The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime
Kindle Highlights
acai drinks
Drivers offer employment; they don’t get employed.
Value skew is not being a big-tech bully who censors anyone they disagree with.
The rich rule over the poor, and the borrower is slave to the lender. — Proverbs 22:7
Never start a business just to make money. Stop chasing money and start chasing needs.
Rental Systems Computer/Software Systems Content Systems Distribution Systems Human Resource Systems
Do you know anyone who would stand in line for hours just to get something free? Are you one of them?
The amount of money in your life is merely a reflection of the amount of value you have given to others.
You can’t live a perfect day without doing something for someone who will never be able to repay you. — John Wooden
The best roads and the purest Fastlanes satisfy the CENTS Framework; the Five Fastlane Commandments: Control, Entry, Need, Time, and Scale.
Drivers sell franchises; they don’t buy them. Drivers offer affiliate programs; they don’t join them. Drivers run hedge funds; they don’t invest in them.
They were living a rich lifestyle or were capable of such. I wasn’t interested in hearing from frugal millionaires who lived “next door” in the middle class.
assuming a US-based enterprise, the best business structures for your Fastlane businesses likely would be: C-Corporation S-Corporation and Limited liability corporation
Stop thinking about business regarding your selfish desires, whether money, dreams, or “do what you love.” Instead, chase needs, problems, pain points, service deficiencies, and emotions.
Change creates millionaires. Those who see the changes and take advantage of them will become the new millionaires and billionaires. And because change is constant, millionaire opportunities also remain constant.
When you control your business, you control everything in your business—your organization, products, pricing, revenue model, and operational choices. If you can’t control every aspect of your company, you’re not driving! And if you can’t drive, you set yourself up for sudden, unexpected crashes. Fastlane drivers retain control. Those who violate the commandment do not.
Interest rates Taxable and non-taxable yields Amortization of mortgages The balancing of a checkbook Basic percentage calculations Calculating return on investment Why stocks rise and fall Why a guaranteed 15% return on a bank CD is screaming, “scam!” How stock options work, such as calls and puts Why insurance exists How a mutual fund works What bonds are and how they rise and fall Global currency
Brokerage / Marketplace Systems Brokers and marketplace systems bring buyers and sellers together and facilitate transactions. They are market-makers for a particular industry and earn money typically on each transaction. For instance, my website used to take limousine reservations and take a percentage cut of the fare price. Examples of known brokers are PayPal, Upwork, CarsDirect, and Travelocity.com.
When you encounter an advertising message that coaxes you to buy something, examine it from the producer’s perspective. How does this company make money? What psychological tactics are used in its marketing messages? What kind of operational processes are involved in offering this product or service? Is this company making a profit? What is the revenue model? Is this product manufactured overseas or locally?
Selecting an Entity Selecting an entity depends on your goals and your vision for your business. Here are some general questions to help you decide. What is your exit strategy? Go public? Sell to private investors? What is your growth strategy? What is your liability exposure in the worst case? Do you plan on raising capital now or in the future? Do you plan to hire employees? Do you plan to take on new partners? Do you plan on earning profits fast? Or not for a while?
Lead generation Lead generation services often provide a service to consumers while simultaneously aggregating a non-homogeneous industry. This is what I did for the limousine industry. I pooled a highly fragmented sector into one centralized source, brought consumers into the mix, and sold that consumer information to limo companies. Lead generation is popular in fragmented industries, where the industry players consist of mainly small to medium-sized businesses. Lead generation in the airline business probably wouldn’t work, while lead generation for plastic surgeons would. Lead generation solves two needs: The consumer desires to save time and money, and 2) The business owner’s need to find new customers inexpensively.