The Millionaire Fastlane Book Note

It should come as a surprise to people who think that becoming a millionaire is impossible at such a young age.

Your pursuit of wealth stalls when your focus is the road and its destination, and not the roadtrip.

Beliefs preclude choices, which preclude action.

Life is full of bumps in the road, and a financial plan predicated on avoiding them is immature.

Someone who earns $2 million a year is susceptible to the same Sidewalking pitfalls as someone who earns $20,000! Financial discipline is blind to income.

More money is not a solution to poor financial management.

Debt and Lifestyle Servitude keeps people bound to work and unbound to relationships.

When you don’t feel wealthy, you’re likely to try to conjure that feeling. You buy icons of wealth to feel wealthy.

Affordability is when you don’t have to think about it. If you have to think about “affordability,” you can’t afford it because affordability carries conditions and consequences.

Not even the greatest musician in the world can illuminate the blinding depths of the rat race and those entrenched by its indifference.

Wealth’s provenance evolves from the three Fs: family, fitness, and freedom.

You can have great job (and a fun one too!) but in the scope of wealth, they limit both leverage and control—two things desperately needed if you want wealth.

You don’t want millions to accompany your cane, you want it to accompany your youth.

Anything that steals time and doesn’t have the power to free time is a liability.

Wealth is built with time as an asset, not as a liability!

Debt that traps you to a job is not good debt.

If the opportunities available require less education (say, a BS) than I have (MBA), I become overqualified and unemployable. If my skills erode in practicality based on technological evolution, my education becomes deprecated and my value to society plummets accordingly.

While the Sidewalker deals with “Lifestyle Servitude,” the Slowlaner wrestles with “Education Servitude”

Exploding income and controlling expenses creates wealth.

Slowlane winners are usually extremely talented, elderly, or overworked.

Fame breaks the mathematical limitations of intrinsic value.

The other highly sought-after Slowlane “secret exit” is good ol’ corporate management.

Slowlane millionaires use mutual funds and the stock market to get rich. Fastlane millionaires use them to stay rich.

Become a producer first and a consumer second.

While the centrist theme to the Slowlane is a job, in the Fastlane, it’s a business.

To weaponize the Fastlane wealth equation, you must engage in a Fastlane business that has the potential for leverage or high speed limits.

Fastlaners buy and sell appreciating assets: businesses, brands, cash flows, notes, intellectual property, licenses, inventions, patents, and real estate. As it relates to the Fastlane wealth equation, the power of “Asset Value” lies in your ability to control the variable in a virtually limitless fashion.

If a company’s stock trades at 10 times PE, investors are purchasing that company at a multiple of 10 times.

Too many people plant businesses in barren, infertile soil that is incapable of spawning money trees, and which is suitable only for a scrawny Slowlane twig that sucks up time and money.

THE FIVE FASTLANE BUSINESS SEEDLINGS:

Rental Systems
Computer/Software Systems
Content Systems
Distribution Systems
Human Resource Systems

When you own a Web site, you’re accessible to millions. When you own a three bedroom home on Elm Street, it’s accessible to a few. This duality makes Internet systems one of the best business seedlings in existence.

Software, when tapped into potent distribution, can be replicated to millions. It scales without significant degradation to passivity.

If you own a coffee shop and work 80 hours a week, you have ZERO passivity.

Fastlaners aren’t using compound interest to build wealth, because it’s not in their wealth equation. The heavy lifting of wealth creation is left to their Fastlane business.

The rich aren’t using the markets to create wealth; they’re increasing their existing wealth with leveraged business assets.

Retrace the source of millionaire money and you will find millions of something.

If you’re younger than 30, your choices are at peak horsepower because they are growing the thick branches of your choice tree.

If your hated job drains the life out of you, it’s a headwind. After a long workday and you have nothing left for your dreams and your Fastlane plan, you’re done.

The irony of your free time is it isn’t FREE; it’s bought and paid for by your indentured time.

The Law of Effection says to make millions you must impact millions.

Business opportunities are plentiful, and unfortunately most of them aren’t Fastlane roads.

To light the Law of Effection and illuminate your Fastlane road, cross-examine it against the Five Fastlane Commandments (NECST, pronounced “next”):

The Commandment of Need
The Commandment of Entry
The Commandment of Control
The Commandment of Scale
The Commandment of Time

Stop chasing money and start chasing needs.

Stop thinking about business in terms of your selfish desires, whether it’s money, dreams or “do what you love.” Instead, chase needs, problems, pain points, service deficiencies, and emotions.

Money chasers are consumers who haven’t quite made the transition to producer. They want to be producers, but they selfishly think like consumers.

The amount of money in your life is merely a reflection to the amount of value you have given to others.

Make 1 million people achieve any of the following:

Make them feel better.
Help them solve a problem.
Educate them.
Make them look better (health, nutrition, clothing, makeup).
Give them security (housing, safety, health).
Raise a positive emotion (love, happiness, laughter, self-confidence).
Satisfy appetites, from basic (food) to the risqué (sexual).
Make things easier.
Enhance their dreams and give hope.

One of the many destinations of the Fastlane is to remove the confirmation of money from your “do what you love” activity.

“Do what you love” rarely creates money fast because more than likely, not only are YOU doing what you love but thousands of others love doing the same thing too

If you are forced to do anything, even something you purport to love, in exchange for a paycheck, that love is put in danger.

People follow the espoused guruesque advice without reflection on need: “Do what you love.”