The millionaires fastlane : M. J. DeMarco

What is wealth

Many people make the mistake that they confuse money with wealth. But what is wealth? It is easier to become wealthy if you understand what it means to you, wealth is nothing but a mixture of health, relevant relationships, and freedom.

Would you consider a person who is in bad shape, lonely and rolling in money a wealthy person? Having money will not help you in finding good relationships, nor will it help you to get fit.

You can utilize money to gain more freedom because you do not have to sell your time anymore. If you have money, you own your time. And owning your time will allow you to exercise and go to parties to find a life partner.

So, money is a means to an end. If you have enough of it, you will have location independence and are free to use your time to your heart’s content.

Barriers to become wealthy

A good education costs a lot of money and will probably put you or your parents in debt.

You learn a lot, but most of the knowledge you acquire will not be useful.

When you get a job, you will not be able to get a 100% pay raise when you work more efficiently.

When you sell your time. You will not be able to work 1000 hours each week.

Inflation will probably eat your savings of ₹100000 might give you only the buying power of ₹10000 by the time you retire.

What should be the better approach

The truth is that you already possess all the resources you need to get anything you want and produce any result you desire in your life. The resources which I am referring to are your in-born, in-built resources of Brain and Body working together and have option to walk on either one lane out of three,

SIDE WALK

People on the side walk believe that they have to wait for resources to appear (a lottery win or share bonanza), in order for them to use

it to get what they want. They never work on any plan, never tried anything and living the life of daydreamer. People on the side walk has daily income and daily expenditure. Needless to say they never ever become a wealthy person

SLOW LANE

Go to school and work hard to please your teacher. Then go to college and

please the professor. Then get a well-paid job, save some money for the retirement and after 60 years of pleasing others, it is your time to reap the benefits.

While this path to wealth might work for a few of us, but we should ask

ourselves if this the best approach to living one's life.

FASTLANE

To get rich quickly, you only have one option, and that is to build a business that offers a product or service. Try to find a market niche, create a plan, and learn to execute the plan. At some point, when your company is self-sustaining, it will generate income for you, even if you do not work in it anymore. This business will decouple your time from your income

Most of us have been raised as consumers. This began when we learned to write wish lists for Christmas. We all have a never-ending desire for new products. DeMarco calls this, being on the consumer team. But there is another team: the producer team. To get on the road to riches, we need to change the team. We want to be part of the producer team. Being in the creator group will free us from thinking like a consumer.

As an employee it will be nearly impossible to get rich; starting a business is the only way to become prosperous fast. Seeing the world through the lens of a producer will make it easier for you to run a business, as it will give you the knowledge and the strategies of a producer.

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