The FastLane |The Millionaire FastLane Book Club | Part 5 | Chapters 16 - Chapter 21

The FastLane |The Millionaire FastLane Book Club | Part 5 | Chapters 16 - Chapter 21

You can get rich fast but fast is relative. If your 18 you can be filty rich by 24. If your broke at 48 you can retire by 54.

Self employment and entrepreneurship are centrist to the fastlane like a job, just over broke, is to the slow lane.

Fastlane is about creating large sums of wealth rapidly.

The Fastlane isn't for everyong.

The Fastlane leads to freedom.

Make something from nothing. Online store, digital product, etc.

The more people I help the richer I become in time, money and fulfillment.

Passive Income, Passive Income, Passive Income.

I'm in control of my life. I'm responsible for where I am.

My dreams are worth pursuing regardless of how outlandish.

Get rich quick is such an abused phrase we all think its a scam. Get rich easy is different than get rich quick. It's not gonna be easy. Online gurus or famous for this.

 Egypitan Pyramid story. 3 years to build system, 5 years to reap benefit where as other brother has a flawed strategy. It may seem like building a system takes longer to see progress but a system can do it for you. Other brother retires 40 years earlier in luxury. Is entomed among pharoh.

Fastlane is a business system the slow lane is a job.

Break free from consumption switch sides and become a producer. Funny thing about this as an ecommerce person and wholesaler I have a hard time paying retail for anythiung because I know what things cost.

Another example my gf and others falling for clever marketing


Being rich starts with a producer mindset.

Passive income is a huge focus. Put in time upfront and still get paid 10 years after that initial effort. Unlock yourself from the handcuffs of time.

Starting a company, starting something from nothing not only creates value. The more profitable the company becomes not only do you make more money but the company itself becomes more valuable and makes you wealthier in assets as well as income.

Creating a job vs creating a business and system. While there's nothing wrong with creating a "job" for yourself, you still are your own boss doing something you enjoy, at the end of the day some businesses you create are essentially a job. Something like selling hotdogs at the hardware store, there's only so many potential customers. Lawnscaping or lawnmowing might be another example of this. While not impossible its going to be tough to scale. Keep this in mind when creating a business. While MJ didn't touch on this explicitly, he does talk about liquidation events ie selling your business. When you start a business you may want to create it and build it in a way which would facilitate a liquidation event.

PART 5: WEALTH: THE FASTLANE ROADMAP

CHAPTER 16: WEALTH’S SHORTCUT: THE FASTLANE

People would do better, if they knew better. ~ Jim Rohn

Chapter Summary: Fastlane Distinctions

• The risk profile of a Fastlane strategy isn’t much different from the Slowlane, but the rewards are far greater.
• The Fastlane Roadmap is an alternative financial strategy predicated on Controllable Unlimited Leverage.
• The Fastlane roadmap is predisposed to wealth.
• The Fastlane Roadmap is capable of generating “Get Rich Quick” results, not to be confused with “Get Rich Easy.”

CHAPTER 17: SWITCH TEAMS AND PLAYBOOKS

A man wrapped up in himself makes a very small bundle. ~ Benjamin Franklin

Chapter 17 Quotes and Highlights

• From the day you were born, you were baptized to play for Team Consumer, from the Barbie Doll and the Tonka Truck to the Star Wars action figures. You’ve been conditioned to demand: to want products, to need products, to buy products, and of course, to seek out the cheapest of those products.
• become a producer first and a consumer second. Applied, this means instead of buying products on TV, sell products. 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.
• consumers seek producers. Consumers are the majority who demand their fill!
• To switch teams and become a producer, you need to be an entrepreneur and an innovator. You need to be a visionary and a creator. You need to give birth to a business and offer the world value.

Chapter Summary: Fastlane Distinctions

• Producers are indigenous to the Fastlane roadmap.
• Producers are the minority as are the rich, while consumers are the majority as are the poor.
• When you succeed as a producer, you can consume anything you want.
• Fastlaners are producers, entrepreneurs, innovators, visionaries, and creators.
• A business does not make a Fastlane—some businesses are jobs in disguise.
• The Fastlane wealth equation is not bound by time and its

CHAPTER 18: HOW THE RICH REALLY GET RICH

Only those who will risk going too far can possibly find out how far one can go. ~ TS Eliot

Chapter Summary: Fastlane Distinctions

• The key to the Fastlane wealth equation is to have a high speed limit, or an unlimited range of values for units sold. This creates leverage. The market for your product or service determines your upper limit.
• The higher your speed limit, the higher your income potential.
• The primary wealth accelerant for the rich is asset value, defined as appreciable assets created, founded, or bought.
• Wealth creation via asset value is accelerated by each industry’s average multiplier. For every dollar in net income realized, the asset value multiplies by a factor of the multiple.
• Your industry of specialization will determine the average multiple that determines your wealth accelerant factor. If the multiple is 3, your WAF is 300%.
• Liquidation events transform appreciated assets (“paper” net worth) into money (“real” net worth) that can be transformed into another passive income stream: a money system.

CHAPTER 19: DIVORCE WEALTH FROM TIME

Time is the coin of your life. It is the only coin you have, and only you can determine how it will be spent. Be careful, lest you let other people spend it for you. ~ Carl Sandburg

Chapter 19 Quotes and Highlights

• Money trees 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.
• 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.
• What sets the Internet apart from real estate is it implicitly contains leverage. 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.

Chapter Summary: Fastlane Distinctions

• To divorce yourself from the Slowlane’s transactional relationship of “time for money,” you need to become a producer, specifically, a business owner.
• Business systems break the bond between “your time for money” because they act like surrogate operatives for your time trade.
• If you have a passive income that exceeds all your needs and lifestyle expenses including taxes, you’re retired.
• Retirement can happen at any age. The fruit from a money tree is passive income.
• A Fastlane objective is to create a business system that survives time, exclusive of your time.
• The 5 money-tree seedlings are rental systems, computer systems, content systems, distribution systems, and human-resource systems.
• Real estate, licenses, and patents are examples of rental systems.
• Internet and software businesses are examples of computer systems.
• Authoring books, blogging, and magazines are forms of content systems.
• Franchising, chaining, network marketing, and television marketing are examples of distribution systems.
• Human resource systems can add or subtract to passivity.
• Human resource systems are the

CHAPTER 20: RECRUIT YOUR ARMY OF FREEDOM FIGHTERS

The rich rule over the poor, and the borrower is slave to the lender. ~ Proverbs 22:7 (NIV)

Chapter 20 Quotes and Highlights

• (the middle-class) use compound interest to get wealthy while Fastlaners (the rich) use it to create income and liquidity.
• Compound interest pays my bills. It’s my tool. It’s my passive income source. Yet, compound interest is not responsible for my wealth. This is critical. 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.

Chapter Summary: Fastlane Distinctions

• One saved dollar is the seed to a money tree.
• A mere 5% interest on $10 million dollars is $40,000 a month in passive income.
• A saved dollar is the best passive income instrument.
• Fastlaners (the rich) don’t use compound interest or the markets to get wealthy but to create income and preserve liquidity.
• A saved dollar is a freedom fighter added to your army.
• The rich leverage compound interest at its crest, applied against large sums of money.
• Fastlaners eventually become net lenders.

CHAPTER 21: THE REAL LAW OF WEALTH

Try not to become a man of success, but a man of value. ~ Albert Einstein

Chapter 21 Quotes and Highlights

The Law of Effection states that the more lives you affect in an entity you control, in scale and/or magnitude, the richer you will become.

Chapter Summary: Fastlane Distinctions

• The Law of Effection states that the more lives you affect or breach, both in scale or magnitude, the richer you will be.
• Scale translates to “units sold” of our profit variable within our Fastlane wealth equation. Magnitude translates to “unit profit” of our profit variable within our Fastlane wealth equation.
• The Law of Attraction is not a law, but a theory. The Law of Effection is absolute and operates exclusive of a roadmap. All lineages of self-made wealth trace back to the Law of Effection.
• The Law of Effection’s absoluteness comes from direct access and control (you are the athlete) versus indirect access (you are the athlete’s agent).
• To make millions you must serve millions in scale or a few in magnitude.