A Book Review of “The Millionaire Fastlane” by MJ DeMarco — Summarizing Main Points in Relation to Personal Experiences.
In the last video we talked about: The sidewalk, The slow lane and The fast lane. So let’s say decide I’m sick of being a slow learner; How do I start going on the fast lane?
well, the great news is that fast lane isn’t a destination it’s a path, So that means even if you were the biggest sidewalk or that ever lived you can change the way you do things right now and immediately become a fast learner, the opposite is true as well I was the biggest iraqi last name I watched three x-men movies, but today I’m as productive as ever, here are three thousand concepts the Law of Attraction control and execution the log in section says that in order to be super wealthy you have to either affect a lot of people scale effects people a lot 9 indeed for example: if I was Aug with ten million subscribers, I will affect a lot of people you being a viewer you have to really commit too much as long as my videos are worth five minutes of your time that’s enough of a reason for you to watch it, people spend hours watching the use of trees getting blown up for god sake, So even if they make two cents for every 10,000 views are still make money, since my reach is huge, Now let’s say I create prosthetic limbs instead, I want have ten million people interested in my product hopefully but each person who is interested will be willing to invest a lot more than once required to watch a funny YouTube video even spend $50,000 to buy a prosthetic leg from and yes some prosthetic legs actually cost that much in this case scale was small but the value I offer the magnitude to each person who buys my leg is tremendous the aim is to maximize both the scale and magnitude of hours a youtuber with ten million subscribers in order to increase magnitude I cleared create something super valuable to my eyes like a bug that only I could rate and then sell it for 10 bucks if I saw prosthetic limbs Navy I could use the same technology to make prosthetic arms as well increasing reach no pun intended second concept is control not too long ago there was an article in the newspaper business owner losing her business in a matter of weeks let’s call her Maria she ran a local massage parlors and it was the most popular massage parlor in the city large mall in the city went through renovations one day and they decide to take out the ads over the next couple of months a number of clients dropped over 80% and she had to close down her business in that example the majority of Maria’s profits were dependent on something that’s not entirely under control if she knew that 80% of her customers were recruited from that specific mala add she could have found a way to create more control in her business avoiding the situation altogether is your business based on another business that’s not directly under your control such as YouTube day is the majority of your profits coming from one source for example could change in Google’s search algorithms take up most serious cells don’t get me wrong YouTube and ebay are great tools to help new businesses because it provides access to customers without having to use money advertising my plan doesn’t actually start off ebay but as your business grows moving past platforms like eBay becomes a big step forward the third concept is execution my dad always wanted to start his own business as you read this blog from time to time this one year focused the majority of his time on reading he would tell me how he wants to start a business but doesn’t know what type of business history he would also tell me stories about how much he admired his cousin because he had an amazing business ideas till this day my dad nor his cousin has started anything lesson we can learn from this is an idea is nothing without execution just like my dad a lot of people learned the don’t execute when we take action we learned a lot of things that we don’t from books and other times it takes experience to create a better understanding of the things you read just like the law of affection where is dependent on two factors magnitude and skill learning is a combination of experience and knowledge the best results come from a balance of the two if we started business with no prior knowledge of it our chances of making a big mistake is a lot higher sure we’ll learn a lot from it but we paid a fair price one that could have easily been avoided if we read business 101 book on the other hand if all we do is read but don’t take action that’s all I can accomplish just like my dad and his cousin once they do start taking action billion carry the same problems as someone who decided to take action immediately, those really the three concepts I found very important when it comes to living life in the fast lane. but honestly there are over in 20 other key concepts in this book perhaps I will cover somewhere in the future .