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The Millionaire Fastlane

1) Weath stands for 3 things, but none of them is money

- Freedom ($): Travels, hobbies, etc.
- Being healthy and physically fit
- Relationship: Friends and family

2) At some point, you must make your income independent of your time
- Passive income even if you're asleep
- Ex: JK Rolling
- To make your income independent from your time, you have to unlink it from the
hours you put into work
- You have to build a great product or company that starts to produce passive
income, even when you’re sleeping. Exit or not, that’s the way to become rich and
retire young.

3) Think like a producer, not like a consumer

- So stop throwing money at another pair of shoes or skincare product, and instead,
switch into producer mode.

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The most important thing to getting rich is having the right mindset. If you ever
catch yourself thinking that it was “luck” that caused someone to become rich, this
is your main problem. Your future can be completely controlled, always. It just
takes hard work, planning and persistence.

The stock market particularly is a difficult way to make money, even for experts.
It’s completely unpredictable, and may change direction on you suddenly, or just go
sideways for a while — resulting in no gains for yourself, or even in significant
losses — setting you back.

The only way to get rich is to start your own business.

- The key is to create a business and product that continues to run without your
constant direct involvement — even while you sleep.
- In order to achieve a self-sustaining product you need to:
a. Find a market gap.
b. Make a business plan.
c. Learn all the skills necessary to execute that plan.

“Do what you love” is bad advice

The consumer doesn’t care about what you love to do. They only care about what can
bring them value.
Most of us are very self-focused, and may create products that satisfy our own
self-perception of the world or our own interests.
The product we create must solve a problem and be highly desirable to a customer.

Product ideas
Constantly come up with and test new product ideas.
Never stop learning. Each day should contain new business insights that build up
over time. The amount of information is unlimited in the digital age.
Make use of podcasts and audio to learn while stuck in traffic, or in a commute.
Analyze every product you come into contact with. Who are its customers, and what
makes it desirable? Is there a market niche related to this product?
The Five Faslane Business Seedlings
- Rental systems. Real estate is an example of a rental system that produces a
recurring monthly income
- Computer/software systems. The internet and software programs have created more
millionaires than any other system in history
- Content systems. Content systems are systems of information. They include books,
blogs, and social networks
- Distribution systems. These are systems that move products to the masses. An
example is Amazon
- Human resource systems. Systems that are run by people. Sometimes they can work
in conjunction with other systems

The law of effection: The more lives you affect in an entity you control, in scale
or in magnitude, the richer you become.

The Five Fastlane Commandments (NECST)

The commandment of need. Businesses satisfy the needs of people. Don’t chase money.
Rather, look at how your business will help other people
The commandment of entry. As entry barriers to a business fall, or lessen, the
effectiveness of that road declines while competition in that field subsequently
strengthens. To overcome weak entry, you need exceptionalism
The commandment of control. Play in an organization that you control or you will
be at the mercy of someone else
The commandment of scale. Increase scale and magnitude in your business
The commandment of time. Your business should detach you from your time