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Learn the key ideas of the book by MJ DeMarco

The Millionaire Fastlane

The roadmap to the fast lane to wealth

Financially speaking, people generally follow one of two paths: the road to poverty, where they live for immediate gratification to the detriment of their future, or the road to mediocrity, where they sacrifice their today for a better tomorrow. However, there is also another way: the fast lane to wealth, which allows us to live a rich and free life, without having to wait for retirement. The Millionaire Fastlane shows us the path to wealth, and explains how we can retire in 10 years instead of 40. In order to do this, we need to create a business of our own, one which does not dictate our earnings based on how many hours we work, which has a significant impact on many people’s lives, and generates a passive income.

The Millionaire Fastlane
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IDEA CHIAVE 1/8

True wealth is made up of three fundamental aspects: family, fitness, and freedom. Money can increase our wealth by enhancing these aspects, especially freedom

When we hear the word ‘wealth’, most of us tend to think of money, but there is actually much more to it than that. Wealth is a combination of factors that make us feel fulfilled. In particular, there are three main components, the three basic ‘F’s that we need, in order to feel happy in our lives:

  • Family: wealth comes from having meaningful relationships with our family and other people.
  • Fitness: health, vitality, passion, and energy are an important part of wealth.
  • Freedom: wealth comes from being able to pursue our dreams and do what we love.

So, being wealthy is not just about having a lot of money, because money is not all-powerful, and its impact on our life is actually quite limited. For example, it may buy us the best health care, but will not necessarily be able to heal our body when we are sick. Nor will it ever pay for meaningful relationships.

However, being financially independent is the first step to becoming wealthy, especially because it allows us to have freedom. When we have enough money to live comfortably, we no longer need to trade our time for money, as we would with a normal job. When we reach financial independence, we are able to use our money to buy ourselves the freedom to spend our time as we wish, and generally do whatever we want. Being free means living where we want, travelling, and enjoying our hobbies, even if they are expensive. This is how money is able to increase our wealth.

  

The key ideas of "The Millionaire Fastlane"

01.
True wealth is made up of three fundamental aspects: family, fitness, and freedom. Money can increase our wealth by enhancing these aspects, especially freedom
02.
Wealth is a road trip: we cannot skip the journey and get straight to our destination
03.
The sidewalk roadmap is the path to poverty, where people live for instant gratification without thinking of the future
04.
The slow lane to mediocrity is based on work, savings, and investment, and sacrificing today in the hope of a better tomorrow
05.
The fast lane to wealth is based on ‘controllable unlimited leverage’, which encourages rapid wealth creation through a passive income stream
06.
The five ‘commandments’ for starting a business that will make us rich: control, entry, need, time, and scale
07.
Quotes
08.
Take-home message
 
 
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