Millionaire Fastlane

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Millionaire Fastlane by Mind Map: Millionaire Fastlane

1. Big ideas

1.1. Process over events

1.2. Being frugal with time, not money

1.3. Law of effect

1.3.1. To make millions you must serve millions in scale or a few in magnitude

1.4. Timing is never perfect.

1.4.1. Waiting empowers mediocrity

1.5. Execution is king and ideas are pawns

1.5.1. Don't get seduced by ideas

1.6. Focus on one thing

2. 8. Your speed - accelerate wealth

2.1. The speed of success

2.1.1. Execution is king and ideas are pawns An idea is an event while execution is a process Ideas are worthless while execution is priceless

2.1.2. ideas are potential speed but execution is Real speed

2.2. It's not about the business plan it's about execution

2.2.1. When it Comes to your ideas and plans you never know what works until you put it out to the real world

2.2.2. Put your Executed ideas to the real world and let the world give you feedback

2.2.3. As general Powell said no plan for war survives contact with the enemy and in this case the enemy is the real world

2.3. pedestrians will make you rich

2.3.1. Your customer and their satisfaction hold the key to everything you want from the business

2.3.2. Is very important to have great customer service

2.4. Throw hijackers to the curb

2.4.1. A company is only as good as the people it keeps

2.4.2. Business partnerships are like a marriage

2.4.3. As Ronnald Reagan said trust but verify

2.5. Be someone savior

2.5.1. Use your competition to exploit their weaknesses

2.5.2. Don't become a me too product or business. Don't get commoditized

2.6. Build brand not businesses

2.6.1. Develop your USP Uncover the benefits Be unique Be Specific and give evidence Keep it short clear and concise Integrate your USP into all marketing material

2.6.2. How to rise above the noise Polarize Arouse emotions Be risqué Encourage interaction Be unconventional

2.6.3. Translate the features to benefits for other people

2.7. Choose monogamy over polygamy

2.7.1. Focus on one thing and do it in the most excellent way

3. 7. The roads to wealth

3.1. Right road routes to wealth

3.1.1. Commandments Need Entry Control Scale Time

3.2. Need

3.2.1. Businesses that solve needs win

3.2.2. Focus on the needs of others 90% of businesses fail because they are based on selfish internal needs, not external market needs

3.2.3. To attract money is to forget about money Attract money, don't chase it. Money is attracted to people who solve problems and add value

3.2.4. The amount of money in your life is a reflection of the value you added to others

3.3. Entry

3.3.1. As entry barriers fall, competition rises

3.3.2. Exceptionalism is required to overcome weak entry barriers

3.4. Control

3.4.1. You need to control your system and every aspect of it

3.5. Scale

3.5.1. Without leverage you cannot create wealth exponentially

3.6. Time

3.6.1. A business attached to your time is a job

3.6.2. A business that earns income exclusive of your time meets the commandment of time

3.7. Rapid wealth

3.7.1. Rapid wealth can be generated if all of the five Commandments of wealth are met. The three Avenue for that are 1. Internet 2. Innovation 3. Intentional iteration

3.8. Find your OpenROAD

3.8.1. Fast Lane success resides in execution not in idea

3.8.2. Opportunities are rarely about inventing breakthroughs but about performance gaps inconveniences and pain points

3.8.3. most successful entrepreneurs don't actually have Blockbuster ideas. They just take existing ideas and make them better or expose them to more people

3.9. Give your road a destination

3.9.1. Define your Target lifestyle

3.9.2. Assess the cost

3.9.3. Set the targets

3.9.4. Make it real Small chunk your goals and start to work towards them

4. 6. Your vehicle to wealth : you

4.1. Do you really own yourself

4.1.1. In order to really own your wealth vehicle you must create a corporation or Business entity

4.1.2. Own yourself first When u have a job someone else own you You have to have a corporate structure so that you pay yourself first and the government last

4.2. Life steering wheel

4.2.1. The steering wheel of your life is your choices Both success and failure come from small choices made every day that accumulate over time The younger you are the more potent and powerful these choices will be Your choices are very dangerous weapon just like the steering wheel of the car. Jerk it 3 inches this way to that way and you could be headed straight towards a concrete wall or towards the freeway A bad choice can set you off on the wrong trajectory by just 1° today but over the years, the error will be magnified tremendously The smallest choices made today create habits which create processes which either lead you to fast lane or the slow lane. A fast lane process is hundreds of choices

4.2.2. Success is not one choice, but hundreds of choices strung together All these choices create a process which creates your lifestyle Lifestyle choices will make you rich

4.2.3. Choice is the most powerful control u have in your life

4.3. Wipe your windshield clean

4.3.1. We have 2 types of choices Choices of perception Choices of action

4.3.2. Strategies for making better choices Worst-case consequence analysis What is the worst possible consequence of this choice What is the probability of that outcome Is that an acceptable risk Weighted average decision matrix Giving different weights to different factors and then calculating the overall score

4.3.3. If your past defines your existence it will be impossible for you to become who you want to become in the future

4.4. Deodorize headwinds

4.4.1. The natural state of the masses is to be average not extraordinary

4.4.2. Be very cognizant of the people you have in your life because they can either pull you forward or push you back

4.5. Your primordial fuel -time

4.5.1. Value your time poorly and you will be poor

4.5.2. The greatest theft of all humanity is to act as if the time you have on this earth is infinite

4.5.3. Fast laners are frugal with time while slow laners are frugal with money

4.5.4. Time is the king of all assets you have

4.5.5. Time is deathly scarce while money is abundant

4.6. Change that dirty, stale oil

4.6.1. You have to educate yourself in order to move the fast lane

4.6.2. Education starts after graduation not before in most cases

4.7. Hit the redline

4.7.1. Difference between interest and commitment Interest Quitting after the 2nd failure Commitment Continuing after the 100th failure

4.7.2. If you avoid failure you will also avoid success

4.7.3. Interest is first gear while commitment is redline Interest says: Let me chase opportunities Commitment says I will figure this out If you want massive success You must redline

4.7.4. The timing is never perfect. Waiting always empowers mediocrity People sit around their whole lives waiting for the perfect opportunity but the truth is that there is nothing like the perfect time and the perfect opportunity Someday is dangerous and paralyzing. Someday never arrives

5. 5. Wealth - fast lane

5.1. The fast lane

5.1.1. It is marked by controllable unlimited leverage

5.1.2. Time is the most important asset you have far exceeding money.

5.1.3. Get rich quick? Get rich quick is possible if it is preceded by process What is not possible is get rich easy

5.1.4. System vs job The fast lane is a business system You construct a system that works for you you and when you are not working The slow lane is a job

5.2. The playbook for wealth

5.2.1. Switch the playbook. Use the producer playbook instead of the consumer playbook Instead of buying products from a TV ad you sell products on TV Instead of taking a job you hire for jobs

5.3. How the rich really get rich

5.3.1. The primary wealth accelerant for the rich is appreciable assets- created founded or bought Asset value = net profit x industry multiplier

5.3.2. Liquidation events are another way to get rich fast

5.4. Divorce wealth from time

5.4.1. Divorce yourself from the slow lane idea of transaction of money for time You need to become a business owner

5.4.2. Business systems break the bonds between your time for your money

5.5. Recruit your army

5.5.1. Fast laners don't use the stock market or compound interest to get rich. But they use it to preserve income and create liquidity

5.5.2. A saved dollar is a freedom fighter recruited to your army

5.6. The real law of wealth

5.6.1. The law of effection The More lives you affect through an entity you control, in scale or magnitude, The richer you will become Net profit = units sold (scale) * unit profit ( magnitude ) To make millions you must serve millions in scale or a few in magnitude

6. 4. Mediocrity- the slow lane

6.1. The slow lane

6.1.1. You selloff today in hopes of a glorious tomorrow

6.1.2. You work for you retirement. You work for a job till you're 65 and then retire in the hopes that the money you have saved up Will last for the next 10, 20, 30 years You are working in the hope that you will be able to enjoy your life at the age of 65 when you retire You trade your time now for a possible pay off in the future You take three weeks of vacation every year in the hopes that one day when you're 65 you will be able to take a really long location The predisposed destination for the slow lane is mediocrity. Not great and not too bad either

6.2. Your job

6.2.1. Jobs are domestication into normalcy They have limited leverage and limited control When you're trading your time away for money you're trading your life away you expect to pay yourself last. The tax system will more or less get 50% of your pay even before you see it

6.3. Why you aren't rich

6.3.1. To attract large sums of money you need two things Control In a job you have no control. You have no idea when you might lose your job Leverage Yeah job you have almost no leverage because you get paid for the hours you work

6.3.2. Within the slow lane time is treated like A fountain That will run for ever.

6.3.3. The slow lane is a plan of hope Hope that your 401(k) does fine Hope that you will have a job at 65 That you will be healthy enough to enjoy the money at 65

6.4. On education

6.4.1. No matter how much advanced education you get. If you get a job after it you're still trading time for money

6.5. Game of hope

6.5.1. The dangers of slow lane The danger that you will be healthy when you retire at 65 That you will be gainfully employed for the rest of your career no matter what The Slow lane wants you to give up your lifestyle and become a miser That your 401(k) will return the 10% compounded returns as planned

6.5.2. You can't win the money game by playing on defense. You have to play on explosive offense to create great wealth

6.5.3. Distinctions between slow lane and fast 1 In the slow lane you trade time for money In fast lane you leverage time 2 In slow lane you are cheap with money In fast lane you are cheap with time because that is your greatest asset

7. 3. Poorness- the sidewalk

7.1. The sidewalk roadmap

7.1.1. Pleasure today in Lieu of security in the future

7.1.2. It's all about the short term

7.1.3. There is no plan, no savings. Spend more than you earn.

7.2. Has your wealth been toxified

7.2.1. Wealth is defined by your health your relationships and the freedom you enjoy not by material possessions

7.2.2. Unaffordable material possessions are destructive to wealth

7.3. Misuse money and money will misuse you

7.3.1. The consequence of instant gratification is the destruction of health wealth and freedom

7.4. Luck

7.4.1. Process creates events that others see as luck

7.4.2. Luck is a product of process action hard work and being on there

7.4.3. Sidewalkers hate process. Hence their financial plan banks on events rather than processes (like saving, investing)

7.4.4. If you believe that luck is the source of wealth, you gravitate towards events of luck .... In quest of finding a big hit

7.4.5. Adherence to process improves your probability of success

7.5. Accountability

7.5.1. Well requires that you be accountable for you wealth

7.5.2. Own your mistakes failures and triumphs When you take responsibility for your failure is not a source of victimhood anymore It's source of learning

8. 1. Get rich slow is get rich old

8.1. MJ's story

8.1.1. The object of life is not to be on the side of the masses, but to escape finding one self in the ranks of insane. - Marcus Aurelius

8.1.2. Fast wealth is created exponentially, not linearly. Usually through business

8.2. The great deception

8.2.1. Get rich slow requires a long life of gainful employment

8.2.2. Get rich slow is deceptive because you are dependent on another company for giving you a steady job and on Wall Street for your investments. Think 2008 crash

8.2.3. The real golden years of your life are when you are young and vibrant enough to enjoy your wealth

9. 2. Wealth is not a road but a road trip

9.1. The road trip to wealth

9.1.1. Your pursuit of wealth stalls when your focus is on the destination and not on the journey itself Process is the road trip to wealth. The definition is wealth but it is only found by taking the process road trip

9.1.2. Millionaires are forged by process not events Wealth is not an event Wealth eludes most people because they are preoccupied with events while disregarding process. Without process there are no events All events of wealth are preceded by process which includes failures setbacks hard work and the likes If you try to skip process there will be no events Process can not be outsourced - because process dawns wisdom, personal growth, strength

9.1.3. Parts of the road Your roadmap The different possibilities of maps Your Vehicle Your Vehicle is you. No one can take that journey for you Your roads The different careers or paths you choose Your speed Your speed of execution and your speed of going from idea to implementation Tolls Risks, sacrifices hardships If you resist the toll Wealth will resist u

9.2. The roadmaps to wealth

9.2.1. The compass for wealth If you want to change your life change your choices

9.2.2. Each roadmap has a predetermined destination Sidewalk Poorness Slow lane Mediocrity Fast lane Wealth