There’s a lot of gurus out there who know the secrets to getting rich. Their advice ranges from stop buying lattes to investing in real estate. Yet few of these people were actually rich prior to starting their personal finance brand.
Take Ramit Sethi’s website ‘I Will Teach You to Be Rich.’ He was a broke student when he started the website using his student loans. Why is a broke 18-year-old teaching others about acquiring wealth?
This is just one example of the con-game that is the personal finance industry. If you really want to know the keys to getting rich fast, find someone who did it. A fantastic resource for this is The Millionaire Fastlane by MJ Demarco.
Get Rich Quick Schemes do Work!
MJ made his money at a young age. He hit the million dollar mark at 31. Just five years earlier he was living with his mom.
This is such a key point to understand. For one, it does not matter where you are in life right now. If you have an idea and follow the principles in this book, you too can become wealthy.
Secondly, this quick change in wealth demonstrates MJ’s principle that wealth is acquired exponentially, not linearly. Typical personal finance books talk about saving your way to wealth, or putting your money in mutual funds and real estate to have lots of money when you retire. But why wait?
MJ wanted to enjoy driving a fast car when he was young, not in middle age. So how could he get rich fast? Well, you never see rich twenty-somethings getting rich from real estate and mutual funds do you?
MJ hits this point home. Instead of ‘getting rich slowly’ MJ wants you to get rich fast. The way to do this is a business that has a large reach and is scalable.
Having a job does not give you the leverage and reach to get wealthy. With a job, you are limited to working 24 hours per day. That’s all you have to work with when receiving a wage or salary. With a business, you can reach thousands of potential customers in a single day!
Don’t Follow Your Passion—Do What’s Needed
Wouldn’t it be awesome to spend all day doing what you love? Well, you can! Given you’re already rich:
Fastlane success means I could play basketball seven days a week. I can play video games all day. I don’t need to get paid to “do what I love” because I can now do it for FREE.
This is what most people get backward. They want to get rich through their passion. This would be awesome, but the likelihood of getting rich off doing what you love is quite unlikely.
For example, if you love playing guitar, and want to spend all day doing it, would you try and become a professional guitar player? If you’re the top 1% of guitar players then yes. Otherwise, it would be wiser to start, say, a software company, get rich and then spend your days in early- or semi-retirement playing guitar.
The reason doing what you love is rarely going to make sense is because there’s a good chance other people love what you do. They’re better at it than you, so it creates tough competition, low margins, a high-barrier to entry, etc.
It can be hard to think of a business idea outside of your passion. You simply need to change your approach:
Stop thinking about business in terms of your selfish desires, whether it’s money, dreams or “do what you love.” Instead, chase needs, problems, pain points, service deficiencies, and emotions
If you’re really passionate about something, then you’d be willing to do whatever it takes to get there as fast as possible.
Passion fires your will to do what is necessary beyond what others can’t. Fastlaners work unlike everyone else so they can live unlike anyone else. Take four years of hard work in exchange for 40 years of freedom.
I haven’t read many books on personal finance and I don’t intend to. I read Rich Dad Poor Dad last week and coupled with this book I don’t need much more advice.
I recommend this book, not for the content I’ve already discussed, but for the bevy of information he provides about starting the right company to get wealthy. It’s content I will have to go back and review, as it can be crammed into a single review.
Click here to get your copy of The Millionaire Fastlane by MJ Demarco on Amazon.