Hi, welcome to Bookey. Today we will unlock The Millionaire Fastlane.
The widely held view regarding the most reliable way to acquire wealth includes: good grades, working hard, salary rises, getting promotions, fixed deposits, and making investments with 10% of your capital. Based on this belief, people work hard all year long with the intention of saving by the end of it. Unfortunately, our plans can never keep pace with life’s changes. Events like unexpected bankruptcy, supporting a family, and crazy shopping, can all potentially use up your income.
Many people work for years but can barely afford a single room in large cities. Many people sweat for a better life, but rarely receive a promotion. Many people carefully design investment portfolios, but the generated yields are even lower than the inflation rate. Many of us are just like poor rats, ceaselessly striving for money, but continuing to struggle in the mire of poverty and mediocrity.
Early in the 19th century, Italian economist Vilfredo Pareto, through extensive analysis of concrete examples, observed that 80% of the social wealth is owned by 20% of the population. This observation is known as the Pareto principle, or the 80/20 rule. Based on this theory, you may start to wonder how the richest 20% work towards wealth accumulation. Do they follow a path similar to the rest of us? Do they have a secret wealth-building strategy instead? The Millionaire Fastlane will share those inside stories with you.
MJ DeMarco, the author of this book, is a famous self-made millionaire, entrepreneur, investor, and writer in America. Despite his many achievements, his journey to success was not an easy one. DeMarco had tried multiple ways to acquire wealth. After graduating college, he initially started his own business but failed. In the following years, he switched jobs in several different industries, yet all failed eventually. He read all kinds of books regarding wealth creation, but none of them helped him obtain it. He floundered in a mess of poverty and desperate anonymity. DeMarco, however, never gave up. He came to Phoenix with only $900 and proceeded to build a high-end automobile rental service website. This move finally succeeded. He earned his first million by the age of 31, and achieved financial freedom by the age of 37. In The Millionaire Fastlane, MJ DeMarco draws on his life experience, and points out that the “Get Rich Slow” method is a large trap within modern society. Through the study of his reversal of fortune, he figured out a new “Get Rich Fast” philosophy that works for everyone.
What is the “Get Rich Fast” philosophy? How was the author able to reverse his fortune? We will bring you the details by answering three main questions:
The first question: Why is the “Get Rich Slow” philosophy unreliable?
The second question: What is the Fastlane?
The third question: How can we switch lanes and achieve financial freedom?