Book Reflection Written By: Subasish Barua & Joyeta Banerjee

Book Name: The Millionare Fastlane

Writer: MJ DeMarco

Many of us have crafted practical financial plans for both our businesses and personal lives. Some of these strategies might include actions like setting aside a portion of our income as savings, like the commonly recommended 10%. I’ve read many books on finance and business, but I have to say that “The Millionaire Fastlane” is by far the best book I’ve ever come across for learning how to build a successful business with a solid financial approach. When it comes to reflecting on a book’s impact on my financial perspective, I believe this book has the potential to be the most influential and thought-provoking read I’ve encountered yet.

What I have Learned from this Book

I really like being organised while sharing my learning. This book has many aspects that are very important in one’s life.

1. Avoid the Slow Lane: The author started in the book that many people offer this scam of “Get Rich Easy” or to get financial freedom quick. Though it sounds like a scam,. But it is indeed possible to get financial freedom quickly, but it would never be easy. The book explains three financial lifestyles. One of these approaches is known as the “sidewalk life,” where individuals lead a conventional life reliant on their regular paychecks. However, I believe that for many of us, the “slow-lane” approach is more relatable. To follow the slow lane, one must attend school, save money, get good grades, and secure a good job. After salary, we save some money and then invest it to somewhere. A property or business can be considered. This could bring financial success and a rich life at age 60. That’s been done by most parents. This isn’t the worst way to grow financially, but nowadays people want to get rich quick or become entrepreneurs. To ensure financial stability in our retirement years. The book suggests that getting the life and business you want doesn’t require earning millions in a month. It says that the Fastlane includes at least 10 years. A business that’s well-positioned in 10 years is financially successful.
2. Work in Process: People often remember about monetary value by events promoted by media. In this book he talks about a man J. Darius Bikoff who build a company for 11 years and sold it to Coca-Cola for $4.1 billion and many people talks about this particular event but no one talks about the time and investment Bikoff put in this business before selling it out. So, financial success is one kind of work in the process.
3. Build Money Trees: Have you ever heard about this phrase that “Money doesn’t grow in trees”. The Author said it actually grows on trees if you can build a business system. And a business system always needs nurturing and periodic support in order to grow. In order to grow and have success financially you have to find a way of earning which is consider as a tree.

What surprised us?

Being a Consumer to Producer

Most of my life, I have always considered the fact that when finance is to decide what to buy and have savings from there. Many of us asks “What will you buy if you have millions of dollars?” This is a consumer mindset. The surprising fact from this book was the author insisted on leaving this consumer mindset and get a producer mindset for creating a successful business which leads to financial success. Recently the Apple brought iPhone 15 to the market and many of us will lineup in the store to buy these. But I have never thought like this before that, “how much it cost to put a phone store like this?”, “How much it costs to create an online business which sales phone or creating a website which gives information to many people about new features of the phone?” This is a producer mindset, which is actually great and I am sure I am going to be using this from now on.

It is not boring to read a book which changed my mindset like this and I would highly recommend this book to each of my team members.

Being a Committed Person 

In this book MJ (Author) talks about being a committed person. Like if we have a team company soon, we need to be committed to the growth of that Team Company. Planning, Organizing, creating contents and leading the team towards a financial success. Many people says that it’s Toxic Productivity. But I think if you are not committed enough on the company or a project you will never lead into the point where it’s a financial success. Taking the risk, running over many tests until you get you Fastlane. I hope my team -entrepreneurs also read this book. I am sure it will change their mindset towards financial growth and get rich quick mindset.

Why me & Subasish recommend this book to our team entrepreneurs? 

I believe that it’s a very important mindset that if you want to build a successful business you can think about easy route. If you invest 30 Minutes for your business daily, it’s just a hobby. It needs lot more commitment than this. This book has 5 commandments which is a must read for each entrepreneur.

• Commandment of Needs: You have to create a business which people needs. You can just bring a product on the market which is based on a random thought.
• Commandment of Entry: This is really interesting that when you create a business you should choose a high commandment of entry. Which means that it might be hard for other people to copy your idea and bring a similar product as your competitor.
• Commandment of Control: Building a business where you can control the pricing and profit might be sustainable for longer periodic success

There are two more of commandments in the book but for my team – entrepreneurs, I would recommend to read this book and I am sure that this book will be in their mind for many years.

References:

1. https://www.themillionairefastlane.com/
2. https://youtube.com/playlist?list=PLRNBBsHACCBGmuveHYJFE18aDVOnXMROT&si=B6jG-_LgZGIkN1ea (Audio-Book)
3. https://www.reuters.com/article/us-coke-glaceau-idUSN2544359220070525