This article touches on the book “The Millionaire Fastlane” by MJ DeMarco. From the title, you can already guess that the author won’t be talking about the traditional ways or approaches of getting rich. “What is the traditional way?” you asked. It is the way or method we were taught from young and is still being taught today to our own kids.
There is no mystery to the traditional way – “go to school, study hard, do well, find a good job with a good pay, save your hard earned money , invest properly, be frugal, don’t overspend………….”
The author calls the above “The Slowlane” or the “Get Rich Slow” path. MJ DeMarco emphasizes “the fastlane” to wealth. He has redefined wealth to happen when a person is still able to enjoy life i.e. youth, fun, freedom and prosperity. Retirement does not have to happen at old age when a person has lost his youth and vibrancy. This is the problem when a person follows the “Get Rich Slow” roadmap to wealth. He may be too old or sick to enjoy life later on and some may still be working just to make ends meet.
Does the book give you a specific advice like “Go buy a property (or several properties)” or “Invest your money in the stock market or in mutual funds”? No, it gives you “possibilities” and as the author put it “a complete psychological and mathematical formula.” Wealth creation is a process and not an event. According to the author, the formula enables a person to crack the code to wealth and instead of getting rich in 50 years, the fastlane method does it in five years.
When an author claims the above, wouldn’t you be interested to know his way or method? I would be curious and I bet you would be too. And yes, he does walk the talk by becoming a millionaire at the age of 31 and is retired at the age of 37. The book covers 45 chapters altogether that carry interesting headings or subtitles such as
– Wealth in a Wheelchair…..”Get Rich Slow” is Get Rich Old
– How I Screwed “Get Rich Slow”
– The roadmaps to wealth
– Misuse Money and Money Will Misuse You
– Wealth Demands Accountability
– The Criminal Trade: Your Job
– The Slowlane: Why You Aren’t Rich
– Wealth’s Shortcut: The Fastlane
– The Real Law of Wealth
– The Right Road Routes to Wealth
– Build Brands, Not Businesses
Personally, I believe there is nothing wrong with starting at the slowlane first. A person has to begin somewhere and that is better than not doing anything at all. Once the person has discovered his fastlane method, he can ditch his slowlane method and move on.
There will be a second part to this article coming later.
Jacquelyn is the co-author of the books “Teaching Your Kids About Money” and “Top 93 Personal Finance FAQs in Malaysia” with KC Lau. Jacquelyn is the pseudonym used by Amy Sipagal.