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A review by pocketbard
The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime! by M.J. DeMarco
2.0
I spent about half this book hate-reading it. It was recommended on a recent Ali Abdaal video about financial freedom, and I figured I might as well commit a few hours to reading it and forming my own opinions. And my own opinions are… mostly but not entirely negative. A solid half this book is just about mindset: DeMarco tries to convince the reader that traditional financial advice (which he calls the Slowlane) is just not gonna cut it if you want to be wealthy. Going to college, getting a good job, investing in your retirement plan – all the hallmarks of traditional financial planning – might make you a modest income in 40 years, but if you want to have lots of money and you want it young enough to enjoy it, you need to take a different path: the Fastlane. To DeMarco, the Fastlane essentially involves starting a business that fulfills 5 criteria: 1. it meets a need, 2. there’s a barrier to entry (so that not everyone can do it), 3. you can control all aspects of the business, 4. it’s scalable, 5. it does not rely on your time. Making wealth is simple, he says: serve millions of people, and you’ll make millions of dollars. (Of course! It’s so easy! Why didn’t I think of that?) It irks me that DeMarco doesn’t really give examples of these sorts of businesses beyond his own much-touted website (a marketplace where people can book limousine services). He claims that ideas are cheap and execution is hard, but honestly for me even the ideas are hard. Maybe this is why I’m not cut out to be an entrepreneur. I didn’t like DeMarco’s “my way or the highway” writing style, I didn’t like how much he touted his online forum, and I didn’t like how much of this book seemed just like a flex for how much money DeMarco makes and what flashy toys he owns. It’s interesting as an alternative viewpoint, I suppose, but not one I think will be particularly actionable for me. Probably won’t read any of the other books recommended by Ali Abdaal, if they’re all gonna be like this.