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I got the book called the millionaire fastlane thanks to a lot of subscribers who recommended it in the comment section how’s it going everybody this is beat the bush if you guys are interested in getting a free audiobook maybe even this particular book because i think it’s actually really good you can check out my referral link down in the video description below
And you can help support this channel so for the review of this book i’m really only gonna paraphrase i’m not gonna quote it or anything but i want to get to the gist of it so you know what to expect when you read the book when you read the title it says millionaire fast lane so for me i’m like okay it’s about being a millionaire it’s probably a finance book but
I don’t know what it is trying to say inside what’s the core gist of it so here it is it talks about not being one millionaire it talks about being a five million ten million 60 million heir the traditional way that a lot of finance gurus would tell you to become a millionaire that anyone can become a millionaire is to frugally spend and then you can sock away
A whole bunch of investments as you work and then maybe when you’re 65 yeah maybe you’re gonna get like one and a half million two million dollars in the bank and then you can comfortably retire hopefully this book essentially tosses out all that and makes a case for being an entrepreneur this book essentially castaway all types of jobs where you’re essentially
Working for someone for a salary and then going the entrepreneur around now not all jobs are the same sometimes you might be a basketball player movie star or something and essentially yeah you are working for time except you’re working for a really large amount of it so for some of these people that works for a really large salary it’s a little bit different there
And you cannot actually expect to become a basketball player movie star or the like it does highlight though some of these movie stars and basketball players they can essentially spend as much as they take in so as soon as they’re not making that kind of like ten million dollars income every single year they immediately go bankrupt right after so they do not have a
Sound cash flow going on now going the entrepreneur route it’s not always the same sometimes you might be having a business of your own and it’s just kind of masked because you can call yourself a business owner however you still have to put in a certain amount of time in order to gain a certain amount of money for example a freelancer who sells their services you
Can essentially think yeah you’re running a little business over here so you’re a small business owner however you’re trading your time for some services some development services or whatnot what this book highlights is that when you sell your time for money it’s not very scalable and i’ve repeated this on this channel as well before so when you go to entrepreneur
Route you have to differentiate what separates it from being a scalable business where essentially you don’t have to tend to it all that much and then it can multiply itself versus a business where you have to keep on pouring hours and hours into it in order to get incremental income coming back out so this book concentrates on becoming a millionaire while you’re
Still young versus the typical job thing where you sock away money in your 401k etc etc to do this in about five to ten years or so you need to make roughly 1 million dollars a year to get to five million right so when you think about this i think this book really hits it home for me when i listen to it i’m like yeah this is very interesting i want to keep on
Listening to it if you want to make a million dollars a year you can’t work for some one period so this should hit you very hard right now as it did for me because when you’re at a certain job you’re essentially wasting your time you are not putting the time into this $1,000,000 a year endeavor you’re wasting all this time at your job you’re tiring yourself out
And what you’re left with is a few measly hours per week in order to work on what you really want to work on and most people do not even put in these few hours a week in their entrepreneurial efforts therefore when you work for a job you’re setting yourself up to not become rich to not ever attain the five million dollar or more mark now i want to say this book is
Pretty honest because it hit some points in saying that yes this book itself is an entrepreneur effort because once they put in like a thousand hours or something writing that book they’re essentially gonna get residual income for a really really long time and every single time you promote this book he’s essentially gonna get tens of thousands of dollars for that
Single promotion in terms of profits and it’s only gonna take him a few hours so when you think about it wow that’s how you make millions just use a few hours to make tens of thousands of dollars this is crazy right i feel like the author left something very important now right at the very beginning of the book which is this book is not for everyone for a person
To succeed in the fast lane i feel like that person needs to have enough grit enough ambition and enough ability to complete the task if it’s as good as it seems well everyone this is gonna go ok i’m gonna quit my job and you know just jump right into it not everyone is gonna be brave enough to take the leap of faith and just essentially quit and not have any money
To back them up for living expenses so why was this left out because if it spelled it out let’s say on the preface or something or right on the cover the person reading it right away will go you know what maybe i don’t have enough ambition to do this i’ve never been that type of person so therefore they’re not going to buy the book so therein lies the conflict
Of interest here because the author wants to sell as many books as possible therefore who that book is for is left out conveniently now maybe the author truly thinks that anyone can actually be a multi-millionaire that’s the difference of views and to me i do not think everyone can and in reality not everyone can become a millionaire and this will never happen
Actually the book talks about the slow lane and fast lane fast lane is essentially five millionaire while you’re young slow lane is essentially people working jobs and they’re doing their savings pouring money into their 401ks they probably went to college have a professional degree and they need to let their investments simmer for essentially 40 years the book
Keeps on making a case that this is way too slow and i personally think yeah it is kind of slow letting things compound at 8% yeah you know after 30 years or so you’re gonna have millions sure it also talks about the slow lane where you know even a good salary increase i personally did this myself where i jump from one job to another and sometimes i even got a
Salary increase of up to 25% for every single jump now this pales in comparison to being an entrepreneur because one year you might be making $10,000 the next year you might be making $100,000 so tenfold increase it keeps on saying that at a job you’ll never ever get a tenfold increase in salary and this is very very true it talks about the slow way of getting rich
You’re essentially to save a lot therefore you end up being a very frugal type of person like i am you essentially minimize your standard of living therefore you’re sort of suppressing all of this you’re not living life to the fullest you can’t you know buy things that you want the contrast to this is in the fast lane you might be an entrepreneur and if and only
If you make some success in it let’s say you went from making $100,000 a year to $400,000 a year then well of course then you’re not going to increase your expenses from 100,000 to $400,000 maybe your expenses was only thirty thousand dollars and then you increase it a little bit maybe you increase it to $100,000 so if your expenses as an entrepreneur it’s just
Trailing behind what you actually make then you can actually increase your lifestyle you can inflate your lifestyle to a very luxurious state spending a hundred thousand dollars on living costs is pretty darn luxurious so this book really really emphasized not trading your time for money you place yourself in a position to make millions it’s not guaranteed that
You will but at least when you place yourself there you have a chance of making millions when you place yourself at a job you will not make millions this is not something that this book told me and i’m like oh my gosh i cannot believe this this is something i sort of believed years ago and in whatever job that you’re at you start to think oh my gosh i am trading
My per hourly wages for something that’s not scalable so every single hour that you go in okay you get like 50 dollars let’s say that’s what you get you’re not going to get you know suddenly 10 times that ever to make millions this book says you need to generate systems that makes you money while you sleep these are the pursuits that will take a lot of initial
Effort to get it up and going however if you design the business well it will essentially run itself in a require very little upkeep afterwards this becomes a money-making machine and then you just let it run and then it’ll turn out money for you for example things that are scalable a website designed properly that does not require the blogger or something to keep
On updating unless you hire people to update the blog for you you can write a book like this book i’m reviewing right now but most people cannot write a while they’re working why because they don’t have enough time people don’t have enough time essentially when you are at a job you are essentially nold out on all your free time you can also make your own business
Which i do not have that much experience in otherwise you know i start my own business as well and one of the things that can make you money while you sleep is youtube yes this youtube channel does make me money while i sleep however i don’t think it’s as good as everyone thinks it is it’s not completely completely passive if you have a youtube channel and you’re
The sole person that makes videos like myself you essentially have to keep on updating you have to keep on uploading fresh videos otherwise your channel will become stagnant and no one would come to your channel anymore and it’ll just taper off therefore youtube could be passive if you build it into a business where you have people working for you and they’re
Essentially making videos for you but not so much as the way i’m doing it right now because i need to be here if let’s say i get hurt i’m in the hospital for like a year or something well i’m pretty sure the readership is gonna go down it’s not gonna go up also i like to mention that promoting audible at the beginning of this video is also not purely in the fast
Lane why do i say this because every single time i promote it i have to keep on promoting it in order to have people sign up if i stop promoting it well the sign ups kind of taper off a little bit just like youtube does when i listen to the book some of the errors that i see is that it always like to cherry-pick the worst case scenarios it seems to really dislike
Dollar-cost averaging and long term investing it kept on quoting things like the dot-com crash and the housing market bubble where your asset value whatever investments that you have essentially plummeted like 40 50 percent even and it makes it seem being an entrepreneur does not have its own risk as well now if you’re psychologically prepared to not sell right at
The bottom then you can weather it out and you essentially will not be losing that 60% it always does come back the book never talks about this and sort of paints a really really grim picture for people trying to get rich on the slow lane it also talks about inflation saying oh yeah you know 30 years later your money is essentially gonna be worth half as however
If you look at the reinvestment principles it takes into account inflation essentially this book promotes not going to college at all mainly because of the huge student loan debt that you would get and even with that degree you’re essentially signing up for a job not the entrepreneur route where you can make millions it essentially thinks that 8% compounded annual
Gains is too slow you can’t be a multi-millionaire with 8% gains it talks about jobs are not stable there’s no loyalty here from your company to you it’s always sort of like an image that yes you know they want to take care of their employees they have these functions going on but my experience corresponds with the book things is that you know when push comes to
Shove whenever there’s a recession whenever something bad go on you know people working for a company for 15 years in a row they’re very very loyal well you know they get laid off anyway on top of this even when there’s one quarter of a little less profit than before they’re not even making a loss or anything just a little bit less profit they’re essentially gonna
Start downsizing already which means layoffs if you’re the typical american you essentially cannot stay afloat for several months let alone six months or one year as soon as you lose your job you are hosed so in the end i think this book is very entertaining however there are some points here in there that repeats the same ideas over and over again even with those
Setbacks i do think it’s a good book it sort of vitalizes you and just kind of gets you pumped up for you know trying to quit your job of course if you really think about it i personally did it in a safe way where i essentially had enough side income flowing in to meet my expenses some people that go to entrepreneur route while they are eating ramen for like a year
In a row they’re spending very very lean in order to get in into the business as soon as they can i did it the super slow way because i did go to college after all i did work in industry for many many years so i know exactly what they’re talking about i think i’m not really explaining every single detail of the book and i think the book is still worth a listen
Through audible if you’re interested in getting this book i have my referral link down in the video description below where you can get a free audiobook and listen to this for free just like i did there’s basically no cheaper way to get this book because you go on ebay look for it’s like 1014 dollars or something same thing on amazon even if you buy it used so
This is worth that much and you can help benefit this channel if you get it through my audible link down in the video description below so thanks for watching this video don’t forget to push that subscribe button and ring that bell icon for notifications thanks for watching
Transcribed from video
Millionaire Fastlane Book Review By BeatTheBush