ETG Podcast: Episode 6

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I had never heard of MJ DeMarco until about a month ago when I was listening to one of Pat Flynn’s Podcasts, in which he interviewed MJ. I was literally blown away by MJ’s story and his philosophies on success and business. MJ DeMarco is a self-made multi-millionaire and the author of The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime.

MJ is living the lifestyle that most people will only ever dream about and has a fascinating story to tell about how he got to where he is today. The thing I like about MJ is that he is very direct and very confident about the right ways and the wrong ways to become wealthy.

There is NO fluff here, no Suze Orman or Ric Edelman propaganda, just a no bullshit approach to getting wealthy quickly. Although his book, The Millionaire Fastlane, sounds like another get rich quick and easy gimmick, it is far from it. It’s about getting rich much sooner than the traditional means of becoming wealthy.

The traditional means being investing in your 401(k),  saving 10% of your paycheck, cutting back on expenses, and sacrificing your lifestyle until retirement. While these things are an important part of the financial planning process, they are not the best way to achieve wealth and certainly not rapidly.

In his view, the traditional savings/budgeting method of building wealth is simply a lifetime subscription to mediocraty. I couldn’t agree more. As a financial planner, I see this every day. People save their whole lives just to realize that they can barely afford to retire. People scrape by and live frugally for 50 years thinking it’s the solution to a great retirement, only to find they have to find another job because they cannot afford to retire at all! It’s a completely flawed system and one that MJ very articulately breaks down. I love his book and his message hits me dead on.

Needless to say, I had to talk with him! I could have spoken with MJ for hours picking his brain and learning as much as I could from him. We did have a great interview and some of the things I found most useful and hopefully you will as well are:

  • The insanity behind trading 5 days for 2
  • Why traditional retirement is based on hope
  • The best investment you can make
  • The difference between a “slow laner” and a “fast laner”
  • The flaw behind trading time for money
  • How to create a scalable asset that can earn money for you passively

What I like so much about MJ’s philosophy is the idea behind creating wealth while we are still young enough to enjoy it. It just make so much sense! Why do we want to be the wealthiest person in the nursing home? It’s a completely backwards way of doing things. As he says, money is an unlimited resource and time is not.

Think about that, seriously. Whether you are an entrepreneur or an employee looking for a better plan than working a job until age 68, you really should take a look at his book, The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime. This is actually the first affiliate link I’ve used in almost 8 months of blogging here, so I shit you not, this book is incredible! Now go read up! MJ is all over the place and here are several spots you can find him online:

  • TheFastlaneForum.com

This was a great experience for me and I hope you pay attention to what he has to say, this is really valuable stuff! Thanks for listening and don’t forget to subscribe to my Podcast in iTunes!

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