The Millionaire Fastlane summary

We all know the strategy: get a good education so you can get a well-paid job, then work hard and save and invest your well-earned money. Then, after around 40 years, you’ll eventually be able to retire and enjoy your wealth. But there is a problem with this strategy.

First, it might not actually get you where you want. There’s a ceiling to how much you can earn from a salary alone.

Some specialist fields like medicine require a prescribed education. But remember, enrolling in a formal education isn’t always the best route to wealth.

Often, the expense of education cancels out the higher salary you’ll hopefully earn at the end of it.

How would you define wealth? When most of us hear the word, we tend to instantly think about money. But really, there’s far more to it than that.

Wealth is a combination of things that make you feel fulfilled. Actually, it has three main components, each of which is necessary for us to feel happy with our lives.

We’ve all skimmed those articles about some 20-year-old being presented with millions of dollars for their new internet company. It’s news like this that encourages the notion that becoming rich happens in a single moment. But really, it’s a process.

Becoming rich doesn’t occur at the snap of a finger. Preceding every deal or offer is a well-thought-out plan and often years of work. Consider an elite basketball player’s contract. It’s the result of years of conscious practice and games, and giving up leisure activities that might jeopardize performance or take up valuable practice time.

Right from childhood, we’re taught to be consumers. We’re exposed to constant, pervasive advertisements in the media, and at home we’re taught to place value on Christmas lists and family brand preferences. The result? A constant desire for products.

If you really want to be rich, get on the other team and start thinking like a producer.

You’ve probably heard this multiple times: find a way to cash in on what you love and the money will follow! But the truth is, customers couldn’t care less about your passions. All they want to know is what your business can do for them.  

As the German proverb goes: the worm must be tasty to the fish, not to the fisherman.

Imagine you hear about an awesome new internet business. Your friends are raving about it and there are already several bestsellers telling everyone how they can get rich from it. It seems like a safe bet, so would you go for it? After all, everyone is sure it’ll pay off!

Before you dive in, you should be aware that the easier it is to go down a business road, the less effective this road will be at making you rich.