The first book I read from MJ Demarco was The Millionaire Fastlane. The next one I read was Unscripted. I wanted to become better with personal finances and achieve my goal of becoming a millionaire so that I could provide more support to my family.
If you read the MJ Demarco books, you will see another way to approach asset creation and income generation.
The Millionaire Fastlane is about creating exponential wealth. The book teaches you about the traditional path to wealth before MJ introduces you to a new way to think of wealth.
He explains that in order to get rich fairly quickly, only hard work and running a business is the requirement.
some of the key topics he covers is in The Millionaire Fastlane:
Understanding the difference between linear wealth and exponential wealth. His study of people who had earned crazy wealth quickly not be inheriting and not by winning the lottery.
He says we are being scripted by society and raised as sheep for a lack of a better term. The books if anything shows you a different way of thinking from the masses. To learn a different way, you must be exposed to new ideas.
People on the sidewalk paycheck to paycheck. They don’t save money because it’s money in and money out. Oftentimes side walkers are in serious debt or at the very least have mild debt.
To get off the sidewalk and begin saving one must do at least one of two things.
- Increase Income
- Cut Costs
People in the Slowlane are making money and hoping to get rich by the age of 55 or 65. You will be the richest guy in the retirement home if you luck out.
Almost nobody got rich in the Slowlane while they were young, and old people in the slow lane don’t have the youth to enjoy the small amount of money that survived inflation.
The typical plan for the Slowlane is to put 10 percent of your income in a 401K or RRSP and expect to retire like a king. Some people even deny themselves a cup of coffee every day for their retirement plan hoping they will be rich when they retire.
This includes cutting coupons and just being cheap in general. What most people don’t know is that they are being scammed by the common lie that society tells them. Instant gratification, debt and credit is considered as income.
Go to school, get a job, live cheap, and put 10 percent in an RRSP, and expect to be rich when you are between 55 and 65. His books are about taking risks and mathematical wealth equations.
The fastlane represents exponential wealth and it is defined by asset manipulation and control. It is a level of personal finance mastery and exponential income growth.
Cents MJ DeMarco
CENTS is an acronym to help you evaluate the feasibility of different income streams and business ideas.
Control – do you control all elements of your business model, who you do business with and your prices too?
Entry – is it difficult for others to copy your business model?
Need – do people actually need what you are selling? Does it solve a burning problem?
Time – can you separate it from your time?
Scale – how easy would it be to scale this company?
Cul vs Uul
Controlled unlimited leverage
This is when you control your business and what happens with operations. This is a big difference from a typical job where you usually have little control.
Unlimited uncontrolled leverage
the idea is to have control over your business endeavors so you can control your offer, who you work with, the price etc. Jobs are tough because you are usually in the passenger seat.
Being stuck to a certain of performance and therefore compensation. He talks about how he created luck after years of failure. The real problem is the script we have been fed and the thing is we need to get another script if we want to break from this mediocre pull of life.
He gives a formula that is more math based. Scale or magnitude or a combination of both.
Here you can read my longer post about Unscripted.
Then I read Unscripted. Picking business models that you could eventually sell at a multiple.
Value arrays are the full list of attributes that businesses are competing on: things like price, quality, delivery time, customer experience, etc.
Value vouchers are another word for money. To show that we only get paid for the value we bring to the world.
He also introduced the idea of never work again but the thing is in personal development, we usually don’t want to retire. We just want time and location freedom.
MJ Demarco Books
product o cracy how he released a book, then a series of books that people still recommend.
His books taught me a new way to look at personal finance and wealth.
MJ Demarco Books Conclusion
MJ’s position is whether you read his books or not, he will still be rich. He gives these ideas because they were found based on his research and experience.
These books are great at giving you new ideas and the forum is a great place to connect with other entrepreneurs. Connect with me on the forum if you are interested.
he has done a great job at inspiring the youth and showing them another way to be successful with finances and business. It is no-nonsense. If you enjoyed this blog post, please share it with a friend and leave a comment.
Thank you for reading!