Book - The Millionaire Fastlane

[Shewillbemine]

I'd like your thoughts if you've read this book please. I will reserve my own thoughts until I get a few responses.

Thank you.

[Ceashels]

I haven't heard of it, who wrote it and have you already read it?

[Shewillbemine]

Written by a man named MJ DeMarco.

I stumbled upon the book and the corresponding forum after reading Dave Ramsey's books and The Millionaire Next Door, followed by Stop Acting Rich (also written by Thomas Stanley).

I have not read the book yet but was intrigued by the reviews, excerpts, summaries and strong reactions I encountered researching it.

The premise of The Millionaire Fastlane is that almost every other personal finance book/advice out there is designed to attain wealth very slowly (hence the author has a chapter called "Wealth in a Wheelchair").

He utterly rejects the old-fashioned ideas of working a regular job, investing 10% in retirement funds and essentially taking the slow road to riches. He posits that given the right mindset and strategies, one can be a millionaire early in life and young enough to enjoy the money today. The book's fans and followers definitely have nothing but support for what the author preaches.

The author also says that experts who write "slowlane" financial strategy books (Suze Orman, Dave Ramsey, etc.) don't actually follow their own advice and actually follow the "fastlane" approach to gaining their millions, whilst shelling out counter-advice to the masses.

Btw, the bottom line advice he has (cutting out all the extras) is that one needs to establish a business that fills a need, working hard to increase the clientele of that business, and then selling at the right time. Some of you may find it controversial when he says "Don't look for a job/business you are passionate about. Look for a job/business that fills a need, not your personal desires and expertise".

My #1 issue is this and it's really based more on my lurking around the forum the author created and actively moderates: All the members on his forum creating all of these "fastlane millionaire" threads, stories and tales seem to have Pollyannaish attitudes that given the right circumstances and legwork, ANYONE can become a young, successful millionaire following his general principles. Furthermore, the author espouses material property as evidence of financial success (his first chapter talks about the car he drives and the mansion he lives in). Heck, the cover of the book has a Lamborghini on it.

How is it that every single stranger logged into his forum actually believes that they will ALL attain millionaire status by ignoring much conventional wisdom? It makes me think that people are such sheep and will listen to anyone who has conspiracy theories or simply declares that he has the quicker way?

I dunno; just rambling I guess but it was just appalling to me to read all the different threads and how everyone was convinced that they were indeed on a fast track to becoming millionaires. LOL you could do EVERYTHING "correctly" and the chips might still fall differently from what you planned.

I just don't get it.

[Ceashels]

People, many of them anyway, look for the quick and easy. It sounds like he is trying to sell product instead of offering assured advice, hence the mansion and material wealth references.... people want to be just like that and it is a marketing strategy.

That said, the Rich Dad, Poor Dad series by Robert Kiyosaki believes that you need to take risks with what you have to gain more. It is a very interesting series of books that are worth reading. Trump has gained and lost millions very easily, and often.

I personally don't believe there is a quick way to riches. Many lottery winners are poor within a few years. Tool makers and distributors who supplied the the gold miners made off better than the actual gold miners. hehehe I'm one for the slow track and crock pot method of gaining wealth.

.... though to be young again.... I would start my retirement funds much earlier.

[Greebo]

Sounds to me like this author's "fast lane" is his book. Sounds like a rehash of Kiyosaki - and frankly, I don't like that kind of risk.

[monkeywrangler71]

The easiest way to get rich quick is to tell a bunch of suckers that they can get rich quick.

[Greebo]

Would YOU like to get rich quick? Have all of your dreams come true? Be financially successful?

Send $4.99 via paypal to theevilgreebo@gotyaagainsuckers.com and I'll tell YOU how to LIVE YOUR DREAMS!

[chris w]

I look at every book as there must be at least one thing I can glean from it or learn to avoid. I read until it "hurts" to read anymore and decided what I am doing is probably the best course to be on. From your description it is a microwave approach without the caution for risk instead of the crockpot that boils out risk and gets you to the finish line faster.

[Telephus44]

I agree that it sounds like a rehash of Rich Dad, Poor Dad.

While there is some truth in that (owning a business is a pretty good way to become wealthy more quickly) it's still not a guaranteed slam dunk for everyone. And yes, I'm sure Dave Ramsey, Suze Orman, etc are making their millions off of their business empires rather than socking away 10% of their income in retirementment funds.

I always think it's worth reading that kind of stuff, even if you don't agree with it. There's usually something you can learn, even if it's what NOT to do.

[Sophiasmama]

I'm going to stay the turtle route...slow and steady...

[Giro]

I think it's all about individual priorities. If your priority is to live frugally and have wealth when you are in your 60's, that's your decision.

If it's more appealing to risk everything for the shot at wealth in your 30's, that's also a decision.

I'm a little in the middle. I refuse to work hard and not get a little enjoyment out of it. I want a nice fast Porsche and I may just go buy one in 2012. I could save that money and spend it when I'm 65 but I may not be alive or be able to enjoy the torque at that age.

And I'm okay with a little riskier investments.