Most of the things you have been told about money are totally BS and most likely it won’t help you to get financially free, advice like live frugally, save 10% of what you earn, don’t dream big, climbing the corporate ladder slowly will certainly lead you to have a lot of money when you retire! Are these things really going to make you wealthy?

In his book, The millionaire fast lane, MJ Demarco gives us some sounding advice and principles on how to really build wealth, by following the fast lane approach!

So, let’s dive right in.

Avoid the slow lane!

In this book, the author describes the idea of 3 financial lanes that people take in their lives, The side lane, The slow lane, and the Fast lane.

The sidelaners are those who are spending more than they earn, they consider debt as a part of their wealth, they might be living paycheck to paycheck, but they still spend huge sums of money on flashy things, like expensive gadgets, cars, and more.

The slow laners are the people who we are most familiar and surrounded with, our parents, relatives are most likely to be lying in this category.

The slow laners always teach us to study hard, get a good job, live frugally, so that you can enjoy your life once you are retired! Not such a good way of living, right?

You can definitely live an okayish life following the paths of the slow laners, by saving as much as you can and living below your means, it’s up to you as to what you want.

One of the most important principles of the slow laners is the “Play safe” principle. They believe that we should not be trying anything which doesn’t have a certain outcome. They fear uncertainty, and as we all know the less the certainty, the less the rewards. That’s why they chose to go with doing jobs, and trading their time with money, rather than building some businesses.

Now, the idea that is explained thoroughly in this book is the idea of the Fast laners, the idea of getting rich quickly!

Yes, you heard it right, MJ Demarco does believe in the idea that we can get rich quick if we choose the fast laners approach.

But wait a minute! Isn’t getting rich quick a way to lose all your money? We have heard that a lot of time right?

Well, the thing is that getting rich quick and getting rich easy are two totally different things. Here by “quick” the author means the timeframe of about 10 years. There’s no such thing as getting rich in a few weeks or months, but even if you achieve financial freedom in a few years it should be considered quick.

Work the process

In the book MJ talks about the idea of how wealth is not an event, It’s a process.

It’s not like, you are living paycheck to paycheck, and then suddenly you are going to get rich.

It is a long process that takes many years, it’s never an “overnight success”.

For example, when you see any successful trader or investor making huge returns, that too in a small amount of time, it’s not an overnight success, they have spent thousands of hours perfecting their art and might have struggled for a long time before reaching this stage, generally, that part of the story is ignored.

Build Money trees

You might have heard this phrase that money doesn’t grow on trees, well according to MJ, it does 😉

What are money trees?

They are business systems that survive on their own. They require periodic support and nurturing but survive on their own, creating a surrogate for your time for money trade.

Basically, the idea behind building these money trees is that the amount of wealth that we generate shouldn’t depend upon the hours that you are putting into it.

The two money trees that you can start building right away are the content system money tree and the software system money tree.

A software and a piece of content are easy to replicate (leverage) with zero or very less cost of distribution, plus you don’t have any huge investments to start building these systems.

An example of how people make money using software systems is, notion templates, that are built for different uses, what you need to start building one by yourself is a little bit of motivation, the will to act and learn. And you can start building and selling your own stuff on the internet, using infinite leverage.

If you are not into coding then you can start a blog, maybe a youtube channel, you can also create different courses teaching what you are good at, there is really so much you can do, to build a content system.

Switch from a consumer to a Producer Mindset!

See, it’s not easy to build these money trees unless you change your mindset from a consumer to a producer one.

The majority of users on social media platforms are consumers, they are the ones to whom the influencers, the content creators are selling their products.

The only way to get into the fast lane is by becoming a producer. Consume content but also, start looking for ways on how you can learn from it and use it in a way that will help you build your money trees.

Consume less, produce more!

As MJ says “Instead of digging for gold, sell shovels. Instead of taking a class, offer a class. Instead of borrowing money, lend it. Instead of taking a job, hire for jobs. Instead of taking a mortgage, hold a mortgage. Break free from consumption, switch sides, and reorient to the world as producer”

Commitment > Interest

Interest works on your business an hour a day from Monday to Friday, but commitment works on your business 7 days a week, whenever time permits.

See, whenever you are starting something new, you have to put in an overwhelming amount of time into it, there’s no shortcut, there’s no easy way out, if you do it like a hobby it’s definitely going to pay you like a hobby, and generally, hobbies don’t pay you, they cost you money.

You have to decide whether you are just interested in what you do, or you are committed to it.

“There’s a profound difference between interest and commitment. Interest reads a book; commitment applies to the book 50 times.”

Focus on Execution

MJ Demarco became excited when he had the idea for his limousine website. Then he looked online and discovered that a dozen other people were already doing it! (The majority of aspiring entrepreneurs will have a similar experience.)

He was about to give up when his friend gave him some sound advice. She said that there will always be competition no matter what you do, so just do it better than everyone else. That’s exactly what he did.

Excellent execution allowed his website to surpass all the existing ones.

Most of us believe that it’s the ideas that matter the most, but that’s really not the truth, having a great idea doesn’t guarantee success, what is really required is a sound execution of that idea

For example, there were many search engines before Google, and all had similar ideas and goals, but google executed the idea in a better way, and surpassed the competition.

As Steve Jobs famously said “Ideas are worth nothing unless executed. They are just a multiplier. Execution is worth millions”

So, that’s it for today from our side, we hope that you learned something new, and if you did then please do share this article with your friends over social media.

Thanks for reading!