The Millionaire Fastlane (10/10)5 min read
The Book in 3 Points
- You’ve been taught wrong. 401ks won’t make you rich. You need to solve a problem well if you want to be rich.
- Develop a dream life, specifically where you will live and how you will live, and then take steps every day to get closer to that dream.
- Given the above, however, stop chasing the money. Chase needs instead. What are the pain points in your everyday life? How can you solve these pain points? Chase the needs.
Should You Read It?
100% yes. This is one of those books that shake the frame of life. It forced me to think differently. Who knew 401ks were actually trash? Well, they aren’t trash, but until you have real money, like at least $1 million dollars, yes, they’re trash. They aren’t going to make you rich. And I don’t care about being rich to be “rich.” I care about having loads of money because that gives me the freedom to pursue anything I want in work, but also more time for health and relationships, which are the most important three things In life.
Also, I get to have my dream life. I love specific and actionable advice, and this book is full of it. I am so into this journey now I am reading books to apply the lessons of this book further. I will be taking action on these items in the next year because of how truly life-changing these actions could be.
- Develop a dream life (where vacation? How much out of the year? Where live? What passions would you pursue? What schools do children attend? How fast become a millionaire?
- I want to be able to spend X a year and never earn money again
- Gross living cost = x/month (lifestyle) + y/month (allowances), then calc net living cost by dividing gross living cost by .6 (to account for taxes), then take that number net living cost by 12 to see how much you need to make per year and divide it by .05 (minimum expected yield on a money stream) that’s your money system target (total money you need never to have to work again). For the business system target, multiply the gross living cost by 5 to accomplish the same results with a money stream (gross living cost x 5)
- Don’t sell your time for money
- Sell B2B
- Automation should be your life
- 85% American families have 0 net worth, average American watches four hours of tv per day, 9 years watching tv total
- Family, fitness (health), freedom (money/choice)
- Slow lane, sidewalk, fast lane
- Rate of growth for 5%/10%/15%/20%, 10k after 40 years is 70k after 40 years, 10% is 450k, 15% is 2.5 mil, 20% is 15 mil, but, in 40 years, 2.5 million will likely be worth only 250k in today’s dollars, get an emergency fund that put everything else into getting rich quickly.
- Rich faster:
- Increase conversion ratio, increase web traffic, raise unit profit
- Company value multipliers per industry (advertising 2.85, beauty 4.1, brass 2.7, carpet cleaning 5.2, computer-related services 8.2, employment 5.4, engineering 6.3, gasoline 3.7, grocery stores 11.3, medical labs 2.6, misc retail store 3.62, patent owners and lessors 14.5, physical fitness 3.56, plumbing 4.5, medical and surgical equipment 17.6, used merchandise stores 4.9
- Rental systems > computer software systems> Content systems, distribution systems > human resource systems
- Subscription-based services, content-based services, lead generation (consumers desire to save time and money and business owners need to find new customers inexpensively), social networks or communities or forums (bigger than you think, yes forums), brokerage systems (PayPal, upward, cars direct, etc.)e-commerce,
- Earn enough money to live off of 5-10% interest for the rest of your life
- Start an LLC or c corp or s corp
- Use weighted average decision matrix (WADM) to decide on what to o, or help decide,
- Join entrepreneur clubs, attend networking events, team of warriors
- FOLLOW CENTS, build corporate ladders don’t join them, think manufacturing not retail
- STOP CHASING MONEY CHASE NEEDS, pain points, problems, service deficiencies, and emotions
- Competition is everywhere just do it better
- CREATE A COOL BRAND, for example apple you think trendy, creative, easy, hip, but with a pc you think of blue screens, slow, rebooting, and old fat men
- Develop a USP unique service proposition (M&M milk melts in your mouth, not your hands, Pizza Hut is there in less than 30 minutes or money free)
- 1: uncover benefits of your business, distinct benefits obvious to the customer
- 2: be unique, be specific and give evidence (car sold 20 days or free, home sold in 30 days or I own it”
- 4: keep it short, clear, and concise. Five, integrate USP across all marketing materials. 6, make it real, don’t fraud customers.
- Translate features into benefits (switch places, identify features, identify advantages)
- Your customer’s complaints will make you rich
- Be someone’s savior, get your eyes off the competition and instead make life better for your customer.
- “I lived poor and without security, but I felt rich. I was in control of my life.”
- “When you’re the first person whose beliefs are different from what everyone else believes, you’re basically saying, I’m right, and everyone else is wrong. That’s a very unpleasant position to be in. It’s at one exhilarating and, at the same time, an invitation to be attacked.” Larry Ellison
- “Reshape life’s focus on producing, not consuming.
- “Think about the time you already use. How many hours are wasted on life’s trivialities? The nine years on television? This time doesn’t need to be lost or wasted time. This time is ripe for Fastlane oil changes. Just pick your multitasking wisely-it has been proven that. Multitasking can hurt deep focus and concentration. To start your oil recharge, choose a topic that interests you or an area in your life that needs improvement. Not good at sales or writing? Get to the library and start reading. Before I started writing Fastlane, I bought six books related to publishing, writing, and authoring. I didn’t blindly write and publish a book; I educated myself thoroughly during the process.”
- The more knowledge you consume, the more torque you create on the fast-lane road trip.
- You don’t buy a drill; you buy a hole, you don’t buy a dress; you buy an image. You don’t buy a Toyota; you buy reliability; you don’t buy a vacation; you buy an experience