The millionaire fastlane summary – what can you apply to your business?

 

The Millionaire Fastlane by MJ. Demarco – Crack the Code to Wealth and Live Rich for a Lifetime

Demarco is this authentic guy who tells it as it is. He doesn’t want to sell you emotions but a concept or an idea and gives you all you need to make informed decisions. In this post, I’ll share with you his most interesting idea’s so that you’ll know what to keep in mind when making decisions for your business. After this post you’ll master;

-The 3 fast lanes

-The Fastlane mindsets

-The meaning of CENTS or 5 commands and why you need them in your business?

 

Which lane are you taking in life?


In this book, Demarco explains the 3 routes you can take in life. The sidewalk, the slow lane, and the fast lane.

The sidewalk: Living from paycheck to paycheck by going for instant gratification. You don’t have to be poor to live on the sidewalk, you just don’t know how to handle money. People on the sidewalk don’t save or invest. If something were to happen, they have no emergency funds to use in that situation. This is no place you want to be in and if you are you should want to get out fast and it can be done.

The slow lane: This is the average person. Starts by getting an education, start working and saves a chunk for a rainy day or retirement. Those people may invest. They accumulate wealth peace by peace. This can be a preferred route for some as it has lots of advantages like security and there is nothing wrong with that. But there is another possibility and that is Fast lane.

The fast lane: People getting rich quick. Think about that pop star you didn’t know yesterday, whose name is everywhere today. You CAN get rich very fast but it’s not easy. The best way to do this is by finding a need and adding real value to more people’s life. This can take as little as 3 to 5 years to generate millions.

When you choose for the fast lane you choose for freedom to choose and control over your business and lifestyle. The end goal is to create passive income streams through investments and creating systems that you control. To be the driver in your life. For this, you have to master the fast lane mindset and it’s most important notions.

The Fastlane mindsets;

  • Knowledge is Power – The more you learn the more you earn. Invest in your education.
  • Time is your most valuable asset.
  • -Money is everywhere – How much money you make equals to how many lives you touch.
  • Your primary income streams should be systems and investments. As long as you invest time for money, you have a job.
  • Debt should be a way to build assets.

 

Count your CENTS for more wealth


If you take a close look at the most successful businesses, you will always notice the same things coming up.

9 out of 10 Times you’ll find the same success factors. Demarco worked them out into 5 commandments to work towards by reverse engineering the most successful businesses. The goal should be to get as much as possible checked out to have a profitable business.

He came up with 5 commandments to guarantee success and he called it CENTS. Try to have as much influence as possible on each letter in CENTS. I’m going to explain what each letter stands for and why you need it. So that you actively search for it and collect as from letter as possible.

C for control:

How much control do you have over your business? This is applicable to any aspect. From the location, your clients to your products and service. If you are depending on others, the more risks you have. Do you depend on someone else for a product to sell to your customer? What that person can’t deliver? That day you can’t make any sales… The more control you have, the more you take into your own hands the lesser risks are involved. This is not always possible, there are still some things that you have to outsource. Here again, make sure you have control to whom. Don’t be depended on others to make have an income. That is the beauty of an online business. That way you have control over the location, your clients and the products. You only have to worry about the traffic


control equals fewer risks.

E for entry:

How difficult to start your kind of venture? If it’s too easy then you won’t be the only one with that idea. There is going to be too much competition. Which makes it harder to beat the competition. You also have to look if it’s solving a problem. Very often it is said that you have to go after your passion. Demarco is very down to earth in that, you have to keep looking at supply and demand. It remains a business after all. You should always take into account how much demand there is and how much competition there is already on the market. The lower the entry cost, the more competition, the harder it will be to make a great profit. But then again, I do recommend following your passion, especially when starting an online business. Just keep in mind that starting an online business has a low entry level and work your but off. The ones that persevere will tell you about added value in their lives. That freedom is worth it.

 

If it’s too easy, it violates Entry

 

N for need:

You should be solving a problem or filling a need with your product or service. Only when that’s accomplished you’ll see a profit. No matter how great your stuff is if it has no use or isn’t solving some kind of problem, no one will buy it. That is why they are there are niches that can never be wrong like healthcare or the food industry. As long as there are people around, they’ll need food and good health. Keep in mind that entry is relevant as well but as long that you have the N crossed off your list, you’ll be good. As long as your product or service is useful, there will be a demand for it. That is also something you have to take into account as well.

 

T for time:

 

T is very simple. Find a system where you don’t trade your time for money. Passive income is very controversial these days. I believe that every entrepreneur should work towards it. A system where past efforts are still rewarded for the coming years. Demarco talks about how you should build that system where your time isn’t traded for money anymore. That fits perfectly in the online business where you work up front for months or even years to come.

When you have more control over your time you have control over your life.

S for scale:

How easy is it to grow, replicate your business? This is different than entry. Your work product or service should scale without your work to grow as well. A good example would be like, an online course where you help more people but the amount of work doesn’t grow.

 

You know now where you want to be in life. Which lane are you taking? What surprised you or what did you already know? Let me know if in the comments below.

Click here or on the book if you want to purchase the book.

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