As a heuristic and set of ideas for distinguishing between the “slowlane” traditional wealth method and the “fastlane” superior method, it’s fantastic. I read it after I’d already internalized most of the ideas, but if you think working for 40 years and retiring on your 401k is a good idea, this book will be a useful wakeup call.
The first focus of the book is on distinguishing between the three different “roadmaps” to wealth.
“If you want to change your life, change your choices. To change your choices you must change your belief system. Your belief system is defined by your roadmap.”
Wasting money, not saving, constantly in debt, living paycheck to paycheck, never going to become a millionaire.
Sidewalkers look for “big hits” like the lottery instead of building wealth-generating processes.
Three mindsets to get rid of to escape the sidewalk:
You have to take control of your life to get off the sidewalk
This is the path that most people are sold for becoming wealthy. Work hard for 40 years, put your money in index funds, retire when you’re 65.
Problems with the Slowlane mentality and working a job:
The seven slow lane dangers:
The distinctions between Slowlane and Fastlane Millionaires:
Slowlaners can’t control most of their variables (job, salary, ROI, etc.) so they focus on expenses, the one part they can control.
“The Fastlane is a business and lifestyle strategy characterized by Controllable Unlimited Leverage (CUL), hence creating an optimal environment for rapid wealth creation and extraordinary lifestyles.” Most importantly:
Focus on switching sides: “Applied, this means instead of buying products on TV, sell products. Instead of digging for gold, sell shovels. Instead of taking a class, offer a class. Instead of borrowing money, lend it. Instead of taking a job, hire for jobs. Instead of taking a mortgage, hold a mortgage. Break free from consumption, switch sides, and reorient to the world as a producer. ”
Compound interest from investments is way more useful when you already have a large sum of money. A 7% return on $10,000 is only $700, but that same rate on $5,000,000 is $350,000. Get the big sum of money, then use the slowlane investments.
You have to create freedom and self-ownership, without those you can’t become rich quickly.
Fastlaners are frugal with time, while slowlaners are frugal with money.
Trying to hitchhike on someone else’s fastlane is dangerous, you have no control, and could get ruined.