Every morning, I enjoy listening to a non-fiction audiobook during my walk. Recently, I came across The Millionaire Fastlane by M.J. DeMarco, thanks to a recommendation from one of my favorite productivity YouTubers, Ali Abdaal. Intrigued by the cheesy 90s cover, I decided to dive in.

I have a love/hate relationship with books of this nature. On one hand, consuming content like this is essential if you want to achieve financial independence and pull yourself out of debt. Not only will you gain valuable knowledge about investing, saving, and taking control of your life and finances, but it also cultivates a wealth mindset that attracts actual wealth. I will write a longer post of the Law of Attraction at some point, and while a lot of it is bunk science I do believe there is something to needing the right mindset to start seeing the opportunities which can propel you into wealth.

" Make a freaking impact and start providing value! Let money come to you! Look around outside your world, stop being selfish, and help your fellow humans solve their problems. In a world of selfishness, become unselfish" ― M.J. DeMarco, The Millionaire Fastlane

DeMarco's book is intentionally polarizing, and I've got a lot of thoughts. In short, it emphasizes getting rich not through the conventional route of a stable job and sound investments, but by creating your own business and seizing opportunities that enable rapid wealth accumulation. It's worth noting that this book is filled with car metaphors, so if you're not a fan, be prepared!

My Three Key Takeaways:

1. The traditional road to wealth is far too lengthy.

Like most Americans, my financial education mainly came from my parents. Whenever I need financial advice, my go-to person is my dad, and I've always followed the standard path of going to college, getting a good job, saving, investing, and hoping compound interest will someday make me rich enough to retire comfortably. However, DeMarco challenges this approach, arguing that it takes way too long. Sure, you can diligently save 20% of each paycheck, hope that the markets cooperate and no unexpected hardships force you to dip into your savings, but even then, it might take 50 years to become a millionaire. The problem is, you might not even live for 50 more years. While the "slow lane" is often portrayed as the safe option, it's far from secure. You're essentially gambling a significant portion of your life on the assumption that your investments will pay off and that you'll live long enough to enjoy your retirement.

“The global recession has exposed the Slowlane for the fraud it is. With no job, the plan fails. When the stock market loses 50% of your savings, the plan fails. When a housing crisis erases 40% of your illiquid net worth in one year, the plan fails. The plan is a failure because the plan is based on time and factors you can’t control." ― M.J. DeMarco, The Millionaire Fastlane

2. There is no "get rich easy," but there is "get rich quick."

We encounter MLMs, too-good-to-be-true investments, power ball lotteries, and outright scams at every turn, all promising life-changing wealth. What makes these lies more convincing is that people actually do get rich quickly every day. We hear stories of startups being bought for millions or inventors creating the next big thing. We've been warned against get-rich-quick schemes, being told they're deceptive and will leave us worse off than before. However, the real lie lies in the concept of "get rich easy." Quick wealth is possible, but it's undeniably hard. From an outsider's perspective, we see the end result—the YouTube video with millions of views, the startup acquisition, or the invention selling for millions. What we don't see is the process behind it all. It involves countless late nights and hard work. The key difference between bemoaning our fate and taking action lies in understanding that it's a process and being willing to push through the difficult days.

“All events of wealth are precluded by process, a backstory of trial, risk, hard work, and sacrifice. If you try to skip process, you’ll never experience events.” ― M.J. DeMarco, The Millionaire Fastlane

3. Make intelligent investments.

Imagine someone asking to borrow seven dollars, promising to give you two dollars back at the end of the week. You would never agree to such a terrible investment. Yet, that's exactly what we agree to when we settle for a standard job. Every day, we're expected to trade our lives for the mere privilege of living and pursuing activities we genuinely enjoy. Breaking free from this cycle and entering the "fast lane" to wealth requires seeking out opportunities for exponential growth. For instance, your boss is unlikely to give you a 90% raise, but a great new business idea could potentially yield a 90% growth rate. DeMarco also provides valuable advice on which types of businesses offer this kind of growth. For instance, he cautions against blindly following the "follow your passion" advice. While I might love to open a bookstore, it's highly unlikely to make me wealthy. Instead, by investing my time in projects that promise a better return, even if they aren't my "passion," I can generate enough income to pursue my true passions without being burdened by financial constraints.

Criticisms:

Although I overall enjoyed the book, often found myself struggling with DeMarco's politics. He appears to have little regard for those who haven't been able to break free from the cycle of poverty and unapologetically mocks individuals who rely on traditional jobs for survival. While I believe in taking accountability for our actions, it's important to acknowledge the systemic barriers that hinder wealth accumulation for certain groups. Financial success is influenced by a multitude of factors beyond individual effort, such as access to quality education, social support networks, and economic opportunities. Dismissing these complexities not only lacks empathy but also fails to address the structural issues that perpetuate financial inequality.

Another aspect of DeMarco's writing that I find lacking is a sense of caution. While he advocates for bold, calculated moves and encourages readers to go all-in when they find a golden business idea, he doesn't often encourage readers to exercise prudence and evaluate the risks involved. Entrepreneurial endeavors can be exciting and potentially lucrative, but they also entail significant uncertainty. Taking calculated risks is wise, but throwing yourself entirely into the unknown without a safety net can be a recipe for disaster.

Closing Thoughts:

If you’re like me and in a tough financial situation, The Millionaire Fastlane is a good book for getting off your butt. DeMarco doesn't hold back, and although he can be dismissive at times, his unapologetic approach will definitely push you out of your comfort zone and encourage you to start taking some steps towards achieving wealth, not in 20-30 years, but right now.

“Opportunity drives through your neighborhood frequently, and when it does, you have to grab that bitch." ― M.J. DeMarco, The Millionaire Fastlane

The Millionaire Fastlane is not a blueprint for overnight success or a guarantee of wealth. Rather, it serves as a catalyst for personal growth and a mindset shift. It's incredibly easy to get sucked into the standard path of wealth and the security promised by the "slowlane." However, by cultivating a mindset which values financial independence, continuous learning, and strategic thinking, we can increase our earning power by leaps and bounds.

This book is about more than just money—it's about freedom. While time cannot be bought, having sufficient wealth gives you the time to live life on your own terms, pursue your passions, and make a positive impact on the world. This journey shouldn't start in decades when your investments finally start bearing fruit, this is a journey which we can start today.

Thank you for spending time with me today. You can pick up The Millionaire Fastlane at your local library. Or, purchase a copy at Bookshop.org to support local bookstores, thrift at copy at thriftbooks.com, or purchase on Amazon. If you enjoyed this post and want to stay up-to-date on future articles, please consider subscribing to our newsletter for regular updates and insights. You'll gain access to exclusive updates, behind-the-scenes content, and more. Not to mention, you'll be the first to hear about any exciting news or developments we have in store. Sign up today and become a part of our growing community!