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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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The Millionaire Fastlane summary
Crack the Code to Wealth and Live Rich for a Lifetime
15 mins
Brief summary
The Millionaire Fastlane by MJ DeMarco is a guide that challenges traditional financial beliefs. It offers insights on how to create wealth by following the fast lane instead of the slow lane, through entrepreneurship and value creation.
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The Millionaire Fastlane
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Key idea 1 of 8
You’ll fail if you have the wrong mindset, no matter how much you earn.
How do people get rich? Is it luck, or perhaps fate? A lot of people think so, which might be the reason why they themselves aren’t rich. If you believe becoming wealthy is out of your control, this mindset is jeopardizing your chances. You can control your future. It just takes planning.
If you believe that it’s pointless to plan ahead, this puts you in a weak position to deal with life’s challenges. Without precautions such as creating a financial plan or arranging for health insurance, external events like losing your job, becoming ill or having to suddenly deal with a recession can cause you far more grief than necessary.
Sometimes prioritizing the moment in terms of spending can have serious drawbacks. For example, if you live from paycheck to paycheck, suddenly finding yourself without a job would mean you can no longer pay your rent.
If you refuse to take responsibility for your life, even earning an impressive income won’t keep you from going broke. If you think you have no power over your own life, it’s tempting to want to spend your money while you have it. After all, what if you were struck by lightning tomorrow? This is why people splurge on instant gratifications like expensive dinners and luxury cars.
Yet having this mindset will drain your income and your credit range, because regardless of how much you earn, you’ll spend it all. We’ve all heard stories of how some rappers go from carousing about with the cash from a huge hit to losing everything in one year.
Of course it’s possible you could be run over by a train tomorrow. But this is unlikely. And even if something terrible should happen in the future, you’ll be glad if you at least made some plans for worst case scenarios, like making sure you have a buffer of cash when you need it.
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What is The Millionaire Fastlane about?
The world is full of people working hard with dreams of getting rich – but only a handful succeed. As The Millionaire Fastlane shows, there’s a simple reason for this; conventional roads to wealth don’t work. But thankfully, there is one way that works, and if you’re eager and willing to put in some effort and make some sacrifices, it’s far quicker than you might think.
The Millionaire Fastlane Review
The Millionaire Fastlane (2011) by MJ DeMarco is a thought-provoking book that challenges conventional wisdom on wealth-building. Here's why this book is worth reading:
- It offers a refreshing take on wealth creation with its bold, unconventional ideas that will make you question common beliefs about money.
- This book provides a step-by-step blueprint for escaping the "slowlane" and reaching financial freedom through entrepreneurship and business.
- With its engaging storytelling and practical insights, the book ensures you won't find it boring, keeping you motivated to take action towards financial success.
Who should read The Millionaire Fastlane?
- Anyone who dreams of founding their own enterprise
- Anyone who feels that they’re wasting their best years in a job they hate
- Anyone who’s willing to work hard to become a millionaire, but doesn’t know how to start
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The Millionaire Fastlane FAQs
What is the main message of The Millionaire Fastlane?
The main message of The Millionaire Fastlane is that traditional wealth accumulation strategies are flawed. It offers an alternative approach to building wealth.
How long does it take to read The Millionaire Fastlane?
The reading time for The Millionaire Fastlane varies depending on the reader's speed. However, the Blinkist summary can be read in just 15 minutes.
Is The Millionaire Fastlane a good book? Is it worth reading?
The Millionaire Fastlane is worth reading as it provides actionable insights on creating wealth and challenges conventional beliefs about financial success.
Who is the author of The Millionaire Fastlane?
The author of The Millionaire Fastlane is MJ DeMarco.
What to read after The Millionaire Fastlane?
If you're wondering what to read next after The Millionaire Fastlane, here are some recommendations we suggest:
- When Genius Failed by Roger Lowenstein
- Walmart by Natalie Berg and Bryan Roberts
- The Monopolists by Mary Pilon
- Moore’s Law by Arnold Thackray
- Agile Selling by Jill Konrath
- The Upside of Your Dark Side by Todd Kashdan and Robert Biswas-Diener
- Creativity, Inc. by Ed Catmull with Amy Wallace
- Meaningful by Bernadette Jiwa
- The Self-Made Billionaire Effect by John Sviokla and Mitch Cohen
- Mastery by George Leonard