Shoddy Appraisal of 'Free Time'
šThe Millionaire Fastlane by MJ DeMarco
I re-read The Millionaire Fastlane.
As expected, it was full of sentences I wanted, and needed, to record.
Whenever I read this book, I feel an immediate pressure to quit my current job and switch to the fastlane.
However, I also feel that I canāt do it without a plan. I need to prepare to jump into the fastlane with a solid foundation and conviction.
The era of 100-year lifespans is a thing of the past; these days, they say itās the era of 130-year lifespans. While I donāt know if Iāll survive that long, itās irresponsible to live solely for romance, todayās pleasure, or only for present happiness without a plan.
Letās move. Letās not carelessly let our free time, which can infinitely expand our possibilities, slip away. Letās fill it more robustly, letās dive into the process!
š Thoughts and Sentences I Liked
pg.69
In fact, many rich and high-income individuals experience profound unhappiness, but itās not because of money. They are unhappy because they have lost their freedom. They donāt possess money; money possesses them. A high-income earner who is buried in work, rarely goes home, and neglects family relationships is highly unlikely to be happier than a poor farmer who spends half the day farming and the other half with family.
pg.77
Like wealth, luck is not a single event but the result of a process. Luck is the residue left by the process. However, people on the sidewalk like events but dislike processes. Because they believe wealth is a single event, they naturally consider it luck.
pg.87
If you work 50 hours a week for 50 years, only to be told to get lost, and then end up in a nursing home, unable to control your bodily functions, just waiting to die, wouldnāt that be āinsaneā? - Steve Buscemi
pg.96
If you thoughtlessly trade your life for money, you might walk through a crowded train station like a zombie, blind to life itself. Life doesnāt begin on Friday night and end on Monday morning. Selling your soul from Monday to Friday for the reward of Saturday and Sunday is undesirable. Yet, that is precisely the deal you are making.
pg.102
Experience, however, comes not from your job but from what you do in life. You donāt need a job to gain experience. Ask yourself: Which experience is more valuable? Trivial work experience to pay monthly bills? Or experience (or failure) that can grant you financial freedom without needing a lifelong job?
pg.113
Every day, people sacrifice precious time to earn meager money in places where time becomes a liability, not an asset. If it not only steals your time but also prevents you from using it freely, itās no different from debt.
pg.123
Thereās something you should know: The rich use the market to maintain wealth, not to create it.
**
pg.216
The purpose of this book is to change your perception of wealth and money. Believe that retirement is possible regardless of age. Believe that you donāt need to be old to become rich. Believe that you donāt need to be old to become rich. Believe that working a job is as risky as running a business. Believe that the stock market is not a reliable way to get rich. Believe that you can retire in just a few years starting today.
pg.217
Transforming your life begins with transforming your choices. The fastlane to wealth runs not on asphalt but on choices. You can make better choices by employing the following two strategies, depending on the importance of the decision:
1) Worst-Case Outcome Analysis
2) Weighted Average Decision Matrix
pg.223
Today is the first day of the rest of your life. Yes, today is the very tomorrow you worried about yesterday. The problem with the past is that we remember what we shouldnāt and cannot forget what we should. Having your gaze fixed on the rearview mirror means you are bound to the past. If you are bound to the past, you cannot look forward. If you are not looking forward, you cannot achieve your future goals.
pg.227
We must not listen to the skeptics. They have already been thoroughly conditioned by society. Society will constantly blow headwinds against your car as you race towards wealth. To achieve extraordinary wealth, you must possess extraordinary conviction.
pg.229
Read books or autobiographies about people who have achieved the kind of success you desire. Find a mentor. Participate in entrepreneur forums based on the fastlane mindset.
pg.236
āShoddy appraisal of āfree timeā is the road to poverty.
Whether rich or poor, everyone possesses, shares, and consumes time equally. You spend time every day, and so does your neighbor. No one has more or less time. In this regard, everyone is equal. You, I, we all have 24 hours a day to spend. Ultimately, time is fair.
**
pg.251
There is a fundamental difference between interest and commitment. An interested person reads a book, but a committed person applies that book 50 times. An interested person merely wants to start a business, but a committed person prepares the necessary documents for establishing a limited liability company. (Omission) Mark Zuckerberg, the founder of Facebook, didnāt create the site merely out of interest. He was committed. Thomas Edison didnāt invent the lightbulb as a simple hobby. He, too, was committed. Interest makes you give up after the third failure, but commitment makes you persist even after a hundred failures.
pg.255
If you quit your job to embark on a fastlane business, that is an intellectual risk. The benefits you stand to gain could be countless. What are the losses? You might live below your own standards. For example, you might have to scrub floors, sell hamburgers, eat poorly, and ride a bicycle. Is this so bad? Not if you are aware of your goals and your conviction towards them. It boils down to what you are willing to do and what you are not. Itās better to fail and regret than to regret not even trying.
pg.267
Money is not attracted to selfish people. Money is attracted to businesses that solve problems. Money is attracted to people who satisfy needs and create value. (Omission) Exert influence and provide value! Thatās how you make money come to you! Step outside your own world, look around, stop selfish behavior, and try to solve the problems humanity faces.
pg.269
To be able to jump out of bed in the morning to start your day, you, like a car, need an ignition. That ignition is passion. You must have a passion for something truly great. That passion manifests differently for everyone, but the moment you find it, you will do anything.
pg.279
Whose money tree are you cultivating? Are you investing in your own brand, or someone elseās? If you thoughtlessly invest your life and time in other peopleās brands, you become a part of their marketing. You become a single stroke of paint in their grand picture. You give up the chance to make big money and settle for a small possibility of a decent income. One of the biggest mistakes I made as a young entrepreneur was not investing in my own brand.
pg.298
I believe content-based revenue models are the most difficult to succeed with. The barrier to entry has become very low, and success requires a large number of visitors.
pg.306
Many entrepreneurs misinterpret opportunity. They think opportunity only comes from massive breakthroughs or legendary ideas. (Omission) Opportunity lies in solving inconveniences. Opportunity lies in simplification. Opportunity is emotion. Opportunity is convenience. Opportunity is better service and healing pain. Opportunity is eliminating bad businesses.
**
pg.321
There is too much financial illiteracy in the world. These are people who failed driverās education and donāt know traffic laws. We donāt receive proper training on how to manage money or basic financial literacy during our formative years. And we are often left alone in a financial jungle full of dangerous predators. Even very intelligent people sometimes lack knowledge of basic financial concepts such as the following:
pg.367
Wealth is a formula and a systematic process created by the beliefs, choices, actions, and habits that form the foundation of a lifestyle. Wealth is a process, not a one-time event.