The Millionaire Fastlane (51 page)

Authors: M.J. DeMarco

Tags: #Business & Economics, #Entrepreneurship, #Motivational, #New Business Enterprises, #Personal Finance, #General

BOOK: The Millionaire Fastlane

11.64Mb size Format: txt, pdf, ePub

Read Book Download Book

Time isn't the issue-desire and passion are. You are deep in the trap because you have responsibilities. This is how the Slowlane wins and keeps you amenable to its plan. To break free, you need to commit and draw from an insatiable passion personal to you and your family. That passion will find you the time, whether it's early mornings, late evenings, or on the weekends. Without burning passion, your desire manifests itself as only interest, and not commitment. Committed Fastlaners build wealth, while interested Fastlaners build excuses.

MJ, when you bought your first Lamborghini, did that make you happy? I'm thinking about buying a Porsche.

Cars and other expensive toys will not make you happy. I was already happy when I bought my first Lambo, and it reflected my reward (fastlanesupercharger
R
). Happiness evolved from the process of the achievement, while the purchase was the reward and the event. Achievement is a process and it's the cake of your experience. Your process of repeated and impassioned achievement toward your specified goals will make you happy, not a car! And when that happens, you might find yourself shocked into the reality that that dream car is no longer desired.

I'm a single mom and a dental hygienist. How do I go Fastlane?

Regardless of your profession, going “Fastlane” lies in the commandments NECST (Need, Entry, Control, Scale, and Time). Can you create a business that solves a need on a massive scale? On your existing road (dental), is there a need in the dental industry that would help thousands? If you can't expose a need or a solution respective to your industry, you have to expand your mindset to the world and the other roads that serve them. Remember, you aren't just a dental hygienist; you're a mother, a woman, and a daughter. There are hundreds of roads in those subsets. What are you passionate about? Politics? Natural living? Gardening? Are there unmet needs therein? If you can't figure out a new road, let a problem that needs a solution uncover your road.

Starting a business is risky. Is there any way to minimize that risk?

Yes. Get in business for the right reason, and the right reason is to fill a void in the marketplace or to do something better than anyone else. Business becomes risky when entrepreneurs start companies based on flawed, selfish motives. Remember, strangers don't care about your dreams. We are inherently selfish, seeking to satisfy our needs and wants. Risk is escalated when you get into business without a defined need, brand, or purpose. Risk is escalated when you get into business doing what you love versus doing what needs to be done. Risk is escalated when you bequeath control over major business functions to someone else. Yes, business is a risk because entrepreneurs lose perspective on the fundamental purpose of business, and that is to solve problems and help your fellow man. Profit follows-it doesn't lead.

MJ, it's clear that you are a control freak. Since the Fastlane is predicated on passive income from interest, how do you deal with interest rates since you cannot control them? If interest rates are zero, doesn't that invalidate the Fastlane?

Yes, when it comes to my financial plan I'm a control freak, and you should be too. If you aren't in control, then you might become dependent on someone else for your comfort and security. Not for me. Second, I agree that I cannot control interest rates. However, your number (chapter 37) should be large enough to accommodate variances in interest rates. Even in this low-interest-rate environment, I still can find safe, predictable 5% returns because I think globally, not locally. If your nest-egg number is predicated on a 10% yearly return, you are fooling yourself and will become susceptible to interest rate pains. Set the bar low enough to expect variance.

MJ, can't a good mentor be a form of a wealth chauffeur?

Mentors are excellent resources if they're sought for guidance and not as personal escorts. I've had the opportunity to mentor some individuals, and a few weren't genuinely interested in hard work or sacrifice; they wanted someone to absorb risk and hand hold through the process. Mentorship is not about outsourcing process, but about providing guidance as you forge your own journey. Good mentors are accelerative tailwinds!

MJ, aren't you being hypocritical by scourging “material extravagance” and yet describing the Fastlane by material items like Lamborghinis and big houses?

No, because the Fastlane isn't about buying stuff but about freedom, and the freedom to afford whatever you want. There's a difference between being imprisoned by your stuff and buying stuff you can afford. If you can drop $300,000 for a car and not be a shackled to the purchase, go for it.

MJ, I'm in a rut and can't seem to break free. I stock shelves during the day and wash dishes at night. I can't seem to make headway.

Change starts with your beliefs, because they dictate your future choices. If you want to make headway, you have to believe you can make headway. You have to choose to start your process and that starts with a simple choice. Start making better choices, and your first choice should be an analysis of your past choices. Why are you where you are? What has been treasonous to your life that has put you at a stainless steel sink washing dishes?

Second, you need to personally reflect on how you can help others within your talents. If you lack talent, you need to acquire it. You can become an expert at anything with enough study and application. This is fact. Unfortunately, such dedication comes with a price and it often involves turning off the TV and making a sacrifice of immediate pleasures in lieu of a more favorable future.

I don't care if you're scrubbing toilets; if you solve the needs of many, you will solve the needs of one. And that one person?
That one person is you.

APPENDIX B:
The 40 Fastlane Lifestyle Guidelines

I SHALL …

1. Not dismiss “Get Rich Quick” as improbable.
2. Not allow the Slowlane to bury my dreams.
3. Not allow Slowlane prognosticators to contaminate my truth with their dogma.
4. Not ordain the Slowlane as the plan, but let it be a part of the plan.
5. Not sell my soul for a weekend.
6. Not expect nor seek a chauffeur to wealth.
7. Not trade my time for money.
8. Not put time in control over my financial plan.
9. Not forsake control over my financial plan.
10. Not demote time as abundant and effervescent.
11. Not assign faith to events, but to process.
12. Not take advice from gurus who preach one roadmap, while getting rich using another.
13. Not use compound interest for wealth, but for income.
14. Not disrespect the passivity of a dollar.
15. Not cease learning at graduation, but start it.
16. Not impose the burdens of parasitic debt into my life.
17. Not play on Team Consumer, but switch to Team Producer.
18. Not dismiss the plausibility of my dreams.
19. Not chase a path of money, but a path of need.
20. Not fuel my motivation by love, but by passion.
21. Not focus on my expenses, but on my income.
22. Not pay myself last, but first.
23. Not do what everyone does.
24. Not trust everyone, but allow trust to be proven.
25. Not relinquish control over my business.
26. Not hitchhike, but seek to drive.
27. Not operate within limited scales and in tiny habitats.
28. Not dishonor the horsepower of my choices.
29. Not swim as a guppy in a pool, but as a shark in the oceans.
30. Not consume first, but produce first, and consume later.
31. Not engage in barrier-free or entry-weak businesses.
32. Not invest in other people's brands, but in my own.
33. Not give credence to ideas, but to execution.
34. Not forsake my customer for other stakeholders.
35. Not build a business, but a brand.
36. Not focus my marketing messages on features, but benefits.
37. Not be a polygamist opportunist: Focus!
38. Not engage my business like checkers, but chess.
39. Not live above my means, but seek to expand my means.
40. Not live without the insurance of financial literacy.