In my opinion, the title of this book is a bit cringy – that alone can make someone pass on it. But let’s not judge the book by its cover. Or by its title.
For someone who’s never read a book that encourages people to take ownership of their life, develop themselves, and maybe even build their own business, this book might be eye-opening. However, I’ve read a lot of literature on this topic in the last 7 years or so. Some of my favorite authors that write about these things are Tim Ferriss, Seth Godin, James Altucher, Ramit Sethi, Chase Jarvis, Jocko Willink, Gary Vaynerchuk, Steve Pavlina, and many more.
Having said that, I still found quite a few remarkable points in Millionaire Fastlane by MJ DeMarco:
- Using the stock market for wealth preservation rather than wealth accumulation. Your business is for the latter.
- Point about personal finance “experts” who tell you to cut down your expenses and invest in the stock market to get wealthy. These people have actually gotten rich by selling books, courses, seminars, coaching – that is, by building a business where they preach you the above strategies and not by simply following them.
- Mindset change from being a consumer to becoming a producer/builder/provider of a business or service. “Less scrolling, more doing” kind of approach.
- Point about business formation: I appreciate how MJ DeMarco outlined the tax advantages of incorporating your business (LLC, S-Corp, C-Corp). The language he used was very accessible to understand – even for those who don’t know much about taxes.
There is something to learn from this book for everyone.
Have you read it? If so, what did you think about it? Let me know in the comments below or on social media.
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