He makes fun of Robert Kiyosaki and his “ Poor Dad Rich Dad“. MJ DeMarco says gurus sell the slow lane while they themselves get rich in the fast lane. To trade Time Is To Trade Life The Paradox of Practice: You’re Being Conned

Limited learning (compared to huge learning with your business).

Compound interest takes time and only works in the final years.

Trade your best years for future, uncertain money.Upper limit (can’t work more than 24h/day).Trade time for money (you can never buy back time).No leverage (work twice harder is not twice the money).Or if you want to double your income today, think your boss will accept it? And if you get a heart attack at 55? What if the stock market tanks when you’re about to withdraw your money? The other problem with the slowlane is also that you’re not in the driver’s seat. Only to go back in the cage again on Monday. That’s why you see people “celebrating their freedom” on Friday”. You trade 5 for 2 when you give Monday to Friday to get 2 days off. You trade a salary while your employer makes money off of you. In the slowlane you’re the butt-end of a sucker’s trade. Decades in a job you likely don’t love are also wasted decades. It’s not an optimal strategy, the author says. They buy into the “compound interest strategy”, so they work hard today and save to be rich tomorrow. In the ant and the grasshopper fable, these people are the ants. They sacrifice today for a better tomorrow. Things such as lotteries, gambling, “a big hit” etc. Sidewalker also tend to pursue money through events. Well, the grasshopper resides on the sidewalk. You probably heard the fable of of the ant and the grasshopper.

Instant gratification is the key for the sidewalker. They are not necessarily poor, they can be very rich, but they finance their life with an unsustainable mix of income and debt (like Johnny Depp). In short, the sidewalker are those people who spend more than they earn. Employment and savings are linear, that’s why they don’t work.Īnd he puts people into 3 different roads when it comes to wealth: MJ also introduces the core concept of the book here: fast wealth happens exponentially, not linearly. You will never enjoy the big ticket event without the process. The process entails sacrifices and hard work. MG says that people see the big event-grabbing headlines like the IPO or the big buy-out and think that getting rich is event-driven.īut the real story is the process behind those events. You need to toil your whole life employed by someone else, squandering the golden years of your life in a cubicle. The typical “get rich” scheme bandied by financial gurus, which he dubs “get rich slow” is a trap, the author says. Part 2: Wealth is Not a Road, But a Road Trip

That was the epiphany for him and he realized the difference between “get rich slow” and “get rich fast”. One day DeMarco saw a young man drive his dream car. He says that is your task to find out, because success is a journey and it cannot be outsourced to India. MJ DeMarco says The Millionaire Fastlane is not “ The Four Hour Workweek” that will tell you step by step what to do. Entrepreneurship (the fastlane) will give you independence, freedom, and early (wealthy) retirement.Working a job and investing in the stock market will NOT make you rich.Part 7: Millionnaire Fastlane Commandments.Part 4: Mediocrity: The Slowlane Roadmap.Part 2: Wealth is Not a Road, But a Road Trip.

The millionaire fastlane pdf