Finished 25/05/2021
The Millionaire Fastlane
He comes off as boastful, and at first his heavy criticism of the Slowlane irritated me, but he has a point. He advocates an entrepreneurial lifestyle that is not for me right now, yet he speaks truthfully and not just to sell the book, but to explain how he achieved success.
Notes
- true wealth comes from the 3 Fs: family, fitness, and freedom (I strongly agree)
- 3 lanes on the highway of life: the Sidewalk (often ends badly, typical reckless spenders), the Slowlane (full of sacrifice and patience for decades; striking how he calls it mediocrity), and his Fastlane
- in the fastlane you multiply wealth exponentially by finding a need, meeting it, and scaling it into a network/franchise/brand
- The law of Effection: the more people you control or influence, the more you earn. If you serve millions, you will make millions.
- a couple of tools for decision-making: 1. Worse Case Consequence Analysis (WCCA). 2. Weighted Average Decision Matrix (WADM). (basically a pros and cons list)
- NECST - Need, Entry (it should be hard to start, otherwise everyone does it), Control (you must manage it), Scale (scale it, otherwise you are stuck), and Time (time must detach from money; time is limited!)
- in short, better a few years of intense sacrifice building an empire than the slowlane, deteriorating over time. I personally disagree, but I understand his point. Fair enough.