One of the best books on money, wealth and being rich. If you want to increase your income and change your lifestyle The Millionaire Fastlane is a MUST READ!
Here’s what I took from it;
- The Process creates events that others see as luck. Luck is not an event but the after effect of process. (An event is leaving your job, buying a new car, selling 1 million units of your product – the process is all the work, blood sweat and tears that happens before)
- 3 Beliefs keep people trapped from becoming wealthy;
- Luck is needed for wealth
- Wealth is an event
- Others can give wealth to you
- Responsibility: it was my fault my purse got stolen. Accountability: In the future; I will take precautions so it doesn’t happen again.
- Wealth is best experienced when you’re young, vibrant and able. NOT in the twilight of your life.
- 5 Fastlane business systems that generate passive income. Each are graded, the higher the grade the higher its potential;
1. Rental – Grade (A) – Real Estate, leases, royalty payments, licensing e.g. Music
2. Computer/Software – Grade (A-) – computer software, websites, iPhone app/game
3. Content – Grade (B) – books, magazines, blogs, social networks
4. Distribution – Grade (B) – Amazon is a distribution system so are all network marketing companies, franchising
5. Human Resources – Grade (C) – a manager of a coffee shop is a human resource system – they reduce your hours, but requires you to handle a person rather than a computer/system. Most expensive to manage and implement.
- Lending money is 99.5% passive lenders $10 million at 5% interest, earns you $41,666 every month.
- The rich use the interest as cash – liquid asset – so they don’t need to touch their capital.
- Serve millions to make millions. Think big to earn big.
- Lifestyle choices will make you a millionaire.
- The leading cause of poorness is porr choices.
- Success is hundreds of choices that form process. Process forms lifestyle.
- “Ridicule is the tribute paid to the genius by the mediocrities” – Oscar Wilde.
- Extraordinary wealth will require you to have extra ordinary beliefs.
- Value your time poorly and you will be poor.
- Show me someone who spends hours playing online mafia wars or FarmVille and I’ll show you someone who probably isn’t very successful.
- When life sucks, escapes are sought.
- The swear of Success is Failure.
- Starting a business is a process not an event.
- “At first people refuse to believe that a strange new thing can be done, then they begin to hope it can be done, then they see it can be done. Then it is done, and all the world wonders why it was not done centuries ago” – Frances Hodgson Burnette.
- The owner of an idea is not he who imagines it, but he who executes it.
- Ideas are just events – the process is what matters.
- “I don’t know the key to success, but the key to failure is trying to please everybody” – Bill Crosby
“Everyone has an invisible sign hanging from their neck saying ‘Make me feel important’. Never forget that message when working with people” – Mary Kate Ash
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