In The Millionaire Fastlane, there’s a lot of good information here that’s a bit obscured by M.J. DeMarco’s pretentious attitude. Despite coming off as a bit cocky, he does offer some good information that he sums up with the acronym FASTLANE SUPERCHARGER:
F – Formula – Wealth is a process (formula) of your decisions, actions and habits.
A – Admit – Admission that the typical wealth plan, which he terms “Get Rich Slowly,” is flawed; you should have a plan that allows you to find your own “luck.”
S – Stop and Swap – Stop living your life by the “slow lane” and live by the “Fastlane.” Swap from being a consumer to a producer.
T – Time – Time, especially free time, is your most important asset. Make good decisions about how, where, and with whom your time is invested.
L – Leverage – Leverage the mathematics that create wealth.
A – Assets/Income – Live below your means, control expenses by investing in valuable assets.
N – Number – Determine the number (amount) you need to live the lifestyle you want.
E – Effection – The “Law of Effection” claims that the more lives you impact, the more money you’ll make.
S – Steer – Making good choices and decisions on ways to increase your wealth.
U – Uncouple – Removing yourself from the “slowlane wealth equation” and creating a C- or S-Corporation or an LLC, which pays itself first.
P – Passion & Purpose – Instead of “do what you love,” find a Passion and Purpose that drives you to do what it takes to accomplish your goals.
E – Educate – Don’t stop learning. Find new ways to increase your knowledge.
R – Road – Find a way to get on the “fastlane road,” even if you can’t decide which road to travel. Train yourself to see potential in the needs and problems of others.
C – Control – “Commandment of Control” states that you should control your financial plan and get involved with opportunities that allow you to fully control them.
H – Have – HAVE something to offer that others WANT/NEED.
A – Automate – Free yourself from time restrictions by automating as much as you can.
R – Replicate – Keep in mind that “Commandment of Scale” so that you can scale up your potential.
G – Grow – Grow your business as a Brand. Treat customers well, differ from competition, focus on your business goals.
E – Exit – Keep an exit strategy in mind and be aware of when it makes more sense to liquidate assets and find a new road.
R – Retire, Reward, or Repeat – Reward yourself for your accomplishments, and decide to retire or repeat the process.
I did find some value in this information and I am glad I read the book. It’s a motivating read if you can cope with the author’s personality.