Welcome! I am very excited that you have joined me today for this special post because it is part 6 in the 15 part series of The Millionaire Fastlane by MJ DeMarco. We will be talking about Chapters 16 – 18 and if you are a reader that has checked out some of the previous posts for this series, I am very glad to have you back! If you are new, welcome to the journey (to becoming your own boss) – the video and notes are presented below, please let me know what you think:
It all begins by becoming aware of the roadmaps to wealth. Once you understand the true destinations of each roadmap, you must make a decision to think and act in accordance to your wealth goal. If you are committed to being wealthy, consider how you can apply the mechanics of the Fastlane beginning with:
Ch. 16 – Wealth’s Shortcut: The Fastlane
The Fastlane roadmap contains mindposts or behavioral characteristics that drive the Fastlaner’s actions along the journey, they are as follows:
Debt Perception – Debt if only useful IF it allows me to build and grow my system. Debt is not useful when it creates education or life servitude.
Time Perception – Time is the most important asset I have, far exceeding money.
Education Perception – The moment you stop learning is the moment you stop growing. Constant expansion of my knowledge and awareness is critical to making progress on my journey.
Money Perception – Money is everywhere, and it’s extremely abundant. Money is a reflection of how many lives I’ve touched. Money reflects the value I’ve created.
Primary Income Source – I earn income via my business systems and investments rather than clocking in for a boss and building their dreams for my entire life.
Primary Wealth Accelerator – I make something from nothing. I give birth to assets and make them valuable to the marketplace. Other times, I take existing assets and add value to them.
Wealth Perception – Build business systems for cash flow and asset valuation.
Wealth Equation – Wealth = Net Profit + Asset Value
Strategy – The more I help, the richer I become in time, money, and personal fulfillment.
Destination – Lifetime passive income, either through business or investments.
Responsibility & Control – Life is what I make it. My financial plan is entirely my responsibility. I am the boss and I choose how I react to my circumstances.
Life Perception – My dreams are worth pursuing no matter how outlandish, and I understand that it will take money to make some of those dreams real.
Remember that these behavioral characteristics formulate the Fastlaner’s lifestyle and drive action which creates results. Once you understand how to think and operate like a Fastlaner, you will need to ensure you are using the correct playbook. Consider the next chapter which is:
Ch. 17 – Switch Teams and Playbooks
It may seem a bit obvious that losing teams use losing playbooks however this is not common knowledge. Play for a losing team and you’re stuck using their losing playbook. To win, switch teams and use the winner’s playbook.
The real winners is this world understand and capitalize on the dichotomy of Team Consumer vs Team Producer. These people have developed the ability to think like both a consumer and a producer however the majority of their actions result from a producer perspective.
When you re-frame your thinking from majority thinking (consumer) to minority thinking (producer), you effectively switch teams and allegiances. Yes, become a producer first and a consumer second.
The irony of the producer/consumer dichotomy is that once you succeed as a producer, you can consume anything you want with little consequence because you’ll be rich. To consume richly, produce richly first.
Now that you understand the behavior mindposts of The Fastlane and are prepared to switch playbooks, consider the last chapter’s main idea which is:
Ch. 18 – How The Rich Really Get Rich
The unreasonable upper limit of the Slowlane is 24 because there are only 24 hours in the day.
Even more logically, the real upper limit is 8 to 12 hours a day. Here’s an example DeMarco uses in the book to compare the limits of the Fastlaner and the Slowlaner.
DeMarco gives the example of a website, where the unit profit is $4 perhaps for a small e-book. If this website is receiving 1,000 hits a week, the upper limit for units sold is 1,000.
Of course, it is unreasonable to assume we will convert all 1,000 hits however consider the Slowlaner who only has 24 hours, 24 being their upper limit. Consider these questions:
What is going to make you rich? An upper limit of exposure to 1,000 people per week? Or maximizing hours worked in a day? That’s 1,000 vs 24. There is absolutely no contest! Fastlaners get rich while Slowlaners gets old.
The capstone idea is that a high speed limit = high potential income.
Designing your business systems / money trees based upon unlimited and controllable variables is the key to the Fastlane. In closing, please understand that the higher your speed limit, the greater your income potential!
Thank you for reading this post, now its time to construct something amazing today. Take that next step towards making your dreams come true, no matter how outlandish and have a brilliant day!
P.S. If you missed last week’s review, you can find it here.