– All right, so in this video, I’m gonna summarise some ofthe revelations from this volume, The Millionaire Fastlane. I thought that thiswas gonna be really bad when a friend recommended it to me. And then my best friend said, “No, rely me. Ignorethe click-baity title, The Millionaire Fastlane, and predict the book becauseit’s genuinely really good. And it is genuinely really good. “Its probably” the singlebest volume I have ever spoke on how to build abusiness that procreates coin. And so in this episode of Book Club, which is the series where wedistil and discuss foregrounds from some of my favourite diaries, we’re gonna be breaking downfive key lessons from the book. And too, the five commandmentsof structure a business that MJ DeMarco talks about. How to get rich quick. Now, the first importantlesson in the book is that we want to avoid the sluggish lane.And the point that ourfriend, MJ, stimulates in the book, is that “get rich quick” is often seen as, like, a scammy thing. Oh, it’s a get-rich-quick scheme. But actually, it’s notget-rich-quick that’s a problem, it is get-rich-easy. Like it is very possibleto get rich quick, and that is why we’re talking about The Millionaire Fastlane. It’s very possible to get rich quick, but it’s not at allpossible to get rich easy. And so, if someone is trying to sell you that it is easy to get rich, that is a scam and you should evaded it. And one of the interestingthings that he talks about in the book is the idea that there are three moves through life.There’s course number one, which is the sidewalk. This road to the slow lane, and route digit three, the fast lane. The sidewalk is basically where people who are living paycheck to paycheck live, people who don’t have a lot of money. I’m not gonna talk about it too much. It’s a bit disparaging. It’s very American wording. Sort of exceedingly bold room ofdescribing it that he does. Like, you know, “If you’reliving on the sidewalk, then you’re living paycheck to paycheck.” And like, “Your life is clamped because you believe that the government is fucking you over, ” all that kind of stuff. We’re not gonna talk about that too much. There are a few bits like that in the book where you have to kind of speak or listen to it with alittle pinch of salt. But I imagine the second path through man, the sluggish alley, is interesting.Because if you follow the slowlane, you can still get rich. And the slow thoroughfare is generally, if you’re watching this, probably your mothers’ generationstood by the slow lane. The mind of the slowlane is that, you know, you go to school. You get good gradations. You get a decent job. You succeed your action upthe ladder in your work, whatever your job is. You save some percentage of your paycheck. You placed that into investments, maybe in the stock market, if you’re particularly rascal. But probably, you are familiar with, you should invest inproperty and real estate properties because property is a good financing. And over experience, eventually, you will have enough of a nest egg such that when you retire, then you will be rich. And you can enjoy your retirement at the age of 65 whenyou have osteoarthritis in both of your knees.That is, mostly, theidea of the gradual corridor. And he talks about howthere are three traps that we can fall into, which will end up keepingus on the slow thoroughfare. The first capture is that being in the slow road lookslike it’s pretty safe. You can think that, “Okay, formerly I get this profession, then my life is pretty safe and I’m quite sorted.” But if the pandemichas taught us anything, and if, you are familiar with, the waythe world is at the moment, A: it’s actually not that safe. You actually could lose your job. If you’re, penalize, if you’re adoctor or something like that, where you’re unlikely to lose your job, that’s still jolly safe. But that being so, what he saysis that there are a tonne of other sudden eventsthat happen in life. Like if there’s a marketcrash like there was in 2008, or if you have children, Or if you get divorced. Or if you have a health problem and you live in a stupidcountry, like America, where that could potentially bankrupt you.There are all of these fairlycommon, unexpected occurrences that can happen in life that make lifetime in the sluggish trail notactually as safe an option as it might’ve been forour mothers’ generation. The second capture thatSlow Laners can fall into is this idea that if we build our intrinsicmarket value enough, then we will get rich. So, for example, theseare the people who fantasize, “Okay, I’ve worked my job for two years. Now I’m gonna go and get an MBA and liquidate like nonetheless manytens of thousands of dollars to get an MBA. Because then formerly I have that degree, then I will be worth moreto my future employer.” But the problem withthat vogue of contemplating is that it’s not reallythe fast lane approach to building wealth. It is still, ultimately, trading your time for money.And yes, fine. If you get you that extra degree, if you get that extra qualification, your time will be worth more. A little bit more, maybe even significantly more, but ultimately, you’re still really selling your time for money. And that is a very slow-laney way to approach house resource. And the third largest bunker thatSlow Laners can fall into is just not even belief it’spossible to get rich quick, unless you’re superlucky or super talented. But, as MJ says, even ifyou can’t get rich easy, which is not a thing, you can get rich relatively speedy, if speedy is 10 years. 10 years is the definitionof quick, which to be honest, it’s pretty quick. But a lot of us, where reference is contemplate “get rich quick”, we’re thinking a few weeks. That is not a thing. What he’s arguing for is a process that will takeprobably around 10 times to get rich quick. And that is actually quick, in his work. And that introduces us onto instruction number two, which is to work the process.Now in the book, he talksa lot about how rich is not an episode. Like, get rich is notthis sort of binary thing where one day you’reliving paycheck to paycheck and the next day suddenlyyou’ve got millions in the bank. It is a longer drawn-out process that makes usually many years to do. But the problem is that themedia often reports resource as being an event, and those are the tales we latch on to. One of the stories he speaks of is this guy, John Darius Bikoff, who founded Glaceau Vitamin Water in 1996. 11 years later he sold the company to Coca-Cola for $4.1 billion. And in that 11 time long fib, the thing that peopleremember is the event. But what they forget isthe process of 11 times that made so long to get to that point. Therefore, wealthbuilding is not an event, it’s a process. And it’s exactly the same thing with build a creative business, build a YouTube channel.You know, it’s easy to see authors and their overnightsuccesses, and all that jazz. But you don’t see the fiveyears they deplete offsetting videos that no one was watchingto get to the point where they could then have the “event” of the overnight success. All privilege, so task numeral three is to build money trees. Now we’ve all heard that phrase that money doesn’t ripen on trees. But what he says in the book is “Money does actually stretch on trees, rendered you build atree that flourishes money.” So what does this mean? He says in the book that, “Money trees are business systemsthat survive on their own. They expect periodicsupport and encouraging, but they live on their own, creating a surrogate foryour time for fund trade.” Basically what we’re doingis we’re building a business. We’re building this fund tree where the amount of wealth we cangenerate is not immediately tied to the amount of time thatwe’re putting into it.This makes us onto the next question, which is how do we actuallybuild a money tree? And he speaks of, there’slike four or five different types of money trees thatwe could potentially build. The first one is that wecould build a rental system. And a rental plan is mostly anything that involves leasing outsomething that you already own. So if you have a bunch ofreal estate properties, and you hired them out, that is a rental system. The question is it’s veryhard to get to the point where you have a bunch ofproperties to rent out,’ compel you’re alreadyprobably rich at that point. The other course of building arental method is by licencing. For sample, if you’re a musician and you want to licence your audio that other people can use. In a way, they’re paying you rent for this thing that you own.Secondly, what you could do is you could build a distribution system. Now this is basically a organisation that connects people who want something with the people who aresupplying that thing. So for example, Amazonis a distribution system. It connects purchasers with sellers and Amazon is the middleman. And therefore, if you construct the middleman, if you build a distribution system, you can get actually, really, actually, really rich. Now interestingly, one reallygreat distribution system is a company like AppSumo, who are completely coincidentallysponsoring this video. AppSumo is run by my friend, Noah Kagan. It’s ridiculously immense companionship, and what they do is that they give you the best considers in application. Their model connectspeople who want software, parties like me and you probably. If you’re watching this, you’re interested insoftware just as much as I am with the people that want to sell software that have software that they want to sell.And they give you that softwarein a way that’s either free or precisely, like, amazingly well-priced. Every week, there’s newdeals added to the website. And it’s not just software, it’s also online trends, It’s also education. And so if you want to learn anything in this how-to-build-a-business sphere, AppSumo probably has it treated. And the whole vibe of AppSumo is that it’s very like indie intruders, start-upy kind of vibes. They do have a couple of tools that are suited for projects. Predominantly it’s aimed at individualsand small businesses, which is probably thetype of business you want to procreate if you want toget rich quick exploiting The Millionaire Fastlane.And I’m even recordingthis to you from the future is to say all about theirBlack Friday giveaway. So last year on Black Friday, they render away a Tesla, which was pretty cool. But this year, they’re givingaway a million dollars worth of nonsense to industrialists , not who buy their product, but who inventory their own producton the AppSumo marketplace. So if you have a productthat you want to sell on the AppSumo marketplace and you list it somewhere between now and November 17 th, 2021, then the first 400 beings, simply to register a product, will get $1,000 of free coin from the AppSumo team. And the next 2,000 parties to roster a produce “re gonna be all” $250 altogether free of charge. You don’t even have to makeany the sale of your make. You will simply get thatfree money in return for exactly rostering yourproduct on the marketplace.That’s pretty cool. And then everyone whoenters of those 10 people will be luck dipped to get $10,000, which is also pretty sick. So if you’ve got anykind of digital produce and you want to stick it on AppSumo, you can check out the marketplace to see what things you want to buy because they’re all dismiss. But you can also sellyour thing on AppSumo and it’s pretty easy. You exactly submit your commodity, you go live with it, and then you get paid. So again, if you schedule yourproduct on AppSumo marketplace up until November the 17 th, 2021, then you can grab your share of the$ 1 million giveaway fund. And you might be one of1 0 people lucky enough to prevail a are searching for $ 10,000. If that’s up on your street, affected the link in the video description, you can check out all the products. And you can potentiallysell your own things. So thank you, AppSumo, for patronize this video. All freedom, thirdly, when itcomes to building a fund tree, we have a software system, But it is five o’clock and Ihave a Zoom call to attend. So I will be right back .( claps paws) All title, we’re back.We’ve got a slight change to the lighting, but the third type of system that you can spawn to make this money tree. I’m so glad. I’m so glad that worked. I actually hope this isgonna work in the edit. Anyway, the third type of money tree we want to create is a software system. Now, that’s pretty standard.You stir the software once and then you can chargepeople for the software or for the digital commodity. And then you can make money multiple times becausethe cost of distribution and the cost of replicationis effectively zero. I’ve made a bunch ofsoftware products in my season when I was in med school. I improved something calledBMAT and UCAT Ninja, which was like a application programme that helped parties get into med academy by helping them prepare for themed school admissions exams. One of my YouTuber friends, Oliur, managed to impel $9,000 in a single week by selling icons that he designed. So that’s a digital resource. He applies the work into creating it formerly and it’s sort of like a software system whereby other peoplecan merely buy the thing because it is, eventually, software.And the fourth organization thatour friend, MJ, talks about is my favourite kind. And that is the content money tree, the content system, where mostly the idea is you create content. So if you write a book, or make a YouTube video, or write a blog post, or make an online course that you can sell, eventually, this is all content. It takes an investment of hour and effort to write the book orcreate the content once. But then you can sellit to multiple parties further down the line. And similar to the digital stuff, it has basically zero cost of replication and deployment, assumingit’s on the internet. And if it’s a volume, well then, there are somecosts associated with it. But it’s still broadlya way of making money that’s not tied to your own time.For example, like two years ago now, a year ago, or something, I made a Skillshare classabout how to study for quizs. And that class returns in about $10,000 every single month in unadulterated passive income. And I don’t do it- I basically do nothing to promote it. By the road, if “youve had” quizs come through here, check out my Skillshare class. It’ll be linked for freein the video description if you want to check it out. But it’s amazing howyou can just do the work to originate something once.Although, in fairness, I was creating study-themedcontent on YouTube for two years before I induced that class. So again, it wasn’t aget-rich-quick scheme. It wasn’t a get-rich-easy scheme. But “its like” a moneytree that built up over day and have already had cured paythe mortgage on my house. So we’ve talked aboutthe four different types of money tree, but what MJ says in the book is that, and what’s obviously true-blue, is that it’s not that easyto build one of these.You don’t really magicallyhave the ability to do that. And one of the ways that youcan is lesson number four, which is switch from being a consumer to being a producer. Now from a young age, civilization universally teaches us that we should be consumers. And we should be thinkingabout what to buy, you know? Our parents are like, “Johnny, what do youwant for your birthday? ” “What are you gonnabuy when you get that-” Or you know, “What would you buy if you had a million dollars, if you won the lottery? ” It’s all very much basedon being a consumer. But, as MJ tells us in the book, this buyer mindsetis never gonna help us to actually body-build abundance. Instead, we need to thinkto a producer mindset. And this genuinely modifies the direction that you approach the world. Like if you think inthe eyes of a consumer and you read some cool- I was in the Samsung store earlier today.It’s fairly close to whereI live. It’s really cool. I’m thinking as the interests of consumers like, “Bloody hell, there’s all these phones and watches and gadgets and fridges and microwaves and all this cool stuff. And the place is really nice. And I want a liking brand-new sofabecause that’s a illusion brand-new sofa. But if “youve had” moreof a producer mindset, then you start thinking you could- you various kinds of reject the factthat there’s all this material out there you can buy. Instead, you start thinking, “Oh, this is an interesting marketing play that they’re doing.” “I wonder how much it coststo settle the storage together? ” “Oh, I was just wondering if I couldmake a video where I swopped from iPhone to Samsung because there’s so many Samsung telephones now? So I can make a video whereI talk about it and switch.And then school peoplewhat it’s like to switching from an iPhone to an Android”, and all that kind of jazz. And so the course I’m thinkingthere is, hopefully, as domestic producers, rather than a consumer. And if you require a practicaltip for how this works, I reflect, genuinely, the key is to just think about what’s going on on the business side of material when you are out and about. For speciman, next timeyou’re in McDonald’s, instead of thinking how tastyyour Filet-O-Fish burger is, recollect, “Huh, I wonder how itis that McDonald’s made a system whereby every single fish burger in every single McDonald’sbasically savor the same? ” “How do they do that? ” That’s pretty incredible. And then you can read a booklike “The E-Myth Revisited”, which is, again, one of my favouritebusiness notebooks of all time that talks about exactlyhow McDonald’s constructed this sort of franchise system.And lesson number five, display commitment, don’t exactly show interest. And this is a message that MJ talks about throughout the book. Basically, there’s a difference between interest and commitment. And if you want to getrich speedy, but not easy. If are you gonna get rich quick, “youve got to” do things that other parties was reluctant to do or not able to do. And typically, that reveals commitment rather than only interest. And there’s a nice mention fromthe book where he says that, “Interest works in yourbusiness one hour a day, Monday through Friday. Commitment works in yourbusiness seven days a few weeks, whenever time permits.” Now, when I was firstgrowing this YouTube channel and the personal brand and the business and everything, I would spendbasically every waking minute where I wasn’t at work or at university or in lecturings and substance, thinking and planning videos.And planning content and figuringout the business strategy and doing a lot of stuff. And yes, someone mightlook at that thinking, “Oh my divinity, toxicproductivity, hubbub culture, ” and all that jazz. But you don’t get to a site whatever it is you build a successful business or a successful YouTube channel, all this kind of stuff, you don’t get to thatpoint without arrange in the hard, hard work. And my stage is that thehard work does not have to be suffering. It’s hard, but it doesn’thave to be agonizing. It can be fun. And I find ways to make it fun. And that’s the subject ofthe book that I’m writing, how to become things recreation. But it does take design and it is hard. It’s not an easy process. And I recall a lot of thekind of anti-productivity, poisonous hustle-culture kind of zealots, are sort of campaigning foran easy, chilled-out life. And that’s totally punishment. If you crave easy, chilled-out life, 100%, I’m not gonna say withyou, you do what you want.But, what MJ says and what that type of beings were like, you are familiar with, if you care about improving asset in a short amount of term, you can’t make the easy road and have a chilled-out life. You do have to start being committed to the stuff that you’re doing, rather than just interesting to it. And there’s so many people I know who’ve started YouTube channelsor customs that are like, “Oh, you are familiar with, I precisely want todo it for half an hour a day.” Okay, that’s fine. You can do it for half an hour per day as a hobby. But if you time do itfor half an hour per day, you are very unlikely to be successful.Which, I imply, in fairness, it kind of depends on what your goals are. If you don’t wanna become a millionaire through this business, whatever. That’s totally penalty, bechilled out about it. But if you do, if you want to follow The MillionaireFastlane approach, you have to be committed, rather than exactly interested. Okay. So we’ve talked aboutfive of the different exercises. And in fact, like there’s tonnes of– this is a very, very dense bible. It looks- I actually read this on-listened to this on Audible, so I didn’t know how dense it was. But actually, it predicts morelike a sort of textbook, rather than a storybook, which is kind of nice. Like it’s really, reallygood, would recommend. Amazon link in the video description. But so, we talked aboutfive of the key readings that I learned from this.There’s so many more, but I want to talk abouthis five commandments for build a business now. And his overall point on the book is that if you want to be on theMillionaire Fastlane, you have to follow allfive of these commands. You don’t have to follow all five, like flatten one or twocould still establish you rich, but it’s just so much more likely for you to become a millionairequickly i.e. in under 10 times, which is isn’t that quick-witted. But quickly, if you follow allfive of these precepts. The first one is the Commandment of Need. And he feels that 90% of businesses neglect within the first five years because they don’t satisfythe Commandment of Need. And the Commandment of Needis that people actually need the thing that you are offering. We have to create abusiness that plies value or solves people’s needsor requires in some way. And if we’re not, it’s really, really hard to build a business based on something that tries to solve a problem that beings don’t actually have. Secondly, we have theCommandment of Entry.And the idea here is that you ideally want to build a business in a zone where the barrier for entryis high rather than low-pitched. And the reason you require this is because a high barrier to entering means that it’s very difficult for someone else to replica your business. For sample, if you orme decided we wanted to start the next Amazon, that’s really fricking hard-bitten. There is a very high barrier to entry to starting the next Amazon. But if there’s a business that searches easy to other people to start, and there is a low-pitched obstacle to entryway, for example, starting a YouTube channel where the barrier to entry is low. Or starting a podcastwhere it’s even lower. Or starting a blog whereit’s even lower than that.Or starting a TikTok witheven lower than that. The lower the barriers to entry, the more competitivethe landscape becomes. And actually, one of the nicethings I like about YouTube is that in this imaginative domain, YouTube is still the thing that has the highest barrier to entry. There is now, like every year, the bar for production ethic and tone and all this substance rises. And so, for a stranger toget into the YouTube arena, they kind of need to have decentgear and decent material. It’s like, “oh, and this takes us into a whole lot contentious territory”, which I talk a lot about in my route, the Part-Time YouTuber Academy. So I’m not gonna go into it now, but mostly, I likeYouTube because it has a higher barrier to entrythan starting a TikTok or starting an Instagrampage, for example.The third one is theCommandment of Control. And that’s the relevant recommendations that atevery step of the process, we want to be in control of the thing that we’re trying to sell. And if we don’t see things, like the cost or the space it’s organized or the room that it’s being sold, then it’s hard to builda business on that. This is partly why building a business of time a YouTube channel is very scary because it should not fulfilthe Commandment of Control because ultimately, my business lives and dies by this YouTube channel.That’s really scary. That’s really bad. I am not fulfilling theCommandment of Control in this business that I’ve gotaround the YouTube channel. And that’s why when I offset routes like my Part-Time YouTuber Academy, I try and fulfil theCommandment of Control by being in control of as muchof that process as possible. This is also why MLMmulti-level marketing schemes don’t work because if you’reselling someone else’s product, who’s also trying to get youto sell someone else’s product, you eventually don’treally have the ascendancy over that process. And hence, if stuffgoes wrong or material is bad, you personally can’t really force it. And that’s a very scaryway to build a business. Commandment number four isthe Commandment of Scale. And that’s the relevant recommendations that ideally, if you want to grow rich speedy, the idea is you want to build a business that has the potential to scale up. For speciman, starting a barber shop and trimming people’s whisker for1 0 a pop is not a business that has very much potential to scale, unless you try and build up more and more and more barbershops anda chain of barbershops.But then, that costs quantities of coin. Whereas a software business or a content business actually does have the potential to scale. So ideally, you to build a business that slakes the command flake. And there’s anotherthing that he speaks of in the book that we haven’ttalked about in this video, which is the Law of Effection. Basically, the law isthat to form millions, you have to impact millions.( laughters) And it’s pretty simple. Like if you want to makemillions off a YouTube channel, you have to be impactingmillions of people. If you want to makemillions off a business, you have to be impactingmillions of people or affecting fewer parties, but with a very large amount of impact.And so the Commandment ofScale kind of relates to that. You can’t get rich quickoff of selling lemonade in your local locality. You have to build a business that has its full potential, at least, for scale. And finally, we havethe Commandment of Time, that the idea here, as we spoke before, is that you want to builda business where the value of the business is detached from your personal time input. If you have to show up everysingle day, nine to five or whatever many hours to impel your money, then that’s not really true money. And that is actually one of the problems with this YouTube business. As huge as the content business in, I have to keep showingup time and time again, to record videos like this one. It’s kind of amusing. I’m having a great time.And I would like to build asort of business in the future. One where I certainly don’thave to show up at all to continue to do the act. This is why writing a book is great because once you’ve written the book, people only buy it, presupposing it’s sold well. And acquiring it’s a good book, of course, all that fun stuff. So that was a particularly, very longsummary of some of the lessons in this enormous really, really good book, The Millionaire Fastlane, would recommend. If you’re interested in more hypothesis on how to be able to make money, how to build passive income, check out this video over here, which is nine passive income ideas.And it talks about how at the time, I was shaping $27,000 a week from these passive income informants. Thank you so much for watching. Do hit the subscribe button, if you aren’t previously. And I’ll see you in the next video. Bye-bye ..
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