I read The Millionaire Fastlane a few weeks ago. Of all the books I’ve read, this book is right at number 1. The Millionaire Fastlane is going to be all ways to become financially independent.
This is a must all read for all aspiring entrepreneurs. A distinction is made between “The Sidewalkers,” “The Slowlane” and “The Fastlane.”
The sidewalks are people who work for someone else and spend their money every month.
These people are often in red (mortgage, credit cards) and will have to work as a “wage slaves” throughout their lives to pay the bills.
The slow lane is people who slowly build up an asset by investing money in, for example, shares. This is also possible; however, the major disadvantage is that it can take a very long time. This depends on your current situation and requires an adjustment in your lifestyle.
The fast lane is people who quickly build ability. They are not only fast but also have high strength. These people may potentially be multi-millionaire in a few years. Also, they do not have to adjust their lifestyle downwards, which is the case with the slow lane.
The big difference between these groups is the mindset. The mindset of somebody from the slow lane is committed to slowly building up wealth. At this moment you distance yourself from certain dreams. For example, it’s not possible to buy a luxury sports car or villa by the slow lane.
The ability to build up is too slow.
The mindset of somebody from the fast lane is completely different. This mindset is that nothing is impossible. Multi-millionaire within 5-10 years is fine. You just have to do something for that. It won’t happen if you do not believe it will. These people, therefore, invest in themselves. They build a product or service. Some guidelines have been prepared for the perfect product/service.
A product or service must comply with NECST (Need, Entry, Control, Scale and Time).
Need (do other people need it?)
There must be a need for your product or service. If no one needs your product or service, your product or service will never be satisfied. There are enough companies to start because they like to do it for example. They do not look at what other people need. It’s not about what you think is a good idea but what other people find a good idea.
Entry (entry level)
The entry level of your product or service must be high. This means that not everyone should be able to do what you do. If so, the chance is that other people do better. The other disadvantage of a low entry level is that you have a lot of competition.
Do you manage your product or service or have other people control over it? For example, consider affiliate web sites where products are sold. You determine how much you make when you are in control. However, if the member party decides to stop it, you are without income. You are not in control. The best part is to be in control of your product / service.
If you want to be financially successful, then the scale must be large. As you have been able to read in how your millionaire is, it depends on how many people affect you. With a local store, you will not get rich. You depend, of course, on your location and the people who come to your store every day. For example, a web shop has a much larger range. The bigger the scale and the more people you influence, the richer you become.
Your product or service must be able to sell itself without having to work for it. Either way, it must be an asset. If you have a good product, but you still have to work 40-60 hours a week, you’re not financially independent, even if you earn thousands of Dollars a month. You must disconnect your own time from the product/service. For example, think of a web shop. A web shop is online 24 hours a day 365 days a year. No matter what you are doing. Whether you are sleeping or swimming on the Hawaiian coast. The products sell themselves through the web shop, and you do not have to worry about it.
The book contains confrontational and clear information. I expected to learn little news but completely changed my mind set. The book that everyone has to read wants to be financially independent.
Difficulty: Easy, reads well Fully English.
Strengths: The chapter is short and impactful with a summary to see what you have read. The book gives a feeling that you finally know what to do to become a multimillionaire.
Less high points: The numbers that are placed on how fast people from the slow lane become financially independent are just too great. As you can read on this site, you will be financially independent within 17 years as soon as you can save and invest more than 50% of your income. The Millionaire Fastlane uses other figures that fall higher. I do not entirely agree with that. Before you start a product or service immediately, it’s important that you read the book first. This book is packed with secrets and tricks that you just have to face and try out. After reading this book, you have everything to be potentially multi-millionaire within ten years.
Let me imagine that you should do something about it. That means, besides your work, every hour of free time what you have to spend on your product or service. And that for several years. Either way, it is not for everyone. Only the people who continue and believe in will reach the summit. Not for nothing, there are relatively few millionaires.
The Millionaire Fastlane is a recipe. If you apply this formula well, the outcome will always be positive. The ingredients determine you. This will not be found in this book. The recipe is there; it’s up to you to add the right ingredients!