How To Become Rich Quickly | The Millionaire Fastlane | Lab Of Rich

How To Become Rich Quickly

In this blog, you will learn How To Become Rich Quickly. This information is taken from the book “The Millionaire Fastlane” written by MJ Demarco.

Once upon a time, a young boy was eating ice cream at an ice cream shop. Then he saw a Lamborghini. After looking at the car the boy thought that this car belonged to a 50-year-old man who would be bald and fat.

But when that child sees the owner of that car, he gets very surprised because the owner was a young 25-year-old man. But then he thought that his parents would be rich but he was confused. To clear his confusion the boy went to the car owner and asked if that car belongs to him and what are the ways he earns money. The man replies that he is an investor and he bought this car himself.

This one single incident changed that boy’s life completely because he realized that it is possible to become rich at a young age and achieve financial freedom.

That's why that child started researching from childhood on how we can achieve financial freedom early and after researching that child got to know a lot of new things. That child was MJ Demarco (Author Of “The Millionaire Fastlane”) who is now very rich and successful.

The author’s biggest learning was that if you want to go from point A to point B and the distance between point A to B is very long.

Here point A is your current financial situation and point B is financial freedom.

Now which path you will choose, by walking, by cycle, or by a sports car.

The majority of people must have chosen a sports car but the reality is many people prefer walking over sports cars. But friends we all have only one life and we get youth only once. So we all would like to enjoy our wealth at a young age. We all want to go on a vacation with our family, buy a luxurious car and spend our life without worrying about financial problems.

But when you walk or cycle in your financial life, then you will achieve financial freedom between your 60s-70s. But at that age, you will not have the energy to enjoy your life. At that age, you will only have the energy to read the newspaper and watch T.V lying on your bed. You will be lying in a wheelchair, not in a sports car.

So would you like to enjoy your wealth in a wheelchair in old age or in a young age sports car and a big house?

According to the author, there are three paths 

Side Walk

This is the route where you prefer to walk to go from point A to point B. We will call the people walking on this route as sidewalkers. These are the people who do not have any control over their money. They do not have any financial goals from the start.

Therefore if their salary ends soon or they get their salary late next month then their financial condition becomes so bad that they come to the point of taking out a loan.

There are 2 types of Sidewalkers

• Side Poor - They have a job but they don't earn much. They are one step away from being financially broke. They have 1 solution to all their problems and that is by taking out a loan from a credit card, bank, friends, relatives etc.
• Side Rich - They earn a good amount but spend all their income buying all the expensive things and keep showing off. And by the end of the month, their situation becomes like side poor. These people may look rich in appearance but their financial knowledge is 0.

Slow lane

This is the route where you prefer to go by cycle from point A to point B. These people spend their whole life struggling and become financially free at the age of 60. We will call the people walking on this route as slowlaners. Slowlaners are better than sidewalkers because slowlaners have a financial goal. Sidewalkers can only become rich by lottery or by luck but slowlaners do not depend on luck or lottery.

The majority of people are slowlaners because their parents tell them to choose this path. First, they get good grades in 10th, then in 12th and then they take admission in a good college, and after that, they do a safe and secure job. But according to the author, this path is also not right because you will not be able to enjoy your wealth at the age of 60.

99% of people who are born into a middle-class family are slowlaners because they are never given knowledge about money and there is no topic of financial knowledge in school.

If you are born in a middle-class family and want to become rich then the author gives you 3 pieces of advice.

• Don't rely on one source of income and constantly upgrade your skills
• Learn to value time
• Believe in yourself

Fast lane

Now let’s discuss Fastlane, this is the route where you go from point A to point B with a sports car. Jeff Bezos, Elon Musk, Bill Gates, Steve Jobs, and Warren Buffet name come in this category.

But the names of those millions of people are not known who are living a very comfortable life by achieving financial freedom in their life because they all achieved financial freedom through Fastlane and few of them became very rich.

We will call the people walking on this route as fastlaners. Fastlaners know that time is more valuable than money because once the time is out of hand, it will not come back. That's why they focus on saving money as well as earning money because you cannot save more than your income.

Fastlaners build a system which keeps giving them money while they sleep i.e passive income. They reinvest the money that they get from passive income and repeat this process and become rich.

Suppose tomorrow you go to your office and tell your boss that you want to double your salary and also need more leaves. If you say this then chances are that you can be fired. But this same thing fastlaners can do because they have created a system which doubles their wealth in a few years and because of this, they can take frequent breaks, go on vacations and enjoy their life.

But this is not easy to do because you will not get training anywhere nor will anyone teach you this. You have to do self-learning to learn these skills.

Therefore 99% of teenagers are in the sidelane category and when they reach their 30s and 40s and see 1 or 2 financial crises, they don't have money to survive it. Hence they take advice from their parents and choose slowlane and spend their whole life in this lane because they think this is the right path. Some very rare people choose the path of Fastlane in their 20s.

If you want to come in Fastlane then there are 2 ways.

Business

The first way to enter Fastlane is through business. But as cool as it looks, it takes more effort. To be successful in business you have to love the process not the outcome because there is no such thing as overnight success.

To love the process and to make your financial journey enjoyable use the formula “Produce more than you consume”. For example, you spend 4 hours watching videos on NetFlix and YouTube, then try to reduce that time and invest your time in creating and consuming useful content.

Investing

Many people think that Warren Buffet who is the richest investor in the world has just become so rich but now he is 91 years old so how does he enjoy his wealth? But few people know that Warren Buffet became a millionaire at the age of 30 in 1960 and at that time being a millionaire was a big deal.

If you invest properly, invest in the stock of a good company, then you can become rich in 10 years and can easily achieve financial freedom. If you are young then you have a golden opportunity to become financially free early but for this, you have to start as soon as possible and invest in some good company.

(There is no third way to enter Fastlane)

Conclusion

Life is yours, you have to make the decision that you want to choose sidelane and spend an average life or want to choose a fastlane and achieve financial freedom at a young age.