Well, I am on my 3rd reading of this book--and that surprises even me! WHY?--because there are so many fascinating and USEFUL distinctions which make the book a veritable goldmine of actionable PRINCIPLES for creating wealth.
This book will expand your mental horizons about creating wealth and tremendously broaden your wealth perspective. As the author himself states early on--this is not a "HOW to get rich" book with "paint by the numbers" or "lead-me-by-the-hand-and show-me-exactly-what-to-do" book.
Instead, it is about an overall Mindset for creating wealth and freedom while one still has the vitality and enthusiasm to ENJOY it, rather than the "Wealth in a Wheelchair" plan endorsed by most financial "authorities" and society at large---work 40-50 years, save 10% of your income, invest in the stock market, and by golly HOPE you will be a millionaire by the time you're 65 or 70.
It is written in a "brash young man" style, wherein the author references his Lamborghinis, his palatial home, his money and his freedom on several occasions. This has offended many 1-Star reviewers. [Note: I find that one of the best places to discover a "loser's" mentality is some of the 1-Star reviews concerning wealth-creation books. So many of them want detailed how-to's instead of the wealth Mindset without which all the how-to's in the world won't work anyway. And they seem to resent rich authors. In my experience it is extremely difficult to create wealth for those who resent the wealthy. OK, OK--I'll get off my mini-soapbox now...]
My own view would be--why not CELEBRATE the author's efforts, subsequent wealth, and his willingness to share his hard-won wisdom about creating affluence?
A few tidbits from the book which are simple enough, but extremely valuable in application:
1) Process vs. Event
Society seems to laud the Event--the sports figure who gets a multi-million dollar contract; The entrepreneur who hits a home run and makes billions; The movie star who gets $15 million for a picture, etc. What society seldom focuses on is the multi-year Process of practice, failure, perseverance, experimentation, which eventually results in the Event. Wealth is created by consistently applied Process, which culminates in the Event.
2) The Three Paths:
The Sidewalk: Living paycheck to paycheck with instant gratification as the main goal. Probably characterizes 50% of our society right now.
The Slowlane: the "40-50" year plan of working hard, saving, and living frugally hoping for pie-in-the-sky in the future (when you are old). The author gives some neat, mathematical formlas to demonstrate why the Slowlane plan can NOT succeed--except for a few rare exceptions.
The Fastlane: Using precise formulas and leverage (see below) to create wealth and freedom while young.
3) ULL vs CUL The distinction between Uncontrollable Limited Leverage--trying to control the financial limitations of a job by working harder/longer or getting more education/training to raise your salary, and trying to use the uncontrollable stock market as your ticket to future wealth.
Compared with Controllable Unlimited Leverage from having your own business which you can control and which creates assets you can leverage. CUL requires that you use the NECST formula...
4) NECST formula: I wish I had known this one 30 plus years ago! I have been successful in several businesses, but by using NECST (Need, barriers to Entry, Control, Scalability, Time) my businesses would have generated so much more income and leverage potential. You can bet I am applying NECST now!
Never start a business without first evaluating it according to the criteria of NECST. At some point, the Fastlane is culminated when your rapid-growth business can be converted into Equity.
There are numerous "mathematical Formulas or Factors for wealth" which are simple but EXCELLENT. Their simplicity makes them easy to remember and actionable.
Once you have gotten the Slowlane vs. Fastlane distinction, so much becomes crystal clear about businesses and their true potential for wealth creation. An example is the author's irreverent, amusing, and spot-on critique of Fastlane financial gurus and authors selling Slowlane books and products to their adoring fans. My summary of the critique: Fastlane author/guru --"I make my fortune and become rich NOW by selling you millions of books and pedaling advice about how you can work 40-50 years on the Slowlane and HOPE to retire rich `someday.' And by the way--cut out those $6 Lattes!"
The author's explanation of converting your Fastlane business and cashflow into Equity is an excellent summary. This info is available from many other sources, but here it is clarified and simplified into APPLICABLE principles.
I could go on, but I would simply recommend you read this book. I really do think you will enjoy it and profit from the information.
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Popular Highlights in this book
Stop thinking about business in terms of your selfish desires, whether it’s money, dreams or “do what you love.” Instead, chase needs, problems, pain points, service deficiencies, and emotions.Highlighted by 10,073 Kindle readers- Scale creates millionaires. Magnitude creates millionaires. Scale and magnitude creates billionaires.Highlighted by 8,691 Kindle readers
From the Publisher
The Three Roads of Wealth, Which Are You On?
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THE SIDEWALK*Sidewalk (Sidh-ahlk; noun): A financial plan that exists in mindset, usually a paycheck-to-paycheck existence where escape is sought through welfare, lottery tickets, casino gambling, and various other forms of "get rich quick" actions. Sidewalkers are event-driven and seek the quick-and-easy in any endeavor. Motivated by instant gratification and culturally plugged-in (sports, TV, video games), Sidewalkers sacrifice their future for pleasurable now, resulting in little to no net worth. USAGE: OMG, he drives a brand new BMW and lives at home with his parents, and he can barely afford gas, what a Sidewalker! |
THE SLOWLANE*Slowlane (Slo-layn; noun): A dogmatic financial plan based on the fatal presumption that 40 to 50 years of gainful employment circumscribed by frugal living, tortuous saving, and regimented stock market investing, will somehow make you a millionaire. Slowlaners often lead a life of mediocrity imprisoned by a regime of doctrines espoused and preached by famous authors and radio personalities. Slowlaners sacrifice their today, for the promise of a freer tomorrow. USAGE: OMG, clipping coupons for three hours so you could save twenty bucks is so Slowlane. |
THE FASTLANE*Fastlane (Fahst-layn; noun): An enterprising financial plan based on leveraged entrepreneurship that creates extraordinary incomes and asset values in short periods of time, circumscribed by the CENTS Entrepreneurial Framework. Fastlaners are process-driven recognizing that positive events are by-products of that process. Fastlaners consider their time their most precious asset, not worthy of prostitution for a paycheck or 50 years of stock-market dreams. USAGE: OMG, he started his company with less than 1,000 and just sold it for 25 million - that is so Fastlane. |
Make Freedom Your Priority
Most business owners are suffering plights no better than a rat-race job, keeping the owner lynched to long hours and low pay.
This is why I created the CENTS Framework, a business and mathematically based strategy to maximize your income and net worth, while minimizing time in the grind. Use it and drive your Millionaire Fastlane and beyond.
- Massive capital not needed...
- College degree not needed...
- Silicon Valley contacts not needed...
THE C.E.N.T.S. Entrepreneurial Framework, by MJ DeMarco
Build a Business to Pay Your Bills? No, Build a Business to Change Your Life.
One of the great challenges you'll face as a new or struggling entrepreneur is deciding which business to start. Is your idea worth the effort, especially if you have to make big sacrifices to get it off the ground?
When I was 20 years old and failing one business after another, it was the guide I needed. And now it is yours.
The CENTS Framework guides you every step of the way -- don't start a business to pay your bills, start one to set yourself free -- both with time and money.
- CONTROL
- ENTRY
- NEED
- TIME
- SCALE
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Bad condition...
I love the book and everything in it, but it was very unpleasant to read, knowing that it was in such bad condition. The paper was muddy, the pages looked like they got soaked, there were nasty fingerprints and more mud on the cover too before i cleaned it. Can't clean the mud off the paper though.
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Fernando
Libro práctico, concreto y de lectura agradable que ayuda a cambiar la mentalidad sobre el dinero.
Reviewed in Mexico on April 18, 2023Yuriy
Simply the best business book I ever read
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Patrick Celaire
The best book for making money
Reviewed in Germany on April 13, 2024