Fastlane definition
A quick way of getting money without trading your time for it.
How to get there?
Imagine if you are going to a long destination in a car with limited petrol and the internet.?? What will happen after a while is that you will get stuck in middle? Many people in their pursuit of wealth and success dream great dreams but hardly they have the proper tools to make it a reality.
Wealth eludes most people because they are preoccupied with events while
disregarding the process. Without process, there is no event ie without effect there will be no wealth.
So here is an amazing book by a self-made millionaire M. J. DeMarco which will give you a new definition of wealth and tools to get their
So let's get started
Favorite line = When
your focus is only on the destination, your journey is likely to be stall and dreamy.
There are three roads to get to wealth.
The Sidewalk >- Poorness.
The Slow lane >- Mediocrity.
The Fastlane >- Wealth.
Let's understand every road clearly.
The Sidewalk is the road most traveled because it's the path of least resistance.
There is no plan, no savings-spend more than you earn Sidewalker's wealth equation is determined by
income plus debt, determined by available credit.
Some other points of sidewalk are.
1)60% negative return.
Imagine if you are getting a 60% negative return on your every investment consistently. What will happen after sometime??. You will go to bankruptcy. Similarly, it happens when you work from Mon to Fri in exchange for getting a Holiday on Sat and Sun. It's like 5-for-2 return on investment which is 60% Negative. Avoid this trap.
2 Instrict value.
It is measure in a unit of time. Our time is restricted to 24hrs and no one can work that much so maximum 8 to 12 hours so you can't earn more than you work in other words you can never become rich by this. So never trade your time for wealth make it your asset and not the liability
A question to ask before listing to any influencer or insurance agent?
The Paradox of Practice asks, “Do you practice what you preach?
Imagine you are going to a wealth loss seminar and person who will teach you that is a man full of obesity.. what you will?? Simply get out of that.
Same is with life the person who gives us advice are mostly the ones who don't follow that ( Friends, financial advisor, guru)
Here comes another road to wealth which is a Get Rich Quick road and remember not Get- Rich- Easy road which you see in fake ads.
Fastlane
The Fastlane is about building a better system, a better
the contraption, a better product, or a better “something” that will leverage your work.
For that, you need to reshape your focus from consuming to producing. become a producer first and a consumer second
Tools to become one rich
Fasteners buy and sell appreciating assets: businesses, brands,
cash flows, notes, intellectual property, licenses, invention
1. Rental Systems ( Give property for rent)
2. Computer/Software Systems( Make and sell a computer system and software)
3. Content Systems ( Write blog, books or content for others)
4. Distribution Systems( Build a warehouse and disturbed other products on it )
5. Human Resource Systems ( Build a team of great people who can run your business or work)
The book is best for youths and for someone who thinks that wealth will come into their lap if they work hard. Nothing is free in life everything has its own price so be intelligent and choose the right road which will lead you to the right destination