Welcome to the THIRD post in The Millionaire Fastlane series, this is an incredible book by MJ DeMarco. I have a video as usual to accompany the notes, and a correction (major update) which comes later in the post.
Here is the video, let’s roll:
Chapter 7 – Misuse Money and Money will Misuse you
a) Money can’t buy happiness, but it can make you awfully comfortable while you’re being miserable.
– Clare Boothe Luce
b) People who declare, money doesn’t buy happiness have already concluded they will never have money
c) Since money doesn’t buy happiness, why save it?
d) And if money doesn’t buy happiness, does poverty?
e) Servitude the antithesis of freedom. the irony is that when most people earn more money, it doesn’t add freedom, it detracts. by creating lifestyle servitude, more money becomes destructive to the wealth trinity; family, fitness, and freedom
f) Money doesn’t buy happiness because money is used for consumer pursuits destructive to freedom.
g) consumerism is the leading obstacle to happiness
h) The well salaried workaholic who is never home to strengthen the relationship with his wife and kids is likely to be less happier than the poor farmer in Thailand who spends half of his day tending to his fields and the other half with his family
i) Why am I wealthy vs the guy or woman stuck in morning traffic driving to work? I have freedom. I wake up and do what I want. I pursue dreams. I write this book without worrying about how many will sell. I hop a plane to Las Vegas for two weeks without worrying about jobs, bosses, or unpaid bills.
j) We have become a nation of undisciplined spenders and consumers
k) If you’re held hostage to your lifestyle, you aren’t wealthy because you lack freedom
“Instant gratification is the bait and lifestyle servitude is the hook, the advertising industry is on a great fishing expedition.”
l) The consequence of instant gratification is the destruction of freedom health, and choice. Instead of you owning your stuff, your stuff owns you
Chapter 8 – Lucky Bastards Play the Game
a) I once overheard someone call me a lucky bastard. What a sad, delusional Sidewalking belief. I am not lucky, I am a player of the game
b) While the lucky bastard hater uttered that under his breath and sat his ass in the dugout, i was at the plate taking swings!
c) Story of two brothers working the same job while:
Joe is killing ogres and wizards in the latest Dungeon of Doom,
Bill is out of the box of nothingness and exposing himself and his inventions to the world, who’s going to get lucky?
“If you aren’t off the sidewalk taking action and engaging in process, you will NEVER realize luck because luck is the residue of process.”
d) A Sidewalker’s mindset is anchored in three beliefs that keep them trapped and vulnerable to money making scams
Belief 1 – Luck is needed for wealth
Belief 2 – Wealth is an event
Belief 3 – Others can give wealth to me
e) Process creates events that others see as luck
f) Mark Cuban goes on to comment how nobody mentioned luck when it came time to reading complicated software texts or Cisco router manuals sitting in his house testing and experimenting with new technologies all night. Where was luck then?
g) To take advantage of the Millionaire Fastlane understand that luck is a product of process, action, work, and being out there. and when you are out there you stand a chance at being in the right place at the right time
If you find yourself playing the odds of “big hits” you are event driven rather than process driven. This motto is conducive to the sidewalk, not the Fastlane.
Chapter 9 – Wealth Demands Accountability
a) Hitchhikers assign control over their financial plans to others effectively introducing probabilities to victimhood.
b) Imagine if you hitchhiked across the country. There’s a decent chance you’d never make it to your destination. You could be robbed or harassed, hitchhiking is inefficient and dangerous
c) Yet the Sidewalkers manifesto is predicated on hitchhiking, faith unto others and when things don’t work out as intended, blame unto others
d) People who don’t take responsibility are victims – They instead of I
e) When a financial adviser promises you 14% guaranteed income from a bank CD and you later discovered he scammed you, it’s YOUR failure. You didn’t do the the diligence. You did not investigate. You are a victim of your own negligence.
When the markets crashed, I didn’t lose a lot of money because the markets weren’t my wealth acceleration vehicle. The Fastlane is about control and if you like a Sidewalking hitchhiker, you have no control.
First of all, I am not a financial adviser and you should not take my discussion video as financial advice. I made a blunder by saying that you would earn profits from your products and services and use the markets as a way to conserve wealth. This is NOT what I would do.
I strongly believe in asset allocation and diversifying my portfolio over a range of financial vehicles including (credit union checking and savings, REITs, stocks and bonds, physical cash in a safe, real estate, but most importantly the business checking account).
Only a portion of my cash profits will be invested in the stock and real estate markets thus the important concept to gleam from these sentences is that the markets are not controllable wealth acceleration vehicles like businesses are.
f) Responsibility owns choices. Accountability is being culpable to your consequences and modifying your behavior if need be to prevent those consequences
Responsibility is the forefather to accountability. When you admit responsibility to overdrafting your checking account yet do it again next week, you’re not accountable.
g) Taking responsibility is the first step to taking the driver’s seat. Accountability is the final. There is true power in being accountable, no power in being the victim
Consider using a spreadsheet, a productivity or life application, a journal, an accountability partner, or join a group or team with the same objectives as you! Its easier to keep on track when two or more are motivated to achieve the same goals.
That pretty much wraps it up for today!
Thank you for following along, I want you to take a MASSIVE step forward RIGHT NOW by setting or accomplishing a goal that is very important in your life. We can only get lucky when we are putting in the work daily so get after it. Ready. Set. Go!