1. 1-Sentence-Summary:
1.1. The Millionaire Fastlane points out what’s wrong with the old get a degree, get a job, work hard, retire rich model, defines wealth in a new way, and shows you the path to retiring young.
2. Favorite quote from the author:
2.1. "Many people want to change their life, but they are not willing to change their choices, and ultimately this changes nothing." - MJ DeMarco
3. 3 lessons:
3.1. Wealth stands for 3 things, none of which is money.
3.1.1. DeMarco says wealth includes 3 things:
3.1.1.1. Meaningful relationships with friends and family
3.1.1.2. Being healthy and physically fit
3.1.1.3. Freedom
3.1.2. While money can only help you so much in building better relationships with your loved ones or transforming your body from unhealthy to top shape, money can buy you unlimited amounts of freedom.
3.1.2.1. The freedom to live where you want, eat what you want, travel where and when you want and follow all of your hobbies with a passion, even if they’re really expensive.
3.1.3. Since you don’t have to trade your time for money any longer, you can now spend it as you wish and that’s really what wealth is all about.
3.2. Your income eventually can’t depend on your time any more.
3.2.1. To make your income independent from your time, you have to unlink it from the hours you put into work.
3.2.1.1. This doesn’t have to happen in one go where you become an “overnight success”, but can be a gradual process.
3.2.1.2. For example J.K. Rowling put in years of time before publishing even the first Harry Potter book, but with each new book she continued to receive royalties, increasing her income without her having to put in more time, since that book was finished.
3.2.2. Even the most miraculous exits, where 15-year olds sell their app to Yahoo for millions, require years of work and very often the company owners have already become rich in the process.
3.2.3. The fastlane might be fast, but it’s not a shortcut. There are no shortcuts.
3.2.3.1. You have to build a great product or company that starts to produce passive income, even when you’re sleeping.
3.3. Start producing, stop consuming.
3.3.1. DeMarco says the only way to build a business is to think like a producer.
3.3.2. We’re all conditioned to consume from an early age.
3.3.2.1. Watch ads on TV, buy toys, buy food, buy clothes.
3.3.2.2. It’s no different with information – we’re bombarded with tweets, images, articles and podcasts.
3.3.3. Stop throwing money at another pair of shoes or skincare product, and instead, switch into producer mode.
3.3.4. Look at the packaging.
3.3.4.1. How does it feel? What does it do to make you want to buy it? Which words are they using in the ad?
3.3.5. See behind the consumption to find out about the creative process of the people who sell what you usually buy.
3.3.5.1. Could you sell that product? Where do they produce? Can you find out how much profit they make?
3.3.6. Similar with good articles or podcasts.
3.3.6.1. Think about the structure, how does it help you? What makes a great blog a great blog?
3.3.7. Take off your consumer glasses and be open and curious about the world of producing and you’ll be well prepared to start your own business.