it is very true. There are roughly 10 to 15 common things that millionaires do to get successful, and more than half those things are to do with how they think or react to a situation. 1 example is poor people think business = risk, rich people think business = freedom of time and income. There is a lot more to be said on this topic but I just gave you small jist.
@@-RockOn- so you think if all aspiring business owners would have the "millionaire mindset", all of their businesses would be successful? so let's say all business owners have the millionaire mindset then every single one of them would be successful and the odds stacked against them is no longer there? yeah, don't think this is true, if what you're saying is real we'd have much more rich and successful business people nowadays, anyone and everyone attempting to open a business would be successful as long as they have the "millionaire mindset", and we wouldn't have people being employees anymore even in a hypothetical world where all business owners have the millionaire mindset
@@sleepless2541 I did say "The Odds" of being successful would be much better.
The problem is that most people who go into business go in with a neglect mindset. They assume that because they now own a business they are thier own boss so now they can work when ever they want, sleep when ever they want etc. While that is true it also means you have to work a lot harder. "Millionaire mindset" talks about these things. Poor people say Life Happens Rich people say I will work hard to make my life better.
Now just because I say "I will make life better does not mean it will happen. I actually have to put the work behind it.
If you look at most successful people in the world (mind you I said successful not rich) they have a few things in common that dont find in unsuccessful people. Eg work Ethic, Rich Mindset, Discipline, Desire to achieve something etc.
Having a "Millionaire Mindset" is not what makes you successful. Doing what Successful people do and thinking the way they think is what helps you get closer to your success.
Your right 7 out of 10 businesses in North America go out of business but do you also know that 5 out of those 7 go out business because the owners never realized the work ethic it took to actually run that business.
In your own neighborhood choose 2 restaurants, Same food same size, same location, one successful and other one not. Then you see what the differences are.
1. Attitude of Owner right from the beginning
2. Work Ethic. I am boss so I can sleep in. I am boss so I have to be the first one at the restaurant.
3 Coacability and ability to accept new information. I already know how to run a business, don't teach me how to do vs I would like to learn more from the successful business around me to adopt change and get more successful.
2 out of the 7 businesses go through a personal tough time. Financial or Family or something out of thier own control. These business owners I feel for because it wasn't something they could control.
That ad timing blew my mind 🤯
Magnitude and scale - good one. Compounding only works best if have either the magnitude or the scale to back it. Compounding $100 at a 10% interest won’t help you fly. 100 units of $100 at 10%, or $10000 at an even lower interests of 8% will do way better. 👍🏻
It is true. Getting that starting capital is very important for your investing success. I would emphasize that it's good to practice investing with a small account first though, I'd much rather make my first mistakes with a $10,000 account than a $1,000,000 one 👍
This book is one of my favourites about finance, a real milestone!
Audiobook Summary thx
I’m in between the slow laner and the fast laner...I need to start thinking, since a very precious resource is being used up
Andrey that’s how I felt I’m somewhere in the middle of the two but I’m trying to step into the fast lane
I took an important lesson from Kahneman's book, people miss the role of luck in probability
Swedish Investor,
Please make video on Art Of Thinking Clearly by Rolf Dobelli. Please explain each bias in detail. Thanks in advance.
11:35 Funny! The car in the middle is upside down!
Fastlaner cuz im based 😎
After saying "here's an ad for you", I got an ad lol.
Thank you for detailed summary 😊
Please do The Wanda way by Wang Jianlin !! Your videos are SUPER informational and essential thank you!!
Im stuck between the fast lane and side walk, thinking of the last few year i have been transitioning between all the lanes, im transitioning i was on the sidewalk now im off the the highway 🎉, good luck to everyone on the same journey
Real good video! I shared to a lot of people
Very informative presentation - well done - thank you
Nice breakdown im actually on Chap 44 of this book, which i believe is the last
Putting this book on my list. "I just finished The Millionaire Next Door" great break down enjoy your content!
Those two are polar opposites 😊 could be great to get both perspectives to see which one you resonate with more
@@TheSwedishInvestor Haha yes these are very different!
@@TheSwedishInvestor the millionaire next door has inspired a lot of ppl to becoming millionaires. Now sure the same can be said about the fast lane book
Very good book. If you implement things from that book you will see how fast your finances will change. Another good book is Cash Flow Quadrant.
Excellent video. Thanks.
Thank you for making this video
Do a video on wealth vs happiness - IIRC the rich missing out on life, as they are fast laners.
The best investing channel on UA-cam!!!! I love youuuuu!!!!!
Nana thank you a lot for your support! 🙌 I appreciate it a ton!
Thank you bro!)
Just finished the millionaire fastlane. I’m 16, and this book will change my life
it's probably the worst book for a 16 year old. Get a valuable trade first.
@@MrVafflis why? why would i wanna learn how to weld or do construction for a few years when i could spend that working on a business so i can be rich in my early 20s or late teens?
@@xtalofficial06 because if you have no skill you'll still be a useless entrepreneur, just rich. And odds are that you won't be it in the first place. Learn something useful like coding
@@MrVafflis what's wrong with that? All i want out of life is freedom of time and money anyway, i couldn't care less about if i could weld something together or build a house. I just want a money tree that can retire me, and my mother so we both don't have to stay stuck in this shitty council estate.
Odds don't matter to me. Odds are i could die tomorrow. Am I living in fear that it could happen? No, of course not. So why would I not put my 'all' into entrepreneurship? People use odds to justify their fear of not doing something. I ain't doing that.
If I try hard enough, the universe will give me what I want. And if all else goes wrong, there's always onlyfans haha (joke)
@@xtalofficial06 just because i said to learn something valuable for few years, doesnt mean you cant put your "all" into enterpreneurship xdddd. You think you gonna be rich in few years that's why i think u're just delusional and its just a teenage phase
I love your videos, the swedish investor ist one of the most useful channel that I use daily. Thank you for your summaries, they are simple, clear and funny. A question, what kind of program you use to make the drawings and animations??? Congratulation and thank you again
Thank you! Your presentation is actually much better than the original book itself.
Thank you!
I am somewhere between a fast laner and slow laner....
Everythng other than my primary income is of fast laner.... but as of now,my primary income is from my employer.
But hoping to change this in few years and be financially independent.
Unless yoou are going to take loans, the best most can do is be in between slowlaner and fastlaner imo.
And i dont like loans, as it increases the risk of being broke.
Well,now that he descried how fast laner defines wealth, I think i am a slow laner. But I am not going to quit my job and start a business with a loan to become a fast laner.
No ty, I am no good at handlng liabilities, I dont have good people skills. Liabilities increases your speed,But it doesnt tell you in which direction, it can speed up and make u rich or it can speed up and make u broke before realizing what you did wrong.
Not to mentiton the amount of strain in ur mind to repay that debt.
Hey Swedish Investor - this is one of my all time favourite books. Thanks for doing such a good summary of it.
IDEA: what if you provide a high res image of the final summary for users to download?
I would love to have that as a wallpaper in my desktop - just to keep the concepts fresh in my head every time I start my computer (and also for motivation)
Thanks again for such a good video!
A business idea - create this high res image but don't just give it out to public.
Whosoever subscribes to you on your mailing list, send it to them via mail.
What a great way to convert viewers!!
@@hirdayjitsingh great idea you can take all your past and future videos and turn these into posters and sell them for at least 20 or $30 each
@@jmm1817 the books are around $10-20. What are you talking about?
@@somethinghere2815 laminated posters are more expensive than books
HUH, Just use Snagit to screen capture it and print it easy huh. welcome
amazing how you have covered the 3 wealth personality👌👌👌
And this book is a must read for anyone looking forward to creating wealth and becoming rich.
Stupid
Thank you for the great video.
Thank you so much.
I din't realize this was new good job, i believe for me its breaking out of being shy.
Excellent book by MJ! 👍
So great explain🔥
FASTLANER!!! Never heard of the book, although i'm investing and chasing my dreams.
Money is important but I think there's more to life than trying to chasing money. I don't necessarily see making more money = bigger winner in life.
I 100% agree. I also think that money can be a huge improvement of life, but to think that it's the one solution for all your worries and problems would be naive :)
Warren buffet is slow laner
All jokes aside, this book was life changing for me. Complete shift in perspective and plan
Reading this book took 15+ hours of my time. Yeah, I'm a slow reader. I haven't applied any of its teachings, but I intend to. I will come back to this video once what I have learned from the book pays off.
Danke!
Which whiteboard animation software did you use bro? Nice job
Love the jibe you took at yourself at 10:47 haha
Excellent one
Effects millions you will surely become millionaire!
wrong
Everyone here thinks they're a fastlaner while they are actually the sidewalker.
And who do you perceive yourself to be?
Thanks for sharing !
i like it! thanks
Don't quit your day job. Start the business small and THEN see how it works out while still working.
Work on becoming an expert in your field. Then either sell your consultation services to people or invest money in your field using your expertise.
Got this advice from my entrepreneurship events at my university and "The Millionaire Next Door" by Thomas Stanley
Plot twist: the 3 modes of thinking are usually the effect of the amount of money you have, not the cause.
Nah if you have terrible spending habits you can still make yourself broke. look at those people that win the lottery and still manage to spend it all with a “slowlane” mindset as it’s called in the book
@Mech That's an urban myth, google hard statistical data. You will see most lottery winners do not become poor. Maybe some declare bankruptcy on various companies, but that's a common tactic to avoid taxes, financial obligations and do other financial tricks :)
Great man
Thanks for the video. I did bought the audiobook but personaly it was too long. So after a while I gave up.
I believe middle class can have a tendency toward being less frugal and less observant of smart budgeting.
I totally appreciate your summary. My only argument is what happens when you place someone who has never driven a car in a formula 1 car and have them drive at 250km?
It seems to me that the fastlane is still limited. It is limited by skill (necessary to have control and barrier to entry) which it self is limited by time. Instead of building a business you could just at well "get good" at your job and increase your salary to the point it ain't stuck to time (stock options, bonus, results based pay).
In the end the secret to getting a lot of money seems to be to just get good. And there is no secret to that.
Not necessarily, if you start your own business YOU CONTROL how fast you progress depending on how fast and how much work you put into learning the material and educating yourself from books and content.
COMPARED to a job and corporate no matter how advanced you might be, ultimately how fast you progress through the ranks depends on the company aka SOMEONE ELSE. They might promote you every 5 years (or even every 10 years…. yikes) and by the time you reach the top it will already be 20-25 years later which would make you fit the sidewalk and slow lane box more since it took you so long to do this.
Learning a SKILL through entrepreneurship is often times faster since you don’t depend on anyone for your progress and you can fail and try again over and over again. You can’t experiment as much with a corporate job.
You definitely need skill. But I think with the "be good at the job" approach you would need much more. Even if you get to the point of getting bones and stocks, that also takes time to bring you enough money. It has other advantages tho, like more stability which can bring peace of mind
@@edgbarra what if you're doing a well paid job which is not bound to time. Let's say, software developer is a good example
@@MrVafflisMost software developers that I know are bound by time limits. Especially if they are trying to get a new product to the market. If you don't meet the deadline you are fired.
This my wealth equation ever since .
Thanks for this
6:23 I work 12hours per day at one job and it comes with no overtime incentives. And its a muti national company. Its about time i start parking out.
multi*
ive been scouring investment books and videos for years and this single-handedly over hte years has stood out to changing my mindset.
I'm a medium to high income earner into stocks and have been looking to diversify. I guess I should focus on investing on my income above all else.
Hi, how is it going? I am trying to learn about the process myself. Could I have some advice? Thank you very much!
thank you ,you just earn another subscriber
Very Valuable video.
I think this is the best book ever written
think again
Fastlaner
saved me many hours of reading the book. thank you! Now I will open my netflix :P
One of the MUST read books for finance! Life's a b*tch, if we don't treat it as one, it will cause lots of problems for us.
Therefore, the only way to create and maintain wealth is to build wealth FAST by creating a profitable and scalable business and then reinvesting excess profits into cash flow producing assets. This is the gist of The Millionaire Fastlane, and absolutely important for achieving financial freedom forever. Great read.