Welcome to the second video post in the study of The Millionaire Fastlane by M.J. DeMarco, it is my absolute pleasure to share some knowledge bombs with you today! Hop off the sidewalk, abandon the slowlane, and jump on the Fastlane with me today!
Below is the video and supporting notes for this segment:
The first chapter we will start with today is:
Chapter 4 – The Roadmaps to Wealth
a) If you don’t know where you are going, how will you know when you get there?
b) How do beliefs affect finances?
c) To force change, change must come from your beliefs!
d) Three Roadmaps
- The Sidewalk Roadmap
- The Slowlane Roadmap
- The Fastlane Roadmap
e) What is true essence?
You have to be special to bend the laws of true essence. Similarly, the roadmaps each possess a true essence that leads either to poorness, mediocrity, or wealth.
f) Destinations of The Three Roadmaps (by true essence)
- The Sidewalk -> Poorness
- The Slowlane -> Mediocrity
- The Fastlane -> Wealth
g) Each roadmap is governed by a wealth equation and predisposed to a financial destination—Sidewalk to poorness, Slowlane to mediocrity, and the Fastlane to wealth.
Once you have a basic comprehension of the roadmaps and inherent destinations, you can begin to understand the specifics and differences of each roamap, first beginning with:
Chapter 5 – The Sidewalk Roadmap
a) A Sidewalker exists in a state of one-something-from-broke.
b) A Sidewalker’s financial destination doesn’t exist. The plan is to have no plan.
(Tangent concept of the freedom fighters)
c) Time Perception: Time is abundant and I spend money like there’s no tomorrow. Heck, I could be dead in two weeks, and you can’t take it with you!
Education Perception: I finished school when I graduated , hooray!
Money Perception: If you got it, flaunt it! Why save for a rainy day?
The Sidwewalker spends every dime I earn and most of my bills are paid on time; isn’t that being fiscally responsible?
Primary Income Source: Whatever gig pays the most is what I will do. I chase money baby! It’s all about the Benjamins!
Primary Wealth Accelerator: Net worth? I hit the casino,
I buy lottery tickets, and I have an active lawsuit against an insurance company . . . does that count?
Wealth Perception: He who dies with the most toys wins!
d) Wealth Equation: My formula for wealth is (Wealth = Income + Debt).
Destination: What destination? I live for today and I can’t be bothered about tomorrow.
Responsibility & Control: Everything bad happens to me. The man is keeping me down. I am a victim. It’s someone else’s fault.
Life Perception: Live today, to hell with tomorrow. Life is too short to plan any further than 30 days out.
You can’t take it with you! YOLO! Besides, I’ll hit it big someday.
e) Sidewalking Symptoms: Are You on It?
f) Money Doesn’t Solve Money Problems and the Sidewalk is money blind. It doesn’t care about how much money you make.
You can’t medicate poor money management with more money. Yes, you can look filthy rich and still be riding the Sidewalk dirty.
g) The Affluent Sidewalker: Income-Rich
A first-class ticket to the Sidewalk is to have no financial plan.
h) The Sidewalk’s natural gravitational pull is poorness, both in time and money.
i) When the income disappears, so does the illusion of wealth.
Poor financial management is like gambling; the house eventually wins.
If you are ready to take the leap towards financial responsibility, it is important to consider the last chapter idea which is:
Chapter 6 – Has Your Wealth been Toxified?
a) Three fundamental “F’s”…
- Family (relationships)
- Fitness (health)
- Freedom (choice)
b) The Illusion of Wealth:
Looking Rich In pop culture, master illusionists of wealth are called “30K millionaires.”
c) Faux Wealth Destroys Real Wealth
“Faux wealth” is the illusion of wealth without having it. It believes society’s definition of wealth.
It’s not realizing that the pursuit of “faux wealth” does something terribly destructive: It destroys real wealth.
d) Wealth is authored by strong familial relationships, fitness and health, and freedom—not by material possessions.
Unaffordable material possessions are destructive to the wealth trinity.
My call to action today is to pick up this book, read up to Chapter 6, and journal about your vision for the creation of your money tree.
Until next time, have a wonderful day!